Methods for analyzing the financial condition of the enterprise. Methods for assessing the financial condition of an enterprise in Russia Methods and principles for analyzing the financial condition of an enterprise

The assessment of the financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, etc.

Content and main target setting financial analysis - assessment of the financial condition and identification of the possibility of increasing the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other business entities.

The analysis of the financial condition of the enterprise has several goals (Figure 3).

Figure 3 - Objectives of financial analysis

Achievement of these goals is achieved using various methods and techniques.

Exists different classifications methods of financial analysis. The practice of financial analysis has developed the basic rules for reading (analysis methodology) of financial statements. Among the main ones are:

Horizontal analysis (time-based) - comparison of each reporting item with the previous period.

Vertical analysis (structural) - determination of the structure of the final financial indicators, with the identification of the impact of each reporting item on the result as a whole.

Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, i.e. the main trend of the indicator dynamics. A trend is used to conduct forward-looking predictive analysis.

Analysis of relative indicators (coefficients) - calculating the relationship between individual report items or items of different reporting forms for individual company indicators, determining the relationship between indicators.

Comparative analysis is both an on-farm analysis of aggregate reporting indicators for individual indicators of a firm, divisions, workshops, and an inter-farm analysis of the performance of a given firm with the indicators of competitors, with industry-average and average economic data.

Most of the currently existing methods of analyzing the activities of an enterprise, its financial condition repeat and complement each other, they can be used in a complex or separately depending on the specific goals and objectives of the analysis, the information base available to the analyst.

V.G. Artemenko, M.V. Bellendir believes that it is permissible to combine the various items of the balance sheet to reflect the main salient features of financial condition.

HELL. Sheremet also emphasizes that comparative balance sheets reflect the essence of financial condition, since it links together and systematizes calculations and estimates, which are usually carried out by any analyst when first familiarizing with the balance sheet.

Most of the authors, such as O. Efimova, V. V. Kovalev and others suggest the following areas of financial analysis: reading the balance sheet; assessment of the dynamics of the composition and structure of the asset and balance sheet liability; analysis of financial ratios; analysis of liquidity and solvency; business activity analysis.

Let's review the existing methods of analyzing the financial condition of an enterprise.

Consider the technique proposed by A.D. Sheremet.

The method of analysis of the financial condition of A.D. Sheremet. Financial analysis tasks are solved based on the study of the dynamics of absolute and relative financial indicators and are divided into the following analytical blocks (Figure 4):

structural analysis assets and liabilities;

analysis financial sustainability;

analysis of solvency (liquidity);

analysis of the required growth equity capital.

The main methods of analyzing the financial condition, which A.D. Sheremet, are horizontal, vertical, trend, coefficient and factor. In the course of horizontal analysis, the absolute and relative changes in the values \u200b\u200bof various balance sheet items for a certain period are determined. The purpose of vertical analysis is to calculate the proportion of individual items in the balance sheet total, i.e. clarification of the structure of assets and liabilities for a specific date.

Figure 4 - Analytical blocks in the analysis of the financial condition according to the method of A.D. Sheremet

Trend analysis consists in comparing the values \u200b\u200bof balance sheet items for a number of years (or other related reporting periods) to identify trends that dominate the dynamics of indicators. The coefficient analysis is reduced to the study of the levels and dynamics of the relative indicators of financial condition, calculated as the ratio of the values \u200b\u200bof balance sheet items or other absolute indicatorsreceived on the basis of reports or accounting... When analyzing financial ratios, their values \u200b\u200bare compared with the base values, and their dynamics for the reporting period and for a number of adjacent reporting periods is also studied.

According to the analysis method of A.D. Sheremet, the financial position of enterprises is characterized by the allocation of its funds and the state of the sources of their formation.

The main indicators for assessing the financial condition are:

level of provision with own circulating assets;

the degree of compliance of the actual stocks of assets with the standard and the amount intended for their formation;

the amount of immobilization of working capital;

working capital turnover and solvency.

According to the author of this technique, the most important stage in the analysis of the financial condition is to determine the availability of own and equivalent funds, to identify the factors that influenced their change in the period under study. Further, the analysis of the enterprise's own working capital is carried out.

In recent years, many authors have tried to apply foreign methods of financial analysis when assessing work domestic enterprises... This leads to biased assessments and conflicting conclusions. Difficulties are associated with the difference in methodological approaches to accounting, for example: the difference between foreign and domestic chart of accounts of accounting, as well as the rules for drawing up public financial statements. These differences lead to the impossibility of using foreign methods of analysis until russian legislation does not agree on the methodological basis of accounting and forms of financial reporting with those adopted as accounting standards abroad or the procedure for converting the Russian financial reporting standard into foreign standards.

To determine the rating of organizations, it is proposed to use five indicators that are most often used and most fully characterize the financial condition (the following regulatory limitations of indicators are largely conditional and are used to demonstrate the construction of a rating).

1. Provision with own funds, which characterizes the availability of the organization's own circulating assets necessary for its stability, is determined by the formula:

where IIА is the result of section II of the balance sheet asset (current assets);

(p. 610 + 620 + 630 + 660) - the corresponding lines of section IV of the balance sheet liability, which characterizes short-term debt obligations.

Regulatory requirement: KP? 2.

3. The intensity of the turnover of advanced capital, which characterizes the volume of products sold per 1 ruble. funds invested in the activities of the organization is determined by the formula:

The regulatory requirement is indirectly determined by the level of the discount rate of the Central Bank of Russia.

5. Profitability (profitability) of the organization, which characterizes the amount of profit per 1 ruble. equity capital is determined by the formula:

Thus, having calculated the values \u200b\u200bof financial indicators according to the formulas given above, and substituting them into this expression, we determine the express rating assessment of the financial condition of a commercial organization.

The analysis of the financial condition can be performed with varying degrees of detail depending on the objectives of the analysis, available information, technical and personnel support. A.I. Kovalev points out that the most appropriate is to highlight the preliminary analysis (express analysis) and in-depth (internal) analysis of the financial condition. In his works, three stages of express analysis are proposed.

The goal of the first step is to make sure the balance sheet is ready to read. Here, a visual and simple counting check of the indicators of the accounting report is carried out according to formal and qualitative characteristics, such as:

the correctness and clarity of filling out reporting forms (the presence of such details as the name of the company, reporting date, etc.), compliance of the results, etc.

mutual linking of indicators of various forms of reporting. So, information on the amount and change of accounts receivable in the balance sheet must correspond to the data of form No. 5 "Accounts receivable and payable".

At the second stage, they get acquainted with the explanatory note to the report, assess the conditions in which the enterprise operated in the reporting period. A comparative analytical balance is built by aggregating elements of balance sheet items that are homogeneous in their composition in the necessary analytical sections. Establish the nature of the changes that occurred in the analyzed period in the composition of funds and their sources.

The third stage is the main one in express analysis. Here the calculation and assessment of the dynamics of analytical coefficients characterizing the financial position of the enterprise is carried out. Its purpose is a generalized assessment of results economic activity and the financial condition of the facility.

In general, the method of express analysis of reporting provides for an assessment of the composition of resources, their structure, financial results of management, the efficiency of using own and borrowed funds. The meaning of express analysis is the selection of a small number of the most significant and relatively simple indicators in terms of calculating and constant monitoring of their dynamics.

A.I. Kovalev proposes a method of in-depth analysis for the purpose of diagnosing bankruptcy, based on the liquidity (solvency) and financial stability ratios, which are presented as complementary groups of indicators. A methodology for analyzing business activity is proposed, where indicators of the efficiency (return) of resources, indicators of turnover, profitability and assessments of market activity are considered.

The analysis ends with forecasting the probability of bankruptcy based on E. Altman's model:

Z \u003d 0.717 X1 + 0.847 X2 + 3.107 X3 + 0.42 X4 + 0.995 X5

where X1 - own working capital / total assets;

X2 - retained (reinvested) profit / amount of assets;

X3 - profit before interest / amount;

X4 - book value of equity / borrowed capital;

X5 - sales volume (revenue) / total assets.

Comparison constant \u003d 1.23.

If the value of Z< 1,23, то это признак высокой вероятности банкротства; если значение Z > 1.23 or more indicates a low probability of bankruptcy. The analyst, calculating the value of Z at the beginning and end of the period, makes a conclusion about the viability of the organization and its proximity or remoteness from the stage of bankruptcy.

However, the use of such models requires great precautions: they are not fully suitable for assessing the risk of bankruptcy. domestic organizations due to different methods of reflecting inflationary factors, different capital structures, as well as due to differences in the legislative and information base.

According to Altman's model, insolvent organizations with a high level of the fourth indicator (equity / debt capital) receive a very high rating, which is not true. Due to the imperfection of the current method of revaluation of fixed assets, which attaches the same importance to old worn-out assets as to new ones, the share of equity capital is unreasonably increased at the expense of the revaluation fund.

As a result, there was an unrealistic ratio of equity and debt capital. Therefore, models in which this indicator is present can distort the real picture. Based on the foregoing, we came to the conclusion that it is necessary to develop our own discriminant functions for each industry, which would take into account the specifics of domestic reality.

Moreover, these functions should be tested every year on new samples in order to clarify their discriminant strength.

Consider the technique of V.V. Bocharova.

V.V. Bocharov as well as A.I. Kovalev singles out express analysis as part of analytical procedures. This author proposes to carry out the entire analysis of the financial condition of the organization in two stages:

express analysis of financial and economic activities;

in-depth financial analysis.

The purpose of the express analysis of financial and economic activities is to obtain prompt, visual and reliable information about the financial well-being of the enterprise.

It is advisable to perform express analysis in three stages: preliminary stage; preliminary review of financial statements; economic reading and reporting analysis.

The purpose of the first stage is to decide on the advisability of analyzing the financial statements and their readiness to read. The first task is solved with the help of an auditor's report. With a standard opinion, the external analyst can rely on the opinion of the auditor and not perform additional analytical procedures in order to determine the financial condition of the firm.

The purpose of the second stage is to get acquainted with the annual report and the explanatory note to it. This is necessary in order to assess the operating conditions of the enterprise in the reporting period and to establish the main trends in its performance indicators (profitability, asset turnover, balance sheet liquidity, etc.).

The third stage is the key one in express analysis. Its purpose is a generalized description of the financial and economic activities of the enterprise. In general, at this stage, the study of the sources of funds of the enterprise, their placement and efficiency of use is carried out.

Express analysis ends with a conclusion about the advisability of further in-depth (detailed) analysis of the financial and economic activities of the enterprise.

The purpose of an in-depth analysis is a detailed description of the property and financial situation of the enterprise, an assessment of its current financial results and a forecast for the future period. It complements and expands the express analysis procedures. The level of detail depends on the qualifications and desire of the analyst.

In general, the program for in-depth analysis of the financial and economic activities of the enterprise according to the method of V.V. Bocharova looks like this (as one of the possible options).

Preliminary review of the financial and economic situation of the enterprise (characteristic of the general direction of financial and economic activities and identification of unfavorable reporting items).

Assessment and analysis of economic potential (property assessment and financial assessment)

Assessment and analysis of the performance of the enterprise.

In the process of in-depth analysis, in addition to the given system of indicators, other parameters can be used that characterize the financial condition of the enterprise (structure and dynamics of non-current and circulating assets, equity and debt capital, their profitability and turnover, creditworthiness of the borrower, investment attractiveness of the joint-stock company - issuer valuable papers and etc.).

Consider the technique offered by N.P. Lyubushin.

Analysis, according to N.P. Lyubushin, it is necessary to start with "reading the balance sheet", which is understood as a preliminary general acquaintance with the results of the enterprise's work and its financial condition directly from the balance sheet.

At this stage of the analysis, it is necessary to conduct a horizontal and then a vertical analysis of the balance.

The next stage of N.P. Lyubushin is an assessment of the organization's solvency. It should be carried out using solvency ratios, which are relative values... Calculate the ratios of absolute, current liquidity and the coefficient of intermediate coverage.

Unlike the concepts of "solvency" and "creditworthiness", the concept of "financial stability" is broader, as it includes an assessment of different aspects of the enterprise.

The financial condition of an enterprise is largely determined by its production activities. Therefore, when analyzing the financial condition of an enterprise (especially for the coming period), one should assess its production potential.

Data on the structure of sources of economic assets is used primarily to assess the financial stability of the enterprise and its liquidity and solvency. The financial stability of an enterprise is characterized by the following coefficients: property, borrowed funds, the ratio of borrowed and own funds, mobility of own funds, the ratio of non-circulating funds to the amount of own funds and long-term liabilities.

The next stage in the analysis of the financial condition of the organization by the method of Lyubushin is the assessment of business activity. Qualitative criteria for assessing business activity are: breadth of markets for products, reputation of an enterprise, etc. Quantitative assessment is given in two directions:

the degree of fulfillment of the plan for the main indicators, ensuring the specified rates of their growth;

the level of efficiency in the use of enterprise resources.

Generalizing indicators include the "resource productivity" indicator and the "sustainability of economic growth" coefficient.

The main indicators for assessing profitability according to the method of N.P. Lyubushin include the return on capital advanced and the return on equity. When calculating, you can use either balance sheet profit or net profit.

In his methodology N.P. Lyubushin gives signs of insolvency (bankruptcy) of the company, which managers need to pay attention to first of all

Analysis of the financial condition according to the method of N.P. Lyubushin, the enterprises end up with a comprehensive assessment. When analyzing the financial condition of your company after integrated assessment develop measures to improve the financial condition, paying special attention to the development of the financial strategy of the enterprise for the future and in the coming periods.

Methodology for analyzing the financial condition of an enterprise includes graphical, tabular and coefficient methods. The information base for assessing the analysis of the financial condition of the enterprise is the financial data of the accounting (financial) statements of the enterprise.

Graphical way of financial analysis

This method of financial analysis allows you to assess the financial condition of both the enterprise as a whole and individual objects of financial analysis. It is carried out using a graphical display in relative or absolute values \u200b\u200bof financial statements on the balance sheet at the beginning and end of the analyzed period for the subsequent assessment of the financial condition of the enterprise in the past and present, as well as forecasting the financial condition in the future. A balance sheet is a chart that displays the relationship between the financial performance of an enterprise.

Carrying out the financial analysis of the enterprise in a graphical way is preceded by the choice of the balance chart scale and the determination of the boundaries for applying the selected values \u200b\u200bof the financial indicators to the balance chart. To determine the boundaries of the values \u200b\u200bof financial indicators applied to the balance chart, the cumulative totals of the values \u200b\u200bof indicators are calculated.

A prerequisite for constructing balance sheets is the location of indicators at the beginning and end of the analyzed period in one field, since only such an arrangement allows one to assess the dynamics of financial indicators for the analyzed period. The tabular method of analysis and assessment of the financial condition of the enterprise are carried out using calculation tables of the absolute values \u200b\u200bof indicators and their specific values, the growth rate for assessing the indicators of structure, dynamics and structural dynamics.

Coefficient method of financial analysis

The method describes the financial proportions between various items in the financial statements. The advantage of this method of financial analysis is the simplicity of calculations. The coefficient method provides: first, the calculation of the corresponding indicator and, secondly, the comparison of this indicator with any base, for example, with generally accepted standard parameters; industry average indicators; similar indicators of previous years (periods); indicators of competing enterprises; other indicators of the analyzed firm. The coefficient method of financial analysis is an assessment of individual, most significant characteristics of the financial condition of an enterprise using the relative dimensionless values \u200b\u200bof indicators. The method makes it possible to assess the dynamics of changes in the financial indicators of one enterprise or to compare the indicators of the financial condition of several enterprises.

The analysis of the coefficients of the financial condition of the enterprise is carried out to study changes in the stability of the position of the enterprise and conduct a comparative analysis of the financial position of several enterprises. The disadvantages of financial ratios are that they are static and do not reflect differences in accounting methods and the quality of the constituent indicators.

The indicators used in the analysis of financial condition are closely related in quantitative ratios. This relationship follows either from cause-and-effect relationships, or from the peculiarities of the methodology for their calculation. Some of these indicators - financial ratios - are determined by the balance sheet data, which are initially closed and ordered by balance sheet generalization and a double entry system. Here, to a greater extent, not a close stochastic, but a functional dependence is manifested, when the specific value of one indicator presupposes certain values \u200b\u200bof others. This is especially true for groups of coefficients that are homogeneous in the calculation methodology, for example, distribution and coordination coefficients. The first ones show the specific weight of the relevant part in the total value of the aggregate of phenomena, unified in terms of economic content. The latter give new meaningful characteristics of the study area based on a comparison of its heterogeneous components.

Working with financial ratios involves at least three stages. At the first stage, categories, characteristics, such as solvency, are selected to cover a particular side of the financial situation. On the second, indicators (coefficients) are developed that quantitatively express the analyzed side of the financial situation, for example, the coefficient of general solvency. The third stage is devoted to the estimated characteristics of the numerical values \u200b\u200bthat the desired coefficient can take.

To control economic entities and create guidelines for making management decisions, such values \u200b\u200bare normalized. The specifics of these norms are established as a result of the addition of many factors, including administrative interests, accumulated experience, common sense and others. Their purpose is to serve as objective evaluative criteria, as well as a kind of beacons when establishing and maintaining the course of economic development in a given direction.

However, it seems that effective guidelines should be more flexible, taking into account the relevant differences by region, types of activities of economic entities, etc.

Key financial ratios will increase their importance as a factor in the country's economic development in the context of their systematic monitoring across regions and the economy as a whole, with the formation of operational reporting data orienting businesses to the average values \u200b\u200bof these ratios in successful companies. For these purposes, it is appropriate to activate the immanent interest of economic entities in a good partner climate through their voluntary self-certification as participants in the autonomous monitoring of financial ecology. Signs of the status of such a participant are the systematic conduct of internal analysis relevant financial ratios and open publication of their values. Also valuable is information on the amplitudes of fluctuations of the coefficients for periods of time and types of activity in the context of scale, experience in this business, etc.

In the methodological arsenals of the management analysis of each economic entity, there should be reasonable values \u200b\u200bof the key financial ratios relevant to each moment of time based on the adopted financial policy (in terms of its degree of conservatism or progressiveness), stage life cycle and many other circumstances.

Based on the results of the analysis of the financial condition of the enterprise, a synthetic assessment of the objects of the financial analysis of the enterprise and a synthetic assessment of the financial condition of the enterprise as a whole are given in three ways.

Synthetic assessment of objects of financial analysis of an enterprise

Synthetic assessment of the financial condition of the enterprise - is a generalization, clarification of the conclusions characterizing the objects of the financial condition of the enterprise. The purpose of the synthetic assessment is to identify the most significant quantitative and qualitative characteristics of the actual values \u200b\u200bof financial indicators that determine the financial condition of the enterprise.

When conducting a synthetic assessment of the financial condition of an enterprise, general conclusions are formulated about the state of objects of financial analysis and the financial condition of the enterprise as a whole, problems in the field of the financial condition of the enterprise and reserves for their resolution.

Formulation of general conclusions, identification of problems and reserves is carried out in the course of sequential vertical, horizontal and general synthetic assessments of the financial condition of the enterprise. Vertical synthetic assessment allows you to assess the financial condition of an enterprise based on the analysis of objects of financial analysis using one of the methods of financial analysis. Horizontal synthetic assessment allows you to formulate general conclusions, identify the main problems and reserves for their solution for each object of financial analysis. The general synthetic assessment is a generalization of the conclusions obtained from horizontal and vertical synthetic assessments, the determination of reserves for solving the identified problems and the formulation of proposals for stabilizing the financial condition of the enterprise.

Assessment of the financial condition of an organization based solely on the data of financial accounting and reporting may be distorted due to the fact that these data are not operational. The current formation of indicators of the financial condition of the enterprise is largely ensured with the help of management accounting or on the basis of the company's internal workflow. However, this creates confidential restrictions, and the information on the basis of which the analysis is carried out, as well as its results, become a commercial secret and are not directly available to external stakeholders. The objective advantage of the analysis based on management accounting data is in the degree of its spatial and temporal detailing, which is initially formed depending on the needs and priorities of the company regarding the direction of segmentation and the frequency of measurements (hour, day, week, month, etc.). The current optimal duration of the analyzed period is, as a rule, a month, which allows the information to remain relevant and sufficient to identify the trend of changes in the economic situation.

In the course of analyzing the financial condition of an economic entity, special attention should be paid to taking into account the features of the ongoing financial policy. The financial management of an organization tends to prioritize cash management efficiency over financial resources. For example, with an increase in accounts receivable, leading to financial difficulties, this is reflected, among other things, in the "fire" intensification of the attraction of borrowed funds. However, it is strategically more expedient to lower the threshold of painful sensitivity to such difficulties. Strategic financial policy in this case is based on preventive efforts aimed at minimizing the cost of attracting financial resources and maximizing the return on investment while maintaining a low level of risk. As a result of this policy, there are potentially long-term factors of reducing outflows and increasing inflows. money... In other words, certain changes in the values \u200b\u200bof financial indicators at a particular point in time are not a sufficient argument for the automatic adoption of responsive management decisions. It is necessary to make sure that these values \u200b\u200bare not the result of a coincidence of circumstances, but a consequence of one or another degree of effectiveness of the financial strategy, confirmed by the characteristics of their stability or the direction of the dynamics over a number of previous periods.

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In this article, we will analyze in detail methodology for assessing the financial condition of companies information agency SPARK.

SPARK - a company that evaluates enterprises using various methods and provides users with public information on companies.
Financial analysis in the SPARK system is carried out on the basis of Form No. 1 and Form No. 2 of companies' reporting. For this, 16 financial ratios are calculated, from four groups of indicators:

• capital structure indicators (financial stability ratios);
• liquidity indicators (solvency ratios);
• profitability indicators (profitability ratios);
• business activity indicators (turnover ratio).

Capital structure indicators (financial stability)reflect the financial condition of the enterprise, its financial reliability, and show the ratio of equity and debt capital of the enterprise (company). The group given by the SPARK method includes the following indicators:

• equity capital concentration ratio (equity ratio) - reflects the financial stability of the company and represents the ratio of equity capital to the total amount of assets. The ratio for this financial ratio is more than 0.5 or 50%;
• the coefficient of provision with own circulating assets - characterizes the degree of provision of the company with its own circulating assets. The ratio for this financial ratio is more than 0.1 or 10%;
• the coefficient of maneuverability of own funds - shows the mobility of the company's own funds. The ratio for this financial ratio is more than 0.5 or 50%;
• long-term borrowing ratio - shows the degree of long-term borrowed capital attraction by the company;
• debt-to-equity ratio - reflects the structure of the company's capital and represents the ratio of the company's liabilities to the company's equity. The ratio for this financial ratio is less than 1 or 100%

The group of liquidity indicators includes:

• current liquidity ratio - reflects the degree of solvency and the ability of the company to repay its obligations. The norm is more than 2 or 200%;
• quick ratio - reflects the degree of the company's solvency and the ability to repay liabilities with the most liquid assets. The indicator standard is more than 0.8 or 80%;
• coefficient absolute liquidity - reflects the degree of the company's solvency and the ability to pay off obligations at the expense of funds immediately. The indicator norm is more than 0.2 or 20%;

Group of indicators of profitability:

• total profitability - reflects the profitability of the company and represents the ratio of profit before tax to revenue ;;
• profitability of sales - reflects the profitability of an enterprise to create a profit through the sale of created products or services provided;
• return on equity (ROE) - reflects the profitability of a company's equity to create a return on equity and debt;
• return on assets (ROA) - reflects the return on equity of a company to create profit from assets;
• return on investment (ROI) - reflects the profitability and efficiency of a company to create profit through long-term capital and long-term financial investments;
• net profit margin (ROS) - reflects the company's profitability to create profit through the sale of products and the provision of services, calculated as a ratio net profit on sales.

The standard for this group of indicators is the positive values \u200b\u200bof financial ratios.

Business activity indicators group (capital turnover):

• the period of repayment of receivables - shows the rate of repayment of receivables;
• the period of repayment of accounts payable - shows the speed of repayment of accounts payable;
• period of turnover of stocks and costs - shows the rate of turnover of stocks of assets;
• asset turnover period - shows the rate of turnover of the company's assets.

For these financial ratios, the standard is determined in accordance with the type of activity of the enterprise and the nature.
To analyze these coefficients, not only the current assessment of these coefficients is used, but also a comparison is made with normative values and the analysis is carried out in a dynamic aspect.
The table below shows the calculation and analysis of 16 financial ratios according to the SPARK method for the enterprise OAO Severstal.

Name					2011 - I quarter.
Capital structure
Equity (autonomy) concentration ratio,%
Own working capital security ratio,%
Equity maneuverability ratio,%
Long-term borrowing ratio,%
Debt to equity ratio,%
Liquidity
Current liquidity ratio,%
Quick liquidity ratio,%
Absolute liquidity ratio,%
Profitability
Overall profitability,%
Return on sales,%
Return on equity (ROE),%
Return on assets (ROA),%

Business management in a market economy is characterized by many features, some of them should be highlighted. First, in the total aggregate of the enterprise's resources, financial resources acquire a dominant significance. Secondly, the adoption of financial management decisions is always carried out in conditions of uncertainty. Secondly, as a consequence of the real independence of enterprises, the main problem of managers is finding sources of financing and optimization of investment policy. Fourth, when establishing commercial relations with any counterparty, you can rely solely on your own assessment of its financial solvency. Under these conditions, the validity of the management decisions taken in relation to a certain economic entity, and many of these decisions are essentially financial in nature, is largely determined by the quality of financial and analytical calculations. Assessment of the financial condition actually comes down to the analysis of the financial activities of the enterprise.

Analysis is one of common functions management of economic systems, the importance of which is not subject to the influence of time and can hardly be overestimated. To one degree or another, analysis is carried out by everyone who has even the slightest relation to the activities of economic entities. Analysis as a kind of expedient human activity is multifaceted and has many areas of application, one of which is the financial activity of a business entity. The finances of the enterprise should be interpreted as its circulatory system. As well as this system functions, the enterprise is viable. A set of analytical procedures that allow making decisions of a financial nature in relation to a certain business entity, and can be called financial analysis in a broad sense.

The organization of financial flows and their management depend on many factors; including: the type of business, the size of the enterprise, its organizational structure of management, etc. The current legislation of Russia provides for the creation different types business entities, the organizational and legal form of which leaves a certain imprint on the principles of financial management in this or that case. Given such important properties financial statements, such as the regularity of drawing up, the awareness of its main indicators, the certainty of algorithms and rules for drawing up, the presence of confirmation by primary documents, we can say that accounting (financial) statements in market conditions are becoming almost the only reliable means of communication. Among other things, the reliability of the reporting data of enterprises of certain forms of ownership is confirmed by independent experts (auditors) and the reporting refers to documents subject to storage for a certain and sufficiently long period, therefore, with its help, you can get an idea of financial history enterprises.

Therefore, the topic of this work is so relevant, since in a market economy it is necessary to have knowledge in the field of financial assessment and be able to apply it in practice.

In addition, the timely identification of negative trends in the financial and economic activities of the enterprise enables the management to take certain actions to prevent bankruptcy.

The purpose of this work is to investigate the main directions of assessing the financial condition of an enterprise. To achieve this goal, it is necessary to solve the following tasks:

Explore the essence and methods of financial analysis;

Explore key indicators the financial condition of the enterprise;

Consider the use of financial statements for the valuation of an enterprise.

1. ESSENCE AND METHODS OF FINANCIAL ASSESSMENT

1.1. Main features, goals and methods of financial analysis

Elements of the analytical function are inherent in any economic activity. However, the beginning of a certain formalization and systematization of analytical procedures is traditionally associated with the process of formation and development of accounting. The rich information base formed within the framework of accounting provides good opportunities for analytical calculations, which becomes especially relevant as market relations develop.

In terms of content, financial analysis can be represented as a process that consists in identifying, systematizing and analytical processing of available financial information, the result of which is to provide the user with recommendations that can serve as a formalized basis for making management decisions in relation to a given object of analysis.

The main features of financial analysis include:

Providing a general characteristic of the property and financial situation of the enterprise;

Priority of assessments: solvency, financial stability and profitability;

Basing on publicly available information;

Information support for tactical and strategic decisions;

Accessibility to the analysis results of any user;

Possibility of unification of the composition and content of accounting and analytical procedures;

Dominant monetary measure in the system of criteria;

A high level of reliability and verifiability of the analysis results (within the limits of the reliability of public reporting data).

In certain cases, for the implementation of the purposes of financial analysis, it is not enough to use only financial statements. Certain groups of users, for example, management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only sources of external financial analysis.

The financial analysis methodology includes three interrelated blocks:

Analysis of the financial results of the enterprise;

Analysis of the financial condition of the enterprise;

Analysis of the effectiveness of the financial and economic activities of the enterprise.

The main goal of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, both the current financial condition of the enterprise and the forecast for the short-term or separate perspective, that is, the expected parameters of the financial condition, are of interest.

The content of specific goals of financial analysis depends significantly on the tasks of the subjects of financial analysis. The objectives of financial analysis are achieved as a result of solving a certain interrelated set of analytical tasks, which are the specification of the objectives of the analysis, taking into account the organizational, informational, technical and methodological capabilities of this analysis. The main factors are the volume and quality of the source information.

To make managerial decisions in the field of production, sales, finance, investment and innovation, management requires constant awareness of the relevant issues, which is possible only as a result of selection, analysis, evaluation and concentration of source information.

The basic principle of analytical reading of financial statements is the deductive method, that is, from the general to the particular. But it must be applied multiple times. In the course of such an analysis, the temporal and logical sequence of economic facts and events, the direction and strength of their influence on the results of activities, are reproduced.

Financial analysis is the prerogative of the top management of the enterprise, which can influence the formation of financial resources and cash flows. The effectiveness or ineffectiveness of private management decisions related to the determination of the price of a product, the size of the batch of purchases of raw materials or supplies of products, the replacement of equipment or technology should be assessed in terms of the overall success of the enterprise, the nature of its economic growth and the growth of overall financial efficiency

The main functions of financial analysis are:

An objective assessment of the financial condition, financial results, efficiency and business activity of the object of analysis;

Identification of factors and causes of the achieved state and the results obtained;

Preparation and substantiation of the adopted management decisions in the field of finance;

Identification and mobilization of reserves for improving financial condition and financial results, increasing the efficiency of all economic activities.

An approximate diagram of the analysis of financial activities is shown in the figure.

Figure: Enterprise financial analysis diagram

The main goal of any type of financial analysis is to assess and identify the internal problems of the enterprise for the preparation, justification and adoption of various management decisions, including:

In the field of development;

Overcoming the crisis;

Transition to bankruptcy procedures;

Buying and selling a business or a block of shares;

Attracting investments (borrowed funds).

Thus, the key issue for understanding the essence and effectiveness of financial analysis is the concept of an enterprise's economic activity as a stream of decisions on the use of resources in order to make a profit.

Regardless of the area of \u200b\u200bproduction in which the enterprise operates, final goal does not change. The whole variety of solutions to achieve this goal can be reduced to three main areas:

Capital (resource) investment solutions;

Operations carried out using these resources;

Determination of the financial structure of the enterprise.

1.2. Types, forms and methods of financial analysis

The main goal of financial analysis is to obtain the key, most informative parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.

Depending on the specific tasks, financial analysis can be carried out in the following forms:

Express analysis (designed to get a general idea of \u200b\u200bthe company's financial position in 1-2 days on the basis of external accounting forms);

Comprehensive financial analysis (designed to obtain a comprehensive assessment of the company's financial position in 3-4 weeks on the basis of external accounting forms, as well as transcripts of reporting items, analytical accounting data, independent audit results, etc.);

Financial analysis as part of a general study of the company's business processes (designed to obtain a comprehensive assessment of all aspects of the company's activities - production, finance, supply, sales and marketing, management, personnel, etc.);

Focused financial analysis (designed to solve the priority financial problem of the company, for example, optimization of accounts receivable on the basis of both the main forms of external accounting reporting, and the decoding of only those reporting items that are related to the specified problem);

Regular financial analysis (designed to formulate effective management of the company's finances based on the submission, within a certain time frame, quarterly or monthly, of specially processed results of complex financial analysis).

Depending on the specified areas, financial analysis can be carried out in the following forms:

Retrospective analysis (designed to analyze current trends and problems of the company's financial condition; at the same time, we believe that, as a rule, quarterly reports for the last reporting year and the reporting period of the current year are sufficient);

Plan-fact analysis (required to assess and identify the reasons for deviations of the reported indicators from the planned);

Prospective analysis (required for the examination of financial plans, their validity and reliability from the standpoint of the current state and existing potential).

The practice of financial analysis has developed the basic methods of reading financial statements. Among them are the following:

Horizontal analysis;

Vertical analysis;

Trend analysis;

Method of financial ratios;

Comparative analysis;

Factor analysis.

Horizontal (time) analysis - comparison of each reporting item with the previous period.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting item on the result as a whole.

Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, that is, the main trend of the indicator dynamics, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values \u200b\u200bof indicators in the future are formed, and, therefore, a forward-looking, predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculating the relationship of reporting data, determining the relationship of indicators.

Comparative (spatial) analysis is both an intra-farm comparison of individual indicators of a firm, subsidiaries, divisions, workshops, and an inter-farm comparison of the performance of a given firm with competitors, with industry average and average general economic data.

Factor analysis is an analysis of the influence of individual factors (causes) on the effective indicator using deterministic or stochastic research techniques. Moreover, factor analysis can be either direct (analysis itself), that is, it consists in splitting the effective indicator into its component parts, or inverse (synthesis), when individual elements are combined into a common effective indicator.

Based on data on the past performance of the enterprise, financial analysis is aimed at reducing uncertainty about its future state.

The results of the analysis of the financial condition of the enterprise is of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include the heads of the enterprise, the results of financial analysis are necessary to assess the activities of the enterprise and prepare decisions on adjusting the financial policy of the enterprise.

For external users - partners, investors and lenders - information about the company is necessary for making decisions about implementation specific plans in a relationship this enterprise (acquisition, investment, conclusion of long-term contracts).

There are certain differences between internal and external financial analysis.

External financial analysis is focused on open financial information of an enterprise and involves the use of standard (standardized) methods. At the same time, as a rule, a limited number of basic indicators are used. When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the studied enterprises to establish or continue relationships and in what form it is most expedient to do so.

Internal financial analysis differs in greater exactingness to the initial information. In most cases, the information contained in standard accounting reports is not enough for him, and it becomes necessary to use the data of internal management accounting. In the process of analysis, the greatest emphasis is placed on understanding the reasons for the ongoing changes in the financial condition of the enterprise and the search for solutions aimed at improving this condition. At the same time, it does not matter at all whether the goal is achieved by using standard or original methods.

Unlike external analysis, internal analysis is not limited to considering the enterprise as a whole, but almost always goes down to the analysis of individual divisions and areas of the enterprise, as well as types of products.

The table compares the two approaches to financial analysis.

Property and financial position from a long-term perspective;

Financial results generated regularly by the enterprise. That is, the enterprise is operating profitably or unprofitably on average.

The first aspect of the activity is reflected in the balance sheet: the active side of the balance sheet gives an idea of \u200b\u200bthe property of the enterprise, the passive side - about the structure of its sources of funds.

The second aspect is presented in the "Profit and Loss Statement" - all income and expenses of the company for the reporting period in certain groups are shown in this form. Looking at the form in dynamics, one can understand how efficiently a given company operates on average.

The basis for recognizing the structure of the balance sheet of the enterprise as unsatisfactory, and the enterprise - insolvent is the fulfillment of one of the following conditions:

The current liquidity ratio at the end of the reporting period is less than 2;

The equity ratio at the end of the reporting period is less than 0.1.

If there are established grounds for recognizing the structure of the balance sheet as unsatisfactory, if the coefficient of restoration (loss) of solvency, determined based on the value of the period of restoration of solvency, equal to six months, and the established value of the current liquidity ratio, equal to two, has a value greater than one, it may be it was decided that there was a real opportunity for the enterprise to restore its solvency.

In the absence of established grounds for recognizing the structure of the balance sheet as unsatisfactory, if the coefficient of restoration (loss) of solvency, determined based on the value of the period of loss of solvency, equal to three months, and the established value of the current liquidity ratio, equal to two, is less than one, it may be a decision was made that the enterprise in the near future will not be able to fulfill its obligations to creditors (on the loss of the enterprise's solvency).

The main areas of financial analysis are:

1. Analysis of the balance sheet structure.

2. Analysis of the profitability of the enterprise and the structure of production costs.

3. Analysis of the solvency (liquidity) and financial stability of the enterprise.

4. Analysis of capital turnover.

5. Analysis of return on equity.

6. Analysis of labor productivity.

Traditionally, and especially when conducting external analysis, a standard balance sheet (form No. 1) is used as the initial information. Property and source data must be balanced against each other.

Assets should be structured according to their economic nature (according to the principle of attributing value to manufactured products, terms of use and degree of liquidity).

Funding sources should be classified according to ownership and timing.

Thus, summing up the above, we can draw the following conclusions:

The main purpose of financial analysis is to assess the financial condition and identify opportunities for the effective functioning of the enterprise;

The main task of financial analysis is the effective management of the financial resources of the enterprise.

Business management in a market economy is characterized by many features. First, in the total aggregate of the enterprise's resources, financial resources acquire a dominant significance. Secondly, the adoption of financial management decisions is always carried out in conditions of uncertainty. Secondly, as a consequence of the real independence of enterprises, the main problem of managers is finding sources of financing and optimization of investment policy. Fourth, when establishing commercial relations with any counterparty, you can rely solely on your own assessment of its financial solvency. Under these conditions, the validity of the management decisions taken in relation to a certain economic entity, and many of these decisions are essentially financial in nature, is largely determined by the quality of financial and analytical calculations.

Analysis is one of the general functions of managing economic systems, the importance of which is not influenced by time and can hardly be overestimated. To one degree or another, analysis is carried out by everyone who has even the slightest relation to the activities of economic entities. The purpose of this work was to investigate the main directions of assessing the financial condition of an enterprise. To achieve this goal, the following tasks were solved:

The essence and methods of financial analysis are investigated;

Studied the most important indicators of the financial condition of the enterprise;

The application of financial statements for the valuation of an enterprise is considered.

Thus, it can be argued that the tasks of the work have been completed, and the goal has been achieved.

BIBLIOGRAPHY

1. Order of the Federal Service of Russia for Financial Recovery and Bankruptcy of January 23, 2005 No. 16 "Guidelines for analyzing the financial condition of an enterprise"

2. Ginzburg A.I. Economic analysis. Tutorial. - SPb: Peter, 2004.

3. Kovalev VV Financial analysis: methods and procedures. Finance and statistics. Moscow: 2004.

5. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. Textbook. - M .: Prospect, 2004 .-- p. 240

6. Patrushina N.V. Analysis of financial results according to financial statements / Accounting. M .: 2005. No. 5, p. 68-72.

7. Directory of the enterprise financier. 3rd ed., Add. and revised INFRA-M, 2004.

8. Savitskaya G.V. Analysis of economic activities. Tutorial. M .: INFRA-M, 2004.

9. Financial management / Ed. A.M. Kovaleva - M .: INFRA-M, 2004.

10. Fedorova G.V. Financial analysis of enterprises with the threat of bankruptcy. - M .: Omega, 2003

11. Sheremet A.D., Negashev E.V. Financial analysis technique. M .: INFRA-M, 2004.

12. Sheremet A.D., Sayfulin R.S., Negashev E.V. Financial analysis methodology: Textbook. - M .: INFRA-M, 2005.

Order of the Federal Service of Russia for Financial Recovery and Bankruptcy of January 23, 2005 No. 16 "Methodological instructions for analyzing the financial condition of an enterprise"

Savitskaya G.V. Analysis of economic activities. Tutorial. M .: INFRA-M, 2004.-P.112.

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1.2 Methods for assessing financial condition

It is possible to set the correct diagnosis for an enterprise, namely, to determine in what state it is at a given time and what prerequisites it has for further development, possibly with the help of methodological diagnostic approaches. Currently, there are several methods for assessing the financial condition belonging to to different authors.

Diagnostics of the financial condition of enterprises is understood as an assessment of this condition and the direction of its change in the future based on a detailed analysis of financial indicators for a certain period of time.

Analysis has existed since time immemorial, being a very capacious concept. Analysis is a procedure for mentally and often real dismemberment of an object or phenomenon into parts.

The founder of systematic analysis in economics as an integral element of accounting is the Frenchman Jacques Savary (1622 - 1690), who introduced the concept of synthetic and analytical accounting and the science of enterprise management. Savary's ideas were deepened in the 19th century by the Italian accountant Giuseppe Cerboni (1827 - 1917), who created the theory of synthetic addition and decomposition of accounting accounts. In the late XIX - early XX centuries. an original concept in accounting appeared - balance sheet.

In Russia, the flowering of the science of balance analysis falls on the first half of the 20th century. A.K. Roschakhovsky (1910) is rightfully considered the first Russian accountant who truly appreciated the role of economic analysis and its relationship with accounting. In the 1920s, the theory of balance studies, in particular the method of balance analysis, was finally formed in the works of A.P. Rudanovsky, N.A. Blatov and others. In the late XIX - early XX centuries. the science of commercial computing is actively developing. Balance sheet analysis and commercial calculations are thus the essence of financial analysis. With the construction of a planned socialist economy in Russia, financial analysis was relatively quickly transformed into an analysis of economic activity. This happened by naturally diminishing the role of commercial computing, increasing control function, the dominance of the analysis of deviations of actual values \u200b\u200bfrom the planned ones, a decrease in the significance of the balance sheet as a tool financial management... Analysis was more and more separated from accounting, in fact, it turned into technical and economic analysis. By the beginning of the 40s, the first books on the analysis of economic activity appeared (D.P. Andrianov, M.F.Dyachkov, etc.). In the early 70s, the first books were published on the development of methodological approaches to the theory of economic activity analysis (MI Bakonov, AD Sheremet, II Karakoz).

During the restructuring of the economy (early 90s), there is a revival of the most important element of analytical work, like financial analysis. It is based on the analysis and management of financial resources of a business entity as the main and priority type of resources. The main performers of this analysis were accountants and financial managers. However, the analysis of economic activity, understood as technical and economic analysis, is not canceled - it becomes the prerogative of managers. Financial analysis is a way of accumulating, transforming and using information of a financial nature, with the purpose of:

Assess the current and future financial condition of the enterprise;

Assess the possible and expedient rates of development of the enterprise from the standpoint of their financial support;

Identify available sources of funds and assess the possibility and feasibility of mobilizing them.

Using the results obtained in the course of the analysis, which will become the basis for forecasting, it is possible to determine which phase of the enterprise's life cycle corresponds to its financial and economic condition. The financial condition of an enterprise is understood as a set of indicators that reflect the process of formation and use of its financial resources.

At the moment, many methods have been developed for analyzing the financial condition of an enterprise. However, not always the results of the analysis of known techniques can be used for forecasting. Which of them is more complete and quite accessible for the further development of the enterprise? It is possible to answer this question by comparing the selected methodological approaches to the analysis of the financial condition of the enterprise.

Consider the features of various methodological approaches to the analysis of the financial condition of an enterprise.

The methodology for analyzing the financial condition of the enterprise, proposed by A.D. Sheremet. and Sayfulin R.S.

The main stages of the analysis of the enterprise according to this technique and their summary are presented in table 1.

Table - 1 Stages of the analysis of the financial condition of the enterprise according to the method of A.D. Sheremet, R.S. Sayfulina

Stage name	Stage content
1. General assessment of the financial condition and its study for the reporting period	Compilation of the aggregate balance sheet Vertical and horizontal analysis of the aggregate balance sheet by item Calculation of financial ratios Detailing of changes by item of asset and liability balance
2.Analysis of financial stability	Determination of surplus (lack) of sources of funds for the formation of stocks and costs Determination of the degree of coverage of non-current assets by sources of funds
3. Analysis of balance sheet liquidity, business activity and solvency of the enterprise	balance sheet liquidity analysis: Grouping of items of assets and liabilities Comparison of corresponding totals of assets and liabilities Determination of current and prospective balance sheet liquidity Assessment of the degree of liquidity business analysis: Calculation of turnover ratios for various groups of assets Comparing them with standard values \u200b\u200band assessing business activity solvency analysis

In addition to these operations, the methodology assumes the possibility of calculating the following financial ratios:

Profitability ratio

Management efficiency ratio

Market stability coefficient

It should be noted that the main purpose of analyzing the financial condition of an enterprise based on this methodology is to ensure effective management of the financial condition of the enterprise and to assess the financial stability of its business partners.

In general, it can be said that the analysis methodology of A.D. Sheremet and R.S.Saifulin is the most popular, widely used, and has a number of advantages over other methods. It is compact, but at the same time contains a number of the most important and sufficiently capacious financial indicators, based on which a general picture of the state of affairs at the enterprise is formed. However, despite all the advantages, it does not take into account all the features of economic analysis under conditions of various levels of inflation.

Consider the methodology for analyzing the financial condition of an enterprise proposed by V.V. Kovalev.

Table 2 presents the main stages of the analysis of the enterprise according to the method of V.V. Kovalev.

Table - 2 Stages of the analysis of the financial condition according to the method of V.V. Kovaleva

1.Name of the stage	Stage content
2.Express - analysis	- Familiarization with the auditor's report
3.Preparatory stage	Deciding on the feasibility of further Technical check of readiness (counting procedures, verification of signatures, reporting forms)
4.Preliminary review of financial statements:	- familiarization with the explanatory note to the financial statements
5.Economic reading and reporting analysis	generalized assessment of the results of economic activities: Assessment of property, financial situation Evaluation of profitability, dynamism using financial ratios
6.Detailed analysis of the financial condition of the enterprise
7. Preliminary review of the economic and financial situation of the enterprise	Characteristics of the general direction of financial and economic activities Identification of "sick articles"
8.Evaluation and analysis of the economic potential of the enterprise	Assessment of property status (vertical, horizontal analysis, analysis of qualitative changes in property) Assessment of financial position (liquidity, financial stability)
9.Evaluation and analysis of the performance of financial and economic activities	Assessment of production activities Profitability analysis Assessment of the situation on the securities market

Methodology for assessing the financial condition of the enterprise Kovaleva V.V. involves an express analysis of the financial condition and detailed analysis of the financial condition.

The purpose of the express analysis is a clear and simple assessment of the financial well-being and the dynamics of development of an economic entity. In the process of analysis, V.V. Kovalev proposes to calculate various indicators and supplement it with methods based on the experience and qualifications of a specialist.

V.V. Kovaleva significantly expands the scope of the information base, which makes it possible to deepen and qualitatively improve the financial analysis itself.

Consider the technique proposed by G.V. Savitskaya. Table 3 presents the main stages of the analysis of the financial condition of the enterprise.

Table - 3 The main stages of the analysis of the financial condition according to the method of G.V. Savitskaya

Stages of the	Content
1.Evaluation of property status and capital structure
2.Analysis of sources of capital formation	Analysis of the dynamics and structure of capital Assessment of the cost of capital
3.Analysis of capital allocation
4. Evaluation of the efficiency and intensity of capital use.
5.Analysis of return on equity
6.Analysis of capital turnover
7.Evaluation of the financial condition of the enterprise
8.Analysis of financial stability of capital
9.Analysis of liquidity and solvency	Grouping of assets by degree of liquidity Assessment of liquidity indicators
10. Assessment of creditworthiness and bankruptcy risk.

Consider another technique proposed by V.I. Podolsky. Table 4 presents the main stages of the analysis of the financial condition of the enterprise.

Table - 4 Stages of analysis of the financial condition of the enterprise according to the method of V.I. Podolsky

Name of stages	Content
	Acquaintance with accounting reports Technical readiness check
1. General assessment of the financial condition of the enterprise and changes in its financial indicators for the reporting period	drawing up a comparative analytical balance: Calculation of the specific weights of the values \u200b\u200bof the balance sheet items for the reporting period Calculation of changes in balance sheet items to the values \u200b\u200bat the beginning of the period Calculation of changes in balance sheet items to changes in the total analytical balance
2.Analysis of the solvency and financial stability of the enterprise
comparison method	Calculation of surpluses or shortages of funds for the formation of stocks and costs Determination of the degree of financial stability of the enterprise
method of coefficients	Autonomy ratio Debt to equity ratio Equity ratio Maneuverability coefficient Funding ratio
3.Analysis of the creditworthiness and liquidity of the company's balance sheet
comparison method	- matching funds for an asset with liabilities for a liability
method of coefficients	Absolute liquidity ratio Coverage ratio or current liquidity
4.Analysis of the turnover of current assets
5.Analysis of enterprise asset turnover	Determination of asset turnover Determining the average value of assets Determination of the duration of the turnover Calculation of the indicator of attracting (releasing) funds into circulation
6.Analysis of receivables	Accounts receivable turnover indicator calculation Determination of the period for repayment of receivables Determination of the indicator of the share of receivables in the total volume of working capital Determination of the share of doubtful receivables
7. Analysis of the turnover of commodity - inventory	Inventory turnover indicator calculation Determining the shelf life of inventory
8.Analysis of the financial results of the enterprise	Assessment of the dynamics of indicators of balance sheet and net profit for the reporting period A quantitative assessment of the influence of a number of factors on the change in profit from product sales Calculation of the indicator of profitability of the enterprise
9 Assessing Potential Bankruptcy	Determination of signs of bankruptcy using the formula "Z - accounts" E. Altman Determination of signs of bankruptcy using the following coefficients: a) current liquidity ratio b) the ratio of the provision of own funds c) coefficient of recovery (loss) of solvency

Based on a comparison of the above methods for assessing the financial condition of an organization, the following conclusion can be drawn: at present, when analyzing the financial condition of an enterprise, the problem of choosing a method is highlighted. most of the existing methods repeat, complement each other and there is no optimal, universal methodology suitable for different industries and spheres of activity in the economy in Russia. The problem of the choice of methods must be considered and solved at the state level.

Of all the methods considered above, the most complete and meaningful for further conclusion is the method of V.I. Podolsky. It describes in detail the main stages of the analysis of the financial condition of the enterprise. The results of the analysis of the financial condition of the enterprise, obtained using this methodology, make it possible to determine which phase of the enterprise's life cycle corresponds to its financial condition and will help to predict its financial condition. But despite all the advantages, this technique, along with the technique of V.V. Kovaleva is intended for internal analysis of financial condition, since information is used, both accounting and production accounting at the enterprise. Potential users of these techniques will only be management, enterprise personnel and auditors.

A.D. Sheremet, R.S. Sayfulina and G.V. Savitskaya are methods of external analysis of the financial condition of the enterprise, i.e. analysis using public information (mainly accounting information) and, as a consequence, analysis, the results of which are used mainly by external users (shareholders, creditors, suppliers, buyers, investors, government bodies, associations of enterprises).

Since we will use public information (financial statements), in this thesis, to assess the financial condition of Betran - 2 LLC, the main methodology that we will use will be the method of A.D. Sheremet and R.S. Saifulin. This method, in my opinion, is most suitable in our case, although it does not take into account all the features of economic analysis under conditions of various levels of inflation. The methodology of V.I. Podolsky.

1.3 Reasons for financial instability of enterprises

Currently, most of Russian enterprises are experiencing financial difficulties. This is due not only to the general situation in the country, but also to the weakness of financial management at enterprises. Lack of skills to adequately assess their own financial condition, analyze the financial consequences of decisions made, put many organizations on the brink of bankruptcy.

In accordance with Federal law "On insolvency (bankruptcy)" (Federal Law of the Russian Federation of October 26, 2002 No. 127-FZ), insolvency (bankruptcy) means the inability of the debtor to fully satisfy the creditors' claims for monetary obligations and fulfill obligations to pay mandatory payments to the budget and extra-budgetary funds.

External signs of insolvency is the suspension of its current payments, if the company does not provide or knowingly is not able to ensure the fulfillment of creditors' claims within three months from the date of their due date.

Bankruptcy arises if there is no constant analytical work aimed at identifying and neutralizing hidden negative trends. Bankruptcy Prediction As Shows foreign experience, possibly 1.5-2 years before obvious signs appear. In its development, bankruptcy goes through several stages: a latent stage, a stage of financial instability, obvious bankruptcy.

At the latent stage, an imperceptible decrease in the "price" of the enterprise begins due to unfavorable trends both inside the enterprise and outside it. Analysis of the latent stage of bankruptcy can be carried out using the so-called "enterprise price" formulas.

A decrease in the price of an enterprise can mean either a decrease in its profitability or an increase in the average cost of obligations. The decline in profitability occurs under the influence of various reasons - internal and external. A significant part of the internal reasons can be defined as a decrease in the quality of management decisions. Most external causes are a manifestation of a general deterioration in the business environment.

At the stage of financial instability, difficulties with cash begin, and some early signs of bankruptcy appear: abrupt changes in the structure of the balance sheet and the income statement.

At the third stage, the company cannot pay debts on time, and bankruptcy becomes legally obvious. Bankruptcy manifests itself as an imbalance in cash flows. An enterprise can go bankrupt both in the context of industry growth, even a boom, and in conditions of industry slowdown and recession. In conditions of a sharp rise, competition increases, and in a recession, growth rates fall.

In all cases, the reason for the bankruptcy is an incorrect assessment by the leaders of the enterprise of the expected growth rates of their enterprise, under which sources of additional, usually credit financing, are found in advance.

Today, the most acute problem is the emergence of financial instability of organizations, therefore, it is at this stage of bankruptcy that we will focus and consider it in more detail.

At the stage of financial instability, external signs of an impending crisis appear. There are delays in payments, violation of contract terms, difficulties with cash, conflicts at the enterprise, financial indicators do not fit into the norm.

First of all, from the point of view of financial analysis, this stage makes itself felt through the indicators of liquidity and financial stability. Liquidity indicators allow you to determine the ability of an enterprise to pay off its short-term liabilities by realizing its current assets. Here the analysis of liquidity of the balance sheet structure, determination of liquidity and financial stability ratios is applied.

At this stage, drastic changes in any stage of balance in any direction are undesirable. However, of particular concern should be:

A sharp decrease in funds in accounts;

An increase in accounts receivable (a sharp decrease also indicates difficulties with sales, if accompanied by an increase in stocks of finished products);

Aging of accounts receivable;

Imbalance of accounts receivable and payable (a sharp decline, in the presence of money in the accounts, also indicates a decrease in the volume of activity);

Decreased sales.

A sharp increase in sales may also turn out to be unfavorable. in this case, bankruptcy may occur as a result of the subsequent imbalance of debts, if an ill-considered increase in purchases and capital costs follows. In addition, an increase in sales may indicate dumping of products before the liquidation of the enterprise.

When analyzing the work of an enterprise, alarm should also be caused by:

Delays in reporting;

Conflicts at the enterprise, dismissal of someone from the management, a sharp increase in the number of decisions made.

Enterprises experiencing rapid growth in activity require increased attention. They can go bankrupt due to erroneous calculations of efficiency, unbalanced debts.

At the stage of financial instability, management often resorts to cosmetic measures: it continues to pay high dividends, increase debt capital, selling part of the assets in order to remove investors' suspicions. When worsening financial situation it is not uncommon for managers to become prone to illegal actions.

Let's consider the financial problems of organizations in Russia in 1997-2007 (see table 5).

Table - 5 Assessment of factors limiting business activity organizations (as a percentage of the total number of base organizations)

	1997	2000	2001	2002	2003	2004	2005	2006	2007
Lack of funds	78	74	69	65	61	56	42	41	35
Insufficient demand for the organization's products within the country	51	36	37	44	44	43	51	48	42
The uncertainty of the economic environment	41	36	29	24	23	20	21	20	16
Lack of proper equipment	14	19	20	19	19	18	30	30	30
High competition from foreign manufacturers	15	11	12	15	16	17	22	25	25
Insufficient demand for the organization's products abroad	12	11	12	14	13	13	19	19	18

Consider also the statistics on the debts of organizations in Russia in 2007 (see Table 6).

Table - 6 The structure of accounts payable and receivable of organizations by type of economic activity in 2007 (at the end of the year; as a percentage of the total)

Sector name	Accounts payable		Receivables
	Total	Overdue	Total	Overdue
Total	100	100	100	100
- including by type of activity:
agriculture, hunting and forestry	2,2	5,3	1,8	2,3
fishing, fish farming	0,3	0,3	0,1	0,2
mining	8,8	16,9	9,5	16,9
manufacturing industries	27,1	25,8	25,5	23,0
construction	11,3	9,6	7,7	6,5
wholesale and retail trade; repairs vehicles, motorcycles, household products and personal items	24,4	11,7	28,2	21,0
hotels and restaurants	0,3	0,2	0,2	0,0
transport and communication	8,0	5,5	9,0	6,4
financial activities	1,1	0,0	1,2	0,0
real estate transactions, rental and service provision	9,6	9,1	10,4	8,0
research and development	3,4	1,3	2,1	1,2
public administration and military security; compulsory social security	0,0	0,1	0,0	0,0
education	0,1	0,0	0,0	0,0
health care and social services	0,2	0,1	0,1	0,0
provision of other communal, social and personal services	0,5	0,7	0,6	0,5

The emergence of financial problems of enterprises, namely financial instability, is due to a number of reasons. These reasons can be divided into two main groups: external (not dependent on the activities of the enterprise) and internal (depending on the activities of the enterprise).

External causes of financial instability include:

1) Socio-economic reasons:

Inflation growth;

Instability of the tax system;

Instability of regulatory legislation;

Decrease in the level of real incomes of the population;

Rising unemployment.

2) Market reasons:

Decrease in the capacity of the domestic market;

Increased monopoly in the market;

Foreign exchange market instability;

Increase in the supply of substitute goods.

3) Other external reasons:

Political instability;

Natural disasters;

Deterioration of the crime situation.

TO internal reasons the occurrence of financial instability of enterprises include:

1) Management reasons:

Ineffective financial management;

Poor management of production costs;

Lack of flexibility in management;

High level of commercial risk;

Insufficient knowledge of market conditions.

Insufficient quality accounting and reporting system

Production reasons:

Lack of unity of the enterprise as a property complex;

Outdated and worn out fixed assets;

Low labor productivity;

High energy consumption;

Overloaded with objects social sphere.

Market reasons:

Low competitiveness of products;

Dependence on a limited range of suppliers and buyers.

Of course, all of the above reasons may underlie the financial instability of an enterprise, but managerial reasons have a greater impact on the financial condition. In other words, if the financial management of an enterprise is poorly organized, the diagnosis of the state is not carried out in a timely manner, and if any financial difficulties arise, appropriate measures are not taken, financial instability arises and, as a result, bankruptcy.

...: Business game "Delta" ": Textbook. allowance. - Minsk: Belfrance. - 1997 .-- 107 p. 3. Kovalev A. I., Privalov V. P. "Analysis of the financial condition of the enterprise." - Edition 2, revised and enlarged - M .: Center for Economics and Marketing. - 1997 .-- 192 p. 4. Rudaya I. L. "Strategic business game" Nixdorf Delta "": Textbook. allowance. - M .: Finance and statistics. - 2002 .-- 280 p. 5. Rudaya I. L. “...

Weight of circulating assets in the total amount of all assets,% 69.4 64.8 Turnover period of circulating assets (days) 82 122 Economic profitability of assets,% 24.5 10.3 To strengthen the financial condition of Zhelezobetonspetsstroy CJSC it is recommended to reduce accounts receivable. For this, a number of measures should be taken: 1) to form a system of credit conditions for ...

... are the most important characteristics of the actual environment for the formation of profit and income of enterprises. For this reason, they are indispensable elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as a tool for investment policy and pricing. Product profitability shows how much profit is accounted for ...