Analysis of the financial stability of the company allows you to evaluate. Financial stability ratios

Introduction.

Theoretical part.

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

   Meaning financial stability.

   Indicators of financial stability.

   Coefficients of financial stability.

Brief description of the enterprise.

Practical part.

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

3.2. Horizontal and vertical balance analysis.

3.3. Analysis of financial stability.

Conclusion.

Bibliography.

Application.

Introduction.

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

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

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

The analysis of financial stability proceeds from the main balance formula, which establishes a balance between the indicators of the asset and liabilities of the balance sheet.

1. Theoretical part.

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

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

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

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

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

1.2. The value of financial stability.

The key to survival and the basis for the stability of the enterprise is its sustainability. The stability of the enterprise is influenced by various factors:

The position of the enterprise in the commodity market;

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

Its potential in business cooperation;

The degree of dependence on external creditors and investors;

Presence of insolvent debtors;

The efficiency of economic and financial transactions etc.

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

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

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

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

3. Financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted production and sale of products. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

An analysis of the stability of the financial condition of an enterprise on a particular date allows us to answer the question: how correctly the enterprise managed financial resources during the period preceding this date. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess - hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources. Its external manifestation is the solvency of the enterprise.

Solvency is the ability to fully fulfill their payment obligations arising from trade, credit and other payment transactions in a timely manner.

1.3. Indicators of financial stability.

Absolute indicators of financial stability are indicators that characterize the degree of provision of reserves and costs with the sources of their formation.

To assess the state of reserves and costs, the data of the group of articles “Reserves” of the II section of the asset balance are used.

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

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

SOS=Irp-IRA

where IrP - I section of the liabilities side of the balance sheet;

IrA - I section of the asset balance.

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

SD = SOS + Irp

The total value of the main sources of formation of reserves and costs(OI), determined by increasing the previous indicator by the amount of short-term borrowings (GLC):

OI = SD + GLC

1.4. Coefficients of financial stability.

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

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

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

equity ratio;

coefficient of provision of material reserves with own working capital;

agility factor own funds.

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

The calculated actual ratios of the reporting period are compared with the norm, with the value of the previous period, a similar enterprise, and thereby reveals the real financial condition, weak and strengths firms.

1. Equity ratio.

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

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

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

3. Agility factor equity

The optimal value is 0.5.

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

AT market conditions, when economic activity enterprise and its development is carried out at the expense of self-financing, and in case of insufficiency of own financial resources - at the expense of borrowed money, an important analytical characteristic is the financial stability of the enterprise.

Financial stability is a certain state of the company's accounts, which guarantees its constant solvency. As a result of the implementation of any business transaction, the financial condition of the enterprise may remain unchanged, either improve or worsen. Flow business transactions committed daily, is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowledge of the marginal limits of changes in sources of funds to cover capital investment in fixed assets or productive reserves allows you to generate such flows of business transactions that lead to an improvement in the financial condition of the enterprise, to increase its sustainability.

The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities.

In practice, different methods of financial stability analysis are used. Let's analyze the financial stability of the enterprise using absolute indicators.

A generalizing indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference between the value of sources of funds and the value of reserves and costs.

The total amount of stocks and costs is equal to the sum of lines 210 and 220 of the asset balance (ZZ).

To characterize the sources of formation of reserves and costs, several indicators are used that reflect different types of sources:

1. Availability of own working capital (490-190-3 90);

2. Availability of own and long-term borrowed sources of reserves and costs or functioning capital (490+590-190);

3. The total value of the main sources of formation of reserves and costs (490+590+610-190). In view of the lack of short-term borrowed funds (610), this indicator is equal to the second in total.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of long term. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors.

Financial stability in the long term is characterized, therefore, by the ratio of own and borrowed funds. However, this figure only overall score financial sustainability. Therefore, in the world and domestic accounting and analytical practice, a system of indicators has been developed.

Along with absolute indicators, the financial stability of the organization is also characterized by financial ratios. Table 14 presents the first part of financial stability indicators.

Table 13. Financial stability indicators for 2008

The coefficient of maneuverability of own funds. Shows how much equity is in mobile form allowing relatively free maneuvering. High values ​​of the maneuverability coefficient positively characterize the financial condition.

K= SK - PA/SK=SOS/SK

To n.g. (5397-3746) / 5397 \u003d 0.31 K k.g. (7019-4037)/7019=0.42

Assessing the dynamics of this indicator, we can conclude that the maneuverability coefficient (0.42) has increased and is at the level of a normal value.

Equity ratio. Based on this ratio, the balance sheet structure is recognized as satisfactory (unsatisfactory), and the organization itself is recognized as solvent (insolvent). The growth of this indicator in dynamics over a number of periods is considered as an increase in the financial stability of the organization.

K=(SK-PA)/TA=SOS/TA

To n.g. (5397-3746) / 9854 \u003d 0.17 K k.g. (7019-4037)/8332=0.36

Throughout the considered time period, the equity ratio increased from 0.17 to 0.36, the organization is well provided with its own sources of financing, which shows its solvency.

The coefficient of endowment with reserves from own sources. Shows the sufficiency of own working capital to cover stocks, work in progress costs and advances to suppliers. For the financial stability of the enterprise, the value of this indicator should exceed 1.

C=SC-PA/Z=SOS/Z

To n.g. (5397-3746) / 9589 \u003d 0.17 K.g. (7019-4037)/7871=0.38

The indicator did not approach the optimal level at the end of the reporting period (0.38).

Coefficient of autonomy (concentration of own capital). It characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The higher the value of this ratio, the more stable from a financial point of view, stable and regardless of external sources company. The extreme value of the indicator is 0.5.

To n.g. 5397/13600=0.40 K kg 7019/12369=0.57

The indicator shows that at the beginning of the reporting period, the autonomy coefficient was below the level (0.40), but at the end of the period it increased by (0.17), which characterizes the enterprise from a good side and increases the relationship with creditors.

Ratio of own and borrowed funds (independence ratio). This ratio gives the most general assessment of financial stability. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e. on the decline in financial stability. For optimal ratio exponent must be less than 1.

To n.g. 8203/5397=1.52 K k.g 5350/7019=0.76

The coefficient shows a decrease in the indicator by the end of the period by (0.76) and it did not approach the level, which indicates a decrease in financial stability.

The ratio of long-term investment security determines what share invested capital immobilized into permanent (non-current) assets.

K=PA/SC+DO

To n.g. 3746/5397=0.69 K.g. 4037/7019=0.57

The value of the coefficient decreased by (0.12), the indicator at the end of the year did not exceed the level.

The immobilization coefficient characterizes the ratio of permanent and current assets. This indicator reflects, as a rule, the industry specifics of the organization and the stability of the enterprise in terms of the possibility of repaying short-term debt. The smaller the value of this coefficient, the greater the indicated possibility.

To n.g. 3746/9854=0.38 K.g. 4037/8332=0.48

Considering the dynamics of this indicator, we can conclude that the company is stable in terms of repayment of short-term debt.

E. Altman's bankruptcy probability indicator (Z - indicator). Z - Altman's indicator is a complex indicator that includes a whole group of indicators that characterize different aspects of the enterprise's activities: the structure of assets and liabilities, profitability and turnover. In this regard, it is interesting to analyze the influence of the components of the Altman index on the change in the assessment of the probability of bankruptcy. This indicator is calculated by the formula:

Z \u003d (TA / WB * 1.2) + (DK / WB * 1.4) + (PE / WB * 3.3) + (UK / WB * 0.6) + (V / WB)

Z n.g. (9854/13600)*1.2+(1604/13600)*3.3+(300/13600)*0.6+(7154/13600)=1.80

Z k.g. (8332/12369)*1.2+(1622/12369)*3.3+(300/12369)*0.6+(10560/12369)=2.1

The table shows the values ​​of the indicator and the probability of bankruptcy comparable to it.

Table 14. Probability of bankruptcy

Taking into account that the formula for calculating the Z - indicator in the form presented here differs from the original (in particular, instead of authorized capital(UK) in the original version is used market value shares - an indicator that is currently undetermined), it is recommended to lower the upper limit of the "very high" degree of bankruptcy probability to 1.5. In a retrospective analysis of an enterprise, one should pay attention not so much to the scale of the probability of bankruptcy as to the dynamics of this indicator.

Analyzing the data in Table 13, we can conclude that the enterprise's probability of becoming bankrupt decreases. The financial dependence of the organization is not much lower than the critical level. The organization needs to reduce inventory and costs, increase its own sources of coverage, otherwise financial position enterprises will move to an unstable state.

The main factors determining the financial stability of an enterprise include the financial structure of capital (the ratio of borrowed and own funds, as well as long-term and short term sources funds) and the financing policy of individual component assets (primarily not current assets and stocks). Therefore, in order to assess financial stability, it is necessary to analyze not only the structure of financial resources, but also the directions of their investment.

To assess the level of financial stability, use the following indicators(table 1.2.1):

The ratio of borrowed and own funds;

Coefficient of autonomy (solvency);

The coefficient of maneuverability of own funds;

The coefficient of financial stability of the organization;

Coefficient of financial dependence;

Equity concentration ratio;

Debt capital concentration ratio;

Debt capital structure ratio;

Ratio of borrowed and own funds.

Table 1.2.1

Indicators of financial stability.

Continuation of table 1.2.1

Continuation of table 1.2.1

Financial stability ratios are calculated to assess various kinds activities of the company (for example, operations with own, borrowed funds, etc.).

1. Ratio of own and borrowed funds:

KSZS \u003d ZK / SK, where ZK is borrowed capital;

SC - equity.

This ratio gives the most general assessment of the financial stability of the enterprise. For example, its value at the level of 0.5 shows that for every ruble of own funds invested in the assets of the enterprise, there are 50 kopecks of borrowed sources. The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, i.e. in a certain sense, about reducing its financial stability.

2.Coefficient of autonomy:

KA =SK/VB, where SK - equity;

VB - balance currency.

The coefficient shows the degree of independence of the enterprise from borrowed sources of funds. The coefficient value must be > 0.5.

3. Coefficient of maneuverability of own funds:

KM=CC/CK, where СС - own working capital;

SC - equity.

It shows how much of the equity capital is used to finance current activities, i.e. invested in working capital. The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of its assets. For industrial enterprises, the maneuverability coefficient should be ≥ 0.3.

4. Coefficient of financial stability of the organization.

Financial stability ratio - determines the degree of efficiency in the use of capital invested in the assets of the enterprise. The calculation is made according to the formula:

KFU=(NC+FEFD)/WB, where FEFD is long-term financial liabilities.

5.Coefficient of financial dependence:

Kfz=Vb/Sk, where: Kfz is the reciprocal of the equity concentration ratio; Sk - equity, Vb - balance sheet currency. If the coefficient of financial dependence has a value greater than 1.5, then this means that a sufficiently large proportion of the total assets of the enterprise is financed by borrowed funds. The financial stability of such an enterprise is low, as the enterprise becomes dependent on creditors.

6.Coefficient of concentration of own capital.

Determines the share of funds invested in the activities of the enterprise by its owners. The higher the value of this ratio, the more financially stable, stable and independent of external creditors the enterprise.

The equity concentration ratio is calculated using the following formula:

KKSK=SK/VB, where: SK-own capital;

WB - balance sheet currency.

7.Coefficient of concentration of borrowed capital.

The concentration ratio of debt capital is essentially very similar to the concentration ratio of equity

The debt capital concentration ratio is calculated using the following formula:

ККЗК=ЗК/ВБ, where: ЗК - borrowed capital (long-term and short-term obligations of the enterprise);

VB - balance currency.

8.Coefficient of the structure of borrowed capital.

The indicator shows from what sources the borrowed capital of the enterprise is formed. Depending on the source of capital formation of the enterprise, it can be concluded how the non-current and current assets of the enterprise are formed, since long-term borrowed funds are usually taken for the acquisition (restoration) of non-current assets, and short-term loans for the acquisition of current assets and the implementation of current activities.

Debt capital structure ratio is calculated using the following formula:

KSZK=DP/ZK, where: DP-long-term liabilities;

ZK-borrowed capital.

9. The ratio of borrowed and own funds.

The more the coefficient exceeds 1, the greater the dependence of the enterprise on borrowed funds. The permissible level is often determined by the operating conditions of each enterprise, primarily by the speed of turnover of working capital. Therefore, it is additionally necessary to determine the turnover rate of inventories and receivables for the analyzed period. If accounts receivable turn around faster than working capital, which means a rather high intensity of cash flow to the enterprise, i.e. as a result - an increase in own funds. Therefore, with a high turnover of material working capital and an even higher turnover of accounts receivable, the ratio of own and borrowed funds can be much higher than 1.

The ratio of own and borrowed funds is calculated according to the following formula:

KSZ=ZK/SK, where: ZK-borrowed capital of the enterprise;

SC-own capital of the enterprise.

Financial Stability Analysis: What is it?

Financial stability- an integral part of the overall sustainability of the enterprise, balance financial flows, the availability of funds that allow the organization to maintain its activities for a certain period of time, including servicing loans received and producing products.

The main indicators of the financial stability of the organization

The main indicator that affects the financial stability of the organization is the share of borrowed funds. It is generally believed that if more than half of the company's funds are borrowed, then this is not a very good sign for financial stability; for different industries, the normal share of borrowed funds may fluctuate: for trading companies with high turnover it is much higher.

In addition to the above ratios, the financial stability of an enterprise reflects the liquidity of its assets in comparison with liabilities by maturity: the current liquidity ratio and the quick liquidity ratio.

Autonomy coefficient

Autonomy coefficient(financial independence ratio) characterizes the ratio of equity capital to the total amount of capital (assets) of the organization. The ratio shows how independent the organization is from creditors.

Capitalization ratio

Capitalization ratio(capitalization ratio) is an indicator that compares the size of the long-term accounts payable with aggregate sources long term financing, including, in addition to long-term accounts payable, the equity of the organization. The capitalization ratio allows you to assess the adequacy of the organization's source of financing for its activities in the form of equity.

Reserves coverage ratio

Reserves coverage ratio- This is an indicator of the financial stability of the organization, which determines the extent to which the organization's material reserves are covered by its own working capital.

Asset coverage ratio

Asset coverage ratio (asset coverage ratio) measures the ability of an organization to repay its debts with existing assets. The ratio shows what part of the assets will go to cover debts.

Investment coverage ratio

Investment coverage ratio- this is a financial ratio showing what part of the organization's assets is financed from sustainable sources: own funds and long-term liabilities.

Interest coverage ratio

Interest coverage ratio(interest coverage ratio, ICR) characterizes the organization's ability to serve its debentures. The indicator compares earnings before interest and taxes (EBIT) for certain period time (usually one year) and the interest on the debt for the same period.

One of the characteristics of the stable position of the enterprise is its financial stability.

The following financial stability ratios, characterize independence for each element of the enterprise's assets and for property as a whole, make it possible to measure whether the company is financially stable enough.

The simplest financial stability ratios characterize the ratio between assets and liabilities in general, without regard to their structure. The most important indicator this group is autonomy coefficient(or financial independence, or concentration of equity in assets).

The stable financial position of the enterprise is the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise. Financial stability is due both to the stability of the economic environment within which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.