Due to the unstable financial situation. Unstable financial situation. Availability ratio of own working capital

Financial stability is the most important indicator that reflects the degree of financial independence of the company, as well as solvency. There are various types of it, giving an idea of ​​the state of the enterprise: from absolutely stable to crisis.

Basic Concepts

When determining financial stability, the following terms are used:

• Degree of independence. It can be found by establishing the ratio of different asset and liability items recorded in the balance sheet.
• Passive structure. Its analysis helps to understand the sources of a company's instability. This is extremely important, as it helps solve the problem of insolvency by eliminating negative factors. For example, these include improper management of equity capital and a large amount of borrowed funds.
• Own. These are the funds that the company has the right to dispose of. The source of their formation is the resources of the organization. For example, profit from core activities.
• Borrowed working capital. These are loans, borrowings, debts to creditors, various liabilities. Most companies take out loans. However, there should not be too many of them, as this leads to dependence on creditors.
• Long-term solvency. Implies the ability to cover your obligations in the long term.
• Short-term solvency. Implies the ability to cover your obligations in the short term. In this case, as a rule, current assets are used.
• Own resources. These include share capital, retained earnings, and depreciation.

Sufficient sustainability is ensured if the company achieves maximum results with minimal expenses. Costs are reduced by optimizing the list of sources of asset formation. Pay attention to structure working capital. It represents the ratio of loans to equity.

Types of Resilience

The indicator under consideration is classified according to the degree of stability. It can be absolute, average, crisis. Depending on the type of sustainability, the company determines ways to improve operational efficiency.

Absolute stability

Absolute stability can be established if the size of the inventory exceeds the size of its own working capital, as well as bank loans against these values. This takes into account loans against shipped products and accounts payable offset by the banking institution when lending. Costs are covered in this case from our own working capital. The considered level of sustainability is characterized by increased solvency. The company is independent from creditors.

Absolute sustainability is a rare phenomenon, especially in the CIS countries. It meets the following condition:

Reserves< собственные оборотные средства

The ratio shows that the reserves are fully covered by the SOS. This means that the company is completely independent from third-party lenders.

FOR YOUR INFORMATION! It must be said that absolute indicator sustainability is not always a positive thing. Sometimes it means that the company is unwilling to seek effective external sources of financing.

Normal stability

Normal stability can be established if the indicators of the size of material and production resources and the size of own working capital/loans are identical. In this case, the accounts payable is taken into account, which is offset by the banking institution when lending. The company's costs are covered by its own working capital and long-term loans. A company with such a sustainability indicator is characterized by standard solvency, effective production activities. This condition guarantees solvency. Normal stability corresponds to this condition:

Inventories = company funds + borrowed funds

This provision indicates that the enterprise uses different sources of financing to cover its costs. Both own and borrowed funds are used.

Unstable position

An unstable situation indicates that the company's solvency is impaired. At the same time, it is possible to ensure identity between available funds and obligations. To do this, you can use sources of financing that will reduce your tense financial situation. For example, you can take out a loan to increase the volume of working capital, or use savings funds. Costs are covered from own working capital, as well as long-term (with a repayment period of one year) and short-term (up to a year) loans.

A company with an unstable position is characterized by insufficient solvency and raising funds from creditors. However, there remains a chance for improvement. NP meets the following condition:

Inventories = own funds + borrowed funds + sources that reduce financial stress

Sources that reduce tension include:

• Temporarily available funds.
• Fund reserves.
• Economic Stimulus Funds.
• Loans.

The presence of instability is an acceptable parameter if the volume of loans and borrowings does not exceed the total value of inventories.

Crisis situation

A crisis situation allows us to establish an increased risk of bankruptcy. In the case under consideration, the size of the MTZ exceeds the size of the SOS and loans. Costs may come from a variety of sources. A crisis situation means the company is insolvent and close to bankruptcy.

The main characteristic of a CP is the inability to cover the company’s debts with debtors’ debts and securities. Consider the condition of a crisis situation:

Inventory > current assets of the company + borrowed funds

IMPORTANT! In a crisis situation, it makes sense to optimize the structure of liabilities and reduce costs.

What characteristics determine the type of financial stability

Parameters on the basis of which the company’s sustainability is determined:

• Status of the organization in the financial market.
• Competitiveness of the company.
• Demand for products.
• Rating in the business environment.
• Dependence on creditors and investors.
• Scale of production costs.
• The ratio of costs to profitability of activities.
• The presence of debtors who cannot pay the debt to the company.
• Size authorized capital which was paid.
• The effectiveness of the operations performed.
• Property potential.
• Ratio and current assets.
• Professionalism of the staff.

Almost every indicator is relative. It needs to be analyzed taking into account its dependence on other values. For example, production costs are high. However, this in itself does not mean anything. If the profitability of an activity is high, then high costs are the norm. Also, large debts to creditors do not mean anything. This analysis must be analyzed in conjunction with the size of the company's own funds.

FOR YOUR INFORMATION! Analysis of financial stability values ​​is performed based on information from the financial statements. In particular, this refers to forms No. 1 and No. 5. Other documents may also be used.

3. Unstable financial condition.

Determined by the following conditions:

Three-dimensional indicator =(0; 0; l).

An unstable financial situation is characterized by a violation of solvency: the enterprise is forced to attract additional sources to cover inventories and costs, and there is a decrease in production profitability. However, there is still room for improvement.

Table 2.6

Types of financial stability

4. Crisis (critical) financial condition.

Determined by the following conditions:

Three-dimensional indicator =(0; 0; 0).

A financial crisis is the brink of bankruptcy: the presence of overdue accounts payable and receivable and the inability to repay them on time. In a market economy, if this situation is repeated several times, the enterprise faces the risk of declaring bankruptcy.

Table 2.7

Analysis of the financial stability of the enterprise

The solvency of an enterprise is determined by its ability and ability to timely and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature. Solvency affects the forms and conditions of commercial transactions, including the possibility of obtaining a loan.

The liquidity of an enterprise is determined by the availability of liquid assets, which include cash, funds in bank accounts and easily salable elements of working resources. Liquidity reflects the ability of an enterprise to make necessary expenses at any time.

Liquidity and solvency as economic categories are not identical, but in practice they are closely interrelated.

The liquidity of an enterprise reflects the solvency of debt obligations. The inability of an enterprise to repay its debt obligations to creditors and the budget leads to bankruptcy. The grounds for declaring an enterprise bankrupt are not only its failure to fulfill its obligations to the budget for several months, but also its failure to comply with the requirements of legal entities and individuals who have financial or property claims against it.

Improving the solvency of an enterprise is inextricably linked with a working capital management policy, which is aimed at minimizing financial obligations. Profit is a long-term goal, but in the short term, even a profitable enterprise can go bankrupt due to lack of Money.

To assess solvency and liquidity, the following basic techniques can be used (Fig. 6):

Rice. 6. Techniques for assessing solvency

and liquidity of the enterprise

When analyzing balance sheet liquidity, a comparison is made of assets grouped by the degree of their liquidity with liabilities grouped by their maturity dates. Calculation and analysis of liquidity ratios allows us to identify the degree to which current liabilities are covered by liquid funds.

Assessing balance sheet liquidity. The main task of assessing balance sheet liquidity is to determine the amount of coverage of the enterprise's liabilities with its assets, the period of transformation of which into monetary form (liquidity) corresponds to the maturity of the obligations (urgency of return).

To carry out the analysis, the assets and liabilities of the balance sheet are grouped (Fig. 6) according to the following criteria:

By descending degree of liquidity (asset);

According to the degree of urgency of payment (repayment) (liability).

Assets, depending on the speed of conversion into cash (liquidity), are divided into the following groups:

Al are the most liquid assets. These include enterprise cash and short-term financial investments(p. 260 + p. 250).

A2 - quickly realizable assets. Accounts receivable and other assets (line 240 + line 270).

A3 - slowly selling assets. These include articles from Sect. II balance sheet “Current assets” (p. 210 + p. 220 - p. 217) and the article “Long-term financial investments” from section. I balance sheet “Non-current assets” (p. 140).

A4 - hard-to-sell assets. These are the articles in section. I balance sheet “Non-current assets” (line 110 + line 120 - page 140).

Liabilities are grouped according to the degree of urgency of their return:

P1 - the most short-term liabilities. These include the items “Accounts payable” and “Other short-term liabilities” (p. 620 + p. 670).

P2 - short-term liabilities. Articles “Borrowed funds” and other articles of section. VI balance sheet “Short-term liabilities” (line 610 + line 630 + line 640 + line 650 + line 660).

LP - long-term liabilities. Long-term loans and borrowed funds (p. 510 + p. 520).

P4 - permanent liabilities. Articles section I balance sheet “Capital and reserves” (p. 490 - p. 217).

When determining the liquidity of the balance sheet, the groups of assets and liabilities are compared with each other (Fig. 7).

Conditions for absolute liquidity of the balance sheet:

A necessary condition for absolute liquidity of the balance sheet is the fulfillment of the first three inequalities. The fourth inequality is of a so-called balancing nature: its fulfillment indicates that the enterprise has its own working capital (E C = I C - F). If any of the inequalities has a sign opposite to that fixed in the optimal option, then the balance sheet liquidity differs from absolute.

Comparison

High High

Degree Degree

Liquidity urgency

Low Low

Rice. 7. Grouping asset and liability items for liquidity analysis

Theoretically, a lack of funds in one group of assets is compensated by an excess in another, but in practice, less liquid funds cannot replace more liquid ones.

A comparison of A1-P1 and A2-P2 allows us to identify the current liquidity of the enterprise, which indicates solvency (insolvency) in the near future. The A3-PZ comparison reflects forward-looking liquidity. On its basis, long-term estimated solvency is predicted.

The analysis of balance sheet liquidity is carried out using an analytical table. 10, according to which we can conclude that the company’s balance sheet does not meet all the criteria for absolute liquidity. At the beginning and end of the year, the company fully covers its obligations only for short-term and long-term liabilities, because they are equal to zero. The most urgent and permanent liabilities are not covered either at the beginning of the year or at the end.

When studying the balance sheet, you should pay attention to one very important indicator - net working capital, or net working capital. This is an absolute indicator with which you can also assess the liquidity of an enterprise.

Net working capital is equal to the difference between the results of Sec. II balance sheet “Current assets” and section. VI balance sheet “Short-term liabilities”.

Table 2.10

Balance sheet liquidity analysis

Changes in the level of liquidity are determined by changes (dynamics) in the absolute indicator of net working capital. It is the amount remaining after the repayment of all short-term liabilities. Consequently, the growth of this indicator means an increase in the level of liquidity of the enterprise.

At the analyzed enterprise, short-term liabilities are fully covered by working capital (Table 2.11). But during the reporting period, the value of net working capital decreased by 13.16%, therefore, the company’s level of liquidity and solvency decreased.

Table 2.11

Calculation of net working capital thousand rubles.

Assessment of relative indicators of liquidity and solvency. For a qualitative assessment of the solvency and liquidity of an enterprise, in addition to analyzing the liquidity of the balance sheet, it is necessary to calculate liquidity ratios (Table 2.12).

The purpose of the calculation is to assess the ratio of existing assets, both intended for direct sale and those involved in the technological process, with a view to their subsequent sale and reimbursement of invested funds and existing obligations that must be repaid by the enterprise in the coming period.

The calculation is based on the fact that types of working capital have varying degrees of liquidity: cash is absolutely liquid, followed by short-term financial investments, accounts receivable, inventories and expenses in descending order of liquidity. Therefore, to assess the solvency and liquidity of an enterprise, indicators are used that differ depending on the order of their inclusion in the calculation of liquid funds considered as covering short-term liabilities.

The main advantage of indicators - simplicity and clarity - can turn into a significant drawback - inaccuracy of conclusions. Therefore, you should be careful when assessing the solvency of an enterprise using this method.

Thus, an analysis of liquidity ratios shows (Table 13) that the enterprise is in an unstable financial position. The ratios characterize low solvency and liquidity; only the current liquidity ratio corresponds to the optimal value - there are enough working capital to cover its short-term obligations.

You should pay attention to the low quick and absolute liquidity ratios. This indicates a large receivables and a decrease in the solvency of the enterprise.

Table 2.12

Financial ratios,

used to assess the liquidity of an enterprise

Table 2.13

Calculation and analysis of liquidity ratios thousand rubles.

Qualitative criteria are the breadth of sales markets (domestic and external), the reputation of the enterprise, competitiveness, the presence of stable suppliers and consumers, etc. Such informal criteria must be compared with the criteria of other enterprises similar in the area of ​​investment of capital.

Quantitative criteria for business activity are determined by absolute and relative indicators. Among the absolute indicators, one should highlight the volume of sales of manufactured products (works, services), profit, and the amount of advanced capital (enterprise assets). It is advisable to take into account the comparative dynamics of these indicators. Optimal ratio

T P > T B > T AK > 100%,

where: T P - rate of change in profit;

T B - rate of change in revenue from product sales

(works, services);

T AK is the rate of change in the assets (property) of the enterprise.

The above ratio is called the “golden rule of enterprise economics”: profit should increase at a higher rate than the volume of sales and property of the enterprise. This means the following: production and distribution costs should be reduced, and the enterprise's resources should be used more efficiently. However, in practice, even a consistently profitable enterprise may deviate from this ratio in some cases. The reasons may be different: large investments, development of new technologies, reorganization of the management and production structure (strategic changes, organizational development), modernization and reconstruction, etc. These events are often caused by the influence external environment(external environment) and require significant financial investments that will pay off and bring benefits in the future.

Relative indicators of business activity are characterized by the level of efficiency in the use of resources (material, labor and financial). The proposed system of indicators of business activity (Table 2.14) is based on data from the accounting (financial) statements of enterprises. This circumstance allows, based on the calculation of indicators, to monitor changes in the financial condition of the enterprise.

For the calculation, absolute total data for the reporting period for revenue, profit, etc. are used. But balance sheet indicators are calculated at the beginning and end of the period, i.e. are of a one-time nature. This introduces some ambiguity into the interpretation of the calculation data. Therefore, when calculating coefficients, indicators calculated for the average values ​​of balance sheet items are used. You can also use year-end balance sheet data.

An example of calculating business activity indicators is given in table. 2.15.

Legend(Tables 2.14 and 2.15):

F SR - average value of non-current assets for the period;

In SR - the average balance sheet total for the period;

Average value of current assets for the period;

Z SR - average value of inventories and costs for the period;

Average accounts receivable for the period;

Average accounts payable for the period;

Average equity capital for the period

reserves.

Table 2.14

System of indicators of enterprise business activity

Maintaining the required level of financial stability is important at any time, but it becomes especially important during periods of economic instability - when there are fewer ways to retreat, and the future is difficult to predict, even a slight violation of solvency can have fatal consequences.

IN financial theory There are 4 levels of financial stability.

1. Absolute financial stability

Sum of inventories and costs< Собственные оборотные средства

In this case, the company is completely independent from creditors, and all its needs are covered by its own working capital. Despite the fact that at first glance such a situation may seem extremely successful, it has quite obvious disadvantages: a complete refusal of long-term borrowed funds means that you are missing out on significant profits. Accordingly, this option is extremely rare in real practice.

2. Normal financial stability

Own working capital< Сумма запасов и затрат < Собственные оборотные средства + Долгосрочные пассивы

The company uses its own capital along with long-term loans. This option is considered optimal for sustainability - the company does not run the risk of being unable to repay debts, but also does not miss out on possible profits.

However, it is important to remember that the formally normal level of financial stability also includes borderline situations, which in fact cannot be called normal. If the size of the loan is insignificant compared to its own funds, the company is close to absolute stability and is probably operating inefficiently.

3. Unstable financial situation

Own working capital + Long-term liabilities< Сумма запасов и затрат < Собственные оборотные средства + Долгосрочные пассивы + Краткосрочные кредиты и займы

At this level, the organization has some difficulties with solvency and for further functioning it has to resort to short-term loans. However, the situation cannot yet be called critical - a timely and competent reaction to what is happening may well return it to a normal level of stability.

An unstable situation is usually accompanied by interruptions in payments and the receipt of money into accounts, periodic changes in the level of profitability and failure to fulfill the financial plan.

4. Crisis financial situation

Own working capital + Long-term liabilities + Short-term loans and borrowings< Сумма запасов и затрат

The company is no longer able to restore solvency - any attempts to cover costs only lead to an increase in debt. The next step is usually bankruptcy.

Financial sustainability: let's summarize

So, there are several levels of financial stability:

• Absolute – the company lives without loans, only from its own funds
• Normal – the amount of available loans is not critical, own funds allow you to pay off loans on time
• Unsustainable - own funds do not cover expenses, the work process is not stable, there are delays, delays in payments to employees and tax deductions
• Crisis – a company in a state of bankruptcy.

Two main parameters are involved in calculating the financial stability indicator: the amount of own assets and the amount of liabilities to counterparties and creditors.

Financial stability assessment should be carried out at least once a year.

IN economic theory An important criterion for classifying costs is the time intervals during which certain business decisions are made. There are short-term and long-term periods.

Short term a period of time is considered insufficient to change the production capacity of the company, i.e. number of machines and equipment. During this period, the company can only change the intensity of their use and decide how best to organize production on the existing fixed production facilities. The short run has different durations in different industries.

In the short term, individual factors of production (production buildings, machines, equipment, land, services of top managers and specialists) do not change due to changes in production volume, which is why they are called constant factors (FF– fixed factor), and the costs of their acquisition (depreciation, rental payments, insurance premiums, salary to senior management personnel) – fixed costs (F.C. – fixed costs). Other factors (raw materials, materials, fuel, energy, transport services, labor resources) change depending on changes in production volume, which is why they are called variable factors (VF – variable factor), and the cost of their acquisition is variable costs production ( V.C. – variable costs). Together, constants and variables form total costs production ( TC – total costs).

For the analysis of the company's activities, the average and marginal costs of the company are of great importance. Average costs (A.C. – average costs) reflect the firm's costs of producing a unit of output, and they are used for comparison with the price, which is always indicated per unit of output.

The concept of marginal cost is of particular importance in modern economic theory. Marginal (added) costs (M.C. – marginal costs) show an increase general expenses firms associated with an increase in output by one additional unit. Thus, marginal costs show the costs that the firm would have to incur if it produced an additional unit of output, and, conversely, the savings if the firm did not produce this additional unit of output. Based on the analysis of the value of marginal costs, the optimal volume of production of the company is selected.

Picture of various costs firms in the short term is given by Table 4.2.

If we limit all factors used for production to capital (fixed factor, price of 1000 monetary units) and labor (variable factor, price of 25 monetary units), then the firm’s production costs can be presented in the form of table 4.3.

Table 4.2

Table 4.3

The firm's production costs in the short run
(in monetary units)

Using the table data, you can graphically depict the company's production costs (Fig. 4.1, 4.2).

Rice. 4.1 Total firm costs

Rice. 4.2 Average and marginal costs of a firm

Based on table 4.3 and graphs (Fig. 4.1, 4.2), it is possible to analyze the company’s production costs in the short term, and the following patterns are revealed.

1. Total fixed costs ( TFC) do not change with changes in production volume, so they are shown in Fig. 4.1 in the form of a horizontal line.

2. General variable costs (TVC) change with increasing production volume, therefore the total, gross costs ( TC) firms, as production volume increases, also increases. Curves TVC And TC have a constantly ascending character (Fig. 4.1). Values TFC, TVC, TC are determined for each specific production volume.

3. Average fixed costs ( A.F.C.) with increasing production volume constantly decrease, so the curve A.F.C. has a descending character (see Fig. 4.2).

4. Curves MS, AVC And ATS first they go down (Fig. 4.2) and then go up. This means that the marginal, average variable and average total costs of the company, due to the effect of the division of labor and specialization, are reduced to a certain value, and then due to the law of diminishing ultimate performance of a variable resource (labor) while the value of a constant resource (capital) remains unchanged, begin to increase.

5. Curve MS crosses curves AVC And ATC at the points of their minimum value, respectively at the points A And B(Fig. 4.2).

Of all cost indicators, average total costs are of particular importance, because at economic analysis It is important to take into account that the company must necessarily reimburse all its costs, so the price comparison is carried out precisely with these costs ( ATS). Curve ATS(Fig. 4.2) has the form of a concave curve, the lowest point of which (point IN) characterizes the minimum value of the average total costs of production. Thus, if we proceed from only one criterion of the company’s activity - minimizing production costs, then the firm optimizes its activities at the lower point of the curve ATS. Hence, the optimal production volume will be 76 pieces (see Table 4.3), and the optimal number of workers involved in production will be four people.

It should be noted that analysis of a company’s production costs makes it possible to determine market price levels that are favorable and unfavorable for its activities. In this regard, we will divide the entire graph of average and marginal costs (see Fig. 4.2) into three fields.

First field characterized low price level (0 < P < 11,9 – минимального значения AVC at the point A). At such prices, the company will not even be able to recover its variable costs, so it will be forced to cease operations.

Second field (11,9 < P < 26,3 – минимального значения ATS at the point IN) is called field of the company's unstable position, where it can only recover its variable costs. Thus, the company does not recover all its costs through price and seeks to find a more efficient alternative direction for its activities. Lowest value AVC(dot A) are called critically low price. It shows the lowest price at which the firm can only recover its variable costs and it makes no sense for it to continue its activities, therefore the critical low price is actually at the cost of closing the company.

Third field (P≥ 26.3) is the most favorable for the company and is called the company's break-even field. Lowest value ATS(dot IN) are called long term critical cost. It shows the lowest price at which the company can operate at break-even, i.e. cover all production costs.

If the market price is set above the long-term critical price, then the firm begins to make a profit or, by increasing the volume of output (for example, to increase its market share), will operate, recouping its economic costs and receiving a normal profit.

Related information.

Financial condition enterprises are a movement serving the production and sale of its products.

Between production development And state of finances There is both a direct and inverse relationship.

The financial condition of an economic unit is directly dependent on the volumetric and dynamic indicators of production movement. An increase in production volume improves the financial condition of an enterprise, while a decrease in production volume, 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.

Profit is the difference between sales revenue and current costs.

The current solvency of an organization is directly influenced by the liquidity of its current assets (the ability to convert them into cash or use them to reduce liabilities).

Indicators of financial and market stability of the enterprise

Capitalization rate

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

• Raised capital (the sum of the results of the second and third liability sections of the balance sheet “Long-term liabilities” and “Short-term liabilities”) / equity capital (the result of the first liability section “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 ratio 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 seems doubtful.

Maneuverability coefficient(mobility) of equity capital (own funds) is calculated using the following formula:

Own working capital (the total of the first section of the balance sheet liability “Capital and reserves” minus the total of the first section of the asset “Non-current assets”) is divided by equity capital (the total of the first section of the balance sheet liability “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 the share of 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 coefficient is calculated using the following formula:

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

If this organization does not have long-term borrowed sources of funds, then the value of the financial stability coefficient will coincide with the autonomy (financial independence) coefficient.

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

Divide equity capital by borrowed capital.

A significant decrease in the value of this indicator indicates the possible insolvency of the organization, since most of its property was formed from borrowed sources of funds.

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

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

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

The next indicator is long-term leverage ratio— is defined as follows:

Long-term liabilities (the total of the second section of the balance sheet liability) are divided into Long-term liabilities + equity capital (the sum of the results of the first and second sections of the balance sheet liability).

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

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

Long-term liabilities (the total of the second section of the balance sheet liabilities) are divided by the attracted capital (the sum of the results of the second and third sections of the balance sheet liabilities).

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

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

The already discussed coefficient of provision of current assets with own working capital is often used, showing what part of the organization’s current assets was formed from its own sources of funds.

The standard value of this indicator must be at least 0.1.

Inventory coverage ratio own working capital shows the extent to which inventories are formed from own sources and do not require borrowed funds. This indicator is determined by the following formula:

Own sources of funds minus non-current assets are divided into inventories (from the second section of the asset).

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

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

An important indicator is functional capital agility ratio(own working capital). It can be determined by the following formula:

Cash, add short-term financial investments, divided by own sources of funds minus non-current assets.

This indicator characterizes that part of own working capital that is in the form of cash and quickly 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.

The permanent asset index (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. An important indicator of financial stability is the coefficient of real property value. This indicator determines what share of the value of the organization’s property is made up of means of production. It is calculated using the following formula:

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

All components included in the numerator of this formula represent the means of production necessary to carry out the main activities of the organization, i.e. its production potential. Therefore, this coefficient reflects the share in the assets of the property that ensures the main activities of the organization (i.e. production of products, performance of work, 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.

An indicator expressing the financial stability of an organization is also ratio of current (current) assets and real estate. It is calculated using the following formula:

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

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

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

Net profit minus dividends paid to shareholders divided by equity.

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

In addition, the net revenue ratio is determined using the following formula:

Net profit plus depreciation charges is divided by revenue from sales of products, works, and services.

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

An important stage in analyzing the financial stability of an organization is assessing its creditworthiness. Creditworthiness is understood as the organization's ability to timely repay (repay) received loans and borrowings, as well as pay interest for their use within the established time frame.

The creditworthiness of borrowing organizations is determined by a number of indicators: the liquidity of the organization, the share of equity capital (own sources of funds), profitability.

Depending on the values ​​of these indicators and the industry to which a given organization belongs, the latter can be classified as one of the following types:

1. type of creditworthy organizations that have high level liquidity and equity security;
2. the type of organizations that have a sufficient degree of reliability;
3. a type of non-creditworthy organizations that have illiquid balance sheets or low equity.

To assess the creditworthiness of the borrowing organization, you should first analyze its financial condition. After this and a decision has been made on the possibility of providing a loan to the organization, the net revenue coefficient is calculated, expressing the share of profit and depreciation charges in each ruble of revenue from the sale of products, works, services (without value added tax). The obtained value of this indicator can be extended to the expected receipt of revenue in the future. This will make it possible to determine the possible repayment period of loans and borrowings, since the numerator of this coefficient, that is, profit and depreciation, represents the value of the potential source of repayment of loans and borrowings.

When a loan agreement is concluded between the bank and the organization, the accumulated amount of debt is determined, including the amount of the loan issued and interest for using it. The accumulated amount of debt is determined by the following formula:

Where S is the accumulated amount of debt;

P - loan amount;

(1 + n· i) — growth factor;

n is the period for which the loan is issued;

i is the interest rate for the loan.

The increased amount of debt (S) must be secured by the value of the loan repayment source (Rn) for the period for which the loan is issued. Consequently, if Rn>S, then the borrowing organization is creditworthy. If the value of Rn is not sufficient to repay the increased amount of debt, that is, Rn

Along with assessing the creditworthiness of an organization, it is also necessary to analyze the efficiency of loan use, which is expressed by the following main indicators: the volume of products sold per 1 ruble of average loan debt, as well as loan turnover in days. Comparing these indicators over several periods, we can state an increase in the efficiency of credit use if the volume of products sold per 1 ruble of average loan debt increases and the loan turnover in days accelerates.

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