TVER STATE UNIVERSITY

Test

Work completed

3rd year student, 39 groups

Efimova V.Yu.

Tver 2010

Express analysis of the financial condition of the enterprise

Analysis of the financial condition of an enterprise is the most important condition for the successful management of its finances. The financial condition of an enterprise is characterized by a set of indicators reflecting the process of formation and use of its financial resources. In a market economy, the financial condition of an enterprise reflects the final results of its activities, which are of interest not only to the employees of the enterprise, but also to its partners. economic activity, government, financial and tax authorities.

Purpose financial analysis is to evaluate the information contained in the reporting, compare the available information and create based on it new information, which will serve as the basis for making certain decisions.

Analysis of the financial condition of an enterprise consists of 6 stages:

Internal analysis aims to forecast expansion production activities, selection of sources and the possibility of attracting investment in certain assets, maintaining the liquidity and solvency of the enterprise or the possible likelihood of bankruptcy, increasing financial stability enterprises and increasing the competitiveness of the enterprise. The results of the analysis can serve as an assessment of the work of managers and the basis for making effective management decisions aimed at stabilizing financial situation enterprises for the planned period. In addition, the company itself is interested in reliable partners and turns to reading their reports of future potential counterparties.

Stage 1. Horizontal and vertical analysis of financial statements

1. Horizontal analysis of the balance sheet allows you to determine the general direction of change in the financial condition of the enterprise. In this case, first of all, the balance sheet total at the end of the period is compared with the balance sheet total at the beginning of the year. If the balance sheet is growing, then the financial condition is assessed positively. Next, the nature of changes in individual balance sheet items is determined. The financial condition of the enterprise is positively characterized by an increase in the asset balance of balances Money, short-term and long-term financial investments, intangible assets and inventories. Positive characteristics of the financial condition of the liability include an increase in the amount of profit, deferred income, accumulation funds and targeted financing; negative characteristics include an increase in accounts payable in the liability.

During the reporting period, the organization's assets decreased by 8,434 thousand rubles. (460870+163462)-(456683+176083)= -8434 thousand rubles. or by 1.3%. Due to a decrease in the volume of current assets by 12,621 thousand rubles. or by 76.5%. Absolute deviation non-current assets at the end of the year compared to the beginning amounted to 4201 thousand rubles. Long-term liabilities decreased by 16,924 thousand rubles. or by 27% (occurred as a result of a decrease in obligations on loans and credits by 33%). Accounts payable also decreased by 6989 or 31%. The company operates at a profit and by the end of the year, profits amounted to 20,592 thousand rubles. more, amounting to 28.8%. Reserve capital also increased by 39%. VAT on purchased valuables has decreased noticeably (53%).

2. Vertical analysis balance sheet is an analysis of the structure of assets and liabilities by calculating the share of items in the balance sheet currency.

The majority of all liabilities account for loans and borrowings: 91% at the beginning of the period, and 87% at the end. Borrowed funds accounted for 9% by the end of the year, their share in the total volume decreased by 4.6% during the year. Share own funds turnover increased by 4.6%, which positively characterizes the organization’s activities. Structure borrowed money has undergone a number of changes. Thus, the share of borrowed capital to suppliers decreased by 0.9%, together with accounts payable to other creditors - 0.2%. The largest share in current assets reserves account for 78% (perhaps this arose as a result of the fact that the company is engaged in activities that are seasonal in nature and, by increasing inventories, is trying to increase its solvency).

Aggregated balance sheet of the company

Assets	For the beginning of the year	At the end of the year	Passive	For the beginning of the year	At the end of the year
Property of everything	632766	624332	Total liabilities (p.700)	632766	624332
Fixed assets	456683	460870	Equity (result of section 3)	546623	568298
Current assets (result of section 2)	176083	163462	Borrowed capital (result of section 4+ result of section 5)	86143	56034
Inventories and costs (p. 210+p. 220)	140832	132025	-long-term liabilities (p. 590)	57575	40651
- accounts receivable (line 230+line 240+line 270)	31129	27744	-short-term loans and loans (line 610+line 630+line 640+line 650)	6196	-
-cash and short-term financial investments (line 250+line 260)	4122	3693	Accounts payable (p. 620+p. 660)	22372	15383

The table shows that current assets have decreased significantly, borrowed capital decreased, non-current assets have a large weight.

Does not match.

Corresponds to T.pr. OA > etc. VNA

Compliant. 100.9%>96.33%

Does not match.

568298/163462*100=347,66%

Compliant.

Gains and losses report

All indicators of the income statement when conducting a vertical analysis are carried out as a percentage of sales revenue. Vertical profit analysis is carried out by areas of activity: operating, financial and investment. But it should be remembered that the procedure for drawing up a profit and loss statement provides for the allocation of profit from sales, while income and expenses from investment and financial activities united by common indicators.

Vertical analysis of the income statement.

Horizontal analysis of the income statement

Indicators	During the reporting period	Behind similar period	%
Indicators	Thousand rub.	Thousand rub.
Revenue from the sale of goods	126776	121914	3,99
	88442	72943	21,25
Business expenses
Administrative expenses
Revenue from sales	38334	48971	-21,72
Other operating income
Other operating expenses
Non-operating income
Non-operating expenses
Profit before tax	30854	6537	71,99
Income tax	-	210
Net profit of the reporting period	21675	3426	32,66

Horizontal (trend) analysis allows you to calculate the relative deviations of any reporting item for a number of years from the level of the base year, for which the values of all items are taken as 100%.

Analysis of the level and dynamics of financial results

Profit Analysis

Indicator name	Line code	ny period	For the same period last year	Deviations (+,-)	Level in % of revenue in reporting period	Level as a percentage of revenue in the previous period	Deviations from the level, %
1	2	3	4	5=3-4	6	7	8
Revenue from the sale of goods	010	126776	121914	4862	100	100	-
Cost of goods sold	020	88442	72943	15499	69,8	59,8	10
Profit (loss) from sales	050	38334	48971	-10637	30,2	40,2	-10
Interest payable	070	1000	2094	-1094	0,8	1,7	-0,9
Profit before tax	140	30854	6537	24317	24,3	5,4	18,9
Net profit (loss) of the reporting period	190	21675	3426	18249	17,1	2,8	14,3
Total income	126776	121914	4862	-	-	-
Total expenses	89442	75037	14405	-	-	-
Income to Expense Ratio	1,42	1,62	0,2	-	-	-

The organization's income and expense ratio must be greater than 1.

Then the activity of the enterprise is effective.

2 stage. Analysis and assessment of the property status of the enterprise

The financial assessment of the property potential of the enterprise is presented in the asset balance sheet. IN in this case We are talking about the funds of the enterprise, either owned by it, or about which it is assumed that, in accordance with the contract, ownership of them will be transferred in some future and which, due to this, are placed on the balance sheet of the enterprise (meaning leasing objects). This explains the fact that in assessing the property potential of an enterprise, a number of indicators are used, calculated according to financial statements.

Price net assets enterprise is the value of the enterprise’s property, free from obligations.

The amount of net assets as a characteristic of the residual value of property available to the owners of the enterprise for distribution depends on many factors:

CHANach = (456683+176083)-11104 = 621662 thousand rubles,

CHAcon = (460870+163462)-5228 = 619104 thousand rubles.

The value of net assets decreased by 2558 thousand rubles, which can be considered as a negative trend.

The ratio of non-current and current assets.

Knach = 456683/176083 = 2.59,

Kkon = 460870/163462 = 2.82

This coefficient increased by 0.23, which is a positive trend; the enterprise is resource-intensive. 2 rubles 82 kopecks invested in long-term assets are equal to 1 ruble invested in working capital.

Renewal factor.

This ratio shows what part of the fixed assets available at the end of the reporting period consists of new fixed assets.

K = 416579/410064 = 1.02

Stage 3. Analysis and assessment of the liquidity and solvency of the enterprise

The financial condition of an enterprise from a short-term perspective is assessed by indicators of liquidity and solvency, most general view characterizing whether it can timely and fully make payments on short-term obligations to counterparties.

Under liquidity of any asset is understood as its ability to be transformed into cash during the envisaged production and technological process, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of asset. In this understanding, any assets that can be converted into money are liquid.

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

Liquidity and solvency can be assessed using a number of absolute and relative indicators. Of the absolute ones, the main one is the indicator characterizing the value of own working capital(SOS). This indicator characterizes that part equity enterprise, which is the source of covering the current assets of the enterprise (i.e. assets with a turnover of less than one year).

SOS beginning = 176083-28568 = 147515 thousand rubles,

SOScon = 163462-15383 = 148079 thousand rubles.

148079 thousand rubles. working capital will remain at the disposal of the enterprise after settlement of short-term obligations. This figure increased by 564 thousand rubles, which is considered a positive trend.

Coefficients characterizing solvency

General liquidity indicator.

(4122+0,5*31129+0,3*11507)/(22372+0,5*6196+0,3*52588) = 0,56

(3693+0,5*27744+0,3*5681)/(15383+0,8*0+0,3*35398) = 0,74

The normal limit is greater than or equal to 1. The dynamics are positive.

Coefficient absolute liquidity

At the beginning year 4122/22372 = 0.18

On the line. year 3693/15383 = 0.24

At the beginning of the year, 18% of obligations could be repaid by the enterprise urgently, by the end of the year it was already 24%. This dynamic is positive for the company. The higher this ratio, the more reliable the borrower.

Critical Appraisal Coefficient

At the beginning years (31129+4122)/22372 = 1.58

On the line. years (27744+3693)/15383 = 2.04

Shows that at the beginning of the year short-term liabilities could be slowly repaid using cash, funds in short-term valuable papers ah, as well as income from settlements.

Current ratio

Knach = 176083/28568 = 6.2,

Kkon = 163462/15383 = 10.6

Judging by this indicator, we can say that the borrower, in principle, can pay off his debt obligations. Current liquidity increased by 4.4.

We can say that at the beginning of the reporting period 6 rubles. 20 kopecks current assets accounted for 1 ruble of accounts payable, and at the end - 10 rubles. 60 kopecks A high value of this indicator is characterized by a large share of the enterprise's reserves.

Operating capital maneuverability ratio

The equity capital maneuverability ratio reflects what part of the operating capital is “frozen” and production inventories And accounts receivable.

Knach = (176083-28568)/28568 = 5.16

Kkon = (163462-15383)/15383 = 9.63

It also shows what part of the equity capital is in circulation, i.e. in a form that allows you to freely maneuver these means. The ratio should be high enough to provide flexibility in using your own funds. As in our case, at the beginning of the period it was 5.16 and increased significantly by the end of the year to 9.63. However, the increase in the indicator in dynamics is a negative fact.

Share of working capital in assets

The share of working capital in the asset is accordingly:

At the beginning of the year 176083/632766 = 0.28

At the end of the year 163462/624332 = 0.26

An important indicator that characterizes the financial condition of an enterprise and its stability is the availability of inventories (tangible current assets). Normal sources of financing, which include not only own working capital, but also short-term bank loans for inventory items, outstanding debts to suppliers, advances received from customers.

Own funds ratio

Knach = (176083-26568)/176083 = 0.85

Kkon = (163462-15383)/163462 = 0.9

The coefficient corresponds established requirements. The structure of the organization's balance sheet can be considered satisfactory (the current assets of the enterprise are covered by 90% of its own funds), and the organization is solvent.

Quick ratio

Knach = (31129+4122)/28568 = 1.2

Kkon = (27744+3693)/15383 = 2

At the end of the period this indicator slightly more than the standard (>1). Judging by this ratio, we can say that the company's liquid funds sufficiently cover its short-term debt.

Coverage ratio

Knach = (176083-31129)/28568 = 5.07

Kkon = (163462-27744)/15383 = 8.8

The company will be able to pay debtors using its working capital.

Maneuverability coefficient of own working capital

Knach = 4122/(176083-23568) = 0.03

Kkon = 3693/(163462-15383) = 0.02

The enterprise is functioning normally, because the coefficient meets the requirements (limit from 0 to 1).

Balance sheet structure assessment

The solvency restoration coefficient is calculated for a period of 6 months, and the solvency loss coefficient is calculated for a period of 3 months. If the coefficient L takes a value >1 (as in our case), this indicates that the organization has a real opportunity to restore solvency in the near future.

Classification of types of financial condition

These tables indicate that the organization is in an absolutely stable state both at the beginning and at the end of the reporting period.

Analysis of liquidity of the enterprise balance sheet

The liquidity of an enterprise's balance sheet is the degree to which the enterprise's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of the obligations.

Analysis of enterprise liquidity by base odds should be supplemented simultaneously with an analysis of the structure of assets and liabilities of the balance sheet by liquidity class. The tables below show, in descending order, the possibility of their quick implementation (liquidity) from the highest class A1 (P1) to the lowest class A4 (P4).

All assets of the enterprise, depending on the degree of liquidity, are divided into 4 groups:

Liabilities are grouped depending on the urgency of their repayment:

Analysis of changes in balance sheet liquidity, excess (shortage) of funds by groups:

This table calculates the absolute deviations of assets from liabilities of an enterprise by liquidity classes (1,2,3,4) and by reporting date– at the beginning of the reporting period (An and Mon) and at the end of the reporting period (Ak and Pk).

Fulfillment of liquidity conditions:

At the beginning and at the end of the reporting period, the balance cannot be absolutely liquid, because accounts payable more than cash.

Based on the fact that the conditions are not met (A1<П1, А3<П3), можно охарактеризовать ликвидность баланса как недостаточную. Сопоставление первого неравенства свидетельствует о том, что денежных средств недостаточно, чтобы покрыть в ближайшее 3 месяца кредиторскую задолженность.

Stage 4. Analysis and assessment of the financial stability of the enterprise

Equity concentration ratio (k 10).

This coefficient characterizes the share of ownership of the owners of the enterprise in total amount funds advanced for its activities:

Knach = 546623/632766 = 0.86

Kkon = 568298/624332 = 0.91

In our case, the coefficient satisfies the standard (0.5 and above). We can say that the company is stable and does not depend heavily on external creditors.

In addition to this indicator is concentration ratio of attracted funds– their sum = 1 (or 100%).

Concentration coefficient of attracted funds (k 11).

This ratio indicates what share of attracted capital (short-term and long-term liabilities) in the total amount of funds invested in the enterprise:

Knach = (57575+28568)/632766 = 0.14

Kkon = (40651+15383)/624332 = 0.09

The coefficient corresponds to the standard value - less than or equal to 0.4.

Coefficients of the structure of long-term sources of financing.

This includes two complementary indicators: coefficient of financial dependence of capitalized sources (k 13) And coefficient financial independence capitalized sources (k 14) .

K13init = 57575/(546623+57575) = 0.1

Kkon = 40651/(568298+40651) = 0.07

K14start = 546623/(546623+57575) = 0.9

Kkon = 568298/(568298+40651) = 0.93

Obviously, the sum of these indicators is equal to 1. The first indicator also confirms that the enterprise is not highly dependent on external investors, because it decreased from 0.1 to 0.07 percentage points.

The share of equity capital in the total amount of long-term sources of financing (k 14) big enough. The lower limit of this indicator is also indicated - 0.6 (or 60%), which in our case is 0.93 or 93%.

Level of financial leverage (k 15).

This ratio is one of the main characteristics of the financial stability of an enterprise.

Knach = 57575/546632 = 0.11

Kkon = 40561/568298 = 0.07

7 kopecks borrowed capital accounts for one ruble of equity capital. The higher the level of financial leverage, the higher the risk associated with a given company, and the lower its reserve borrowing potential; in our case, everything is normal.

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

This organization's equity ratio is quite high. At the beginning of the reporting period, 85% of current assets were covered with own funds, and at the end of the year it was already 90%.

Stage 5. Analysis and evaluation business activity

Business activity ratios allow you to analyze how efficiently a company uses its funds. As a rule, this group includes various turnover indicators.

Turnover indicators are of great importance for assessing the financial position of a company, since the speed of turnover of funds, i.e. the speed of their conversion into monetary form has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover of funds, other things being equal, reflects an increase in the production and technical potential of the company.

1. Asset turnover ratio (k 16).

This coefficient characterizes the efficiency of the company’s use of all available resources, regardless of the sources of their attraction, i.e. shows how many times per year (or other reporting period) the full cycle of production and circulation is completed, bringing the corresponding effect in the form of profit, or how many monetary units Each unit of assets brought in sales of products. This ratio varies depending on the industry, reflecting the characteristics of the production process.

Knach = 126776/632766 = 0.2

Kkon = 121801/624332 = 0.2

Comparative analysis of receivables and payables

A comparison of the state of accounts receivable and accounts payable allows us to draw the following conclusion: in the organization, the amount of accounts receivable predominates, but its growth rate is less (11%) than the growth rate of accounts payable (31%). The reason for this is the speed of circulation of receivables compared to accounts payable. This situation can lead to a shortage of means of payment, which will lead to the insolvency of the organization.

Accounts receivable turnover ratio

Knach = 126776/31129 = 4.07

Kkon = 121801/27744 = 4.39

Duration of one revolution

Length 1rev. beginning = 360/4.07 = 88.5 days.

Length 1 ob.con = 360/4.39 = 82 days.

Accounts payable turnover ratio

Knach = 88442/22372 = 3.95

Kkon = 72943/15383 = 4.74

Duration of one revolution

Length 1ob.beg = 360/3.95=91 days.

Length 1 ob.con = 360/4.74 = 76 days.

Customers settled with the enterprise more often than the enterprise settled with them.

Stage 6. Analysis and evaluation of profitability indicators

The most important indicator reflecting the final financial results activity of the enterprise is profitability. Profitability ratios show how profitable the company's activities are, i.e. characterize the profit received from 1 rub. funds invested in financial transactions or other enterprises.

1. Return on assets ratio (k 22).

This indicator shows how many monetary units the company needed to obtain one monetary unit of profit, regardless of the source of raising these funds.

Knach = 21675/(176083+456683) = 0.03

Kkon = 3426/(163462+460870) = 0.01

This indicator is one of the most important indicators of the competitiveness of an enterprise. The level of competitiveness is determined by comparing the profitability of all assets of the analyzed enterprise with the industry average ratio.

2. Sales profitability ratio (k 23).

At the end of the reporting period 3 kopecks. accounts for net profit from every ruble of net proceeds from product sales.

Knach = 21675/115672 = 0.19

Kkon = 3426/11686 = 0.03

3. Return on equity ratio (k 24).

This indicator allows you to determine the efficiency of using capital invested by the owners and compare this indicator with the possible income from investing these funds in other securities.

Knach = 21675/546623 = 0.04

Kkon = 3426/568298 = 0.01

Return on equity shows how many monetary units of net profit earned each monetary unit invested by the owners of the company (for 1 ruble invested by the owners of the company, there are 4 kopecks of net profit).

Let's compare the return on all assets with the return on equity. The difference between these indicators is zero; this may be due to the fact that the company did not resort to attracting external sources of financing.

Analysis of the organization's capital structure

Share of equity

Share of SKin = 546623/632766*100 = 86.4%

Share of SKcon = 568298/624332*100 = 91.02%

Share of borrowed capital

Share ZKnach = 86143/632766*100 = 13.61%

ZKkon share = 56034/624332*100 = 8.98%

During the reporting period, there was a structural shift in equity capital due to its increase by 4.6.

Due to the fact that equity capital is greater than borrowed capital, we can talk about the financial stability of the enterprise.

SK adjusted = 546623+52588 = 599211 thousand rubles.

Financial dependence ratio (financial leverage).

Shoulder = 86143/546623 = 0.16 rub.

Shoulder cone = 56034/568298 = 0.10 rub.

Per ruble of equity capital at the beginning of the period was 16 kopecks, and at the end - 10 kopecks. That. During the reporting period, equity capital increased, which is a positive trend for the development of the enterprise.

Analysis of balance sheet currency dynamics

The balance currency is equal to the amount household assets which the enterprise uses for its business activities.

An increase in the balance sheet currency indicates that the company has goals of expanding its activities.

The balance sheet currency at the beginning of the period was 632,766 tr., and at the end of the reporting period - 624,332 tr.

Change in VBabs = 624332– 632766= -8434t.r.

At the end of the reporting period, the balance sheet currency decreased by 8,434 tr.

WB growth rate = 624332/632766*100 = 98.7%

At the end of the reporting period, the balance sheet amounted to 98.7% of the beginning of the period.

Its growth rate = (624332-632766)/ 632766*100 = -1.33%

At the end of the reporting period, the balance sheet currency decreased by 1.33% compared to the beginning of the reporting period.

Criteria for assessing the efficiency of asset use

The growth rate of revenue should outpace the growth rate of the balance sheet currency.

Revenue growth rate = 121801/126776*100 = 96%

Revenue growth rate = (121801-126776)/126776*100 = -3.9%

In our case, this condition is not met - T.r. vyr.< Т.р. ВБ

The company does not use assets very efficiently, this is confirmed by the turnover ratio - for 1 invested ruble the company received 75 kopecks. revenue.

OA turnover ratio at the beginning. period = 126776/176083 = 0.72

Cob con. = 121801/163462 = 0.75

Cob con > Cob beg.

Analysis of the structure of the enterprise’s assets to determine the factors reducing the balance sheet currency

There was a structural shift in non-current assets by 1 percent per year. And current assets experienced a structural decline by 1 percentage point.

During the reporting period, non-current assets increased by 0.9% ((460870-456683)/456683*100=0.9%), and current assets decreased by 7.2%. There is a gradual increase in non-current assets.

Profit growth rate = 92220/71628*100 = 128.75

Profit growth rate > Balance sheet currency growth rate > Revenue growth rate

128,75% > 98,7% > 96%

The company's current assets are covered by its own funds by more than 10% - its current financial position is considered positive. At the beginning of the reporting period, 85% of current assets were covered with own funds, and at the end of the year it was already 90%.

A vertical analysis of the balance sheet allows us to draw the following conclusion: the share of the organization’s equity capital increased by 4.6 percentage points and amounts to 91% of the balance sheet. The organization's borrowed capital accounts for 9% by the end of the year, and this is 4.6 percentage points less than at the beginning of the year. The share of borrowed capital decreased mainly due to a reduction in the share of short-term liabilities by 1.08 percentage points, namely due to a 1 percentage point reduction in debt to suppliers and contractors.

In general, the organization’s capital in the reporting year was formed by 9% (2.5 + 6.51) due to borrowed sources and 91% due to own sources. Due to the fact that equity capital is greater than borrowed capital, we can talk about the financial stability of the enterprise.

The value of the financial independence coefficient indicates a favorable financial situation, i.e. owners own 91% of the property's value.

The company operates at a profit and by the end of the year, profits amounted to 20,592 thousand rubles. more, amounting to 28.8%. Reserve capital also increased by 39%. VAT on purchased valuables has decreased noticeably (53%).

There are no intangible assets in the organization's assets. This means that the organization is not innovative and does not invest in patents, technologies, or other intellectual property.

Signs of good balance are:

1. The balance sheet currency at the end of the reporting period should increase compared to the beginning. But it decreased by 8434 thousand rubles.

Does not match.

2. The growth rate of current assets must be greater than the growth rate of non-current assets.

Growth rate of current assets = 7.17% (163462-176083)/176083*100

Growth rate of non-current assets = 0.92% (460870-456683)/456683*100

Corresponds to T.pr. OA > etc. VNA

3. The organization’s equity capital in absolute terms must exceed borrowed capital or its growth rate in percentage must be higher than the growth rate of borrowed capital.

T.r. SC = 100.9%, T.r. ZK = 96.33%

Compliant. 100.9%>96.33%

4. The growth rate of accounts receivable and accounts payable should be approximately the same, or accounts payable should be slightly higher.

etc. DZ = -10.87% (27744-31129)/31129*100

etc. KZ = -31.24 (15383-22372)/22372*100

Does not match.

5. The share of own funds in current assets must be more than 10%.

568298/163462*100=347,66%

Compliant.

6. The balance sheet should not contain the item “Uncovered loss”, i.e. the number on line 470 must be without parentheses.

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E.A- identification of interconnectedness and interdependence between various indicators of financial and economic activity, inclusion in the final reporting. (Form 1,2,3,4,5.)

Purpose E.A.: a clear and simple assessment of the financial situation and dynamics of development of the enterprise.

Finnish users reporting:

1. external:

a) directly interested:

Existing and potential creditors;

Suppliers and buyers;

Existing and potential owners of funds

Government and tax authorities

b) not directly interested (reporting is needed to protect the interests of 1 group):

Audit services;

Consultants for financial matters;

Securities exchanges;

Press and information agencies;

State statistics bodies.

Prof. unions

2. internal: – senior management,

Managers of the corresponding levels.

There are users to whom reporting is provided in mandatory– cash bodies, government Statisticians, audit organizations.

Main reporting criteria: transparency, reliability, information content.

Reading reports Studying financial and operational indicators

Allows conclusions to be drawn about sources based on the selection of a small number

raised funds of the enterprise, the most significant indicators and constant

directions of their investments and determine their tracking over time

nature of enterprise development

Main directions (content of E.A.):

1. Accounting analysis. balance (form 1):

Assessment of the structure of assets and their sources;

An-z of balance sheet liquidity;

An-z solvency;

An-z probability of bankruptcy;

An-z of financial stability;

Classification of financial status according to the consolidated criteria for assessing accounting. balance.

2. Analysis of the profit and loss statement (form 2):

Analysis of the level and dynamics of financial resources;

An-z influence of factors on profit;

Factor analysis of profitability;

Analysis of the dynamics of business activity indicators and the financial cycle (calculation of turnover);

3. Analysis of applications to accounting. balance (form 3, 4, 5):

Assessment of the composition and movement of equity capital (form 3);

An-z cash flows (form 4);

An-z movements of borrowed funds;

An-z receivables and payables;

An-z of depreciation property;

An-z movement of financing funds, long term investment and financial investments

E.A. It is advisable to carry out in 4 stages:

1. Preparatory - the reporting is checked according to formal characteristics (visual): the presence of details, signatures, the linking of indicators, fixed assets is considered.

2. Preliminary review of accounts. reporting and balance sheet reading.

“Read” the balance based on studying its main features:

the balance sheet currency at the end of the reporting period should increase compared to the beginning
the growth rate of current assets must be higher than the growth rate of non-current assets
equity capital must exceed borrowed capital and its growth rate must be higher. What is the rate of growth of debt
growth rate of accounts receivable and accounts payable d.b. approximately the same
share of own funds in current assets d.b. more than 10%
there should be no “sick” items in the balance sheet (uncovered loss)

3. Acquaintance with the explanatory note in the account. statements or with the annual report.

Brief description of the enterprise;

Key performance indicators;

Factors that influenced the financial result;

Analytical indicators for fixed assets, intangible assets, financial investment and profitability indicators;

Assessment of financial stability and solvency for the short and long term;

Business activity assessment

3.Economic reading and report analysis. Economic reading is a generalized assessment of the results of economic activity and financial status.

Fin. the condition is considered in:

Short term - solvency, liquidity.

Long term:

Assessment of the structure of sources of funds (financial risk coefficient). Satisfactory source of funds (3K/SK<1, где СК- собственные ср-ва),

An indicator of the relative independence of the enterprise from creditors and external investors (financial stability coefficient) (SC/EB>0.5).

Under the liquidity of any asset its ability to transform into monetary resources is understood. The degree of liquidity is determined by the length of the time period during which this transformation can be determined.

Balance sheet liquidity– is defined as the degree to which an organization’s obligations are covered by its assets, the period of transformation of which into money corresponds to the period of repayment of obligations.

Express analysis financial statements This is a financial analysis for which the usual balance sheet and income statement are sufficient.

Despite the apparent limitations of the initial data, it is possible to draw conclusions about the structure of the balance sheet of the company’s financial stability and solvency, the presence or absence of free cash, the cash flow management policy and, thus, the solvency and stage of the investment cycle.

Analysis of the financial condition of an enterprise includes an analysis of the balance sheet and reports on the financial results of the company being evaluated (express analysis financial statements) over past periods to identify trends in its activities and determine the main financial indicators. the main objective express analysis, which is one of the types of financial analysis, is a clear and simple assessment of the property status and efficiency of development of a business entity.

Express analysis of financial statements is the optimal solution for quickly diagnosing the state of affairs at an enterprise in order to decide to what level it makes sense to deepen the analysis and what additional data to look for.

Express analysis of financial statements makes it possible to get a general idea of the financial position of the organization in one or two days. Its convenience lies in its simplicity information base analysis. The two main forms (balance sheet and income statement) are, firstly, standard and, secondly, required to be completed for submission to tax office and statistical authorities.

If you handle the consolidated numbers correctly financial reports and a well-thought-out methodology, an express analysis of financial statements can provide a comprehensive snapshot of the state of the enterprise, necessary for making serious management decisions.

The main sources of information and express analysis of financial statements are the financial statements of the enterprise. According to federal law“On accounting”, the company’s basic reporting documents are the balance sheet (Form No. 1) and the profit and loss statement (Form No. 2). Part annual reports Also included are appendices to the balance sheet: statement of changes in capital (form No. 3); cash flow statement (form No. 4); Appendix to the balance sheet (form No. 5); Report on intended use funds received (form No. 6); explanatory note, containing essential information about the organization, its financial position; audit report.

Express analysis of the financial condition of an enterprise involves the following stages:

Stage 1. Analysis of property status.

Stage 2. Analysis of financial results.

Stage 3. Analysis of financial condition.

Stage 1. Analysis of the company's property status

The most general idea of the qualitative changes that have taken place in the structure of the company’s funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting. Vertical analysis reveals the structure of the company's funds and their sources, and horizontal analysis consists of constructing analytical tables in which absolute parameters are supplemented by relative growth (decrease) rates.

Stage 2. Analysis of financial results

Efficiency and economic expediency(and profit is the main and main thing for us) the functioning of the enterprise is measured in absolute and relative indicators: profit, level of gross income, profitability, etc. Using the data from the profit and loss report (Form No. 2) of the balance sheet, we will calculate the main profitability indicators:

2.1. Return on sales shows how much profit is generated per unit of product sold.

2.2. The profitability of core activities shows how much profit from sales falls on 1 ruble of costs.

2.3. Return on sales (ROS) ratio is the ratio of net profit to gross sales.

2.4. An enterprise's return on assets (ROA) shows how many monetary units of net profit are generated by each unit of assets at the company's disposal.

2.5. The return on equity ratio (ROE) shows how much income each ruble invested in the company's business by its owners generates.

2.6. The payback period of equity capital shows the number of years during which investments in a given organization will be fully repaid.

Stage 3. Financial analysis

As a rule, the analysis involves:

3.1. Assessing the dynamics and structure of balance sheet items.

3.2. Analysis of liquidity and solvency of the balance sheet.

3.3. Analysis of financial stability and capital structure.

3.1. Assessing the dynamics and structure of balance sheet items. For overall assessment dynamics of financial condition, it is necessary to group balance sheet items into some specific groups based on liquidity and maturity of obligations. (Aggregate balance sheet items). Based on the aggregated balance sheet, the structure of the enterprise's property is analyzed.

Also, you can build an analytical balance, which allows you to perform a dynamic analysis of indicators, establish their absolute increments and growth rates.

3.2. Analysis of liquidity and solvency of the balance sheet. The financial position of an enterprise is characterized by indicators of liquidity and solvency of the enterprise, that is, the ability to timely and in full make payments on short-term liabilities.

It is clear that liquidity and solvency are not equivalent to each other. Thus, liquidity ratios can characterize the financial position as satisfactory, although in essence this assessment may turn out to be erroneous if current assets have a significant share of illiquid assets and overdue receivables, which can be seen by analyzing the liquidity of the balance sheet.

3.3. Analysis of financial stability. An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize independence for each element of assets and property as a whole make it possible to measure whether the analyzed organization is sufficiently stable in financially. The simplest and most approximate way to assess financial stability is to calculate absolute indicators of financial stability.

Most often, to analyze financial stability, relative coefficients are used, which are accepted in global and domestic accounting and analytical practice.

How to conduct an express analysis of your financial condition

And so, first of all, when conducting an express analysis of the financial condition, it is necessary to identify problematic items on the company’s balance sheet, review reporting items, compare the data of the current period with the past and identify problematic items. It is necessary to identify and evaluate the dynamics of problematic balance sheet items of two types:

1. Talking about the extremely unsatisfactory performance of the company in the reporting period and the resulting poor financial position ( uncovered losses, overdue loans and borrowings and accounts payable, etc.).

2. Evidence of certain shortcomings in the work of the organization, which, if they are regularly repeated in the reporting of several adjacent periods, can significantly affect the financial position of the company (overdue accounts receivable, debt written off to financial results, fines, penalties, penalties collected from the organization, negative clean cash flow and so on.).

For example: Accounts receivable. If the increase in the indicator was due to an increase in accounts receivable, this indicates an unsatisfactory customer service policy, but subject to revenue growth, it may mean a change credit policy aimed at stimulating sales.

Balance sheet data allows a preliminary assessment of the company's solvency, which can be called the company's "margin of safety" in terms of solvency: Solvency = cost of working capital - short-term liabilities.

Now it is necessary to carry out vertical and horizontal analysis. When analyzing the profit and loss statement vertically and horizontally, it is necessary to trace the relationship between the dynamics of revenue and cost. Unidirectional growth or decline in indicators should not cause concern to the analyst, but if there is a decrease in revenue volumes along with rising expenses, this indicates only one thing: the company may have serious problems with business performance in the near future.

The next step is to analyze the liquidity of the balance sheet. At this stage, it is necessary to answer the question: Does the company have sufficient assets to cover the company's liabilities.

Of interest when conducting express analysis are the coefficients characterizing the company’s business activity. Analysis of indicators should show the effectiveness of the company's managers, both with suppliers and clients. Business activity of the enterprise in financial aspect manifests itself, first of all, in the speed of turnover of its funds.

It may not be superfluous to calculate the financial stability coefficient, which characterizes the share of equity in the balance sheet currency. And if you have debt on loans and borrowings, it makes sense to calculate the interest coverage ratio.

Finally, we calculate profitability indicators; it is enough to determine the total and net profitability of the company. However, we should not forget that there are no standard values for this indicator, and it is strictly individual for each sector of the economy. In conditions economic crisis, if the indicator is positive, this is already good, but if it is higher discount rate refinancing by the Central Bank, the situation can be described as normal.

In the process of analysis it is very important right choice key indicators. They must be formed in such a way as to practically satisfy the needs of different user groups.

Thus, for enterprise managers, the set includes indicators of gross profit, sales profit, profitability level, operating profit and EBITDA in absolute and relative terms.

Solvency, liquidity ratios and indicators characterizing the business activity of an enterprise - the turnover of receivables and payables.

For shareholders and owners, the return on equity indicator will be very interesting. It is one of the key indicators when assessing the effectiveness of the use of funds invested by owners in the business.

Liquidity ratios (current liquidity and working capital) allow us to determine the degree of solvency of the company, its ability to pay off short-term obligations in a timely manner.

The amount of working capital characterizes the possibility of business expansion and reinvestment. This is especially important when the company pursues an active investment policy.

For partners and counterparties, the key indicators when analyzing reporting are: indicators of the investment attractiveness of the enterprise; indicators of business activity (asset turnover ratios, equity capital: accounts receivable and accounts payable); the amount of net assets.

Important for lenders and investors investment attractiveness companies. It is characterized by liquidity indicators, financial stability, and business activity. These include the turnover of assets, capital, receivables and payables.

Carrying out an express analysis of accounting (financial) statements, the user solves mainly the problem of identifying “painful” points of the company’s activities in order to determine the directions for in-depth analysis.

In this sense, express analysis can be carried out with the minimum necessary calculations and the use of various techniques and technologies, which may be different for each user. For express analysis, the following main indicators characterizing the financial condition of the enterprise can be selected:

1. Assessment of property status: The amount of the organization’s economic assets; Share of fixed assets in total assets; Depreciation rate of fixed assets.

2. Assessment of financial condition: Current solvency and liquidity ratio; Absolute liquidity ratio; Autonomy coefficient; Provision ratio of own working capital.

3. Assessment of business activity: Turnover of all assets used; Accounts receivable turnover; Capital productivity.

4. Profitability assessment: Profitability of all assets; Sales profitability; Profitability of current costs.

5. The presence of “painful” items in the reporting: Losses; Overdue receivables and payables; Credits and loans not repaid on time; Bills issued (received) are overdue.

Express analysis of financial statements is carried out by the user based on the financial statements without preliminary transformation of its indicators or with preliminary transformation of reporting indicators. The transformation of accounting (financial) reporting indicators can be carried out by regrouping homogeneous indicators, i.e. aggregation of balance sheet items.

Thus, any analysis is carried out for a specific purpose, so we must always clearly remember what questions we want to get answers to as a result of express analysis. There is no strictly defined set of coefficients; the analyst’s task is to determine the set that will fully answer the questions posed before starting the calculations. When conducting an express analysis, there is no need to analyze all items; it is enough to pay attention only to problematic balance sheet items.

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