Horizontal financial analysis. Horizontal analysis of financial statements Methods of conducting financial analysis

Financial analysis Bocharov Vladimir Vladimirovich

1.4. Financial analysis methods

The key goal of financial analysis is to obtain a certain number of basic (most informative) indicators that give an objective picture. financial condition enterprises:

? changes in the structure of assets and liabilities;

? dynamics of settlements with debtors and creditors;

? the amount of profits and losses and the level of return on assets and sales.

At the same time, the analyst and the manager (manager) may be interested in both the current financial position of the enterprise and its forecast for the near future.

The initial basis for financial analysis is accounting and reporting data, the study of which helps to restore all key aspects of commercial activities and transactions in a generalized form, that is, with the degree of aggregation necessary for the analyst.

The practice has developed the main methods of financial analysis, among which the following can be distinguished:

? horizontal analysis;

? vertical analysis;

? trend analysis;

? comparative (spatial) analysis;

? factor analysis;

? method of financial ratios.

Horizontal (time) analysis consists in comparing the indicators of the financial statements with the indicators of previous periods. The most common horizontal analysis techniques are:

? easy comparison of reporting items and study of their dramatic changes;

? analysis of changes in reporting items in comparison with fluctuations in other items.

At the same time, special attention is paid to cases when a change in one indicator by economic nature does not correspond to a change in another indicator.

Vertical analysis is carried out in order to determine specific gravity individual balance sheet items in the overall total and the subsequent comparison of the result with the data of the previous period.

Trend analysis is based on calculating the relative deviations of reporting indicators for a number of periods (quarters, years) from the level of the base period. With the help of the trend, possible values of indicators in the future are formed, i.e., predictive analysis is carried out.

Comparative (spatial) analysis is carried out on the basis of on-farm comparison of both individual indicators of the enterprise and inter-farm indicators of similar competing firms.

Factor analysis is the process of studying the influence of individual factors (causes) on an effective indicator using deterministic or stochastic research techniques. In this case, factor analysis can be both direct (analysis itself) and reverse (synthesis). With the direct method of analysis, the effective indicator is divided into its component parts, and with the opposite, the individual elements are combined into a common effective indicator.

An example of factor analysis is DuPont's three-factor model, which allows you to study the reasons that affect the change in net income on equity:

CP SC = CP / SC = (CP / BP)? (BP / A)? (A / CK), (1)

where the private capital of the UK is the net return on equity (percentage or unit shares); PE - net (retained) profit for settlement period; SK - equity as of the last reporting date (section III of the balance sheet); ВР - proceeds from the sale of products (excluding indirect taxes); A - assets as of the last reporting date.

If, as a result of the analysis of the financial statements, it is established that the net profit attributable to equity capital has decreased, then it becomes clear due to what factor this happened:

1) decrease in net profit for each ruble of proceeds from sales;

2) less effective asset management (slowing down their turnover), which leads to a decrease in sales proceeds;

3) changes in the structure of advanced capital ( financial leverage).

Let's take a digital example. Data for the first quarter of the reporting year: net profit - 9 million rubles; sales proceeds - 60 million; assets - 120 million; equity capital - RUB 30 million. Data for the second quarter of the reporting year: net profit - 9.9 million rubles; sales proceeds - 63.6 million; assets - 126 million; equity capital - RUB 30 million.

PE SK1 = (9/60)? (60/120)? (120/30)? 100 = 30%

CP CK2 = (9.9 / 63.6)? (63.6 / 126.0)? (126.0 / 30.0)? 100 = 33%

1. As a result of the increase in net profit, the net profitability of equity capital increased by 1.14% (31.14–30.0):

(9,9/63,6) ? (60/120) ? (120/30) ? 100= 31,14 %

2. As a result of the acceleration of asset turnover, the net profitability of equity capital increased by 0.3% (30.3 - 30.0):

(9/120) ? (63,6/126,0) ? (120/30) ? 100= 30,3 %

3. As a result of the improvement in the capital structure, an increase in the net return on equity was obtained by 1.5% (31.5 - 30.0):

(9/120) ? (60/120) ? (126/30) ? 100= 31,5 %

4. The concomitant effect of the three factors is: 1.14 + 0.3 + 1.5 = 2.94% or about 3% (33–30).

The method of chain substitutions was used for the calculation.

The analysis of the indicator of net profit attributable to equity capital is used when deciding how the company can increase its assets in the future without an increase in the attracted capital of loans and borrowings, i.e.:

1) when choosing a rational capital structure;

2) when deciding on investments in fixed and working capital.

The method of financial ratios is the calculation of the relationship of accounting data, determination of the relationship of indicators. When conducting the analysis, the following factors should be taken into account: the effectiveness of the planning methods used, the reliability of financial statements, the use of various accounting methods (accounting policies), the level of diversification of other enterprises, the static nature of the coefficients used.

In the practice of Western corporations (USA, Canada, Great Britain), the following three coefficients are most widespread: ROA, ROE, [email protected]@C.

Return on Total Assets (ROA) = (Net Income + Interest? (1 - tax rate)) / Total Assets? 100 (2)

This indicator reflects how much the company earned on the total assets formed from its own and attracted sources. ROA is often used by senior management to measure the performance of individual business units. The head of a division has significant influence over assets, but cannot control their financing, because the branch of the company does not take bank loans, does not issue shares or bonds, and in many cases does not pay its own bills (for current liabilities).

Return on Equity (ROE) = Net Income / Equity? 100 (3)

This ratio shows how much was earned on the funds invested by the shareholders (either directly or with the help of retained earnings). The ROE is of interest to existing or potential shareholders, as well as to the management of the company who is committed to the best consideration of the interests of shareholders. However, for branch managers, this ratio is not of particular interest, since they are obliged to effectively manage assets regardless of the role of shareholders and creditors in financing these assets.

Invested capital, also called fixed capital, is the sum of long-term liabilities (loans and borrowings) and share capital. Therefore, it expresses the monetary resources that are in the turnover of the company for a long time. It is assumed that short-term liabilities tend to fluctuate automatically associated with changes in current assets.

Profit on investment capital(RO? C) = (Net income + Interest? (1 - tax rate)) / (Long-term liabilities + Share capital)? 100% (4)

The invested capital is also equal to the working (working) capital plus fixed capital. This fact indicates that owners and long-term lenders should finance the property and equipment of the firm, other long-term assets and that part of current assets that is not recovered from short-term liabilities.

Individual firms often use RO? C to measure the performance of their affiliates, often referring to it as return on capital employed (ROCE) or “net assets” (assets minus current liabilities). This parameter is applicable only in cases where the management of the branch has an important influence on decisions on the acquisition of assets, on credit policy (accounts receivable), on cash management and the level of its short-term liabilities.

The return on invested capital is equal to the net profit divided by the investment. RO coefficient? can be seen as the combined result of two factors: return on sales and use of investment.

(Net Income / Investment (RO?)) = (Net Income / Sales Volume)? (Sales volume / Investment)

Each of the two terms on the right side of the equation has its own specific economic meaning. Net profit divided by sales is the economic return on goods sold (ROS).

The second indicator - sales divided by investments - characterizes the turnover of the latter.

These two relationships show two main ways to improve this indicator (RO?). First, it can be done by raising the rate of return. Secondly, this indicator can be improved by increasing the investment turnover. In turn, the turnover of the latter can be increased either by increasing the volume of sales, keeping the amount of investment unchanged, or by reducing the amount of investment required to maintain a given value.

In addition to wanting a satisfactory rate of return, investors want their capital to be protected from financial risk. Return on equity (ROE) could be improved if additional investment in new projects was achieved solely through debt obligations. Provided, of course, that the return on these additional investments must exceed the cost of paying interest on these obligations.

However, such an investment policy would increase the risk of shareholders losing their investments, since interest and principal payments are fixed and their failure to pay will inevitably lead the company to bankruptcy. The degree of risk in each case can be measured by the relative amounts of liabilities and share capital and funds allocated to repay the liabilities. This analysis also requires the use of financial ratios.

The indicators shown in this table can be used by external users of financial statements, such as investors, shareholders and creditors. For a preliminary assessment of the financial condition of the enterprise, it is advisable to divide the above indicators into two groups that have qualitative differences among themselves.

The first group includes indicators for which normative values... These include liquidity and financial sustainability... At the same time, both a decrease in the values of parameters below the normative ones, and an excess, as well as their movement in one of the named directions, should be interpreted as a deterioration in the financial condition of the enterprise.

The second group includes non-standardized indicators, which are usually compared in dynamics over a number of periods or with the values of the same indicators at similar enterprises. This group includes indicators of profitability and turnover of assets and equity, property and capital structure, etc.

For this group of indicators, it is advisable to rely on the study of trends in indicators and to establish their improvement or deterioration.

The complexity of the current situation in Russia lies in the fact that at many enterprises the accounting service employees do not have enough knowledge of financial analysis methods, and the specialists who own them do not have time (due to the workload of their main work) to read and analyze the documents of analytical and synthetic accounting.

In this regard, it is advisable for enterprises to single out a service (a group of specialists) that analyzes the financial and economic situation. The main tasks of this service can be:

1) development of input and output analytical forms with indicators of liquidity, financial stability, business and market activity. The accounting service fills out these forms as often as is appropriate to support the work of the financial service of the enterprise;

2) periodic (monthly, quarterly, annual) compilation of explanatory notes to the output forms with calculations of the main analytical indicators and deviations from planned, normative, industry average values.

An approximate functional diagram of the relationships for the implementation of the financial and economic analysis of the enterprise is shown in Fig. 1.3.

Rice. 1.3. An approximate functional diagram of the relationship for conducting financial / economic analysis (according to the recommendations of the Ministry of Economy of the Russian Federation)

Based on the results of financial and economic analysis, the financial policy of the enterprise for the coming period (quarter, year) can be formulated. In particular, a decision may be made to restructure property complex(sale of unused tangible assets, renewal of heavily depreciated fixed assets, revaluation of fixed assets, taking into account their market value, change in the mechanism for calculating depreciation, etc.). Decisions made by the company's management should be aimed at increasing its profitability, market value and business activity.

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What is the purpose of the financial analysis of the enterprise?

Based on data on the past activities of the enterprise, financial analysis is aimed at reducing the uncertainty about its future state.

The results of the analysis of the financial condition of the enterprise is of paramount importance for a wide range of users, both internal and external in relation to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include the heads of the enterprise, the results of financial analysis are necessary to assess the activities of the enterprise and prepare decisions on adjusting the financial policy of the enterprise.
For external users - partners, investors and creditors - information about the company is necessary for making decisions on the implementation of specific plans in relation to this company (acquisition, investment, conclusion of long-term contracts).

What is the difference between external and internal financial analysis?

External financial analysis focused on open financial information of the enterprise and involves the use of standard (standardized) methods. At the same time, as a rule, a limited number of baselines are used.

When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the studied enterprises to establish or continue relationships and in what form it is most expedient to do so.

Internal financial analysis differs in greater exactingness to the initial information. In most cases, the information contained in standard accounting reports is not enough for him, and it becomes necessary to use the data of internal management accounting.

In the process of analysis, the greatest emphasis is placed on understanding the reasons for the ongoing changes in the financial condition of the enterprise and the search for solutions aimed at improving this condition. In this case, it does not matter at all whether the goal is achieved by using standard or original methods.

Unlike external analysis, internal analysis is not limited to considering the enterprise as a whole, but almost always comes down to the analysis of individual divisions and areas of the enterprise's activities, as well as types of products.

The following table compares the two approaches to financial analysis.

Table 1.

	External analysis	Internal analysis
Target	Assessment of financial condition (problem of choice)	Improving financial condition
Initial data	Open (standard) financial statements	Any information necessary to solve the problem
Methodology	Standard	Any, corresponding to the solution of the task
Accent	Comparison with other businesses	Identifying causal relationships
Object of study	Enterprise as a whole	The enterprise, its structural divisions, areas of activity, types of products

What tasks are solved using financial analysis?

With the help of financial analysis, the following tasks are sequentially solved:

Determination of the financial condition of the company at the moment.
Identification of trends and patterns in the development of the enterprise for the period under study.
Determination of factors that adversely affect the financial condition of the enterprise.
Identification of reserves that the company can use to improve its financial condition.
Development of recommendations aimed at improving the financial condition of the enterprise.

What are the main directions of financial analysis?

The main areas of financial analysis are:

Analysis of the balance sheet structure.
Analysis of the profitability of the enterprise and the structure of production costs.
Analysis of the solvency (liquidity) and financial stability of the enterprise.
Analysis of capital turnover.
Analysis of the return on equity.
Labor productivity analysis.

What are the methods of financial analysis?

There are the following methods of financial analysis:

Horizontal(retrospective, longitudinal, temporal) analysis.
It involves a comparison of financial indicators with previous periods of time in order to determine trends in the development of the enterprise.
Vertical(deep, structural) analysis.
It involves determining the structure of the main financial indicators for the purpose of their more detailed study.
Factorial analysis.
Assumes an assessment of the influence of individual factors on the final financial indicators in order to determine the reasons, causing changes their values. In this case, the method of chain substitutions (elimination) can be used.
This analysis method is used, as a rule, when conducting internal financial analysis.
Comparative analysis.
It involves comparing the financial indicators of the studied enterprise with the average industry values or similar indicators of related enterprises and competitors. Unfortunately, in Russia today there is no necessary statistical base. Therefore, in some cases, it is possible to use similar Western directories, the most famous of which are the bulletins of Dun & Bradstreet and Robert Morris Associates.
This type of analysis is used, as a rule, when conducting external financial analysis.

2. Sources of information for financial analysis

What are the main sources of information for financial analysis?

The main sources of information for financial analysis are accounting and management accounting data:

Data on the property of the enterprise (assets) and the sources of its formation (liabilities) at the beginning and end of the study period in the form of an analytical balance.
Data on the results of the enterprise for the study period in the form analytical report profit and loss statement.

How analytical reports are constructed will be discussed below.

What additional information is used in the financial analysis?

When conducting financial analysis for a more accurate interpretation of the initial data, the following information may additionally be required:

Information about the accounting policy of the enterprise.
The amount of the accrued depreciation of fixed assets and intangible assets.
Average headcount and fund wages enterprises.
Share of overdue receivables and payables.
Share of barter (commodity) settlements in sales proceeds.

How to build an analytical balance?

Traditionally, and especially when conducting external analysis, a standard balance sheet (form No. 1) is used as the initial information. However, this is not a prerequisite and, for example, in case of distrust in the external reporting of the enterprise, any other management accounting document can be used for this purpose.

In any case, the data must meet the following requirements:

Data preparation should be carried out on a regular basis and according to a uniform methodology.
Property and source data must be balanced against each other.
Assets should be structured according to their economic nature (based on the principle of attributing value to manufactured products, terms of use and degree of liquidity).
Funding sources should be segregated by ownership and timing.

All of the above requirements are met by the analytical balance.

One of the ways of constructing this document is transformation (consolidation or unbundling) and clarification of the standard balance sheet.

Below are a number of procedures that must be carried out in this case:

Reduce the authorized capital of the enterprise by the amount of unpaid capital (debts of the founders).
Put down the real value of non-current assets.
Adjust the value of current assets (inventory, accounts receivable, free cash) and liabilities (, loans) for amounts that, for any reason, were not included in the balance sheet.
It is most convenient to correct the arisen difference between the cost of assets and liabilities through a specially created article of the analytical balance "Accumulated capital". This analytical article combines all types of retained earnings, reserves formed from profit, accumulation and consumption funds and other similar balance sheet items. It shows that the enterprise has actually started working in the entire history of its existence (for privatized enterprises - from the moment of corporatization).

Table 2. Approximate structure of the analytical balance

Assets	*Act*	Liabilities	*Pass*
Fixed assets	VneobAkt	Equity	SobKap
Intangible assets	NematAkt	Authorized capital	UstKap
Fixed assets	OsnSr	Extra capital	DobKap
Unfinished capital	NezavKap	Special-purpose financing	CelFin
Long-term financial investments	DebtFin	Accumulated capital	AccumulationCap
Other noncurrent assets	PrVneobAkt	Long-term loans	*DebtCred*
Current assets	*OborAct*	Short-term liabilities	*Briefly*
Advances issued	AV Issued	Short-term loans	ShortCred
Stocks of raw materials and supplies	ZapMat	Advances received	Avpoluch
Unfinished production	Unavailable	Debts to suppliers	Debt posting
Finished products	GothProd	Debt on taxes and deductions	Debt Tax
Debt buyers	DebtPurchase	Wage arrears	DebtZarPl
Short-term financial investments	BriefFin	Other	PrKrObyaz
Cash	DenSed
Other current assets	PROBLEM

Note.

In the second column of assets and liabilities of the balance sheet, the symbols of the corresponding positions are given, which are used hereinafter in the calculation formulas and examples.

How to get analytical?

As a basis for constructing an analytical income statement, you can use the income statement (form No. 2).

In this case, you must perform the following procedures:

Adjust the sales proceeds by the sales amounts that for some reason were not included in the accounting report.
Adjust the costs of products sold by the amount of costs that for some reason did not appear in the accounting report or, according to tax legislation, are attributed to repayment at the expense of profit.
Divide the costs of products sold into variable and constant components according to the degree of their dependence on changes in production and sales volumes.
As part of fixed costs, separate the items "Depreciation deductions" and "Interest on loans" as separate items.
Taxes calculated before income tax should be separated from other operating costs and included in the cost of goods sold.
Allocate in separate positions income and expenses associated with the sale of non-current assets and other property of the enterprise and securities, as well as exchange rate differences.

The main requirements for an analytical profit and loss statement are:

Regularity of construction.
The use of a unified methodology when generating reports for different periods.
Providing the ability to conduct a break-even analysis.

Table 3. The approximate structure of the analytical report on profit and loss

Sales revenue (net of VAT and excise taxes)	VyrReal
Variable costs	PerZatr
Margin profit	MargePrib
Fixed costs including:	PostZatr
Depreciation deductions	AmOtch
Interest on loans	ProtsKr
Other fixed costs	ProPostZatr
Profit from operating activities	ADVANCED
Profit (losses) from other sales	PribPrReal
Profit (losses) from operations with securities	PribPriceBum
Other profits (losses)	PrPrib
Profit before tax	Arrived
Income tax	NalPribn
Net profit	ChistPrib
Dividends (use of profit)	Divide (IspPrib)
Undestributed profits	Nesprib

3. Scorecard for financial analysis

The indicators of the financial condition of the enterprise are divided into two categories: volumetric and relative. The latter are called financial ratios or financial relations(financial ratios).

Various indicators are in relation to each other and reflect the view from only one of several possible points of view on the company. Therefore, they talk about a system of financial indicators.

Among the volume indicators of the enterprise's activity, the following are used:

Balance currency.
Own or paid up authorized capital of the enterprise.
Net assets of the enterprise.
Sales volume (proceeds from sales) for the period.
The amount of profit for the period.
Cash flow for the period.
Structure cash flow by type of activity.

Financial ratios are divided into several groups:

Solvency (liquidity) indicators.
Profitability indicators *.
Turnover indicators.
Financial stability indicators.
Profitability indicators *.
Labor efficiency indicators.

* Indicators of profitability and profitability are considered separately. This is due to the fact that in the first case, the efficiency of the current (main) activity of the enterprise is analyzed, that is, the income and costs associated with their receipt are compared. In the second case it comes on the efficiency of using capital (assets) in general.

To obtain a holistic assessment of the enterprise, various volume indicators and financial ratios are combined (taking into account the weight and significance of each of them) into complex (composite) indicators of the financial condition.

Financial analysis is the process of researching financial condition and key results. financial activities enterprises in order to identify reserves to increase its market value and ensure effective development.

To solve specific problems of financial management, a number of special systems and methods of analysis are used, which make it possible to obtain a quantitative assessment of the results of financial activity in the context of its individual aspects, both statically and in dynamics. In the theory of financial management, depending on the methods used, the following basic systems of financial analysis carried out at the enterprise are distinguished: horizontal analysis; vertical analysis; comparative analysis; analysis of coefficients; integral analysis (Fig. 2.3).

I. Horizontal (or trend) financial analysis based on the study of the dynamics of individual financial indicators over time. In the process of using this analysis system, the rates of growth (gain) of individual indicators of financial statements for a number of periods are calculated and the general trends in their change (or trend) are determined. In financial management, the most widespread are the following types horizontal (trend) financial analysis:

1. Research of the dynamics of the indicators of the reporting period in comparison with the indicators of the previous period (for example, with the indicators of the previous month, quarter, year).

2. Study of the dynamics of indicators of the reporting period in comparison with indicators of the same period last year (for example, indicators of the second quarter of the reporting period with similar indicators of the second quarter of the previous year). This type of horizontal financial analysis is used in enterprises with pronounced seasonal characteristics of economic activity.

3. Investigation of the dynamics of indicators for a number of previous periods The purpose of this type of analysis is to identify the trend of changes in individual indicators characterizing the results of the financial activities of the enterprise (determination of the trend line in dynamics).

All types of horizontal (trend) financial analysis are usually supplemented by the study of the influence of individual factors on the change in the corresponding effective indicators. The results of such an analytical study make it possible to build the corresponding dynamic factor models, which are then used in the planning process for individual financial indicators.

II. Vertical (or structural) financial analysis based on the structural decomposition of individual indicators of the financial statements of the enterprise. In the process of carrying out this analysis, the proportion of individual structural components of the aggregated financial indicators is calculated. In financial management, the following types of vertical (structural) analysis are most widespread:

1. Structural analysis of assets. In the process of this analysis, the proportion of current and non-current assets is determined; elemental composition of current assets; elemental composition of non-current assets; the composition of the company's assets by the level of liquidity; the composition of the investment portfolio by type of securities and others. The results of this analysis are used in the process of optimizing the composition of the assets of the enterprise.

2. Structural analysis of capital. In the process of this analysis, the proportion of equity and debt capital used by the enterprise is determined; the composition of the borrowed capital used by the periods of its provision (short- and long-term borrowed capital); the composition of the borrowed capital used by its types - bank credit; financial credit of other forms; commodity (commercial) credit, etc. The results of this analysis are used in the process of assessing the effect of financial leverage, determining the weighted average cost of capital, optimizing the structure of sources for the formation of borrowed financial resources, and in other cases.

3. Structural analysis of cash flows. In the process of this analysis, in the composition of the total cash flow, cash flows from the operating, investment and financial activities of the enterprise are distinguished; As part of each of these types of cash flow, the receipt and expenditure of cash is more deeply structured, the composition of the balance of monetary assets for its individual elements.

III. Comparative financial analysis is based on comparing the values of individual groups of similar indicators with each other. In the process of using this analysis system, the sizes of the absolute and relative deviations of the compared indicators are calculated. In financial management, the following types of comparative financial analysis are most widespread.

1. Comparative analysis of the financial indicators of this enterprise and the industry average indicators. In the process of this analysis, the degree of deviation of the main results of the financial activity of a given enterprise from the industry average is revealed in order to assess its competitive position in terms of financial results management and identification of reserves for further improving the efficiency of financial activities.

2. Comparative analysis of the financial performance of this enterprise and competing enterprises. In the process of this analysis, the weaknesses of the financial activities of the enterprise are identified in order to develop measures to increase its competitive position in a specific regional market.

3. Comparative analysis of financial indicators of individual structural units and divisions of a given enterprise (its centers of responsibility). Such an analysis is carried out for the purpose of comparative assessment and search for reserves for increasing the efficiency of the financial activities of the internal divisions of the enterprise.

4. Comparative analysis of reporting and planned (normative) financial indicators. Such an analysis forms the basis of the controlling of the current financial activities organized at the enterprise. In the process of this analysis, the degree of deviation of the reporting indicators from the planned (normative) ones is revealed, the reasons for these deviations are determined and recommendations are made for adjusting certain areas of the financial activity of the enterprise.

IV. Analysis of financial ratios (R-analysis) is based on the calculation of the ratio of various absolute indicators of the financial activity of the enterprise among themselves. In the process of using this analysis system, various relative indicators are determined that characterize individual results of financial activities and the level of the financial condition of the enterprise. In financial management, the following groups of analytical financial ratios are most widespread: ratios for assessing the financial stability of an enterprise; coefficients for assessing the solvency (liquidity) of the enterprise; ratios for assessing asset turnover; coefficients for assessing capital turnover; profitability assessment coefficients and others.

1. Coefficients for assessing the financial stability of an enterprise make it possible to identify the level of financial risk associated with the structure of sources of formation of the enterprise's capital, and, accordingly, the degree of its financial stability in the process of future development. To carry out such an assessment in the process of financial analysis, the following main indicators are used:

but) autonomy ratio (CA). It shows the extent to which the volume of assets used by the enterprise is formed at the expense of equity capital and to what extent it is independent of external sources of financing. The calculation of this indicator is carried out according to the following formulas:

where SC- the amount of the company's equity capital on a specific date;
CHA- price net assets enterprises for a specific date;
TO- the total amount of the capital of the enterprise as of a certain date;
BUT- the total value of all assets of the enterprise as of a certain date;

b) funding ratio (CF). It characterizes the amount of borrowed funds per unit of equity capital, i.e. the degree of dependence of the company on external sources of financing. To calculate this indicator, the following formula is used:

where ZK
SC

in) debt ratio (KZ). It shows the share of borrowed capital in the total amount used. The calculation of this coefficient is carried out according to the following formula:

where ZK- the amount of borrowed capital attracted by the enterprise (average or as of a certain date);
TO

G) current debt ratio (KTZ). It characterizes the share of short-term borrowed capital in its total used amount. This indicator is calculated using the following formula:

where ZKk- the amount of short-term borrowed capital attracted by the enterprise (average or as of a certain date);
TO- the total amount of the company's capital (average or as of a certain date);

e) long-term financial independence ratio (CDN). It shows the extent to which the total volume of assets used is formed at the expense of the company's own and long-term borrowed capital, i.e. characterizes the degree of its independence from short-term borrowed sources of financing. The calculation of this indicator is carried out according to the formula:

where SC- the amount of the company's equity capital (average or as of a certain date);
ZKd- the amount of borrowed capital attracted by the enterprise on a long-term basis (for a period of more than one year);
BUT- the total value of all assets of the enterprise (average or as of a certain date);

e) equity capital flexibility ratio (KMSK). It shows what share is occupied by equity capital invested in current assets in the total amount of equity capital (i.e. what part of equity capital is in its highly circulating and highly liquid form). The calculation of this indicator is carried out according to the following formula:

where SOA- the amount of own circulating assets (or own circulating capital);
SC- the total amount of the company's equity capital;

g) maneuverability ratio of equity and long-term borrowed capital(KMSD). It shows what share is occupied by own and long-term borrowed capital, aimed at financing current assets, in the total amount of own and long-term borrowed capital. This indicator allows you to judge the type of policy used by the company to finance its assets. To calculate this indicator, the following formula is used:

where 0Асд- the amount of own and long-term borrowed capital directed to financing the current assets of the enterprise (average or as of a certain date);
SC- the amount of the company's equity capital (average or as of a certain date);
ZKd- the amount of borrowed capital attracted by the enterprise on a long-term basis (for a period of more than one year).

2. Ratios for assessing solvency (liquidity) characterize the ability of an enterprise to timely settle its current financial liabilities at the expense of current assets of various levels of liquidity. Carrying out such an assessment requires a preliminary grouping of the company's current assets according to the level of liquidity. To assess the solvency (liquidity) in the process of financial analysis, the following main indicators are used:

but) absolute solvency ratio or "acid test" ( CAP). It shows the extent to which all of the company's current financial liabilities are secured by the available means of payment at a certain date. The calculation of this coefficient is carried out according to the formula:

where YES- the amount of the company's monetary assets as of a certain date;
CFI- the amount of short-term financial investments of the enterprise as of a certain date;
0Bq- the sum of all current financial liabilities of the enterprise as of a certain date;

b) intermediate solvency ratio (Checkpoint). It shows the extent to which all current financial liabilities can be satisfied by its highly liquid assets (including ready-made means of payment). To determine this indicator, the following formula is used:

where YES- the sum of the company's monetary assets (average or as of a certain date);
CFI- the amount of short-term financial investments (average or for a specific date);
DZ- the amount of receivables of all types (average or for a specific date);
0Bq

in) current solvency ratio (KTP). It shows the extent to which all debt on current financial liabilities can be satisfied at the expense of all of its current (current) assets. The calculation of this indicator is made according to the formula:

where OA- the sum of all current assets of the enterprise (average or as of a certain date);
TPO- the sum of all current financial liabilities of the enterprise (average or as of a certain date);

G) total ratio of receivables to payables(CDCo). It characterizes the overall ratio of settlements for these types of debt of the enterprise. The calculation of this indicator is carried out according to the formula:

where D3o- the total amount of the current accounts receivable of the enterprise of all types (average or as of a certain date);
K3o- the total amount of the accounts payable of the enterprise of all types (average or as of a certain date).

e) ratio of receivables and payables for commercial transactions (CDK). This indicator characterizes the ratio of payments for purchased and supplied products. To determine this indicator, the formula is used:

where DZp- the amount of the company's current receivables for products (goods, works, services), calculated as an average or for a specific date;
KZp- the amount of the company's accounts payable for products (goods, services, works), calculated as an average or for a specific date.

3. Coefficients for assessing the turnover of assets characterize how quickly the formed assets turn over in the course of the economic activity of the enterprise. To a certain extent, they are an indicator of its business (production and commercial) activity. To assess the turnover of an enterprise's assets, the following formulas are used:

a) the turnover ratio of all used assets in the period under review ( KOа

where OR
BUT

b) the turnover ratio of the company's current assets in the period under review ( Cooa

where OR- the total volume of sales of products in the period under review;
OA

c) the period of the turnover of all used assets in days ( POa). This indicator can be calculated using the following formulas:

where BUT- the average cost of all used assets of the enterprise in the period under review;
Oro
D
Koa- the turnover ratio of all used assets in the period under review;

d) the period of turnover of current assets in days ( Ooa

where OA- the average cost of current assets in the period under review (calculated as the average chronological);
Oro- one-day sales of products in the period under review;
D- the number of days in the period under review;
Cooa- the turnover ratio of current assets in the period under review;

e) the period of turnover of non-current assets in years ( POVA). The calculation of this indicator is carried out according to the formulas:

where Og- the annual volume of product sales;
VA- the average annual value of non-current assets (calculated as the average chronological);
On the- the average rate of depreciation deductions.

According to the considered fundamental formulas, the turnover ratio and periods of turnover can, if necessary, be calculated for individual elements of current and non-current assets.

4. Ratios for assessing capital turnover characterize how quickly the capital used by the enterprise as a whole and its individual elements turn around in the course of its economic activity. To assess the capital turnover of an enterprise, the following main indicators are used:

a) the turnover ratio of all used capital in the period under review ( Cook). This indicator is determined by the following formula:

where OR- the total volume of sales of products in the period under review;
TO

b) the equity capital turnover ratio in the period under review ( KOSK). This indicator is calculated according to the following formula:

where OR- the total volume of sales of products in the period under review;
SC

c) the turnover ratio of the borrowed capital in the period under review ( KOZK) To calculate this indicator, the following formula is used:

where OR- the total volume of sales of products in the period under review;
ZK- the average amount of borrowed capital in the period under review (calculated as the average chronological);

d) the turnover ratio of the attracted financial (bank) loan in the period under review ( Kofk

where OR- the total volume of sales of products in the period under review;
FC- the average amount of attracted financial (bank) credit in the period under review (calculated as the average chronological);

e) the turnover ratio of the attracted commodity (commercial) credit in the period under review ( Kotk

where OR- the total volume of sales of products in the period under review;
TC

f) the period of turnover of the entire used capital of the enterprise in days ( Pok

where TO- the average amount of all used capital of the enterprise in the period under review (calculated as a chronological average);
Oro- one-day sales of products in the period under review;
D- the number of days in the period under review;
K0k- the turnover ratio of all used capital in the period under review;

g) the period of equity capital turnover in days ( POSK). To calculate this indicator, the following formulas are used:

where SC- the average amount of the used capital of the enterprise in the period under review (calculated as the average chronological);
Oro- one-day sales of products in the period under review;
D- the number of days in the period under review;
KOSK- the equity capital turnover ratio in the period under review;

h) the period of the borrowed capital turnover in days ( Pozk). This indicator is calculated using the following formulas:

where ZK- the average amount of the borrowed capital of the enterprise in the period under review (calculated as the average chronological);
Oro- one-day sales of products in the period under review;
D- the number of days in the period under review;
KOZK- the turnover ratio of the borrowed capital in the period under review;

i) the period of turnover of the attracted financial (bank) loan in days ( POFK). This indicator is determined by the following formulas:

where FC- the average amount of attracted financial (bank) credit in the period under review (calculated as a chronological average);
Oro- one-day sales of products in the period under review;
D- the number of days in the period under review;
Kofk- the turnover ratio of the attracted financial (bank) loan in the period under review;

j) the turnover period of the attracted short-term bank loan in days ( Pokbk). This indicator is calculated using the following formula:

where KBK- the average amount of attracted short-term bank credit in the period under review (calculated as an average chronological);
Oro- one-day sales of products in the period under review;

k) the period of turnover of the attracted commodity (commercial) loan in days ( POTK). This indicator is calculated using the following formula:

where TC- the average amount of the attracted commodity (commercial) credit in the period under review (calculated as the average chronological);
Oro- one-day sales volume in the period under review;

l) the period of turnover of the total accounts payable of the enterprise in days ( POKZ). This indicator is determined by the formula:

where OKZ- the average amount of accounts payable of an enterprise of all types in the period under review (calculated as an average chronological);
Oro- one-day sales of products in the period under review;

m) the period of turnover of the current obligations of the enterprise for settlements in days ( Poor). To calculate this indicator, the following formula is used:

where TOP- the average amount of current liabilities according to the calculations of the enterprise of all types in the period under review (calculated as an average chronological);
Oro- one-day sales of products in the period under review.

5. Coefficients for evaluating profitability (profitability) characterize the ability of an enterprise to generate the necessary profit in the course of its economic activities and determine the overall efficiency of the use of assets and invested capital. To carry out such an assessment, the following main indicators are used:

a) the profitability ratio of all assets used or the economic profitability ratio ( Ra). It characterizes the level of net profit generated by all assets of the enterprise that are in its use on the balance sheet. The calculation of this indicator is carried out according to the formula:

where Wpo- the total amount of the company's net profit received from all types of economic activity in the period under review;
BUT- the average cost of all used assets of the enterprise in the period under review (calculated as the average chronological);

b) the return on equity ratio or ratio financial profitability (Rsk). It characterizes the level of profitability of equity capital invested in the company. To calculate this indicator, the following formula is used:

where Wpo- the total amount of the company's net profit received from all types of economic activities in the period under review;
SC- the average amount of the company's equity capital in the period under review (calculated as the average chronological);

c) the coefficient of profitability of product sales or the coefficient of commercial profitability ( Rrp). It characterizes the profitability of the operating (production and commercial) activities of the enterprise. This indicator is calculated according to the following formula:

where Chprp- the amount of net profit received from the operating activities of the enterprise in the period under review;
OR- the total volume of sales of products in the period under review;

d) the coefficient of return on current costs ( Ptz). It characterizes the level of profit received per unit of costs for the implementation of the operating (production and commercial) activities of the enterprise. To calculate this indicator, the following formula is used:

where Chprp- the amount of net profit received from the operating (production and commercial) activities of the enterprise in the period under review;
AND- the sum of the costs of production (circulation) of the enterprise in the period under review;

e) the coefficient of return on investment ( Pi). It characterizes the profitability of the investment activity of the enterprise. The calculation of this indicator is carried out according to the following formula:

where Chi- the amount of net profit received from the investment activities of the enterprise in the period under review;
IR- the sum of the investment resources of the enterprise allocated to the objects of real and financial investment.

Profitability ratios can also be calculated using certain types assets of the enterprise, individual forms of capital attracted by it, individual objects of real and financial investment.

V. Integral financial analysis allows you to get the most in-depth (multifactorial) assessment of the conditions for the formation of individual aggregated financial indicators. In financial management, the following systems of integral financial analysis are most widely used:

1. The system of integral analysis of the efficiency of using the assets of the enterprise. This system of financial analysis, developed by DuPont (USA), provides for the decomposition of the "return on assets ratio" indicator into a number of private financial coefficients of its formation, interconnected in a single system. A schematic diagram of such an analysis is shown in Fig. 2.4.

This analysis system is based on the "DuPont Model" (developed by "DuPont", USA), according to which the profitability ratio of the assets used by the enterprise is the product of the profitability ratio of product sales by the turnover ratio (number of revolutions) of assets:

where Ra- the coefficient of profitability of the assets used;
Rrp- coefficient of profitability of product sales;
Koa- the turnover ratio (number of turnovers) of assets.

To interpret the results obtained when calculating the "Dupont Model", a special matrix can be used, shown in Fig. 2.5.

With the help of this matrix, it is possible to identify the main reserves for further increasing the profitability of the company's assets - to increase the profitability of product sales; accelerate asset turnover; use both of these directions.

For an integral analysis of the efficiency of using the company's equity capital, the following three-factor DuPont Model can be used:

where Rsk- return on equity;
Wpo- the amount of net profit in the period under review, received from all types of economic activities;
SC- the average amount of the company's equity capital in the period under review (calculated as an average chronological);
BUT- the average sum of all used assets of the enterprise in the period under review (calculated as the average chronological);
R- the total volume of sales of products in the period under review.

2. System of SWOT analysis of financial activities... The name of this system represents the abbreviation of the initial letters of the terms characterizing the objects of this analysis:
S - Strehgths (company strengths);
W - Weaknesses (weaknesses of the enterprise);
О - Opportunities (enterprise development opportunities);
T - Trears (threats to the development of the enterprise).

3. Object-oriented system of integral analysis of the formation of the company's net profit. The concept of integrated object-oriented analysis, developed by ModernSoft (USA), is based on the use of computer technology and a special package application programs... The basis of this concept is the presentation of the model of the formation of net profit (or other effective indicator of financial activity) of the enterprise in the form of a set of interacting primary financial blocks that simulate "classes" of elements that directly form the amount of net profit. The user himself determines the system of such blocks and classes based on the specifics of the financial activity of the enterprise, in order to present in the model all the key elements of profit formation in accordance with the desired degree of detail. After building the model, the user fills all blocks with quantitative characteristics in accordance with the reporting information on the enterprise. The system of blocks and classes can be expanded and deepened as the direction of the enterprise changes and more detailed information about the process of generating profits becomes available.

4. Portfolio analysis system. This analysis is based on the use of "portfolio theory", according to which the level of profitability of a portfolio of stock instruments is considered in one connection with the level of risk of the portfolio (the "profit-risk" system). In accordance with this theory, it is possible, by forming an "effective portfolio" (appropriate selection of specific securities), to reduce the level of portfolio risk and, accordingly, to increase the ratio of the level of profitability to risk. The process of analysis and selection of such securities in a portfolio is the basis for the use of this system theory.

Financial planning systems and methods

Financial planningis a system development process financial plans and planned (normative) indicators to ensure the development of the enterprise with the necessary financial resources and improving the efficiency of its financial activities in the coming period.

Financial planning in an enterprise is based on the use of its three main systems:

Long-term planning financial activities of the enterprise.
The current planning of the financial activities of the enterprise.
Operational planning financial activities of the enterprise.

Each of these systems of financial planning is characterized by special methodological approaches to implementation, forms of implementation of results and a certain period (planned horizon) of coverage (Table 2.1).

The main goal of financial analysis is to obtain the maximum number of the most informative parameters that give an objective picture of the company's financial condition, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.

There are various classification of methods of financial analysis... The practice of financial analysis has developed the basic rules for reading (methods) of analyzing financial statements. Among the main ones are:

In addition to the listed methods, there is also comparative and factor analysis.

Comparative analysis of the financial condition of the enterprise

Comparative analysis is both an intra-production analysis of aggregate reporting indicators for individual indicators of an enterprise, divisions, workshops, and an inter-farm analysis of the indicators of a given company with those of competitors, with industry average and average production indicators. Comparative analysis allows comparisons to be made:

actual indicators with planned, which gives an assessment of the validity of planning decisions;
actual indicators with normative, which provides an assessment of internal production reserves;
actual indicators of the reporting period with similar data from previous years to identify the dynamics of the studied parameters;
the actual indicators of the organization with the reporting data of other enterprises (the best or the industry average).

Factor analysis

Factor analysis makes it possible to assess the influence of individual factors on the effective indicator both by the direct method of splitting the effective indicator into its component parts, and reverse method when individual elements are combined into a common performance indicator.

These methods are used at all stages of financial analysis, which accompanies the formation of generalized indicators of the organization's economic activity. In the course of the formation of these indicators, the following is done: an assessment of the technical and organizational level and other production conditions; characteristics of the use of production resources: fixed assets, material resources, labor and wages; analysis of the volume of the structure and quality of products; estimation of costs and production costs.

Horizontal and vertical financial analysis

This type of analysis consists in the construction of one or more analytical tables, in which the absolute balance sheet indicators are supplemented by the relative growth (decline) rates. Typically, multi-period basis growth rates are used here. The purpose of the horizontal analysis is to identify the absolute and relative changes in the values of various items in the financial statements for a certain period, to assess these changes.

Of great importance for assessing the financial condition is the vertical financial analysis of the asset and liability of the balance sheet, which makes it possible to judge the financial statement by relative indicators, which in turn makes it possible to determine the structure of the asset and liability of the balance sheet, the share of individual reporting items in the balance sheet currency. The purpose of vertical analysis is to calculate the proportion of individual items in the balance sheet and assess their dynamics in order to be able to identify and predict structural changes in assets and sources of their coverage.

Horizontal and vertical analysis mutually complement each other, and on their basis a comparative analytical balance is built, all indicators of which can be divided into three groups: indicators of the balance sheet structure; balance dynamics indicators; indicators of the structural dynamics of the balance. Comparative analytical balance underlies the analysis of the structure of property and the sources of its formation.

Trending financial analysis

A variant of horizontal analysis is trend financial analysis (analysis of development trends). Trend analysis is forward-looking, predictive in nature, since it allows, on the basis of studying the regularity of changes in the economic indicator in the past, to predict the value of the indicator for the future. For this, a regression equation is calculated, where the analyzed indicator acts as a variable, and the time interval acts as a factor under the influence of which the variable changes. The regression equation makes it possible to build a line that reflects the theoretical dynamics of the analyzed profitability indicator.

Equivalent financial analysis

Analysis of relative indicators (coefficient financial analysis) - calculating the relationship between individual report items or items of different reporting forms for individual company indicators, determining the relationship between indicators. Corresponding indicators calculated on the basis of financial statements are called financial ratios.

Financial ratios characterize different aspects of the economic activity of an organization:

solvency through liquidity and solvency ratios;

financial dependence or financial autonomy through the share of equity capital in the balance sheet;

business activity through the turnover ratios of assets as a whole or their individual elements;

efficiency of work - through the coefficients of profitability; market characteristics joint stock company - through the dividend rate.

The absolute figures of the financial statements are actual data. For the purposes of planning, accounting and analysis in the organization, similar absolute indicators are calculated, which can be: normative, planned, accounting, analytical.

For the analysis of absolute indicators, the comparison method is most often used, with the help of which the absolute or relative changes in indicators, trends and patterns of their development are studied.

This is the general schematic diagram of the formation of economic and, including financial indicators of the economic activity of the organization.

Bibliography:

Grishchenko O.V. Analysis and diagnostics of the financial and economic activities of the enterprise: Tutorial... Taganrog: Publishing house of TRTU, 2000.
Efimova O.V. The financial analysis. - M .: Accounting, 2001.
V.V. Kovalev Financial analysis: methods and procedures. - M .: FiS, 2002.
Lyubushin N.P., Leshcheva V.B., Suchkov E.A. The theory of economic analysis: Educational-methodical complex / Ed. prof. N.P. Lyubushin. - M .: Jurist, 2010.
G.V. Savitskaya Analysis of the economic activity of the enterprise: Textbook. allowance. - 7th ed., Rev. - Minsk: New knowledge, 2010.

Financial stability analysis... Using these indicators, the composition of funding sources and the dynamics of the ratio between them are assessed. The analysis is based on the fact that the sources of funds differ in the level of cost price, degree of availability, level of reliability, degree of risk, etc.

Profitability analysis... Indicators in this group are intended to assess the overall effectiveness of investment in this enterprise... Unlike the indicators of the second group, here they abstract not from specific types of assets, but analyze the return on capital as a whole. The main indicators are therefore the return on capital advanced and the return on equity.

Analysis of the situation and activity in the capital market... As part of this analysis, space-time comparisons of indicators characterizing the position of an enterprise on the securities market are performed: dividend yield, earnings per share, share value, etc. This fragment of the analysis is performed mainly in companies registered on stock exchanges and selling their shares there. ... Any company that has temporarily free funds and wants to invest them in securities is also guided by the indicators of this group.

It should be said that the procedural part of the methodology for the analysis of financial and economic activity is regulated by a number of principles:

consistency;
complexity;
the unity of the information base;
materiality;
consistency of analytical procedure schemes;
comparability of results;
purposefulness.

Conducting an effective financial analysis of the activities of an economic entity involves the development of a system of consistently implemented measures on the basis of uniform principles that subordinate all elements of the system and allow providing a strictly defined circle of users with the most relevant information at the moment.