Express analysis of the financial condition of the enterprise. Express analysis of the company's quarterly reports Conclusions on express analysis of financial statements example

Introduction

1 Express analysis of the financial condition of the enterprise

1.1 The essence of the analysis of the financial and economic activities of an enterprise

1.2 Sequence of express analysis of financial statements

1.3 Methodology for express analysis of indicators financial statements

2 Express analysis of the economic activity of an enterprise (using the example of the Mozyrstroy Production Cooperative)

2.1 Economic characteristics of the activities of the Mozyrstroy Production Cooperative

2.2 Express analysis financial condition Production cooperative "Mozyrstroy" according to annual data financial statements

3 Ways to improve the financial condition of PC “Mozyrstroy” based on the given express analysis

Conclusion

List of sources used

INTRODUCTION

During the transition to a market economy, society experiences systemic transformations in all spheres of its life - political, legal, economic, social, etc. Problems of an economic nature include the development and support of small businesses.

Of particular interest is the development of small businesses in such a complex and diverse area as repair and construction services. An important role in the implementation of this task is given to the analysis of the financial condition of the enterprise. With its help, a strategy and tactics for the development of an enterprise is developed, plans and management decisions are substantiated, their implementation is monitored, ways to improve the efficiency of commercial activities are identified, and the results of the activities of the enterprise, its divisions and employees are assessed.

It is difficult to underestimate the enormous role of infrastructure that the service sector represents for the economy in the form of transport services, communications, as well as healthcare and recreation. As the economy develops, the role of the service sector becomes even stronger and more more people are involved in its various branches.

In modern economic conditions, the activities of each economic entity are the subject of attention of a wide range of market participants interested in the results of its functioning. An express analysis of the financial condition of an organization's enterprise is carried out by managers and relevant services, as well as founders and investors in order to study the effective use of resources. Banks to assess the terms of the loan and determine the degree of risk, suppliers to receive payments on time, etc.

The financial condition of an enterprise is characterized by the placement and use of enterprise funds. This information is presented in the balance sheet of the enterprise. The main factors determining the financial condition of the enterprise are, firstly, the implementation financial plan and replenishment as the need arises for own capital turnover at the expense of profit and, secondly, the speed of turnover of working capital (assets). The signal indicator in which the financial condition is manifested is the solvency of the enterprise, which means its ability to satisfy payment requirements on time, repay loans, pay staff, and make payments to the budget.

To ensure the survival of the enterprise in modern conditions, management personnel need, first of all, to be able to realistically assess the financial condition of both their enterprise and existing potential competitors. Financial condition is the most important characteristic economic activity of an enterprise. It determines the competitiveness, potential for business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed in financial and production terms. However, the ability to realistically assess the financial condition is not enough for the successful functioning of an enterprise and its achievement of its goal.

The construction business occupies an important place in the industry, the broad nature of which covers elements of related industry sectors, for example, multi-apartment construction, construction of individual housing, etc.

The relevance of the course work is to study and evaluate the enterprise’s provision of its own working capital in general, determine the solvency indicators of the enterprise, analyze financial stability, and assess liquidity.

The main goal of this work is to study the financial condition of PC “Mozyrstroy” based on express analysis, the results of its activities, calculation of financial indicators, increasing operational efficiency and making a profit.

The main tasks of the work are:

Studying the methodology of the financial condition of the enterprise;

Analysis financial stability enterprises;

Analysis of balance sheet liquidity;

Analysis of financial ratios;

Cost-benefit analysis and business activity;

An express analysis of the financial condition of PC “Mozyrstroy” will be carried out according to the financial statements for 2009.

1 EXPRESS ANALYSIS OF THE FINANCIAL CONDITION OF THE ENTERPRISE

1. The essence of the analysis of the financial and economic activities of an enterprise

To determine the essence of financial analysis as a type of activity, on the one hand, and as a science, on the other, it is necessary to define its main elements. Such elements are: the finances of the enterprise, the structure of the enterprise's funds, the structure of the enterprise's property, the financial condition of the enterprise, the goals of financial analysis, the subjects of financial analysis, the place of financial analysis as a science, the interaction of financial analysis with other types of activities.

In market conditions, enterprise finance becomes especially important. Bringing to the fore the financial side of enterprise activity has recently been one of the most characteristic features of the economic life of developed capitalist countries. The increasing role of business finance should be seen as a trend occurring throughout the world.

The term “finance” comes from the Latin “financia” - cash payment. Enterprise finance is an economic category, the peculiarity of which lies in the scope of its action and its inherent functions.

The modern financial system of the state consists of centralized and decentralized finance.

“Finance is a set of monetary relations that arise in the process of creating funds of funds from business entities and the state and using them for the purpose of reproduction, stimulation and satisfaction of the social needs of society. In the totality of financial relations, three large interconnected areas are distinguished: finances of economic entities (enterprises, organizations, institutions), insurance, public finances.”

Financial relations arise in cases where in one way or another (legislative, contractual, etc.) it is necessary to carry out cash and non-cash cash payments, as well as when payments actually occur. Enterprise finance is a system of relationships that are associated with their cash payments and arise in the process of individual circulation of enterprise funds and the sources of these funds. In other words, the financial processes of enterprises consist in the formation of their cash income and expenses. Enterprise finance serves the continuous circulation of enterprise funds and sources of their formation, which consists in supply, production, sales, receipt and distribution of financial results (revenue, profit), attraction and return borrowed money. In the process of circulation, there is a continuous change in the structure of the enterprise’s funds and their sources, defined as the relationship between the elements of property and the elements of the capital that forms it. The structure of an enterprise’s funds develops as a proportion between the cost values of fixed assets and other non-current assets, inventories and costs, Money, settlements and other current assets. The structure of sources of property of an enterprise is the proportion between the cost values of sources own funds, long-term loans and borrowings, short-term loans and borrowings, accounts payable and other short-term liabilities. Each of the listed aggregates accordingly has its own structure, determined by smaller elements.

The ratio of the structure of the enterprise's funds and the structure of the sources of their formation at each fixed point in time determines the financial condition of the enterprise, determining the degree of sustainability of which is one of the most important tasks of financial analysis. Financial condition is a set of indicators reflecting the availability, placement and use of financial resources.

Since the purpose of the analysis is not only to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving it.

Analysis of the financial condition of the enterprise shows in which specific areas this work should be carried out, makes it possible to identify the most important aspects and weakest positions in the financial condition of the enterprise.

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 most appropriate is to separate the procedures for express analysis and in-depth analysis of financial condition. The financial analysis makes it possible to evaluate:

Property status of the enterprise;

Degree of business risk;

Capital adequacy for current activities and long-term investments;

The need for additional sources of financing;

Ability to increase capital;

Rationality of borrowing funds;

The validity of the policy for the distribution and use of profits.

The basis of information support for the analysis of financial condition should be financial statements, which are uniform for the organization of all industries and forms of ownership.

The results of financial analysis allow us to identify vulnerabilities that require special attention, and develop measures to eliminate them.

All this once again indicates that financial analysis in modern conditions is becoming an element of management, a tool for assessing the reliability of a potential partner.

The need to combine formalized and informal procedures in the process of making management decisions leaves its mark both on the procedure for preparing documents and on the sequence of procedures for analyzing financial condition. It is this understanding of the logic of financial analysis that is most consistent with the logic of the functioning of an enterprise in the conditions market economy.

1.2 Sequence of express analysis of financial statements

Express analysis is a method of diagnosing the economic state of business entities based on financial statements and calculations of indicators using algorithms for their relationships using computer information technologies.

The purpose of express analysis is a quick, generalized assessment of the results of economic activity and the financial condition of an object based on the main analytical indicators and methods for their calculation.

The sequence of express analysis is as follows:

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Every company strives to operate with maximum economic efficiency.

To achieve success, you need to implement effective methods business management, identify shortcomings in financial and economic activities, problem areas of functioning. To do this, it is necessary to assess the financial condition of the enterprise and timely analyze financial statements. IN in this case It is advisable to use the express analysis method.

We will show how to correctly conduct an express analysis of financial condition using the example of the manufacturing company Alfa LLC, which repairs components for cars.

CONDUCTING AN EXPRESS ANALYSIS OF FINANCIAL STATEMENTS

Analysis of financial condition is usually carried out according to financial statements. The largest amount of information required for analysis contains:

balance sheet— allows you to assess the efficiency of capital placement, its sufficiency for current economic activity and development, as well as the size and structure of borrowed funds, the effectiveness of their attraction;
income statement— contains data on the organization’s income and expenses, its financial results for the reporting year.

The balance sheet and financial performance report of Alpha LLC are presented in table. 1 and 2 respectively.

Express analysis of financial statements consists of several stages:

1. Horizontal and vertical analysis of financial statements.

2. Analysis and assessment of the liquidity and solvency of the enterprise.

3. Analysis and assessment of the financial stability of the enterprise.

4. Analysis and assessment of profitability indicators.

Table 1. Balance sheet of Alpha LLC (2013-2016), thousand rubles.
Index	Line code	2013	2014	2015	2016
Assets
I. Outside current assets
Intangible assets
Fixed assets

Financial investments
Others fixed assets
Total for Section I
II. Current assets


Accounts receivable

Total for Section II

Passive
III. Capital and reserves
Authorized capital
Reserve capital

Total by section III

Total for Section IV

Borrowed funds
Accounts payable
Total for Section V

Table 2. Report on financial results of Alpha LLC (2013-2016), thousand rubles.
Index	Line code	2013	2014	2015	2016

Cost of sales
Gross profit (loss)
Profit (loss) from sales
Percentage to be paid
other expenses
Profit (loss) before tax
Current income tax
Net profit(lesion)

Vertical and horizontal analysis of financial statements

Vertical analysis involves assessing the structure of the enterprise's funds and their sources by calculating the share of items in the balance sheet currency. Such an analysis helps to study the relationships between balance sheet items. In this case, a table is formed to display the results of the analysis (Table 3), into which changes in specific gravity are made in order to make forecasts for changes in the structure in the future.

Table 3. Vertical analysis of the balance sheet for 2015-2016.
Title of articles	Absolute values, thousand rubles.			Relative values, %
Title of articles	2015	2016	changes	2015	2016	changes
ASSETS
I. Non-current assets
Intangible assets
Fixed assets
Profitable investments in material values
Financial investments
Other noncurrent assets
Total for Section I
II. Current assets

VAT on purchased assets
Accounts receivable
Cash and cash equivalents
Total for Section II

PASSIVE
III. Capital and reserves
Authorized capital
Reserve capital
Retained earnings ( uncovered loss)
Total for Section III
IV. long term duties
Total for Section IV
V. Current liabilities
Borrowed funds
Accounts payable
Total for Section V

Based on vertical analysis data assets Alpha LLC can say that in 2015-2016. the share of current assets exceeds the share of non-current assets due to the larger volume accounts receivable and stocks. High level accounts receivable indicates the unreliability and insolvency of partners, poor quality work of the enterprise with buyers and customers.

An important place in the composition of current assets in 2016 is occupied by cash enterprises. Their availability determines the solvency, financial stability and ability of the enterprise to pay off its debts and obligations.

Concerning liabilities, then most of the liabilities fall on accounts payable. On the positive side, debt was reduced by 13% in 2016. When analyzing the structure of liabilities, the largest share coming from the company’s own sources is considered ideal. In this case, the specific gravity own sources increased by 8%, which has a positive effect on the financial condition of the enterprise as a whole.

At horizontal analysis balance sheet (Table 4) evaluate changes in items over several periods. In this case, as a rule, only absolute indicators. The exception is the calculation of growth/decrease rates for clarity of the picture.

A. N. Dubonosova, Deputy Managing Director for Economics and Finance

The material is published partially. You can read it in full in the magazine

The purpose of reviewing a third party's financial statements is to evaluate its creditworthiness, solvency and investment attractiveness. This data is needed to make important management decisions. But everyone has their own method of analysis. Read about the methodology for express analysis of financial statements in this article.

The method of express analysis of financial statements is used in conditions of limited primary information and limited time frames. This is his specialty. Although all financial statements have certain limitations, often only the information contained in Form 1 (balance sheet) and Form 2 (income statement) of financial statements is available.

Let us analyze the methodology for analyzing the financial condition of an organization using a concrete example. We have at our disposal the annual balance sheet (Table No. 1) and the profit and loss statement (Table No. 2) of the Delta company.

The purpose of analyzing financial reporting indicators is to determine how great the risks of cooperation with a given company are if it is included in the group, how useful the financial reporting data can be, and what conclusions about the company can be drawn based on the data available in these two forms.

Express analysis of financial statements

Before starting any calculations, let's just look at the reporting items, and visually compare the data of the current period with the past and identify problematic items.

Table. Analysis of financial reporting indicators

Section/article	conclusions
	Increase in numerical indicator	Decrease in number
Fixed assets	Most likely this indicates the acquisition of property or investment in construction. If there has been a significant increase in any of the articles of this section, it is necessary to pay attention to the articles of liabilities in order to establish at what expense (own/borrowed (long-term or short-term)) these capital investments were made.	A decrease can mean both the sale of fixed assets and the accrual of depreciation, that is, the physical obsolescence of fixed assets.
If as part of non-current assets There is unfinished construction, it must be taken into account that these assets can only have value if investment in construction continues. If investments are frozen due to the crisis, the real the value of these assets will be significantly lower than the balance sheet.
Let us turn to our example, as we see the section of non-current assets is represented by the item “fixed assets”, over the year the value of the item decreased slightly, based on this we can conclude that most likely the company did not buy new and did not sell old fixed assets, and the decrease occurred in as a result of depreciation on existing fixed assets.
Current assets. Reserves	A large number of inventories and their annual growth may indicate overstocking.	A regular decrease in inventories may indicate both a decrease in business activity, that is, a winding down of activities, and a lack of working capital to purchase the required amount of inventory.
In the second section of the balance sheet, you need to pay attention to such an item as VAT on acquired values. If the amount of tax reflected under this item is large enough and continues to increase, then there is a high probability that the company has some reasons for reducing tax payments (failure to submit VAT for reimbursement from the budget). These reasons may be: unsatisfactory organization of document flow in the company, poor quality tax accounting, purchasing goods (products) at inflated prices or from unreliable suppliers. The tax risks of such a company should be considered high.
Accounts receivable. This balance sheet item is best considered in conjunction with the revenue indicator from Form 2.	If the increase in accounts receivable is associated with an increase in sales, then we can conclude that the company’s revenue growth was ensured by a change in the company’s credit policy - an increase in the loan period commodity credit. If the increase occurs against the backdrop of a decrease in revenue, then we can conclude that despite the change in credit policy for the better for customers, the company was unable to retain its customers. This indicates an increase in the company's operational risks.	If a decrease in this item occurs against the background of an increase in revenue, then we can conclude that the company’s customers began to pay their bills earlier, that is, there was a reduction in deferment days or part of the goods were paid in advance (and the customers accepted this change in credit policy). If the company's revenue decreased, then the debt of customers decreased accordingly.
Included accounts receivable there may also be advances paid related to the construction or acquisition of fixed assets, that is, such “receivables” in the future will turn into either fixed assets or construction in progress, but not into cash.
Cash.	Both the increase and decrease in the numerical indicator for this article does not allow us to draw any significant conclusions.
Let's look at the second section of our balance sheet. The most significant amount is made up of inventories, their value has increased. Since we cannot say whether this is good or bad, it is necessary to continue further analysis on this article, that is, conduct a vertical analysis and calculate turnover ratio . The value added tax not deducted at the end of the year amounted to more than 17 million rubles, and compared to the previous period, this amount increased, based on this we can conclude that the company has tax risks. Accounts receivable increased amid a decline in revenue. Further analysis on this article is needed.
Capital and reserves. Authorized capital.	As a rule, a change under this article occurs only if there has been a re-registration of the company associated with an increase/decrease in the authorized capital for any reason (including a change of owner).
Retained earnings (uncovered loss).	At this stage of the analysis, we look at the availability of the amount for this item; if a loss is reflected, then we classify this item as problematic. For a more detailed analysis, the data presented in the balance sheet is not enough.
The company we are analyzing authorized capital did not change; sum retained earnings increased, which means the company’s equity capital also increased.
Credits and loans.	Based on the balance sheet, we can state whether the company has short-term or long-term loans, whether their amount has increased or decreased. There is not enough information at this stage to make any conclusions about the validity of attracting credit resources and their effectiveness.
The short-term borrowings of the company we analyzed increased.
Accounts payable. We analyze by type of debt.	An increase in debt to suppliers may indicate both a delay in payments, that is, a violation by the company of its payment obligations, and the existence of agreements to increase the deferment period as a result of maintaining the volume of purchases, paying on time, and the presence of good relationships. Increase in debt to tax authorities may indicate an increase tax risk companies.	A decrease in the “creditor” may indicate a more stringent credit policy suppliers, and the company’s early fulfillment of its payment obligations. Debt reduction tax payments shows how timely completion tax obligations, and lower taxes due to a decrease in business activity.
Accounts payable The analyzed company grew, mainly due to an increase in debt to suppliers, as well as an increase in tax liabilities. Increase accounts payable occurred against the backdrop of an increase in the company's reserves. Based on this, we can make a preliminary conclusion that most likely the purchased inventories were purchased with deferred payment and the payment deadline had not arrived at the time of reporting. For a more complete analysis, it is necessary to look at the change in the structure of obligations, that is, to calculate the creditor’s share and analyze turnover. That is, for more substantiated conclusions on the financial condition of the company, we need vertical analysis and ratio analysis.

Balance sheet data also allows a preliminary assessment of the company's solvency at reporting date. To do this, compare the cost of working capital with the value short-term liabilities(722426-694696=27730), the obtained result can be called the “margin of safety” of the company in terms of solvency.

Vertical and horizontal analysis of financial statements

When analyzing Form 2, it is better to resort to horizontal and vertical analysis.

Horizontal analysis involves comparing each article with previous period Vertical analysis of an enterprise's financial statements concerns the structure of financial indicators, identifying the impact of each item on the result.

It is necessary to pay attention to the following points: if revenue has increased, then the increase cost of goods sold (products) - normal, but if there is an increase in the cost of goods sold and management expenses occurred against the background of a decrease in revenue or its constant - this should alert the analyst, since if this trend continues in the future, the company may have problems with business efficiency.

Calculated data, as well as forms of balance sheet and profit and loss account are presented in tables 1, 2

Current (current) assets in their total exceeded current (short-term) liabilities by 14,390 thousand rubles. (682128-667738) in 2014 and by 27,730 thousand rubles. (722426-694696) in 2015, which clearly indicates the solvency of the company. However, not all so simple. As we can see, the company’s property includes such items as deferred expenses and value added tax on acquired assets. Moreover, the balances on these items are increasing. Let's imagine a situation that at a certain period of time a company will urgently need to repay all its obligations to creditors, and it is forced to sell its current assets. Deferred expenses cannot be sold, this is not property, therefore, in my opinion, it seems quite reasonable not to take this article into account when determining the solvency of the company.

The situation is similar with “input” VAT: what is the likelihood of it being presented for reimbursement from the budget if it has not been reimbursed to date? There can be two approaches here, let's call them conservative and loyal. In a conservative approach, I recommend not taking into account the amount input VAT when analyzing the solvency and liquidity of the company. With a more loyal approach, it is possible to reduce the amount of tax payment obligations by the amount of “input” VAT. If the amount of “input” VAT exceeds the amount of tax liabilities (as in our example), I propose not to take into account the remaining amount of VAT in the calculations. There is also a reasonable explanation for this approach: VAT reimbursement from the budget takes quite a long time (only for desk audit according to the Tax Code, 90 days are allotted) and is associated with the emergence of additional tax risks and, which is not excluded, litigation.

Table 3. Changes in the solvency of the company taking into account the listed comments

Indicators	Conservative approach		Loyal approach
Indicators	year 2014	2015	year 2014	2015
Current assets	682128	722426	682128	722426
minus deferred expenses	1415	2600	1415	2600
minus “input” VAT	16580	17044	16580	17044
= Current assets (TA)	664133	702782	664133	702782
Short-term liabilities	667738	694696	667738	694696
minus tax debt	–	–	2638	5964
= Current responsibility(THAT)	667738	694696	665100	688732
Difference between TA and TO	-3605	8086	-967	14050

As we can see, with both the first and second approaches, the company’s solvency in 2015 improved significantly.

Introduction

Theoretical basis

1 Concept, meaning and objectives of analyzing the financial condition of an organization

2 Objectives and methods of financial analysis

3 Analysis of the property status of the organization

4 Analysis of the financial stability of the enterprise

5 Analysis of the organization's solvency

Express analysis of financial condition

1 Financial stability assessment

2 Liquidity assessment

3 Estimation of turnover

4 Profitability assessment

Operational Analysis

Cash flow statement

Bibliography

Introduction

In market conditions, an analysis of the financial condition of an enterprise plays an important role. This is due to the fact that an enterprise, acquiring independence, bears full responsibility for the results of its activities. This responsibility is primarily to its shareholders, employees of the enterprise, bank, financial authorities and creditors.

The financial condition of an enterprise is characterized by a wide range of indicators that reflect the availability, placement and use of financial resources. In the context of mass insolvency of enterprises and the practical application of bankruptcy procedures to many of them, an objective and accurate assessment of their financial condition becomes of paramount importance. Determining the financial position on a particular date helps answer the question of how correctly the enterprise managed financial resources during the period preceding this date. The financial condition of an enterprise is determined by its ability to pay off its debts and obligations.

A large role is given to analysis in identifying and using reserves for increasing production efficiency. It promotes the economical use of resources, the identification and implementation of best practices, the scientific organization of work, new technology and production technology, preventing unnecessary costs. Analysis is an important element in the production management system, an effective means of identifying on-farm reserves, the basic development of scientifically based plans and management decisions.

To manage production, managers need to have complete and reliable information about the progress of the production process and the progress of plans. Information is achieved through financial economic analysis. During the analysis process, the primary information undergoes analytical processing: the achieved production results are compared with data for past periods of time, with the indicators of other enterprises and the industry average; the influence of various factors on the value of performance indicators is determined; shortcomings, errors, unused opportunities, and prospects are identified.

Assessing financial condition is part of financial analysis. It is characterized by a certain set of indicators reflected in the balance sheet as of a certain date. Financial condition characterizes in the most general form changes in the allocation of funds and sources of their coverage.

Financial condition is the result of the interaction of all production and economic factors: labor, land, capital, entrepreneurship.

Financial condition is manifested in the solvency of a business entity, in the ability to timely satisfy the payment requirements of suppliers in accordance with business contracts, repay loans, pay wages, and make payments to the budget on time.

The first section will be devoted directly to the analysis of the financial condition of the enterprise, its concept, meaning and purpose, as well as methods of analysis. We will give the concept of liquidity and solvency analysis, as well as analysis of the financial stability of an enterprise. In this section we will consider an indicator called the effect of financial leverage.

In the second section we will perform a calculation of the analysis of the financial condition of a construction enterprise. At the end of each table we will draw a conclusion about the indicators, evaluate them positively or negatively for the enterprise.

The third section will be devoted to calculations of the effect of financial leverage. In this case, we will use two methods to find it: tabular and analytical.

1. Theoretical foundations

.1 Concept, meaning and objectives of analyzing the financial condition of an organization

Analysis is understood as a method of comprehensive systematic study of the financial condition of an organization and the factors of its formation in order to assess the degree financial risks and forecasting profitability and capital levels. Financial analysis allows you to obtain objective information about the financial condition of the organization, profitability and efficiency of its work.

Financial condition refers to the ability of an organization to finance its activities. It is characterized by the provision of financial resources necessary for normal functioning, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The analysis of the financial condition of the organization is carried out by managers and relevant services, as well as founders, investors in order to study the effective use of resources, banks to assess the terms of the loan and determine the degree of risk, suppliers to receive payments on time, tax inspectorates to fulfill the budget revenue plan, etc. Financial analysis is a flexible tool in the hands of organizational leaders. The financial analysis includes an analysis of the balance sheet; analysis of capital use and assessment of financial stability; analysis of the organization's solvency, etc.

The financial condition of an organization is assessed by indicators characterizing the availability, placement and use of financial resources. These indicators reflect the results of the economic activity of the enterprise, determine its competitiveness, business potential, and allow one to calculate the degree of guarantees of the economic interests of the enterprise and its partners in financial and other relations.

The main objectives of financial analysis are:

Based on the study of the relationship between various indicators of production, commercial and financial activities assess the implementation of the plan for the receipt of financial resources and their use from the perspective of improving the financial condition of the enterprise.

Forecast possible financial results, economic profitability based on the actual conditions of economic activity, the availability of own and borrowed resources and developed models of financial condition for a variety of options for using resources.

Develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

One of the functions of analysis can be called the study of the nature of the operation of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of an enterprise.

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

Both external and internal users are interested in studying the financial condition of a particular organization. TO internal users include the owners and administration of the organization; external ones include creditors, investors, and commercial partners.

Analysis of the financial condition, carried out in the interests of internal users, is aimed at identifying the weakest positions in the financial activities of the enterprise in order to strengthen them and determine the opportunities, operating conditions of the enterprise, creating information base for making management decisions that ensure effective work organizations.

An analysis of the financial condition in the interests of external users is carried out to assess the degree of guarantees of their economic interests - the ability of the enterprise to pay off its obligations in a timely manner, ensure the efficient use of funds for investors, etc. This analysis allows you to assess the profitability and reliability of cooperation with a specific organization.

1.2 Objectives and methods of financial analysis

Financial analysis has its own sources, its own purpose and its own methodology.

The main purpose of the analysis is to assess the existence of the financial condition of the organization and develop measures to financial recovery; timely identification and elimination of deficiencies in financial activities and forecasting reserves for improving the financial condition of the organization and its solvency.

The principles of financial analysis are the continuity of monitoring the state and development financial processes, continuity, objectivity, scientific character, dynamism, complexity, consistency, practical significance, materiality, reliability, consistency and interconnection of these forms of accounting statements, clarity in the interpretation of the results of financial analysis, validity and efficiency in making management decisions.

There are various methods for analyzing financial condition. In our country, according to experience, economically developed countries A technique based on the calculation and use of a system of coefficients is becoming increasingly widespread.

It is necessary to distinguish between types of financial analysis models. The most important of them are descriptive, predicative and normative. Descriptive models are most often descriptive in nature. They are based on the use of financial statements and explanatory notes to them. For such a model of financial analysis, structural, structural-dynamic and ratio analysis are widely used. Predictive models are usually prognostic in nature. They are used to construct current and future forecasts about profits and income, solvency, and financial stability. Regulatory models allow you to compare the actual results of an enterprise’s activities with industry averages or internal standards of the enterprise. This model involves establishing standards for each indicator and analyzing deviations of actual data from standards.

Analysis of the financial condition of an enterprise is based mainly on relative indicators, since absolute balance sheet indicators in conditions of inflation are difficult to bring to a comparable form. Relative indicators of the financial condition of the analyzed enterprise can be compared:

with generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy;

with similar data from other enterprises, which allows us to identify strengths and weak sides enterprises and their capabilities;

with similar data for previous years to study trends in improvement or deterioration of the financial condition of the enterprise.

The results and quality of the analysis of the financial condition of the organization are largely determined by the availability and quality of the information base.

The information base of financial analysis is accounting and reporting data, the study of which allows one to assess the financial position of the organization, changes occurring in its assets and liabilities, verify the presence of profits and losses, and identify development prospects.

For overall assessment dynamics of the financial condition of the enterprise prepare an analytical net balance sheet, which makes it possible to assess the structure of the enterprise’s property and at the same time carry out horizontal and vertical analysis.

The annual financial report of an enterprise contains the following forms that provide information for analyzing the financial condition:

Form No. 1 “Balance Sheet”. It records the value (monetary expression) of the balances of non-current and current capital assets, funds, profits, loans and borrowings, accounts payable and other liabilities. The balance contains general information about the status household assets enterprises included in the asset, and the sources of their formation, which constitute liabilities. This information is presented “at the beginning of the year” and “at the end of the year,” which makes it possible to analyze, compare indicators, and identify their growth or decline. However, reflecting only balances on the balance sheet does not make it possible to answer all the questions of owners and other interested services. Additional detailed information is needed not only about balances, but also about the movement of economic assets and their sources.

This is achieved by preparing the following reporting forms:

Form No. 2 “Profit and Loss Statement”;

Form No. 3 “Report on changes in capital”;

Form No. 4 “Cash Flow Statement”;

Form No. 5 “Appendix to balance sheet».

form statistical reporting, primary and analytical accounting data that decipher and detail individual balance sheet items.

Funds in the balance sheet assets are grouped into two sections. Section 1 reflects long-term (non-current) assets: fixed assets and intangible assets at residual value, long-term financial investments, work in progress capital construction. Section 2 provides information on current assets, which include inventories of raw materials, work in progress, finished products, all types of accounts receivable, cash and other assets.

The balance sheet liabilities (obligations of the enterprise) are presented in three sections: capital and reserves (section 3), long-term liabilities (section 4), short-term liabilities (section 5).

The classic scheme for analyzing the financial condition of an enterprise provides for a general analysis of the financial condition of the enterprise, determination of the financial stability and liquidity of the balance sheet, analysis of financial ratios, determination of business activity and profitability and a general description of the financial condition indicating the identified critical points in the financial activities of the enterprise.

As a final result, an analysis of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and persons not directly working for this enterprise, but interested in its financial condition - information necessary for an impartial judgment, for example, about the rationality of using additional investments made in the enterprise, etc.

Before analyzing the financial condition of an enterprise, an analytical (suitable for analysis) balance sheet should be created.

List of conversion procedures reporting form balance in the analytical balance depends on specific conditions. This list cannot be determined in advance for all cases. It is important that the indicators that most significantly distort the real picture are corrected.

1.3 Analysis of the organization’s property status

Analysis of the financial condition of an organization begins with a study of its property, assessment of the composition, structure, placement and use of funds (assets) and the sources of their formation (liabilities) according to the balance sheet. For this purpose, a comparative analytical balance sheet is drawn up, in which asset items are grouped according to the degree of liquidity growth, and sources - according to the urgency of obligations.

The comparative analytical balance sheet includes indicators characterizing the property position of the enterprise, makes it possible to assess its overall change and draw a conclusion about through what sources there was an influx of new funds and in what assets these funds were invested.

Analysis of the dynamics of the composition and structure of property allows us to determine the size of the absolute and relative increase or decrease in the entire property of the enterprise and its individual types.

According to the comparative analytical balance sheet, the change in the amount of funds at the disposal of the enterprise is estimated, i.e. balance sheet currency, by comparing indicators at the end and beginning of the analyzed period.

It is advisable to compare the rate of change in the balance sheet currency with the rate of change in revenue and profit (according to the income statement). It is believed that the faster growth rates of revenue compared to the growth rates of balance sheet assets reflect the rational use of the organization's funds.

Then the structure of the distribution of funds is studied, i.e. the share of participation of each type of property in changes in the total value of assets is calculated.

An increase in the amount and share of working capital, from a financial point of view, indicates an increase in the mobility of property or an expansion of the organization’s economic activities. But it is important to establish through what types of working capital the change in the structure of current assets occurred.

An increase in the amount and share of fixed assets (non-current assets) indicates a strengthening of the organization’s material and technical base, but shows that a significant part of the attracted financial resources is invested in less liquid assets, which reduces the financial stability of the enterprise, as it leads to a slowdown in the turnover of the enterprise’s total assets , reducing the efficiency of use of funds.

Changes in the balance sheet currency or the value of assets (property) are provided by sources that can be own or borrowed. The relationship between these sources mainly determines the financial position of the enterprise.

An increase in the size and share of own funds indicates the expansion of the enterprise’s activities and leads to the strengthening financial independence enterprise and increases its reliability as a commercial partner.

An increase in the share of borrowed funds may indicate increased financial instability of the organization and an increase in the degree of financial risks. During the analysis, it is necessary to study the structure of borrowed funds in comparison with the assets of the enterprise (cash, short-term financial assets, accounts receivable).

The study of asset and liability data allows us to assess changes in the composition and mobility of funds, sources of formation of the organization’s property and the effectiveness of their use.

1.4 Analysis of the financial stability of the enterprise

After a general assessment of the organization’s property status and its changes over the analyzed period, its financial stability is studied.

In a market economy, the key to survival and the basis for a stable position of an enterprise is its financial stability. It reflects the state of financial resources in which an enterprise, freely maneuvering funds, is able, through their effective use, to ensure the uninterrupted process of production and sales of products, as well as the costs of its expansion and renewal.

Financial stability is characterized by the state and structure of the organization’s assets and their availability of sources. They are the main criteria for the reliability of an organization as a commercial partner. The study of financial stability allows us to assess the organization’s ability to ensure the uninterrupted process of financial and economic activities and the degree to which funds invested in assets are covered by its own sources.

To assess the financial stability of an enterprise, an analysis of its financial condition is necessary. Financial condition is a set of indicators reflecting the availability, placement and use of financial resources. This is the ability of a company to finance its activities.

Coefficients that allow you to study the financial stability of an organization include:

Ownership ratio - is calculated as the ratio of own sources to the balance sheet total and shows what part of the organization’s property is formulated from its own funds.

The leverage ratio is determined by the ratio of borrowed funds to the amount common funds enterprises. It characterizes the structure of the enterprise's funds in terms of the share of borrowed funds.

The debt-to-equity ratio is determined by the ratio of borrowed funds to equity. Shows the amount of borrowed funds per unit of equity.

The coefficient of attraction of long-term loans is calculated as the ratio of the value long-term liabilities to the amount of own funds and long-term loans. It shows the share of long-term loans that ensure the development of the enterprise in sources equivalent to their own.

The coefficient of mobility of own funds is the ratio of own working capital and the total amount of own funds of the enterprise.

Real property value coefficient - calculated as the ratio of the total value of fixed assets, inventories and backlog of work in progress to the value of property, characterizes the production potential of the organization.

The coefficient of the real value of fixed assets in the property of an enterprise is calculated by the ratio of fixed assets at residual value to the value of the property.

The coefficient of provision of current assets with own working capital - calculated by dividing own funds in circulation by the cost of working capital shows what part of the working capital is generated from own sources.

Financial stability analysis is carried out to identify the solvency of the enterprise - the ability of the enterprise is calculated based on payments to ensure the process of continuous production, i.e. the ability of the enterprise to pay for its fixed and working capital assets. The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition.

Financial stability is determined by the indicator of the security of the enterprise's reserves with its own and borrowed sources of formation of fixed and circulating production assets.

After studying financial stability, we move on to analyzing the liquidity of the balance sheet.

1.5 Analysis of the organization's solvency

When talking about the liquidity of an enterprise, we mean that it has working capital in an amount that is theoretically sufficient to repay short-term obligations, even if the repayment terms stipulated in the contracts are not met.

Solvency means that an enterprise has sufficient funds to pay accounts payable that require immediate repayment.

An analysis of balance sheet liquidity is carried out to assess the creditworthiness of the enterprise (the ability to pay off all obligations).

The solvency of an organization is characterized by liquidity ratios, which are calculated as ratios various types working capital to the amount of current liabilities.

An enterprise can be liquid to a greater or lesser extent, since current assets include heterogeneous working capital, among which there are both easily sold and difficult to sell to repay external debt.

Studying the solvency of an organization allows you to compare the availability and receipt of funds with essential payments.

Each type of working capital has its own liquidity. And the liquidity ratio shows what part of the organization’s short-term obligations can be repaid if specific types of working capital are converted into money.

There are the following liquidity ratios that characterize solvency:

Coefficient absolute liquidity- calculated as the ratio of cash to the amount of short-term liabilities.

This is the most stringent solvency criterion, showing what part of short-term liabilities can be repaid immediately. The lower limit of this coefficient should be 0.2, i.e. at least 20% of urgent obligations must be covered by cash and short-term financial investments.

Critical liquidity ratio (intermediate coverage, financial coverage, solvency, etc.) - is defined as the ratio of the total amount of cash, receivables and short-term financial investments to the amount of short-term liabilities.

This ratio shows what part of the organization's urgent obligations can be repaid using the most liquid and quickly realizable assets (cash, short-term financial investments and receivables, payments for which are expected within 12 months after the reporting date). The value of this coefficient should not be lower than 0.7, i.e. at least 70% of urgent obligations must be covered by cash, short-term financial investments and short-term receivables.

Current liquidity ratio (total coverage) - is calculated as the ratio of the company's current assets to the amount of short-term liabilities.

The current (total) liquidity ratio reflects whether the company has enough funds that can be used to pay off its short-term obligations during the coming year. The value of this coefficient should not be lower than 2, i.e. an organization's current liabilities may be at least 2 times lower than the value of its current assets.

2. Express analysis of financial condition

Financial analysis is the process of studying the influence of external and internal environmental factors on the performance of the financial activities of an enterprise in order to identify features and possible directions of development in the long-term period.

An express analysis of the financial condition, carried out on the basis of calculating the coefficients of financial stability, liquidity, turnover, profitability, characterizes various aspects of financial activity and gives a general assessment of the financial condition of the enterprise.

Express analysis of financial condition is the initial, mandatory stage of financial resource management, since in order to develop a sound financial strategy oriented to the future, reliable, sufficiently complete information about the financial condition of the enterprise in the reporting period is necessary.

To conduct an express analysis of the financial condition of the balance sheet, a consolidated balance sheet is constructed.

2.1 Financial stability assessment

Financial stability ratios characterize the long-term prospects for the development of an enterprise and reflect the degree of protection of the interests of creditors and investors who have long-term investments to the company. To assess the financial stability of an organization, the following indicators are determined.

1) Autonomy coefficient(financial independence) (Ka) shows the share of own funds in the total resources of the enterprise, calculated by the formula:

) Ka for 2013 = SS/WB

) Ka for 2012 = SS/WB

/144121=0,22 (1)

where CC is the amount of equity, thousand rubles;

VB - balance sheet currency, thousand rubles.

Standard value: Ka ≥ 0.5.

The organization's autonomy coefficient as of December 31, 2013 was 0.17. The resulting value indicates an insufficient share equity in the total capital of the organization. The change in the autonomy coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was -.05

2) Financial risk coefficient(Kfr) shows the ratio of borrowed funds to equity, calculated by the formula:

) Kfrza 2013=ZS/SS

45792/149942=0,82

) Kfrza 2012=ZS/SS

35289/144121=0,77 (2)

where ZS is the amount of borrowed funds, thousand rubles.

Standard value: Kfr ≤ 1.

The financial risk coefficient as of December 31, 2013 was 0.82. The resulting value indicates the optimal share of borrowed capital in the total capital of the organization. The change in the financial risk coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was +0.5

3) Provision ratio of own working capital(Co) shows the availability of own working capital necessary for financial stability, determined by the formula:

)Co for 2013 =SS+DO-VA/OA

78342-104578/149942=0,002

2) Ko for 2012 =SS+DO-VA/OA

76125-95461/144121=0,09 (3)

where SOS is own working capital, thousand rubles;

OA - the value of current assets, thousand rubles;

DO - the amount of long-term liabilities (liabilities), thousand rubles;

VA - the value of non-current assets, thousand rubles.

Standard value: Ko ≥ 0.1.

The working capital ratio as of December 31, 2013 was 0.002. The resulting value indicates that the enterprise does not have its own capital. The change in the financial risk coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was -0.088

4) Maneuverability coefficient (Km) shows what part of the enterprise’s own funds is invested in the most mobile assets. The higher the share of these funds, the greater the opportunity for the enterprise to maneuver its funds. The maneuverability coefficient is calculated using the formula:

)Kmza 2013=SOS/SS

78342-104578/25808= -0,016

) Kmza 2012=SOS/SS

76125-95461/32707= 0,56 (4)

Standard value: Km ≥ 0.5.

The maneuverability coefficient as of December 31, 2013 was -0.016. At the beginning of the analyzed period, the coefficient was normal, but at the end it took on a negative value, which means that it was impossible to use maneuvering with one’s own means. The change in the maneuverability coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was 0.58

5) Financing ratio (F) shows how many times own funds exceed borrowed funds, calculated using the formula:

) Kf for 2013= SS/ZS

/78342+42792=0,21

) Kf for 2012= SS/ZS

/76125+35289=0,29 (5)

Standard value: Kf ≥ 1.

The financing ratio (Fr) as of December 31, 2013 was 0.21. This means that. The company's assets are at least only 20% financed. At the beginning of the analyzed period, this coefficient was higher and amounted to 0.29. The change in the coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was 0.8

.2 Liquidity assessment

Balance sheet liquidity is expressed in the degree to which the enterprise's liabilities are covered by its assets, the period of transformation of which into money corresponds to the period of repayment of liabilities. To analyze the liquidity of the balance sheet, asset items are grouped according to the degree of decreasing liquidity, liability items - according to the degree of increasing maturity, and the degree of their compliance is checked.

The liquidity of an enterprise is determined using the following ratios, which allow us to determine the ability of the enterprise to pay its short-term obligations during the reporting period.

1) Absolute liquidity ratio (ALR) shows what part of the current debt can be repaid in the time closest to the time of drawing up the balance, calculated by the formula:

)Cal for 2013 = DS/KO

/19537+22670=0,07

) Cal for 2012 = DS/KO

/3960+28927=0,2 (6)

where DS is the amount of funds, thousand rubles;

KO - the amount of short-term liabilities, thousand rubles.

Standard value: 0.2 ≤ KAL ≤ 0.5.

2) Quick liquidity ratio (KLR) shows to what extent all current financial obligations can be satisfied through highly liquid assets:

) KBL for 2013=DS+KFV+DZ/KO

69+15912/19537+22670=0,45

)KBL for 2012=DS+KFV+DZ/KO

1379+19237/3960+28927=0,83 (7)

where KFV is the amount of short-term financial investments, thousand rubles;

DZ - the amount of accounts receivable, thousand rubles.

Standard value: 0.4 ≤ KBL ≤ 0.8.

3) Current ratio (coverage ratio) (CTL) shows the extent to which current (current) assets cover short-term liabilities:

)KTL for 2013=OA-RBP/KO

/19537+22670=1,07

) KTL for 2012=OA-RBP/KO

/3960+28927=1,48 (8)

where OA is the amount of current assets, thousand rubles;

RBP - the amount of future expenses, thousand rubles.

Standard value: 1 ≤ KTL ≤ 2.

As of December 31, 2013, the value of the current liquidity ratio corresponds to the norm. It should be noted that over the entire period under review the coefficient decreased

The quick liquidity ratio as of December 31, 2013 was also within normal limits. This means that AvtoVAZ OJSC has enough assets that can be quickly converted into cash to pay off short-term accounts payable.

The third of the coefficients, which characterizes the organization’s ability to repay all or part of short-term debt using cash and short-term financial investments, has a value below the permissible limit.

2.3 Estimation of turnover

Turnover indicators (business activity) allow you to analyze how effectively an enterprise uses its funds. In addition, turnover indicators occupy an important place in financial management, since the speed of turnover of funds, that is, the speed of their conversion into cash, has a direct impact on the solvency of the enterprise. In addition, an increase in the turnover rate, other things being equal, helps to increase the production potential of the enterprise. When assessing the turnover of funds, the following indicators are calculated.

1) Asset turnover ratio (transformation) (KOa) characterizes the efficiency of the enterprise’s use of all available resources, that is, it shows how many times per year the full cycle of production and circulation is completed, bringing a corresponding effect in the form of profit. This coefficient is calculated using the formula:

)KOAZA2013=B/A

) KOase2012=B/A

/144121=1,27 (11)

where B is revenue from sales of products, thousand rubles;

Average annual value of assets, thousand rubles.

2) Period of circulation of inventories (POZ) - average duration time required to convert raw materials into finished products and its implementation:

)POZ for 2013=360*Z/Srp

*24846/163012=54,87

) POZ for 2012=360*Z/Srp

*19997/165517=43,49 (12)

where is the average annual amount of inventory, thousand rubles;

SRP - cost products sold, thousand roubles.

3) Period of circulation of receivables (POd)- the average number of days required to convert accounts receivable into cash:

)DZ for 2013=360*DZ/V

*15912/175152=32,7

) DZ for 2012=360*DZ/V

*19237/183217=37,8 (13)

where is the average annual amount of accounts receivable (only for buyers and customers).

) The equity capital turnover period (PET) is calculated using the formula:

)POsk for 2013=360*SK/V

*25808/175152=53.04 for 2013

) POsk for 2012=360*SK/V

360*32707/183217=64.26 for 2012 (14)

2.4 Profitability assessment

Profitability is relative indicator, characterizing the level of profitability of the enterprise, the value of which shows the ratio of results to costs. Profitability is an integral indicator, which, by taking into account the influence of a large number of factors, gives a fairly complete description of the activity of the enterprise.

Profitability ratios characterize the ability of an enterprise to generate the necessary profit in the course of its business activities and determine the overall efficiency of the enterprise's property and invested capital.

The following profitability ratios are calculated.

1) Return on assets (Ra) of an enterprise characterizes the level of net profit used by the enterprise:

)Ra for 2013=PE/A*100

) Ra for 2012=PE/A*100

/144121*100=0,15 (15)

where PE is the amount of net profit (after tax);

Average annual value of assets.

2) Return on sales (Ррр) characterizes profitability production activities enterprises:

)RPR for 2013=PE/V*100

/175152*100=3,94

) RPR for 2012=PE/V*100

/183217*100=0,11 (16)

3) Product profitability (RP) characterizes the level of profit received per unit of product cost:

)RP for 2013=PE/SRR*100

/163012*100=2,23

) RP for 2013=PE/SRR*100

/165517*100=0,13 (17)

where CRP is the cost of goods sold.

4) Return on equity (ROE) characterizes the level of profitability of equity capital:

)RSK for 2013=PE/SK*100

/25808*100=26,73

) RSC for 2013=PE/SK*100

/32707*100=0,65 (18)

Table 1

Calculation of the influence of factors on return on equity

All three profitability indicators for Last year, given in the table, have negative values, since the organization received both a loss from sales and, in general, a loss from financial and economic activities.

In 2013, the organization common types activities received a loss for each ruble of sales revenue.

Profitability, calculated as the ratio of earnings before interest taxes and expenses (EBIT) to the organization's revenue for the last year. That is, each ruble of revenue of AvtoVAZ OJSC contained -0.64 kopecks. loss before taxes and interest payable. In 2013, every ruble of the organization's equity capital brought a loss. Over the entire analyzed period, the decrease in return on equity was 60%. For 2013, the value of return on equity is characterized as clearly not corresponding to the norm.

The return on assets for 2013 was 25%. Over the entire period under review, the decrease in return on assets amounted to 50%.

A visual change in the main indicators of return on assets and capital of OJSC AvtoVAZ during the analyzed period is presented in the following graph.

3. Operational analysis

In the context of financial resource management, operational analysis makes it possible to determine the amount available capital, mobilized by the production and economic activities of the enterprise, allows us to identify the dependence financial results enterprises from production and sales volumes

table 2

Calculation of the profitability threshold, financial strength margin and operating leverage

Index	Designation, calculation formula	Change (+,-)
Revenues from sales
Cost, including:
Variable costs1
Fixed costs

Gross Margin	VM = V - Iper = P + Hypost
Gross Margin Ratio	KVM = VM/V
Profitability threshold	PR = Hypost/KVM
Margin of financial strength, rub.	ZFP = B - PR
Margin of financial strength, %	ZFP% = =ZFP/V∙100
	P = ZFP∙ KVM
Operating leverage force	SVOR = VM/P

Since as of December 31, 2013, there was a shortage of own working capital, calculated according to all three options, the financial position of the organization on this basis can be characterized as unsatisfactory. Moreover, all three indicators of coverage of inventories by own working capital during the analyzed period worsened their values.

4. Cash flow statement

In the classical sense, the object of financial management is the finances of the enterprise, that is, cash. Accordingly, the objects of financial management also include the sources of their formation and the relationships that develop in the process of their formation and use. A cash flow statement (CF) is a financial reporting document that reflects receipts, expenditures and net changes in cash during the current activities of an enterprise (economic, investment, financial) for a certain period. The cash flow report is important for assessing the financial capabilities of an enterprise, since it presents information reflecting all operations related to the formation of financial resources and their use. Before compiling a report on the movement of funds, a table is generated characterizing the amount of sources and uses of funds for balance sheet items in the form below (Table 3).

Table 3

Calculation of cash flows on the consolidated balance sheet of an enterprise

Balance sheet items	2012, date units*	2013, date units	Changes
			Source	Usage
Intangible assets
Fixed assets
Long-term financial investments
Construction in progress
Other noncurrent assets


Accounts receivable
Cash
Short-term financial investments
Other current assets
Total assets
Own funds
Long-term liabilities
Short-term liabilities, including:
Debt to suppliers
Debt to the budget
Salary arrears
Other liabilities
Total liabilities
Total changes

Drawing up a report on the movement of DS is necessary to obtain information about the nature of the resulting cash flow and its structure in order to be able to reliably form the optimal capital structure of the enterprise.

Table 4

Cash flow statement

Index	DC inflow, den. units	DS outflow, den. units	Change, % of total
Movement of funds from current activities
1. Net profit
2. Depreciation
3. Change in inventories
4. VAT change
5. Change in accounts payable, incl. debt to suppliers debt to the budget wage arrears
6. Change in accounts receivable
DS from current activities
DS movement from investment activities
1. Purchasing an OS
2. Acquisition of intangible assets
3. Long-term financial investments
DS from investment activities
Movement of funds from financial activities
1. Change in short-term and long-term debt to the bank
2. Targeted financing
3. Increasing equity funds
DS from financial activities
Net inflow (outflow) of DS*
DS at the beginning of the period
DS at the end of the period

The following are qualitatively summarized the most important indicators financial position and performance results of OJSC AvtoVAZ for two years.

An indicator that has an exceptionally good value is the following - net assets exceed the authorized capital, and they have increased over the analyzed period.

The following 3 indicators of the financial position of AvtoVAZ OJSC have unsatisfactory values:

· low equity capital relative to total assets

absolute liquidity ratio is lower accepted norm;

· investment coverage ratio is below normal.

On the critical side, the financial position and performance results of OJSC AvtoVAZ are characterized by the following indicators:

· the ratio of provision with own working capital is of critical importance;

· the current (total) liquidity ratio is significantly lower than the normal value;

· quick (intermediate) liquidity ratio is significantly lower than the standard value;

· the organization's assets do not cover their corresponding maturity obligations;

· extremely unstable financial position in terms of the amount of own working capital;

· in 2013 there was a loss on sales (-3,497 thousand rubles), moreover, there was a negative trend compared to the previous year (-3,497 thousand rubles);

· loss from financial and economic activities for 2013 amounted to -4,413 thousand rubles.

Financial results for the period 01/01/12-31/12/13	Financial position as of December 31, 2013

Excellent (AAA)
Very good (AA)
Good (A)
Positive (BBB)
Normal (BB)
Satisfactory (B)
Unsatisfactory (CCC)
Bad (CC)
Very bad (C)
Critical (D)

Based on the results of the above analysis, the following results were obtained: financial position of AvtoVAZ OJSC - performance results during the analyzed period (from 2012 to 2013) - According to the rating scale, these are CC (poor position) and CCC (unsatisfactory results), respectively. The assessment was made taking into account both the values of key indicators at the end of the analyzed period and the dynamics of indicators, including their predicted values for the next year. Based on these two assessments, the final rating assessment of the organization’s financial condition was calculated. The financial condition was assessed by CCC as unsatisfactory.

The "CCC" rating indicates the unsatisfactory financial condition of the organization, in which financial indicators, as a rule, do not fit into the norm. The reasons for this state can be either objective (mobilization of resources for the implementation of large-scale projects, major transactions, a general decline or crisis in the economy of a country or industry, etc.) and caused by ineffective management. Such organizations can apply for credit resources only with reliable guarantees of repayment of funds that do not depend on the organization’s performance in the future (unsatisfactory creditworthiness).

financial solvency stability monetary

Bibliography

1. Balabanov I.T. Fundamentals of financial management. How to manage capital? - M.: Finance and Statistics, 2013. - 384 p.

Dybal S.V. Financial analysis theory and practice: Textbook. allowance. - St. Petersburg: Publishing house "Business Press", 2013. - 304 p.

V.V. Kovalev, O.N. Volkova "Analysis of the economic activity of an enterprise"; Moscow, - Prospekt, 2012. - pp. 240-256;

V.V. Kovalev. Introduction to financial management. - M.: Finance and Statistics, 2012. - 768 p.

Lyubushin N. ., Lescheva V. ., Dyakova V. . Analysis of financial and economic activity of an enterprise: Textbook. manual for universities/Ed. prof. N. . Lyubushina. - M.: UNITY-DANA, 2013. - 471 p.

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Pavlova L. Financial management. Managing the cash flow of an enterprise: A textbook for universities. - M.: Banks and exchanges, UNITY, 2013. - 400 p.

Ryabykh O. ., Pavlenko V. ., Ivasenko A. . "Financial Management", Novosibirsk, 2012. - pp. 15-27;

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Introduction...3

1. Express analysis of financial statements

1.1. The sequence of express analysis of financial statements... 5

1.2. Methodology for express analysis of financial reporting indicators...14

2. Integrated activities of the enterprise

2.1. Analysis of the efficiency of use of fixed capital...17

2.2. Analysis of the use of labor resources...25

2.3. Analysis of production and sales of products...35

2.4. Product cost analysis... 43

2.5. Analysis of financial performance…55

2.6. Comprehensive analysis activities of the enterprise...65

Conclusion... 67

Bibliography… 68

Excerpt from the text

Introduction

Most enterprises in modern conditions face the need for an objective assessment of the financial condition, solvency and reliability of their partners, constant monitoring of the quality of settlement and financial transactions and payment discipline. Almost all users financial reports enterprises use the results of analysis of financial and economic activities to make decisions to optimize their interests.

An organization's management policies cannot be successfully implemented only on the basis of good wishes and administration. Needed financial instruments and mechanisms of influence on the production system, influence through financial levers, regulation through financial flows, which are used in financial policy. Therefore, the success of the production system management policy is determined by financial policy.

The purpose of this work is the economic activity of the enterprise. To achieve this goal, this work will consider the most important points and directions in conducting analysis, both theoretically and practically.

Based on your goals, you can formulate tasks:

— analysis of the efficiency of use of fixed capital
analysis of the use of labor resources
analysis of production and sales of products
product cost analysis
analysis of financial performance
comprehensive analysis of the enterprise's activities

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 information. An analytical reading of the source data is necessary based on the purposes of analysis and management.

1. Express analysis of the accounting financial statements of the enterprise

1.1. The sequence of express analysis of financial statements

Express analysis is a diagnostic method economic condition business entities based on financial statements and calculations of indicators based on algorithms for their relationships using computer information technologies.

The sequence of express analysis is as follows:

viewing the report based on formal characteristics;

familiarization with the auditor's report;

identification of “sick” items in reporting and their evaluation over time;

familiarization with key indicators;

reading explanatory note(analytical sections of the report);

general assessment of property and financial condition according to the balance sheet;

formulating conclusions based on the results of the analysis.

View the report by formal characteristics. The semantic load of this, at first glance, completely formal, non-analytical procedure, during which the volume and quality of the report, the convenience of its structuring, the presence of a minimum set of required reporting forms, the presence and completeness of analytical transcripts, the accessibility and interpretability of the analytical indicators provided, etc. are assessed. , is as follows.

The culture of reporting is an important factor in successful business, both from the position of the company that prepared the report and from the position of its external counterparties.

Firstly, a well-structured report allows the management of the enterprise and its owners to take a fresh look at the state of affairs at the enterprise, the achieved results of financial and economic activities, and determine the prospects for its development.

Secondly, for counterparties of an enterprise it is increasingly becoming the main information document confirming the possibility and economic feasibility interaction with this enterprise.

Thirdly, the report is a unique way of advertising activities. Often, the first step of a counterparty company when establishing production contacts is to request the opportunity to familiarize itself with the annual accounting report potential partner, therefore, the result of upcoming cooperation negotiations may largely depend on how competently and attractively the report is drawn up.

Rule: before signing a contract, read the latest one annual report potential counterparty - is an indisputable truth for any sophisticated businessman.

In other words, it is a kind of business card of the enterprise - it is used to form the first, sometimes decisive, idea of the enterprise. The reasons for an unsatisfactorily or carelessly compiled (on formal and substantive grounds) report can, of course, be formulated, but in any case they are hardly excusable.

The logic of reasoning of a third-party analyst (supplier, creditor, etc.) is completely obvious: if a potential counterparty, whose report is viewed in this moment, cannot even present his “business card” in a normal form (no time, does not consider it the most important thing, sorry for the money for registration, ordinary negligence, etc.), then one can hardly be confident in the business viability of such a partner. There are no trifles in business, especially when it comes to the annual report as a formal confirmation of the financial solvency of the enterprise.

Familiarization with the auditor's report. There are several

List of used literature

1. Bakanov M.I., Sheremet A.D. Theory of economic analysis: Textbook. — M.: Finance and Statistics, 1998

2.Berdnikova T.B. Analysis and diagnostics of financial and economic activities of an enterprise: Textbook. allowance. - M.:INFRA-M, 2005

3. Bogatko A.N. Fundamentals of economic analysis of an economic entity. — M.: Finance and Statistics, 2000

4.Savitskaya G.V. Analysis of the economic activity of the enterprise. — Mn.: IP “Ecoperspective”, 2000

5. Sivkova A.I. Workshop on analysis of financial and economic activities for college and university students. - Rostov n/d: publishing house "Phoenix", 2001

6. Chuev I.N., Chechevitsyna L.N. Analysis of financial and economic activities. Textbook allowance. — 2004 (ser. “Higher Education”)

Express analysis of the financial condition of the enterprise. Express analysis of the company's quarterly reports Conclusions on express analysis of financial statements example

Express-analysis financial state of OJSC Tochmash

Logics express-analysis financial reporting

Express-analysis financial state enterprises

CONDUCTING AN EXPRESS ANALYSIS OF FINANCIAL STATEMENTS

Express analysis of financial statements

Vertical and horizontal analysis of financial statements

2.1 Financial stability assessment

.2 Liquidity assessment

2.3 Estimation of turnover

2.4 Profitability assessment

3. Operational analysis

4. Cash flow statement

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Based on your goals, you can formulate tasks:

Familiarization with the auditor's report. There are several

List of used literature