What the analysis of the financial stability of the enterprise shows. Analysis of the financial stability and solvency of the enterprise

The essence financial sustainability organization

Definition 1

Financial stability represents a state financial resources enterprises, their use and distribution, ensuring the development of the latter on the basis of stable growth of capital and profits (while maintaining creditworthiness and solvency, as well as at an acceptable level of risk).

The main factors affecting the financial stability of the organization

Among the huge variety factors, in one way or another, affecting the financial stability of the company, the following (the most basic) can be distinguished:

• depending on the place of origin: internal (endogenous) and external (exogenous)
• by structure: simple and complex
• by importance: major and minor
• by the duration of exposure: temporary and permanent.

To the main internal factors can be attributed:

• industry affiliation of the company
• specific gravity firms in total effective demand, occupied market share
• structure of manufactured products
• the volume of costs (as well as their dynamics in comparison with income)
• the state of financial resources and property (including reserves and stocks, their structure and composition, etc.).

External factors include:

• the impact of market conditions and general economic conditions
• income level of the population (effective demand)
• fiscal, monetary, antimonopoly and other government policies
• legal and regulatory framework governing business conditions
• country involvement in the process international division labor, customs policy, protectionism, etc.

As you know, firms are not able to influence the external environment (this is the main difference between the external environment and the internal one) - they can only adapt to its influence to a certain extent.

Remark 1

Thus, when analyzing the financial stability of an organization, it is necessary to focus on the internal factors that are under its control (which the firm is able to influence, exert a control and corrective effect, etc.).

The main stages of the analysis of the financial stability of the organization

Financial stability analysis includes the following stages:

• assessment of the relative and absolute indicators of the financial stability of the enterprise
• ranking of financial stability factors according to their importance, as well as quantitative and qualitative assessment of their influence
• development of management decisions aimed at increasing the solvency and financial stability of the company.

The main aspects of the analysis of financial stability

As indicators of financial stability, indicators are mainly used that characterize the degree of security of costs and reserves with sources of their financing. For this, the following three key indicators are determined:

• availability of own working capital (as the difference between capital and reserves, as well as non-current assets)
• availability of long-term loans and own funds(determined by increasing the previous indicator by the amount of long-term liabilities)
• the total value of the main sources of formation of costs and stocks (the sum is added to the previous indicator short-term loans)

The main types of financial stability of the enterprise

Absolute stability(in the conditions of the domestic economy, it is extremely rare) - is characterized by a high profitability of the enterprise, a complete absence of dependence on external creditors and violations of financial discipline.

Normal stability- characterized by a situation when there are not enough own sources of financing, but, at the same time, partial attraction of long-term borrowed funds makes it possible to cover the need for financing working capital. In this case, the solvency of the enterprise takes place.

Unstable state- characterized by a violation of solvency, but at the same time, there is still the possibility of restoring balance.

Crisis financial condition- the company is on the verge of bankruptcy; own and long-term borrowed funds are not enough to pay off the debt.

Introduction.

Theoretical part.

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

   The importance of financial sustainability.

   Financial stability indicators.

   Financial stability ratios.

Brief description of the enterprise.

The practical part.

3.1. General assessment of the dynamics and structure of articles balance sheet.

3.2. Horizontal and vertical balance analysis.

3.3. Financial stability analysis.

Conclusion.

Bibliography.

Application.

Introduction.

An assessment of the financial condition of a firm would be incomplete without a financial soundness analysis. Analyzing the liquidity of the firm's balance sheet, compare the state of liabilities with the state of assets, this makes it possible to assess the extent to which it is ready to pay off its debts. The task of the analysis of financial stability is to assess the size of the structure of assets and liabilities. This is necessary to answer the questions: to what extent the firm is independent from a financial point of view, whether the level of this independence is increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed entrepreneurial organization is financially stable enough.

The financial stability of a company is such a state of its financial resources, their distribution and use, which ensures the development of the company based on the growth of profits and capital while maintaining solvency and creditworthiness in conditions of an acceptable level of risk. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the company.

Analysis of the financial condition for a particular date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the needs of the development of the company, since insufficient financial stability can lead to the insolvency of the company and the lack of funds for the development of production, and excessive financial resources can impede development, burdening the costs of the company with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

The analysis of financial stability is based on the main balance sheet formula, which establishes the balance of asset and liability indicators of the balance sheet.

1. The theoretical part.

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

Financial stability is a certain state of the company's accounts, which guarantees its constant solvency. An important indicator that characterizes the financial condition of the enterprise and its stability is the provision of material working capital own sources financing. Some organizations use sources of borrowed funds in business, however, excessive use of borrowed funds is considered risky. To assess the risks associated with financing the activities of an enterprise with the help of attracted sources and funds, it is necessary to calculate the financial stability indicator. Almost all enterprises have two sources of financing for their activities: their own and borrowed ones.

Own sources of financing for activities are amounts that the company does not need to give to creditors. Attracted sources of funds are amounts that are characterized by a clearly defined period of existence - until the moment when it will be necessary to pay off accounts payable or return an existing loan.

By comparing the volume of own sources with the volume of attracted sources, the financial stability of the enterprise or the degree of its dependence on the attracted sources of financing is determined. Financial stability is determined when calculating the ratio of own and borrowed funds. If an enterprise wants to have borrowed funds in its turnover, it must ensure a sufficiently high level of solvency, at which creditors provide it with these borrowed funds.

The purpose of the analysis of the financial condition of the enterprise is to increase the efficiency of its work on the basis of a systematic study of activities and generalization of its results.

1.2. The importance of financial sustainability.

The guarantee of survival and the basis for the stability of the position of the enterprise is its stability. The sustainability of an enterprise is influenced by various factors:

The position of the enterprise in the product market;

Production and release of cheap, high-quality and marketable products;

Its potential in business cooperation;

Degree of dependence on external lenders and investors;

The presence of insolvent debtors;

The efficiency of economic and financial transactions etc.

Such a variety of factors also subdivides resistance itself by species. So, in relation to the enterprise, it can be: depending on the factors affecting it - internal and external, general (price), financial.

1. Internal stability is such a general financial condition of the enterprise, which ensures stable high score its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

The external stability of an enterprise is due to the stability of the economic environment within which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

2. The overall stability of the enterprise is such a movement of cash flows that ensures a constant excess of the receipt of funds (income) over their expenditure (costs).

3. Financial stability is a reflection of a stable excess of incomes over expenses, provides free maneuvering in cash enterprises and through their effective use contributes to the uninterrupted process of production and sale of products. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the enterprise.

Analysis of the stability of the financial condition of the company at that or another date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the needs of the enterprise's development, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and the excess can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources. Its external manifestation is the company's solvency.

Solvency is the ability to timely fully fulfill its payment obligations arising from trade, credit and other payment transactions.

1.3. Financial stability indicators.

The absolute indicators of financial stability are indicators that characterize the degree of supply of reserves and costs by the sources of their formation.

To assess the state of stocks and costs, use the data of the group of items "Stocks" of the II section of the balance sheet asset.

To characterize the sources of formation of reserves, three main indicators are determined .

Own working capital(SOS), as the difference between capital and reserves (section I of the balance sheet liabilities) and non-current assets (section I of the balance sheet asset). This indicator characterizes the net working capital... Its increase in comparison with the previous period testifies to the further development of the enterprise's activities. In a formalized form, the availability of working capital can be recorded.

SOS =Irp-IpA

where IрП - I section of the balance liability;

IрА - I section of the balance sheet asset.

Availability of own and long-term borrowed sources of formation of stocks and costs(SD), determined by increasing the previous indicator by the amount of long-term liabilities (IIrP - II section of the balance sheet liability):

SD = SOS + IрP

The total value of the main sources of formation of stocks and costs(OI), determined by increasing the previous indicator by the amount of short-term borrowed funds (KZS):

OI = SD + KZS

1.4. Financial stability ratios.

To characterize the financial situation in the economy, relative indicators of financial stability are used. Relative indicators are called financial ratios. The analysis of financial ratios consists in comparing their actual values ​​with basic values, as well as in studying the dynamics of these indicators for the reporting period and for a number of years.

All relative indicators of financial stability can be divided into two groups.

First group - indicators that determine the state of working capital:

equity ratio;

the coefficient of the provision of material stocks with its own circulating assets;

the coefficient of maneuverability of own funds.

Second group - indicators that determine the condition of fixed assets (index of a permanent asset, K long-term borrowed funds, K depreciation, K real value of property) and the degree of financial independence (K autonomy, K the ratio of borrowed and own funds), where K is the coefficient.

The calculated actual ratios of the reporting period are compared with the norm, with the value of the previous period, similar to the company, and thus the real financial condition, strengths and weaknesses of the company are revealed.

1. Coefficient of provision with own funds.

It characterizes the degree of provision of the enterprise SOS, which is necessary for financial stability. This coefficient must be greater than 0.1.

2. Coefficient of provision of material stocks with own funds.

Shows the extent to which inventories are covered by own funds and do not need to attract borrowed funds.

3. Coefficient of maneuverability of equity capital

The optimal value is 0.5.

Shows how mobile your own sources of funds are from a financial point of view: the more, the better the financial condition.

The financial stability of the company is one of the necessary qualities a successful long-term business. Let's figure out which indicators to use, what value to focus on and what conclusions to draw from the calculations.

Financial stability reflects the sufficiency of resources to achieve the strategic goals of the enterprise. In this case, a number of principles must be followed:

1. The principle of real assessment. The data contained in the statements may differ from objective reality, for example, the value of assets recorded at residual value, may not match market value, which only matters in determining the value of all assets to assess financial stability.
2. The principle of goal setting. Various companies may have different goals even in relation to the concept of financial sustainability. For example, a company on the verge of bankruptcy will be interested in the possibility of solving the problem of restoring solvency. A more successful business after acquiring a competitor will be interested in the tasks of reducing the debt burden, changing the ratio of short-term and long-term debt, effective companies should control the level of indirect costs etc.

Key indicators for analyzing the financial stability of the enterprise

There are several basic indicators. Let's consider them.

Autonomy ratio

The autonomy ratio or the financial independence ratio - in the value of the assets of the enterprise. Shows how important is the role of own sources in financing the company's business. We must not forget that in long-term and short-term borrowed funds there can also be funds of the owners of the enterprise and they can be interpreted as equity.

Calculation formula

Where SK is equity and reserves,

CA - total assets

Normative value

The value of the autonomy coefficient should not fall below 0.5.

Excel-model that will help to manage the financial stability of the company

An enterprise will not have problems with a shortage of working capital if it begins to tightly control the ratio of equity and debt capital, which finances its operating activities. See how to compose financial model which will make this job easier.

Equity to borrowed funds ratio

This indicator makes it possible to estimate the proportion in which own and borrowed funds are in the sources of the company's financing.

Calculation formula

Ksiz = ZS / SS

Where ЗС - borrowed funds, regardless of urgency;

SS - own funds.

Standard

It is believed that if the criterion is above one, there is a risk of bankruptcy, the borrowed funds in the structure of sources are less than their own. It is proposed to consider the coefficient values ​​falling within the interval from 0.5 to 0.7 as optimal in financial management.

Coefficient of provision with own circulating assets

The ratio allows us to assess whether our own funds are sufficient to finance the current activities, while we keep in mind the principle that the most low-liquid assets are non-current should be funded from their own funds.

Calculation formula

K OSOS = (SK - VA) / OA

Where SK is equity capital,

VA - fixed assets,

ОА - current assets.

Standard

Financial stability ratio

Describes the long-term and sustainable sources of financing for the company's assets.

Calculation formula:

Kfu = (SS + DolZS) / WB

Where CC is your own funds,

DolZS - long-term borrowed funds,

WB - balance currency.

Normative value

The normal value of the indicator is within the interval from 08 to 0.9.

Equity capital flexibility ratio

Reflects the level of liquidity of the financial assets owned by the enterprise.

Formula

K pln SK = (SK - VA) / SK

Where SK is equity capital,

VA - non-current assets,

Standard

If you received a negative value, then your funds are invested in hard-to-sell assets that are difficult to mobilize to cover urgent payments, and this is in addition to the fact that you have low financial stability. The recommended value for the equity capital flexibility ratio is from 0.2 to 0.5.

The degree of solvency of the organization - shows the ability of the company to pay off current obligations.

Formula

Kst = KrZS / SrmVyr

Where КрЗС - current liabilities (short-term borrowed funds),

СрмВыр - average monthly revenue.

What shows

The ratio will give us an idea of ​​the period in months that the organization will need to pay off current obligations based on the organization's income at the moment.

Coefficient short-term debt- shows the share of short-term sources of borrowed funds as the main source of risks for the financial stability of the organization.

Formula

Ккз = КрЗС / СЗС

Where KRZS - short-term borrowed funds

ЗС - total borrowed funds.

Standard

There is no normative value, but a positive factor is the decrease in the indicator over time. If the indicator grows, then the share of liquid assets in the balance sheet structure should also grow.

Current liquidity ratio

This is an indicator of the company's ability to direct current assets of the organization to pay off short-term liabilities.

Formula

Ktl = OA / KrZS

ОА - current assets,

КрЗС - short-term (current) borrowed funds.

Norm

The value of the indicator should normally be in the range from 1.5 to 2.5. The ratio complements the ratio of overdue debt - if the latter grows, that is, the share of short-term sources in the balance sheet structure grows, then the current liquidity ratio should also grow, otherwise the financial stability of the company decreases.

Conclusion

The list can be supplemented with a whole series financial indicators, it is necessary to understand each time the purpose of the analysis and relate the calculations with real situation company, real value of assets / liabilities and real capital structure.

Companies with high profitability are always in a privileged position - their financial stability is sacrificed - financial leverage is actively used in order to maximize profitability, they are more loyal to the value of indicators. But this is a strategic choice, and even in this case, you should monitor the dynamics of values ​​in order to prepare a program of action in case of problems.

Analysis of the financial stability of the enterprise.

INTRODUCTION

1 THEORETICAL PART

1.1 The concept of the financial stability of the enterprise and the factors affecting it

1.2 Information base for the analysis of the financial stability of the enterprise

2 ANALYTICAL PART

2.1 Analysis of the types of financial stability of the enterprise

2.2 Analysis of the coefficients of financial stability of the enterprise

2.3 Analysis of the creditworthiness of the enterprise

CONCLUSION

BIBLIOGRAPHY

ANNEXES

Appendix A - Balance Sheet (Form No. 1)

INTRODUCTION

In market conditions, the guarantee of survival and the basis for the stable position of an enterprise is its financial stability. It reflects the state of the financial resources of the enterprise, in which it is possible to freely maneuver funds, use them effectively, ensuring an uninterrupted process of production and sale of products, take into account the costs of its expansion and renewal.

Financial stability is due to both the stability of the economic environment in which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.

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

The financial capabilities of an organization are almost always limited. The challenge for financial sustainability is to keep these constraints within acceptable limits. At the same time, it is necessary to comply with the mandatory requirement in financial planning of prudence, the formation of reserves in case of unforeseen circumstances that could lead to a loss of financial stability.

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

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

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

The purpose of the course work is to study the analysis of financial stability and the analysis of types, coefficients of financial stability and creditworthiness of the enterprise OJSC "Sigma".

In the theoretical part of the course work, it is necessary to reveal the concept, factors and information base of the financial stability of the enterprise.

In the analytical part, make in the tables the necessary calculations for the analysis of financial stability, assess the positive and negative changes, develop directions for improving the activities, reserves of the enterprise of JSC Sigma.

The source of information for the analysis of the financial stability of the enterprise is Form No. 1 - "Balance Sheet".

1 THEORETICAL PART

In the theoretical part of the course work, it is necessary to reveal the concept, factors and information base of the financial stability of the enterprise.

1.1 The concept of financial stability of the enterprise and factors

affecting her.

Financial stability is a kind of mirror of the steadily formed excess of income over expenses at the enterprise. It reflects such a ratio of financial resources in which the enterprise, freely maneuvering funds, is able, through their effective use, to ensure an uninterrupted process of production and sales of products, as well as the costs of its expansion and renewal. Determination of the boundaries of the financial stability of the enterprise is one of the most important economic problems in the transition to the market, because direct financial stability can lead to the insolvency of the enterprise and the lack of funds to expand production, and the excess will hinder development, burdening the costs of the enterprise with excessive stocks and reserves. ... Consequently, financial stability should be characterized by such a state of financial resources that meets the requirements of the market and meets the needs of the development of the enterprise.

Financial stability is a characteristic indicating a stable excess of incomes over expenses, free maneuvering of the enterprise's funds and their effective use, uninterrupted production and sales of products. Financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the enterprise.

The financial stability of an enterprise is predetermined by the influence of a combination of internal and external factors.

1. Internal factors affecting financial stability.

The success or failure of entrepreneurial activity largely depends on the choice of the composition and structure of products and services provided. In this case, it is important not only to preliminarily decide what to produce, but also to accurately determine how to produce, that is, according to what technology and according to what model of organization of production and management to act. From the answer to these "what?" And How?" production costs depend.

For the sustainability of the enterprise, not only the total amount of costs is very important, but also the ratio between fixed and variable costs.

Variable costs (for raw materials, energy, transportation of goods, etc.) are proportional to the volume of production, while fixed costs (for the purchase and (or) rental of equipment and premises, depreciation, management, payment of interest on a bank loan, advertising, employee salaries, etc.) .) - do not depend on it.

Another important factor in the financial stability of an enterprise, closely related to the types of products (services provided) and production technology, is the optimal composition and structure of assets, as well as the correct choice of a strategy for managing them. The stability of the enterprise and the potential efficiency of the business largely depends on the quality of management of current assets, on how much working capital is involved and which ones, what is the size of reserves and assets in cash, etc.

It should be remembered that if a company reduces stocks and liquid assets, then it can put more capital into circulation and, therefore, get more profits. But at the same time, the risk of the enterprise's insolvency and production stops due to insufficient stocks increases. The art of managing current assets is to keep only the minimum required amount of liquid funds in the company's accounts, which is needed for current operational activities.

The next significant factor of financial stability is the composition and structure of financial resources, the correct choice of strategy and tactics of their management. The more the company has its own financial resources, especially profit, the more calm it can feel. In this case, it is not only the total mass of profit that is important, but also the structure of its distribution, and, in fact, the share that is directed to the development of production. Hence, the assessment of the policy of distribution and use of profits is highlighted in the analysis of the financial stability of the enterprise. In particular, it is extremely important to analyze the use of profit in two directions: first, for financing current activities - for the formation of working capital, strengthening solvency, increasing liquidity, etc .; secondly, to invest in capital expenditures and securities.

Funds additionally mobilized in the market have a great influence on the financial stability of the enterprise. loan capital... The more funds an enterprise can attract, the higher its financial capabilities; however, the financial risk also increases - will the company be able to pay off its creditors on time? And here reserves are called upon to play an important role as one of the forms financial guarantee the solvency of the business entity.

So, from the point of view of the impact on the financial stability of the enterprise, the determining internal factors are:

a) industry affiliation of the business entity;

b) the structure of products (services), its share in demand;

c) the amount of the paid up authorized capital;

d) the amount and structure of costs, their dynamics in comparison with cash income;

e) the condition of property and financial resources, including stocks and reserves, their composition and structure.

2. External factors affecting financial stability.

The term "external environment" includes various aspects: economic conditions of management, technology and technology prevailing in society, effective consumer demand, economic and financial and credit policy of the Russian government and the decisions they make, legislative acts to control the activities of an enterprise, a system of values ​​in society, etc. These external factors have an impact on everything that happens inside the enterprise.

Significantly affects the financial stability and the phase of the economic cycle in which the country's economy is. During a crisis, the rate of sales of products lags behind the rate of production. The investment in inventories is decreasing, which further reduces sales. In general, the incomes of subjects of economic activity are decreasing, the relative and even absolute scale of profits are decreasing. All this leads to a decrease in the liquidity of enterprises, their solvency. During the crisis, a series of bankruptcies intensifies.

The drop in effective demand, characteristic of the crisis, leads not only to an increase in non-payments, but also to an aggravation of the competition. The severity of the competition is also an important external factor in the financial stability of the enterprise.

In addition, tax and credit policy, degree of development financial market, insurance business and foreign economic relations; it is significantly influenced by the exchange rate, position and strength of trade unions.

The economic and financial stability of any enterprise depends on the overall political stability. The significance of this factor is especially great for entrepreneurial activity in Russia. The attitude of the state to entrepreneurial activity, the principles of state regulation of the economy (its prohibitive or stimulating nature), property relations, the principles of land reform, measures to protect consumers and entrepreneurs cannot be ignored when considering the financial stability of an enterprise.

Finally, one of the most large-scale unfavorable external factors destabilizing the financial position of enterprises in Russia today is inflation.

1.2 Information base for the analysis of financial stability

enterprises

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

The main sources of information for the analysis of financial stability are data accounting and accounting (financial) statements. From the forms of accounting use:

1. Balance sheet, form No. 1, which reflects retained earnings or uncovered loss reporting and past periods (section III of the liability);

2. Profit and loss statement, form No. 2, is drawn up for the year and for intra-annual periods.

The central form of accounting is the balance sheet

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

The balance sheet consists of two parts: an asset and a liability. The balance sheet contains a detailed description of the resources of the enterprise.

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

Long-term assets are funds that are used for more than one reporting period, are acquired for use in economic activity and are not for sale throughout the year. Non-current assets are presented in the first section of the balance sheet "Non-current assets".

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

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

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

Short-term financial investments reflect the investments of the enterprise in securities other enterprises, in bonds, as well as loans granted for a period not exceeding a year. The purchase of these securities is made not for the purpose of conquering sales markets or spreading influence over other companies, but in the interests of profitable placement of temporarily free funds.

The next balance sheet item is receivables, i.e. funds owed to the firm, but not yet received by it. The structure of current assets reflects accounts receivable, the maturity of which does not exceed one year. Accounts receivable are recorded in the balance sheet for actual cost implementation, i.e. based on the amount of money that should be received when paying off this debt.

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

This item includes raw materials and supplies, work in progress, finished products, as well as other articles that characterize short-term investments funds of the enterprise in economic activities preceding the sale of products.

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

Fixed assets (assets) are durables with material form... This category of funds includes buildings and structures, machinery and equipment, transport, etc. Depreciation is charged on all items of real fixed assets. As a rule, all items in this section of the balance sheet are included in the statements at their initial cost, which means all the costs of purchasing these funds, delivery and installation.

Intangible assets- assets that do not have a physically tangible form, but bring income to the enterprise. Intangible assets include: patents, trademarks, trademarks, copyrights, licenses, research and development costs, development costs software... Intangible assets are depreciated, as well as other assets, the service life of which exceeds one year.

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

The liabilities of the balance sheet reflect the decisions of the enterprise on the choice of the source of financing.

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

Short-term liabilities- these are liabilities that are covered by current assets, or are extinguished as a result of the formation of new short-term liabilities. Short-term liabilities are usually settled within a relatively short period (usually no more than one year). Short-term liabilities include items such as: accounts and bills payable; debt certificates of receipt by the enterprise of a short-term loan; tax arrears; arrears on wages; part of long-term liabilities payable in the current period.

long term duties- these are liabilities that must be settled within a period of more than one year. The main types of long-term liabilities are long-term loans and credits, bonds, long-term bills of exchange payable, pension and rental obligations for long-term leases.

The next indicator is own or, if the business is joint stock company, share capital.

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

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

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

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

The reserves are formed in accordance with the legislation, constituent documents and accepted at the enterprise accounting policy... The main source of formation of reserves (funds) is net profit.

Reserve capital formed in accordance with established by law order and has a strictly intended purpose. In conditions market economy Reserve capital acts as insurance fund created for the purpose of compensation for losses and ensuring the protection of the interests of third parties in the event of insufficient profit from the enterprise.

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

Undestributed profits represents the profit remaining after taxes and other payments and the formation of reserves (funds). In terms of its economic content, retained earnings are so close to reserves that they are considered a free reserve. Funds of reserves (funds) and retained earnings are placed in a specific property or are in circulation. Their value characterizes the result of the enterprise's activities and indicates how much the enterprise's assets have increased at the expense of its own sources.

2 ANALYTICAL PART

In the analytical part, make in the tables the necessary calculations for the analysis of financial stability, assess the positive and negative changes, develop directions for improving the activities, reserves of the enterprise of JSC Sigma.

2.1 Analysis of the types of financial stability of the enterprise

To characterize the financial situation in the enterprise, there are four types of financial stability. When determining the type of financial stability, a three-factor indicator is calculated, which has next view: М = ± Ес, ± Ет, ± Ее.

1) absolute financial stability (a three-factor indicator of the type of financial stability has the following form: M = 1,1,1). This type of financial stability is characterized by the fact that all stocks of the enterprise are covered by its own circulating assets, i.e. the organization is independent of external creditors. This situation is extremely rare. Moreover, it can hardly be regarded as ideal, since it means that the company's management does not know how, does not want, or does not have the ability to use external sources of funds for its main activities.

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

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

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

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

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

The analysis of the types of financial stability of the enterprise OJSC "Sigma" is presented in table 1.

Table 1 - Analysis of the types of financial stability of the enterprise of JSC "Sigma" in thousand rubles.

Based on the data in Table 1, it is clearly seen that the three-factor indicator of financial stability has the form M = 0.0.0. This means that the company OJSC "Sigma" is in a financial crisis, on the verge of bankruptcy. Moreover, this state is observed both at the end and at the beginning of the reporting year. A similar conclusion was made on the basis of the following conclusions:

1) the lack of own circulating assets at the beginning of the year amounted to 104,225 thousand rubles, by the end of the year - already 310,494 thousand rubles;

Analysis of the coefficients of financial stability of the enterprise

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

The acceptability of the values ​​of the coefficients, the assessment of their dynamics and directions of change can be established only for a specific enterprise, taking into account the conditions of its activities.

A large number of coefficients are used to assess the capital structure of an enterprise from different sides. To assess this group of coefficients, there is one criterion that is universal in relation to all enterprises: the owners of the enterprise prefer a reasonable increase in the share of borrowed funds; on the contrary, lenders give preference to enterprises where the share of equity capital is high, that is, the level of financial autonomy is higher.

You can limit yourself to the following seven indicators:

1) the ratio of the ratio of borrowed and own funds;

2) bankruptcy forecast coefficient;

3) the coefficient of autonomy;

4) property ratio for industrial purposes;

5) coefficient of maneuverability of own funds;

6) the ratio of the ratio of mobile and immobilized assets;

7) the ratio of the provision of working capital with own

sources of funding.

Financial stability ratios, their characteristics, calculation formulas and recommended criteria are presented in Table 2.

Table 2 - Coefficients of financial stability of the enterprise.

It's clear that a large number of the coefficients are used to assess from different sides of the capital structure of the enterprise. To assess this group of coefficients, there is one criterion that is universal in relation to all enterprises: the owners of the enterprise prefer a reasonable increase in the share of borrowed funds; on the contrary, lenders give preference to enterprises where the share of equity capital is high, that is, the level of financial autonomy is higher.

The calculation of financial stability indicators gives the manager some of the information necessary to make a decision on the advisability of attracting additional borrowed funds. Along with this, it is important for the manager to know how the company can grow without attracting funding sources.

The analysis of the financial stability ratios of the JSC Sigma enterprise is presented in Table 3.

Table 3 - Analysis of the coefficients of financial stability of the enterprise of JSC "Sigma"

Based on the data obtained, the following conclusions can be drawn: the enterprise of JSC Sigma has a shortage of working capital, and this tendency is increasing (the coefficient of maneuverability has decreased in comparison with previous period by 0.1). This indicator suggests that the company needs to increase its own capital, or reduce its own sources of funding. There has been a tendency towards a decrease in the autonomy ratio by 0.07, which indicates a decrease in the level of financial independence. A decrease in the ratio of borrowed and own funds indicates the dependence of the enterprise on external investors and creditors.

Analysis of the creditworthiness of the enterprise

Creditworthiness is closely related to the financial stability of the enterprise. It is characterized by how neat (i.e., in set time and in full) the enterprise is calculated for previously received loans, whether it has the ability, if necessary, to mobilize funds from various sources, etc. But the main thing that determines the creditworthiness is the current financial position of the enterprise, as well as the possible prospects for its change. If an enterprise's profitability falls, it becomes less creditworthy, a change in the company's financial position for the worse due to a fall in profitability may entail more serious consequences due to a lack of funds - a decrease in solvency and liquidity. The emergence of a cash crisis leads to the fact that the enterprise turns into a "technically insolvent", and this can already be considered as the first step on the way to bankruptcy and serve as a reason for creditors for appropriate legal action.

The most famous method for determining the degree of creditworthiness of an organization is the method of the Savings Bank of Russia, which obviously bears signs of assessing short-term creditworthiness and is based on the calculation of five coefficients:

K1 - coefficient absolute liquidity, is calculated as the ratio of cash and short-term financial investments to short-term liabilities less deferred income and reserves for future expenses;

K2 - intermediate coverage ratio, calculated as the ratio of cash, short-term financial investments and accounts receivable, payments for which are expected within 12 months after the reporting date to short-term liabilities minus deferred income and reserves for future expenses;

K3 - current liquidity ratio, calculated as the ratio of current assets minus deferred expenses to short-term liabilities minus deferred income and reserves for future expenses;

K4 - the ratio of equity and borrowed funds, calculated as the ratio of equity to borrowed funds;

K5 - profitability of products (sales), calculated as the ratio of profit from sales to revenue (net) from the sale of goods.

The criteria for determining the category of coefficients are presented in Table 4.

The final score of the borrower is established using the sum of seats method in accordance with the relationship:

B = 0.11 * K1 + 0.05 * K2 + 0.42 * K3 + 0.21 * K4 + 0.21 * K5, where K1, K2, K3, K4, K5 are the categories of coefficients K1, K2, K3 , K4, K5, established in accordance with the table and taking values ​​1, 2, 3.

The creditworthiness class of the borrower in accordance with the considered methodology is determined by the final score:

2. First-class borrowers, whose lending is beyond doubt, have a score that does not exceed 1.05 (this value is formed if all ratios belong to the first category, except for the second, which may be of the second category).

3. Second-class borrowers whose lending requires additional verification, have a score that ranges from 1.05 to 2.42.

4. Third-class borrowers whose lending is associated with increased risk have a score of more than 2.42.

Table 4 - Criteria for determining the category of coefficients

When assessing the creditworthiness, the reputation of the borrower, the size and composition of his property, the state of the economic and market conditions, the stability of the financial condition, etc. are taken into account.

At the first stage of the analysis of the creditworthiness, the bank examines the diagnostic information about the client, which includes the accuracy of paying the bills of creditors and other investors, the development trends of the company, the motives for applying for a loan, the composition and amount of the company's debts. If the firm is new, the business plan is examined. Information on the composition and size of the property is used to determine the loan amount that can be issued to the client. Studying the composition of assets will allow you to establish the proportion of highly liquid funds that can be quickly converted into money, if necessary.

The second stage of determining the creditworthiness involves assessing the financial condition of the borrower and its stability. It takes into account not only the solvency, but also other indicators: the profitability of production, the capital turnover ratio, the availability of own working capital, the effect of financial leverage, the stability of the implementation of production plans, the ratio of the growth rate of gross output to the growth rate of bank loans, the amount and terms of overdue debt on loans and etc.

Calculation of indicators of the creditworthiness of the enterprise OJSC "Sigma" is shown in table 5.

Table 5 - Calculation of indicators of the creditworthiness of the enterprise OJSC "Sigma"

Based on the data obtained, the following conclusions can be drawn: the absolute liquidity ratio at the end of the year decreased by 0.04. This indicates a decrease in the solvency of the enterprise OJSC "Sigma". The company also lacks working capital to cover its short-term liabilities. This is evidenced by the low value of the current liquidity ratio, both at the beginning and at the end of the year. However, the level of product (sales) profitability increased by 0.02. This means that each ruble sold at the beginning of the year (0.02) began to bring in slightly more profit than at the end of the year (0.04).

The borrower's class by the end of the year remained the same and equal to 2. This indicates that lending to OJSC Sigma requires additional verification.

CONCLUSION

Financial stability is a characteristic indicating a stable excess of incomes over expenses, free maneuvering of the enterprise's funds and their effective use, uninterrupted production and sales of products. Financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the enterprise.

The sustainability of an enterprise is influenced by various factors:

1. The position of the enterprise in the product market;

2. The level of attractiveness of the industry in business;

3. Financial and production potential of the enterprise;

4. Degree of financial independence;

6. The efficiency of financial and business operations, etc.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for normal functioning.

In this term paper the types and ratios of financial stability, indicators of the creditworthiness of the enterprise OJSC "Sigma" were calculated and analyzed.

In general, the financial and economic activities of OJSC "Sigma" cannot be called successful - the enterprise is in crisis financial situation... There is a shortage of own circulating assets, which is why the enterprise cannot function normally.

It is suggested that it is necessary to give some recommendations to improve the financial condition and increase the efficiency of the Sigma OJSC enterprise:

1. Improve enterprise management, namely:

a) carry out systematic control over the operation of the equipment and carry out its timely adjustment in order to prevent a decrease in the quality and release of defective products;

b) when commissioning new equipment, pay enough attention to education and training, improve their qualifications, for effective use equipment and prevention of its breakdown due to low qualifications;

c) use the system of depriving employees in case of violation of labor or technological discipline;

d) carry out constant control over the conditions of storage and transportation of raw materials and finished products.

2. Replenish your own working capital from internal and external sources.

3. Reasonably reduce the level of stocks and costs (to the standard).

4. Accelerate the turnover of capital in current assets, as a result of which there will be a relative reduction in turnover per ruble.

6. Monitor the ratio of receivables and payables. A significant excess of accounts receivable creates a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing.

7. If possible, focus on increasing the number of customers in order to reduce the scale of the risk of non-payment, which is significant in the presence of a monopoly customer.

Analyzing the financial stability of the enterprise, one can come to the conclusion that the owners of the enterprise always give preference to a reasonable increase in the share of borrowed funds; on the contrary, lenders give advantages to enterprises with a high share of equity capital.

Thus, the analysis of the financial stability of the enterprise makes it possible to assess how the enterprise is ready to pay off its debts and to answer the question of how independent it is from the financial side, whether the level of this independence increases or decreases, whether the state of the company's assets and liabilities meets the goals of its economic activity.

BIBLIOGRAPHY

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2. "Economics and Life", magazine No. 16 dated 01.08.05

3. Rusak N.A. Financial analysis of a business entity: Reference manual... - M .: Higher school, 2002.

4. Directory of the enterprise financier. 3rd ed., Add. and revised INFRA-M, 2001.

5. Savitskaya G.V. Analysis of economic activities. Tutorial... M .: INFRA-M, 2002.

6. Savitskaya G.V. Analysis of the economic activity of the enterprise. - Minsk: New knowledge, 2003 .-- 456p.

7. Abryutina M.S. Financial analysis of commercial activities: Textbook. - M .: Publishing house "Finpress", 2002.

8. Lyubushin M. P., Leshcheva V. B., Dyakova V. G. Analysis of the financial and economic activities of the enterprise. Textbook for universities. - M .: UNITY-DANA, 1999.

9. Kreinina M.N. Financial stability of the enterprise: assessment and decision making. // Financial management. No. 2 - 2001.

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Financial stability should be understood as the ability to increase the achieved level of business activity and business efficiency, while guaranteeing solvency, increasing investment attractiveness within the boundaries acceptable level risk.

The task of ensuring financial stability is that the basis of the business financing policy is to maintain a balance between increasing the volume of financial resources and the accompanying increase in financial dependence, on the one hand, and achieving such an increase in the return (efficiency) of financial resources that could compensate for the increase in financial resources. risks, on the other hand. To prevent (or at least minimize) financial risks, it is necessary to comply with the mandatory financial planning the requirement of prudence, the observance of which can be expressed in the formation of various internal reserves in case of unforeseen circumstances that could lead to a loss of financial stability.

The main condition for ensuring the financial stability of the organization is the growth of sales, which is a source of covering current costs, forms the amount of profit necessary for normal functioning. Thanks to the growth in profits, the financial position of the organization is strengthened, there are opportunities for expanding the business, investing in improving the material and technical base, mastering new technologies, etc.

Analysis of the financial stability of an organization allows you to form an idea of ​​the true financial position and assess the financial risks associated with its activities.

The financial position of the organization is assessed as of the reporting date according to the data accounting statements, and primarily the balance sheet. The primary manifestation of the unsatisfactory financial condition of the organization is the presence of an uncovered net loss (line 470 of the balance sheet), a net loss of the reporting and previous year(line 190 of the profit and loss statement); a steady decline in the balance sheet (negative dynamics of balance sheet indicators in line 300 or 700); overdue accounts payable loans and credits not repaid on time (information about these indicators should be disclosed in the notes to the financial statements of the organization).

To obtain adequate conclusions about the level of financial stability of an organization, it is advisable to use reporting data for 2-3 years in order to distinguish one-time instability, often caused by random factors, from chronic, the reasons for which should be sought in production and economic activities, the management level, including the level financial management organizations.

As part of the analysis of financial statements about high level the financial stability of the organization will be evidenced by high values ​​of indicators reflecting the solvency; balance sheet liquidity; creditworthiness; turnover of funds; profitability.

The task of analyzing financial stability is to assess the degree of independence from borrowed sources of financing, that is, how independent the organization is from a financial point of view, whether the level of this independence is growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities.

Financial stability is characterized by the coefficients, for the calculation of which data on all sources of funds of the organization are used (Fig. 2.2).

Rice. 2.2. Sources of funds of the organization

Indicators that characterize independence for each element of assets and for property in general, make it possible to measure whether the analyzed organization is financially stable enough.

In practice, the following ratio should be observed:

Current assets< Собственный капитал х 2 - Внеоборотные активы (2.8)

A generalizing indicator of financial independence is the surplus or lack of sources of funds for the formation of reserves, which is determined as the difference between the size of sources of funds and the size of reserves.

To characterize the sources of formation of stocks and costs, several indicators are used that reflect different kinds sources.

1) The availability of own working capital at the end of the billing period (SOS) is determined:

SOS = SK - BOA = p. 490 - p. 190, (2.9)

where SK is equity capital; VOA - non-current assets.

2) Availability of own and long-term borrowed sources of formation of reserves or functioning capital (CF):

CF = (SK + DO) - BOA = (p. 490 + p. 590) - p. 190, (2.10)

where SK is equity capital; DO - long-term obligations; VOA - non-current assets.

3) The total value of the main sources of formation of stocks and costs (VI):

VI = (SK + DO + KO) - VOA = (p. 490 + p. 590 + p. 610) - p. 190, (2.11)

where SK is equity capital; DO - long-term obligations; VOA - non-current assets; KO - short-term liabilities.

Three indicators of the availability of sources of formation of stocks and costs correspond to three indicators of the availability of stocks by sources of formation.

1) Surplus (+) or deficiency (-) SOS.

SOS = SOS - Zp = p. 490 - p. 190 - p. 210, (2.12)

where Зп is the total amount of reserves.

2) Surplus or lack of own and long-term borrowed sources of formation of reserves (SD):

SD = CF - Zp = (p. 490 + p. 590) - p. 190 -p. 210. (2.13)

3) Surplus (+) or deficiency (-) of the total value of the main sources of coverage of reserves (OI):

OI = VI- Zp = (p. 490 + p. 590 + p. 610) - p. 190 - p. 210. (2.14)

According to the three indicators? SOS,? SD,? OI, according to the provision of reserves with sources of formation, it can be concluded that the enterprise has a chronic lack of financing, i.e., the reserves are constantly increasing with lack of funds.

The given indicators of the provision of reserves with the corresponding sources of financing are transformed into a three-factor model

M = (? SOS,? SD,? OI). (2.15)

This model characterizes the type of financial stability of the enterprise. In practice, there are four types of financial stability (Table 2.3).

Table 2.3

Types of financial stability of the enterprise

The most accurate way to assess financial stability is to calculate the financial stability ratios, which reflect the capital structure and the degree of the organization's debt to creditors. These include: the capitalization ratio (leverage of financial leverage), the ratio of own funding sources, the ratio of financial independence (autonomy), the ratio of financing, the ratio of financial stability. Financial stability ratios, their calculation formulas, standard value and explanations are shown in Table 2.4.

Table 2.4

Financial soundness indicators

The value of the financial stability ratio shows the proportion of those sources of financing that the company can use in its activities for a long time.