The impact of differences between IFRS and RSBU on the analysis of the financial statements of the organization. Analysis of the financial condition of the enterprise according to ifrs Assessment of the financial condition according to ifrs

Let's calculate the absolute liquidity ratio according to the balance sheet data: in RAP

The absolute liquidity indicator, according to the balance sheet in RAP and IFRS, is very low and does not reach the recommended value, in addition, due to the fact that according to the balance sheet in IFRS, current liabilities have not changed in any way, the indicator remained at the same level.

Let's calculate the current liquidity ratio according to the balance sheet data: in RAP

The general trend continues both according to the balance sheet in RAP and according to the balance sheet in IFRS, the calculated current liquidity ratio indicates that according to the balance sheet in RAP, current assets exceed current liabilities by 2,814 times, and in IFRS by 2,789 times.

Let's calculate the net working capital according to the balance sheet data:

The net working capital calculated according to the balance sheet data in the Russian Accounting Standards (RAS) exceeds by 12,080 thousand rubles. this indicator is calculated according to the balance sheet in IFRS.

Capital structure indicators

Let's calculate the financial independence ratio according to the balance sheet data:

The difference in the ratios is insignificant, however, the financial independence ratio in IFRS is slightly lower than that calculated from the balance sheet data in RAP. Both factors are outside the recommended range. This means that the firm is heavily dependent on loans.

Let's calculate the ratio of total liabilities to assets according to the balance sheet data:

With the transformation of the balance sheet, the ratio of total liabilities to assets increased - 56.9% of assets are financed from borrowed funds. The ratio is calculated on the basis of the initial balance of 0.565, that is, 56.5% of assets were financed from borrowed funds. Both factors are outside the recommended range.

Let's calculate the ratio of total liabilities to equity capital according to the balance sheet data:

Due to the increase in the total share capital, namely retained earnings, the total liabilities to equity have increased. However, this indicator is still higher than the standard, which indicates a high share of borrowed funds.

Profitability indicators

Let's calculate the return on sales

according to Russian Accounting Standards:

according to IFRS:

Thus, the value of the profitability of sales, calculated according to IFRS, is lower than the value of the profitability of sales, calculated according to RAP data, this is due to the difference in the amount of net profit (according to IFRS - loss), determined according to different accounting systems.

Let's calculate the return on equity

according to Russian Accounting Standards:

according to IFRS:

Return on equity calculated according to IFRS is negative.

Let's calculate the return on current assets

according to Russian Accounting Standards:

according to IFRS:

The return on current assets, calculated according to IFRS, is negative.

Let's calculate the profitability of non-current assets

according to Russian Accounting Standards:

Return on non-current assets, calculated according to IFRS:

The return on non-current assets calculated according to IFRS is negative.

Let's calculate the return on assets

according to Russian Accounting Standards:

according to IFRS:

Return on assets calculated according to IFRS is negative.

Indicators of business activity

Let's calculate the turnover of working capital

according to Russian Accounting Standards:

according to IFRS:

Let's calculate the turnover of non-current assets

according to Russian Accounting Standards:

according to IFRS:

Thus, the turnover of non-current assets, calculated according to IFRS, is almost the same as the turnover of non-current assets, calculated according to RAP. This is due to minor differences in the assessment of the value of non-current assets.

Let's calculate the asset turnover

according to Russian Accounting Standards:

Asset turnover calculated according to IFRS:

The asset turnover values ​​calculated for each of the accounting systems are almost the same.

Calculate inventory turnover

according to Russian Accounting Standards:

Inventory turnover calculated according to IFRS:

The value of the inventory turnover calculated according to IFRS almost coincides with the indicator calculated according to RAS.

We calculate the period for repayment of receivables

according to Russian Accounting Standards:

according to IFRS:

Thus, the period for repayment of accounts receivable, calculated according to IFRS, is 318 days, and according to RAS - 322 days.

As shown by the results of calculations, almost all financial indicators have undergone changes, albeit small. The adjustments made were conditional and not too large. Therefore, in practice, in a real enterprise, they can be much higher.

Calculations are performed according to generally accepted world practice methods, therefore the table does not depend on national legislation.

Table " Financial analysis IFRS»Performs

1. Bankruptcy risk calculation:
   • Altman's 5-factor model for listed companies
   • Altman's 5-factor model for non-listed companies
   • Altman's 4-Factor Model for Companies in Emerging Markets
   • Chesser's model for assessing borrower ratings
   • Tuffler-Tishaw model
   • IGEA model (Irkutsk model)
2. Statement of cash flow by direct method
3. New
4. New Statement of sources and use of funds

Diagrams

Calculation method:
Lukasevich I. Ya. Financial management. M .: Eksmo - 768 p.

My name is Vladimir Prokhorov(IE Prokhorov V.V., OGRNIP 311645410900040), I have been doing economic calculations for over 20 years. From 1992 to 2008 he worked as a programmer and head of the IT department in banks and commercial organizations. I have extensive experience in developing software for banking systems and accounting. Since 2008 I have been developing Excel tables for economic calculations.
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; font-family: "Arial" "xml: lang =" - none- "lang =" - none - "> PAGE 219

Topic 8. Analysis of financial statements

organizations under IFRS

1. Methodology for the analysis of financial statements in accordance with IFRS.

1. Methodology for the analysis of financial statements in accordance with IFRS

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> Initially, the reporting of an organization compiled in accordance with Russian accounting rules (RAP) is transformed into reports compiled in accordance with international accounting standards and financial statements (IFRS).

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> Analyze in accordance with international standards:

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> - balance;

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> -"xml: lang =" ru-RU "lang =" ru-RU "> capital;

"xml: lang =" ru-RU "lang =" ru-RU "> - income and expenses;

"xml: lang =" ru-RU "lang =" ru-RU "> - cash flow statement.

"xml: lang =" ru-RU "lang =" ru-RU "> The reported data are presented in dynamics, then they are compared and the absolute and relative changes are calculated.

1.1. Analysis of individual financial instruments. Capital analysis.

"xml: lang =" ru-RU "lang =" ru-RU "> The analysis should start by studying the share of each balance sheet item in its currency and carried out in the following directions:

"xml: lang =" ru-RU "lang =" ru-RU "> 1. Analysis of financial assets measured at fair value with the transfer of its changes to profit and loss accounts (the goal is to generate income, maintain liquidity).

"xml: lang =" ru-RU "lang =" ru-RU "> 2. Analysis of investment financial instruments held to maturity (the goal is to assess profitability).

"xml: lang =" ru-RU "lang =" ru-RU "> 3. Analysis of investments available for sale (the goal is to assess profitability; management of a subsidiary or dependent joint stock company). Analysis of investment financial instruments held to maturity and available for sale, it is recommended to carry out depending on:

"xml: lang =" ru-RU "lang =" ru-RU "> - from the terms of their investments;

"xml: lang =" ru-RU "lang =" ru-RU "> - degree of risk;

"xml: lang =" ru-RU "lang =" ru-RU "> - investment objects;

"xml: lang =" ru-RU "lang =" ru-RU "> - types of attachments;

"xml: lang =" ru-RU "lang =" ru-RU "> - investment destination;

"xml: lang =" ru-RU "lang =" ru-RU "> - method of payment of rewards for investments.

"xml: lang =" ru-RU "lang =" ru-RU "> 4. Analysis of financial liabilities.

"xml: lang =" ru-RU "lang =" ru-RU "> The next stage is the analysis of the organization's capital in accordance with IFRS. The information base is a statement of changes in capital, an explanatory note to financial statements, provisions on accounting and investment policies.

"xml: lang =" ru-RU "lang =" ru-RU "> When analyzing, it is necessary to consider all items that have significant weight. During it, the correctness of the classification of financial instruments into groups (equity, debt financial instrument according to IAS 32) is established. It should also be borne in mind that the acquisition or sale by an organization (as opposed to its shareholders, shareholders) of its own equity instruments will not bring any gains or losses. and their structure) and accounting (reflection of profit (loss) arising from the revaluation of securities) by policies.

"xml: lang =" ru-RU "lang =" ru-RU "> - the risk of losing part of the capital in the event of bankruptcy of subsidiaries (share of participation in the authorized capital of subsidiaries and affiliates);

"xml: lang =" ru-RU "lang =" ru-RU "> - profit capitalization level (ratio of equity to charter capital);

"xml: lang =" ru-RU "lang =" ru-RU "> - the amount of borrowed funds per one monetary unit of the authorized capital;

"xml: lang =" ru-RU "lang =" ru-RU "> - the efficiency of using equity capital (the ratio of equity capital to the value of assets);

"xml: lang =" ru-RU "lang =" ru-RU "> - the degree of coverage of non-current assets by equity.

"xml: lang =" ru-RU "lang =" ru-RU "> It is advisable to compare the capital values ​​calculated according to IFRS and RAS.

1.2. Analysis of income and expenses.

"xml: lang =" ru-RU "lang =" ru-RU "> The analysis of the organization's income and expenses is based on the following information sources: profit and loss statement, balance sheet, explanatory note to financial statements, provisions on accounting policies.

"xml: lang =" ru-RU "lang =" ru-RU "> Revenue analysis tasks:

"xml: lang =" ru-RU "lang =" ru-RU "> - determination and assessment of the amount and structure of income;

"xml: lang =" ru-RU "lang =" ru-RU "> - studying the dynamics of income components;

"xml: lang =" ru-RU "lang =" ru-RU "> - identifying areas of activity that bring the greatest income;

"xml: lang =" ru-RU "lang =" ru-RU "> - an estimate of the level of income per unit of assets;

"xml: lang =" ru-RU "lang =" ru-RU "> - identification of factors affecting the total amount of income and income received from certain types of activities;

"xml: lang =" ru-RU "lang =" ru-RU "> - identification of reserves for increasing income.

"xml: lang =" ru-RU "lang =" ru-RU "> Revenue includes revenue and other income. Revenue arises from the ordinary (main) activities of the organization and includes: sales; service fees; interest; dividends; royalties ; rent.

"xml: lang =" ru-RU "lang =" ru-RU "> Other income includes other items that may or may not arise in the course of the ordinary activities of the organization. Other income represents an increase in economic benefits and by their nature do not differ from revenue. In particular, other income includes income that arises from the disposal of non-current assets. The definition of income also includes unrealized other income, i.e., arising, for example, from the revaluation of quoted securities, as well as with an increase in the book value of non-current assets.

"xml: lang =" ru-RU "lang =" ru-RU "> Income can be obtained as a result of the increase in various types of assets: cash, accounts receivable and goods (services) received in exchange for delivered goods (and services) ...

"xml: lang =" ru-RU "lang =" ru-RU "> Income can also be obtained in the course of fulfilling an obligation, for example, when an organization supplies goods (and services) to a lender to repay a debt.

"xml: lang =" ru-RU "lang =" ru-RU "> Expenses arising in the normal course of business of an organization include the cost of goods (products, services) sold, wages and depreciation. Usually they take the form of an outflow (or decrease value) of assets, for example, such as cash and cash equivalents, inventories, fixed assets.

"xml: lang =" ru-RU "lang =" ru-RU "> Losses are other items that meet the definition of expenses and may or may not arise in the ordinary course of business. Losses are decreases in economic benefits, and they do not differ in nature from other expenses, and include items that were caused by natural disasters, such as fire or floods, and that arose upon disposal of non-current assets.

"xml: lang =" ru-RU "lang =" ru-RU "> The analysis of expenses is carried out in the same way as the analysis of income.

"xml: lang =" ru-RU "lang =" ru-RU "> In addition, you should calculate the profit per share in accordance with IFRS. This information is useful to existing and potential shareholders for planning transactions for the purchase / sale of shares, and also to understand the policy of the management - the issuer of the shares in relation to the observance of the interests of shareholders (IAS 33).

1.3. Analysis of the cash flow statement.

"xml: lang =" ru-RU "lang =" ru-RU "> The next stage of the study is the analysis of the cash flow statement in accordance with IFRS. a note to the financial statements, provision on accounting policies.

"xml: lang =" ru-RU "lang =" ru-RU "> According to IFRS ("xml: lang =" en-US "lang =" en-US "> IAS"xml: lang =" ru-RU "lang =" ru-RU ">) 7 cash flow information is used to analyze the ability of an organization to generate cash and cash equivalents, which allows users to develop models to compare the present value of cash flows of different organizations It is also useful in analyzing the relationships between profitability, net cash flows, and price changes.

"xml: lang =" ru-RU "lang =" ru-RU "> Cash flow analysis tasks:

"xml: lang =" ru-RU "lang =" ru-RU "> - establishing the total value, composition and structure of cash flows for a certain period of time;

"xml: lang =" ru-RU "lang =" ru-RU "> - establishing the types of activities that generate the main stream, and the main sources of cash receipts, as well as the directions of their use;

"xml: lang =" ru-RU "lang =" ru-RU "> - identifying the reasons for the lack (excess) of funds;

"xml: lang =" ru-RU "lang =" ru-RU "> - calculation of indicators characterizing the quality of profit;

"xml: lang =" ru-RU "lang =" ru-RU "> - establishing the factors that determine the main differences between profit and cash growth over the period.

"xml: lang =" ru-RU "lang =" ru-RU "> The analysis of cash flows begins with the study of data on their movement for several reporting periods, which allows you to determine the direction of changes in their total value and structure, received by the organization as a result of its activities , identify the degree of reliability and stability of cash flows, the impact on them of general changes in the markets.

"xml: lang =" ru-RU "lang =" ru-RU "> Pay attention to this:

"xml: lang =" ru-RU "lang =" ru-RU "> - by the amount and sign of the operating cash flow;

"xml: lang =" ru-RU "lang =" ru-RU "> - ratio of operating cash flow and profit for the period;

"xml: lang =" ru-RU "lang =" ru-RU "> - the value and sign of the investment cash flow;

"xml: lang =" ru-RU "lang =" ru-RU "> - value and sign of financial cash flow;

"xml: lang =" ru-RU "lang =" ru-RU "> - the ratio of operating, investment and financial cash flows.

"xml: lang =" ru-RU "lang =" ru-RU "> In the course of further analysis, study and evaluate:

"xml: lang =" ru-RU "lang =" ru-RU "> - sufficiency of the received profit to service current activities;

"xml: lang =" ru-RU "lang =" ru-RU "> - sources of funds to finance a possible expansion of the scale of activities;

"xml: lang =" ru-RU "lang =" ru-RU "> - dividend policy in the future;

"xml: lang =" ru-RU "lang =" ru-RU "> - the need to use borrowed funds to pay dividends, etc.

"xml: lang =" ru-RU "lang =" ru-RU "> In the analysis of cash flows, one distinguishes between profit for the reporting period and received cash, despite the fact that these indicators are closely interrelated.

"xml: lang =" ru-RU "lang =" ru-RU "> Fundamental differences between the amount of profit received and the amount of funds:

"xml: lang =" ru-RU "lang =" ru-RU "> - profit is formed according to the principles according to which the accrual of income and expenses does not coincide with the actual receipt and disposal of fixed assets (deferred expenses, deferred payments, current and capital expenses
and etc.);

"xml: lang =" ru-RU "lang =" ru-RU "> - funds can increase not only due to profit, but also due to borrowed funds;

"xml: lang =" ru-RU "lang =" ru-RU "> - the acquisition of long-term assets does not affect profits, and their implementation changes the financial result;

"xml: lang =" ru-RU "lang =" ru-RU "> - expenses not accompanied by cash flows (depreciation) affect the financial result;

"xml: lang =" ru-RU "lang =" ru-RU "> - profit is recognized after the sale of goods (services), and not cash receipts.

"xml: lang =" ru-RU "lang =" ru-RU "> To assess the quality of profit, the ratio of the amount of funds for the period with the corresponding values ​​of net profit is determined. The closer this ratio is to 1, the higher the quality of net profit.

2. Some differences between RAS and IFRS. Benefits of using IFRS.

Some differences between IFRS and RAS are reflected in Table 1. Thus, it should be concluded that the absence of some of the information required by IFRS in RAS financial statements leads to a violation of such principles as relevance and materiality, completeness, comprehensibility, reliability.

Table 1 - Selected differences between RAS and IFRS

"xml: lang =" ru-RU "lang =" ru-RU ">

Some advantages of using IFRS:

Are constantly improving;

Global standards for the future;

Going through public comment and pilot phases;

Includes experience and knowledge accumulated in the world;

Gaining access to borrowing in international financial markets;

Are not tied to the peculiarities of regulation of a particular country;

Provide maximum transparency of reporting and information disclosure;

Ensure the comparability of reporting data of banks and companies;

Increasing the information content of financial statements;

- the only alternative to US dominance and its Generally Accepted Accounting Principles, work is underway to converge these standards;

- simplification of mergers and acquisitions;

"xml: lang =" ru-RU "lang =" ru-RU "> - increasing competitiveness;

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> - strengthening supervision and enforcement by regulators;

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> - raising the standards of financial information disclosure;

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> - improving the quality of information for market participants in order to regulate based on disclosed information;

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> - more opportunities for attracting and monitoring the listing of foreign banks;

Development of management accounting;

; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU "> - increase confidence and improve economic prospects for the accounting and auditing professions"xml: lang =" ru-RU "lang =" ru-RU "> etc.; color: # 000000 "xml: lang =" ru-RU "lang =" ru-RU ">

Despite the introduction of IFRS in Russia, the importance of their application as a factor in increasing transparency and market discipline will largely depend on the interpretation of international standards, as well as on the efficiency of the early implementation of supervision based on IFRS reporting.

International Financial Reporting Standards (IFRS) in IAS 1 Presentation of Financial Statements uses the term “statement of financial position”, which is equivalent to the term “balance sheet”. We will use these terms interchangeably below.

In accordance with IAS 1 Presentation of Financial Statements, a complete set of IFRS financial statements includes:

• (A) a statement of financial position at the end of the period;
• (B) the statement of profit or loss and other comprehensive income for the period;
• (C) statement of changes in equity for the period;
• (D) a statement of cash flows for the period;
• (E) notes, including a summary of significant accounting policies and other explanations.

IFRS standards do not require the use of specific templates for reporting forms, thus, the IFRS balance sheet can be in the form in which the organization itself chooses. At the same time, the presentation and classification of items in financial statements should be uniform from period to period, except for the following cases:

• it is obvious that a different representation or classification would be more reliable. The criteria for the selection and application of accounting policies are specified in IAS 8 “Accounting policies, changes in accounting estimates, errors”. This can happen, for example, after a significant change in the nature of the entity's activities or analysis of IFRS statements.
• Mandatory change - IFRS requires a change in presentation if the standard changes.

The main elements - “building materials” - of the IFRS balance sheet are assets, liabilities and capital.

An asset is a resource under the control of an entity as a result of past events that will result in an inflow of economic benefits. A liability is a present debt that has arisen as a result of past events and will result in an outflow of economic benefits. Equity is the share in the assets of the company after the liabilities are settled, i.e. assets less liabilities.

According to IFRS standards, the company's assets in the IFRS balance sheet are classified into current (current) and non-current, and liabilities - into short-term and long-term. Except for those cases when the balance sheet is drawn up according to the principle of liquidity: if this type of IFRS balance sheet is applied, then assets and liabilities must be presented as a whole in the order of their liquidity.

Current assets include assets held for trading, consumed or sold within 12 months of the reporting period or during the normal operating cycle (for example, inventories and trade receivables). The operating cycle of a company is the time between the acquisition of assets and their disposal for cash or cash equivalents. When the cycle cannot be clearly defined, its duration is taken as 12 months.

Non-current assets include the following IFRS balance sheet items: fixed assets, intangible assets, investments in associates, deferred assets, financial assets, leased assets, long-term receivables, investment property, etc.

Some liabilities, such as trade payables and some personnel costs and other operating expenses, are classified as current liabilities even if they are due more than 12 months after the reporting date.

Long-term liabilities may include the following IFRS balance sheet items: preferred shares, long-term loans and borrowings, deferred tax liabilities, defined benefit plan obligations (employee benefits for retirement benefit plans), share-based payment obligation, etc.

Whether individual items or groups of goods are to be disclosed separately in the financial statements or in the notes depends on their materiality. The decisive factor is whether the omission or misstatement will influence the economic decisions that users of the statements can make on the basis of the financial statements. IFRS preparers tend to disclose too much detail than is necessary. However, the IASB stressed that too much non-material information can overshadow useful information and therefore should be avoided.

Typically, the balance sheet must be presented at the reporting date and the end date of the previous reporting period (comparative). If an entity has changed its accounting policy, then that change must be applied retrospectively, that is, accounted for in prior comparative periods. In this case, the balance sheet must be provided for three dates: the reporting date, the end and the beginning of the previous comparative period.

Below is an IFRS balance sheet (example):

Tab. 1. Balance sheet according to IFRS (sample)

In software product "WA: Financier: Management Accounting and IFRS" four forms of reporting in accordance with IFRS with all the necessary decryptions have been created. In this case, the consolidated report can be built according to the selected list of organizations.

To draw up the IFRS balance in the program, the user must specify the "Period", "Organizations", "Chart of Accounts", "Currency". The report is filled in automatically according to the built-in algorithms of the system based on the data on the IFRS chart of accounts (IFRS accounting is kept in the program on a separate chart of accounts). For each section of the report, explanations are provided: non-current assets, current assets, capital, long-term liabilities, short-term liabilities.

Figure 1. Drawing up a balance sheet according to IFRS example. Fragment of the IFRS balance sheet in the "WA: Financier" program.

OJSC "Arsenal" (EXAMPLE)

as of 01.01.2015

The purpose of the analysis of financial statements compiled in accordance with IFRS is to obtain key characteristics of the financial condition and financial results of the company in order to form an adequate assessment of the achieved level of business efficiency, identify and quantify the influence of external and internal factors, as well as substantiate current and strategic business plans. ...

1. REPORTING. The general assessment of the financial position of the enterprise is made using a system of special coefficients. Most of the financial ratios are calculated according to two main forms of reporting - the balance sheet and the income statement

Company balance

Profit statement based on cost classification by function

Profit statement based on the classification of expenses by entity

2. STRUCTURAL ANALYSIS. One of the important indicators of the degree of efficiency of the enterprise for a certain period is the economic structure of revenue that comes from buyers. Vertical analysis is also carried out according to the balance sheet data to assess the structural dynamics of the assets of the enterprise and the sources of their formation.

Vertical analysis of revenue

The increase in the share of net profit in the company's revenue was associated with:

Diagram of structural changes in the composition of the Profit Statement

Structured balance sheet

Vertical analysis of the balance sheet allows us to make a conclusion about the change in the sources of financing the assets of the enterprise and the preservation of the structure of investments in various types of property.

During the analyzed period, the company increased the total book value of its assets by 464,769 thousand rubles. , or 22.93%.

This increase was due to increased investment in long-term types of property, which should have a positive effect on the production potential of the enterprise.

We can talk about an improvement in the financial condition of the company for the reporting year, since the change in property by 134.83% was provided by its own sources.

Factors in the growth of enterprise assets

Priority financing of property from its own capital provides the company with greater independence from creditors. It should be borne in mind that in cases of cheap credit resources, with a low interest rate on loan capital and a high rate of turnover of funds, it is profitable for enterprises to attract significant borrowed funds into their turnover and effectively use large financial leverage.

Balance Structural Change Chart

3. ASSESSMENT OF LIQUIDITY. Liquidity refers to the availability of sufficient means of payment to pay creditors' bills on time and to pay contingencies when presented.

Liquidity ratio

One of the most important economic characteristics of the operational financial condition of the enterprise is the size of the "working capital". This indicator reflects the amount of financing of current assets by equity capital of the owners of the enterprise. The relative provision of the enterprise with "working capital" is measured using the indicator "working capital quota"

As of the end of the reporting year, "working capital" is equal to 861,115 thousand rubles. At the same time, the working capital quota was 1.89

The quick liquidity ratio is a more conservative (compared to the working capital quota) measure of liquidity, when the least liquid items (reserves and prepaid expenses) are excluded from current assets. As of the date of the analyzed balance sheet, the enterprise had 83 kopecks of mobile means of payment for 1 ruble of debts to pay them.

The cash liquidity ratio shows how the company's current liabilities are covered by the most liquid asset - cash. This is the most stringent criterion for the liquidity of an organization. At the enterprise, 38% of short-term debt obligations can be immediately repaid at the expense of funds.

The turnover ratio according to the calculations characterizes the size of accounts receivable and the effectiveness of the firm's credit policy. For an enterprise, this coefficient shows that, on average, the funds in the calculations turned around about 21.38 times. This means that the company had to wait about 16.84 days for the commercial loan to be repaid.

The Inventory Turnover metric indicates the relative size of the inventory. The smaller the inventory and the faster they turn around, the less money the company has in them. An increase in inventory may mean that some factor is preventing the sale of products. The inventory turnover ratio for the enterprise was 23.33.

4. PROFITABILITY (profitability) - the ability to obtain an acceptable level of profit. Profitability ratios are used to assess the efficiency of an enterprise's economic activities.

Summary table of profitability ratios

Return on assets is the most commonly used measure of a company's profitability. The indicator is calculated as the ratio of net profit to the average annual value of assets (ROA = NP: TAavrg).

For each ruble invested in assets, the company received 28 kopecks in the reporting period. profit, which indicates the ability to generate profits and the effectiveness of the use of funds.

Return on sale / net profit margin shows how much net profit is contained in each dollar (or other currency) of sales (ROS = NP: S). Even a 1-2% difference can mean the difference between a normal and a very profitable year.

Net profit per ruble of sales increased by 10 kopecks, which indicates an increase in the efficiency of core activities.

Asset turnover ratio determines how effectively assets are used to increase sales (AT = S: TAavrg). In the reporting period, in order to receive revenue in the amount of 8,207,745 rubles, the assets had to turn around 3.63 times.

Return of equity characterizes the level of income derived from the capital invested by owners in a given enterprise (ROE = NP: Eavrg).

For an enterprise, the return on capital of the owner is 53%. The company's savings amounted to 53 kopecks. for one ruble of own investment. This is a fairly high profitability figure.

Return on investment is intended to reflect the return on investments made in the assets of the enterprise (ROI = NOPAT: (EQ + LTD)). According to the Balance Sheet and Profit Statement, this ratio is determined at 55%.

The value of the return on investment in assets indicates that 55 kopecks were received in the analyzed year. income from each ruble of all investments (both own and borrowed) made in this enterprise.

Leverage is the difference between the return on equity and total investment in the assets of the company. At the analyzed enterprise, the leverage is -2%. Thus, the increase in the return on capital of the owners of the enterprise due to the attraction of borrowed resources from creditors into circulation is -2%.

5. PAYMENTABILITY (financial responsibility) - the ability of an enterprise to pay off its financial obligations.

Summary table of indicators of long-term solvency

Debt to equity ratio shows the ratio of borrowed resources and equity capital (DTER = L: E).

This ratio decreased from 1.32 to 0.66.

Interest coverage ratio is one of the indicators of the degree of protection of lenders from dishonest payers (TIE = EBIT: INT).

The security of interest on loans increased, which is explained by the increase in the amount of net profit earned by the enterprise.

The debt ratio (Debt ratio) shows the share of assets that are financed by borrowed funds, and reflects the degree of protection of creditors (DR = L: TA).

The share of borrowed capital in financing the firm's assets decreased from 57% at the beginning of the year to 40% at the end of the year.