Factor of provision of industrial plants with their own working capital formula. Debt to equity ratio

2. Security ratio material resources own funds.

It is calculated like this:

Capital and reserves – Non-current assets;

Its standard value is from 0.6 to 0.8.

Komz (at the beginning of 2008) = 38692-22862.9 = 633

Komz (at the end of 2009) = 58549.3-34307.9 = 110

Komz (at the end of 2010) = 121529-56437.3 = 8.5

These coefficients are above the acceptable norm and show that inventories are in excess condition, which leads to a negative assessment, although by the end of 2010 this coefficient decreased and amounted to 8.6.

3. The coefficient of maneuverability of equity capital is calculated as follows:

Capital and reserves – non-current assets;

Capital and reserves

Its standard value: more than 0.5

Km (at the beginning of 2008) = 38692-22862.9 = 0.41

Km (at the end of 2008) = 53128.5-33321.1 = 0.4

Km (at the end of 2009) = 58549.3-34307.9 = 0.42

Km (at the end of 2010) = 121529-57014.2 = 0.53

These coefficients indicate that the mobility of own sources of funds is increasing and by the end of 2010 it was 0.53, which is a positive aspect of the company’s activities, although these coefficients are even lower than the norm.

Ipa (at the beginning of 2008) = 22862.9 = 0.60

Ipa (at the end of 2008) = 33321.1 = 0.63

Ipa (at the end of 2009) = 34307.9 = = 0.59

Ipa (at the end of 2010) = 56437.3 = 0.46

The coefficient data show that the share of fixed assets and non-current assets in sources of own funds in 2008 increased by 0.03, and in 2009 this figure decreased by 0.04 points, and in 2010 this figure decreased by 0.13 points.

5. Long-term leverage ratio

6. The depreciation rate of non-current assets is equal to

Cumulative depreciation amount______

Initial cost of fixed assets

Ki (at the beginning of 2008 10846___ =0.32

Ki (at the end of 2008) = 23184.6 ________ = 0.42

Ki (end of 2009)=35197.0________=0.52

Ki (at the end of 2010) = 87563.4_______ = 0.62

The data shows the extent to which fixed assets are financed through depreciation.

7. The suitability factor is:

Kg =100% -Ci

Kg (at the beginning of 2008) =100% -0.32=99.68

Kg (at the end of 2008) =100% -0.42=99.58

Kg (at the end of 2009) =100% -0.52=99.48

Kg (at the end of 2010) =100% -0.62=99.38

8. Real property value coefficient

It is calculated:

Fixed assets + raw materials and materials + work in progress

Balance currency

Its norm =0.5

Kr.s.i. (at the beginning of 2008) = 22101.9 + 25.0 = 0.34

Kr.s.i. (at the end of 2008)=31859.1+216.0=0.33

Kr.s.i. (at the end of 2009)=32344.8+221.2=0.31

Kr.s.i (at the end of 2010) = 5419.2 + 7568.3 = 0.37

The coefficient data indicates the position of the real value of property by the end of 2009, and in 2010 this indicator increases and amounts to 0.37 by the end of 2010, although this is below the norm.

9. The autonomy coefficient is calculated as follows:

Capital and reserves;

Balance currency

Ka (at the beginning of 2008) = 38692 = 0.60

Ka (at the end of 2008) = 53128.5 = 0.58

Ka (at the end of 2009) = 58549.3 = 0.55

Ka (at the end of 2010) = 121529 = 0.55

The coefficient data show that in the period at the end of 2008 and the beginning of 2010 the company was more dependent, but by the end of 2010 the situation improved, and this indicator is 0.764. This indicates the efficient operation of the company.

10. Debt to equity ratio.

It is calculated:

Long-term liabilities + short-term liabilities, its rate is less than 1

Capital and reserves

Kc (at the beginning of 2008) = 25701.2 = 0.6

Kc (at the end of 2008) = 41914.5 = 0.7

Kc (at the end of 2009) = 47795.5 = 0.8

Kc (at the end of 2010) = 42656.2 = 0.3

These coefficients are within normal limits. This suggests that the company is little dependent on attracted capital.

Balance sheet liquidity analysis

A firm's liquidity is the firm's ability to convert its assets into cash to cover all payments as they become due.

A firm is considered liquid if its current assets are greater than its current liabilities.

Balance sheet liquidity is defined as the degree to which the company's liabilities are covered by its assets, the period of transformation of which into money corresponds to the period of repayment of liabilities

The balance is considered liquid if the following conditions are met:

If A1 is greater than P1

If A2 is greater than P2

If A3 is greater than P3

In general, a comparison of 1 and 2 items of assets and liabilities of the balance sheet allows you to determine current liquidity. It indicates the solvency of the enterprise for the period of time closest to the moment in question. The analyzed enterprise, both at the beginning and at the end of 2008 and 2010, according to two groups of assets and liabilities of the balance sheet, was solvent. The amount of the most liquid and quickly sold assets at the beginning of 2008 amounted to 41,404 tons. tons, while the amount of urgent and short-term liabilities amounted to 25,701.2 tons, which is 15,702.9 less than means of payment. at the end of the year, means of payment amounted to 61,404.3 tons, and liabilities (P1+P2) equaled 41,914.5 tons.

In 2009, the most liquid and quickly realizable assets amounted to 61,404.3 tons. tons, and current and short-term liabilities are equal to 41914.5 tons. tons, which is 19,489.8 tons less than the means of payment, and at the end of the year this figure amounted to 23,919 tons. tn.

In 2010, the asset (A1+A2) amounted to 71,714.5 tons. tons, and the liability (P1+P2) is equal to 42656.2 tons. tn, which is 2.3 times less than means of payment or 56833.4 tn less than assets.

Comparison of slowly selling assets with long-term liabilities is impossible, because Our company has no long-term commitments. A comparison of the results of group 4 of assets and liabilities of the balance sheet shows the ability of the enterprise to cover obligations to the owners.

But this will only be required when the company is liquid. Compliance with the going concern or going concern principle requires

in order for the enterprise to constantly have its own working capital, and for this it is necessary to comply with the inequality A4 less than P4, i.e., the sources of own funds exceed the immobilized assets. At the analyzed enterprise, this inequality is observed.

The total of group 4 of balance sheet liability items exceeded the total of this asset group in 2008 by 15829.1 at the beginning, and at the end - by 19807.4t. tn, and at the end - by 24241.4; in 2009, the total of group 4 of the balance sheet liability exceeded the total of the asset of the same group at the beginning - by 24,241t. t., and at the end of the year the total of group 4 of the balance sheet exceeded the total asset by 64514.8 t. tn, which indicates an improvement in the financial position of the enterprise, since it had its own working capital to ensure the continuity of its activities.

An overall assessment of solvency and liquidity can be determined using the following ratios:

1. Coverage ratio is calculated:

Kp = current assets_______

Short-term liabilities

This ratio measures overall liquidity and shows the extent to which current accounts payable are covered by current assets, i.e. how many monetary units current assets accounts for 1 monetary unit of current liabilities.

Standard value - about 2

Kp (at the beginning of 2008) = 41503.3 = 1.62

Kp (at the end of 2008) = 61721.5 = 1.47

Kp (at the end of 2009) = 72036.9 = 1.51

Kp (at the end of 2010) = 10774.8 =2

These coefficients are within normal limits. This indicates a reduction in the risk of insolvency and by the end of 2010 the risk completely disappears. This deserves a positive assessment.

2. Quick liquidity ratio. It is calculated:

Current assets – inventories and accounts receivable;

Current assets

It evaluates the company's ability to pay off short-term obligations in the event of a critical situation if the company is unable to sell inventories. The norm of the coefficient is from 0.8 to 1.

Kb.l. (at the beginning of 2008) = 41530.3-25-41404.1 = 0.004

Kb.l. (at the end of 2008) = 61721.5-216-60535.6 = 0.02

Kb.l. (at the end of 2009) = 72036.9-71513.4 = 0.01

Kb.l. (at the end of 2010) = 107748-7568.3-96151.2 = 0.1

These coefficients are below the norm, which means that the repayment of short-term obligations, if the company is unable to sell reserves, will be covered in 2008 at the beginning - by 0.004, and at the end of this year - by 0.02, at the end of 2009 the situation will improve and the repayment will be 0 ,1. The positive thing is that the company has a tendency to increase its ratio.

3. The absolute liquidity ratio is calculated:

The most liquid assets;

Current responsibility

It shows how much of the short-term debt the company can pay off in the very near future. Its standard value must be no lower than 0.2.

Cal.l. (at the beginning of 2008)= __0__= 0

Ka.l (at the end of 2009) = 868.7 = 0.02

Cal.l. (at the end of 2009) = 868.7 = 0.01

Ka.l. (at the end of 2009) = 3915.3 = 0.1

The absolute liquidity ratio is very low, the company will be able to pay off its obligations in the near future by only 0.1% by the end of 2008, and this despite the fact that by the end of 2009 this figure increased from 0.01 to 0.1%, and This positive point.

The coefficient data is reflected in table 14.

Table 14. Indicators of balance sheet liquidity ratios

Net Asset Calculations

There is a concept of “net” assets. Their value is equal to:

Net assets = the amount of assets - the amount of liabilities accepted for calculation. The amount of net assets and liabilities is reflected in Table 15.

Table 15. Analysis of the enterprise’s net assets (thousand tenge)

Conclusion: The data in Table 15 for calculating “net” assets indicates that the company has enough “net” assets both at the end of 2008, 2009, and at the end of 2010, moreover, by the end of 2008 they increased by 13,341, 5t. tn. Their share at the beginning was 39%, at the end of 2008 40.4%.

And in 2009 they increased to 2169.1 tons, their share at the end of 2009 was 38.1%. In 2010, the value of the enterprise's net assets increased by 34,682 tons, and their share amounted to 46% at the end of the year.

Improving the management of the educational factor of economic growth in market conditions (based on materials from the Pavlodar region)

Consumption and the results of the enterprise's activities directly depend on the procedure for setting prices, which should take into account the peculiarities of pricing in public catering. The company under study does not have a marketing department. And, therefore, no one is engaged in market segmentation. We can highlight the most prominent reasons for the lack of a marketing department in an enterprise: Ø ...

Ownership ratio working capital (SOS) shows the sufficiency of the organization's own funds to finance current activities.

Calculation (formula)

According to Order of the FSFO of the Russian Federation dated January 23, 2001 N 16 “On approval” Guidelines on analysis financial condition organizations" coefficient is calculated as follows (in the Order he calls the equity ratio):

Security ratio SOS = (Equity - Non-current assets) / Current assets

The meaning of this coefficient is as follows. First, in the numerator of the formula, non-current assets are subtracted from equity. It is believed that the most low-liquidity (non-current) assets should be financed from the most stable sources - equity capital. Moreover, there should still be some equity capital left to finance current activities.

Normal value

This coefficient is not widespread in Western practice. financial analysis. In Russian practice, the coefficient was introduced normatively by the Order of the Federal Department for Insolvency (Bankruptcy) dated 08/12/1994 N 31-r and the now inactive Resolution of the Government of the Russian Federation of 05/20/1994 N 498 “On some measures to implement the legislation on insolvency (bankruptcy) of enterprises." According to these documents, this coefficient is used as a sign of insolvency (bankruptcy) of the organization. According to these documents, the normal value of the equity ratio should be at least 0.1. It should be noted that this is a fairly strict criterion, characteristic only of the Russian practice of financial analysis; Most enterprises find it difficult to achieve the specified coefficient value.

The activities of an enterprise can be analyzed based on certain indicators. They are calculated in order to determine how efficient the functioning of a business entity is, whether it is advisable to resort to lending to activities and what are its future prospects.

One of the most important areas of analysis is financial stability, which characterizes the ability of an enterprise to independently finance its activities. The level of sustainability is determined by a number of indicators, based on the calculation of which conclusions are drawn about the reliability of a particular business entity.

The security ratio is an indicator from the group of those that characterize financial stability. It is defined as the ratio of own working capital and revolving funds enterprises:

Kos = SOK/OS,

where SOC is the amount of own working capital,

Own working capital is an indicator that is the difference in the value of non-current assets:

SOK=SC-NoA,

where SK is the amount of equity capital,

NoA - non-current assets.

Sometimes for more precise definition own working capital, the value of non-current assets is deducted from the amount of own capital, deferred income and But, as a rule, this is applicable for large enterprises, because in small and medium-sized businesses, when drawing up a balance sheet, the last two indicators are mainly absent.

The equity ratio indicates its ability to finance activities without resorting to. The result is considered optimal when the value of the indicator is more than 0.1. Sometimes this indicator is also defined as the working capital ratio. The algorithm for its calculation is identical to the methodology of the described indicator.

Along with this, there is also a coefficient of supply of reserves with its own working capital. It is found by dividing its own working capital by the amount of inventories (the value is taken from Form 1 financial statements- balance):

Koz = SOK/Zap, where Zap is the amount of reserves.

This indicator, as well as the equity ratio, reflects the degree of sustainability of the enterprise and demonstrates how much material reserves are covered by the enterprise itself. Its recommended value should exceed 0.5, although the higher the coefficient value, the better for the enterprise. In practice, this happens quite rarely.

There are cases when the values ​​of these coefficients can be negative. This occurs when non-current assets exceed equity. Then the indicator of own working capital has negative meaning, which, in turn, is reflected in all calculation results. This situation at the enterprise indicates that not only working capital, but also fixed assets are covered by borrowed funds.

The equity ratio is primarily calculated for manufacturing enterprises, because they have large amounts of inventory on hand and the main source of financing is working capital. Such indicators are mainly of interest to partners and investors, because they make it possible to assess the reliability of the enterprise.

The ratio of supply of inventories and costs with own funds shows the share of inventories and costs financed from own sources. This is one of the indicators for determining financial stability company, status indicator working capital. It is the ratio of the amount of own funds covering inventories and costs to the cost of the latter.

Economic meaning of the indicator and formula

The ratio of supply of inventories and costs reflects the part of inventories and costs that are purchased from own sources. The indicator is found by dividing the amount of equity by the valuation of inventories and costs.

The traditional formula looks like this:

Kozss = own working capital/inventories.

The indicator in the numerator is also called “working capital”. This value reflects how much current assets exceed the company's short-term liabilities. Own working capital shows the company's ability to pay off short-term obligations after selling its current assets. That is, “working capital” is an indicator of the solvency and financial stability of an enterprise.

Own working capital is the difference between mobile assets and short-term accounts payable. If we describe the components of “working capital”, then the calculation of the equity ratio will look somewhat different.

Formula:

To ozss = (OA - KO) / reserves and costs.

• OA – current assets,
• KO – short-term liabilities.

To ozss = ((SK + DO) – In volume A)) / reserves and costs.

• SK – equity capital,
• DO – long-term liabilities,
• In volume A – non-current assets.

IN financial practice use various variations calculation formula. In particular, the composition of own working capital includes debt to the founders for the payment of dividends, future income, and reserves for future payments. The amount of inventory can be supplemented by advances to suppliers and work in progress.

Calculation of the inventory coverage ratio with own funds in Excel

The data for calculating the ratio is taken from the balance sheet. Let's transform the formula:

To ozss = (p. 1300 + p. 1400 – p. 1100) / p. 1210.

The following figures are needed from the balance sheet assets:

From the passive, lines such as:

Let's calculate the indicator for 5 reporting periods, from 2011 to 2015:

The negative value of the coefficient in 2011 is explained by the negative value of the indicator of own working capital. Normally it should be above zero. That is, current assets must exceed current liabilities.

A negative value of own working capital indicates the financial instability of the company. But such a criterion cannot be applied to all industries. There are enterprises that operate successfully even with a negative indicator. For example, a well-known company from the fast food industry, McDonalds. The ultra-fast operating cycle almost immediately converts inventories into cash revenue - the negative value of own working capital is not felt.

The cost coverage ratio with own working capital is the result of comparing the latter with the amount of reserves. Optimal condition and an indicator of financial well-being - the excess of own working capital over inventories.

The fact is that inventories are the least liquid part of working capital. Therefore, they must be repaid with their own funds and/or through long-term liabilities.

Inventory coverage ratio with own funds and standard value

The norm of the indicator is in the range of 0.6-0.8. That is, 60-80% of inventories should be financed through equity. The higher the indicator, the less the organization needs borrowed funds. In a word, if the ratio of supply of reserves with own funds is higher than the norm - higher financial stability company, and if it is below the norm, there is a need to use borrowed funds financial resources.

Let's go back to the example. Dynamics of the coefficient on the graph:

The calculation shows that since 2012, reserves and costs have been sufficiently provided by our own sources of funds. An increase in the ratio has a positive effect on the financial stability of the company.

The section discusses different ratios: property mobility ratio, interest coverage ratio and others.

Autonomy (financial independence) coefficient

Autonomy (financial independence) ratio (Equity ratio) is a coefficient showing the share of an organization’s assets that are provided by its own funds. The higher the value of this coefficient, the more financially stable the enterprise is, the more independent it is from external creditors.

The greater the share of non-current assets of an organization (capital-intensive production), the more long-term sources are required to finance them, which means the share of equity capital should be greater - the autonomy coefficient is higher.

Capitalization rate

Capitalization ratio - compares the size of long-term accounts payable with total sources of long-term financing, including, in addition to long-term accounts payable, the organization's own capital. The capitalization ratio allows you to assess the adequacy of the organization's source of financing its activities in the form of equity capital.

Capitalization ratio is included in the group of indicators financial leverage— indicators characterizing the ratio of the organization’s own and borrowed funds.

This coefficient allows us to estimate business risk. The higher the coefficient value, the more organization dependent in its development on borrowed capital, the lower its financial stability. At the same time, more high level coefficient indicates a greater possible return on equity (higher return on equity).

In this case, the company's capitalization (not to be confused with market capitalization) is considered as a combination of the two most stable liabilities - long-term liabilities and equity.

Short-term debt ratio

Short-term debt ratio - shows the share of the company’s short-term liabilities in the total amount of external liabilities (what share of the total debt requires short-term repayment). An increase in the ratio increases the organization's dependence on short-term liabilities and requires an increase in the liquidity of assets to ensure solvency and financial stability.

Property mobility coefficient

Property mobility coefficient characterizes the industry specifics of the organization. Shows the share of current assets in the total assets of the enterprise.

Working capital mobility coefficient

Working capital mobility coefficient - shows the share of funds absolutely ready for payment in the total amount of funds allocated to repay short-term debts.

Inventory coverage ratio

Inventory coverage ratio - shows the extent to which inventories are covered with own funds or require borrowing.

Provision ratio of own working capital

The coefficient of provision of own working capital - characterizes the availability of the enterprise's own working capital, necessary for its financial stability. This coefficient is not widespread in the West. In Russian practice, the coefficient was introduced normatively by the Order of the Federal Department for Insolvency (Bankruptcy) dated 08/12/1994 N 31-r and the now inactive Decree of the Government of the Russian Federation dated 05/20/1994 N 498 “On some measures to implement the legislation on insolvency (bankruptcy) of enterprises.” According to these documents, this coefficient is used as a sign of bankruptcy of an organization.

Investment coverage ratio

Investment coverage ratio (long-term financial independence) - shows what part of the assets is financed from sustainable sources - own funds and long-term loans. This indicator allows investors to assess the expected success of the enterprise, the likelihood of insolvency and bankruptcy. The investment coverage ratio should be analyzed in conjunction with other financial ratios: liquidity and solvency.

Interest coverage ratio

Interest coverage ratio (ICR) - characterizes the organization's ability to service its debt obligations. The metric compares earnings before interest and taxes (EBIT) over a given period of time with interest paid on debt obligations over the same period. The higher the interest coverage ratio, the more stable financial position organizations. But if the ratio is very high, then this indicates an overly cautious approach to attracting borrowed funds, which can lead to a reduced return on equity.

Working capital ratio

Own working capital ratio - the indicator characterizes that part of equity capital that is the source of covering its current or current assets with a turnover period of less than 1 year.

The amount of own working capital is numerically equal to the excess of current assets over current liabilities, therefore any changes in the composition of its components directly or indirectly affect the size and quality of this value. As a rule, a reasonable increase in own working capital is considered a positive trend. However, there may be exceptions, for example, an increase in this indicator due to an increase in bad debtors does not improve high-quality composition own working capital.

Financial leverage ratio

Financial leverage ratio (leverage) is a coefficient showing the percentage of borrowed funds in relation to the company's own funds. The term “financial leverage” is often used in a more general sense, speaking about a principled approach to business financing, when using borrowed funds to create financial leverage to increase the return on your own funds invested in the business.

If the value of the coefficient is too high, then the organization loses its financial independence and its financial position becomes extremely unstable. It is more difficult for such organizations to get a loan.

A too low value of the indicator indicates a missed opportunity to increase the return on equity by attracting borrowed funds to the activity.

The normal value of the financial leverage ratio depends on the industry, the size of the enterprise, and even the method of organizing production (capital-intensive or labor-intensive production). Therefore, it should be assessed over time and compared with the indicators of similar enterprises.

Net assets (company's equity)

Net assets (company's equity capital) are the assets that a company has at its disposal minus a wide variety of liabilities.

Shows the amount of capital owned by an organization, which it can have after repaying debts, loans and fulfilling other obligations, and which can be used when distributing assets between owners. In addition, it characterizes the liquidity of the organization and shows how much financial resources may remain with the founders of the company after its liquidation.

Negative net assets are a sign of the insolvency of an organization, indicating that the company is completely dependent on creditors and does not have its own funds.

Net assets must not only be positive, but also exceed authorized capital organizations. This means that in the course of its activities the organization ensured an increase in initial funds and did not waste them. Net assets may be less than the authorized capital only in the first years of operation of newly created organizations. In subsequent years, if net assets become less than the authorized capital, the civil code and legislation on joint stock companies requires reducing the authorized capital to the amount of net assets. If an organization's authorized capital is already at a minimum level, the question of its continued existence is raised.