An integral method for assessing the financial condition of an enterprise. Integral scoring and rating express assessment of the financial condition of the enterprise. Methodology for assessing financial sustainability G.V. Savitskaya

30.04.2020

Considering the variety of indicators of financial stability, the difference in the level of their critical assessments and the resulting difficulties in assessing the risk of bankruptcy, many domestic and foreign economists recommend making an integral scoring of financial stability.

The essence of this technique lies in the classification of enterprises according to the degree of risk based on the actual level of financial stability indicators and the rating of each indicator, expressed in points. In particular, in the work of Dontsova L.V. and Nikiforova N.A. the following system of indicators and their rating, expressed in points, are proposed.

Class 1 - enterprises with a good margin of financial stability, allowing you to be sure of the return of borrowed funds;
Class 2 - enterprises that demonstrate some degree of debt risk, but are not yet considered risky;
Grade 3 - troubled enterprises. There is hardly any risk of loss of funds, but the full receipt of interest seems doubtful;
Class 4 - enterprises with a high risk of bankruptcy even after taking measures for financial recovery. Lenders risk losing their funds and interest;
Class 5 - enterprises of the highest risk, practically insolvent.

Table 3.5.

Criteria for an integral scoring of the financial stability of an enterprise

Index	Class boundaries according to criteria

	0.5 and above = 20 points	0.4 = 16 points	0.3 = 12 points	0.2 = 8 points	0.1 = 4 points
	1.5 and above = 18 points	1.4 = 15 points	1.3 = 12 points	1.2-1.1 = 9-6 points	1.0 = 3 points
	2 and above = 16.5 points	1.9-1.7 = 15-12 points	1.6-1.4 = 10.5-7.5 points	1.3-1.1 = 6-3 points	1 = 1.5 points
	0.6 and above = 17 points	0.59-0.54 = 16.2-12.2 points	0.53-0.43 = 11.4-7.4 points	0.47-0.41 = 6.6-1.8 points	0.4 = 1 point
	0.5 and above = 15 points	0.4 = 12 points	0.3 = 9 points	0.2 = 6 points	0.1 = 3 points
	1 and above = 13.5 points	0.9 = 11 points	0.8 = 8.5 points	0.7-0.6 = 6.0-3.5 points	0.5 = 1 point
Minimum border value

After the calculations carried out in table 3.6, we can conclude that the company CJSC "Sibkulttorg" is in the 4th class of the integral scoring assessment of financial stability - that is, an enterprise with a high risk of bankruptcy even after taking financial recovery measures. Lenders risk losing their funds and interest.

To avoid the onset of bankruptcy, Sibkulttorg CJSC must take the following measures:

1. increase the volume of own working capital of the enterprise;
2. reduce inventory, short-term financial investment;
3. reduce accounts payable, short-term loans and borrowings;
4. increase the amount of equity capital, long-term liabilities;

Table 3.6

Indicators of the integral scoring of the financial stability of ZAO Sibkulttorg

Index	At the beginning of 2009	At the end of the period
	Number of points	The actual level of the indicator	Number of points
Absolute liquidity ratio
Critical Appraisal Coefficient
Current liquidity ratio
Financial Independence Ratio
Coverage ratio with own sources of financing
The coefficient of financial independence in terms of the formation of reserves and costs

Based on the analysis in this chapter, and taking into account the advantages and disadvantages of each individual approach the following conclusion can be drawn: despite the shortcomings of the latter approach - the use of integral indicators, in modern conditions management, it is, in my opinion, the most convenient and effective for assessing the potential bankruptcy of an organization.

In order to quickly determine the degree of financial stability and assess the organization as a potential partner in business relations, its comparative rating complex express assessment is carried out. The methodology for this assessment has the following features:

1. The system of financial indicators used is based on the organization's public reporting data, which allows all interested users to control changes in the financial condition.
2. Initial indicators for the rating assessment are combined into four groups: profitability assessment, management efficiency assessment, assessment business activity, assessment of liquidity and market stability. The set of indicators is from four to seven in each group.
3. The conclusions drawn on the basis of the express rating assessment may differ somewhat from the conclusions obtained on the basis of the database of other types of analysis, since the group of coefficients used in the express assessment characterizes the economic development trends of the organization. Other methods use financial indicators calculated on a specific date, therefore, reflect ongoing economic processes with a certain delay.

The final rating score takes into account all the most important parameters financial activities enterprises, that is, economic activity in general. When building it, data on the production potential of the enterprise, the profitability of its products, the efficiency of the use of production and financial resources, the state and allocation of funds, their sources and other indicators are used.

R = 2 KO + 0.1 CL + 0.08 CI + 0.45 CM + CP; (3.6)

A detailed breakdown of the rating number is presented in the appendix. With full compliance of the values of financial ratios with their normative minimum levels, the rating of the enterprise will be equal to 1 (the so-called "conditionally satisfactory enterprise").

1. Security with own funds (KO):

KO = 629 thousand rubles. / 2796 thousand rubles = 0.22 - 2008;

KO = 682 thousand rubles. / 2461 thousand rubles = 0.28 - 2009.

Regulatory requirement: KO? 0.1. It can be seen from the calculations that in 2008 the enterprise could provide itself with its own funds, the indicator is higher than the normative value. Its growth is observed, that is, the company strengthens its financial stability. In 2009, there is a slight increase in this indicator by 0.06 points. This is due to the fact that the growth rate of equity capital exceeded the growth rate of working capital.

2. Balance liquidity (CL):

CL \u003d (2796 thousand rubles - 83 thousand rubles) / 1310 thousand rubles + 857 thousand rubles. = 1.25 - 2008;

CL \u003d (2461 thousand rubles - 91 thousand rubles) / 1635 thousand rubles + 144 thousand rubles. = 1.33 - 2009;

Regulatory requirement: KL?2. In 2008, the liquidity of the balance exceeds the norm. In 2009, the indicator slightly, but still increases by 0.08 points and remains above the regulatory requirement. This is a positive moment for the enterprise.

3. The intensity of the turnover of the advanced capital (CI):

CI = 5699 thousand rubles. / * 365 / 360 = 1.9 - 2008;

CI = 6518 thousand rubles. / * 365 / 360 = 2.4 - 2009.

Regulatory requirement: CI? 2.5.

All two values of this indicator are below the norm, but their increase is observed. The reason for the increase in 2009 is the increase in revenue from the sale of products.

4. Management (effectiveness of organization management) (CM):

KM = 284 thousand rubles. / 5699 thousand rubles = 0.05 - 2008;

KM = 84 thousand rubles. / 6518 thousand rubles = 0.013 - 2009.

Regulatory requirement: КМ?(r-1)/r, i.e. КМ?0.9, where r=8.25 (the discount rate of the Central Bank of Russia as of May 3, 2011). The calculated indicator is significantly lower than the normative value, and its decrease in 2009 is also observed. This is due to the fact that the growth rate of net proceeds from sales of 114.4% (6518 thousand rubles / 5699 thousand rubles *100) more than the growth rate of profit from sales of 27.17% (53 thousand rubles / 195 thousand rubles *100).

5. Profitability (profitability) of own capital (KP):

KP = 264 thousand rubles. / * 365 / 360 = 0.44 - 2008;

KP = 66 thousand rubles. / * 365 / 360 = 0.1 - 2009.

Regulatory requirement: KP? 0.2. There is a decrease in this indicator in 2009 to a value below the standard, this is due to a sharp decrease in profit before tax. This is a negative moment for the enterprise.

Based on the five indicators calculated above, we determine the rating number (R):

R1= 2*0.22 + 0.1*1.25 + 0.08*1.9 + 0.45*0.05+0.44 = 1.18 - 2008;

R2= 2*0.28 + 0.1*1.33 + 0.08*2.4 + 0.45*0.013+0.1 = 1 - 2009.

So, the express rating assessment showed that the company's financial condition is deteriorating. This is evidenced by a decrease in profits, a number of financial indicators are below the norm or are striving for it. But there are also such positive aspects as a slight increase in the equity ratio, as well as a slight increase in balance sheet liquidity.

In agricultural enterprises, financial stability and security is difficult for the following reasons:

Lack of a constant stream of income due to the volatility of market activity for agricultural products;

Specificity commodity production in the industry contains a set of risk conditions, which is accompanied by the need for the interaction of financial neutralization mechanisms;

Low liquidity of fixed capital and turnover of the organization's funds.

Negative correlation of comparative indicators of profitability of the capital of agricultural - x. organizations and interest rates on credit resources;

Lack of mechanisms for regulating pricing processes for production (financial) resources and agricultural products (variability of the ratio of receivables and payables).

There is a method of integral assessment financial position agricultural enterprise. The interpretation of the values (changes) of the set of financial indicators considered in the methods described above is summarized in the table below.

Table - Summary coefficients for the integral analysis of the financial condition

Group of coefficients	Description and interpretation
Business activity ratios	show operational efficiency enterprises. Usually calculated on the basis of working capital items such as inventories, receivables or payables. A high inventory/sales ratio may indicate operational difficulties and a high probability of default
Liability coverage	Cash flow/interest ratio or some other measure of liability. high coverage obligations reduces the probability of default.
Growth Variables	Usually they include revenue growth. These variables show the stability of the enterprise. The probability of default increases both in the case of a rapid growth and in the event of a rapid decline.
Leverage ratios	Includes equity/assets ratio or liability/assets ratio. High leverage increases the probability of default.
Liquidity ratios	They include money ratio and liquid securities/liabilities, current liquidity ratio. They show whether the company's liquid assets are comparable to its assets or liabilities. High liquidity reduces the probability of default.
Profitability ratios	These include ratios that have the numerator net income, net income excluding extraordinary items, profit before tax, or operating income, and the denominator - the total value of assets, tangible assets, fixed assets or revenue. High profitability reduces the risk of default
Enterprise size	Can be evaluated by total cost assets or revenue, recalculated at the prices of a particular base year to ensure comparability. Large enterprises less prone to default.

To complete the assessment of the financial condition, calculations are carried out to determine the integral assessment of the financial position of an agricultural enterprise based on guidelines according to the analysis of financial economic activity agricultural producers.

The above requirements are satisfied by the model of the relationship between the probability of an enterprise insolvency (loss of financial stability) and a number of its financial characteristics Moody's RiskCalc of the analytical division of Moody's. Taking into account the results of studies of enterprises in various sectors of the Russian economy, undertaken by Moody's, the rating function, i.e. the analytical form of the relationship between the financial stability rating of an enterprise and its determining factors (explanatory variables) is formulated as follows: R=0.18A+0.11PO+0.2R+0.34L+0.14LK+0.21Rent

Table - Interpretation of the explanatory variables Moody's RiskCalc v3.1 Russia for the reporting of agricultural producers*

Group	Definition	Communication with f.1,2
Activity (A)	Accounts payable/revenue	Line 1520 f.1 / line 2110 f2 (12 months)
Liability Coverage (CL)	Operating Profit/Liabilities	Line 2200f.2/(line 1450+line 1500 - line 1530); line 2200 f.2 for 12m
Height (P)	Change in sales volume	(St.2110 f.2)1/(St.2110 f.2)0 y-o-y or av0
Leverage (L)	Total Equity/Total Assets, Retained Earnings/Current Liabilities	Line 1300 f.1 / line 1700 f.1; line 1370 f.1/line 1510+line 1520 + line 1550
Liquidity (LC)	Cash and equivalents/Total assets	Line 1240f.1+line 1250f.1)/ line 1600 f.1
Profitability (Rentab)	Return on assets (RoAA)	2str.2400f.2/[(str.1600f.1)+ (str.1600f.1)1]365/Т**

In practice, a methodology has been developed for calculating indicators of the financial condition of agricultural producers, as part of the implementation of the Federal Law of July 9, 2002 "On the financial recovery of agricultural producers" .

According to this methodology, the financial condition of agricultural producers is determined using the following coefficients:

Absolute liquidity - calculated as the ratio of cash to the amount of liabilities (short-term), accounts payable and other short-term liabilities;

Quick liquidity - calculated as the ratio of the amount of monetary assets and receivables to the volume of short-term liabilities, accounts payable and other short-term liabilities of the economy;

Current liquidity - is determined by the ratio of the total amount of current assets to the volume of current liabilities, accounts payable and others;

The provision with own funds is the difference between equity and non-current assets divided by the total of current assets, that is, it shows the share of financing from own sources of current assets;

The value of each of the coefficients is estimated in points in accordance with the methodology.

Security with own funds (Ko), which characterizes the presence of the enterprise's own working capital necessary for its sustainability:

Coverage ratio (Cl), which is characterized by the degree of total coverage by all working capital of the enterprise of the amount of urgent obligations. Regulatory requirement: Kl> 2.

The intensity of the turnover of advanced capital (Ki), which characterizes the volume of sales per ruble of funds (assets) invested in the activities of the enterprise. Normative requirement: Х > 2.5.

Management (efficiency of enterprise management) (Km), which is characterized by the ratio of profit from sales and sales proceeds. The regulatory requirement is indirectly determined by the level of the discount rate of the Central Bank of Russia: R, = 0.13.

Profitability (profitability) of an enterprise (Ren), which characterizes the amount of profit before tax per ruble of equity:

Thus, the financial condition can be defined as the result of a system of relations that arise in the process of circulation of funds, as well as the sources of these funds, characterizing the presence of various assets, the amount of liabilities, the ability of the enterprise to function and develop in a changing external environment, the current and future ability to satisfy requirements of creditors, as well as the investment attractiveness of the company.

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The article substantiates the need for the formation and use of a comprehensive assessment in the implementation of the procedure financial analysis state of the industrial enterprise. As a basis for constructing the final value, it is proposed to use the mechanism of forming an integral indicator using an additive model. The choice of initial indicators for constructing an assessment is based on the application of the method of expert assessments: a reasoned choice is made, weight values of financial indicators are calculated. Based on the analysis, the integral coefficient is determined. It substantiates the need to include bankruptcy indicators in the integral assessment indicator, as one of the main criteria affecting the financial condition of an enterprise in modern economic conditions. The issues of determining the lower and upper boundaries of the integral indicator of an enterprise in the industrial sector under the conditions of changing factors of the external economic environment are considered.

financial condition

comprehensive assessment

integral indicator

expert method

industrial enterprise

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The current situation in the Russian economy is characterized by a curbing of industrial growth, our companies are denied access to Western loans and high technologies. External lending, as a result of the imposed sanctions, for the industry where "long and cheap" money is needed, is practically closed. Industrial enterprises, which are currently experiencing a shortage of working capital, simply need credit funds. The currently observed backlog in the development of its own high technologies is considered an even more serious problem for the industry. modern Russia. Taken together, the indicated difficulties pose a priority task for the management sector of companies to develop short-term and medium-term strategies for operational management. Often, in the presence of such tasks, taking into account the unfavorable external economic environment, it is quite difficult to choose a starting point to start implementing the plans.

The initial analysis of the enterprise as a whole helps to identify the main problems and discover the hidden potential of the enterprise, which is still not in demand and is clearly relevant in the new economic conditions. The basis of such a study is an analysis of the financial condition of the enterprise. The dynamics of financial indicators will help to most objectively assess the company from the standpoint of the availability of financial potential and build the most correct management strategy, taking into account the available capabilities and own resources.

In the theory and practice of analyzing the financial condition of an economic entity, the system of indicators obtained in the calculations is used very widely: to determine the current financial situation in its various aspects, to predict the likelihood of bankruptcy and to determine the main points in financial activity that contribute to an increase in the probabilistic indicator, to develop directions for improving economic activity, not only in the direction of the main type of activity, but, at the same time, investment and financial operations in the market. It is worth noting that, despite the entire long period of use of financial analysis tools at Russian enterprises, a system of generally accepted financial assessment indicators has not yet been developed to provide a complete, reliable and objective picture of the financial and economic activities of the subject. Along with this, of particular interest is the use of an integral estimate to solve the problem. The introduction into practice of applying an integral assessment will allow solving the designated problem for any enterprise, excluding the differentiation of the latter, taking into account industry affiliation.

In general, the use of integral estimates is intended to give a general indicator characterizing the rate of decline and the magnitude of the deviation of the controlled variable in the aggregate, without determining both indicators separately. Some aspects of the formation of the integral indicator have already been considered by the example of ferrous metallurgy enterprises, railway transport, and insurance organizations. Since this issue is addressed in the works of a number of researchers, the problem of developing a methodology for constructing a comprehensive assessment of the financial condition of industrial enterprises based on an integral indicator can be considered quite relevant.

Within the framework of the theory of financial analysis, researchers who touch upon the issue of improving the process under consideration offer quite a lot of alternative ways of implementation. At the same time, according to the observations of the authors, the most common stages in improving the methods of financial analysis in order to achieve the task of integration can be considered the following:

Analysis of the structure of financial statements for the subsequent determination of the current situation in industrial enterprises;

Identification of specific features of the values of financial ratios for industry, optimal levels of indicators that objectively characterize the process;

Definition specific gravity the impact of the indicators under consideration on the final assessment of the financial position of the enterprise, taking into account the opinions of experts and the characteristics of the industrial sector;

Integral assessment of the financial activity of the enterprise, based on the calculations of previous procedures;

Presentation of an opinion on the financial activities of the enterprise, where the rating of the enterprise is determined, the factors of current and future changes and recommendations are formulated for further building a strategy and making decisions.

When determining and selecting diagnostic features for assessing the financial condition of industrial enterprises, first of all, it is necessary to be guided by indicators that allow an objective assessment of the current state of the object in question. Among the features characteristic of this assessment, we highlight the analysis of liquidity, solvency and financial stability indicators, as well as indicators of financial performance and bankruptcy analysis. This group of indicators, according to the authors, allows you to form an objective initial picture when conducting a financial analysis and will determine the ways of forming and conducting further research in dominant directions.

The calculation of the integral assessment should be carried out on the basis of an additive model, in which the factors selected for the study are included in the form of an algebraic sum:

where In is the integral indicator of the n-th industrial enterprise,

i - number of partial integral indicators (indices), i from 1 to I,

ri - i-th partial integral indicator (index),

pi - expert weight of the i-th private integral indicator (index).

To compile the integral index, let's focus on the following financial indicators:

absolute liquidity ratio,

Quick liquidity ratio,

Total solvency ratio,

The ratio of the share of own funds in current assets,

autonomy coefficient,

Altman bankruptcy assessment coefficient (five-factor model),

Product profitability ratio.

In the current economic conditions of instability, non-payments and sanctions, the need to introduce additional control over the financial situation at industrial enterprises, as well as over possible bankruptcy, is of particular importance. Based on the above factors, it is proposed to introduce Altman's bankruptcy coefficient, which characterizes the creditworthiness of the organization, as one of the indicators of the financial analysis of the enterprise into the list of mandatory ones. This creditworthiness index is formed using the apparatus of multiplicative discriminant analysis and allows, as a first approximation, to divide economic entities into potential bankrupts and those who, according to current indicators, are not threatened with bankruptcy.

The choice of financial ratios can diversify depending on the current targets of an industrial company and the position of its management regarding the valuation. The weight of individual indicators is determined by the method of expert assessments, which is implemented through the analysis of the significance of financial ratios in assessing the current financial condition of an economic entity.

The integral indicator, taking into account the selected coefficients, will take the following form:

I = p1* Cabs.liq. + p2* Kbys.liq. + p5*Kavt + p6*Co. bankr. + p7*Krent.pr

The experts are tasked with determining the degree of influence of the proposed indicators on the overall financial condition of an industrial enterprise. It should be noted that for each enterprise the set of weights will be unique: not only the industry and the size of the enterprise will influence, but also the degree of intensity of factors external environment, stage life cycle enterprises and management targets at the moment.

The sum of points for assessing the totality of financial indicators is N points. The coefficient that has the greatest impact on the financial condition is assigned the highest score, the least impact - the lowest.

We calculate the weighted average value of each expert assessment. The share of the assessment of each indicator of individual experts (j) in their total amount is calculated by the formula:

where k is the value of the assessment of each indicator by a separate expert.

The total share of the indicator can be determined:

The total share of the i-th indicator in their total assessment:

With the help of the coefficient of concordance, the degree of agreement between the opinions of experts is determined. The coefficient can take values from 0 (in the absence of consistency) to 1 (with maximum consistency). As an example, the Kendell concordance factor can be used. The significance of the values of the indicators is established using the Pearson distribution criterion.

The Kendell Concordance Coefficient is calculated using the formula:

where S is the sum of squared deviations of the sum of ranks of each object of expertise from the arithmetic mean,

n - number of experts,

m - number of financial indicators.

The Pearson distribution criterion includes:

The greater the discrepancy between two comparable distributions, the greater the empirical value of .

At the next stage, we determine the value of pi, adjusting the calculated value by the normative value of each i-th financial ratio:

where hi is the lower limit of the norm for each indicator.

Further, taking into account the obtained values, the lower (H) and upper (B) normative limits of the values of the coefficients are determined. According to the value of the calculated integral indicator, the corresponding financial position of the industrial enterprise is determined:

with I ≤ H - the enterprise is in a crisis state;

H< I ≤ В - предприятию не угрожает кризис;

I ≥ B - the company uses available resources inefficiently, which can lead to losses.

An analysis of the industrial sector shows that enterprises in this segment of the economy, characterized by a crisis level of financial condition, represent enough high level slow-moving assets in the overall structure of current assets of business entities, which is also confirmed by the low turnover of current assets. Along with this, own sources for the implementation of financial activities are clearly not enough, which is also reflected in the low profitability ratios of sold products and assets of organizations by type of activity.

Taken together, the level of financial condition of the industrial sector is significantly affected by the lack of flexibility and readiness to adapt the development process of economic entities in the light of dynamic changes, both domestically and foreign market in the industrial sector. This largely depends on the degree of elaboration of the enterprise's strategy, on the level of alternative development strategies and the degree to which they correspond to the variant development of the external economic environment.

Thus, when forming an assessment of the level of financial condition of industrial enterprises, the significance of each of the selected indicators for constructing an assessment is considered a primary and necessary condition. Inclusion of indicators that do not have a significant impact on the total may cause the total to deviate from the correct value and adversely affect subsequent decisions. Further work for regulating the activities of enterprises should be built taking into account the identified features and specifics, as well as the value of the integral coefficient for individual enterprises in the industrial sector.

Bibliographic link

Vinnikova I.S., Kuznetsova E.A. FEATURES OF THE INTEGRAL ASSESSMENT OF THE FINANCIAL STATE OF AN INDUSTRIAL ENTERPRISE UNDER MODERN ECONOMIC CONDITIONS // International Journal of Applied and fundamental research. - 2016. - No. 5-2. - S. 302-305;
URL: https://applied-research.ru/ru/article/view?id=9243 (date of access: 04/03/2020). We bring to your attention the journals published by the publishing house "Academy of Natural History"

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CALCULATION AND GRAPHICWORK

By discipline theoretical basics financial management

INITIAL DATA FOR THE PERFORMANCE OF RGR IN THE DISCIPLINE THEORETICAL FOUNDATIONS OF FINANCIAL MANAGEMENT. OPTION No. 22

integral assessment of financial condition

Index	Structure, %
negotiableassets-Total
including:
Cash
Short-term financial attachments
Accounts receivable
of her buyers

Owncapital-Total
including:
Authorized capital
Undestributed profits
Borrowedcapital-Total
including:
Short term loans
Accounts payable
of it to suppliers
long term duties
Income-Total
including:

Other income
Expenses-Total
including:
Cost price
Selling expenses
Management expenses
other expenses

1 . PREPARATION INITIAL DATA

The initial data for the performance of the work are the forms of financial reporting: form No. 1 Balance sheet (table No. 1) and form No. 2 Profit and loss statement (table No. 2). For their preparation, the data entered in the initial data sheet in accordance with the option is used.

Table 1 - Opening balance sheet (at the end of the quarter)

	Amount, thousand rubles		Amount, thousand rubles
I Non-current assets -total		III Capital and reserves - total
		including:
II Current assets - total		Authorized capital
including:
		Undestributed profits
Accounts receivable		IV Long-term liabilities - total
from it to buyers		V Current liabilities - total
		including:
		Short term loans
Cash		Accounts payable
		of it to suppliers

Table 2 - Initial income statement (per quarter)

	Index	Value, thousand rubles
	Incomeandexpensesonordinarytypesactivities
	Proceeds from the sale of goods, products, works, services

	Gross profit (p.1-p.2)
	Selling expenses
	Management expenses
	Profit (loss) from sales (p.3-p.4-p.5)
	Otherincomeandexpenses
	Other income
	other expenses
	Profit(lesion)beforetaxation(p.6+p.7-p.8)
	income tax
	Pureprofit(lesion)(p.9-p.10)

2 . GRADE INFLUENCES DIFFERENT ACTIVITIES ON THE INDICATORS ACCOUNTING BALANCE

The balance sheet reflects the state of the assets and sources of financing of the enterprise at a certain point in time.

In the work, it is necessary to assess the impact on the balance sheet indicators of the following activities carried out in the reporting period (quarter):

1. Acquisition (without prepayment) and posting of raw materials and materials in the amount of 400 thousand rubles;

2. Obtaining a long-term bank loan in the amount of 300 thousand rubles;

3. Purchase of equipment for cash in the amount of 500 thousand rubles;

4. Payment by buyers of previously delivered products in the amount of 200 thousand rubles;

5. Attracting a short-term bank loan in the amount of 100 thousand rubles;

6. Use of a loan to pay suppliers' bills for raw materials purchased earlier in the amount of 100 thousand rubles;

7. Payout wages in the amount of 250 thousand rubles.

The impact of each of the measures on the balance sheet items is shown in Table 3.

Table 3 - Influence various events for balance sheet indicators in thousand rubles.

Index	Base var-t

INon-currentassets- Total
IInegotiableassets-Total
including:

Accounts receivable
from it to buyers
Short-term financial investments
Cash
BALANCE
IIICapitalandreserves-Total
including:
Authorized capital
Undestributed profits
IVLong termobligations-Total
VShort termobligations-Total
including:
Short term loans
Accounts payable
of it to suppliers
BALANCE

Each of the measures causes various changes in the balance sheet items:

1) The value of stocks in the original version is 5130 thousand rubles, and the debt to suppliers is 4560 thousand rubles. The first event is related to the purchase of raw materials and materials on credit. At the same time, the size of inventories and accounts payable to suppliers will increase (this will also increase the total amount of short-term liabilities of the enterprise) by 400 thousand rubles. Inventory (Z) and debt to suppliers (KZ post) respectively will be:

Z \u003d 5130 + 400 \u003d 5530 thousand rubles.

KZ post \u003d 4560 + 400 \u003d 4960 thousand rubles.

2) The amount of cash is 1140 thousand rubles, and long-term liabilities are 2400 thousand rubles. The second event is related to obtaining a bank loan. At the same time, the amount of cash (DS) and long-term liabilities (DO) of the company will increase by 300 thousand rubles:

DS \u003d 1140 + 300 \u003d 1440 thousand rubles.

DO \u003d 2400 + 300 \u003d 2700 thousand rubles.

3) Before the third event, the value of non-current assets is 15,500 thousand rubles, and the amount of cash is 1,440 thousand rubles. When purchasing equipment for cash, the following changes will occur: the value of non-current (VA) assets will increase by 500 thousand rubles, and cash (CF) will decrease by the same amount:

VA \u003d 15500 + 500 \u003d 16000 thousand rubles.

DS \u003d 1440-500 \u003d 940 thousand rubles.

4) Accounts receivable to customers amounted to 2755 thousand rubles, and cash 940 thousand rubles. The fourth event is related to the payment by buyers of previously delivered products. At the same time, the amount of receivables to buyers (DZ pok) will decrease by 200 thousand rubles. (this will reduce overall size receivables), and the amount of cash (DS) will increase by 200 thousand rubles:

DZ pok \u003d 2755-200 \u003d 2555 thousand rubles.

DS \u003d 940 + 200 \u003d 1140 thousand rubles.

5) Before attracting a short-term bank loan, the amount of cash was 1140 thousand rubles, and short-term loans 2040 thousand rubles. After the implementation of the fifth measure, cash (DS) and the amount of short-term loans (KSZ) increased by 100 thousand rubles:

DS \u003d 1140 + 100 \u003d 1240 thousand rubles.

KSZ \u003d 2040 + 100 \u003d 2140 thousand rubles.

6) The amount of cash was 1240 thousand rubles, and the amount of accounts payable to suppliers was 4960 thousand rubles. After using the loan to pay supplier invoices for raw materials purchased earlier in the amount of 100 thousand rubles, cash (CA) and accounts payable to suppliers (as well as the total amount of accounts payable) decreased by 100 thousand rubles:

DS \u003d 1240-100 \u003d 1140 thousand rubles.

KZ post \u003d 4960-100 \u003d 4860 thousand rubles.

7) Before the payment of wages, the amount of cash was equal to 1140 thousand rubles, and the total amount of accounts payable was 7860 thousand rubles. After the implementation of the event, cash and the amount of accounts payable decreased by 250 thousand rubles:

DS \u003d 1140-250 \u003d 890 thousand rubles.

KZ \u003d 7860-250 \u003d 7610 thousand rubles.

The impact of all activities on the balance sheet is reflected in the last column of Table 3 (after activity 7). These results represent the balance sheet.

3. STATE OF PROPERTY AND FUNDS OF THE ENTERPRISE

Quality control financial support

In order to assess the state of property and assets of the enterprise, a horizontal and vertical analysis of the balance sheet is carried out.

Horizontal analysis is an analysis of the rate of change of individual items over several periods. The characteristics of the dynamics of indicators can be represented by absolute or relative values. Vertical analysis is an analysis of the share of individual articles in the overall result.

The calculation results are summarized in Table 4.

Table 4 - Horizontal and vertical balance sheet analysis

Name of indicator	Value by options, thousand rubles	Absolute change, thousand rubles	Dynamic factor	Share by options, %	Off beats weight, %

INon-currentassets- Total
IInegotiableassets-Total
including:

Accounts receivable
from it to buyers
Short-term financial investments
Cash
BALANCE
IIICapitalandreserves-Total
including:
Authorized capital
Undestributed profits
IVLong termobligations-Total
VShort termobligations-Total
including:
Short term loans
Accounts payable
of it to suppliers
BALANCE

According to the results of calculations, it can be concluded that during the period under review such balance sheet items as non-current assets, stocks, long-term liabilities, short-term loans and accounts payable to suppliers increased to a greater extent.

The revenue growth factor (1.04) is ahead of the company's asset growth factor (1.02) (data from Table 8), which indicates an increase in the efficiency of the use of the company's resources as a whole. But the table shows that inventories increased faster than revenue (the coefficient of inventory dynamics is 1.08), which indicates a decrease in the efficiency of their use.

The property value structure reflects the specifics of the enterprise's activities and its sectoral affiliation. The share of current assets of the enterprise decreased from 38.00% to 37.13%, i.е. the mobility of the company's assets as a whole has decreased. Of the current assets for the reporting period, only the share of inventories increased, and the share of cash in the composition of the enterprise's property decreased to a greater extent.

Based on the results of calculating the share of liability items, it can be concluded that the financial dependence of the enterprise has increased, since the share of equity capital has decreased from 52.00% to 51.08%. During the reporting period, there was a significant increase in the share of long-term liabilities of the enterprise from 9.60% to 10.61%, there was also an increase in the share of accounts payable to suppliers by 0.86%.

The structure of the assets and liabilities of the enterprise in the reporting and base period can be reflected graphically (Figure 1).

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Figure 1 - The structure of assets and liabilities of the enterprise in the reporting and base period

When evaluating the sources of financing of an enterprise, it is recommended to adhere to the "principles of conformity" of financing: the direction of financing should correspond to the nature of the assets. There are strict requirements to ensure a number of financial proportions in the balance sheet of the enterprise, strict correspondence between individual elements of the asset and liability (table 5).

Table 5 - The sequence of using sources to finance the assets of the enterprise


1. Non-current assets	1. Authorized capital 2. Retained earnings 3. Long-term liabilities
2. Current assets 2.1. Stocks	1. Authorized capital 2. Retained earnings 3. Long-term liabilities (to replenish working capital) 5. Short-term loans and borrowings 6. Accounts payable to suppliers
2.2. Accounts receivable	1. Accounts payable to suppliers 2. Short-term loans and borrowings 3. Other accounts payable
2.3. Short-term financial investments	1. Authorized capital 2. Retained earnings 3. Accounts payable
2.4. Cash	1. Authorized capital 2. Retained earnings 3. Credits and loans 4. Accounts payable

To assess the quality of financial security and build a matrix (chess) balance, we convert the standard balance into an intermediate one (Table 6).

Table 6 - Interim balance in thousand rubles.


		reporting

1. Non-current assets
2. Current assets
2.1 Stocks
2.2 Accounts receivable
2.3 Short-term financial investments
2.4 Cash


1. Own funds
1.1 Authorized capital
1.2 Retained earnings
2. Borrowed funds
2.1 Long-term liabilities
2.2 Short-term loans and borrowings
2.3 Accounts payable to suppliers
2.4 Other accounts payable

In order to compile a chess balance, we construct a matrix in the coordinates of assets and liabilities (Table 7). We will transfer the data from the interim balance to the matrix, selecting the source of financing in accordance with the required sequence. In the table, the numerator of the fraction reflects the value of the indicator in the base period, the denominator - in the reporting period.

Table 7 - Matrix balance in thousand rubles.

	authorized capital	retained earnings	TOTALownfunds	long term duties	Short term loans	Accounts payable to suppliers	Other accounts payable	TOTALborrowedfunds	BALANCE



Non-currentassets	7800	5200	13000	2400	100			2500	15500
								3000
								5130	5130

Accounts receivable								2945	2945
								2745
Short-term financial attachments								285	285
								285
Cash								1140	1140
								890
TOTAL turnover.assets	0	0	0	0	1940	4560	3000	9500	9500
	0	0	0	0		4860	2750	9450	9450
BALANCE	7800	5200	13000	2400	2040	4560	3000	12000	25000
									25450

After analyzing Table 7, we can conclude that the quality of the financial support of the enterprise for the period under review has changed slightly: in the reporting period, the same sources of financing were used to finance assets as before.

Both in the base and in the reporting period, own funds and long-term liabilities were not enough to finance non-current assets, therefore, short-term loans were also attracted for these purposes, which indicates the irrational use of the company's capital. At the same time, in the reporting period, financing of non-current assets through short-term loans increased.

In the reporting period, as in the base period, only borrowed funds were used to finance reserves. But in the reporting period, the quality of inventory financing has slightly decreased: a smaller part of the inventory in the reporting period was covered by short-term loans, for this, accounts payable to suppliers were attracted more.

4. FINANCIAL PERFORMANCE RESULTS OF THE ENTERPRISE And YATIA

The financial result of the enterprise is calculated as the difference between its income and expenses, therefore, the value of the financial result is affected by the dynamics of income and expenses.

The change in some indicators of the enterprise's activity is reflected in table 8.

Table 8 - Additional initial data for determining the financial result in the reporting period (quarter)

Based on the data from Table 2 and Table 8, we will draw up a profit and loss statement for the reporting period, then we will carry out a horizontal and vertical analysis of financial results (Table 9).

Table 9 - Horizontal and vertical analysis of financial results

Name of indicator	Value by periods, thousand rubles	Absolute change, thousand rubles	Dynamic coefficient	Share by periods, %	Beat deviation weight, %
		Reporting				Reporting
Incomeandexpensesonordinarytypesactivities
Proceeds from the sale of goods, works, products, services
Cost of sold goods, products, works, services
Gross profit
Selling expenses
Management expenses
Profit (loss) from sales
Otherincomeandexpenses
Other income
other expenses
Profit (loss) before tax
income tax
Net income (loss)

As can be seen from Table 9, in the reporting period, expenses increased faster than income, which led to a decrease in net profit by 3,762 thousand rubles. The share of net profit in revenue decreased from 28.1% in the base period to 22.4% in the reporting period.

A graphical interpretation of the structure of income and expenses for ordinary activities in the reporting and base period is shown in Figure 2.

Figure 2 - The structure of income and expenses for ordinary activities in the reporting and base period

In order to analyze the impact on the profit from the sale of products of such factors as sales volumes, the sale price, the value of the cost of goods sold, commercial and administrative expenses, as well as to assess the impact of other income and expenses on the net profit, the tax factor must calculate the following indicators:

The impact of changes in the volume of sales of products on the amount of profit from sales is determined by the formula:

where B 1 , B 0 - proceeds from the sale of products, respectively, in the reporting and base periods, thousand rubles;

C - change in revenue from the sale of products under the influence of price, thousand rubles;

P 0 - profitability of sales in the base period,%;

I - price index, which is determined on the basis of initial data on changes in product prices.

Product prices increased by 2%, hence the price index was 1.02.

P 0 - profit from sales in the base period, thousand rubles.

In this case:

The impact of price changes on the amount of profit from sales is determined by the formula:

In this case:

The impact of changes in the cost of goods sold on the amount of profit from sales is determined by the formula:

where US 1 , US 0 - cost levels to proceeds from the sale of products, respectively, in the reporting and base periods,%;

C 1(0) - the cost of goods sold in the reporting (base) period, thousand rubles.

In this case:

Since the share of cost in revenue has increased, it means that this factor affected the profit negatively.

The impact of changes in selling expenses on the amount of profit from sales is determined by the formula:

where UKR 1 , UKR 0 - the level of commercial expenses to proceeds from the sale of products, respectively, in the reporting and base periods, %.

In this case:

Since the share of selling expenses in revenue increased, this factor had a negative impact on profit.

The impact of changes in management costs on the amount of profit from sales is determined by the formula:

where UUR 1 , UUR 0 - the level of administrative expenses to proceeds from the sale of products, respectively, in the reporting and base periods, %.

In the example:

Since the share of management expenses in revenue increased, this factor had a negative impact on profit.

The impact of other income and expenses on the amount of profit can be determined by their absolute deviation. In the reporting period, other income decreased by 1292 thousand rubles, therefore, profit decreased by this amount. Other expenses increased by 888 thousand rubles, which led to a decrease in profit by the same amount. Income tax increase by 71 thousand rubles. also leads to lower profits.

The results of calculations of the influence of factors on sales profit are shown in Table 10.

Table 10 - Calculation of the influence of factors on profit from sales and net profit

Indicator (factor)	Change in profit due to the influence of the factor, thousand rubles
Sales volumes
Prices for products sold
Cost of goods sold
Selling expenses
Management expenses
Profitfromsales	- 1511
Other income
other expenses
Income tax and other similar payments
Pureprofit

Table 10 shows that the decrease in profits was largely affected by the growth in production costs and management costs. The increase in selling expenses also contributed to the decline in profits, but to a lesser extent. Net profit decreased significantly due to a decrease in sales and other income, as well as an increase in other expenses.

5 . FINANCIAL CONDITION ENTERPRISES

The financial condition of the enterprise can be determined using indicators of liquidity and financial stability.

Liquidity indicators:

Liquidity indicators are determined by the ratio of current assets and short-term liabilities.

Let's calculate the liquidity ratios in the base case:

Total Coverage Ratio:

The normative value of this coefficient is from 1 to 2, i.e. the calculated coefficient is slightly below the norm. This means that the company does not have enough working capital to cover short-term liabilities.

Quick liquidity ratio:

Standard value from 1 and above. The resulting value K СР =0.46 (below the norm) indicates the need for constant work with debtors in order to ensure the possibility of converting the most liquid part of working capital into cash for settlements with their suppliers.

Liquidity ratio when raising funds:

Shows the degree of dependence of the company's solvency on inventories and costs in terms of the need to mobilize funds to pay off its short-term obligations. The obtained value of the coefficient corresponds to the norm (0.5-0.7).

The balance sheet items are affected by various activities undertaken by the enterprise, so they are also reflected in liquidity indicators. Table 11 shows how the activities discussed earlier affected liquidity ratios.

Table 11 - Impact of various activities on liquidity ratios

Table 11 shows that as a result of the implementation of all activities, the overall coverage ratio has decreased. This is due to the fact that due to the growth of short-term loans and debts to suppliers, the amount of short-term liabilities of the enterprise increased, and current assets decreased due to a decrease in the amount of cash and receivables to buyers.

The quick liquidity ratio also decreased due to the growth of short-term liabilities and the decrease in receivables and cash.

The liquidity ratio during the mobilization increased, as the stocks at the enterprise in the reporting period increased significantly.

The dynamics of liquidity indicators is presented graphically in Figure 3.

Figure 3 - Dynamics of liquidity indicators

Financial stability indicators:

Indicators of financial stability are determined by the ratio of own and borrowed funds in the liabilities side of the balance sheet: the greater the share of own funds, the higher the financial stability.

When calculating the coefficients, the indicator of own working capital is used, which characterizes the amount of the company's own funds aimed at financing current assets after covering non-current assets. In this case, the value of own working capital is defined as the difference between equity (capital and reserves) (SC) and non-current assets (VOA). It is also assumed that a long-term loan is attracted to replenish working capital.

Thus, in the base case, financial stability indicators will be determined by:

The ratio of borrowed and own funds:

The obtained value is higher than 0.7, this indicates the dependence of the enterprise on external sources and loss of financial stability.

Equity ratio:

The calculated coefficient is much less than the standard value (lower limit 0.1), which means the dependence financial policy enterprises from external sources and the unfavorable financial condition of the organization as a whole.

Agility factor:

The norm for this coefficient is 0.2 - 0.5. The negative value of the coefficient shows the inability of the enterprise to maintain the level of own working capital and replenish working capital if necessary, from our own sources.

If the activities carried out by the enterprise are associated with a change in sources of financing, then they affect the indicators of financial stability. The impact of the activities under consideration on financial stability indicators is shown in Table 12.

Table 12 Impact of various measures on financial stability indicators

Index	Basic option	Post event option

Debt to Equity Ratio
Equity ratio
Agility factor

Thus, as a result of carrying out all the measures, the equity ratio decreased, which indicates a decrease in the financial stability of the enterprise. This is due to the increase in non-current assets, which required the diversion of own funds, and borrowed sources were attracted to a greater extent to finance current assets. The value of the coefficient of maneuverability also decreased, and the value of the ratio of borrowed and own funds increased, this also indicates an increase in the financial dependence of the enterprise on external sources.

The dynamics of financial stability indicators can be represented graphically in Figure 4.

Figure 4 - Dynamics of financial stability indicators

6 . EFFICIENCY ACTIVITIES ENTERPRISES

The efficiency of the enterprise can be assessed using indicators of the intensity of resource use (profitability) and business activity. To calculate these indicators, it is required to compare the income statement data with the balance sheet data.

Profitability indicators:

Profitability indicators are determined by the ratio of profits and costs or revenues and characterize the profitability of the enterprise.

When calculating the profitability of net assets, the value of net assets can be determined by the formula:

where A is the amount of assets taken into account, thousand rubles.

O - the amount of liabilities taken into account, thousand rubles.

In the reporting period, the amount of net assets is:

NA \u003d 25450 - 2700 - 9750 \u003d 13000 thousand rubles.

Return on net assets:

When calculating the profitability of products sold, the total cost of production of products sold should include the cost of products sold, commercial and management expenses. In this example, for the reporting period, the amount of costs will be:

OZ \u003d 30558 + 12305 + 9837 \u003d 52700 thousand rubles.

The profitability of sold products will be:

The remaining profitability indicators in the reporting period will be determined by:

Return on sales by net profit:

Profitability of sales by profit from sales:

Return on equity:

The results of calculating profitability indicators are summarized in table 13.

Table 13 Profitability indicators, %

As can be seen from Table 13, in the reporting period, all profitability indicators are declining, which indicates a decrease in the efficiency of the enterprise.

It is important to analyze the factors that influenced the change in profitability indicators.

Factor analysis of return on equity (R SK) is performed using the Dupont formula:

where PE - net profit, thousand rubles;

SC - equity, thousand rubles;

In pr - proceeds from the sale of products, thousand rubles;

A - the value of assets, thousand rubles;

Р pr - profitability of sales, %;

About A - asset turnover, coefficient;

To fz - coefficient of financial dependence.

Total change in return on equity:

where is the change in the return on equity under the influence of changes, respectively, in the return on sales, asset turnover, and the coefficient of financial dependence.

The sign "1" refers to the reporting period, the sign "0" - to the period taken as the base of comparison.

The results of assessing the impact of these factors on the return on equity are presented in Table 14.

Table 14 Factor analysis of return on equity

Index	Value by periods	Changing the indicator level	Influence of the factor on the profitability of the insurance company, point
		reporting
Return on sales,%
Asset turnover, coefficient
Financial dependency ratio
Return on equity

According to Table 14, we can conclude that the return on equity decreased only due to a decrease in the profitability of sales with some acceleration in asset turnover and an increase in the level of financial dependence of the enterprise.

Business activity indicators:

Indicators of business activity (turnover) can be presented in two versions:

1. Number of turnovers for the period (year, quarter) (O);

2. Duration of one turnover (days) (D).

These indicators are interrelated:

where T is the duration of the period under consideration (days). In this work, a quarter of -90 days is taken.

In the reporting period, business activity indicators are determined by:

Working capital turnover ratio:

Equity turnover ratio:

Inventory turnover ratio:

Inventory turnaround time:

Accounts receivable turnover ratio:

Duration of accounts receivable turnover:

The turnover ratio of receivables from buyers:

The duration of the turnover of receivables from buyers:

Accounts payable turnover ratio:

Duration of accounts payable turnover:

The turnover ratio of accounts payable to suppliers:

The duration of the turnover of accounts payable to suppliers:

Operating cycle duration:

Duration of the financial cycle:

The calculation results are summarized in Table 15.

Table 15 Business Activity Indicators

Index	Value by periods
		reporting
Working capital turnover ratio
Equity turnover ratio
Inventory turnover ratio
Duration of inventory turnover, days
Accounts receivable turnover ratio
Duration of receivables turnover, days
Buyer accounts receivable turnover ratio
The duration of the turnover of receivables from buyers, days
Accounts payable turnover ratio
Duration of accounts payable turnover, days
The turnover ratio of accounts payable to suppliers
The duration of the turnover of accounts payable to suppliers, days
Operating cycle duration, days
Duration of the financial cycle, days

After analyzing the data in table 15, we can conclude that the turnover of the company's resources has accelerated. The duration of the operating cycle in the reporting period decreased by 0.37 days, which was achieved mainly due to the acceleration of buyers' payments for products.

A graphical interpretation of the duration of the operating and financial cycles in the reporting and base period is shown in Figure 5.

Figure 5 - The duration of the operating and financial cycles in the reporting and base period

7 . DEFINITION AVERAGE INTEGRAL ASSESSMENTS FINANCIAL - ECONOMIC STATES ENTERPRISES

To determine the average integral assessment of the financial and economic state of the enterprise, it is necessary to evaluate all the analyzed indicators, for which they are divided into the first and second classes.

The first class includes indicators for which normative values are determined, they include indicators of liquidity and financial stability. The second class includes non-standardized indicators, the evaluation of which requires a comparison with the corresponding indicators of other similar enterprises, industry average indicators, as well as an analysis of trends in these indicators. This group includes indicators of turnover, profitability, characteristics of the property structure, sources and status of working capital.

Several possible states of indicators of the 1st class are presented in Table 16.

Table 16 - Status of indicators of the first class

When analyzing the second group of indicators, it is advisable to assess the trends in their change and identify their improvement or deterioration, i.e. determine the status of indicators:

"improvement" - 1;

"stability" -2;

"deterioration" -3.

For more objective evaluation it is necessary to compare the indicators of the first and second classes (Table 17).

Table 17 - Comparison of indicators of the first and second class

On the basis of such a comparison, the financial condition of the enterprise is assessed. Analysis of indicators by class is presented in Table 18.

Table 18 - Analysis of financial indicators

Class, group, indicator	The value of the indicator by periods	Main trend	Standard	State
		reporting
1st class indicators
1. Liquidity indicators
1.1 Overall coverage ratio			slight deterioration
1.2 Quick liquidity ratio			worsening
1.3 Liquidity ratio when raising funds			worsening
2.Indicators of financial stability
2.1 Debt to Equity Ratio			worsening	less than 0.7
2.2 Equity ratio			worsening	not less than 0.1
2.3 Agility factor			worsening
2nd grade indicators
3. Profitability indicators
3.1 Return on net assets based on net profit, %			worsening
3.2 Profitability of sold products, %			worsening
4. Indicators of business activity
4.1 Working capital turnover ratio			improvement
4.2 Equity turnover ratio			improvement

Table 18 shows that most of the indicators of the first class are in the state of 2.3, while the state of the indicators of the second class is different: profitability indicators are deteriorating, and business activity indicators are improving, but not so significantly. After analyzing the state of all indicators of the enterprise as a whole, we can conclude that the average integral assessment of the financial and economic state of the enterprise is close to satisfactory, but still the enterprise has many problems, such as:

Insufficient liquidity, lack of liquid assets;

Dependence of the enterprise on external sources and low financial stability;

The inability of the enterprise to replenish working capital, if necessary, from its own sources;

Decrease in profitability of sales and net assets of the enterprise.

The identified problems require appropriate financial solutions aimed at improving the financial position of the enterprise.

LIST LITERATURE

1) Smirnova I.V., Igumnova T.N., Sukhanov G.G. Theoretical basis financial management: Guidelines to the implementation of control and settlement-graphic work - Arkhangelsk: Publishing House of ASTU, 2004. - 41 p.

2) Works of students. General requirements and design rules. organization standard. STO 01.04 - 2005. - Arkhangelsk: Arkhangelsk State Technical University, 2006.

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annotation scientific article on economics and business, author of scientific work - Aliev A.A., Solovieva M.G., Kachalina A.D.

Subject. A set of theoretical, practical and methodological issues related to determining the financial condition of enterprises, based on the use of a group of relative indicators of companies. Goals. Getting a generalized integral assessment financial capacity companies in the oil and gas industry and the construction of a graphical model for a visual representation of the results of calculations. Methodology. Tools used graphical analysis, the theory of fuzzy sets and the Cartesian coordinate system for calculating general integral indicators characterizing the assessment of the company's financial condition. Results. The results of assigning ranks to each of the indicators are determined by calculating the corresponding weight coefficients based on the Fishburn criterion. Initial and normalized indicators are selected, vector values are formed on the basis of this. Developed integral assessment the financial position of companies and built a graphical model that reflects the position of the assessment. The zones corresponding to the financial condition of the company at a certain point in time are determined. Scope of the results. The methodology will be of interest to top management and investment companies, focused on the oil and gas industry, for comparative financial analysis of companies. The use of an integral indicator allows us to present generalized estimates. Conclusions. The main indicators for assessing the financial condition of an enterprise were identified by forming an integral indicator, and a graphical modeling of the results obtained, reflecting the financial condition of companies, was carried out.

Integral Estimation of the Company""s Financial Condition

Subject This paper considers the theoretical, practical and methodological issues related to the definition of the financial condition of enterprises, based on the use of a set of relative indicators of companies. Objectives The paper aims to obtain a generalized integral assessment of the financial potential of oil and gas companies and build a graphical model for visual presentation of the results of calculations. Methods For the study, we used tools of graphical analysis , fuzzy set theory and Cartesian coordinate system for calculating common integrated indicators. Results The paper presents a developed technique of integral estimation of the financial position of the companies and a graphic model reflecting the received estimation position. It defines zones that correspond to the company's financial situation at a particular point in time. Relevance The results obtained can be used in financial analysis of companies, as well as in the educational course on financial disciplines. The methodology offered can be of interest to top management and investment companies focused on the oil and gas industry, as well as during the comparative analysis of companies for scientific and educational purposes.

The text of the scientific work on the topic "Integral assessment of the financial condition of the enterprise"

pISSN 2071-4688 financial capital

INTEGRATED ASSESSMENT OF THE FINANCIAL STATE OF THE ENTERPRISE

Ayaz Aladdin oglu ALIEV3", Maria Gennadievna SOLOVIEVA*, Anastasia Dmitrievna KACHALINAs

a Candidate of Economic Sciences, Associate Professor of the Department of Financial Management,

Russian Economic University. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

orcid.org/0000-0003-1476-9702

SPIN: 8015-2460

student, Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

ORCID: none

SPIN code: none

c Student, Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

ORCID: none

SPIN code: none

Article History: Annotation

Received 01/12/2018 Subject. A set of theoretical, practical and methodological issues,

Obtained in a modified form related to the determination of the financial condition of enterprises, based on the form of 01/26/2018 using a group of relative indicators of companies.

Approved 02/09/2018 Purposes. Obtaining a generalized integral assessment of financial potential

Available online 27.02.2018 oil and gas companies and building a graphical model for visual

presentation of calculation results.

Methodology. The tools of graphical analysis, the theory of fuzzy sets and the Cartesian coordinate system were used to calculate general integral indicators characterizing the assessment of the company's financial condition. Results. The results of assigning ranks to each of the indicators are determined by calculating the corresponding weight coefficients based on the Fishburn criterion. Initial and normalized indicators are selected, vector values are formed on the basis of this. An integral assessment of the financial position of companies has been developed and a graphical model has been built that reflects the position of the obtained assessment. The zones corresponding to the financial condition of the company at a certain point in time are determined.

Scope of the results. The methodology will be of interest to top management and investment companies focused on the oil and gas industry for comparative financial analysis of companies. The use of an integral indicator allows us to present generalized estimates.

Conclusions. The main indicators for assessing the financial condition of an enterprise were identified by forming an integral indicator, and a graphical modeling of the results obtained, reflecting the financial condition of companies, was carried out.

For citation: Aliev A.A., Solovieva M.G., Kachalina A.D. Integral assessment of the financial condition of the enterprise // Finance and credit. - 2018. - V. 24, No. 2. - S. 288 - 303. https://doi.org/10.24891/fc.24.2.288

The financial condition is a complex placement of funds, real and potential concepts and is characterized by a system of financial capabilities of the enterprise and indicators that reflect the availability and effectiveness of their use.

UDC 336.64 JEL: G32, G34

Keywords:

financial potential, integrated assessment, graphical analysis, oil and gas companies

The relevance of the issue largely led to the development of various methods for analyzing the financial condition of enterprises, which are aimed at preparing information in order to adopt management decisions, assessment of the financial condition and development of a strategy for managing the financial condition of enterprises.

Based on the analysis of scientific literature on the problem of assessing the financial condition of companies, a system of relative indicators has been formed. This system will allow developing a methodology for an integral assessment of the financial condition on the example of oil and gas companies.

The criteria for assessing the financial condition of companies identified during the critical analysis are based on indicators of financial stability, liquidity and profitability of enterprises (Table 1).

The method of integral assessment of the financial condition of companies involves taking into account the shortcomings of existing approaches and methods of assessment. At the same time, the system is not only based on an industry assessment, but should also take into account the assessment of individual aggregated groups of indicators of the financial and economic condition of enterprises.

In addition, for an integral assessment of the financial condition of companies, three groups of indicators were used: the profitability of the company, financial liquidity and financial stability.

In a number of scientific papers there are comments on the fundamental importance in assessing the financial condition of a company of profitability indicators. To assess the profitability of assets and sources of capital, the following indicators are used:

Return on sales ratio (ROS) - characterizes the amount of profit that falls on a unit of sold products;

Return on assets ratio (return on total capital, total profitability of the enterprise) (ROA) - reflects the results of operations

enterprise, allows you to assess the ability of assets to generate profit, regardless of the sources of raising funds and indicates the level of competitiveness of the company;

The return on equity ratio (financial profitability) (ROE) - shows how efficiently the company uses its own capital or the income it receives on the monetary unit of its own funds.

In his works, E.A. Markaryan, G.P. Gerasimenko, in order to assess the liquidity of the company, three main indicators are used:

Absolute (instantaneous) liquidity ratio - shows that part of the current debt that the company can repay on the balance sheet date at the moment or in the very near future. Standard value - 0.2 - 0.5;

Critical liquidity ratio - characterizes the part of the company's short-term liabilities, which can be repaid not only at the expense of cash and short-term financial investments, but also at the expense of expected receipts for the services rendered. Standard value - 0.7 - 1;

Current liquidity ratio (general coverage ratio) - reflects the current financial condition of the organization and allows you to assess the adequacy of working capital that can be used to pay off its short-term liabilities, that is, to what extent current liabilities are secured by similar assets of the organization. Standard value - 1-2.

The third group of indicators includes indicators of the company's financial stability. In the works of A.O. Nedosekin argues that the following indicators have the greatest weight in the system for assessing the financial condition of an enterprise:

The coefficient of autonomy (financial independence) - characterizes the degree of formation of the assets of the enterprise due to

own funds, reflects the level of independence from external sources of financing activities. Standard value - 0.7;

Investment coverage ratio - shows the share of the company's property, covered by long-term sources of its financing. Standard value - 0.75 - 0.9;

The interest coverage ratio shows the amount of security of interest paid on loans and credits by the received profit. The standard value is greater than 1.

The asset structure of companies in the oil refining industry is focused on non-current assets, as a result of which they have lower liquidity and provide a sufficient level of profitability.

Financial profitability. As mentioned earlier, profitability ratios are of great importance. But the most important is the profitability of sales, as it allows you to correctly interpret the turnover data. Useful for economic forecasts in conditions of limited market size, holding back sales growth.

Based on the calculation of the investment coverage ratio and autonomy, it makes sense to use indicators of return on assets and equity, including to reflect the efficiency of using the assets of these companies and generating revenue, which together implies a higher rank of return on assets.

financial liquidity. To compile the model, three indicators of liquidity are used, which is associated with the need to introduce liquidity restrictions as it decreases, as well as to use an integral assessment in the model with the identification of areas corresponding to different financial conditions of the company at a certain point in time.

Due to the predominance of non-current assets in the balance sheet structure of companies

of the sector under consideration, it makes sense to distribute the ranks of financial liquidity indicators in the order corresponding to the increase in liquidity. Normative values of financial liquidity have a bilateral limitation, which implies their limited use within the framework of the generalized indicator.

In the oil industry, the need for a constant availability of highly liquid assets is not a paramount task, unlike a number of other industries.

Financial stability. In this group, ranks occupy their position for a number of reasons. Oil production activities require large investments for the implementation of one project, on the basis of which it is important to take into account the share of funds attributable to interest payments from operating profit.

The next value is the investment coverage ratio, which includes an assessment of liquidity and allows the investor to assess the situation in the company when its own assets are low liquidity, financing of any investment project will seem risky to the investor and with a high degree of probability he will refuse this project.

The third indicator included in this group is the coefficient of autonomy, as it is the most common. At the same time, the ratio of equity to assets is not sufficiently informative, since companies in the oil refining industry in the balance sheet attach great importance to assets, and it is non-current, which is associated with the presence of a large number of pipelines, oil production and processing equipment. Financial stability gives an assessment of the solvency of the enterprise, but in the case of unprofitable financial activity, this indicator loses its relevance.

Based on the above parameters, the main indicators were distinguished in descending order of their weight in the assessment system, as well as

the allocation of ranks from 1 to 3 within each group of financial indicators, which together characterize the financial condition of enterprises, was carried out. The results of the ranking of indicators are presented in Table. 2.

The proposal to use the method of expert assessment, which consists in highlighting the most and least priority indicators of companies, is due to the lack of a developed mechanism for differentiating indicators based on a scientific basis.

In the absence of a specific quantitative assessment of the significance of indicators, it makes sense to use the tools used in other scientific disciplines, one of which is the ranking of criteria according to the Fishburne rule.

The main provisions state that the only known information about the ratio of the significance of indicators is the following ratio:

r1 > r1 + 1 > r1+2, (1)

where i - coefficient rank or serial number after ranking;

Г - the significance of each criterion or the degree of its manifestation.

This provision makes it possible to reveal the sequence of relations of the indicators under consideration in relation to each other. The quantitative characteristic of the r "th criterion is determined by the following formula:

where N is the total number of ranks.

Necessary condition rationing specific gravity is:

In order to develop a methodology for an integral assessment of the state of companies, it is proposed to

consideration of three groups of indicators. This system, on the one hand, answers the question of what is the current financial potential of the company, on the other hand, it includes the most significant financial indicators of the state of the enterprise, which together makes it possible to ensure the complexity and completeness of the assessment of the financial condition at a certain point in time.

By applying the ratio (1) on the example of the identified indicators, the results of the ranking of the coefficients and their weight values were determined (Table 3).

Based on the obtained values of the specific weights for each of the assigned ranks, the values of the integral indicator1 were calculated for each individual time period in the period 2014-2016. for companies in the oil and gas sector, namely British Petroleum and Rosneft (Table 4).

As a result of the calculations, three indicators were obtained for each company for 2014-2016. (Table 5).

As a result of the calculations, the values of the integral indicator were revealed, taking into account the weights according to the Fishburne method. In order to graphically display the assessment of the financial condition of the company, the Cartesian coordinate system is selected. On the abscissa axis, the data obtained by the integral assessment are plotted; on the y-axis - the estimate obtained without taking into account the weights.

In order to build the model, the values are calculated by groups of indicators without taking into account the specific weight according to the Fishburn method (Table 6).

To determine the zones characterizing the financial condition, it is necessary to assess normative values with and without specific gravity. Data for determining areas are given in table. 7 and 8.

Based on the obtained values, areas were formed, at the intersection of which a zone of absolute stability is formed (Fig. 1)

1 Data from the annual financial statements for 2014-2016 British Petroleum. Data from the annual financial statements for 2014-2016 PJSC Rosneft.

As a result of the analysis, four zones were identified that reflect the financial condition of the company. The first zone has an interval along the abscissa axis: , along the ordinate axis: . The following zones were obtained by parallel transfer:

1) green - absolutely stable financial condition;

2) yellow - normal financial condition;

3) gray - zone of uncertainty;

4) red - critical state zone.

Based on the data obtained, a model for an integral assessment of the financial condition of BP and Rosneft companies was built, which is graphically presented in Fig. 2.

According to the results of the assessment of the financial condition of companies for 2014-2016. revealed:

For the Rosneft company, it can be noted that the integral indicator entered the zone of absolute stability in 2014 and 2015. due to high profitability and interest coverage ratios, as well as normal financial stability in 2016;

The integral indicator for British Petroleum in the periods under review falls into three different zones. The most critical state was observed in 2015; according to the results of 2016, the integral indicator is located in the intermediate zone.

Table 1

Systems of indicators for assessing the financial condition of companies

Indicator systems to assess the financial status of companies

Components of the assessment system Financial Indicators

states

Financial profitability Sales profitability ratio

Return on assets ratio

Return on equity ratio

Financial liquidity Absolute liquidity ratio

Critical liquidity ratio

Current liquidity ratio

Financial stability Autonomy ratio

Investment coverage ratio

Interest coverage ratio

table 2

The system of indicators for assessing the financial condition of oil and gas companies and their rank within each group

The indicator system to assess the financial status of oil and gas companies and their rank within each group

Components of the assessment system Rank Indicators Rank

financial condition

Financial profitability 1 Return on sales ratio 1

Return on assets 2

Profitability ratio of own 3

capital

Financial liquidity 3 Absolute liquidity ratio 3

Critical liquidity ratio 2

Current liquidity ratio 1

Financial stability 2 Autonomy ratio 3

Investment coverage ratio 2

Interest coverage ratio 1

Table 3

Coefficient ranking and weighting results

The results of ranking of ratios and assignment of weights

System of indicators Indicators that make up Rank Specific Rank Specific

estimates financial system estimates of financial overall weight by inside weight by

company states company states Fishburne rule (r) groups Fishburne rule (r)

Profitability ROS 1 0.5 1 0.5

Financial Ratio autonomy 2 0.167 3 0.167

sustainability Investment coverage ratio 2 0.333

Interest coverage ratio 1 0.5

Financial Ratio absolute 3 0.333 3 0.167

liquidity liquidity

Critical factor 2 0.333

liquidity

Current liquidity ratio 1 0.5

Source: Authoring

Table 4

Calculation of BP and Rosneft indicators based on the use of specific weight according to the Fishburne rule

Calculation of the BP and Rosneft parameters through specific weights according to Fishburn's rule

Indicator Rank Weight 2014 Intp. 2015 Intp. 2016 Intp.

Rosneft

ROS 1 0.5 0.108 0.05 0.137 0.069 0.133 0.066

ROA2 0.33 0.074 0.03 0.078 0.026 0.065 0.022

ROE 3 0.17 0.116 0.02 0.123 0.02 0.06 0.01

Profitability - - - 0.1 - 0.115 - 0.098

Kal (absolute liquidity) 3 0.17 0.463 0.08 0.851 0.142 0.447 0.074

Kcl (critical liquidity) 2 0.33 0.855 0.28 1.123 0.374 0.668 0.223

Ktl (current liquidity) 1 0.5 1.049 0.53 1.323 0.662 0.829 0.415

Liquidity - - - 0.89 - 1.178 - 0.712

Ka (autonomies) 3 0.17 0.33 0.06 0.309 0.051 0.338 0.056

CPI (investment coverage) 2 0.33 0.768 0.26 0.818 0.273 0.749 0.25

CPP (interest coverage) 1 0.5 6.494 3.25 4.046 2.023 2.791 1.395

Stability - - - 3.56 - 2.347 - 1.701

Profitability 1 0.5 0.098 0.05 0.115 0.058 0.098 0.049

Liquidity 2 0.17 0.887 0.15 1.178 0.196 0.712 0.119

Stability 3 0.33 3.558 1.19 2.347 0.782 1.701 0.567

Total value - - - 1.38 - 1.036 - 0.735

ROS 1 0.5 0.002 0.01 -0.047 -0.023 -0.016 -0.008

ROA 2 0.33 0.003 0.01 -0.038 -0.013 -0.011 -0.004

ROE 3 0.17 0.033 0.01 -0.061 -0.01 0.002 0

Profitability - - - 0.01 - -0.046 - -0.011

Kal (absolute liquidity) 2 0.33 0.554 0.18 0.564 0.188 0.455 0.152

Kcl (critical liquidity) 1 0.5 1.083 0.54 1.021 0.511 0.86 0.43

Ktl (current liquidity) 3 0.17 1.372 0.23 1.28 0.213 1.162 0.194

Liquidity - - - 0.95 - 0.912 - 0.775

Ka (autonomies) 3 0.17 0.396 0.07 0.376 0.063 0.368 0.061

CPI (investment coverage) 2 0.33 0.776 0.26 0.791 0.264 0.778 0.259

CPP (interest coverage) 1 0.5 2.301 1.15 -4.78 -2.39 -0.509 -0.254

Stability - - - 1.48 - -2.064 - 0.066

Profitability 1 0.5 0.008 0.01 -0.046 -0.023 -0.011 -0.006

Liquidity 3 0.17 0.955 0.16 0.912 0.152 0.775 0.129

Stability 2 0.33 1.475 0.49 -2.064 -0.688 0.066 0.022

Total value - - - 0.65 - -0.559 - 0.146

An integral method for assessing the financial condition of an enterprise. Integral scoring and rating express assessment of the financial condition of the enterprise. Methodology for assessing financial sustainability G.V. Savitskaya

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annotation scientific article on economics and business, author of scientific work - Aliev A.A., Solovieva M.G., Kachalina A.D.

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Integral Estimation of the Company""s Financial Condition

The text of the scientific work on the topic "Integral assessment of the financial condition of the enterprise"