Coefficient of the structure of long-term investments output. Calculation of capitalization ratios. Long-term investment structure coefficient - value

Kks \u003d SK / WB, (10)

where SC - equity; VB - balance currency.

This indicator characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. It is believed that the higher the value of this ratio, the more financially stable, stable and independent of external creditors the enterprise.

The addition to this indicator is the coefficient of concentration of borrowed capital Kkp:

Kkp \u003d ZK / WB, (11)

where ZK- borrowed capital.

These two coefficients add up: Kks + Kkp = 1.

2. Ratio of debt and equity capital Кс:

Ks \u003d ZK / SK,

Кс is the ratio of debt and equity capital.

It shows the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the enterprise.

3. The coefficient of maneuverability of own funds Km:

Km=SOS / SK, (12)

where SOS - own working capital.

This ratio shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of its assets, including current assets.

SOS \u003d SK + DP-VA \u003d (1V + V - 1). (13)

It is assumed that long-term liabilities are intended to finance the main funds and capital investments.

4. Coefficient of the structure of long-term investments Ksv:

Ksv \u003d DP / VA, (14)

where DP - long-term liabilities; VA - non-current assets.

The ratio shows what part of the fixed assets and, others outside current assets financed by long-term borrowed sources.

5. Sustainable financing ratio cUf:

KUf \u003d (SK + DP) / (VA + TA), (15)

where (SC + DP) - permanent capital; (VA + ТА) - the sum of non-current and current assets.

This ratio of the total value of own and long-term borrowed sources of funds to the total value of non-current and current assets shows what part of the assets is financed from sustainable sources. In addition, KUf reflects the degree of independence (or dependence) of the enterprise on short-term borrowed sources of coverage.

6. The coefficient of the real value of property Kr:

Kp \u003d Ri / WB, (16)

where Ri is the total cost of fixed assets, raw materials, work in progress and IBE.

The coefficient of the real value of the property is calculated as the quotient of dividing the total value of fixed assets, stocks of raw materials and materials, low-value and wearing out items and work in progress by the total value of the enterprise's property (balance sheet currency). The listed elements of assets included in the numerator of the coefficient are essentially the means of production, the necessary conditions for the implementation of the main activity, i.e. production potential of the enterprise. Consequently, the Kp coefficient reflects the share in the assets of the property that provides the main activity of the enterprise. It is clear that this coefficient is of limited use and can reflect the real situation only at enterprises in the manufacturing industries, and in different industries it will vary significantly.

One of the criteria for assessing the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs (material working capital).

There are usually four types of financial stability:

1. Absolute stability of the financial condition, when stocks and costs are less than the amount of own working capital and bank loans against inventory items (Krt.m.ts.):

3 < СОС + КРт.м.ц (17)

At the same time, the following condition must be met for the ratio of reserves and costs by sources of funds (Ka):

Ka \u003d (SOS + KRT.m.ts) / Z \u003d 1 (18)

2. Normal stability, in which the solvency of the enterprise is guaranteed if

3 = SOS + Krt.m.ts at Ka = (SOS + Krt.m.ts) / Z > 1 (19)

3. Unstable (pre-crisis) financial condition, in which the balance of payments is disturbed, but it remains possible to restore the balance of payment means and payment obligations by attracting temporarily free sources of funds (Ivr) into the turnover of the enterprise (reserve fund, accumulation and consumption fund), bank loans for temporary replenishment of working capital, etc.

3 \u003d SOS + Krt.m.ts + Ivr at Kn \u003d (SOS + Krt.m.ts + Ivr) / Z \u003d 1 (20)

At the same time, financial instability is considered acceptable if the following conditions are met:

inventories plus finished goods are equal

or exceed the amount of short-term loans and borrowings involved in the formation of reserves;

Work in progress plus prepaid expenses are equal to or less than the amount of own working capital.

4. Crisis financial condition (the company is on the verge of bankruptcy), in which

3 > SOS + Krt.m.ts at Kn = (SOS + Krt.m.ts + Ivr) / Z< 1 (21)

The equilibrium of the balance of payments in this situation is ensured by overdue payments on wages, bank loans, suppliers, the budget, etc.

Sustainability financial condition can be recovered:

· Accelerating the turnover of capital in current assets, resulting in a relative reduction in the ruble of turnover, revenue;

reasonable reduction of stocks and costs (up to the standard);

· Replenishment of own working capital from internal and external sources.

Determination of the effectiveness of the investment project.

Investment project – justification of the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical actions for the implementation of investments (business - plan).

Payback period of the investment project is the period from the date of commencement of financing of the investment project until the day when the actual volume of investments is equal to the amount of the investor's accumulated net profit and accumulated depreciation on the investor's depreciable property created as a result of investment activities.

A firm's decision to invest is based on the calculation present value future income. The firm must determine whether future profits will exceed its costs or not. The opportunity cost of investing will be the amount of bank interest on capital equal to the amount of the proposed investment. This is the essence of the firm's investment decision. At the same time, the choice of a firm is complicated by the presence of a situation of uncertainty arising from the fact that investments, as a rule, are long-term.

In financial and investment calculations, the process of bringing future income to the current value is commonly called discounting.

When assessing the feasibility of investments, a discount rate (capitalization) is set, i.e. an interest rate that characterizes the investor's rate of return (a relative indicator of the minimum annual income). Using the discount (discount percentage), a special discount factor (based on the compound interest formula) is determined for ghosting investments and cash flows in different years to the present moment.

Discount rate in a broad sense, represents the opportunity cost of fixed capital and expresses the rate of return that the firm could receive from alternative capital investments.

For a constant discount rate E discount coefficient a t is determined by the formula:

where t is the calculation step number.

The result of comparing two projects with different distribution of the effect over time can significantly depend on the discount rate. Therefore, her choice is important. Usually this value is determined based on the deposit interest on deposits. You need to take it more at the expense of inflation and risk.

When all capital is borrowed, the discount rate is the appropriate rate of interest determined by the terms of the interest payments and repayments of the loans.

When the capital is mixed, the discount rate can be found as the weighted average cost of capital, calculated taking into account the capital structure, the tax system.

Any firm in any market is forced to invest due to the depreciation of fixed capital in the production process in the expectation of increasing its profits. In this regard, the question arises of the expediency of making investments, will they bring additional profit to the company or lead to a loss?

To answer this question, it is necessary to compare the volume of planned capital investments with the current discounted value of future income from these investments. When expected returns are greater than the investment, the firm can invest. With the inverse ratio of these values, it is better to refrain from investing in order to avoid losses.

Therefore, the investment condition will look like:

Ie< PDV,

where Ie is the planned investment volume,

PDV is the present discounted value of future earnings.

The difference between the values ​​presented in the formula is commonly referred to as the net present value (NPV).

net present value(net present value, net discounted income, integral effect) is defined as the sum of current effects for the entire calculation period, reduced to the initial step. Net present value is the excess of the integral inflow of money over the integral outflow (costs).

It is obvious that the firm makes an investment decision, focusing on the positive value of the net present value, i.e. when (NPV > 0).

Yield Index- the ratio of the sum of the reduced effects to the sum of the discounted capital investments.

Internal efficiency ratio(internal rate of return, internal rate of return, rate of return of capital investments) is such a discount rate at which the integral economic effect over the life of the investment is zero.

When the internal efficiency ratio is equal to or greater than the required rate of return on capital required by investors, the investment in this project is justified. Otherwise, they are inappropriate.

Choice of funding sources.

The choice of methods and sources of financing for an enterprise depends on many factors: the experience of the enterprise in the market, its current financial condition and development trends, the availability of certain sources of financing, the ability of the enterprise to prepare all the required documents and submit the project to the financing party, as well as the terms of financing ( cost of capital raised). However, it is necessary to note the main thing: an enterprise can find capital only on those conditions on which given time real operations are carried out to finance similar enterprises, and only from those sources that are interested in investments in the relevant market (in the country, industry, region). You can get a complete picture of the current financing conditions in the market without any problems and in the shortest possible time by interviewing key financial institutions or by contacting corporate finance consultants. In this case, both the existing financing conditions and the likelihood of successfully raising capital from the proposed source should be assessed.

Financing of the enterprise is usually carried out in various ways. At the same time, the higher the investor's risks, the higher the expected income by investors.

The inability to mobilize capital in time has led to the loss of competitiveness by many Russian enterprises, and sometimes to their complete degradation. The time factor in the modern economy, characterized by a high degree of globalization and increased requirements for the ability of an enterprise to quickly respond to changes in the market, is the most significant. At the same time, the owners and management of the enterprise must be aware that the enterprise can be financed only from those sources and only on those conditions that are actually presented on the financial market.

Government funding

The overwhelming majority of Russian enterprises rely on financing from the state budget. Firstly, this is the most traditional source of funding, and therefore, trying to get funding from the regional administration or the government is more common and does not require new knowledge and skills from management. Secondly, preparing a project for a private investor is an order of magnitude more difficult than for the state: the state's requirements for information disclosure and preparation of investment projects are more formal than professional. Thirdly, the state is the most loyal creditor, and many enterprises do not return loans received from it on time without fear of being declared bankrupt. If your company really has the opportunity to receive direct government funding, guarantees or a tax credit, then this should be used. The infrastructure, social, defense and scientific projects that, due to objective reasons, are not able to access financing from commercial sources, have the greatest chances to receive funding from the state budget. However, it should be taken into account that the total need for financing of the Russian industry exceeds 1 billion US dollars, and, consequently, the probability of obtaining state financing by commercial enterprises is negligible and does not exceed 1%.

Leasing, or financing by equipment suppliers

The purchase of assets by installments is available for enterprises that have a good financial condition and positive development trends. In this case, the asset acquired by the enterprise serves as security, which becomes the full property of the enterprise only after its cost has been fully paid. The company must have the amount to pay the initial fee, which is from 10 to 50% of the value of the acquired asset. This method of financing is mainly used when purchasing equipment. Typically, leasing companies prefer those types of equipment that can be easily dismantled and transported. That is why leasing operations are very common when purchasing vehicles (ships, planes, trucks, etc.).

Vendor financing is also very common. Many manufacturers, as a mechanism to stimulate demand, offer their customers the purchase of equipment in installments, after paying the initial down payment. At the same time, they also give preference to reliable and dynamically developing enterprises. It is also necessary to take into account that the presence of a reputable private investor (for example, a well-known investment bank or fund), who took the risk and acquired the shares of the enterprise, is a significant positive factor for manufacturers when deciding whether to supply equipment in installments.

(The issue related to the topic of leasing, we considered in more detail in Nos. 2 and 3 of "FM" for 2001.)

Commercial loans

This is the most common way to finance businesses. The terms of financing in banks are different. For example, in a foreign bank, the interest rate may be LIBOR + 2%. However, a Russian enterprise applying for a loan from a foreign bank must not only have high solvency and liquidity, but also submit financial statements that comply with international standards, confirmed by one of the leading international audit firms. At the same time, the most important factor in a bank's decision to grant a loan was and remains the availability of liquid collateral or reliable guarantees. It is also necessary to take into account the fact that Russian banks practically do not have cheap resources that they can provide to enterprises for a relatively long period of 3-5 years. IN Lately there were examples of successful financing of long-term industrial projects, for example, by Sberbank. Thus, if your company has liquid collateral and the terms of the loan are acceptable from an economic point of view, then you can resort to bank loans. However, they can hardly be the only long-term financing tool. Usually a combination of equity and debt capital is used.

Bond loan

Raising capital through the placement of bonds in the financial market is certainly an attractive way to finance a company. Especially from the point of view of business owners, since in this case there is no redistribution of property. However, an enterprise planning to issue and place bonds must have a stable financial position, good development prospects, and a bond loan must be secured by the enterprise's assets. The experience of the last two years shows that the largest Russian companies that are well-known on the market, demonstrating high rates of development and operating in industries attractive to investors, such as energy and telecommunications, have real chances for a successful placement of their bonds. There is a very high risk that the placement of bonds on the market will be unsuccessful if you are not sure that the bonds of your company will be perceived by the financial market as a liquid and attractive instrument; in this case, you should refrain from using this method of financing.

Preference shares

Holders of preferred shares have certain advantages over holders of ordinary shares, such as priority in the distribution of profits or a higher priority in repayment of obligations in the event of liquidation of the enterprise. However, preference shares do not give their holders the right to participate in the management of the enterprise. Consequently, in the event of negative trends, the investor does not have the opportunity to influence the management decisions made by the management of the enterprise. At the same time, it is also problematic to sell preferred shares to other investors. Thus, preferred shares are a risky instrument for an investor. An exception may be preferred shares of the largest and most reliable Russian companies.

Ordinary shares

The vast majority of Russian enterprises are characterized by an unstable financial situation, lack of liquid collateral and the ability to provide reliable guarantees for loans. In addition, although many enterprises have a long history and technological experience in the industry, from a business point of view, they are often at a very early stage of development. However, some of them, in case of attracting the necessary capital, acquire significant growth potential and, therefore, may be attractive to the investor. The only real source of funding for such ventures is risk capital. Ordinary shares of enterprises are acquired only by those investors who are ready to share the risks of the business with the existing owners of the enterprise, do not require security and guarantees. At the same time, investors are guided by the following criteria: growth potential, the ability of management to ensure business growth, financial transparency and the ability to influence decisions, as well as the ability to exit the project through the sale of shares on stock market or strategic investor.

The profitability that financial investors who purchase ordinary shares are guided by is quite high (IRR > 35%). The results of the activities of investment funds in Russia show that the efficiency indicators obtained by them in financing Russian industrial projects are much higher. For example, according to Baring Vostok Capital Partners, the fund's ten completed IRR was 78%. Although the operating profitability of a business may not exceed 20%, the business value of a successful enterprise usually increases many times over. Investors are guided by the fact that they will receive the main profit after selling their block of shares in 3-5 years on the stock market or to another strategic investor. One of the biggest barriers to raising risk capital in Russia's industry is the reluctance of existing owners to share property with investors. Unfortunately, more and more often this leads to the fact that the enterprise is destroyed without capital, and the owners are left with nothing. Effective cooperation with private investors is possible only if the existing owners are also focused on increasing the value of the business by ensuring the profitable operation of enterprises. That is, they will consider the main source of their income not operating cash flow, but the return on equity capital that they own.

Possible sources of capital for industrial enterprises include the following:

1. Venture funds and private equity funds that form an investment portfolio of a small number of specific enterprises for a period of 3 to 6 years, followed by exit from the project.

2. Strategic investors, industrial companies or financial institutions specializing in certain industries.

3. Investment brokers that carry out private placement of shares of enterprises among individual and institutional investors.

4. Investment banks providing project financing.

Traffic report analysis Money

Statement of cash flows (hereinafter - ODDS) - the main source of information for the analysis of cash flows. Analysis of the cash flow statement allows you to significantly deepen and adjust the conclusions regarding the liquidity and solvency of the organization, its future financial potential, previously obtained on the basis of static indicators during the traditional financial analysis.

The main purpose of the ODS is to provide information about changes in cash and cash equivalents to characterize an entity's ability to generate cash. The organization's cash flows are classified in terms of current, investment and financial activities. ODDS structure:

1. The result of section I: net inflow (+| / outflow (-) of cash from the operating (current) activities of the enterprise.

2. The result of section II: net inflow (+] / outflow (-] of funds from the investment activities of the enterprise.

3. Outcome of section III: net inflow (+) / outflow (-] of cash from financial activities enterprises.

4. Change in the amount of cash (line I +/- line 2 +/- line 3).

5. The amount of cash at the beginning of the reporting period.

6. The amount of cash at the end of the reporting period (p. 4 + p. 5).

The methodological basis for compiling a cash flow statement is currently determined in Russia by Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 No. 67n “On Forms of Financial Statements of Organizations”. The cash flow statement is presented in form No. 4 of the annual financial statements.

Cash means the balance of cash and cash equivalents on settlement, currency and special bank accounts, on hand.

Cash equivalents are short-term, highly liquid investments that are easily convertible into a certain amount of cash and are subject to an insignificant risk of changes in value, with a placement period usually not more than 3 months (as well as overdraft lending).

Cash flows are the inflow and outflow of cash and cash equivalents.

Current activities - the main, income-generating, and other activities, except for investment and financial.

Investment activity - the acquisition and sale of long-term assets and other investments that are not related to cash equivalents.

Financial activities - activities that lead to changes in the amount and composition of the organization's own and borrowed capital (excluding overdraft lending).

In international practice, various approaches to the compilation of ODDS are used.

With all the variety of approaches in international practice, it is generally recognized that the ODDS compiled according to international standard financial statements No. 7 (IFRS 7) and the American standard SFAS No. 95. In this regard, European companies trading on international stock exchanges are required to publish ODDS as part of their annual report not in accordance with their national standards (for example, in Germany - HFA 1/1995, in Austria - OFG, in Switzerland - FER 6, in the UK - FRS 1), and according to IFRS 7 or SFAS No. 95.

Currently, there are two main approaches to determining the amount of net cash flow from current activities (hereinafter - NCF). In foreign practice, this indicator is widely known as Cash Flow from Operation - or, in short, CFFO. The first of these is to calculate the NPV from the accounts of the organization, when data on the turnover in cash accounts are used and no data is involved. financial forms reporting (balance sheet and income statement). The second approach is, on the contrary, to involve such financial forms for the calculation of NPV. Therefore, in the first case, it is appropriate to talk about the primary nature of the calculation of the NPV, and in the second - about the derivative (secondary). At the same time, in the practice of cash flow analysis, two main algorithms for calculating the NPV are used - based on the balance sheet and the income statement. Under the former, NPV is determined by adjusting income statement items, including sales and cost of sales, for changes during the period in inventories, short-term receivables and payables, and other non-monetary items. Therefore, such a method should be called direct derivative.

In accordance with the second algorithm, when calculating the NPV, the value net profit(loss) is adjusted for the amount of non-monetary transactions associated with the disposal of long-term assets, and for the amount of change in current assets and current liabilities. This method is considered to be indirect derivative. Thus, today there are three main methods for calculating the net cash flow from operating activities (NPFC): primary direct, derivative direct and derivative indirect. However, the use of the derivative direct method in Russia is difficult, since the income statement shows net revenue (net of VAT), while the accounts receivable of counterparties include VAT due from buyers in the balance sheet.

With this in mind, in practice, two methods are most widely used: direct (primary) and indirect.

Net cash flows from investing and financing activities are calculated using the direct method only.

ODDS allows a financial analyst to obtain information about:

The ability of the organization to receive an increase in cash in the course of its activities;

The ability of the organization now and in the future to meet its financial obligations, pay dividends and remain creditworthy;

Possible discrepancies between the amount of the annual net profit/loss and the real net cash flow for the main (current) economic activity and the reasons for this discrepancy;

Influence on the financial condition of the organization of its investment and financial operations related and not related to the movement of funds;

The impact on the organization's future financial condition of past investment and financing decisions;

The size of the estimated need for external financing. Despite the usefulness of structuring cash flows in three areas of activity (current, investment and financial), as, for example, in accordance with IFRS 7, information on the internal and external sources of financing of the organization and the directions of use of its financial resources is of no less interest for the analysis of cash flows. .

External sources of financing - an increase in the amount of equity capital (primarily authorized capital) and borrowed capital (primarily the total amount of loans and borrowings). The decrease in the value of own and borrowed capital can, respectively, be considered an external use of funds.

Internal financial sources include cash at the beginning of the reporting period, proceeds from the sale (ie, disinvestment) of non-current assets, and net cash flow from operating activities (NFC). The latter is the main source of self-financing of the organization and therefore should be a significant share in the structure of internal financing of any business entity.

Assessment and analysis business activity companies

Business activity(or " turnover") in financial activities is defined as the whole range of actions aimed at promoting this enterprise in all areas: sales market, financial activity, labor market, etc. An increase in the business activity of any enterprise is manifested in the expansion of the service sector or sales market, an increase in the range of goods and services and its successful implementation, stable development (professional, personal development) of the staff of the enterprise, efficient use of the entire resource base (finance, personnel, raw materials).

In order to determine the level of business activity of the enterprise, it is necessary to conduct a full-fledged competent analysis. In this case, the levels and dynamics of certain "financial ratios" are analyzed, which are indicators of the results achieved in the activities of the enterprise.

An analysis of the business activity of an enterprise can be carried out according to the following indicators:

qualitative indicators,

quantitative indicators.

Below we consider each group of indicators in more detail.

1. Evaluation of the enterprise's activities at a qualitative level involves an analysis according to the so-called "non-formalizable" criteria. It is about comparing this enterprise with other organizations operating in a similar industry. Such information can be obtained by studying the results of marketing research, questionnaires, surveys. Quality metrics include:

sales market, namely its volumes, annual expansion rates;

the volume of products intended for export;

reputation of the enterprise, including: quantity regular customers, consumers of services; the level of popularity of enterprises-buyers;

the level of demand for the products of this enterprise in the market.

2. Quantification includes analysis in two directions:

absolute figures,

relative indicators.

Absolute indicators of business activity- these are the values ​​that characterize the ratio between the two main financial indicators of the activity of any enterprise - the amount of invested capital, assets and the volume of sales of finished goods or services.

Thus, the absolute indicators include:

the amount of capital invested,

sales volume,

the difference between the first two indicators is profit.

It is best to analyze these indicators systematically (once a quarter, a year) in order to track any changes in dynamics and correlate them with the current market situation.

Relative indicators of business activity- these are certain financial ratios that characterize the level of efficiency of invested assets. This efficiency directly depends on the turnover rate of these assets. Therefore, for relative indicators of business activity, a second name has been introduced - turnover rates.

Relative indicators are divided into two groups:

1. Coefficient characterizing the rate of asset turnover. In the general case, the speed means the number of asset turnovers for the analyzed period - a quarter or a year.

2. Coefficient characterizing the duration of one revolution. This refers to the terms during which all funds invested in production assets (tangible and intangible) are returned.

These coefficients have a very important informative value for the analysis of the course of financial processes in the enterprise, their regulation. They differ not only in semantic content, but also in the evaluation of numerical values. In the case of the first coefficient, the higher the numerical value, the better for the financial condition of production. In the second case, the opposite is true: the lower the numerical value, the more efficient the process of production and sale of products.

So, for example, production costs directly depend on the speed of cash flow. The faster the investment makes a turnover, the greater the number of products the company will be able to sell in one unit of time. When the turnover process slows down, costs increase, additional financial investments are required, and the overall financial condition of the enterprise may worsen.

In addition, the speed of finance turnover has a direct impact on the total annual turnover and net profit.

If we divide the production process into separate stages, then the acceleration of turnover, at least at one stage, will necessarily entail an acceleration in other areas of production.

Both indicators ( turnover rate coefficient, coefficient of duration of one revolution) it is more correct to compare with indicators characteristic only for this industry. The value of these indicators can significantly change their numerical values ​​depending on the industry of the enterprise.

So, the conclusion is that the financial well-being of any enterprise directly depends on how quickly the invested money will bring a net profit.

IN general view the analysis of the turnover level consists of four subtasks depending on the indicators for which the indicator is calculated (enterprise funds, sources of formation of enterprise funds):

Enterprise funds (assets):

analysis of the turnover of non-current assets;

analysis of receivables turnover;

analysis of the turnover of current assets;

analysis of the turnover of inventories.

Sources of formation of enterprise funds (liabilities):

analysis of equity turnover;

analysis of the turnover of borrowed capital (accounts payable).

Company liquidity assessment

One of the most important indicators efficiency activity of the enterprise is liquidity. The task of liquidity analysis balance and arises in connection with the need to assess the creditworthiness of the organization, i.e. its ability to timely and fully pay its obligations.

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Liquidity is the ability of a firm to:

respond quickly to unexpected financial challenges and opportunities,

increase assets with an increase in sales,

repay short-term debts by simply converting assets into cash.

There are several levels of liquidity. Thus, insufficient liquidity usually means that the company is not able to take advantage of discounts and emerging profitable commercial opportunities. At this level, the lack of liquidity means that there is no freedom of choice, and this limits the discretion of management. A more significant lack of liquidity leads to the fact that the company is not able to pay its current debts and obligations. The result is an intensive sale of long-term investments and assets, and in the worst case, insolvency and bankruptcy.

For business owners, insufficient liquidity can mean reduced profitability, loss of control, and partial or complete loss of capital investments. For creditors, the debtor's lack of liquidity may mean a delay in paying interest and principal, or a partial or total loss of funds lent. Current state of liquidity companies may also affect its relationships with customers and suppliers of goods and services. Such a change may result in the inability of the enterprise to fulfill the terms of contracts and lead to the loss of ties with suppliers. That is why liquidity is given such great importance.

If an enterprise cannot pay its current obligations as they fall due, its continued existence is called into question, and this puts aside everything about steel nye performance indicators to the background. In other words, the lack of financial management of the project will lead to the risk of suspension and even its destruction, i.e. to the loss of investor funds.

Liquidity characterizes the ratio of various items of current (current) assets and liabilities of the company and, thus, the availability of free (not related to current payments) liquid resources.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups:

A1. The most liquid assets. These include all items of the company's cash and short-term financial investments. This group is calculated as follows: A1 = line 250 + line 260;

A2. Fast Selling Assets - receivables for which payments are expected within 12 months after the reporting date. A2 = line 240;

A3. Slowly realizable assets - items in section II of the balance sheet asset, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets. A3 = line 210 + line 220 + line 230 + line 270;

A4. Difficult-to-sell assets - items in section I of the asset balance - non-current assets. A4 = line 190.

Liabilities of the balance are grouped according to the degree of urgency of payment:

P1. The most urgent obligations; These include accounts payable. P1 = line 620;

P2. Short-term liabilities are short-term borrowed funds, etc. P2 = line 610;

P3. Long-term liabilities are balance sheet items related to sections V and VI, i.e. long-term loans and borrowings, as well as deferred income, consumption funds, reserves for future expenses and payments. P3 = line 590 + line 630 + line 640 + line 650 + line 660;

P4. Permanent liabilities or stable ones are articles IV of the balance sheet section “Capital and reserves”.

To determine the liquidity of the balance sheet, the results of the above groups of assets and liabilities are compared.

The balance is considered absolutely liquid if they have a place the following ratios:

A1 ≥ P1

A2 ≥ P2

A3 ≥ P3

A4 ≤ P4

If the first three inequalities are satisfied in this system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability. It is also important to note that the lack of funds in one group of assets cannot be compensated by their excess in another group, i.e. less liquid assets cannot replace more liquid ones.

Based on these comparisons, the following indicators can be calculated:

current liquidity = A1 + A2 - P1 - P2

prospective liquidity = A3 - P3

The main indicators of liquidity in the domestic analysis are:

general liquidity ratio L1 = (A1 + 0.5A2 + + 0.3A3) / (P1 + 0.5P2 + 0.3P3).

The normal value is greater than or equal to 1. With the help of this coefficient, the most general assessment of the change in the company's financial situation in terms of liquidity is made;

absolute liquidity ratio L2 = A1 / (P1 + P2).

The optimal coefficient is 0.25, the minimum allowable is 0.1. Shows what part of the short-term debt the organization can repay in the near future at the expense of cash;

coefficient of critical evaluation L3 = (A1 + A2) / (P1 + P2).

The optimal coefficient is greater than or equal to 1.5, the allowable value is 0.7-0.8. It shows what part of the organization's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement proceeds;

current liquidity ratio L4 = (A1 + A2 + A3) / (P1 + P2).

The optimal coefficient, depending on the industry, varies in the range of 1.5-2.5. The minimum allowable ratio is 1. The value of the current ratio less than 1 means that at the moment the company is definitely insolvent, because. liquid funds at its disposal are insufficient to cover even current liabilities, excluding interest on the loan;

coefficient of maneuverability of functioning capital L5 = A3 / (A1 + A2 + A3) - (P1 + P2).

The decrease in this coefficient in dynamics is noted as a positive factor. The maneuverability coefficient shows how much of the functioning capital is immobilized in production stocks and long-term receivables;

share of working capital in assets L6 = (А1+А2+А3) / B

(where B is the total balance). The value of this coefficient depends on the sectoral affiliation of the organization;

equity ratio L7 = (P4 - A4) / (A1 + A2 + A3).

The criterion value is not less than 0.1. It characterizes the availability of own working capital of the organization necessary for its financial stability.

General liquidity ratio (L1). With the help of this indicator, the change in the financial organization is assessed in terms of liquidity. This indicator is also used when choosing the most reliable partner from a variety of potential partners based on reporting.

Absolute liquidity ratio (L2) shows the company's ability to pay off its obligations immediately. IN practice Western Europe is considered sufficient to have a liquidity ratio of more than 0.2. Despite the purely theoretical value of this coefficient (it is unlikely that the enterprise will have to meet all its obligations at once), it is desirable to have it sufficient.

The critical assessment coefficient (L3) is also outside the norm at the end of the period.

The flexibility ratio (L5) shows how much of the operating capital is immobilized in inventories and long-term receivables. The decrease in this indicator in dynamics is a positive factor for the enterprise.

By themselves, the considered coefficients do not carry a serious semantic load, however, taken for a number of time intervals, they quite fully characterize the work of the enterprise during the implementation of the project for which the business plan was drawn up.

When calculating the analytical coefficients that characterize the work of an enterprise, it must be borne in mind that they are of an integral nature and for their more accurate calculation it is advisable to use not only the balance sheet, but also the data contained in order journals, statements, and other information.

Finally, about the role of the current liquidity ratio (L4) in project analysis. It allows you to establish the multiplicity of current assets cover short-term liabilities. If the ratio of current assets to short-term liabilities is lower than 1:1, then we can talk about high financial the risk that an organization is unable to pay its bills.

The current liquidity ratio (L4) generalizes the previous indicators and is one of the indicators characterizing the satisfactory (unsatisfactory) balance sheet.

Assessment and analysis of the company's profitability

The business activity of the enterprise is characterized by the dynamism of its development and the achievement of its goals, reflected by a number of natural and cost indicators, as well as the effective use of the economic potential of the enterprise and the expansion of the market for its products.

The activities of any enterprise can be characterized from various angles, and an assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of this enterprise and related enterprises in terms of capital investment. Such high-quality, i.e. not formalized criteria are

breadth of sales markets;

availability of products for export;

the reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise;

As for the quantitative assessment of the analysis of the business activity of the enterprise, here can be considered (used)

the degree of implementation of an independently developed plan for the main indicators;

level of efficient use of enterprise resources

The main estimated indicator is the volume of sales and profit. At the same time, the most effective ratio is when the rate of change in balance sheet profit is higher than the rate of change in sales proceeds, and the latter is higher than the rate of change in fixed capital, i.e.

TR (PB) TR (V) TR (OK) 100%

In addition, such indicators characterizing the use of resources can be used

labor productivity

capital productivity

turnover of funds in settlements

inventory turnover

operating cycle duration

turnover of equity and fixed capital;

coefficient of sustainability of economic growth (this indicator is to characterize joint-stock companies)

Using these indicators, one can overcome the spatial incompatibility of the main indicators of an enterprise's activity and compare enterprises that are the same in terms of capital investment, but differ in the scale of activity and the size of economic potential.

Methods of analysis of financial statements.

Depending on the goals of the analysis of financial statements and the users interested in its results, various types of analysis and a different set of indicators - financial ratios are used, namely:

Absolute indicators for getting acquainted with the reporting, allowing to draw conclusions about the main sources of raising funds, the directions of their investments, the sources of cash receipts, the amount of profit received, the dividend distribution system:

Comparable percentage indicators (Percentage Changes) for reading statements and identifying deviations in the most important items of financial statements;

Analysis of horizontal percentage changes (Horizontal Percentage Changes), characterizing changes in individual items of financial statements for a year or a number of years. For example, percentage growth: net sales, cost products sold, gross profit, net profit, operating expenses, etc.;

Analysis of vertical percentage changes (Vertical Percentage Analyzes), which assumes the ratio of the indicators of various articles in relation to one selected article. For example, the share as a percentage of sales volume: cost of goods sold, gross profit, production costs, operating income, net income;

Analysis of trends (trend analysis) characterizing the change in the company's performance over a number of years compared to a baseline of 100. Its purpose is to evaluate the work of financial managers in the past period and determine the forecast of their behavior for the future;

Comparative analysis carried out in order to compare individual performance indicators of one's own company with those of competing firms of the same industry and approximately the same size (taking into account different reporting methods). This analysis allows you to identify the strategy of competitors and the prospects for their development;

Comparison with industry averages, showing the stability of the company's position in the market. It is carried out taking into account the general changes in the state of the economic situation in the industry and in the country's economy as a whole, in particular, the price level, the dynamics of the interest rate, the degree of provision with raw materials and materials;

Analysis of indicators by using financial ratios (Ratios), the calculation of which is based on the existence of certain ratios between individual reporting items. The value of such coefficients is determined by the possibility of comparing the results obtained with the existing generally accepted standard norms - average industry coefficients, as well as with indicators of financial statement analysis used in the country or in a particular company.

Financial ratios are used to assess the activities of financial managers and are taken into account by them when making management decisions. Such ratios are also available to shareholders, who, on their basis, can independently analyze the efficiency of the company and its current financial position.

Improving the financial resource management system.

You can improve the efficiency of financial resource management through the following measures:

Development of a financial strategy for increasing own financial resources by optimizing the product range and reducing the cost of goods sold.

Development of a payment calendar and control over the status of settlements with buyers and customers.

Development and improvement of the existing depreciation policy of the enterprise, including the choice of depreciation methods that are optimal for a particular enterprise, the choice of terms and methods for the revaluation of fixed assets in accordance with accounting standards.

The financial condition of the enterprise is the movement of cash flows serving the production and sale of its products.

Between the development of production and the state of finance, there is a direct and inverse relationship.

The financial condition of the economic unit is directly dependent on the volumetric and dynamic indicators of the movement of production. An increase in production improves the financial condition of the enterprise, and its reduction, on the contrary, worsens it. But the financial condition, in turn, affects production: it slows it down if it worsens, and speeds it up if it increases.

The higher the growth rate of production at the enterprise, the higher the proceeds from the sale of products, and hence the profit.

Financial condition of the enterprise- this economic category, reflecting the state of capital in the process of its circulation and the ability of a business entity to repay debt obligations and self-development at a fixed point in time.

Thus, the financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

Sustainable financial condition is a necessary condition for the effective operation of the company. Financial condition of enterprises (FSP), its stability largely depends on the optimality of the structure of capital sources (the ratio of own and borrowed funds) and on the optimality of the structure of the enterprise's assets, and, first of all, on the ratio of fixed and working capital, as well as on the balance of the assets and liabilities of the enterprise.

The analysis of the financial condition of the company includes the blocks shown in Figure 3.

Rice. 3 The main blocks of analysis of the financial condition of the enterprise

Indicators of financial and market stability of the enterprise

Capitalization ratio

Capitalization ratio, or the ratio of attracted (borrowed) and own funds(sources). It represents the ratio of all attracted capital to equity and is determined by the following formula:

Attracted capital (the sum of the results of the second and third sections of the balance sheet liability "Long-term liabilities" and "Short-term liabilities") / equity capital (the result of the first section of the liability "Capital and reserves").

This ratio gives an idea of ​​what sources of funds the organization has more - attracted (borrowed) or its own. The more this coefficient exceeds one, the greater the organization's dependence on borrowed sources of funds. The critical value of this indicator is 0.7. If the coefficient exceeds this value, then the financial stability of the organization is doubtful.

Agility factor(mobility) of own capital (own funds) is calculated according to the following formula:

Own current assets (the result of the first section of the liability of the balance sheet "Capital and reserves" minus the result of the first section of the asset "Non-current assets") divided by equity capital (the result of the first section of the liability of the balance sheet "Capital and reserves").

This the coefficient shows what part of the organization's own funds is in mobile form allowing relatively free maneuvering of these means. The standard value of the maneuverability coefficient is 0,2 - 0,5 .

Financial stability ratio expresses specific gravity those sources of financing that this organization can use in its activities for a long time, attracted to finance the assets of this organization along with its own funds.

The financial stability ratio is calculated according to the following formula:

Equity capital add long-term loans and borrowings divided by the currency (total) of the balance sheet.

Funding ratio shows what part of the organization's activities is financed from its own sources of funds, and what part - from borrowed funds. This indicator is calculated according to the following formula:

Divide equity capital by debt capital.

Debt ratio(concentration ratio of attracted capital) shows the share of credits, loans and accounts payable in the total amount of sources of property of the organization. The value of this indicator should not be more than 0.3.

Long-term investment structure ratio shows the ratio between long-term liabilities (liabilities) and long-term (non-current) assets:

Long-term liabilities (second section of the balance sheet liability) Non-current assets (first section of the balance sheet asset)

Long-term borrowing ratio- is defined as follows:

Divide long-term liabilities (the result of the second section of the balance sheet liability) by Long-term liabilities + equity (the sum of the results of the first and second sections of the balance sheet liability).

This coefficient characterizes the share of long-term sources of funds in the total amount of the organization's permanent liabilities.

Capital structure ratio expresses the share of long-term liabilities in the total amount of attracted (borrowed) sources of funds:

Divide long-term liabilities (the result of the second section of the balance sheet liability) by the attracted capital (the sum of the results of the second and third sections of the balance sheet liability).

Investment coverage ratio characterizes the share of equity and long-term liabilities in the total assets of the organization:

Long-term liabilities (the second section of the liability) add own capital (the first section of the liability) divided by the currency (total) of the balance.

Inventory back-to-back ratio own working capital shows the extent to which inventories are formed at the expense of own sources and do not need to attract borrowed funds. This indicator is determined by the following formula:

Divide own sources of funds minus non-current assets by inventories (from the second section of the asset).

The standard value of this indicator should be at least 0.5. Another indicator characterizing the state of current assets is ratio of inventories and own working capital. It is the reverse of the previous indicator:

The normative value of this coefficient is more than one, and taking into account the normative value of the previous indicator, it should not exceed two.

Functional capital mobility ratio(own working capital). It can be determined by the following formula:

Add cash to short-term financial investments divided by own sources of funds minus non-current assets.

This indicator characterizes that part of own working capital, which is in the form of cash and marketable securities, that is, in the form of current assets with maximum liquidity. In a normally operating organization, this indicator varies from zero to one.

Permanent asset index(coefficient of the ratio of non-current and own funds) is a coefficient expressing the share of non-current assets covered by sources of own funds. It is determined by the formula:

Non-current assets are divided into own sources of funds.

The approximate value of this indicator is 0.5 - 0.8.

Coefficient of real property value. This indicator determines what share in the value of the organization's property is the means of production. It is calculated according to the following formula:

Divide the total cost of fixed assets, raw materials, materials, semi-finished products, work in progress by the total value of the organization's property (balance sheet currency).

This ratio reflects the share in the composition of the assets of the property that provides the main activity of the organization (i.e. production, production of works, provision of services).

The normal value of this indicator is when the real value of the property is more than half of the total value of assets.

The ratio of current (current) assets and real estate. It is calculated according to the following formula:

Current assets (the second section of the asset balance) divided by real estate(from the first section of the asset balance).

The value of 0.5 can be taken as the minimum standard value of this indicator. Its higher value indicates an increase in the production capabilities of this organization.

An indicator of financial stability is also economic growth sustainability ratio, calculated by the following formula:

Net income minus dividends paid to shareholders divided by equity.

This indicator characterizes the stability of profits remaining in the organization for its development and the creation of reserves.

Net revenue ratio according to the following formula:

Divide net profit plus depreciation by the proceeds from the sale of products, works, services.

This indicator expresses the share of that part of the revenue that remains at the disposal of this organization (ie, net profit and depreciation).

Long-term investment structure ratio

shows what part of fixed assets and other non-current assets is financed by external investors, that is, it belongs to them, and not to the organization. The growth of this indicator in dynamics indicates a negative trend in the financial stability of the organization.

The long-term borrowing ratio characterizes the capital structure, shows the share of attracting long-term loans and borrowings to finance assets along with own funds. The growth of this indicator in dynamics is a negative trend, indicating an increase in the organization's dependence on external investors. The share of accounts receivable in the balance sheet asset shows the share of accounts receivable in the balance sheet asset. The growth of this indicator Negative influence, both on the level of individual indicators, and in general on the efficiency of the organization's economic activity.

Ratio of accounts payable to accounts receivable. The financial stability of the organization largely depends on the value of this ratio. So, if its value is greater than 2, then the financial stability of the organization is in a critical state.

So, we have a universal set of generally accepted financial stability ratios. There are no single normative criteria for the considered indicators. They depend on many factors: the industry affiliation of the organization, the principles of lending, the current structure of sources of funds, the turnover of working capital, the reputation of the organization, etc. Therefore, the acceptability of the values ​​of these coefficients, an assessment of their dynamics and directions of change can only be established as a result of a thorough analysis groups).

Profitability - an indicator of the effectiveness of the organization, expressing relative value profits and characterizing the degree of return of funds used in production.

In turn, profitability has a number of indicators that characterize financial results and efficiency of the organization. They consider the profitability of the organization from different positions and are grouped in accordance with the interests of the participants in the economic process, market exchange.

Profitability indicators are important characteristics of the factor environment of organizations' profit formation. Therefore, they are mandatory when carrying out comparative analysis and assessment of the financial condition of the organization. When analyzing production, profitability indicators are used as an instrument of investment policy and pricing.

The profitability of products shows how much profit falls on a unit of costs for the production and marketing of products. The level of industry-average profitability depends on the number and size of taxes, and the level of product profitability depends on the presence of a competitive environment and the practice of state regulation of pricing.

Profitability of sales

means the share of profit in sales proceeds. Its growth is a consequence of the rise in prices at fixed costs for the production of sold products (goods, works, services) or reduction of production costs at constant prices. A decrease indicates a decrease in prices at constant production costs or an increase in production costs at constant prices, that is, a decrease in demand for the organization's products. The average level of profitability of sales varies depending on the industry, therefore it does not have any standard. The optimal value is the industry average level in this market niche. This indicator important when comparing it with the corresponding indicators of the same type of organizations in dynamics or compared with planned indicators.

Any enterprise can bring profit to the owner. But is it possible to predict all the successes and failures in advance? own business? Surely this is unlikely to be done, however, of course, there are indicators by which you can determine in which direction your company is developing. One of them is financial sustainability, thanks to which the entrepreneur gets the opportunity to learn how independent his organization is financially ...

The concept of financial stability

Financial stability is a share of the overall stability of the enterprise, illustrating the availability of funds intended to maintain the effective operation of the company, the balance of financial flows and all the factors due to which the business is considered financially independent. We can say that financial stability is evidence of the company's solvency in the long term. It is its definition and evaluation that is milestone financial analysis for any firm. Otherwise, the owner himself will not notice how he will suffer huge losses.

Types of financial stability ratios

The financial stability of any enterprise can be easily determined by calculating the corresponding indicator - the coefficient of financial stability. This value characterizes the dynamics and state of the financial resources of the organization in relation to how much the company's budget is able to cover the costs of the production process and other purposes. Financial stability ratio presented in the following variations:

Coefficient of financial dependence;
- equity concentration ratio;
- coefficient of equity capital maneuverability;
- coefficient of the structure of long-term investments;
- debt capital concentration ratio;
- ratio of the structure of borrowed capital;
- coefficient of long-term attraction of borrowed funds;
- ratio of own and borrowed funds.

Why exactly the value of the financial stability ratio allows you to predict the success of the company? The fact is that this value illustrates how much a particular business depends on borrowed funds, whether it can freely dispose of its capital, eliminating the risk of paying penalties for non-payment or large interest. It can be said that calculation of the financial stability ratio helps to properly plan the work at the enterprise and avoid the risks associated with unplanned payment of funds.

Equity concentration ratio

This indicator determines the share of funds that is invested in the activities of the company by its owner. The higher this coefficient of financial stability of the enterprise, the less dependent it becomes on external creditors. This value is calculated using the following formula

KKSK \u003d SK / WB,
where SC is equity, WB is the currency of the bank.

Financial dependency ratio

This ratio of financial stability characterizes the activities of the company, based on how much its assets are financed by borrowed funds. If their share is too large, it is believed that the solvency of the enterprise itself is reduced. As a result, the company acquires little financial stability, which, in turn, leads to a minimal opportunity to receive not only a loan, but also the trust of counterparties.
True, it should be noted that a too large value of the share of the company's own funds is not considered optimal, since when the business is greater than the cost of the source of loans, in case of a lack of funds, a loan can be taken. That is why the task of each enterprise is to calculate the optimal value of the coefficient of financial dependence. To determine the value of this indicator, the following formula is used:

KFZ = WB / SK
where WB is the currency of the bank, SC is equity capital.

Equity maneuverability ratio

This indicator determines the share of sources of own funds of the business owner in the mobile form. In this case, its recommended value is 0.5 or more. The maneuverability coefficient can be calculated using the following formula:

KMSK = SOS / SK
where SC - equity capital, SOS - own working capital.

Naturally, the value of this coefficient directly depends on the type entrepreneurial activity. For example, in material-intensive production, this indicator is higher than in capital-intensive industries.

Debt capital concentration ratio

The calculation of this indicator is essentially the same. The formula for determining this coefficient is as follows:

KKZK = ZK / VB
where ZK is borrowed capital, which is the short-term and long-term obligations of the company; VB is the balance sheet currency.

Long-term investment structure ratio

The ratio of the structure of long-term investments allows you to determine the share of long-term liabilities in the total assets of the company. If the value of this indicator is low, it should be assumed that the company cannot attract long-term loans and credits. Concerning too high value this ratio, it means that the company is able to provide collateral and financial guarantees, or it is too dependent on outside investors. The calculation of the coefficient of the structure of long-term investments is made according to the following formula:

KSDB = DP / VOA
where DP - long-term liabilities, BOA - non-current assets.

Long-term borrowing ratio

The essence of the coefficient of long-term borrowing is the ability to determine the part of the sources of formation of non-current assets at the reporting date, which falls on long-term borrowed funds and equity. If this indicator is too high, then the company is dependent on the attracted capital. This will lead to the fact that in the future the owner will pay a large amount of money for the use of loans and credits. The calculation of the long-term borrowing ratio is calculated using the following formula:

KDP = DP / DP + SC
where DP - long-term liabilities; SC is the equity capital of the firm.

Debt structure ratio

This ratio allows you to determine the sources of formation of borrowed capital of the company. The definition of the formation of current and non-current assets of the enterprise depends on this, since long-term borrowed funds are often taken to restore or acquire non-current assets, and short-term loans are used to carry out the current activities of the enterprise and acquire current assets. To determine the value of the debt capital structure ratio, the following formula is used:

KSZK = DP / ZK
where DP - long-term liabilities, LC - borrowed capital.

Debt to equity ratio

If the value of this indicator exceeds 1, then the company is considered dependent on borrowed funds. Often its acceptable value is determined taking into account the specific working conditions in the company. First of all, take into account the speed of turnover of working capital. That is why it is recommended to additionally determine the turnover rate of receivables and inventories for a specific period of time. If it is established that receivables turn around faster than working capital, this means that money is flowing into the enterprise with great intensity - there is an increase in the capital of the company. It is in these cases that it is considered that the ratio of own and borrowed funds may exceed the value of 1. This indicator is calculated using the following formula:

KS / Z = ZK / SK
where ZK - borrowed capital, SC - equity capital of the enterprise.

Instead of an afterword...

As you can see, the calculation of the above indicators determines the overall stability of the company in modern conditions. Agree, predicting the outcome of your business can certainly serve you well!