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 the enterprise is the most important condition for the successful management of its finances. The financial condition of the 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 employees of the enterprise, but also to its partners in economic activity, state, financial and tax authorities.

The purpose of financial analysis is the assessment of the information contained in the reporting, the comparison of available information and the creation of new information on their basis, which will serve as the basis for making certain decisions.

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

Internal analysis is aimed at predicting the expansion of production activities, the choice of sources and the possibility of attracting investments in certain assets, maintaining the liquidity and solvency of the enterprise or the possible likelihood of bankruptcy, increasing the financial stability of the enterprise 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 the financial position of the enterprise for the planned period. In addition, the enterprise itself is interested in reliable partners and refers to reading their statements of future potential counterparties.

Stage 1. Horizontal and vertical analysis of financial statements

1. Horizontal balance sheet analysis allows you to determine the general direction of changes in the financial condition of the enterprise. In this case, first of all, compare the balance sheet at the end of the period with the total at the beginning of the year. If the total balance grows, then the financial condition is assessed positively. Further, the nature of the change in individual balance sheet items is determined. A positive characterization of the financial condition of the enterprise is an increase in the asset balance of cash balances, short-term and long-term financial investments, intangible assets and inventories. The 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 - an increase in accounts payable in liabilities.

During the reporting period, the organization's assets decreased by 8434 thousand rubles. (460870 + 163462) - (456683 + 176083) \u003d -8434 thousand rubles. or 1.3%. By reducing the volume of current assets by 12,621 thousand rubles. or 76.5%. The absolute deviation of non-current assets at the end of the year compared with the beginning amounted to 4201 thousand rubles. Decreased long-term liabilities by 16,924 thousand rubles. or by 27% (due to a decrease in liabilities on loans and credits by 33%). Accounts payable also decreased by 6989 or 31%. The company operates with a profit and by the end of the year, profits were received for 20,592 thousand rubles. more, which amounted to 28.8%. The reserve capital also increased by 39%. The VAT on purchased valuables decreased noticeably (53%).

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

Most of all liabilities are loans and borrowings 91% at the beginning of the period, at the end of 87%. Borrowed funds amounted to 9% by the end of the year, their share in the total volume decreased by 4.6% during the year. The share of own funds in turnover increased by 4.6%, which positively characterizes the organization's activities. The structure of borrowed funds has undergone a number of changes. Thus, the share of borrowed capital to suppliers decreased by 0.9%, along with accounts payable to other creditors - 0.2%. The largest share in current assets is stocks - 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 stocks is trying to increase its solvency).

Aggregate balance sheet of the firm

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 all	632766	624332	Obligations of everything (p. 700)	632766	624332
Fixed assets	456683	460870	Equity (total of section 3)	546623	568298
Current assets (summary of section 2)	176083	163462	Borrowed capital (result of section 4+ summary of section 5)	86143	56034
Stocks 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 credits 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 has decreased, and non-current assets have a large weight.

Does not match.

Corresponds to T.pr. OA > T.pr. VNA

Corresponds. 100.9%>96.33%

Does not match.

568298/163462*100=347,66%

Corresponds.

Corresponds.

Gains and losses report

All indicators of the income statement in the course of vertical analysis are carried out as a percentage of sales proceeds. Vertical profit analysis is carried out by areas of activity: operating, financial and investment. But at the same time, it should be remembered that the procedure for compiling a profit and loss statement provides for the allocation of profit from sales, while income and expenses from investment and financial activities are combined by common indicators.

Vertical analysis of the income statement.

Horizontal Analysis of the Profit and Loss Statement

Indicators	During the reporting period	For the same period	%
	Thousand rub.	Thousand rub.
Revenue from the sale of goods	126776	121914	3,99
	88442	72943	21,25
Selling expenses
Management 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

Name of indicator	Line code	period	For the same period last year	Deviations (+,-)	Level in % of revenue in the reporting period	Level in % 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	-	-	-
Ratio of income and expenses	1,42	1,62	0,2	-	-	-

The ratio of income and expenses of the organization 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. In this case, we are talking about the funds of the enterprise, either belonging to it by the right of ownership, or about which it is assumed that, in accordance with the contract, the ownership of them will pass in some future and which, by virtue of this, are put on the balance of the enterprise (meaning objects of leasing) . This explains the fact that in assessing the property potential of an enterprise, a number of indicators are used, calculated according to financial statements.

The value of a company's net assets is the value of the company's assets free from liabilities.

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

CHANach \u003d (456683 + 176083) -11104 \u003d 621662 thousand rubles,

CHAkon \u003d (460870 + 163462) -5228 \u003d 619104 thousand rubles.

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

The ratio of non-current and current assets.

Knach \u003d 456683 / 176083 \u003d 2.59,

Kkon \u003d 460870 / 163462 \u003d 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 account for 1 ruble invested in current assets.

update rate.

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

K \u003d 416579 / 410064 \u003d 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, in the most general form characterizing whether it can timely and in full make settlements on short-term obligations to counterparties.

Under liquidity of any asset is understood as its ability to be transformed into cash in the course of the envisaged production and technological process, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. In this sense, any assets that can be turned 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 a sufficient amount of 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 main is the indicator characterizing the value of own working capital (SOS). This indicator characterizes that part of the company's own capital, which is the source of coverage of the company's current assets (ie, assets with a turnover of less than one year).

SOS beginning \u003d 176083-28568 \u003d 147515 thousand rubles,

SOScon \u003d 163462-15383 \u003d 148079 thousand rubles.

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

Coefficients characterizing solvency

General indicator of liquidity.

(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.

Absolute liquidity ratio

At the beginning years 4122/22372 = 0.18

On horseback years 3693/15383 = 0.24

At the beginning of the year, 18% of liabilities could be repaid by the enterprise on an urgent basis, by the end of the year already 24%. Such dynamics is positive for the enterprise. The higher this ratio, the more reliable the borrower.

Coefficient of "critical evaluation"

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

On horseback years (27744+3693)/15383 = 2.04

Shows that at the beginning of the year, short-term liabilities could be slowly repaid at the expense of cash, funds in short-term securities, as well as settlement proceeds.

Current liquidity ratio

Knach \u003d 176083 / 28568 \u003d 6.2,

Kkon \u003d 163462 / 15383 \u003d 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 kop. current assets accounted for 1 ruble of accounts payable, and at the end - 10 rubles. 60 kop. The high value of this indicator is characterized by a large share of the company's reserves.

Operating capital maneuverability ratio

The coefficient of maneuverability of own capital reflects what part of the functioning capital is "frozen" in inventories and receivables.

Knach \u003d (176083-28568) / 28568 \u003d 5.16

Kkon \u003d (163462-15383) / 15383 \u003d 9.63

It also shows what part of 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 allow flexibility in the use of own funds. As in our case at the beginning of the period 5.16 and increased significantly by the end of the year 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, respectively, is:

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 the enterprise and its stability is the availability of reserves (tangible current assets). Normal sources of financing, which include not only own working capital, but also short-term bank loans for inventory items, non-overdue debts to suppliers, advances received from buyers.

Equity ratio

Knach \u003d (176083-26568) / 176083 \u003d 0.85

Kkon \u003d (163462-15383) / 163462 \u003d 0.9

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

Quick liquidity ratio

Knach \u003d (31129 + 4122) / 28568 \u003d 1.2

Kkon \u003d (27744 + 3693) / 15383 \u003d 2

At the end of the period, this indicator is slightly higher than the norm (>1). Judging by this ratio, we can say that the liquid assets of the enterprise cover its short-term debt sufficiently.

Coverage ratio

Knach \u003d (176083-31129) / 28568 \u003d 5.07

Kkon \u003d (163462-27744) / 15383 \u003d 8.8

The enterprise at the expense of material working capital will be able to pay off debtors.

The coefficient of maneuverability of own working capital

Knach \u003d 4122 / (176083-23568) \u003d 0.03

Kkon \u003d 3693 / (163462-15383) \u003d 0.02

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

Assessment of the balance sheet structure

The solvency recovery ratio is calculated for a period of 6 months, and the solvency loss ratio is calculated for a period of 3 months. If the coefficient L takes on a value of >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 the liquidity of the company's balance sheet

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

An analysis of the liquidity of an enterprise by basic ratios should be supplemented simultaneously with an analysis of the structure of assets and liabilities of the balance sheet by liquidity class. In the tables below, in descending order, the possibility of their rapid implementation (liquidity) is listed 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 the liquidity of the balance sheet, excess (shortage) of funds by groups:

This table calculates the absolute deviations of assets from liabilities of the enterprise by liquidity classes (1,2,3,4) and by the 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; accounts payable is greater 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 the property of the owners of the enterprise in the total amount of funds advanced in its activities:

Knach = 546623/632766 = 0.86

Kkon \u003d 568298 / 624332 \u003d 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 borrowed funds concentration ratio– their sum = 1 (or 100%).

Concentration ratio of borrowed 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 \u003d (57575 + 28568) / 632766 \u003d 0.14

Kkon \u003d (40651 + 15383) / 624332 \u003d 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 of financial independence of capitalized sources (k 14) .

K13nach \u003d 57575 / (546623 + 57575) \u003d 0.1

Kkon \u003d 40651 / (568298 + 40651) \u003d 0.07

K14nach \u003d 546623 / (546623 + 57575) \u003d 0.9

Kkon \u003d 568298 / (568298 + 40651) \u003d 0.93

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

The share of own capital in the total amount of long-term sources of financing (k 14) large 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 the enterprise.

Knach = 57575/546632 = 0.11

Kkon \u003d 40561 / 568298 \u003d 0.07

7 kop. borrowed capital accounts for one ruble of own funds. The higher the value of the level of financial leverage, the higher the risk associated with this company, and the lower its reserve borrowing potential, in our case, everything is in a normal state.

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

The equity ratio of this organization is quite high. At the beginning of the reporting period, 85% of current assets were covered by own funds, and at the end of the year already 90%.

Stage 5 Analysis and evaluation of business activity

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

Turnover indicators are of great importance for assessing the financial position of the company, since the rate of turnover of funds, i.e. the speed of their transformation into a 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 a year (or other reporting period) a full cycle of production and circulation is completed, bringing the corresponding effect in the form of profit, or how many monetary units of sold products were brought by each unit of assets. This ratio varies by industry, reflecting the specifics of the manufacturing process.

Knach = 126776/632766 = 0.2

Kkon \u003d 121801 / 624332 \u003d 0.2

Comparative analysis of receivables and payables

Comparison of the state of receivables and payables allows us to draw the following conclusion: the amount of accounts receivable prevails in the organization, 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 \u003d 126776 / 31129 \u003d 4.07

Kkon \u003d 121801 / 27744 \u003d 4.39

Duration of one turn

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

Length 1ob.con \u003d 360 / 4.39 \u003d 82 days.

Accounts payable turnover ratio

Knach \u003d 88442 / 22372 \u003d 3.95

Kkon \u003d 72943 / 15383 \u003d 4.74

Duration of one turn

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

Length 1ob.con \u003d 360 / 4.74 \u003d 76 days.

Customers with the enterprise paid off more often than the enterprise with them.

Stage 6 Analysis and evaluation of profitability indicators

The most important indicator reflecting the final financial results 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 in other enterprises.

1. Return on assets ratio (k 22).

This indicator shows how many monetary units it took the company to receive one monetary unit of profit, regardless of the source of attraction of these funds.

Knach \u003d 21675 / (176083 + 456683) \u003d 0.03

Kkon \u003d 3426 / (163462 + 460870) \u003d 0.01

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

2. Implementation profitability ratio (k 23).

At the end of the reporting period 3 kop. accounts for the share of net profit from each ruble of net proceeds from product sales.

Knach = 21675/115672 = 0.19

Kkon \u003d 3426 / 11686 \u003d 0.03

3. Return on equity ratio (k 24).

This indicator allows you to determine the efficiency of the use of 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 \u003d 3426 / 568298 \u003d 0.01

The return on equity shows how many monetary units of net profit each monetary unit invested by the owners of the company earned (4 kopecks of net profit fall on 1 ruble invested by the owners of the company).

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 SCini = 546623/632766*100 = 86.4%

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

Share of borrowed capital

Share of ZKnach \u003d 86143 / 632766 * 100 \u003d 13.61%

Share of ZKkon \u003d 56034 / 624332 * 100 \u003d 8.98%

During the reporting period, there was a structural shift in equity 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.

SC adjusted = 546623 + 52588 = 599211 thousand rubles.

Coefficient of financial dependence (shoulder of financial leverage).

Shoulder = 86143/546623 = 0.16 rubles.

Shoulder = 56034/568298 = 0.10 rubles.

There were 16 kopecks per ruble of equity at the beginning of the period, and 10 kopecks at the end. That. During the reporting period, there was an increase in own capital, which is a positive trend for the development of the enterprise.

Analysis of the dynamics of the balance sheet

The balance sheet currency is equal to the amount of economic assets that the company uses for its business activities.

The increase in the balance sheet indicates that the company has the goal of expanding activities.

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

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

At the end of the reporting period, the balance sheet decreased by 8434 tr.

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

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

Criteria for evaluating the effectiveness of the use of assets

The growth rate of revenue should outstrip the growth rate of the balance sheet.

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. vyp.< Т.р. ВБ

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

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

Kob con. = 121801/163462 = 0.75

Cob con > Cob early

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

There was a structural shift of non-current assets by 1 percentage year. And current assets experienced a structural decline by 1 p.p.

During the reporting period, non-current assets increased by 0.9% ((460870-456683)/456683*100=0.9%), while 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 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 recognized as positive. At the beginning of the reporting period, 85% of current assets were covered by own funds, and at the end of the year already 90%.

A vertical analysis of the balance sheet allows us to conclude that the share of the organization's own 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, which is 4.6 percentage points less than at the beginning of the year. The share of borrowed capital decreased mainly due to a decrease in the share of short-term liabilities by 1.08 percentage points, namely, due to a decrease in debt to suppliers and contractors by 1 percentage point.

In general, the capital of the organization in the reporting year was formed by 9% (2.5+6.51) from borrowed sources and 91% from 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 ratio indicates a favorable financial situation, i.e. the owners own 91% of the value of the property.

The company operates with a profit and by the end of the year, profits were received for 20,592 thousand rubles. more, which amounted to 28.8%. The reserve capital also increased by 39%. The VAT on purchased valuables decreased noticeably (53%).

Comparison of the state of receivables and payables allows us to draw the following conclusion: the amount of accounts receivable prevails in the organization, 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 leads to the insolvency of the organization.

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 a good balance are:

1. The balance sheet 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 > T.pr. VNA

3. The organization's own capital in absolute terms must exceed the borrowed capital or its growth rate in percent must be higher than the growth rate of borrowed capital.

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

Corresponds. 100.9%>96.33%

4. The growth rates of receivables and payables should be approximately the same or accounts payable slightly higher.

T. pr. DZ \u003d -10.87% (27744-31129) / 31129 * 100

T. pr. KZ \u003d -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%

Corresponds.

6. In the balance sheet there should be no item "Uncovered loss", i.e. the number in line 470 must be without brackets.

Analysis of financial statements. Cribs Olshevskaya Natalya

29. Express analysis of financial statements

The purpose of express analysis- a clear and simple assessment of the property status and the effectiveness of the development of an economic entity. This type of analysis can be carried out by the auditor at the preliminary planning stage of the audit. Express analysis should be performed in three stages:

1) preparatory;

2) preliminary review of financial statements;

3) economic evaluation of the results of economic activity of the enterprise and its financial condition, i.e. analysis of reporting.

The purpose of the first (preparatory) stage– make a decision on the appropriateness of the analysis of financial statements and make sure they are ready for reading. The first task is solved by a preliminary acquaintance with the statements and the latest audit report, the second is, to a certain extent, of a technical nature. In particular, a visual and simple accounting check of reporting is carried out on formal grounds and in essence: the presence of all necessary forms and applications, details and signatures is determined; the interconnection of indicators of reporting forms and the main control ratios between them are checked, etc.

The purpose of the second stage(preliminary review of financial statements) - familiarization with the explanatory note to the balance sheet. This is important for assessing working conditions in the reporting period, for identifying trends in key performance indicators, as well as for assessing qualitative changes in the property and financial position of an economic entity. It is necessary to pay attention to the algorithms for calculating the main indicators. Analyzing trends in key indicators, it is necessary to take into account the influence of some distorting factors, in particular inflation. In addition, it should be noted that the balance sheet itself, being the main reporting and analytical form, is not free from certain restrictions.

The third stage is the main one in express analysis; its purpose is a generalized assessment of the results of the economic activity of the enterprise and its financial condition. This analysis is carried out with varying degrees of detail in the interests of various users.

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The purpose of analyzing the financial statements of a third-party company is to assess 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 method of express analysis of financial statements in this article.

The methodology for express analysis of financial statements is used in conditions of limited primary information and a limited time frame. This is his feature. Despite the fact that any financial statements have certain limitations, often only the information contained in the form No. 1 (balance sheet) and form No. 2 (profit and loss statement) of the financial statements is available.

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

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

Express analysis of financial statements

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

Table. Analysis of financial statements indicators

Section/article	conclusions
	Number increase	Decreasing the 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.	The decline can mean both the sale of fixed assets and depreciation, that is, the physical obsolescence of fixed assets.
If as part of non-current assets there is construction in progress, 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”, the value of the article decreased slightly over the year, 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 the result of depreciation on existing fixed assets.
current assets. Stocks	A large number of stocks and their annual growth may indicate overstocking.	A regular decrease in stocks may indicate both a decrease in business activity, that is, a curtailment of activities, and a lack of working capital to purchase the required amount of stocks.
In the second section of the balance sheet, it is necessary to pay attention to such an article as VAT on acquired values. If the amount of tax reflected under this item is large enough and continues to increase, then it is likely that the company has some reason to reduce tax payments (non-submission of VAT for reimbursement from the budget). These reasons may be: unsatisfactory organization of document circulation in the company, poor quality of tax accounting, purchase of 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 figure from Form 2.	If the increase in receivables is associated with an increase in sales, then we can conclude that the growth in the company's revenue was ensured by a change in the company's credit policy - an increase in the term for granting a commodity loan. If the increase occurs against the backdrop of a decrease in revenue, then we can conclude that despite the change in the credit policy for the better for customers, the company failed to retain its customers. This indicates an increase in the company's operational risks.	If the decrease in this item occurs against the backdrop of an increase in revenue, then we can conclude that the buyers of the company began to pay their bills earlier, that is, there was a reduction in the days of delay or part of the goods are paid for in advance (and the buyers accepted this change in credit policy). If the company's revenue has decreased, then the debt of buyers has also decreased accordingly.
As part of accounts receivable there may also be paid advances related to the construction or acquisition of fixed assets, that is, such a "receivable" in the future will turn into either fixed assets or construction in progress, but not in cash.
Cash.	Both the increase and decrease in the numerical indicator for this article do not allow us to draw any meaningful conclusions.
Let's look at the second section of our balance sheet. The most significant amount is stocks, 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, to conduct a vertical analysis and calculate turnover ratio . The non-deductible value added tax 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 on the back of lower revenues. Further analysis is needed for this article.
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 ownership).
Retained earnings (uncovered loss).	At this stage of the analysis, we look at the availability of the amount for this article, if a loss is reflected, then we refer this article to the problem one. For a more detailed analysis of the data presented in the balance sheet is not enough.
The authorized capital of the company we are analyzing has not changed; the amount of retained earnings has increased, which means that the equity capital of the company has also increased.
Credits and loans.	Based on the balance sheet, we can state the presence of short-term or long-term loans from the company, their amount has increased or decreased. For any conclusions about the validity of attracting credit resources and their effectiveness at this stage, there is not enough information.
Short-term borrowed funds 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 an agreement to increase the delay as a result of maintaining the volume of purchases, payment on time, and the presence of good relationships. An increase in debt to the tax authorities may indicate an increase in the company's tax risk.	A decrease in creditors may indicate both a more stringent credit policy of suppliers, and early fulfillment by the company of its payment obligations. A decrease in tax debts shows both the timeliness of fulfilling tax obligations and lower taxes due to a decrease in business activity.
Accounts payable of the analyzed company has grown, mainly due to an increase in debt to suppliers, as well as an increase in tax liabilities. The increase in accounts payable occurred against the backdrop of an increase in the company's reserves. Based on this, a preliminary conclusion can be drawn that most likely the purchased inventory was purchased with a deferred payment and the payment due date at the time of reporting was not reached. For a more complete analysis, it is necessary to look at the change in the structure of liabilities, that is, calculate the share of creditors and analyze the turnover. That is, for more reasonable conclusions on the financial condition of the company, we need a vertical analysis and analysis of the coefficients.

The balance sheet data also allows a preliminary assessment of the company's solvency at the reporting date. To do this, we compare the cost of working capital with the value of short-term liabilities (722426-694696 = 27730), the 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 the previous period. Vertical analysis of the financial statements of an enterprise concerns the structure of financial indicators with the identification of the impact of each article on the result.

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

Estimated data, as well as forms of balance sheet and income statement are presented in tables 1, 2

Current (current) assets in their amount exceeded current (short-term) liabilities by 14,390 thousand rubles. (682128-667738) in 2014 and by 27730 thousand rubles. (722426-694696) in 2015, which clearly indicates the solvency of the company. However, not all so simple. As you can see, the composition of the company's property contains such items as deferred expenses and value added tax on acquired values. Moreover, the balances of these items are increasing. Let's imagine a situation that in a certain period of time the company will need to urgently pay off all its obligations to creditors, and it is forced to sell its current assets. Deferred expenses cannot be sold, they are not property, therefore, in my opinion, it seems quite reasonable not to take this article into account when determining the company's solvency.

The situation is similar with “incoming” VAT: what is the probability of presenting it 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. With a conservative approach, I recommend not taking into account the amount of input VAT when analyzing the company's solvency and liquidity. With a more loyal approach, it is possible to reduce the amount of obligations for tax payments 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: the VAT refund from the budget is quite long in time (only 90 days are given for a desk audit according to the tax code) and is associated with the emergence of additional tax risks and, which is not excluded, litigation.

Table 3. Change in the solvency of the company, taking into account the above comments

Indicators	conservative approach		Loyal approach
	year 2014	2015	year 2014	2015
current assets	682128	722426	682128	722426
minus deferred expenses	1415	2600	1415	2600
minus "incoming" 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 Liabilities (TO)	667738	694696	665100	688732
Difference between TA and TO	-3605	8086	-967	14050

As you can see, in both the first and second approaches, the company's solvency improved significantly in 2015.

Analysis of the financial condition of the enterprise: 5 complete stages + a practical example of analysis + 4 main indicators of the financial condition of the organization.

Running a business is a big responsibility. In order to avoid mistakes in their activities, it is necessary to constantly analyze and correct the financial performance of the company.

Today we will analyze how to conduct an express analysis of the financial condition of the enterprise.

A practical example will help to resolve points that may cause difficulties at various stages of the study.

General principles for analyzing the financial condition of an enterprise

To understand the economic capabilities of the enterprise, its creditworthiness and investment potential is one of the main goals of the analysis.

The data obtained will help company leaders make the right decisions in a timely manner.

Each organization has its own priorities in reporting analysis, but the general algorithm remains unchanged:

№	Analysis Section	Indicators
1	Property assessment	1. Share of fixed assets in total assets. 2. The coefficient of depreciation of fixed assets.
2	Liquidity assessment	1. Absolute liquidity ratio. 2. Ratio of intermediate liquidity. 3. Current liquidity ratio
3	Financial stability assessment	1. Coefficient of autonomy. 2. Coefficient of financial dependence. 3. The coefficient of financial stability. 4. The coefficient of security with own working capital. 5. The ratio of borrowed and own funds. 6. The coefficient of maneuverability of own funds.
4	Business Activity Assessment	1. Total turnover ratio. 2. The turnover ratio of fixed assets. 3. The turnover ratio of working capital. 4. Inventory turnover ratio. 5. Accounts receivable turnover ratio. 6. Accounts payable turnover ratio.
5	Profitability assessment	1. Return on assets. 2. Profitability of sales. 3. Product profitability. 4. Return on equity.
6	Assessment of the company's position in the securities market	1. Earnings per share. 2. Price/earnings ratio. 3. Coefficient "price / revenue". 4. Share quote ratio.

The list of main points for the procedure is shown in the table above.

At the discretion of the leading positions of the accounting department, the calculation of the state may not be carried out according to all parameters. Only sections where financial problems are possible that need to be identified and resolved as soon as possible are taken into circulation.

1) Measurement of liquidity indicators in the analysis of the financial condition of the enterprise

The important components of the analysis of the state include the solvency of the company and its liquidity.

The term " solvency» implies the existence of financial security to cover unforeseen items of expenditure by the firm. Lenders first of all pay attention to this section.

Liquidity is a complex section that signals the possibility of repaying debts in any outcome, even with time delays.

An indicator of availability is the predominance of active funds over passive ones in the financial condition of the organization.

The liquidity system contains:

• liquidity ratio;
• an indicator of the stability of the organization;
• the value of business activity;
• the effectiveness of the organization.

The calculation of the coefficients provides an opportunity to assess the state of competitiveness of enterprises with the same focus in the field of work.

*Fig.1. Relative liquidity values

A more detailed analysis of the state will make it possible to carry out additional coefficients presented in Fig. 1.

The global state of affairs in the solvency of the enterprise will show total liquidity coverage value(Ktl).

Intermediate values ​​of this indicator should be kept within 0.7-0.9, and for retail sales, the allowable reduction limit is 0.5.

These parameters contain information about the company's ability to repay at the current moment.

The most demanding one is the absolute liquidity ratio. Its value should not fall below 0.3.

2) Calculation of the stability of the enterprise in financial terms

When conducting a study of the economic performance of an enterprise, one cannot ignore the state of financial stability organizations.

More details in Fig.2:

*Fig.2 - Values ​​of the state of financial stability

Autonomy coefficient(Kavt) should always be above 0.5. The trust of investment institutions and experts directly depends on the state of the current parameter.

The resulting characteristics of financial dependence (Kfz) and the ratio of borrowed funds to the amount of cash in the account (Ksas) range from 0.9 - 1.

• value inverse to the autonomy parameter;
• from 1 subtract Cavt.

Will keep you up to date on the amount of available funds at the moment maneuverability parameter(Kmss). The optimal value for it will be 0.5.

3) Calculation of business activity

It will be most convenient to calculate the resource return and cash flow using the formulas in Fig. 3:

*Figure 3 - Values ​​for business activity

Depending on the industry in which your firm operates, total returns (d1) can be abnormally low or high.

The fact is that heavy production with a large amount of resource spending will always show results lower than with general consumption.

The turnover of monetary resources is estimated:

speed.

How many times the invested money will have time to return to the investor for the analyzed period.

Period.

How long does it take for the money to make a complete turnover and return to the depositor 1 time.

How exhausted the monetary resource of your additional sources of financing will let you know the characteristic - return on assets (d2).

Unforeseen expenses can reduce the rate of return on assets, but if resources are used to improve the technical base, the result may well pay for itself in the future.

4) Measuring the profitability of an enterprise

To understand how profitable your company is, the analysis uses the concept of enterprise profitability.

*Rice. 4 - The value of the profitability of the organization

All characteristics of this direction are calculated according to the same principle: in the numerator, the value of profit, and in the denominator, the cost of producing goods.

Higher profitability - better business at.

Sometimes the value does not always give 100% objective information. The reason for this may be long-term investment - the figures are lower than the real state of the enterprise.

When 2-3 risky projects have paid off, the value, on the contrary, increases, although in fact there have not been any special changes in the economic plan.

If you do not have a private business, but an open joint stock company, then, in addition to standard financial statements, you should use information from the external market.

This will help you evaluate the profitability and development prospects of your business from an independent point of view.

Express analysis of the financial condition of the enterprise on an example

Suppose we have data on any limited liability company. Based on it, we will analyze the financial condition of the enterprise for a certain reporting period.

Stage 1: General characteristics of the enterprise.

Before proceeding with the analysis of the main indicators, the accountant should make a brief overview of the activities of the organization.

Components of a general analysis:

• type of economic activity;
• composition of the governing body;
• production structure;
• basic services.

The information should fully reflect all the key points in the work. The introductory part should not be voluminous - display only the main thing.

Stage 2: Analysis of the material condition.

These indicators reflect the amount of funds from the enterprise for economic needs.

Their percentage in the general bank of the organization for the current period.

Analysis is required both for personal purposes and for reporting to government agencies.

It makes it possible to track financial risks during transactions at all stages of the operation of the enterprise.

Stage 3: Analysis of the financial situation.

Helps to identify adverse situations in business development.

Accurate calculations using elements of financial analysis make it possible to determine the possibility of bankruptcy with a 90% probability.

For the full implementation of this procedure, accounting and tax reporting for the studied time period will be required.

Stage 4: Profitability of the enterprise.

It will help to analyze how effectively the company conducts its activities.

Required to identify articles to reduce funding and optimize the process of selling goods.

In order for your company to be profitable, the items must cover all available items of expenditure for the analyzed period.

For example, net profit indicates the high profitability of the organization.

Stage 5: Finding weaknesses in financial statements.

The final step that allows you to identify problems in the state of the enterprise in advance and close these gaps.

The final data on the express analysis will provide an opportunity to focus on improving the state of affairs in problem areas, if any.

Full analysis of the financial condition of the enterprise as a result, it will allow you to find the strengths and weaknesses of your business.

How is the analysis of the financial condition of the enterprise?

All stages of the process are in the following training video:

It will become easier to manage free finances and decide on priority areas in the development of your enterprise.

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Express analysis of the financial statements of Ritual LLC is represented by the following main areas:

• - analysis of the balance sheet structure;
• - analysis of balance dynamics for 2 years;
• - analysis of the dynamics of financial results.

Analysis of the balance sheet structure of Ritual LLC for 2013-2014 is presented in table 1.

Table 1 Analysis of the structure of the balance sheet of Ritual LLC for 2013-2014

Index			Change, +/-
Fixed assets
fixed assets
Profitable investments
current assets
Accounts receivable
Capital and reserves
Equity
Extra capital
Reserve capital
retained earnings
long term duties
Short-term liabilities
Borrowed funds
Accounts payable

Over the past 2 years, non-current assets prevail in the asset structure of Ritual LLC, their share in 2013 was 58.2%, in 2014 it decreased to 51.9%. In the structure of non-current assets, fixed assets account for a large share, their share in the total asset structure in 2013 amounted to 54.3%, in 2014 it decreased to 48.5% due to increased wear and tear of equipment. The share of profitable financial investments in 2013 was 3.9%, in 2014 it decreased to 3.4%. The share of current assets in the structure of the balance sheet increased over the last year. In 2013 it was 41.8%, in 2014 it increased to 48.1%. In the structure of current assets, the main part is stocks, their share in the total number of assets was 32.8% in 2013, in 2014 it decreased to 23.1%. This decrease was due to an increase in the share of receivables by 4.3% and the share of cash and equivalents - by 11.7%.

In the structure of liabilities of LLC "Ritual" for 2 years, capital prevails, the dynamics of the share is positive. In 2013, the share of capital and reserves was 75.7%, in 2014 it increased to 81.8%. The increase in the share of capital and reserves in the balance sheet currency occurred due to an increase in the share of retained earnings, which in 2013 amounted to 1% of all liabilities, in 2014 it increased to 14.1%. There are no long-term liabilities in the structure of liabilities. The share of short-term liabilities in 2013 was 24.3%, in 2014 it decreased to 18.2%. The decrease was due to the fall in the level of borrowed external short-term liabilities by 6.1%.

Analysis of the dynamics of the balance sheet of Ritual LLC for 2013-2014 is presented in table 2.

Table 2 Analysis of the dynamics of the balance sheet of Ritual LLC for 2013-2014

Index		Change
			Growth rate, %
Fixed assets
fixed assets
Profitable investments
current assets
Accounts receivable
Cash and cash equivalents
Capital and reserves
Equity
Extra capital
Reserve capital
retained earnings
long term duties
Short-term liabilities
Borrowed funds
Accounts payable

The balance sheet currency increased by 11.1% in the reporting period. In terms of assets, this growth occurred in the section of current assets, the value of which increased by 27.7% compared to 2013. This was due to an increase in accounts receivable by 73.5% compared to the previous year and an increase in cash (an increase of more than 10 times). The cost of non-current assets decreased by 9 thousand rubles compared to the previous year. (0.9%) due to a decrease in the cost of fixed assets. The cost of profitable investments in the reporting year has not changed.

The increase in liabilities was due to the growth of capital and reserves by 20% compared to the previous year. This happened due to the growth of retained earnings by 257 thousand rubles. (more than 15 times). The cost of short-term liabilities decreased by 72 thousand rubles. (16.9%) compared to 2013 due to a decrease in borrowed funds for urgent repayment.

Thus, the structure of the balance sheet of Ritual LLC at the end of 2014 is optimal in terms of liquidity and balance. The dynamics of the balance for the last year is positive.

Analysis of the dynamics of the financial results of Ritual LLC for 2013-2014 is presented in Table 3.

Table 3 Analysis of the dynamics of the financial results of Ritual LLC for 2013-2014

Income tax is not taken into account in the statement of financial results of Ritual LLC, since the organization is a single tax payer on imputed income. Over the past year, the company's revenue has a negative trend - in 2014 it decreased by 9.4% (377 thousand rubles) compared to the previous year. However, cost reduction has a higher significance - in 2014 it amounted to 15.4% (634 thousand rubles). This indicates a policy of reducing operating costs. There are no selling and administrative expenses in the statement of financial results, which, according to the accounting policy of the enterprise, are distributed as part of production expenses.

In addition, in 2013-2014 the company had no other income and expenses. Thus, the values ​​of gross profit, profit from sales, taxable and net profit are equal to each other. In 2013, the net profit amounted to 18 thousand rubles, in 2014 it increased to 275 thousand rubles. (more than 15 times).

The income statement data show that the company needs to improve its sales policy in order to increase the sales of its services.