Inventory coverage ratio with own working capital formula. Security ratio

1. During the year, the enterprise’s policy regarding the formation of property was aimed at increasing working capital, primarily inventories - inventory items.

2. There are no “sick” items: losses, overdue receivables.

3. Own capital has increased, but its share in liabilities is decreasing. The overall increase in funds for the period was primarily due to their attraction on a borrowed basis.

4. Accounts payable and accounts receivable do not match each other. Additional analysis of the composition of accounts receivable (especially advances issued and other debtors) and accounts payable is required.

5. There was a regrouping of borrowed sources associated with a sharp increase in the share of short-term loans in them, that is, cheap borrowed funds were crowded out by more expensive ones.

These changes may affect the financial condition of the enterprise in the future. To find out their reasons, the next step is to analyze financial ratios.

Balance sheet liquidity analysis, solvency assessment.

Under solvency the enterprise understands the ability of cash resources to repay its payment obligations in a timely manner. The assessment of solvency is carried out based on the characteristics liquidity current assets, i.e. the time required to convert them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of balance sheet liquidity.

Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of decreasing liquidity, with short-term liabilities, which are grouped by the degree of their repayment.

All balance sheet assets are divided into 4 groups:

All liabilities are also divided into 4 groups:

The tables present the classic grouping of property and liabilities. Some modern methods of financial analysis produce a different grouping. For example, it is believed that future income should be included in the organization’s own capital or long-term receivables, in fact, a hard-to-sell asset. Each company has the right to choose its own calculation method. This material will present only the general principles of carrying out the relevant calculations and the formulation of conclusions based on the results obtained.

To determine the liquidity of the balance sheet, you should compare the results of the given groups for assets and liabilities.

The balance is considered absolutely liquid if the following ratios are met:

To check the fulfillment of this ratio for the analyzed enterprise, a table is compiled.

Balance sheet liquidity analysis

Based on the data in the table, conclusions are drawn.

If the first three inequalities are satisfied, then this entails the fulfillment of the fourth, which indicates that one of the conditions is met financial stability enterprises – availability of their own working capital.

A comparison of the first and second groups of assets with the first two groups of liabilities shows current liquidity, which indicates the solvency of the enterprise for the period of time closest to the period under consideration.

Current liquidity is determined as follows:

TL = (A1 + A2) – (P1 + P2)

If the current liquidity value turns out to be negative, then the company is considered insolvent.

And a comparison of the results for an asset of group 3 reflects the ratio of payments and receipts in the future, thereby determining the forecast of solvency.

Prospective liquidity is calculated:

PL = A3 – P3.

In this way, it is possible to determine whether the organization is able to restore its solvency in the future.

An analysis of balance sheet liquidity carried out in this way is still approximate. The coefficient analysis of solvency is considered more detailed.

Liquidity indicators characterize the short-term solvency of an enterprise, its ability to pay off debts on time and finance current activities. Insufficiently high liquidity values ​​may indicate a threat of bankruptcy, while excessively high liquidity means that the organization is attracting too many funds into circulation, reducing its potential profitability.

Liquidity indicators are the following:

1. Absolute liquidity ratio shows the share of short-term debt that the company can repay in the near future using absolutely liquid assets. Characterizes the solvency of the enterprise as of the balance sheet date.

Normative value
0.2–0.5, that is, every day the company must repay at least 20% of its accounts payable. A low value indicates a decrease in the solvency of the enterprise.

2. TO quick (critical, urgent) liquidity ratio – shows the projected payment capabilities of the enterprise, subject to timely settlements with debtors.

Attitude Money and short-term financial investments plus the amount of mobile funds in settlements with debtors to current liabilities.

Normative value
0.8–1.0. A low value indicates the need for constant work with debtors to ensure the possibility of converting the most liquid part of working capital into cash for settlements.

3. Current ratio (coverage) shows the sufficiency of working capital that can be used by the enterprise to pay off its obligations, what part of the current funds for loans and settlements can be repaid by mobilizing all working capital.

The ratio of current assets (current assets) to current liabilities (short-term liabilities).

Standard value 1.0
2.0. The lower limit indicates that working capital should be sufficient to cover short-term liabilities. An excess of more than 2 times indicates an irrational investment of funds and their ineffective use.

4. Liquidation price coefficient determines the extent to which all external liabilities of the enterprise will be covered as a result of its liquidation and sale of property. The ratio of all assets of an enterprise to the amount of external liabilities.

Normative value
1.0. A low value of the indicator indicates the insufficiency of existing assets to cover the external liabilities of the analyzed enterprise.

5. General liquidity ratio balance sheet is used for a comprehensive assessment of the liquidity of the balance sheet as a whole. Using this coefficient, changes in the financial situation of enterprises are assessed from the point of view of liquidity; allows you to compare the balance sheets of the analyzed enterprise relating to different reporting periods, as well as the balance sheets of different enterprises and find out which balance is the most liquid.

The ratio of all liquid funds of an enterprise to the amount of all payment obligations, provided that various groups of liquid funds and payment obligations are included in the specified amounts with weight categories.

Normative value
1.0.

This coefficient is a general indicator of the liquidity of a business entity and is used when choosing a more reliable partner from a variety of potential partners based on reporting.

It is advisable to summarize all calculated indicators in a table.

5. General liquidity ratio Various liquidity indicators not only provide a versatile characteristic of stability financial condition enterprises at to varying degrees

accounting for liquid funds, but also meet the interests of various external users of analytical information. Thus, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. A bank lending to an enterprise pays more attention to the quick liquidity ratio. Buyers and holders of shares and bonds of an enterprise largely assess the financial stability of the enterprise by the current liquidity ratio. Of course, first of all, liquidity indicators should be of interest to managers and financial employees of the enterprise.

In general, it is possible to assign the analyzed business entity, using these coefficients, to one or another creditworthiness class. But the difficulty is that:

Standard values ​​of liquidity ratios for organizations of various industries have not been established;

If an enterprise has poor liquidity indicators, but has not lost its financial stability, then it has a chance to get out of its difficult situation. But if both liquidity indicators and financial stability indicators are unsuccessful, then such an economic entity is a likely candidate for bankruptcy.

Determination of financial stability.

One of the main tasks of analyzing the financial and economic condition of an enterprise is to study indicators characterizing its financial stability. It is determined by the degree of provision of inventories and costs by own and borrowed sources of their formation, the ratio of the volumes of own and borrowed funds and is characterized by a system of absolute and relative indicators. Sustainability serves as a guarantee of survival and the basis for the stability of an enterprise’s position, but can also contribute to the deterioration of its financial condition under the influence of external and internal factors.

Thus, financial stability- the result of the presence of a certain safety margin that protects the enterprise from accidents and sudden changes in external factors.

Loss of financial stability means that this enterprise will face bankruptcy in the future with all the ensuing consequences, including its liquidation, if prompt and effective measures are not taken to restore financial stability.

Financial stability analysis is carried out using absolute and relative indicators.

Absolute indicator financial stability is the conformity or discrepancy (excess or deficiency) of sources of funds for the formation of reserves with the value of reserves, obtained in the form of the difference between the value of sources of funds and the value of reserves. This refers to the provision of reserves with sources of own and borrowed funds.

To analyze financial stability, a balance sheet is compiled in aggregate form.

Aggregated balance

An enterprise is financially stable if the following condition is met:

To characterize the sources of reserves and costs, several indicators are used, reflecting different degrees of coverage different types sources:

Availability of own working capital – characterizes net working capital. Its increase compared to the previous period indicates the further development of the enterprise’s activities or the effect of the inflation factor, as well as a slowdown in their turnover, which objectively causes the need to increase their mass. The presence of own working capital serves as a positive indicator for investors and creditors.

Availability of own and long-term borrowed sources for the formation of reserves and costs – the value of this indicator indicates not only how much current assets exceed current liabilities, but also how much non-current assets are financed from the organization’s own funds and long-term loans. Net working capital is necessary to maintain the financial stability of the enterprise, since the excess of working capital over short-term liabilities means that the enterprise not only can pay them off, but also has financial resources to expand activities in the future.

The total value of the main sources of reserves and costs – the rational formation of inventories and costs due to the total value of the main sources of funds has a positive impact on the progress of production, on the financial results and solvency of the enterprise.

Excess or shortage of own working capital

The calculation of indicators is carried out using the following formulas:

Excess (+) or lack (-) of one’s own working capital(E s):

where SK is equity capital (line 1300),

F – non-current assets (line 1100),

Z – inventories, including VAT on purchased assets (lines 1210,1220).

Reflects the amount of own working capital, incl. funds owned by an organization to cover inventories and costs. To diagnose the financial condition, it is important to study the dynamics of changes in this value. The financial position is negatively affected by both the lack and surplus of own working capital. The lack of these funds can lead the enterprise to bankruptcy due to its inability to repay short-term obligations in a timely manner.

2. Excess (+) or shortage (-) of own working capital and long-term borrowed funds for the formation of inventories and costs (E t):

where Kt is long-term borrowed capital.

This optimal amount of surplus own working capital and long-term borrowed funds for the formation of inventories and costs depends on the characteristics of the enterprise’s activities, in particular on its size, sales volumes, turnover rate of inventories and receivables, conditions for granting loans, industry specifics, etc.

3. Surplus (+) or deficiency (-) of the total value of the main sources of funds for the formation of reserves (E ∑):

where K t – short-term loans and borrowings.

Financial instability is considered acceptable if the following conditions are met: inventories plus finished products are equal to or exceed the amount of short-term loans and borrowed funds involved in the formation of inventories; work in progress plus deferred expenses equals or less than the amount own working capital.

Calculation of three indicators of the provision of reserves with sources of their formation allows us to classify situations according to the degree of their stability. When determining the type of financial situation, a three-dimensional (three-component) indicator is used.

where the function is defined as follows:

Using these formulas, four types of financial situations can be distinguished.

1. Absolute financial stability, it is determined by the conditions

This type shows that inventories and costs are fully covered by own working capital, high solvency, and no dependence on creditors. In practice this rarely happens. This type of sustainability cannot be considered ideal, since the enterprise in this case does not use external sources of financing in its business activities.

2. Normal financial stability

Three-dimensional situation indicator:

The source of covering costs is our own working capital and long-term borrowed sources. With normal stability, which guarantees solvency, the enterprise optimally uses its own and credit resources, current assets and accounts payable.

3. Unstable financial condition

Three-dimensional situation indicator:

The source of covering costs is the total amount of sources. It is characterized by a violation of solvency: in this case, the enterprise is forced to attract additional sources to cover inventories and costs, and a decrease in production profitability is observed. However, there is still room for improvement

4. Crisis financial condition

Three-dimensional situation indicator:

In this situation, there are overdue accounts payable and receivable and an inability to repay them on time. Cash, short-term securities and accounts receivable do not even cover accounts payable and non-performing loans. If this situation is repeated repeatedly in market conditions, the enterprise faces bankruptcy.

All of the above indicators can be presented in table form.

Table of indicators by types of financial situations.

Absolute and normal financial stability is characterized by a high level of profitability and the absence of violations of financial discipline.

An unstable financial condition is characterized by the presence of financial discipline, interruptions in the flow of funds to the current account, and a decrease in the profitability of the enterprise.

In addition to the indicated signs of an unstable financial situation, a financial crisis is characterized by the presence of regular non-payments (overdue bank loans, overdue debts to suppliers, the presence of arrears to the budget).

To assess the financial condition, financial ratios are calculated, analyzed over time and compared with standard values.

1. Provision ratio of own working capital shows that the enterprise has its own working capital necessary for its financial stability. It is a criterion for determining insolvency (bankruptcy). The higher the indicator, the better the financial condition of the enterprise, the more opportunities it has to pursue an independent financial policy. It is defined as the ratio of own working capital to the total amount of working capital of the enterprise.

Normative value 0,1.

2. Inventory coverage ratio own funds shows the degree to which inventories are covered with own funds, as well as the need to attract borrowed funds. It is defined as the ratio of own working capital to the amount of inventories and costs.

Normative value 0,6-0,8.

3. Equity agility ratio shows the ability of the enterprise to maintain the level of its own working capital and replenish working capital from its own working sources. The closer the indicator value is to the upper limit, the greater the possibility of financial maneuver. It is defined as the ratio of own working capital to the total amount of sources of own funds (equity capital).

Normative value 0,2-0,5.

4. Autonomy coefficient characterizes independence from borrowed funds. Determines the share of the owners of the enterprise in the total amount of funds. The higher the value of the coefficient, the more stable the enterprise, and the less dependent it is on external creditors. It is determined by the ratio of the total amount of all funds of the enterprise to sources of own funds.

Normative value 0,5.

5. Debt to equity ratio (or financial leverage). Shows how much borrowed funds the company attracted per 1 ruble invested in its own assets. Exceeding the specified limit means the enterprise’s dependence on external sources funds. Loss of financial stability (autonomy). It is determined by the ratio of all liabilities to own funds.

Normative value< 0,7.

6. Financial stability ratio . Shows the share of equity and long-term borrowed capital in the balance sheet currency.

Standard value =0.9

All of the above indicators are presented in the table.

Financial stability ratios.

One of the most important characteristics of the stability of the financial condition of an enterprise and its independence from borrowed sources of funds is the autonomy coefficient. Meaning
> 0.5 shows that all obligations of the enterprise can be covered by its own funds. Executing the constraint
> 0.5 is important not only for the enterprise itself, but also for its creditors. An increase in the autonomy coefficient indicates an increase in the financial independence of the enterprise and a decrease in the risk of financial difficulties in future periods. From the point of view of creditors, this trend increases the company’s guarantee of repaying its obligations.

The autonomy ratio complements the debt-to-equity ratio
. It indicates how much borrowed funds the company attracted per 1 ruble invested in its own assets. If borrowed capital approaches equity or becomes greater than it, then financial stability decreases. The value of this coefficient depends on industry specifics and the level of inflation.

A very significant characteristic of the stability of the financial condition is the maneuverability coefficient
. It shows what part of the enterprise’s own funds is in a mobile (flexible) form, allowing relatively free maneuvering of these funds. A high value of the agility coefficient positively characterizes the financial condition, however, there are no normal values ​​of the indicator established in practice. Sometimes in the specialized literature a value of 0.5 is recommended as the optimal coefficient value. The indicator, like the financial stability coefficient
It is advisable to use it to analyze the work of enterprises of the same industry.

Overcoming financial instability is not easy: it takes time and investment. For a chronically “sick” enterprise that has lost its financial stability, any negative set of circumstances can lead to a fatal outcome - bankruptcy.

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) 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.

Co= (sources of equity – non-current assets) / (inventories and costs + cash “other assets”)

This ratio shows what part of current assets is financed from own sources. The calculation of this indicator seems illogical, because there is a lack of own working capital.

Analysis of liquidity and solvency of the enterprise. Liquidity and solvency of the enterprise, i.e. the ability to timely and fully make payments on short-term obligations - criteria for assessing the financial condition of an enterprise.

Under liquidity of any asset is understood as its ability to be transformed into cash, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the degree of liquidity of this asset.

When talking about the liquidity of an enterprise, we mean that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if contractual repayment periods are violated. Solvency means that an enterprise has cash and cash equivalents sufficient to pay accounts payable that require immediate repayment. Thus, the main signs of solvency are:

Availability of sufficient funds in the current account;

No overdue accounts payable.

It is obvious that solvency and liquidity are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, but in essence this may be erroneous if current assets significant specific gravity accounts for illiquid assets and overdue receivables.

Liquidity and solvency assessments can be performed with a certain degree of accuracy. In particular, as part of an in-depth analysis of solvency, attention is paid to items characterizing the availability of funds of the enterprise. This is understandable: they express the totality of cash, i.e. property that has an absolute value, as opposed to any other property that has only a relative value. These resources are the most mobile; they can be included in financial and economic activities at any time, while other types of assets can only be included after a certain period of time. Art financial management This is precisely to keep only the minimum required amount of funds in accounts, and the rest, which may be needed for current operational activities, in quickly realizable assets.

Thus, for express analysis, the larger the amount of funds in the current account, the more likely it is that the company has sufficient funds for current settlements and payments. At the same time, the presence of insignificant balances on the current account does not mean at all that the company is insolvent - funds can be transferred to the current account within the next few days, and some types of assets can easily be converted into cash if necessary.

Insolvency is usually indicated by the presence of “sick” items in the statements (“Losses”, “Loans and loans not repaid on time”, “Overdue accounts payable and receivable”, “Overdue bills issued”).

Analysis of balance sheet liquidity. For convenience of calculations and calculations, we introduce the following generally accepted notations:

Division of asset items according to their degree of liquidity

A1 – the most liquid assets (line 250+line 260);

A2 – quickly realizable assets (line 230 + line 240 + line 270);

AZ – slowly selling assets (line 210+line 140);

A4 – hard-to-sell assets (p. 190);

Subdivision of liability items by degree of urgency

P1 – the most urgent obligations (p. 620);

P2 – short-term liabilities (p. 610);

LP – long-term liabilities (p. 590);

P4 – constant liabilities (line 490+line 640+650+660+670);

Table 6.10

To determine the liquidity of the balance sheet, you should compare the results of the selected groups for liabilities and assets. The balance is considered absolutely liquid if the following ratio is satisfied:

A1>P1 A2>P2 AZ>PZ A4<П4.

In the analyzed enterprise, the groups of assets and liabilities are correlated as follows:

At the beginning of the year: A1<П1 На конец года: А1<П1

A2>P2 A2>P2

AZ<ПЗ АЗ<ПЗ

A4>P4 A4>P4

Comparison of the results of the first group by asset and liability, i.e. A1 and P1 (terms up to 3 months) reflect the illiquid ratio of current payments and receipts.

Comparison of the results of the second group, i.e. A2 and P2 (terms from 3 to 6 months), shows a trend of increasing current liquidity. The analysis of the third and fourth groups reflects an unsatisfactory ratio of receipts and payments.

For a comprehensive assessment of the liquidity of the balance sheet as a whole, one should use the general liquidity indicator ( l), calculated by the formula:

l = (a1 ´ A1+a2 ´ A2+ a3 ´ AZ) /(a1 ´ P1+ a2 ´ P2 + a3 ´ PZ),

Where Aj,Pj– results of the corresponding groups for assets and liabilities,

аj– weighting coefficients.

From the point of view of the timing of receipt of funds and repayment of obligations, we will assume that a1 = 1, a2 = 0.5, a3 = 0.3, Then

l beginning of the year = 13.806 + 0.5 ´ 133196 + 0.3 ´ 328773 / 89542 + 0.3 ´ 411023 = 0.84

l end of year =10056+ 0.5 ´ 207022 + 0.3 ´ 342063 / 126909+ 0.3 ´ 461240 = 0.81

This indicator reflects a decrease in liquidity during the year by 0.03. The general indicator of balance sheet liquidity discussed above expresses the enterprise’s ability to make payments on all types of obligations - both immediate and distant in time. However, this indicator does not give an idea of ​​​​the enterprise’s capabilities in terms of repaying short-term obligations. Therefore, to assess solvency, three relative indicators of liquidity are used, differing in the set of liquid funds considered as coverage for short-term liabilities.

1. Absolute liquidity ratio(K a.l.)

This ratio is equal to the ratio of the value of the most liquid assets to the amount of the most urgent obligations and short-term liabilities

K a.l. beginning of the year = 13.806 / 89.542 = 0.15

K a.l. end of year = 10.056 /126.909 = 0.08

The absolute liquidity ratio shows how much of the company's short-term debt can be repaid in the near future. The normal limit for this indicator is as follows: K a.l.= 0.2 – 0.5. Thus, the solvency of Scientific and Technical Center Counsel LLC at the time of drawing up the annual report was very low.

2. Critical liquidity ratio(K k.l .)

To calculate this ratio, accounts receivable and other assets are included in liquid funds in the numerator of the relative indicator.

To k.l. beginning of the year = 147.002 / 89.542 = 1.64

To k.l. end of year = 217.078 / 126.909 = 1.71

The critical liquidity ratio reflects the projected payment capabilities of the enterprise, subject to timely settlements with debtors. The estimate of the lower normal bound of the coefficient looks like this:

To k.l. > 1. The critical liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables.

Debt turnover debt = Revenue - net from sales / Average annual amount of debit. debt (1,618.901 / 65.723) = 24.6

Receivables maturity = 365 / 24,6 = 14,8.

To increase solvency, you can give the following recommendations on settlement management:

Monitor the status of settlements with customers,

Establish strict conditions for commodity lending,

Calculate the risk share of interaction with counterparties (know the financial condition of your customers).

3. Current ratio (To t.l.)

This coefficient is equal to the ratio of the value of all current assets of the enterprise to the amount of short-term liabilities of the enterprise.

To t.l. beginning of the year = 328773 / 89542 = 3.67

To t.l. end of year = 342,063 / 126,909 = 2.9

The current liquidity ratio shows the payment capabilities of the enterprise, assessed subject to not only timely settlements with debtors and favorable sales of goods and finished products, but also sales in case of need of other elements of material working capital. The normal limit for this coefficient is K t.l > 2. The current liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of all current assets.

Different liquidity indicators not only provide a versatile characteristic of the stability of the financial condition of the enterprise, but also meet the interests of various external users of analytical information. Thus, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. The bank lending to this enterprise pays more attention to the critical liquidity ratio. Buyers and holders of shares and bonds in to a greater extent assess the financial stability of the enterprise by the current liquidity ratio.

The express analysis of the financial condition of LLC Scientific and Technical Center "Counsel" has this moment relative value, since it does not respond to main question: “How can the current financial situation affect the future course of business?”

Analysis of the property status, financial stability, solvency and liquidity of the balance sheet allows us to outline general trends in the development of the financial condition of a given enterprise.

There have been changes in the property status of Scientific and Technical Center "Counsel" LLC that may have a positive impact on its future financial condition. The share of non-current assets in the total value of property increased from 13% to 20%. The increase was due to an increase in the amount of intangible assets. In the knowledge-intensive sector of communication services, it is the share of intangible assets that determines the high level of customer service through the provision of new services.

Thus, we can conclude that the growth of intangible assets will cause an increase in revenue from the provision of additional services and attracting new clients.

Negative point, which can affect the competitiveness of an enterprise, is an increase in accrued depreciation on fixed assets, if this is due to the obsolescence of fixed assets. To more fully assess the impact of the composition and structure of fixed assets on the future financial condition of the enterprise, it is necessary to conduct a detailed analysis of fixed assets.

In the structure of current assets, namely inventories and costs, what is causing concern is the unjustified, from my point of view, ratio of inventories and goods for resale. An increase in the share of industrial inventories from 52% to 67% in the total amount of inventories and costs against the backdrop of a decrease in the share of goods for resale (from 46% to 29%) can lead to an even greater loss of liquidity and, as a result, a loss of solvency.

In the structure of the balance sheet liability items, a positive development is the increase in the share of own funds from 9% to 16% in the total amount of sources of funds. If the company maintains the trend of increasing equity capital at the expense of profits, this will have a positive effect on financial stability.

The downward trend in the share of long-term liabilities in the total amount of raised funds is negative, because This will lead to an increase in the urgency of borrowed funds, which will jeopardize the solvency of the enterprise.

When analyzing financial stability, a lack of own working capital was revealed due to the low share of sources of own funds. If the enterprise does not change the current situation by increasing the sources of its own funds, then, as a result, solvency will constantly decrease and dependence on borrowed funds will increase. The only way out of this situation may be to increase the share of its own working capital.

An analysis of balance sheet liquidity revealed low current liquidity, which could lead to a permanent payment deficit. Of course, it is not advisable to keep it in your account all the time a large amount funds, however, it can be recommended to convert part of the enterprise’s funds into easily realizable assets.

The level of the ratio of provision of material reserves with own working capital is assessed, first of all, depending on the state of material reserves. If their value is significantly higher than the justified need, then own working capital can cover only part of the material reserves, i.e. the indicator will be less than one. On the contrary, if the enterprise does not have enough material reserves for the uninterrupted operation of its activities, the indicator may be higher than one, but this will not be a sign of the good financial condition of the enterprise. In our case, the ratio of the provision of material inventories with own working capital at the beginning of the period takes a negative value, which indicates the absence of SOS capable of covering material inventories and indicates the unsatisfactory state of working capital, but by the end of the period it becomes positive, so we can say that in the future the state of working capital funds are good.

The equity capital agility ratio shows what part of it 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 industry of the enterprise. In capital-intensive industries, its normal level should be lower than in material-intensive industries, since in capital-intensive industries a significant part of own funds is a source of covering fixed assets production assets. From a financial point of view, the higher the agility ratio, the better the financial condition of the enterprise. In our case, this coefficient takes a positive value at the end of the year, which also indicates a satisfactory condition of working capital.

Net mobile funds show what will remain in the company’s turnover if all its short-term debt is paid off at once. The corresponding coefficient characterizes the stability of the structure of working capital, that is, the stability of that part of the balance sheet asset that is subject to the most frequent changes in the course of the current activities of the enterprise.

Net ratio mobile means at the end of the period takes a positive value, which indicates an unstable structure of working capital.

The next group of indicators characterizes the financial stability of the enterprise in terms of the state of fixed assets. When assessing the permanent asset index, which reflects the share of equity capital diverted into fixed assets and non-current assets, it should be borne in mind that the higher it is, the more necessary it is to attract long-term loans and borrowings, or to resolve the issue of reducing fixed assets, but first turn to reduce other non-current assets (construction in progress, long-term financial investments, etc.). In all cases, to improve the financial condition of the enterprise, it is desirable that the sources of own funds increase to a greater extent than the value of fixed assets and other non-current assets. The stand-alone value of a permanent asset index is quite limited. It must be considered only together with indicators characterizing the results of production and economic activities.

In our case, there is an increase in the permanent asset index with a decrease in profitability (see Table 3), which negatively characterizes the analyzed enterprise from a financial point of view.

Intensity of use various sources funds for updating and expanding production are assessed by the coefficient of long-term borrowing, as well as the coefficient of depreciation accumulation. Analyzing the obtained values ​​of the coefficient of long-term borrowing, it should be noted that during the analyzed period the company practically does not use this type of source of funds. As for the coefficient of wear accumulation and the intensity of wear accumulation, their values ​​were not calculated due to the lack of relevant information on the wear and tear of fixed assets of the analyzed enterprise.

The level of production potential of the enterprise, security production process means of production determines the coefficient of real value of property. Based on business practice data, it is considered normal when the real value of property is about 0.5 of the total value of assets. In our case, this coefficient at the end of the reporting period takes a value equal to 0.49, which indicates a normal level of production potential of the enterprise and the provision of the production process with means of production.

A generalized description of the financial stability of an enterprise's liabilities can be given using the autonomy coefficient and the debt-to-equity ratio. The semantic meaning of both indicators is very close. In practice, you can use one of them to assess financial stability. But the degree of dependence of an enterprise on borrowed funds is expressed more clearly in the ratio of borrowed and equity funds. The higher this ratio, the greater the dependence of the enterprise on borrowed funds, i.e. in this case it gradually loses its financial stability. It is usually considered that if its value exceeds one, then the financial stability and autonomy of the enterprise reaches a critical point. However, this is not always so clear cut. The acceptable level of dependence on borrowed funds is determined by the operating conditions of each enterprise and, first of all, the rate of turnover of working capital. Therefore, in addition to the calculation of this coefficient, it is necessary to involve the results of calculations of the rate of turnover of material working capital and accounts receivable for the analyzed period. If accounts receivable turn over faster than tangible current assets, this means a fairly high intensity of cash flow to the company’s accounts, i.e., as a result, an increase in equity capital. Therefore, with a high turnover of material working capital and an even higher turnover of accounts receivable, the ratio of debt to equity can significantly exceed one, without loss of financial stability.

Analyzing the obtained values ​​of the ratio of borrowed and equity funds, it should be noted that in 2008 this indicator exceeds one. However, if we analyze the results of calculations of the turnover rate of tangible working capital and receivables (see tables 9 and 10), we can see that receivables turn over faster than tangible working capital, and this means a fairly high intensity of cash receipts into the accounts of the enterprise. Therefore, the financial stability of the analyzed enterprise can be considered satisfactory, despite the fact that the ratio of debt to equity significantly exceeds one.

Analysis of the state of fixed assets showed that the analyzed enterprise has good production potential and is provided with the necessary means of production. The financial stability of the analyzed enterprise can be considered satisfactory, despite the fact that borrowed funds significantly exceed equity.

In order to find out the share of certain current assets, as well as find out the percentage ratio to the final result, it is necessary to consider their structural composition. By studying and analyzing these parameters, you can obtain the necessary information about material reserves and find ways to use them most effectively.

For example, excessive inventories of products in already finished form or the size of accounts receivable, indicate problems with sales. A lack of raw materials entails a disruption in production, a slowdown and, in the case of an acute shortage, even a stop of the process itself.

The consequences may include such phenomena as an increase in debt wages employees of the enterprise, non-payment of bills for taxes and supplies.

The structure depends on areas of activity, which involves working capital:

1. On CHP stations most occupied by fuel reserves and consumer receivables.
2. IN shipbuilding field– production that is in an unfinished state has the greatest weight.
3. IN mining sector– finished goods inventories predominate.
4. Construction has a large share of unfinished construction projects.
5. On livestock enterprises– these are young animals that are in the fattening stage.

Monitoring the indicators of the financial condition of the organization is mandatory attribute its management. Several analysis and evaluation techniques have been developed.

To assess the state of own working capital (SOS) they most often use security ratio. Based on the results of the procedure, it becomes clear whether the enterprise has sufficient funds from its own sources.

SOS size is magnitude of an absolute nature. Based on their volume, one can judge how much material from a free source was put into circulation by the organization. The financial attractiveness of the company depends on the percentage ratio of SOS and borrowed funds.

If the credit share is greater, this means that the company is unable to pay off its obligations in a given period. This leads to a decrease in the parameter and financial stability. The company is operating at a loss and net profit goes to pay off debts if there is enough of it.

For the normal and successful functioning of an enterprise, the SOS indicator must be in positive dynamics. If he has negative values, then the company has a deficit of its own funds, and its activities become unprofitable.

The SOS coefficient is an indicator that is considered as the ratio between the volume of SOS used to cover costs and inventories to the cost of these expenses. Here, inventories and production costs, financed by the company from general purpose funds, can be considered as own working capital.

It can be paid by any person who is interested in carrying out the operation. This can be done using a special formula or computer program.

In addition to the fact that the ratio helps in assessing the financial stability of an enterprise, it also is an indicator of the state of the SOS.

If during calculations it turns out that at the end of the reporting period, Ksos has a value below 10%, then it will be declared unsatisfactory and the organization insolvent. This is stated in the regulatory act of the Federal Bankruptcy Administration - Order of the Government of the Russian Federation No. 56-r.

However, there is several ways to resolve this problem. For example, you can carry out an additional procedure for assessing the SOS, but it should be noted that the results obtained will be taken into account only in the next period.

Ksos can be obtained by dividing the volumetric indicators of working capital owned by the company by the amount of available inventories and costs.

The first indicator is called working capital. It can provide complete information about the status of current assets and their relationship to non-current liabilities. SOS indicates the ability of an enterprise to pay certain debts and payments after the sale of certain assets.

Working capital– this is a specific parameter assessing the solvency of a company. Its calculation is carried out in strict accordance with the data taken from the balance sheet documentation.

How to calculate

The formula used to calculate the equity turnover ratio (Kcos) is as follows:

Xos = (Skap + Zd – Adkh) / Akh

Meaning:

Xos– SOS coefficient.

Scap– indicates the volume of the enterprise’s equity capital and the valuation of all objects to which the organization has property rights.

rear- the total number of debts of the company on debt obligations for a period of more than a year or until the end of the established operating cycle.

Adh– assets that have long-term characteristics and consist of fixed assets. They may include buildings and structures various types, equipment used in the enterprise. All of them must be in use for several years and participate in profit-generating activities.

Akh– volume and price assessment of finished products that can be sold, as well as financial resources, available for quick use.

It should be noted that depending on the nature of the organization’s activities and the area in which it operates, Ksos indicators may differ. The minimum acceptable coefficient should not be lower than 0.1, but a normal level is usually considered to be a result of 0.3, i.e. thirty%.

The function of Xos is to show the percentage of working capital of its own nature in percentage. The norm is the result - from 10% to 30%.

If Xos grows:

1. The volume of equity capital increases.
2. The level of credit obligations decreases.
3. The level of financial stability and attractiveness of the company rises.
4. The number of solvent counterparties is increasing.

If Xos falls:

1. The amount of equity capital is reduced.
2. The risk of accounts payable increases.
3. The level of investment attractiveness and sustainability of the enterprise is decreasing.

Firms of foreign origin do not calculate this coefficient, since property rights and the sphere of production in other countries have a clear separation, so the presence of an organization's accounts payable does not have a significant impact on the efficiency of its activities.

Value Analysis

The value of the indicator shows the share of the enterprise’s own funds, the financing of which comes from sources belonging to the organization. A result with a value of 0.1 is considered normal. It can go up and down.

With growth is decreasing level of debt on loan obligations and increases the amount of capital, and also increases financial attractiveness due to an increase in the level of sustainability. When the ratio decreases, a decrease in SOS is observed, the level of instability increases and the risk of default on debt obligations appears.

If the parameter grows over several periods, this indicates a strengthening of the company’s position in its market sector; in such cases, a change in structure will not be required. To ensure stable trends, the enterprise needs to maintain a certain part own funds in the company's capital.

The legislation of the Russian Federation states that the Kcos indicator should not be less than 10% (0.1). If it is lower, then this serves as an indicator to determine the state of the company as unsatisfactory.

In cases where it is below 0, this means that the company uses only funds from credit obligations, which characterizes it as unreliable and unstable.

The meaning of negative coefficients:

1. The organization does not have its own funds.
2. Working capital consists entirely of funds obtained through transactions with creditors, which indicates the company's large debt obligations.
3. It is possible to expand the number of debt categories.
4. Reduced attractiveness for investors and loss of operational stability.

Calculation of liquidity and Ksos is carried out to analyze the activities of the organization and to further forecast its development. When the indicator is below 0, this indicates that the company’s balance sheet structure is not effective.

It should be taken into account that in order to ensure the normal functioning of the company, it is necessary that sources of own funds be able to cover non-current assets in full. Therefore, if the value is detected negative character, it is necessary to make every effort to eliminate it and raise it to a normal level.

A very important criterion for the stability of an enterprise is the degree of its dependence on external sources of finance.

In such cases, it is used loan coverage ratio:

Kpdss = Skap / Zkap

It helps in displaying the real state of the company, shows the degree to which the organization is provided with its own funds to create its own reserves.

To get a complete picture, it is necessary to calculate both the liquidity indicator for a given period of time and the security ratio Xos.

In accordance with regulations regulating the bankruptcy process (the provisions of a special resolution of the Federal Bankruptcy Administration), the acceptable value of the coefficient should be within from 0.1 to 0.3. In cases where, during the dawn procedure, results below the minimum parameter were obtained, the enterprise is declared insolvent for a given period of time.

Stable position decreases depending on the number of debt obligations taken.

To obtain a complete and correct picture of the financial affairs of the company, it is necessary to consider Xos and liquidity in a dynamic turn, i.e. Calculations must be carried out at the beginning and end of a given time period.

If the value increases at the end of the period, provided that it has not reached the minimum threshold of 10%, the dynamics will still indicate an improvement in the financial position of the enterprise.

IN arbitration practice Xos is usually not used, but it helps the arbitration manager evaluate.

The size of Ksos is a very strict indicator for Russian entrepreneurs. Minimum value This is very difficult for many organizations to achieve.

Example 1. The equity ratio Ksos is calculated at the beginning and end of the reporting period.

The following data is available:

1. The size of the cost of capital and reserves of the company: value 1 (at the beginning) - 150,000 rubles, value 2 (end) - 170,000 rubles.
2. : beginning - 30,000 rubles, and at the end - 55,000 rubles.
3. Current assets: at the beginning of the period in the amount of 140,000 rubles, at the end - 185,000 rubles.

1. Ksos at the beginning of the period = (150 – 30) / 140 = 0.86 (within normal limits).
2. Xos final = (170 – 55) / 185 = 0.62 (norm).

Example 2. LLC "Lutik"

Background information:

1. The total value of the reserve fund and capital: beginning (1) – 320 million rubles, end (2) – 380 million rubles.
2. Size of non-current assets: 1 - 170 million rubles; 2 - 190 million rubles.
3. Volume of working capital: 1 – 300 million rubles; 2 – 340 million rubles.

Calculation process:

1. Kcos1 = (320 – 170) / 300 = 0.5 – normal.
2. K sos2 ​​= (380 – 190) / 340 = 0.56 – normal.

Example 3. It is necessary to consider Xos in dynamics.

Initial data:

1. The amount of equity capital and reserve fund funds: 2nd quarter 2014 - 324 million rubles, 1st quarter 2015 - 300 million rubles, 4th quarter 2016 - 275 million rubles.
2. Non-current assets: 2014 – 800 million rubles, 2015 – 776 million rubles, 812 million rubles, 2016 – 807 million rubles.
3. Working capital: 2014 – 170 million rubles, 2015 – 133 million rubles, 2016 – 166 million rubles.

Calculation part:

1. Xos (2014) = (324 – 800) / 170 = – 2.8.
2. Xos (2015) = (300 – 776) / 133 = – 3.58.
3. Xos (2016) = (275 – 807) / 166 = – 3.2.

The company’s coefficient is below 0, therefore, based on the calculation, we can say that the company is doing business unsatisfactorily, the structure is ineffective, and the company is operating at a loss and has many debt obligations to creditors.

It is also noticeable that the financial position of the organization is unstable, investment attractiveness is low, and due to the absence or small share of its own property, the company may become insolvent.

Additional information on this coefficient is presented in this video.