Federal State Educational Institution of Higher

vocational education

Astrakhan State Technical University

Department of Business Economics

and finance"

Course work

by discipline

"Financial management"

on the topic:

"Management of the financial stability of an enterprise (on the example of ASTRAKHANSTROYTRANSGAZ LLC " )»

Completed:

Student of group 3FF-41

Kompanchenko M.A.

Training cipher:

Record book No. 073315FF

Checked:

Associate Professor E.M. Grigorieva

Astrakhan 2009

Introduction……………………………………………………………………………..3

1.1. General characteristics of the enterprise and organizational structure…………….……………….……………5

1.2. Characteristics of the financial position of the enterprise………………9

2.1. The concept and policy of managing the financial stability of an enterprise…………………………………..……………………………...………..15

2.2. Methodological aspects of the general analysis of financial

Sustainability…………………………………………………………………………………………………………………………………………………………………22

2.3. Methodology for calculating the relative indicators of financial

sustainability…………………………………………………………………….….28

3.1. Assessment of liquidity and solvency…………………………..32

3.2. Financial stability analysis…………………….………………..38

CONCLUSION……………………………………………………………….…….48

List of used literature…………………………….…………….53

APPENDICES…………………………………………………………………………55

Introduction

The life of the company is made up of constantly changing situations and complex problems. To organize reliable financial management, it is necessary to understand the real movement of affairs at the enterprise, to know what it does, to have information about its markets, customers, suppliers, competitors, the quality of its products, and further goals. One of the means of coordinating the work of the enterprise and controlling its funds is financial analysis. It allows you to answer many questions regarding the movement of funds in the company, the quality of their management and the market position that the company acquires as a result of its activities.

The relevance of this work is due to the fact that market conditions the key to survival and the basis of the stable position of the enterprise is its financial stability. If an enterprise is financially stable and solvent, then it has a number of advantages over other enterprises of the same profile in obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel. The stability of the enterprise is related to its overall financial structure, the degree of its dependence on creditors and investors. So, many enterprises in the course of their activities, in addition to equity attract significant funds borrowed. However, if the structure "own capital - borrowed funds" has a significant bias towards debts, the enterprise may go bankrupt if several creditors demand the return of their money at the same time "inconvenient time".

The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy. Under these conditions, the definition of financial stability is one of the most important not only financial, but also general economic problems. After all, insufficient financial stability can lead to the insolvency of enterprises, to a lack of funds for them to finance current and investment activities, and if the financial condition worsens, it can lead to bankruptcy, and excessive financial stability puts obstacles in the way of the development of enterprises, burdening their costs with excessive stocks and reserves. .

Needed today more than ever large investments from non-state sources. But those who want and could invest free funds in the development of entrepreneurship must be confident in the reliability and financial well-being of enterprises, the development of which can really bring real benefits. That is why it is now so important to be able to analyze the financial stability of enterprises and provide possible ways to achieve financial stability.

The purpose of this work is to analyze the financial stability of an enterprise on the basis of theoretical provisions and practical data.

In accordance with the intended goal, the following tasks were set:

The study of the economic essence of the financial stability of the enterprise;

The study of methods for assessing the sustainability of the financial position of the enterprise;

Conducting an analysis of financial stability on the example of ASTRAKHANSTROYTRANSGAZ LLC;

Development of the main directions for increasing the financial stability of the organization.

The subject of the work is the financial condition of the enterprise in terms of financial stability.

The object of the study is LLC "ASTRAKHANSTROYTRANSGAZ".

Chapter 1

1.1. General characteristics of the enterprise and organizational structure

ASTRAKHANSTROYTRANSGAZ LLC is located at:

The main goal of the Company is to make a profit that ensures the sustainable and efficient economic well-being of the Company, the creation of healthy and safe working conditions and social protection of the Company's employees, reliable and trouble-free gas supply to consumers. The main buyers (consumers) are the population and organizations of ZATO Znamensk.

The main activities of the Company are:

Construction of main and inter-settlement gas pipelines of high and medium pressure;

Distribution networks of medium and low pressure from steel and polyethylene pipes;

Gasification of residential buildings.

Construction and conversion of boiler houses to natural gas.

Construction of water and steam supply facilities.

Construction (installation) of gas facilities;

Construction, installation and repair work;

Organization of maintenance of gas pipelines, structures on them, gas equipment and appliances for gas consumers;

The management structure of the enterprise has a model common to many similar enterprises. The director is at the head of the management.

The director is responsible for the implementation of the company:

contractual obligations;

Obligations to the state budget, to the collective and individual employees of the company;

current legislation;

Requirements for the submission of state reporting;

Production safety rules, sanitary and hygienic standards, requirements for protecting the health of employees of the enterprise, environmental protection;

The director of the enterprise has a deputy.

The Deputy Director manages the activities of the enterprise. Directs the work of the team to the implementation of plans and tasks, increasing the level of profitability. Supervises the production process. Organizes the study of demand and market conditions, drawing up orders for the supply of products. Controls the receipt of components from suppliers in terms of timing, quantity and range and informs the management of the enterprise about the identified violations; fulfillment of planned targets for the sale of products; condition of commodity stocks; organization of informing buyers in a sub-departmental unit. Ensures the introduction of advanced technology in the production process, reducing the share of manual labor, effective use means of mechanization. Carries out the selection of personnel, the placement of workers in accordance with the qualifications and their operational movement, depending on the intensity of the production process. Ensures the introduction of progressive forms of organization and stimulation of labor, internal cost accounting. It ensures the creation of a favorable microclimate in the team, safe working conditions, continuous production and economic training of personnel.

Makes proposals on encouraging the labor collective and individual employees for high performance in work. Participates in the development of a plan for the economic and social development of the organization, organizational and technical measures to ensure its implementation and the safety of property.

The accounting department takes into account and records all economic activities and consists of two accountants, one of whom is the chief accountant. The accounting department organizes the accounting of economic and financial activities and controls the economical use of material, labor and financial resources, the safety of the enterprise's property. Forms an accounting policy in accordance with the legislation on accounting. Leads the work on the preparation and adoption of the working chart of accounts, forms of primary accounting documents. Provides rational organization of accounting and reporting at the enterprise. Organizes accounting of property, liabilities and business transactions, incoming fixed assets, inventory items and cash, timely reflection on the accounting accounts of operations related to their movement, accounting for production and distribution costs, execution of cost estimates, sales of products, performance of work ( services), the results of the economic and financial activities of the enterprise, as well as financial, settlement and credit operations. It ensures the legality, timeliness and correctness of paperwork, the correct calculation and transfer of taxes and fees, payments, the repayment of debts to banks on loans on time, as well as the deduction of funds for material incentives for employees of the enterprise. Participates in the economic analysis of the economic and financial activities of the enterprise. Takes measures to prevent shortages, illegal spending of funds and inventory items, violations of financial and economic legislation. Takes measures to accumulate financial resources to ensure the financial stability of the enterprise.

Production planning is carried out by an economist-planner who performs work on the implementation of the economic activity of the enterprise, aimed at increasing efficiency and profitability. Prepares initial data for drawing up projects of economic and financial activities (business plans). Carries out an economic analysis of economic activity, determines the economic efficiency of the organization of labor and production, implementation new technology and technology, rationalization proposals and inventions. Prepares materials for the conclusion of contracts, monitors the deadlines for the fulfillment of contractual obligations. Prepares periodic reports in a timely manner. Performs work on the formation, maintenance and storage of a database of economic information, makes changes to the reference and regulatory information used in data processing.

Legal personnel service- develops or takes part in the development of legal documents; participates in the preparation of substantiated responses in case of rejection of claims; takes part in the work on the conclusion of business contracts; advises employees of the enterprise on organizational and legal issues; prepares conclusions, assists in the execution of documents and acts of a property-legal nature; keeps records of the personnel of the organization related to the admission, transfer, labor activity and dismissal of employees; fills, records and stores work books, calculates the length of service.

In general, it can be noted that the management structure of ASTRAKHANSTROYTRANSGAZ LLC meets the specifics of the enterprise.

In order to achieve the set goals and resolve the tasks ahead, the Company carries out all civil law transactions not prohibited by law, performs operations with property and securities, as well as other legally significant actions. Takes part in the development and implementation of a set of measures for: optimal development of the gas supply system; introduction of energy-saving technologies, equipment and devices; reconstruction of gas facilities; rational use and accounting of gas consumption and quality, introduction of computer systems with automatic flow correctors; maintenance, monitoring, diagnostics and repair of gas supply systems; development of standards, norms, rules and instructions on gasification, gas supply and operation of gas facilities.

Improves financial and economic relations, including: ensuring timely and full payment for gas supplies; restructuring and repayment of debt for gas; participation in the formation of regional budgets for payment for gas and its transportation within the established limits; reduction of the Company's costs and profit growth; participation in the work to improve the pricing of energy resources and services for their transportation.

1.2.Characteristics of the financial position of the enterprise

The stability of the financial position of the enterprise largely depends on the appropriateness and correctness of investing financial resources in assets. Assets are dynamic in nature. In the course of the functioning of the enterprise, both the value of assets and their structure undergo constant changes. The most general idea of ​​the qualitative changes taking place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained by analyzing the financial statements of the enterprise. The methodology for analyzing the financial condition is carried out on the basis of financial statements and is designed to provide an assessment of the main aspects of the economic life of the enterprise. The balance sheet serves as an indicator for assessing the financial condition.

For a general assessment of the financial condition of the enterprise, it makes a grouping of balance sheet items on the basis of liquidity and the urgency of obligations.

The analysis of changes in the composition of the property of the enterprise and the sources of its formation begins with determining the ratio of individual items of the asset and liabilities of the balance sheet, their share in the total, total (currency) of the balance sheet, as well as the amount of deviations in the structure of the main balance sheet items compared to the previous period. We will carry out changes in the composition of the property of the enterprise and the sources of its formation, starting with determining the ratio of individual items of the asset and liability of the balance sheet according to table 1.1.

Table 1.1.

From table 1.1. it can be seen that the ratio of mobile and immobilized funds deviates towards immobilized funds (an equal ratio is considered optimal), which indicates an increase in the risk of insolvency, but profit stability increases, since investments in stable assets (immobilized funds) give more stable profits. In addition, in today's conditions of non-payments and inflation, assets are more valuable than profits.

It can be concluded that most of the organization's cash is in an immobilized state, in addition, a fairly large share of the balance sheet currency (11%) falls on long-term financial investments and retained earnings of previous years (36%). The ratio of non-current and current assets shown in Figure 1.1.:

Figure 1.1. The ratio of current and non-current assets

The total value of the organization's property in 2007 increased by 26% (16,668 thousand rubles). Basically, this was due to an increase in fixed (non-current) assets, which, in turn, increased by 6691 thousand rubles. due to the cost of fixed assets and due to long-term financial investments in the amount of 9,000 thousand rubles, which in 2006 did not exist at all. The cost of current assets increased by 14%. Inventory increased due to an increase in deferred expenses by 76%. A rather large part of the funds diverted from the enterprise into receivables, and a positive factor is the decrease in its share in the total amount of the enterprise's funds by 3.5%;

Of great importance for investors is the state and change of equity and borrowed capital, as well as the structure of borrowed capital. To analyze the sources of property of the enterprise, as well as the structure of equity capital and identify the reasons for the change in its individual elements and evaluate these changes for the analyzed period, we will compile table 1.2.

Table 1.2.

As can be seen from table 1.2. during the period under review, there have been significant changes in the structure of sources of own funds of the enterprise. The value of the organization's own sources of funds increased by 41%, and the value of borrowed sources of asset formation is as follows: there are no long-term liabilities at the end of the year, and short-term ones increased by 73%.

The capital structure of the analyzed company does not carry much risk for investors, since the company operates mainly on its own capital. The share of own capital in the total amount of sources of formation of the enterprise's property is 70.5%, and the share of borrowed capital is 27%. The structure of the sources of formation of the property of the enterprise is clearly shown in Figure 1.2.

Figure 1.2. Dynamics of changes in equity and debt capital

There was a decrease in the share of additional capital by 1.80%, due to the formation of additional sources of equity capital formation:

- retained earnings of the reporting year in the amount of 18685 thousand rubles.

- retained earnings of previous years in the amount of 29155 thousand rubles.

These additional sources significantly influenced the increase in the company's own capital.

The rate of decrease in accounts payable exceeds the rate of decrease in receivables;

Chapter 2. Theoretical foundations of managing the financial stability of an enterprise

2.1. The concept and policy of managing the financial stability of an enterprise

The financial side of the enterprise is one of the main criteria for its competitive status. Based on the financial assessment, conclusions are drawn about the investment attractiveness of a particular type of activity and the creditworthiness of the enterprise is determined. Front financial services enterprises are tasked with assessing the financial condition and developing measures to improve financial stability. The financial condition in general terms is determined by the degree of implementation financial plan and the measure of replenishment of own funds at the expense of profits and other sources, if they are provided for by the plan, as well as the rate of turnover production assets and especially working capital. Financial condition - the most important characteristic of the economic activity of the enterprise. It determines the competitiveness of the enterprise, its potential in business cooperation, is an assessment of the degree of guarantee of the economic interests of the enterprise itself and its partners in financial and other relations.

A stable financial condition is formed in the process of all production and economic activities of the enterprise. Determining it on a particular date answers the question of how correctly the company managed financial resources during the reporting period. However, partners and shareholders are not interested in the process, but in the result, that is, the indicators and assessments of the financial condition themselves, which can be determined on the basis of official public reporting.

Currently, many methods for assessing the financial condition of an enterprise have been developed and used, such as the method of Sheremet A.D., Kovalev V.V., Dontsova L.V., Nikiforova N.A., Stoyanova E.S., Artemenko V.G. ., Belendira M.V. and others. And the difference between them lies in the approaches, methods, criteria and conditions for the analysis. However, according to the author, the method of Sheremet A.D. is most suitable for the communications industry. and Saifulina R.S., as well as Kovaleva V.V.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is connected with the balance sheet structure of the enterprise, the degree of its dependence on creditors and investors. But the degree of dependence on creditors is assessed not only by the ratio of borrowed and own sources of funds. This is a more multifaceted concept, including the assessment of equity capital, and the composition of current and non-current assets, and the presence or absence of losses, etc. In addition, the financial condition of the enterprise is not indifferent to the tax authorities - from the point of view of the ability of the enterprise to pay taxes in a timely and complete manner. Finally, the financial condition of the enterprise is the main criterion for banks when deciding whether it is appropriate to issue a loan to him, the amount of interest and the term. Thus, its economic prospects, reliable business relations with partners depend on the improvement of the financial condition of the enterprise. Under the influence of internal and external factors, the financial condition of the enterprise is constantly changing, therefore, neither the enterprise nor the market participants are satisfied with discrete reporting data on the financial condition of the enterprise. They also need to know the qualitative characteristics of the financial state, that is, how stable it is over time, how long it can be maintained under the influence of internal and external factors, and what preventive measures need to be taken to maintain this normal state or to exit the pre-crisis or crisis state.

Many foreign authors emphasize that the financial stability of an organization is determined by the rules aimed at both maintaining the balance of financial structures and avoiding risks for investors and creditors. In their opinion, it is advisable to measure financial stability by indicators characterizing various types of correlation between own and borrowed sources of funds used to form property reflected in the asset balance.

In our opinion, G.V. Savitskaya: “The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its constant solvency and investment attractiveness within the limits of an acceptable level of risk.”

The financial stability of the enterprise must meet the requirements of the market and the development of the enterprise. As a rule, enterprises with high profitability and business activity are in good financial condition. Business activity is evaluated by the following indicators: absolute - sales proceeds and net profit, and relative - labor productivity, capital productivity, ratios of total turnover and capital, turnover of working capital, turnover of material working capital, average period of turnover of receivables, turnover ratio of receivables, average term of turnover of material assets, turnover ratio of accounts payable, duration of turnover of accounts payable, turnover ratio of equity, duration of the operating cycle, duration of the financial cycle, economic growth sustainability factor.

The essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation. The calculation of solvency is carried out on a specific date. This assessment is subjective and can be made with varying degrees of accuracy. To confirm solvency, they check: the availability of funds in current accounts, foreign currency accounts, short-term financial investments. The more significant the amount of cash in the accounts, the more likely it can be argued that the company has sufficient funds for current settlements and payments. The presence of insignificant balances in cash accounts does not always mean that the company is insolvent: funds can be received within the next few days, short-term financial investments can easily be turned into cash. The constant lack of the necessary cash leads to the fact that the enterprise turns into a "technically insolvent", and this can already be considered as the first step on the path to bankruptcy. Low solvency can be both accidental, temporary, and long-term, chronic. The reasons for this may be: insufficient provision of financial resources, non-fulfillment of the product sales plan, irrational structure of working capital, late receipt of payments from contracts, etc.

The highest form of sustainability of the enterprise is its ability to develop in the conditions of the internal and external environment. To do this, an enterprise must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, i.e. be creditworthy. An enterprise is creditworthy if it has the prerequisites for obtaining a loan and the ability to repay the loan in a timely manner with the payment of interest due from profits or other financial resources. At the expense of profit, the enterprise not only repays its obligations to banks, the budget, insurance companies and other enterprises, but also invests in the development of production. To maintain financial stability, it is important not only to increase the absolute value of profit, but also its level relative to the invested capital or costs of the enterprise, i.e. profitability. Often in economic activity, high profitability is associated with higher risk, which means that instead of generating income, the company may suffer significant losses and even become insolvent.

A stable financial condition is achieved with equity capital adequacy, good asset quality, a sufficient level of profitability, taking into account operational and financial risk, liquidity adequacy, stable income and wide opportunities to attract borrowed money. To ensure financial stability, an enterprise must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-reproduction.

Organization and management of financial stability are the most important aspect of the work of the financial and economic service of the enterprise and include a number of organizational measures covering planning, operational management, as well as the creation of a flexible organizational structure for managing the entire enterprise and its divisions. The organization of financial stability planning is necessary, first of all, in order to link the sources of income and the directions of using own funds. In this case, we are talking about establishing proportions between the summary calculation for the entire volume of output (goods, works, services) and the planned debt. The fact is that the receipt of funds in terms of amounts and terms may not coincide with payments to suppliers of raw materials and materials, for work and services, according to settlements with employees of the enterprise and the budget, as well as with banks to repay loans and interest on them. As a result, even at the planning stage, it is advisable to draw up a payment calendar that reflects the inflows and outflows of funds by amounts and terms. At the same time, the structure of outflows (accounts payable and internal debt) should not go beyond the structure of the summary calculation. This means that the total amount of payment for, say, raw materials should not exceed the total amount resulting from the summary cost estimate. Otherwise, there may not be enough own sources to pay for other items of the summary cost estimate. The same should be done with other articles of the summary costing. Therefore, if information on cash inflows by amount and timing is known sufficiently accurately, then outflows by amount and timing are subject to adjustment. And vice versa, if the upcoming outflows are strictly regulated in terms of amounts and terms, then the inflows are already adjusted. But in any case, it is possible to foresee the days and periods when "cash" gaps will occur, and take appropriate measures to eliminate them and strengthen the financial stability of the enterprise.

The organization of the current management of financial stability involves the processing of accounting data in a special way. The result is much needed output documents - internal forms reporting, analysis and audit. These forms are standard standard documents for official use, are formed on the basis of accounting data and can be obtained at any time at the request of the user - for the year, quarter, month and day.

The most extensive part of managing the financial stability of an enterprise is working capital management. Working capital and the policy regarding the management of these assets are important, first of all, from the standpoint of ensuring the continuity and efficiency of the current activities of the enterprise. Since in many cases a change in the value of current assets is accompanied by a change in short-term liabilities, both of these accounting objects are considered, as a rule, jointly within the framework of the net working capital management policy. .

Management of net working capital implies the optimization of its size, structure and values ​​of its components. As for the total value of net working capital, then usually its reasonable growth is considered as a positive trend; however, there may be exceptions, for example, growth due to an increase in bad debts is unlikely to satisfy the financial manager. Equally important is the maintenance of working capital in the amount that optimizes the management of current activities. From the standpoint of daily activities, the most important financial and economic characteristics of an enterprise are its liquidity and solvency, that is, the ability to pay off short-term accounts payable on time. For any enterprise, a sufficient level of liquidity is one of the most important characteristics of the stability of economic activity. The loss of liquidity is fraught not only with additional costs, but also with periodic stops in the production process.

If cash, receivables, and inventories are kept relatively low compared to short-term accounts payable, then the likelihood of insolvency, or lack of funds to make the business profitable, is high. It is possible to formulate the simplest variant of net working capital management, which minimizes the risk of loss of liquidity: the greater the excess of current assets over short-term liabilities, the lower the degree of risk. Thus, it is necessary to strive to build up net working capital.

The working capital management policy should ensure that a compromise is found between the risk of loss of liquidity and operational efficiency. This boils down to two important issues.

1) Ensuring solvency. There is no such condition when the business is unable to pay bills, meet obligations and may be on the verge of bankruptcy. An enterprise that does not have a sufficient level of working capital may face the risk of insolvency.

2) Ensuring an acceptable volume, structure and profitability of assets. It is known that different levels of current assets affect profit differently. For example, a high level of inventories will require correspondingly large operating costs, while a wide range of finished products can further increase sales volumes and increase revenues. Each decision, connectedness and inventories, should be considered both from the position of the optimal value of this type of asset, and from the position of the optimal value of the working capital structure as a whole. .

2.2. Methodological aspects of the general analysis of financial stability

Financial stability is the main component of the overall sustainability of the enterprise. A stable financial condition is formed in the process of all production and economic activities of the enterprise. Determining it on a particular date answers the question of how correctly the company managed financial resources during the reporting period. However, partners and shareholders are not interested in the process, but in the result, that is, the indicators and assessments of the financial condition themselves, which can be determined on the basis of official public reporting.

The financial stability of an enterprise is influenced by various reasons - both internal and external: production and production of cheap, in demand products; a strong position of the enterprise in the commodity market; a high level of material and technical equipment of production and the use of advanced technologies; Establishment of economic relations with partners; the rhythm of the circulation of funds; efficiency of economic and financial operations; a low degree of risk in the process of carrying out production and financial activities, etc. Such a variety of reasons causes different facets of sustainability itself, which, in relation to an enterprise, can be general, financial, price, etc., and depending on the factors affecting it - internal and external.

The internal stability of an enterprise is such a state of the material and cost structure of production and sales of products and its dynamics, which ensures a consistently high result of the enterprise's functioning. The achievement of internal stability is based on the principle of active response to changes in internal and external factors. External stability in relation to the enterprise is determined by the stability of the economic environment within which the enterprise operates; it is achieved by an appropriate control system market economy nationwide. We also single out the so-called inherited stability, which is determined by the presence of a known margin of safety that protects the enterprise from adverse destabilizing factors.

The overall stability of an enterprise in market conditions requires, first of all, a stable receipt of revenue, and sufficient in size to pay off the state, suppliers, creditors, employees, etc. At the same time, for the development of an enterprise, it is necessary that after making all the calculations and fulfilling all obligations, it should have profit , which allows developing production, modernizing its material and technical base, improving the social climate, etc. In other words, the overall sustainability of an enterprise implies, first of all, such a movement cash flows, which provides constant increase cash receipts (income) over their spending (expenses).

Financial stability reflects such a ratio of financial resources, in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal. Determining the boundaries of the financial stability of an enterprise is one of the most important economic problems in the transition to a market economy, because direct financial stability can lead to the insolvency of an enterprise and its lack of funds to expand production, and excessive financial stability will hinder development, burdening the costs of the enterprise with excessive stocks and reserves. . Consequently, financial stability should be characterized by such a state of financial resources that meets the requirements of the market and meets the needs of the development of the enterprise.

To determine the level of financial stability of an enterprise, it is necessary to analyze: the composition and placement of assets and liabilities of an economic entity; dynamics and structure of sources of financial resources; availability of own working capital; accounts payable; availability and structure of working capital; accounts receivable; solvency.

Absolute indicators of financial stability are indicators that characterize the degree of provision of reserves and costs with the sources of their formation. The analysis of absolute indicators lies in the fact that three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation. The calculation is summarized in a table, after which we determine a three-component indicator of the situation, which shows the degree of financial stability of the enterprise.

To reflect different types of sources (own funds, long-term and short-term loans and borrowings), a system of indicators is used in the formation of reserves.

1. The presence of own working capital at the end of the billing period is established by the formula 2.1.:

SOS = SC - BOA , (2.1)

where SOS- own working capital (net working capital) at the end of the billing period;

SC– own capital (section III of the balance sheet “Capital and reserves”); SAI- non-current assets (section I of the balance sheet).

2. Availability of own and long-term borrowed sources of financing reserves ( SDI) is determined by formula 2.2:

SDI = SOS + DKZ, (2.2)

where DKZ– long-term loans and borrowings (section IV of the balance sheet “Long-term liabilities”).

3. The total value of the main sources of reserves formation ( OIZ), formula 2.3:

OIZ \u003d SDI + KKZ, (2.3)

where KKZ- short-term loans and borrowings (section V of the balance sheet "Current liabilities").

As a result, it is possible to determine three indicators of the availability of reserves with sources of their financing.

1. Surplus (+), lack (-) own working capital, formula 2.4.

D SOS = SOS - 3, (2.4)

where D SOS- increase (surplus) of own working capital;

3 - stocks (section II of the balance sheet).

2. Surplus (+), lack (-) of own and long-term sources of financing reserves ( D SDI), formula 2.5.

D SDI = SDI - 3 (2.5)

3. Surplus (+), lack (-) of the total value of the main sources of reserve coverage ( D OIZ), formula 2.6.

DOIZ = ODIZ - 3 (2.6)

The given indicators of the availability of reserves by the corresponding sources of financing are transformed into a three-factor model ( M), formula 2.7.:

M \u003d (D SOS; D SDI; D OIZ) (2.7.)

Excess or lack of planned sources of funds for the formation of reserves and costs (a permanent part of current assets) is one of the criteria for assessing the financial stability of an enterprise, according to which four types of financial stability are distinguished.

Absolute stability of the financial condition, if stocks and costs (3) are less than the sum of the planned sources of their formation (Ip.l.):

Normal stability, which guarantees the solvency of the enterprise, if

Unstable (pre-crisis) financial condition, in which the payment balance, but it remains possible to restore the balance of means of payment and payment obligations by attracting temporarily free sources of funds (Idr) into the turnover of the enterprise (reserve fund, accumulation and consumption fund), bank loans for temporary replenishment of working capital, excess of normal accounts payable over receivables, etc. .:

3 = Ip.l. + Iv.r.

Crisis financial condition (the company is on the verge of bankruptcy), in which

3 > Ip.l. + Iv.r.

The equilibrium of the balance of payments in this situation is ensured by overdue payments on wages, bank loans, suppliers, the budget, etc.

In a crisis and unstable financial condition, stability can be restored by a reasonable reduction in the level of inventories and costs.

Since a positive factor in financial stability is the availability of sources of reserves formation, and a negative factor is the size of reserves, the main ways to get out of unstable and crisis financial conditions (situations 3 and 4) will be: replenishment of sources of reserves formation and optimization of their structure, as well as a reasonable decrease in the level stocks.

The most risk-free way to replenish the sources of stock formation should be recognized as an increase in real equity through the accumulation of retained earnings or through the distribution of profit after taxation into accumulation funds, provided that the part of these funds not invested in non-current assets grows. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items. An in-depth analysis of the state of stocks acts as an integral part internal analysis financial condition, since it involves the use of information on reserves that is not contained in the financial statements and requires analytical accounting data.

2.3. Methodology for calculating relative indicators of financial stability

A set or system of coefficients is used to assess the financial stability of an enterprise. There are a lot of such ratios, they reflect different aspects of the state of the assets and liabilities of the enterprise. In this regard, there are difficulties in the overall assessment of financial stability. In addition, there are almost no unified normative criteria for the considered indicators. Their normative level depends on many factors: industry affiliation of the enterprise, credit conditions. The current structure of sources of funds, the turnover of current assets, the reputation of the enterprise, etc. Therefore, the acceptability of the values ​​of the coefficients, the assessment of their dynamics and directions of change can only be established for a particular enterprise. subject to the conditions of its operation.

It's clear that a large number of coefficients serves to assess the capital structure of the enterprise from different angles. To evaluate this group of coefficients, there is one criterion that is universal in relation to all enterprises: the owners of the enterprise prefer a reasonable increase in the share of borrowed funds; on the contrary, creditors give preference to enterprises where the share of equity capital is large, that is, the level of financial autonomy is higher.

the financial stability of an enterprise is the state of the enterprise's accounts, which guarantees its constant solvency. We examined the general characteristics of assessing the financial stability of an enterprise. On the this stage, we formulate a system that most generally characterizes the financial stability of an enterprise. Let's consider the indicators of this system in more detail.

1) The coefficient of autonomy (financial independence) is the ratio of own funds to the currency of the balance sheet of the enterprise, which is found according to the formula 2.8.:

Ka= SS / Wb = p. 490 / p. 700, (2.8.)

where K a is the coefficient of autonomy.

This indicator judges how much the enterprise is independent of borrowed capital. The autonomy ratio is the most common indicator of the financial stability of an enterprise.

2) Financial leverage (leverage) formula 2.9. K 2.:

K 2= KZ/SK, (2.9)

where KZ - borrowed funds attracted by the enterprise. The relationship between the autonomy coefficient and financial leverage is expressed by formula 2.10:

K 2 \u003d 1 / K 1 -1 , (2.10)

whence it follows that the normal constraint on the debt-to-equity ratio is K 2< 1.

3) The coefficient of security of current assets with own funds of financing (K 3) shows what part of current assets is financed from own sources, expressed by formula 2.11:

K 3 \u003d (SK + VA) / OA \u003d (p. 490 + p. 190) / p. 290 (2.11.)

where, VA - non-current assets;

OA - current assets.

This ratio characterizes the availability of the entrepreneurial firm's own working capital necessary for its financial stability. The normal limit for this ratio, derived from business statistics, is K 3 > 0,6 - 0.8. The value of this coefficient must be at least 0.1. This is one of the main indicators in assessing the insolvency of an entrepreneurial firm.

4) The coefficient of maneuverability - another essential characteristic of the stability of the financial condition - is equal to the ratio of the company's own working capital to the total amount of own funds, formula 2.12.:

K 4 =(SK - VA) / SK \u003d (p. 490 - p. 190) / p. 490 (2.12.)

It shows what part of the enterprise's own funds is in a mobile form, allowing relatively free maneuvering of these funds. Sometimes in the specialized literature as the optimal value K 4 = 0,5.

5) Investment coverage ratio (financial stability ratio) characterizes the share of equity and long-term liabilities in the total assets of the enterprise, formula 2.13.:

K 5 =(SC + DZ) / V = ​​(p. 490 + p. 590) / p. 700, (2.13)

where DZ - long-term loans.

The above table 2.1. gives a concise and visual description of the indicators of the financial stability of the enterprise.

Table 2.1.

Indicators of the financial stability of the enterprise

Indicators	Calculation method	normal limit
1 Financial independence ratio
2Funding ratio
3Cap ratio		Not higher than 1.5
4Coefficient of provision with own sources of financing		Lower limit: 0.1; optimal value:
5Financial stability ratio
6. Agility factor

Thus, of the six financial stability ratios, only three have universal application: the ratio of borrowed and own funds, the coefficient of maneuverability of own funds and the ratio of working capital with own sources of financing.

But even within the three named universal coefficients, it is easy to see that the same factors determine their growth and decline: the coefficient of maneuverability of own funds and the coefficient of provision of reserves with own sources have the same numerator - own working capital. Therefore, the ratio of their level depends on the ratio of capital and reserves and the value of tangible current assets. Accordingly, the dynamics of the coefficients is determined with the same dynamics of own working capital only by differences in the levels and directions of change in the denominators - stocks and equity.

It should be emphasized that there are no single normative criteria for the considered indicators. They depend on many factors: industry affiliation of the enterprise, principles of lending, the current structure of sources of funds, turnover of working capital, etc. The calculation of financial stability indicators gives the manager some of the information necessary to make a decision on the advisability of attracting additional borrowed funds.

Chapter 3

3.1. Liquidity and solvency assessment

Liquidity ratios are an essential factor in financial stability. Lack of funds and excessive amount of accounts payable indicates a low level of current liquidity in the enterprise. Liquidity means the ability of valuables to be easily converted into liquid funds or money, while the ideal is the condition when the process of turning valuables into liquid funds occurs quickly and without losing their value. The analysis of liquidity consists in comparing the funds for an asset, grouped by the degree of diminishing liquidity, with short-term liabilities for a liability, which is grouped by the degree of their maturity.

Analysis of liquidity ratios is very important. The ability of an enterprise to pay its obligations as they fall due is a determining factor in the strength of an organization's financial stability.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A1 the most liquid assets - all types of cash and short-term financial investments (securities) - (line 250 + line 260f.1);

A2 quick assets - this group of assets includes receivables, payments on which are expected within 12 months after the reporting date, other current assets - (line 240 f.1);

A3 slow-moving assets - stocks of raw materials, materials, VAT, work in progress, receivables, payments for which are expected more than 12 months after the reporting date - (line 210 + line 220 + line 230 + line 270 f.1 );

A4 hard-to-sell, or illiquid, assets - property intended for current business activities (intangible assets, fixed assets) - (line 190 f.1)

Sources of funds of the enterprise (liability balance) according to the degree of increase in the terms of obligations are also divided into four groups:

P1 most urgent obligations - accounts payable - (str.620f.1);

P2 short-term liabilities - short-term bank loans, dividend payments, other short-term liabilities - (line 610 f.1 + line 630 + line 660);

P3 long-term liabilities - long-term loans and borrowings, deferred income, reserves for future expenses and payments - (line 590 + line 640 + line 650 f.1);

P4 permanent liabilities - articles of section IV of the balance sheet "" Capital and reserves - (str. 490 f. 1).

The balance is considered absolutely liquid if the following ratios take place:

A1≥P1, A2≥P2, AZ≥PZ, A4 ≤ P4

If the first three inequalities are satisfied in this system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability. The fulfillment of the fourth inequality indicates the observance of one of the conditions for financial stability - the availability of working capital for the enterprise.

The absolute liquidity indicators of the balance sheet of ASTRAKHANSTROYTRANSGAZ LLC are presented in Table 3.1.

Ratios for the analyzed balance: A1<П1; А2>P2; A3>P3; A4>P4. Based on this, it is possible to characterize the liquidity of the balance sheet of the enterprise under study as insufficient. Inequality А1П1 shows the current liquidity. In this situation, this inequality is not satisfied. Therefore, this means that the company does not have sufficient cash to cover urgent liabilities, that is

Table 3.1.

Liquidity analysis of the balance sheet of ASTRAKHANSTROYTRANSGAZ LLC

accounts payable and bank loans, that is, insolvent. Thus, the closest to the moment under consideration, the organization will not be able to pay off urgent obligations. This enterprise has a sufficient amount of fast-moving assets, which is confirmed by the observance of inequality A2 P2.

In 2006, there was a shortage in the repayment of accounts payable (-101143 thousand rubles), but in 2007 it decreased to -87915 thousand rubles, which indicates a positive trend in the management of the company's cash. The negative value of this indicator is not dangerous for the enterprise, since there is a payment surplus, which was formed due to the difference in the amount of short-term financial investments and the amount of a bank loan due within 12 months and other short-term liabilities. This surplus amounted to 69,34 thousand rubles. in 2006, and 31,091 thousand rubles. in 2007.

A positive aspect is the excess of long-term financial investments and stocks over long-term liabilities and debts to participants for the payment of income. In 2007, this excess amounted to 31,674 thousand rubles.

The correspondence of the data to inequality A4 P4 suggests that the enterprise will be able to cover all costs at its own expense.

Along with absolute indicators, to assess the liquidity of an enterprise, they calculate financial ratios liquidity. Calculation of these coefficients is carried out by step-by-step comparison of separate groups of assets with short-term liabilities on the basis of balance sheet data.

These indicators are of interest not only to the management of the enterprise, but also to external subjects of analysis: the absolute liquidity ratio is of interest to suppliers, the quick liquidity ratio is of interest to banks, and the current liquidity ratio is to investors.

In the domestic and foreign practice various liquidity ratios of current assets and their elements are calculated. Let us name the most important liquidity indicators in terms of economic essence and relevance in practice.

The current liquidity ratio, which shows what part of the company's short-term liabilities can be repaid if all working capital is mobilized. The current liquidity ratio is a fundamental indicator for assessing the financial viability of an organization, the sufficiency of its working capital, which, if necessary, can be used to pay off its short-term obligations.

Values ​​corresponding to the standard from 1 to 2. Calculated according to the formula 3.1.:

K tl \u003d (A 1 + A 2 + A 3) / (P 1 + P 2). (3.1.)

Quick liquidity ratio, or "critical assessment" ratio , shows how liquid assets of the enterprise cover its short-term debt. Liquid assets include all current assets of the enterprise, with the exception of inventories. Since the repayment of obligations with finished products and stocks of raw materials requires their preliminary sale, this ratio shows what share of accounts payable can be repaid at the expense of the most liquid assets. The recommended value of this indicator is from 07-08 to 1.5, however, it should be borne in mind that the reliability of the conclusions based on the results of calculations of this coefficient and its dynamics largely depends on the “quality” of receivables, which is calculated using formula 3.2 ..

K bl \u003d (A 1 + A 2) / (P 1 + P 2). (3.2.)

The absolute liquidity ratio is the ratio of the funds that the company has in bank accounts and on hand to short-term liabilities. This is the most stringent solvency criterion, showing what part of short-term liabilities can be repaid immediately. The value of this coefficient for the period under review corresponds to the normative 0.2 to 0.4. The standard values ​​of this indicator indicate that short-term liabilities should be covered by the most liquid assets by at least 40%.

The actual values ​​of the indicator of absolute liquidity for the period under review indicate that the organization does not have the ability to cover short-term liabilities with cash and short-term securities, even without the expected repayment of receivables, calculated according to formula 3.3.

K al \u003d A 1 / (P 1 + P 2) (3.3.)

The overall solvency ratio shows the ability to cover all the obligations of the enterprise (short-term and long-term) with all its assets, calculated according to formula 3.4.

Co.p. \u003d OA / DO + KO , (3.4.)

Let's present the calculated indicators in table 3.2.

Table 3.2.

Analysis of liquidity and solvency indicators

Thus, at the end of the year, the picture of the analyzed enterprise is the same as at the beginning of the year, i.e. it is impossible to consider the current solvency as absolute; as of the reporting date, the company is not able to cover accounts payable at the expense of available funds.

Absolute liquidity ratio shows that the company at the expense of cash should cover 20-50% of short-term liabilities. However, in our case in 2006. only 14% was covered by the most liquid assets, and in 2007. this figure has not changed.

The current liquidity ratio shows the ratio of current assets to short-term liabilities, and current assets must be more than 2 times in order for the enterprise to be solvent. The organization has problems with solvency, as current liquidity< 0.

The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. One of the important factors in the stability of the financial condition of the enterprise is the ratio of reserves and the values ​​of own and borrowed sources of their formation. To construct a three-component vector, it is necessary to calculate the following indicators:

Availability of own funds in circulation (SOS) = p.490-p.190=40399-45512=-5113 (in 2007 - 2515)

Availability of own and long-term sources of formation of reserves and costs or functioning capital (FC)=p.490+p.590-p.190=40899+5268-45512=156 (in 2007 -2515)

The total value of the main sources of formation of reserves and costs (VI) = = p.490 + p.590 + p.610-p.190 = 40899 + 5269 + 5846-45512 = 6002 (in 2007 - 7645)

Stocks and costs (ZZ) \u003d p. 210 + p. 220 \u003d 1360 + 1976 \u003d 3336 (in 2007 - 4963)

We summarize the results of calculations in table 3.3.

Table 3.3.

Analysis of the absolute indicator of the financial stability of the enterprise, thousand rubles.

Based on the calculated data, a three-component vector (0, 0, 1) was formed. From this we can conclude that the financial situation is unstable. Solvency has been broken, but there is a possibility of its restoration by reducing accounts receivable and accelerating inventory turnover.

Traditional methods for assessing financial stability consist in calculating coefficients, which are determined on the basis of the structure of the enterprise's balance sheet. The data obtained on the basis of the performed calculations are summarized in Table 3.4.

Table 3.4.

Analysis of relative indicators of financial stability

Based on the data in Table 3.4. the following conclusions can be drawn:

1. for 1 p. Own funds in 2006 accounted for 59 kopecks. borrowed, and in 2007 42 kopecks, such a change is a positive moment (U1);

2. current assets are not financed from own sources (U2<0), это чрезвычайно опасно для организации (U2);

3. The share of own sources in the total funding sources increased from 0.63 to 0.71, i.е. the enterprise has become less dependent on foreign capital (U3);

4. for 1 p. borrowed sources of financing accounted for 2.39 p. own. This ratio is positive for the organization (U4);

5. 71% of the asset is financed from sustainable sources, but this value should be higher (80 – 90%) (U5);

6. stocks are not formed at the expense of own sources of working capital (U6<0), то есть формирование запасов зависит о чужого капитала.

At the enterprise, the coefficient of provision of working capital with own sources of financing is less than the standard and is minus 0.19% at the beginning of the year and minus 0.12% at the end of the year. This indicates the insecurity of the enterprise with its own working capital. Therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of inventories. Dependence can also be determined based on the fact that the company's own working capital is the greater, the less fixed assets and non-current assets account for the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth). You can increase your own working capital by increasing long-term borrowing, you can try to get an additional long-term loan or increase your own capital by increasing the authorized capital.

Based on the structural analysis of the balance sheet carried out in the overall assessment of the financial position of the enterprise, we can say that the financial stability of the enterprise is quite good, since:

The share of own sources of funds has increased, and retained earnings can be considered as a source of replenishment of assets;

The balance sheet currency increased by 29%, which exceeds the inflation rate and indicates a good financial condition of the organization;

Own capital exceeds borrowed capital, the same can be said about the rate of their growth;

The amount of available funds of the enterprise increased due to short-term financial investments in the amount of 784 thousand rubles. This happened despite the decrease in the amount of cash by 207 thousand rubles.

Based on the results of the analysis of financial stability, it was concluded that the financial situation is unstable. Solvency has been broken, but there is a possibility of its restoration by reducing accounts receivable and accelerating inventory turnover. At the enterprise, the coefficient of provision of working capital with own sources of financing is less than the standard and is minus 0.19% at the beginning of the year and minus 0.12% at the end of the year. This indicates the insecurity of the enterprise with its own working capital.

Based on the ratio of positive and negative aspects of the enterprise, the following recommendations can be made to improve its financial condition:

1. restoration of solvency is possible at the expense of future receipts and payments;

2. Reduce accounts receivable and speed up inventory turnover. This can be achieved by expanding the client base of ASTRAKHANSTROYTRANSGAZ LLC. With the active work of the commercial service, and, accordingly, an increase in the number of customers, inventory turnover will increase. A standard of accounts receivable should be developed and established, on the basis of which the standard accounts receivable for the first day of the reporting period will be determined. Such a standard can be presented as the share of receivables in sales proceeds (for the reporting period).

When paying accounts payable, it is necessary first of all to repay those debts that can be subject to penalties, penalties, forfeits, namely tax debts to the budget and state off-budget funds. With suppliers and contractors, it is necessary to agree on a deferred payment.

It is necessary to systematically control the ratio of accounts receivable and accounts payable, since a significant excess of accounts receivable makes it necessary to raise additional funds, and a significant excess of accounts payable over accounts receivable can lead to the company's insolvency.

For the analyzed enterprise with an unstable financial condition, it is necessary to mobilize all internal reserves to increase the efficiency of production and financial activities and prevent the transition to a financial crisis. Among the priority measures are the sale of non-core assets, the abandonment of unprofitable industries and, if possible, the search for more profitable channels for the receipt of material resources and channels for the sale of finished products, the establishment of a system of internal control and analysis of economic activity, participation in state programs of financial recovery and debt restructuring.

Fixed expenses include administrative and management expenses, depreciation, distribution and sales expenses, market research expenses, other general management, commercial and general business expenses. First of all, it is necessary to revise the tariffs and prices for works and services provided.

The financial position of the enterprise, its indicators of liquidity and solvency directly depend on how quickly the funds invested in current assets are converted into real money. Lack of funds and excessive amount of accounts payable indicates a low level of current liquidity in the enterprise. Given the uncertainty of the situation and possible risks, in order to improve the financial condition of the enterprise, it is necessary to develop a number of options for improving the efficiency of its production and economic activities.

The purpose of the proposal for the formation of a financial strategy is to optimize the financial stability of the enterprise.

The essence of the proposals is as follows:

1) The enterprise sells 10% of fixed assets; reduces accounts receivable (by increasing the speed of its turnover) by 20%; reduces inventory and costs by 5%; seeks to obtain a short-term budget loan in the form of a deferral of taxes and payments in the amount of 291 thousand rubles. (198 thousand rubles for social insurance and security, 93 thousand rubles for debt to the budget).

2) reduces accounts receivable (by increasing the speed of its turnover) by 10%; reduces inventory and costs by 5%; seeks to obtain a long-term budget loan in the form of a deferral of taxes and payments in the amount of 291 thousand rubles. (fifty%).

3) The enterprise sells 5% of fixed assets; reduces accounts receivable (by increasing the speed of its turnover) by 5%; reduces inventory and costs by 5%; optimizes accounts payable due to a long-term deferment of debt repayment to suppliers and contractors in the amount of 15%.

The results of calculating the optimization of financial stability indicators are given in Table 4.1.

Table 4.1

Calculation results for proposals to bring the enterprise out of crisis

It is possible, with a certain degree of conventionality, to single out the following three types of financial situation characteristic of the enterprise in question and characterize them.

1) An absolutely stable financial situation is characterized by the fact that all reserves are fully covered by their own working capital, i.e. the company is not dependent on external creditors. This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds for its core activities.

2) A normally stable financial situation is characterized by the fact that the company uses various “normal” sources of funds to cover its reserves - its own and attracted.

3) An unstable financial situation is characterized by the fact that an enterprise, in order to cover part of its reserves, is forced to attract additional sources of coverage that are not “normal” in a certain sense, i.e. justified.

Thus, the best options for optimizing the financial stability of an enterprise are option No. 1 and No. 2.

CONCLUSION

The financial stability of the company characterizes its financial position from the standpoint of the sufficiency and efficiency of the use of equity capital. Indicators of financial stability, together with indicators of liquidity, characterize the reliability of the company. If financial stability is lost, then the probability of bankruptcy is high, the enterprise is financially insolvent. Financial stability is the most important characteristic of the financial and economic activity of an enterprise in a market economy. A financially stable, solvent organization has competitive advantages over other organizations of the same field of activity in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel, repays its obligations to the budget, employees, shareholders, credit and other financial institutions in a timely manner and in full. institutions. The higher the financial stability of the organization, the more it is independent of changes in market conditions and the lower the risk of bankruptcy.

For acceptance management decisions both external and internal users need to know how long an enterprise can be in one state or another, or how soon the transition from one state to another will occur. In our opinion, this is one of the most important tasks facing financial analysis, which should give an answer precisely about the stability of the state in which the enterprise is located, that is, whether this enterprise has its own resources in order to maintain a normal state in the future or exit from a pre-crisis or crisis state. Thus, the financial stability of an enterprise is such a state of assets, their distribution and use, which ensures the functioning of the enterprise with maximum efficiency and optimal risk.

In the presented work, according to the financial statements of ASTRAKHANSTROYTRANSGAZ LLC, an assessment of financial stability for two years was carried out.

As a result of the analysis, it was found that the total value of the organization's property in 2007 increased by 26% (16,668 thousand rubles). Basically, this was due to an increase in fixed (non-current) assets, which, in turn, increased by 6691 thousand rubles. due to the cost of fixed assets and due to long-term financial investments in the amount of 9,000 thousand rubles, which in 2006 did not exist at all. The cost of current assets increased by 14%. Inventory increased due to an increase in deferred expenses by 76%. A rather large part of the funds diverted from the enterprise into receivables, and a positive factor is the decrease in its share in the total amount of the enterprise's funds by 3.5%;

Short-term accounts receivable increased by 489 thousand rubles. The growth of accounts receivable is explained by the fact that the company, having increased the volume of sales, is sometimes forced to contact partners who may delay payments for products (services).

During the analyzed period, there have been significant changes in the structure of sources of own funds of the enterprise. The value of the organization's own sources of funds increased by 41%, and the value of borrowed sources of asset formation is as follows: there are no long-term liabilities at the end of the year, and short-term ones increased by 73%.

The size of the authorized capital for the analyzed period did not change and remained equal to 3074 tr., however, its share in the composition of equity capital sources decreased from 4.79% to 3.80%. The amount of additional capital also remained unchanged and is equal to 5597 thousand rubles.

Based on the structural analysis of the balance sheet, we can say about the good financial stability of the enterprise, since:

The share of own sources of funds has increased, and retained earnings can be considered as a source of replenishment of assets;

The balance sheet currency increased by 29%, which exceeds the inflation rate and indicates a good financial condition of the organization;

Own capital exceeds borrowed capital, the same can be said about the rate of their growth;

The ratio of receivables and payables and their growth rates are almost the same;

The amount of available funds of the enterprise increased due to short-term financial investments in the amount of 784 thousand rubles. This happened despite the decrease in the amount of cash by 207 thousand rubles.

Thus, we can conclude that studies of the balance sheet structure give a fairly reasonable assessment of the stability of the financial position of the enterprise.

The calculated liquidity and solvency ratios showed that at the reporting date the company is not able to cover accounts payable at the expense of available funds. Absolute liquidity ratio shows that the company at the expense of cash should cover 20-50% of short-term liabilities. However, in our case in 2006. only 14% was covered by the most liquid assets, and in 2007. this figure has not changed. The current liquidity ratio shows the ratio of current assets to short-term liabilities, and current assets must be more than 2 times in order for the enterprise to be solvent. The organization has problems with solvency, as current liquidity< 0.

The quick liquidity ratio for the company's liquidity balance should be 0.8 - 1. In OOO "ASTRAKHANSTROYTRANSGAZ" this indicator in 2006 was 0.83, and in 2007 - 0.69. Consequently, the company was exposed to the risk of current insolvency, since if you collect all receivables and send them to repay loans and payables, then the amount of outstanding payments will remain.

Based on the results of the analysis of financial stability, it was concluded that the financial situation is unstable. Solvency has been broken, but there is a possibility of its restoration by reducing accounts receivable and accelerating inventory turnover. At the enterprise, the coefficient of provision of working capital with own sources of financing is less than the standard and is minus 0.19% at the beginning of the year and minus 0.12% at the end of the year. This indicates the insecurity of the enterprise with its own working capital. Therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of inventories. Dependence can also be determined based on the fact that the company's own working capital is the greater, the less fixed assets and non-current assets account for the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth). You can increase your own working capital by increasing long-term borrowing, you can try to get an additional long-term loan or increase your own capital by increasing the authorized capital.

However, the true financial position of the enterprise is not as "deplorable" as it seems according to the calculations. At the same time, OOO "ASTRAKHANSTROYTRANSGAZ" has a fairly stable sales market, and its success depends entirely on the correct strategy of behavior in the market. An effective marketing strategy, fighting for your client, allows him to have sufficiently high financial reserves to reduce risk.

In order to stabilize the financial stability of the analyzed enterprise LLC "ASTRAKHANSTROYTRANSGAZ" recommendations were proposed, the implementation of which will significantly increase the financial stability of the enterprise.

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APPENDIX

Table 1.

Analysis of the composition of the property of the enterprise and the sources of its formation

Table 2.

Dynamics of the structure of sources of formation of enterprise property

In conditions of external instability of development, the analysis of how the financial stability of an enterprise is managed is of great importance. The correct choice of its model depends on both the management of the financial security of a company or enterprise, and financial stabilization at the macro- and microeconomic levels and economic independence in general.

Financial is characterized as the state of the company's accounts, which guarantees its solvency. Ways to manage finances and financial stability should be characterized by such parameters as to meet the requirements and trends of market development and meet the needs of the enterprise.

Financial stabilization of the enterprise is achieved only in the case of a combination of such factors as the creation of conditions for the possible increase in the volume of profitable production at constant real equity capital and the ability to ensure stable management of the financial stability of the enterprise. The assessment of these parameters enables external analysts to reliably determine the resource potential of the enterprise, its prospects, assess financial independence, and formulate a forecast for future development. Statistical data show that the financial stability of a number of Russian companies is declining, since with a decrease in the volume of activities, the amounts of long-term and current liabilities are growing at a high pace. The reasons for this are the impact of the global crisis, rising inflation, unstable state tax and credit policies, deterioration in the state. Sustainability, in itself, depends on the financial potential, which, in turn, is determined by the volume of own, as well as borrowed funds and attracted resources, which the enterprise has the ability to dispose of.

The reasons for the discrepancy with the proper level of financial stability may be different, but which can be classified into:

Current - affecting the level of sustainability. The current discrepancy is eliminated by operational methods of financial management;

Strategic - those that affect the achievement of the proper level of financial stability: errors in the management strategy, in the financing policy, etc. Strategic inconsistency can be eliminated through such actions as adjusting or replacing goals, diversifying, managing the financial stability of an enterprise by creating its new organizational forms.

Financial sustainability is a complex category that can be characterized as a certain state of finance, the efficiency of their placement and use, which ensures the development of all segments of the enterprise. Financial stability exhibits which form the provision of progressive development.

The financial problems that most enterprises are now facing are forcing them to generate new forms of business organization. One of the ways that can help maintain a stable position of an enterprise is flexible financial planning and effective management of the financial stability of an enterprise, of which financial planning is a part.

An important condition for the formation of a planning model should be the development of unified documents of the planning system within the enterprise, the establishment for all participants in the process of uniform rules for the formation, control and analysis of plans and their management.

To increase the degree of flexibility and maneuverability, the preparation of multi-variant financial plans (scenarios) according to specified criteria of effectiveness will help, which will reduce the risks of non-fulfillment of plans or their excessive deviation from reality upon completion.

To strengthen the relationship and balance between the various plans, it is necessary to adjust the annual financial plan at least once every 30 days. It is also important to compare the annual plan with operational plans and the results of their implementation.

The breakdown of the entire planning process into separate modules will greatly simplify the procedure for the formation and implementation of the plan, as well as the process of monitoring its implementation.

The transition to modern management methods, the introduction and use of specialized automated management and planning systems, will allow for multidimensional financial planning.

Introduction……………………………………………………………………..3

1. Theoretical foundations of financial stability management……....6

1.2. Methods for assessing absolute indicators of financial stability…………………………………………………………………………..……….17 1.3. Management of Financial Stability Based on the Ratio Method…………………………………………………………………….…………22

2. Analysis of the financial stability management system at JSC “Tatarstan sote”………………………………………………………..…………..35

2.1. General characteristics of the enterprise………………..35

2.2. Analysis of the control system…………………………………….…..39

2.3. Research of approaches to managing the financial stability of an enterprise……………………………………………………………….………..48

3. Substantiation of directions for increasing financial stability at OJSC “Tatarstan sote”…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..55

3.1. Creation of an integrated financial stability management system…………………………………………………………..……………55

3.2. Accounting for financial stability in the process of substantiating and implementing a business plan……………………………………………………..………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

4. Evaluation of the economic efficiency of measures to improve financial stability at OJSC “Tatarstan sote”……………….….…….72

5. Regulatory support of proposals……………..……76

Conclusion………………………………………………………………..84

List of used literature…………………………………….88

Applications

Introduction

This thesis is devoted to the study of the problems of managing the financial stability of an enterprise. The choice of the topic of the thesis is justified by the fact that in market conditions the key to survival and the basis for the stable position of the enterprise is its financial stability. If an enterprise is financially stable and solvent, then it has a number of advantages over other enterprises of the same profile in obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

The management of the financial stability of an enterprise in modern conditions should be based, first of all, on a comprehensive assessment of its level. The assessment of financial stability and solvency is also the main element of the analysis of the financial condition, necessary for control, allowing to assess the risk of violation of obligations under the enterprise's settlements. In our opinion, the underlying cause of today's crisis of the 1990s. was that in recent years in the Russian Federation, financial resources accumulated by commercial banks and investment institutions did not turn into real investments, did not provide an increase in the efficiency of the production sector, which is the basis of the economy. One of the reasons for this situation, in our opinion, is the inadequacy of the currently existing methods for justifying and evaluating investments. The theoretical provisions of the analysis and assessment of the investment attractiveness of enterprises, tested abroad, are practically not applied in Russian, extremely unstable and difficult to predict conditions. In this regard, it became necessary to develop new methods for analyzing and evaluating investments.

The process of making industrial and commercial decisions is always preceded by analytical procedures of various kinds. One of the most well-known formalized procedures of this kind is financial analysis, which is the study of the financial statements of an enterprise. Financial analysis allows you to evaluate various aspects of the enterprise, such as profitability, solvency, financial stability, efficiency of property use, which largely determine the level of its investment attractiveness.

Financial stability management is based both on the study of financial statements, and on data on the nature and movement of production assets, labor resources of the enterprise, the structure of the cost of production, pricing policy, etc. For an external analyst, in-house information is in most cases inaccessible. Consequently, users of external financial analysis (investment institution, commercial bank, audit firm, etc.), as a rule, are limited to the analysis of financial statements. The marginal cost of deepening analytic procedures for investors is, in most cases, greater than the marginal return resulting from the implementation of such procedures.

The object of the thesis is the study of the financial stability management system of the enterprise. The subject of the thesis research is the management of the financial stability of JSC "Tatarstan sote" and the development of recommendations for its improvement

The purpose of this thesis is to identify problems related to the management of the financial stability of the enterprise.

Within the framework of the goal, the following tasks can be distinguished:

1. The study of the theoretical and methodological foundations of managing the financial stability of an enterprise.

2. Analysis of the financial stability of JSC "Tatarstan sote".

3. Study of the advantages and disadvantages of the financial stability management system at JSC "Tatarstan sote"

The methodology of the thesis includes both a number of general logical procedures (critical analysis of the available literature on this issue, synthesis of various points of view, scientific induction, deduction, practical verification of the theoretical hypotheses put forward), and specific economic and mathematical methods and models (analysis of absolute and relative indicators of financial stability, correlation and regression analysis). A large number of scientific methods used in the work makes it possible to sufficiently broadly highlight the problem of studying the management of the financial stability of an enterprise in market conditions.

1. Theoretical foundations of financial stability management

Financial stability management is a science-based process to optimize the level of financial dependence and the efficiency of the enterprise. Financial dependence is determined by the ratio of borrowed and own funds of an enterprise. The efficiency of the enterprise is not limited only to indicators of the level of its profitability. Efficiency also includes socio-economic indicators, such as, in particular, labor productivity and wage.

In our opinion, before considering the specifics of managing the financial stability of an enterprise, it is necessary to dwell on the features of financial management in general. In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of participants in market relations (organizations and individuals) interested in the results of its functioning. Based on the reporting and accounting information available to them, they seek to assess the financial position of the enterprise. The main tool for this is financial analysis, with which you can objectively assess the internal and external relations of the analyzed object, and then, based on its results, make informed decisions.

Financial management is a process based on the study of data on the financial condition and performance of the enterprise in the past in order to assess the prospects for its development, as well as the development and implementation of sound recommendations for improving the financial condition of the enterprise and its growth. Thus, the main task of financial management is to reduce the inevitable financial uncertainty associated with making future-oriented economic decisions.

Financial stability management is based on objective financial analysis. Financial analysis makes it possible to evaluate:

1) property status of the enterprise;

2) the degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;

3) capital adequacy for current activities and long-term investments;

4) the need for additional sources of funding;

5) the ability to increase capital;

6) the rationality of attracting borrowed funds;

7) the validity of the policy of distribution and use of profits;

8) the expediency of choosing an investment and others.

In a broad sense, financial stability analysis can be used: as a tool to justify short-term and long-term economic decisions, the feasibility of investments; as a means of assessing the skill and quality of management; as a way to predict future results. Modern financial analysis is constantly changing under the influence of the growing influence of the environment on the conditions of the functioning of enterprises. In particular, its target orientation is changing: the control function recedes into the background and the main emphasis is on the transition to the justification of management and investment decisions, determining the directions of possible capital investments and assessing their feasibility.

In general, financial analysis is an essential element of financial management and auditing. Almost all users of the financial statements of the enterprise use the methods of financial analysis to make decisions. It is based on the calculation of absolute and relative indicators characterizing various aspects of the enterprise and its financial position. However, the main thing when conducting financial analysis is not the calculation of indicators, but the ability to interpret the results. The owners analyze financial reports in order to increase the return on capital, to ensure the stability of the company. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. The quality of decisions made largely depends on the quality of their analytical justification.

In our opinion, we can conclude that the main goal of the financial stability management process is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the enterprise and the forecast for the near or long term, that is, the expected parameters of the financial condition.

Thus, the goals of analysis are achieved as a result of solving a certain interconnected set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities for conducting this analysis. The main factors are the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic financial statements of an enterprise are only “raw” information prepared during the implementation of accounting procedures at the enterprise. To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant awareness of relevant issues, which is possible only as a result of the selection, analysis, evaluation and concentration of the original "raw" information.

The analysis of financial stability is the prerogative of the top management of the enterprise's management structures that can influence the formation of financial resources and cash flows. The effectiveness or inefficiency of private management decisions related to determining the price of a product, the size of a batch of purchases of raw materials or deliveries of products, the replacement of equipment or technology, must be evaluated in terms of the overall success of the company, the nature of its economic growth and the growth of overall financial efficiency. . It should be noted that failures in the use of financial ratios for the purposes of making economic decisions are largely due to the fact that novice analysts use data that are incomparable in terms of accounting methodology for analysis and then draw inadequate conclusions based on them.

The second condition, following from the first, is the possession of methods of financial analysis. At the same time, qualitative judgments in solving financial issues are no less important than quantitative results. Such qualitative judgments should include, first of all, a general assessment of the situation and the problems that will determine both the use of certain specific methods of financial analysis and the interpretation of its results, the degree of required accuracy of which also depends on the specific situation and the goals of the analysis. To ensure qualitative judgments, it is necessary to assess the reliability of the information available, as well as the degree of uncertainty and risk.

The third condition is the existence of an action program related to the definition of specific goals for the implementation of analytical work. For example, the final analysis of liquidity ratios according to financial statements, carried out for the purposes of compiling an explanatory note, will differ from an in-depth analysis of solvency, which is aimed at forecasting future cash flows.

The fourth condition is determined by understanding the limitations inherent in the applied analytical tools and their impact on the reliability of the results of financial analysis. Thus, the key point for the decision-making process on the feasibility of new investments is the determination of the cost of capital.

The theory and practice of financial analysis has a diverse set of methods for calculating this criterion for evaluating investments, which differ both in methodological approaches to determining the value of individual components of capital and in the information base. The professionalism of an analyst lies in the fact that, having mastered various methods for determining the cost of capital, understanding the problems of using one or another methodological approach, justify the choice of an acceptable method, taking into account the worthwhile goals of the analysis and the available information.

The cost of the financial analysis process and the requirement to measure costs and results determine the fifth condition regarding the minimization of labor costs and the performance of analytical work while achieving satisfactory accuracy of the calculation results.

We emphasize that in modern conditions, the management of an enterprise faces the task not so much of mastering the methods of financial analysis themselves (to perform professional analysis, appropriately trained personnel are needed), but of using the results of the analysis. In an effort to resolve specific issues and get a qualified assessment of the financial situation, business leaders are increasingly beginning to resort to the help of financial analysis. At the same time, they, as a rule, are no longer content with stating the value of reporting indicators, but expect to receive a specific conclusion on the sufficiency of means of payment, the normal ratio of equity and borrowed capital, the rate of capital turnover and the reasons for its change, the types of financing of certain types of activities.

The results of financial analysis make it possible to identify vulnerabilities that require special attention. It often turns out to be sufficient to find these places in order to develop measures for their elimination.

The financial side of the enterprise is one of the main criteria for its competitive status. Based on the financial assessment, conclusions are drawn about the investment attractiveness of a particular type of activity and the creditworthiness of the enterprise is determined.

The financial services of the enterprise are tasked with assessing the financial condition and developing measures to improve financial stability.

The financial condition in general terms is determined by the degree of fulfillment of the financial plan and the measure of replenishment of own funds from profits and other sources, if they are provided for by the plan, as well as the speed of turnover of production assets and especially working capital. Thus, well-organized financial planning, based on the analysis of financial activity, is the key to a good financial condition.

Financial condition - the most important characteristic of the economic activity of the enterprise. It determines the competitiveness of the enterprise, its potential in business cooperation, is an assessment of the degree of guarantee of the economic interests of the enterprise itself and its partners in financial and other relations.

A stable financial condition is formed in the process of all production and economic activities of the enterprise. Determining it on a particular date answers the question of how correctly the company managed financial resources during the reporting period. However, partners and shareholders are not interested in the process, but in the result, that is, the indicators and assessments of the financial condition themselves, which can be determined on the basis of official public reporting.

Currently, many methods for assessing the financial condition of an enterprise have been developed and used, such as the method of Sheremet A.D., Kovalev V.V., Dontsova L.V., Nikiforova N.A., Stoyanova E.S., Artemenko V.G. ., Belendira M.V. and others. And the difference between them lies in the approaches, methods, criteria and conditions for the analysis. However, according to the author, the method of Sheremet A.D. is most suitable for the communications industry. and Saifulina R.S., as well as Kovaleva V.V. This approach is the focus of the thesis.

The methodology used is intended to ensure the management of the financial condition of the enterprise and assess the financial stability in a market economy.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is connected with the balance sheet structure of the enterprise, the degree of its dependence on creditors and investors. But the degree of dependence on creditors is assessed not only by the ratio of borrowed and own sources of funds. This is a more multifaceted concept, including the assessment of equity capital, and the composition of current and non-current assets, and the presence or absence of losses, etc.

In addition, the financial condition of the enterprise is not indifferent to the tax authorities - from the point of view of the ability of the enterprise to pay taxes in a timely and complete manner. Finally, the financial condition of the enterprise is the main criterion for banks when deciding whether it is appropriate to issue a loan to him, the amount of interest and the term.

Thus, its economic prospects, reliable business relations with partners depend on the improvement of the financial condition of the enterprise.

Under the influence of internal and external factors, the financial condition of the enterprise is constantly changing, therefore, neither the enterprise nor the market participants are satisfied with discrete reporting data on the financial condition of the enterprise. They also need to know the qualitative characteristics of the financial state, that is, how stable it is over time, how long it can be maintained under the influence of internal and external factors, and what preventive measures need to be taken to maintain this normal state or to exit the pre-crisis or crisis state.

To solve medium-term and strategic tasks for the development of an enterprise, management needs to have appropriate tools for assessing and predicting changes in financial stability.

Practically used today in Russia, the methods of analyzing the financial and economic condition of an enterprise lag behind the development of a market economy. Despite the fact that changes have already been made and are being made to the accounting and statistical reporting, in general, it still does not meet the needs of managing an enterprise in market conditions, since the existing reporting of an enterprise does not contain any special section or a separate form devoted to assessing the financial stability of an individual enterprise . Financial analysis of the enterprise is optional and not mandatory.

The enterprise, on the one hand, has a need for timely and complete information for making management decisions and evaluating their results. On the other hand, the enterprise must provide relevant information to those who have invested (or are going to invest) their funds in it. Along with this, and in market conditions, the need for a report to the state on the correctness of tax deductions continues to persist.

Analysis of financial stability, depending on the classification of users and their goals, can be divided into internal and external. Accordingly, financial statements are divided into external and internal, depending on the users and the purposes of its preparation.

Internal users include the management personnel of the enterprise. He makes various decisions of an industrial and financial nature. For example, on the basis of reporting, a financial plan of an enterprise for the next year is drawn up, decisions are made to increase or decrease the volume of sales, prices of goods sold, directions for investing enterprise resources, the feasibility of attracting loans, and more. Obviously, such decisions require complete, timely and accurate information, otherwise the company may suffer heavy losses and even go bankrupt.

In addition, financial reporting is the link between the enterprise and its external environment. The purpose of reporting by an enterprise to external users in market conditions is, first of all, to obtain additional financial resources in financial markets. Thus, the future of the enterprise depends on what is presented in the financial statements. Responsibility for ensuring effective communication between the enterprise and the financial markets lies with the financial managers of the enterprise's senior management. Therefore, financial reporting is important to them, and because they need to know what information external users will receive and how it will affect their decisions. This does not mean that managers do not have at their disposal additional internal information about the activities of the enterprise, in contrast to external users, for whom financial statements are in many cases the main source of information. But since the decisions of external users, ceteris paribus, are made on the basis of a limited range of financial reporting indicators, it is these indicators that are in the focus of the financial manager and are the final point in assessing the impact of managerial decisions on the financial position of the enterprise.

Among the external users of financial statements, in turn, two groups are distinguished: users directly interested in the activities of the company; users indirectly interested in it.

The first group includes:

1) current and potential owners of the enterprise, who need to determine the increase or decrease in the share of the enterprise's own funds and evaluate the efficiency of the use of resources by the company's management;

2) current and potential lenders using reporting to assess the feasibility of granting or extending a loan, determining loan conditions, determining loan repayment guarantees, assessing trust in an enterprise as a client;

3) suppliers and buyers who determine the reliability of business relations with this client;

4) the state, primarily represented by the tax authorities, which check the correctness of the preparation of reporting documents, the calculation of taxes, and determine the policy;

5) employees of the company who are interested in reporting data in terms of their salary level and job prospects in this enterprise.

The second group of users of external financial statements are those legal entities and individuals who need to study the statements to protect the interests of the first group of users. This group includes:

1) audit services that check reporting data for compliance with legislation and generally accepted accounting and reporting rules in order to protect the interests of investors;

2) financial advisers who use reporting to make recommendations to their clients regarding the placement of their capital in a particular company;

3) stock exchanges;

4) registration and other state bodies that make decisions on the registration of firms, suspension of companies, and assess the need to change the methods of accounting and reporting;

5) legislative bodies;

6) lawyers who need accountability to assess compliance with the terms of contracts, compliance with legal norms in the distribution of profits and payment of dividends, as well as to determine the conditions for pension provision;

7) the press and news agencies that use reporting to prepare reviews, assess development trends and analyze the activities of individual companies and industries, calculate generalizing indicators of financial statements;

8) trade and production associations that use reporting for statistical generalizations by industry and for comparative analysis and evaluation of performance at the industry level;

9) trade unions interested in financial information to determine their wage requirements and terms of labor agreements, as well as to assess the development trends of the industry to which the enterprise belongs.

Assessment of the financial condition by external users is carried out in two directions:

1) comparison of calculated estimated coefficients with standard values;

2) analysis of the dynamics of changes in indicators.

Russian business conditions are different from the global ones, so the standard values ​​are not always accurate indicators of a strong financial position. In addition, the operating conditions of various enterprises also differ significantly from each other.

Thus, the existing approach to assessing the financial condition does not provide reliable information for making managerial decisions. Its use is possible for express analysis by external users.

Distortions in the evaluation process are associated, firstly, with the regulatory framework for evaluation that is not sufficiently adapted to Russian conditions, and secondly, with the lack of methodological unity in calculating the estimated indicators.

For internal users, a more thorough analysis is needed, using estimated indicators (in the analysis of financial stability).

Thus, financial stability is the most important characteristic of the financial and economic activity of an enterprise in a market economy. If an enterprise is financially stable, then it has an advantage over other enterprises of the same profile and attracting investments, in obtaining loans, in choosing suppliers and in selecting qualified personnel. Finally, it does not come into conflict with the state and society, as it pays timely taxes to the budget, contributions to social funds, wages to workers and employees, dividends to shareholders, and banks guarantee the return of loans and the payment of interest on them.

The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

1.2. Methods for assessing absolute indicators of financial stability

In the first paragraph of the thesis research, we concluded that the financial stability of an enterprise is its financial independence and the compliance of the state of the company's assets and liabilities with the tasks of financial and economic activity. In Russian practice, a general indicator of the company's financial stability is the surplus or shortage of funds for the formation of reserves and costs, obtained as a difference in the value of sources of funds and the value of reserves and costs. This is essentially an absolute assessment of financial stability.

The most important problem in the analysis of financial stability is to study the ratio of own and borrowed funds. The ratio of the cost of reserves and the values ​​of own and borrowed sources of their formation is one of the most important factors in the stability of the financial condition of an enterprise. The degree of provision of reserves with sources of formation acts as a reason for a particular degree of current solvency (or insolvency) of the organization.

The economic literature provides different approaches to the analysis of financial stability. Consider the method of Sheremet A.D. and Saifulina R.S., who recommends determining a three-component indicator of the type of financial situation for assessing financial stability.

To calculate this indicator, the total amount of reserves and costs of the enterprise and the sources of funds for their formation are compared:

ZZ = Z + VAT (1.2.1)

where ZZ - the value of reserves and costs;

Z - reserves;

VAT - value added tax

In this case, a different degree of coverage of certain types of sources is used, namely:

1) The presence of own working capital, equal to the difference in the value of sources of own funds (own capital) and the value of non-current assets.

SOS = SS - VA (1.2.2)

where SOS - own working capital;

SS - the value of sources of equity capital;

VA - the value of non-current assets;

2) It should be noted that many specialists, when calculating their own working capital, instead of their own sources, take permanent capital: the presence of their own working capital and long-term borrowed sources for the formation of reserves and costs, that is, taking into account long-term loans and borrowed funds.

PC \u003d (SS + DZS) - VA (1.2.3)

where PC is permanent capital;

DZS - long-term borrowed funds.

3) The total value of the main sources of formation of reserves and costs, that is, the availability of own working capital, long-term loans and borrowings, short-term loans and borrowings, that is, all sources that are possible.

VI \u003d (SS + DZS + KZS) -VA (1.2.4)

where VI - all sources;

KLC - short-term borrowed funds.

The indicator of the total value of the main sources of stocks and costs formation is approximate, since a part of short-term loans is issued for goods shipped (that is, they are not intended for the formation of stocks and costs), and a part of accounts payable offset by the bank during lending is used to cover stocks and costs.

Despite these shortcomings, the indicator of the total value of the main sources of reserves and costs provides a significant benchmark for determining the degree of financial stability.

Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs with sources of formation:

1) Surplus or shortage of own working capital:

FSOS = SOS - ZZ, (1.2.5)

where FSOS is the surplus or shortage of own working capital.

2) Surplus or shortage of permanent capital:

FPK = PK-ZZ, (1.2.6)

where FPC is the excess or shortage of permanent capital.

3) Surplus or shortage of all sources (indicator of financial and operational needs):

FVI \u003d VI - ZZ, (1.2.7)

where FPC is the surplus or deficiency of all sources.

With the help of these indicators, a three-dimensional (three-component) indicator of the type of financial condition is determined, that is

1 if Ф>0,

0 if F<0.

The calculation of three indicators of the provision of reserves with sources of their formation allows us to classify financial situations according to the degree of their stability.

According to the degree of stability, four types of financial situations can be distinguished:

1) Absolute stability of the financial condition, if

S = (1, 1, 1) (1.2.9)

With absolute financial stability, the enterprise does not depend on external creditors, reserves and costs are fully covered by its own resources. In Russian practice, such financial stability is extremely rare, it is an extreme type of financial stability.

2) The normal stability of the financial condition of the enterprise, guaranteeing its solvency, that is

S = (0, 1, 1) (1.2.10)

This ratio shows that the company uses all sources of financial resources and fully covers stocks and costs.

3) An unstable financial condition, associated with a violation of solvency, in which, nevertheless, it remains possible to restore balance by replenishing sources of own funds, reducing debtors and accelerating inventory turnover, that is

S = (0, 0, 1) (1.2.11)

The limit of financial instability is the crisis state of the enterprise. It manifests itself in the fact that along with the lack of "normal" sources of coverage of inventories and costs (these may include part of non-current assets, overdue debt, etc.), the company has losses, outstanding obligations, bad debts. . Professor A.D. Sheremet and R.S. Saifulin note that financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks and costs does not exceed the total cost of inventories and finished products (the most liquid part of stocks and costs).

If these conditions are not met, then financial instability is abnormal and reflects a trend towards a significant deterioration in the financial condition.

4) Crisis financial condition, in which the company is on the verge of bankruptcy, because in this situation, cash, short-term financial investments (minus the cost of own shares bought back from shareholders), receivables of the organization (minus the debt of the founders (participants) on contributions to authorized capital) and other current assets do not even cover its accounts payable (including reserves for future expenses and payments) and other short-term liabilities, that is:

Traditionally, the most risk-free way to replenish the sources of stock formation should be recognized as an increase in real equity capital through the accumulation of retained earnings or through the distribution of profit after taxation into accumulation funds. An in-depth analysis of the state of stocks acts as an integral part of the internal analysis of the financial condition, since it involves the use of information on stocks that is not contained in the financial statements and requires analytical accounting data.

1.3. Management of financial stability based on the coefficient method.

Management of the financial stability of an enterprise based on the coefficient method includes the following main stages:

1. Definition of goals and objectives of financial stability management.

2. Calculation of the main coefficients of financial stability.

3. Identification of the causes of deviations of the obtained coefficients from the normative (recommended) values.

4. Justification of measures to improve financial stability.

5. Control and evaluation of the effectiveness of the proposed activities, again based on the coefficient method.

Rice. 1.3.1. The general scheme of analytical support for financial stability management by the coefficient method.

Financial stability based on the analysis of coefficients is characterized by:

1) the ratio of own and borrowed funds;

2) the rate of accumulation of own sources, as well as their composition and structure;

3) the ratio of long-term and short-term liabilities in the structure of the balance sheet liability;

4) provision of material working capital from own sources.

We emphasize that when assessing financial stability, an analytical approach is used, that is, the calculated actual indicators of financial stability are compared with extreme ones (following from the practice of Western developed countries and Russia).

A set or system of coefficients is used to assess the financial stability of an enterprise. There are a lot of such ratios, they reflect different aspects of the state of the assets and liabilities of the enterprise. In this regard, there are difficulties in the overall assessment of financial stability. In addition, there are almost no unified normative criteria for the considered indicators. Their normative level depends on many factors: industry affiliation of the enterprise, credit conditions. The current structure of sources of funds, the turnover of current assets, the reputation of the enterprise, etc. Therefore, the acceptability of the values ​​of the coefficients, the assessment of their dynamics and directions of change can only be established for a particular enterprise. subject to the conditions of its operation. Some comparisons across enterprises of the same specialization are possible, but they are very limited. It should also be taken into account that some of the coefficients contained in the list provide repeated information on financial stability, while others are functionally related.

It can be seen that a large number of coefficients serve to assess the capital structure of an enterprise from different angles. To evaluate this group of coefficients, there is one criterion that is universal in relation to all enterprises: the owners of the enterprise prefer a reasonable increase in the share of borrowed funds; on the contrary, creditors give preference to enterprises where the share of equity capital is large, that is, the level of financial autonomy is higher.

After analyzing a fairly large set of available financial stability ratios, we can limit ourselves to the following seven indicators:

1) the ratio of borrowed and own funds;

2) debt ratio;

3) coefficient of autonomy;

4) financial stability ratio;

5) the coefficient of maneuverability of own funds;

6) coefficient of stability of the structure of mobile facilities;

7) coefficient of working capital security with own sources of financing.

Currently, the pages of economic journals are discussing questions about the number of coefficients used in the analysis of the financial and economic activities of enterprises. There is an opinion that there are too many of them. It should be noted that in addition to a large number of liquidity and stability ratios, profitability ratios, working capital turnover, and capital productivity are calculated.

There is such a point of view that the number of coefficients should not exceed seven, since if the number of objects of observation exceeds seven, then human control over them is easily lost.

The above list of indicators convinces that it can really be continued, since not all possible ratios of sections and items of the balance sheet are covered in it. At the same time, it is clear that the dispute about the number of indicators that should be limited cannot be resolved until the interested parties come to the conclusion that indicators for assessing the financial condition of an enterprise should not be a set, but a system, that is, not contradict each other, do not repeat each other, do not leave "blank spots" in the activities of enterprises.

Of these seven coefficients, only three have universal application, regardless of the nature of the activity and the structure of assets and liabilities of the enterprise: the ratio of borrowed and own funds, the coefficient of maneuverability of own funds and the ratio of working capital with own sources of financing.

When analyzing the financial condition, a set of the following indicators of the financial stability of an enterprise is used:

1) The financial risk ratio (debt ratio, ratio of borrowed and own funds, leverage) is the ratio of borrowed funds to equity. It shows how much borrowed funds the company has attracted for the ruble of its own.

Kfr=ZS/SS, (1.3.1)

where Кfr – financial risk coefficient;

ZS - borrowed funds.

SS - own funds

The optimal value of this indicator, developed by Western practice, is 0.5. It is believed that if its value exceeds one, then the financial autonomy and stability of the assessed enterprise reaches a critical point, but everything depends on the nature of the activity and the specifics of the industry to which the enterprise belongs.

The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, that is, in a certain sense, a decrease in financial stability and often makes it difficult to obtain a loan.

However, the analyst must build his conclusions on the basis of analytical (internal) accounting data that reveal the direction of investment. Therefore, when calculating the normal level of the ratio of borrowed and own funds, it is necessary to take into account the qualitative structure and turnover rate of tangible working capital and receivables. If receivables turn around faster than material working capital, this means a rather high intensity of cash receipts to the company's accounts, and as a result, an increase in own funds; with a high turnover of material working capital and an even higher turnover of receivables, the ratio of borrowed and own funds may exceed one. . The normative value of this coefficient has been established - the ratio should be less than 0.7. Exceeding this limit means the company's dependence on external sources of funds, loss of financial stability.

2) Debt ratio (financial tension index) is the ratio of borrowed funds to the balance sheet currency:

Kd=ZS/Wb (1.3.2)

where Kd is the debt ratio;

Wb - balance currency.

International standard (European) up to 50%. The trend of normal financial stability is also confirmed by the debt ratio: if the share of borrowed funds in the balance sheet decreases, then there is a tendency to strengthen the financial stability of the enterprise, which makes it more attractive to business partners.

The normative value of the coefficient of attracted capital must be less than or equal to 0.4.

3) The coefficient of autonomy (financial independence) is the ratio of own funds to the currency of the balance sheet of the enterprise:

Ka \u003d SS / Wb, (1.3.3)

where Ka is the autonomy coefficient.

This indicator judges how much the enterprise is independent of borrowed capital. The autonomy ratio is the most common indicator of the financial stability of an enterprise.

In foreign practice, there are different points of view regarding the threshold value of this indicator. The most common point of view: 60%. Lenders are more willing to invest in an enterprise with a high share of equity capital and provide more favorable lending conditions. But the standard (normal, normative) share of equity capital, which is the same for all enterprises, industries, countries, cannot be specified. In Japan, for example, the share of equity capital is on average 50% lower than in the United States (the share of debt capital is about 80%). The reason for this difference is in the sources of borrowed capital. In Japan, this is bank capital, in the USA, it is the funds of the population. The high share of borrowed capital of a Japanese company indicates the trust of banks, and therefore its reliability. For the population, on the contrary, a decrease in the share of equity capital is a risk factor.

The nature of the financial policy implemented by the firm also affects the share of equity in assets. Aggressive firms always increase their leverage. Solid companies reduce risk, increase the share of their own funds in assets.

In the practice of Russian and foreign firms, several varieties of this indicator are used (the share of borrowed funds in assets, the ratio of equity to borrowed funds, and others). Each of them in one form or another reflects the structure of the company's capital according to the sources of its formation.

Thus, the optimal value of this ratio is 50%, that is, it is desirable that the amount of own funds be more than half of all the funds available to the enterprise. In this case, the creditors feel calm, realizing that all borrowed capital can be compensated by the property of the enterprise. The growth of this ratio indicates the strengthening of the financial stability of the enterprise.

4) The financial stability ratio is the ratio of the total of own and long-term borrowed funds to the balance sheet currency of the enterprise (long-term loans are legally added to equity, since they are similar in terms of their mode of use):

Kfu = PC / Wb, (1.3.4)

where KFU is the coefficient of financial stability.

Long-term borrowed funds (including long-term loans) are quite legitimate to attach to the company's own funds, since in terms of their use they are close to their own sources. Therefore, in addition to calculating the coefficients of financial stability and independence of the enterprise, they analyze the structure of its borrowed funds: a large proportion of long-term loans in it is a sign of a stable financial condition of the enterprise. The optimal value of this indicator is 0.8-0.9.

5) The coefficient of flexibility of own sources is the ratio of its own working capital to the sum of its own sources of funds:

Km \u003d (SS-VA) / SS (1.3.5)

where Km is the coefficient of maneuverability of own sources.

The coefficient of flexibility of own sources, shows the value of own working capital per 1 rub. own capital. This indicator is essentially close to liquidity indicators. However, it complements and significantly increases the information content of the first indicator.

The coefficient of flexibility of own sources indicates the degree of mobility (flexibility) of the use of own funds, that is, what part of equity is not fixed in immobile values ​​and makes it possible to maneuver the enterprise's funds.

Providing own current assets with own capital is a guarantee of a stable credit policy. A high value of the maneuverability coefficient positively characterizes the financial condition of the company, and also convinces that the company's managers put down sufficient flexibility in the use of their own funds.

The level of the maneuverability coefficient depends on the nature of the enterprise's activity: in capital-intensive industries, its normal level should be lower than in material-intensive ones (since in capital-intensive industries, a significant part of own funds is a source of coverage of fixed production assets). From a financial point of view, the higher the agility ratio, the better the financial condition.

The numerator of the indicator is own working capital, therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of own sources of funds. Dependence can also be determined based on the fact that the company has more own working capital, the less fixed assets and non-current assets account for the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth).

6) The coefficient of sustainability of the structure of mobile means is the ratio of net working capital to total working capital:

To set.ms.=(OB-KP)/OB (1.3.6)

where K set.ms. - coefficient of stability of the structure of mobile facilities;

OB - the value of current assets;

KP - short-term liabilities.

Net working capital is the current assets that a company has after paying off its current liabilities. There is no standard for this ratio.

7) The coefficient of provision of working capital with own sources is the ratio of own working capital to current assets. It shows what part of current assets is financed from its own sources and does not need to be borrowed:

K SOS \u003d (SS-VA) / ABOUT (1.3.7.)

where Ksos is the coefficient of working capital provision with own sources.

If the indicator is below 0.1, the balance sheet structure is recognized as unsatisfactory, and the organization is insolvent. A higher value of the indicator (up to 0.5) indicates a good financial condition of the organization, its ability to pursue an independent financial policy.

The level of the indicator of the provision of material reserves with own working capital is estimated, first of all, depending on the state of material reserves. If their value is much higher than the reasonable need, then own working capital can cover only a part of inventories, that is, the indicator will be less than one. On the contrary, if the enterprise does not have enough material reserves for the smooth implementation of activities, the indicator may be higher than one, but this will not be a sign of a good financial condition of the enterprise.

The numerator of the indicator is own working capital, therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of inventories. Dependence can also be determined based on the fact that the company has more own working capital, the less fixed assets and non-current assets account for the ruble of sources of own funds

To systematize the most significant indicators of the financial stability of the enterprise, we have compiled the following comprehensive table of coefficients.

Table 1.3.1

The main indicators of the financial stability of the enterprise

Thus, as noted above, of the six financial stability ratios, only three have universal application: the ratio of borrowed and own funds, the coefficient of maneuverability of own funds and the ratio of working capital with own sources of financing. But even within the three named universal coefficients, it is easy to see that the same factors determine their growth and decline: the coefficient of maneuverability of own funds and the coefficient of provision of reserves with own sources have the same numerator - own working capital. Therefore, the ratio of their level depends on the ratio of capital and reserves and the value of tangible current assets. Accordingly, the dynamics of the coefficients is determined with the same dynamics of own working capital only by differences in the levels and directions of change in the denominators - stocks and equity. This does not prevent them from remaining independent coefficients, however, in practice, it should be borne in mind that an increase in own working capital leads to an increase in financial stability by two criteria for its assessment at once. In turn, the growth of own working capital is the result, as a rule, of an increase in equity capital, and in some cases, a decrease in the value of non-current assets.

An increase in equity under certain conditions leads to a decrease in the ratio of borrowed and own funds. Consequently, the three universal financial stability ratios are interrelated by factors that determine their level and dynamics. All of them focus the company on increasing its own capital, with a relatively smaller increase in non-current assets, that is, at the same time increasing the mobility of property.

At the same time, it should be noted that one cannot “blindly” transfer international criteria from the practice of Western developed countries to Russian practice. It is necessary to work on the creation of a criteria base in Russia, for which it is necessary to apply both statistical and analytical methods, and the criteria should be differentiated by industries, types of activity, regions and enterprises.

In our opinion, the calculation of financial stability indicators provides the manager with some of the information necessary to make a decision on the advisability of attracting additional borrowed funds. Along with this, it is important for a manager to know how a company can grow without attracting funding sources.

2. Analysis of the financial stability management system at OAO Tatarstan sote.

2.1. General characteristics of the enterprise.

Before considering the features of financial stability management at the enterprise under study, it is necessary to characterize its history and current state.

The organization of dairy business in the republic began in the Soviet period. In 1926, a special dairy section was created with the tasks of organizing the production and marketing of milk and dairy products, organizing dairy artels, partnerships and other agricultural cooperatives in the Tatar Autonomous Soviet Socialist Republic.

By the decision of the Government of the Republic on June 4, 1928, the Tatar Animal Breeding Union was established, whose duties also included the organization of the reception and processing of milk, the production of dairy products. Since the establishment of Tatzhivotnovodsoyuz, the dairy section of Tatselkreditpromsoyuz has been transferred to its jurisdiction.

In order to further improve leadership in expanding the dairy business in the republic, the Council of People's Deputies of the Tatar Autonomous Soviet Socialist Republic on April 19, 1929 decided to create a new organization, the so-called Tatar Regional Union of Dairy Cooperation Tatmaslosoyuz.
The main task of the Tatmaslosoyuz was to assist in organizing cooperative artels, partnerships, collective farms for the production and marketing of milk and dairy products, as well as in organizing the marketing of milk and dairy products produced in individual peasant farms.

For these purposes, the Tatmaslosoyuz was entrusted with the training of specialist craftsmen and instructors for production to service the grassroots network, enlarge existing butter and cheese factories, hold competitions among members of associations to increase marketable milk and improve its quality, involve more peasant farms in associations and artels, as well as supply members of artels and partnerships with concentrated feed. Along with this, the Tatmaslosoyuz was also entrusted with the procurement of cow butter and ghee from peasants who were not covered by dairy artels and partnerships.

The network of the Tatmaslosoyuz consisted of 83 milk processing points, in 1930 - of 111. In the early thirties, along with the improvement of the organizational structure of agricultural cooperation, the relevant links of the state apparatus of the dairy industry were restructured.
In March 1930, in accordance with the decision of the Council of Labor and Defense of February 26, 1930, the All-Union Milk and Butter Association Soyuzmoloko was formed, uniting all state and cooperative organizations that procure milk and butter. The association "Soyuzmoloko" was created as part of the People's Commissariat for Foreign and Internal Trade of the USSR and was its operational and economic body, acting on the basis of cost accounting.

In accordance with the above decision of the Council of Labor and Defense, the board of the People's Commissariat of Trade Tat. On April 11, 1930, the ASSR issued a decision on the organization of the Kazan regional office of the All-Union Association Soyuzmoloko. The Kazan regional office Soyuzmoloko begins its activities by receiving finished products - butter, cheese, casein from agricultural enterprises, consumer systems and state farms of the republic. According to the Kazan regional office office "Soyuzmoloko" as of October 1, 1930, the number of plants in the TASSR was increased to 160. In accordance with the decision of the Council of People's Commissars of the USSR of August 2, 1931, the All-Union Association "Soyuzmoloko" was reorganized and two independent associations "Soyuzmoloko" and "Soyuzmasloprom" were formed and one trust with direct subordination to the People's Commissariat of Supply of the USSR.

Soyuzmoloko was responsible for supplying the population of large cities of the country with whole milk and fermented milk products. At Soyuzmasloprom - the association of butter and cheese plants and their management, at the trust - the construction and operation of canned and powdered milk plants. In connection with the reorganization of the All-Union Association "Soyuzmoloko" soon in Tat. The ASSR created an independent Tatar branch of Soyuzmasloprom. His functions included the same duties as the Kazan regional office "Soyuzmoloko".

Mingaleev Ramazan Mingaleevich was appointed the first manager of the Tatar branch of Soyuzmasloprom. The apparatus of the department consisted of 34 units. the beginning production activities the state organization of the Tatar regional branch "Soyuzmasloprom" should be considered July 1, 1932, when the acceptance of butter and cheese factories of Tatzhivotnovodsoyuz in 27 districts of the republic was completely completed. In the second half of 1932, the grassroots system of the Tat.region of the Soyuzmasloprom branch was reorganized. Of the existing procurement points, 17 district departments with an independent balance were allocated. The functions of district offices and inter-district procurement centers (butter depots) were to organize production, control and manage the activities of production enterprises in their zone, receive and process butter, cheese, casein and store them at an oil depot, complete wagon batches and ship them to their destination.

The merger of butter, butter, cheese and butter-casein plants, inter-district bases by the Tatar regional branch of "Soyuzmasloprom" in essence was the beginning of the state industrial production of butter, cheese and casein in the TASSR. Glavmasloprom, by its order of June 27, 1934, transformed the Tatar regional branch of Soyuzmasloprom into the Tatmasloprom trust. In 1939, the Tat Ministry of Meat and Dairy Industry was formed. The ASSR, which included the Tatmasloprom trust, the Kazan Dairy Plant.

The ministry functioned until 1950, after the abolition of which the Tatmasloprom trust became part of Rosglavmasloprom.
From June 1957 to December 31, 1959, the Tatmasloprom trust functioned as part of the food industry department of Tatsovnarkhoz, and in early 1960 it was abolished.

The meat and dairy industry was separated from the food industry department and an independent department for this industry was organized. Operating enterprises, namely: 2 city dairy plants, 1 milk cannery, 56 head dairy and butter factories with a network of 135 primary enterprises and 144 separator departments and 4 butter depots were merged into butter-cheese-making and dairy plants.

After the liquidation of Tatsovnarkhoz, the Tatar Republican Administration for Procurement of Milk and the Dairy Industry was formed in the republic, subordinated to the Main Directorate "Rosglavmaslosyrprom" of the Ministry of Meat and Dairy Industry of the RSFSR, which functioned until the end of 1971. At the beginning of 1972, the Tatar Republican Production Association of the Dairy Industry was formed in the republic, which includes all dairy plants and other enterprises, and which, at the end of 1990, in connection with the transfer of all enterprises to the lease of the Production Association of tenants of the dairy industry "Tatmolagroprom" Agroprom TASSR.

From the latter, in 1994, JSC Holding Company "Tatarstan Sete" was established with production units for logistics and Kazan butter and cheese base.

JSC "Tatarstan Sete" included 38 joint-stock companies, including: 21 dairy plants, 14 dairy plants, the special auto depot "Tatarskaya", the Repair and Technical Enterprise (RTP) "Tatarskoye", the design bureau (PKB) "Tatarskoye".

Currently, the holding company has been transformed into a single joint-stock company "Tatarstan Sete" with 37 branches - dairy plants.

Currently, the holding's product range is quite wide. In particular, it includes:

Natural hard cheeses;

Fatty processed cheeses;

Mayonnaise;

Milk in a wide range;

Juices and nectars.

The products of JSC "Tatarstan sote" are in stable demand in the market of the republic. In fact, the enterprise under study is currently the leader of the food industry in the Republic of Tatarstan.

2.2. Analysis of the control system.

The organizational structure of the management of the holding JSC "Tatarastan sote" is given in Appendix 1. Let's characterize the main functional responsibilities of the departments and services of the enterprise under study.

The supreme management body of JSC "Tatarstan sote" is the General Meeting of Shareholders. The holding scheme is that each of the dairy plants owns a certain block of shares in the head enterprise - OAO Tatarstan sote, which, in turn, has a controlling stake in voting shares in the authorized capital of each of the dairy plants. Thus, JSC "Tatarstan sote" has a direct impact on the strategy of financial and economic development of each of the structures included in the holding, however, the dairy plants themselves have the right, primarily through General Assembly shareholders and other procedures stipulated by the legislation of the Russian Federation on joint-stock companies, to influence the development of the holding as a whole.

The competence of the general meeting of shareholders of JSC "Tatarstan sote" includes the following issues:

Introduction of amendments and additions to the charter of the company or approval of the charter of the company in a new edition;

Society reorganization;

Liquidation of the company, appointment of a liquidation commission and approval of interim and final liquidation balance sheets;

Determination of the quantitative composition of the board of directors (supervisory board) of the company, election of its members and early termination of their powers;

Determination of the maximum size of declared shares;

Increasing the authorized capital of the company by increasing the par value of shares or by placing additional shares;

Reducing the authorized capital of the company by reducing the par value of shares, acquiring by the company of a part of the shares in order to reduce their total number or redemption of not fully paid shares;

Formation of the executive body of the company, early termination of its powers, if the company's charter does not refer these issues to the competence of the board of directors (supervisory board) of the company;

Election of members of the audit commission (auditor) of the company and early termination of their powers;

Approval of the company's auditor;

Approval of annual reports, balance sheets, profit and loss accounts of the company, distribution of its profits and losses;

Deciding not to use the pre-emptive right of a shareholder to acquire company shares or securities convertible into shares;

The procedure for conducting a general meeting;

Formation of the counting commission;

Determination of the form of communication by the company of materials (information) to shareholders, including the definition of a press agency in the case of communication in the form of publication;

Splitting and consolidation of shares;

Making major transactions related to the acquisition and alienation of property by the company;

Acquisition and redemption by the company of outstanding shares in the cases provided for by this Federal Law;

Participation in holding companies, financial and industrial groups, other associations of commercial organizations;

The exclusive competence of the Board of Directors of JSC "Tatarstan sote" includes the following issues:

Determination of priority areas of the company's activities;

Convening the annual and extraordinary general meetings of shareholders of the company, except for the cases provided for by paragraph 6 of Article 55 of this Federal Law;

Approval of the agenda of the general meeting of shareholders;

Determining the date of compiling the list of shareholders entitled to participate in the general meeting;

Increasing the authorized capital of the company by increasing the par value of shares or by placing shares by the company within the limits of the number and category (type) of declared shares, if in accordance with the charter of the company or a decision of the general meeting of shareholders such a right is granted to it;

Placement by the company of bonds and other securities, unless otherwise provided by the charter of the company;

Acquisition of shares, bonds and other securities placed by the company in cases provided for by this Federal Law;

Formation of the executive body of the company and early termination of its powers, determination of the amount of remuneration and compensation paid to it, if the charter of the company refers this to its competence;

Use of the reserve and other funds of the company;

Approval of the company's internal documents that determine the procedure for the activities of the company's management bodies;

Creation of branches and opening of representative offices of the company;

Deciding on the participation of the company in other organizations;

Conclusion of major transactions related to the acquisition and alienation of property by the company;

Conclusion of transactions provided for by Chapter XI of this Federal Law;

In JSC "Tatarstan sote" the top line functional manager is the general director, who is appointed by the general meeting of shareholders. The content of the director's work includes:

Determination of the main and private goals of the organization (enterprise) and ways to achieve them;

Organization of the functioning of the management system;

Management of the preparation and implementation of the necessary management decisions;

Analysis and evaluation of the effectiveness of the implementation of the decisions taken in order to make the necessary adjustments to current activities;

Selection, placement and work with personnel;

Manages the commercial and trade-operational activities of the enterprise;

Organizes a rational system of commodity supply. Searches for additional commodity resources;

Chief Accountant:

Carries out the organization of accounting of the economic and financial activities of the organization and control over the economical use of material, labor and financial resources, the safety of the organization's property;

Provides a rational organization of accounting and reporting in the organization and its divisions on the basis of maximum centralization and mechanization of accounting and computational work, progressive forms and methods of accounting and control;

Manages the development and implementation of measures aimed at maintaining state and financial discipline;

Provides control over the legality, timeliness and correctness of paperwork. Participates in the economic analysis of economic and financial activities according to accounting data;

Takes measures to prevent shortages;

Works to ensure strict observance of staff, financial and cash discipline, estimates of administrative and other expenses;

Carries out operational management of the company's finances, takes measures to improve them;

Manages the organization's accounting staff.

Chief accountant's assistant:

Organizes the financial activities of the enterprise, aimed at providing financial resources, fulfilling tasks, maintaining and effectively using fixed assets and working capital, labor and financial resources of the enterprise, timely payments for obligations to the state budget, suppliers and banking institutions;

Determines the need of the enterprise for all types of credit, the source of financing for plans for technical re-equipment and reconstruction of the enterprise;

Organizes the development of working capital standards and measures to accelerate their turnover.

Accountants:

Perform work on various areas of accounting (accounting for fixed assets, inventory items, production costs, sales of products, results of economic and financial activities, settlements with suppliers and customers, as well as for services rendered);

Reflect in accounting operations related to the movement of cash and inventory;

Make accruals and transfer payments to the state budget;

Participate in the economic analysis of the economic and financial activities of the enterprise according to accounting and reporting data.

An important role in the functioning of JSC "Tatarstan sote", as shown in Appendix 1, is played by the marketing and procurement department, which consists of a supply group, a sales group and a marketing group.

Supply group:

Determines the requirements for material resources, as well as the compliance of their quality with standards, specifications, contracts and other regulatory documents;

Participates in the drafting of projects, logistics plans, in which the fulfillment of contractual obligations;

In the preparation of data for the preparation of claims for delivered low-quality inventory items and responses to customer claims;

Liaises with suppliers.

Sales group:

Participates in the inventory, studies the reasons for the formation of excess excess material resources, takes measures to implement them;

Monitors compliance with the rules for storing inventory items in warehouses, draws up the necessary documents related to the sale;

Develops a marketing policy based on determining the most profitable distribution channels.

Marketing group:

Organizes a system of sales promotion and formation of needs indicators;

It studies the demand (current and prospective) for a specific product in a specific market;

Draws up a market marketing program for the product based on collective accounting;

Sets the upper limit of the price of goods and the profitability of its production;

Develops on the basis of marketing the investment policy of the company;

Calculation of the total production costs and the level of profitability for the company as a whole;

Determines the qualitative result of the company's economic activity: gross income, net profit after deducting the cost of material costs, wages, taxes and interest on loans.

The direct management of the finances of Tatarstan Sote OJSC is carried out by the Deputy General Director for Finance, who, as shown in Appendix 1, is subordinate to the planning and economic department, the financial group, the audit service and the computerization group. The main functions of the Deputy General Director for Finance are as follows:

General management of the financial activities of the parent company and holding companies;

Current control over the activities of the chief accountant and accounting department, the organization of the accounting policy of the enterprise;

Operational interaction with tax authorities;

Organization of automation of financial management, implementation of a project to create a single, daily updated information base on the financial condition of the holding's enterprises;

General control over accounts receivable and accounts payable;

Organization of relationships with commercial banks.

Planning and Economic Department:

Carries out operational, calendar production planning;

Analyzes the economic activity of the enterprise and justifies measures to improve it;

Carries out activities for planning financial flows, etc.

Financial group:

Carries out current management of the financial activities of the holding;

Controls the financial condition of enterprises included in the holding;

Organizes accounting of loan agreements for the holding as a whole, calculation of the efficiency of attracting short-term and long-term credit resources and interest rates;

Organizes the management of financial risks (the risk of loss of financial stability, the risk of reducing the liquidity and profitability of holding enterprises, etc.).

In our opinion, it should be noted that it is precisely the issues of financial management at the centralized level of management of Tatarstan Sote OJSC that are not well adjusted. There is no unified system of financial management, accounting and analysis of financial risks for each of the holding's enterprises. As a result, the function of the production management of JSC "Tatarstan sote" is clearly implemented more smoothly than the function of financial management. This, in a strategic perspective, can create a threat to the entire financial and economic activity of the enterprise, increase the risk of loss of financial stability and creditworthiness.

2.3. Study of approaches to managing the financial stability of an enterprise.

To study approaches to managing financial stability, it is necessary to consider three main groups of indicators of financial stability, namely:

Absolute indicators of financial stability, showing from what sources and in what volumes the enterprise's need for production reserves is covered;

Comparative dynamics of overdue receivables and payables, characterizing, on the one hand, the payment discipline of the enterprise, and, on the other hand, the level of its activity in the field of work with debtors;

The system of relative indicators (coefficients) of the financial stability of the enterprise, which it is advisable to compare with the normative values.

We have analyzed the absolute indicators of the financial stability of JSC "Tatarstan sote" for 2003. The results of the analysis are presented in table 2.3.1 of the work. The source of information for the analysis was the balance sheet (Form No. 1 of the enterprise's reporting) (Appendix 2).

According to the results of the assessment of the main absolute indicators of the financial stability of JSC "Tatarstan sote", it is advisable to draw the following main conclusions:

1. In 2003, the value of stocks in the company's warehouses increased quite significantly - by 678,663 thousand rubles. or by 158.4% compared to the beginning of the year. In our opinion, this trend should be regarded as an unambiguously negative one - overstocking is clearly taking place, which negatively affects both the liquidity and the financial stability of the enterprise.

Table 2.3.1

Absolute indicators of financial stability of JSC "Tatarstan sote" for 2003

2. Own working capital of JSC “Tatarstan Sote” during 2003 continued to remain negative and, moreover, decreased. For any industrial and commercial enterprise, this situation is extremely alarming. It means that current assets are financed entirely by borrowed capital, and, moreover, part of the enterprise's need for fixed assets is also financed by borrowed capital.

3. Permanent capital, which is the sum of own and long-term borrowed funds minus non-current assets, is, in our opinion, the most important absolute characteristic of the financial stability of JSC "Tatarstan sote". This indicator slightly decreased over the period under study (by 103,505 thousand rubles or 33.1%), and continues to remain negative, which indicates the extremely unsatisfactory financial stability of the enterprise - that it does not cover its need for fixed capital, not only for own funds, but also through long-term loans.

4. The most important absolute characteristics of financial stability are the indicators contained in pages 5 - 7 of Table 2.3.1. They show to what extent reserves and expenses of OJSC “Tatarstan sote” are covered by this or that source of financing. These figures are summarized on page 8. According to this indicator (S), it can be concluded that the financial stability of JSC "Tatarstan sote" is currently extremely unsatisfactory.

In addition, information on the share of overdue receivables and payables in the total amount of debt of the corresponding type can provide promising information about possible threats to the financial stability of an enterprise (see table 2.3.2.)

Table 2.3.2

Dynamics of overdue receivables and payables

Analytical table 2.3.2. provides, in our opinion, important information about the prospects for managing the financial stability of JSC "Tatarstan Sote". At the same time, there are a number of rather negative trends in the relationship between the level of solvency and financial stability of the holding for the period under study:

1. There is a significant gap between the overdue accounts receivable and accounts payable of Tatarstan sote OJSC for the considered 8 quarters of 2002-2003. Overdue accounts receivable in general characterizes the level of payment discipline of consumers of OJSC products. The level of overdue accounts payable, on the contrary, is demonstrated by the fact how timely OJSC “Tatarstan Sote” itself pays off its debts with suppliers, the budget, and employees for wages. As Table 2.3.2 clearly shows, the JSC itself almost always pays its debts on time, since the share of overdue accounts payable of the enterprise in quarterly terms does not exceed the statistical error of 2%.

2. The level of non-payments to the enterprise is quite high. This is due, in our opinion, primarily to the fact that Tatarstan sote sells a significant part of its products to rural areas of the Republic of Tatarstan, where there is always a serious shortage of cash. Accordingly, far from all consumers of the products of the holding's enterprises (legal entities, especially budgetary institutions such as kindergartens, schools, hospitals, etc.) are able to pay for the received products on time and in full. Thus, in the third quarter of 2003, the level of overdue receivables reached an extremely high level of 30% of the total receivables.

The worst situation may be when all overdue receivables become uncollectible. This will mean that, in fact, Tatarstan sote OJSC will have a loss from its activities, which will negatively affect both the profitability and financial stability of the enterprise under study.

Firstly, the study of financial stability only on the basis of an assessment of absolute indicators does not allow comparing individual sections of the balance sheet with each other in percentage terms. Meanwhile, such a comparison has the most important economic meaning, since the individual sources of financing the enterprise's activities must be clearly balanced.

Secondly, the study of only absolute indicators of the financial stability of an enterprise does not take into account such an important macroeconomic factor as inflation. The study of the dynamics of financial ratios allows leveling the effect of inflation.

Table 2.3.3

Financial stability ratios of the enterprise OJSC TPF “Tatarstan sote” for 2003

The results of our analysis of the financial stability of OAO Tatarstan Sote for 2003 are presented in Table 2.3.3.

Analysis of the results obtained in Table 2.3.3 allows us to identify the following trends in the dynamics of the financial stability of Tatarstan Sote OJSC for the period under study:

1. The values ​​of the coefficients of financial risk, debt and autonomy of the enterprise are extremely unsatisfactory. In fact, the enterprise under study as a whole, according to the data of 2003, is extremely financially unstable.

2. For an ordinary enterprise, the situation described above could be fraught with bankruptcy. However, OJSC “Tatarstan sote” occupies a certain, socially significant niche in the economy of the Republic of Tatarstan. On the one hand, this imposes certain restrictions on the enterprise (the impossibility of a rapid increase in prices due to a possible rapid increase in costs, the need for detailed coordination of pricing policy with the Government of the Republic of Tajikistan). On the other hand, the special status of the holding in the strategic perspective may lead to an increase in irresponsibility in the field of financial management.

Summing up the study of the financial stability management system at Tatarstan Sote OJSC, the following conclusions can be drawn:

1. Financial stability management is spontaneous, reactive, non-systemic. It is poorly integrated into the overall management system of the enterprise.

2. There is no effective receivables management system, especially in terms of doubtful and overdue debts.

3. Trends in changes in the coefficients of financial stability of JSC "Tatarstan sote" in 2003 indicate an increase in the threat of loss of financial independence.

3. Substantiation of directions for increasing financial stability at OAO Tatarstan sote.

3.1. Creation of an integrated financial stability management system.

As it was shown in chapter 2 of the thesis research, the process of financial stability management at OJSC “Tatarstan sote” is still insufficiently systemic, predominantly reactive. The enterprises of the holding have accumulated significant amounts of accounts payable, as well as debts on short-term bank loans, which they are already practically unable to pay off. Under these conditions, the holding's management, in our opinion, should take effective measures to improve the financial stability management process at OAO Tatarstan sote.

The main problems in the field of financial stability management of JSC "Tatarstan sote" and the proposed directions for their solution are systematized in table 3.1.1

Table 3.1.1

The main problems in the field of managing the financial stability of JSC "Tatarstan Sote" and directions for their solution.

Continuation of table 3.1.1

The process of managing the financial stability of the enterprise, shown in fig. 3.1.1., is cyclical: its initial stage is a comprehensive assessment of financial stability, including a study of macroeconomic and industry conditions, as well as the relationship between profitability and financial stability at the holding's enterprises (see Chapter 4 of the thesis study). Finally, after the implementation of all management actions, identification of factors and justification of reserves to increase investment attractiveness, planning and implementation of specific measures, as well as monitoring their implementation, the process of managing the financial stability of Tatarstan Sote OJSC should again return to the assessment procedure. This approach allows you to clearly determine the results of specific management actions, and, thus, makes it possible to directly assess their effectiveness.

Rice. 3.1.1. Conceptual diagram of the process of managing the financial stability of JSC "Tatarstan sote"

Let us characterize the main elements of the proposed scheme of the process of financial stability management at JSC "Tatarstan sote" in more detail:

1. First of all, it is necessary to assess the macroeconomic and industry conditions that affect the nature of the process of managing the financial stability of the holding. In this regard, it is advisable to study the level and dynamics of interest rates on long-term and short-term bank loans, the industry average profitability and approximate schemes for financing dairy industry enterprises in the Russian Federation, the need for fixed and working capital.

2. Further, it is advisable to quickly assess the level of financial stability at all enterprises of the holding, for which it makes sense to create a single integrated information system that allows you to quickly process information coming from various enterprises of the holding JSC "Tatarstan sote", quickly identify threats to reduce the level of financial stability at individual dairy plants and for the holding as a whole, as well as to plan and implement measures to promptly overcome these threats.

3. It is necessary to quantify how financial stability affects the profitability of holding companies. This kind of quantitative analysis, using the correlation-regression method, is given in Chapter 4 of the thesis.

4. It is necessary to plan as precisely as possible the factors and reserves for increasing the level of financial stability of Tatarstan Sote OJSC. The main of these factors are shown in Table 3.1.1. In particular, it is necessary to move from a policy of using credit resources to preferential self-financing, as well as to introduce strict systems of control over receivables.

5. Gradual reduction of the financial dependence of Tatarstan sote OJSC should be accompanied by an adequate increase in the efficiency of the use of available financial resources. In our opinion, measures to improve the process of managing the financial stability of an enterprise by themselves will not be effective enough if they are not accompanied by the progressive development of production management systems, in particular, the introduction of resource- and energy-intensive technologies, the development of financial management and marketing at enterprises. holding.

3.2. Accounting for financial stability in the process of substantiating and implementing a business plan.

Trends in changes in financial stability must be taken into account not only in the process of managing the financial stability of an enterprise as a whole, but also in the process of substantiating and implementing individual business projects.

At present JSC "Tatarstan Sote" has initiated a project to expand the production base of its largest subsidiary - JSC "Kazan Dairy Plant". Thus, it is planned to expand the range of products manufactured by Kazmolkombinat OJSC by organizing the production of various types of cheeses. In this regard, it is planned to reconstruct the building located on the territory of the enterprise and put into operation new equipment, including a line for the production of rennet (hard) cheeses with a capacity of up to 10 tons of cheese per day.

The market for the sale of domestic cheeses to the population has positive development prospects. The main direction of development of this market is the replacement of imported cheese with products of Russian producers and the satisfaction of the seasonal demand of the population. The maximum sales growth in the market traditionally falls on the winter period (December, January, February), up to 70% of the total project sales are planned to be carried out during this period.

The main period of production activity (output of finished products) under the project is planned for the summer period (May-September). In this period of time, there is a sufficient amount of the main raw material (milk) and there are favorable conditions for establishing relatively low prices for purchased raw materials. The organization of cheese production will reduce the specific share of butter (unprofitable product) in the volume of products manufactured by the plant, and thereby increase the profitability of the entire plant as a whole.

At the first stage of the project, it is planned to carry out the main scope of work on the reconstruction of the building (building), which is under conservation, the purchase and installation of various equipment for the production of cheese, including a line for the production of rennet (hard) cheeses.

The planned amount of investments (payments) in new equipment and reconstruction works at this stage is 53,730.77 thousand rubles, including VAT, including the cost of purchased equipment of 44,344.3 thousand rubles. The deadline for completing the stage is the second quarter of the project implementation).

At the second stage, it is planned to complete the reconstruction of the building and carry out a trial launch of equipment (debugging the entire cheese production process) and start cheese production in accordance with the plan for the production of finished products (production plan). At this stage, it is planned to purchase equipment in order to complete the entire complex of equipment for the production of cheese and carry out various additional works related to the implementation of the project (organization of a cheese storage facility, etc.). The planned amount of investments is 24,426.26 thousand rubles, including VAT, including 8,609.75 thousand rubles in new equipment, payment of the debt to the supplier for the previously delivered BERTSCH cheese line - 13,469.94 thousand rubles. The deadline for completing the stage is the third quarter of the project implementation.

The third stage of the project implementation involves the implementation of current production activities and the return of borrowed funds (long-term loans). The total amount allocated for the repayment of long-term (investment) loans is 55,500.0 thousand rubles, interest payments will amount to 6 160.42 thousand rubles. The duration of the stage is 3 years.

A feature of the project implementation at the third stage is the implementation of the main production activities (up to 70%) in the summer (May-September) period, and the sale of the main volume of finished products (up to 70%) in the winter (December-February) period. In this regard, this business plan provides for the receipt of short-term financing (turnover) in the total amount of 125,000.0 thousand rubles, the total amount of interest payments will be 9,740.0 thousand rubles. The main amount of this financing falls on the first 2 years of the project implementation 96,000.00 thousand rubles, the main period for obtaining financing is the 2nd and 3rd quarter of the financial year (annually). The main repayment period for short-term financing (loans) is the 4th and 1st quarter of the financial year.

The total investment for the project will be 85,764.53 thousand rubles. Sources of project financing (long-term investments):

Own funds of the project initiator - 30,264.53 thousand rubles;

Borrowed funds (state support funds in accordance with the Decree of the Cabinet of Ministers of the Republic of Tajikistan No. 349 dated May 20, 2000) for a total amount of 45,500.0 thousand rubles, including: loan of the Ministry of Finance of the Republic of Tajikistan 10,500.0 thousand rubles, interest rate on a loan - 0% (interest-free loan);

Loan to SUE "Leasing Company" 20,000 thousand rubles, interest rate on the loan 0% (interest-free loan);

R&D funds (credit from Ak Bars Bank) 10,000.0 thousand rubles, interest rate on the loan is 1/4 of the discount rate of the Central Bank of the Russian Federation + fee to a commercial bank (4% per year) (in calculations, the fee on a bank loan is set at 10, 25% per year) ;

Funds of the Privatization Fund of the Republic of Tajikistan (loan from a commercial bank) 5,000.0 thousand rubles, the interest rate on the loan is 1/4 of the discount rate of the Central Bank of the Russian Federation + fee to a commercial bank (3% per year) (in calculations, the fee on a bank loan is set at 9, 25% per year); - borrowed funds (commercial bank loan) 10,000.0 thousand rubles, the interest rate on the loan is 16% per year.

Project implementation period: 3.5 years. Implementation period of the production program of the project (third stage): 3 years. The term for repayment of borrowed funds from the moment of the start of the implementation of the production program (reaching the design capacity) is 3 years. All calculations for the project were made taking into account the seasonality factor and based on the 2-shift operation of the capacities commissioned under the project.

The main results of the project to upgrade the production base are as follows:

1. Production capacity is 20 tons of cheese per day, the actual capacity is up to 10 tons of cheese per day.

2. The number of personnel for the project - 53 people.

3. Net profit remaining at the disposal of the enterprise after the payment of interest on loans:

1 year of project implementation (- 2,818.00) thousand rubles;

2nd year of project implementation 4,575.17 thousand rubles;

3rd year of project implementation RUB 11,767.36 thousand;

4th year of project implementation 13,113.64 thousand rubles, (two quarters);

Total for the billing period: 26,638.17 thousand rubles.

4. The net present value of the project (NPV) in three and a half years from the date of its implementation will be 34509.34 thousand rubles. Discount coefficients are calculated based on the value of the average annual inflation of 20% per year.

5. Internal rate of return (IRR) at present value for the period of project implementation 17.82% per year.

The effectiveness of an investment project, in our opinion, largely depends not only on making a profit, but also on the correct use of depreciation. The plan provides for the accrual of depreciation on fixed assets, starting from the 3rd quarter of the project implementation period. In the third quarter, depreciation charges on the introduced BERTSCH line (for calculation purposes) are equal to 50% of the quarterly average depreciation charge. Depreciation charges for other fixed assets are 2/3 of the average quarterly amount of depreciation charges.

The total amount of depreciation charges for 3 years will be 27,540.23 thousand rubles. The amount of depreciation charges on average per quarter is 2,950.01 thousand rubles.

The sources of financing for current activities related to the implementation of the project are:

Borrowed funds (short-term lending);

Other sources.

According to the financial plan, the period of current project activity is 12 quarters. The following funding is envisaged for this period:

Short-term lending for a total amount (turnover) of 125,000.0 thousand rubles (lending is supposed to be carried out annually, mainly in the 2nd and 3rd quarters of the financial year; the lending interest rate is 16%; the total amount of interest payments for 12 quarters will be - 9740.0 thousand . rubles);

Depreciation charges in the amount of 27,540.23 thousand rubles;

Net profit remaining at the disposal of the project initiator after paying interest on loans in the amount of 26,638.17 thousand rubles.

The total amount of own sources (the sum of depreciation and retained earnings) of financing the current activities of the project will be 54,178.4 thousand rubles.

The plan of income and expenses for the project is calculated on the basis of the planned indicators of the project activity for the period of 14 quarters (the period of current activity is 12 quarters (3 years)). The main income for the project is the proceeds received from customers for the delivered products of the project (cheese, butter).

For the billing period, it is planned to receive revenue in the total amount of 416,953.72 thousand rubles, excluding VAT, including:

1 year of project implementation 17,789.86 thousand rubles;

2nd year of project implementation 120,622.99 thousand rubles;

3rd year of project implementation 155,444.76 thousand rubles;

4th year of project implementation 123,096.13 thousand rubles, (two quarters)

With the planned loading of production capacities, the average quarterly size (for a period of 12 quarters) of the project initiator's revenue will be 34,746.14 excluding VAT. Value added tax for the period of project implementation will be received in the amount of 45,585.94 thousand rubles.

The receipt of revenue from the project depends on seasonal factors, the largest amount of revenue is received in the 4th and 1st quarters (October-March) of the financial year of the project. For three years of the project's current activity during the specified period, it is planned to receive 80.48% of the total revenue (or 335,567.75 thousand rubles). In project calculations, the selling price of cheese (base price) is taken at the level of the forecasted market price of Dutch cheese.

The cost of production for the period of the project implementation will amount to 373,434.13 thousand rubles, including:

1 year of project implementation 57,738.72 thousand rubles;

2nd year of project implementation 134,936.35 thousand rubles;

3rd year of project implementation 134,767.02 thousand rubles;

4th year of project implementation - 45,992.01 thousand rubles.

The implementation of project expenses depends on seasonal factors, the largest amount of expenses is carried out in the 2nd and 3rd quarters (April-September) of the financial year of the project. For three years of the current activity of the project during the specified period, it is planned to make expenses in the amount of 62.46% of the total cost (or 233,228.55 thousand rubles).

Variable project costs include:

Raw material costs (94.76% of variable costs),

Labor costs for key production workers, including contributions to social funds (1.35% of variable costs),

Costs for electricity and water for technological purposes (3.88% of total variable costs).

The total amount of variable costs for the current period of the project will be 324,124.05 thousand rubles. The main amount of variable expenses (209,890.41 thousand rubles or 64.76%) is planned to be carried out in quarters 3.4, -7.8 and 11.12 of the project implementation period (second and third quarters of the financial year). With the planned loading of production capacities, the average quarterly (for 12 quarters) amount of variable costs for the project will be 27,010.33 thousand rubles.

The share of variable costs in the cost of production is 86.80%.

Fixed project costs include:

General business (general production) expenses (7.84% of the amount of fixed costs),

Administrative expenses (2.46% of fixed costs) ,

Selling expenses (1.51% of fixed costs),

Depreciation of fixed production assets (88.18% of the amount of fixed costs).

The total amount of fixed costs, including depreciation charges, will amount to 31,231.01 thousand rubles for the billing period.

Expenses related to the current activities of the project include taxes attributable to the cost of products sold. Calculations of these expenses are given in a special table reflecting the structure and total amount of tax payments for the project. Tax payments (attributable to cost of goods sold and financial results activity) for the period of the current project activity will amount to 8,344.79 thousand rubles, including taxes attributable to the cost of sales of products 339.07 thousand rubles (99.94% of the amount of the above security payments). The share of taxes attributable to the cost of production in the total cost of production is 2.23%.

The average quarterly amount of tax payments attributable to cost and financial results will amount to 695.33 thousand rubles. The financial plan provides for the payment of interest on short-term loans for the period of the current activity of the project in the amount of 9,740.00 thousand rubles (these payments are included in the cost of the project's products). The share of interest payments in the cost is 2.61%.

During the implementation of the project, current tax payments will be made in full. The financial calculations include federal, republican and local taxes in accordance with the current legislation as of 01.10.00.

In accordance with the current legislation, the project initiator is exempt from paying property tax as an organization engaged in the processing of agricultural products (the share of processed agricultural raw materials in the production volume is more than 70%). The project's products are completely produced by processing similar raw materials, therefore, all assets (property) used for the implementation of the project will be exempt from taxation in terms of property tax.

In accordance with the current legislation, the project products will be subject to value added tax at a rate of 10% (the project products belong to the group of dairy products that are taxed at a rate of 10%). Tax payments attributable to the cost of production for the period of the current project activity will amount to 8,339.07 thousand rubles.

With the planned loading of production capacities, the average quarterly amount of tax payments attributable to the cost of production under the project will be 694.92 thousand rubles. Tax payments attributable to the financial result for the current period of the project will amount to 572 thousand rubles. The average quarterly amount of these payments will be 48 thousand rubles. VAT tax payments for the billing period will amount to 24,312.20 thousand rubles (an average quarterly amount of 2026.01 thousand rubles).

Tax payments on income tax for the period of current activity will amount to 17,660.80 thousand rubles (average quarterly amount - 1,471.73 thousand rubles). The total amount of tax payments under the project for the billing period will be 50,317.79 thousand rubles. The average quarterly amount of tax payments will amount to 4,193.15 thousand rubles.

Return on assets based on net profit (% per year):

2nd year of project implementation - 4.07%;

3rd year of project implementation - 10.23%.

4th year of project implementation - 15.21% (for half a year); (2 blocks)

Return on sales based on net profit during the billing period (% per year):

1 year of project implementation - none;

2nd year of project implementation - 3.79%;

3rd year of project implementation - 7.57%.

4th year of project implementation - 10.66% (for half a year); (2 blocks)

Asset turnover (per year) for the project will be:

1 year of project implementation - 0.19 turnover;

2nd year of project implementation - 1.07 turnover;

3rd year of project implementation - 1.35 turnover;

4th year of project implementation - 1.42 turnover (for half a year). (2 blocks)

The turnover of current assets (per year) for the project will be (per quarter):

1 year of project implementation - 0.53 turnover;

2nd year of project implementation - 2.60 turnover;

3rd year of project implementation - 2.66 turnover.

4th year of project implementation - 2.33 turnover (for half a year). (2 blocks)

In my opinion, the calculated financial indicators allow us to conclude that the economic efficiency is quite high.

The main stages of the project implementation are as follows:

1. Reconstruction of the building, purchase and installation of equipment.

2. Attracting customers and forming a package of orders for the stable implementation of the technological process;

3. Implementation of current activities.

At the stage of attracting customers and forming a package of orders, there are risks of financial losses associated with entering new markets and the need to provide additional discounts for the project's products.

The above risks are assessed by the project initiator as significant. The selected project implementation strategy takes into account these risks. Significant volumes of products under the project are expected to be sold during a period of seasonal sales growth and a shortage of high-quality Russian-made cheese at relatively affordable prices. During this period, the hard cheese market is acquiring the characteristics of a “sellers” market, which will make it possible to sell project products on favorable terms. An important factor that allows reducing the risk of financial losses in the course of project products realization is the fact that the management of the project initiator has significant experience in the market of rennet (hard) cheeses.

An additional reserve of the project in terms of its financial viability is the fact that the prices for the project products are set at the level of the estimated price of Dutch cheese.

Table 3.2.1.

The main risks envisaged by the business plan of the project for the modernization of the production base of the largest subsidiary of JSC "Tatarstan sote" - JSC "Kazmolkombinat"

At the stage of carrying out current activities, there are risks of financial losses associated with the following events:

Relative increase in purchase prices for raw materials;

Lack of working capital to finance the current activities of the project in full;

Organizational risk, including that associated with compliance with the quality characteristics of products.

The risk of financial losses associated with a relative increase in purchase prices for milk (including in connection with the abolition of the mechanism of state regulation of purchase prices for raw materials) is significant.

A factor that allows minimizing this risk is the organization of the main purchase of raw materials for the project in the summer (excess milk on the market of the Republic of Tatarstan). The excess supply of milk on the market during the summer period makes it possible to purchase raw materials under the project on relatively favorable terms (in the event that the mechanism of state price regulation is cancelled). The reserve of the project is the existing possibility of organizing part of the purchase of raw materials from agricultural enterprises directly at lower prices.

With regard to the probability of losses associated with a centralized (state) increase in purchase prices, in this case the project initiator assumes that the new purchase prices will not differ significantly from milk prices in other regions of Russia. Thus, the difference in prices for cheese between the regions of Russia will remain. The price advantage of Russian cheese over imported cheese is estimated by the initiator of the project as significant, and the increase in the purchase prices for raw materials will not be able to fundamentally affect the market positioning of the project's products.

The risk of financial losses associated with the shortage of raw materials (milk) for the implementation of the production program of the project is assessed by the initiator as significant only during the period of seasonal shortages of raw materials. In order to minimize the impact of this risk on the financial viability of the project, the production program of the project provides for the release (loading of cheese) in the period December-April at an average level of 2-3 tons (20-30% of the actual production capacity of the project). In order to carry out a stable current activity, Tatarstan sote OJSC carries out significant work with suppliers of raw materials, establishing partnerships with them, including guaranteeing them the stability of payment (purchase) of milk throughout the year (including during the period when there is an excess of raw materials on market).

The risk of financial losses associated with the untimely receipt of working capital for the purposes of financing the current activities of the project is assessed as significant (taking into account the significant amounts of necessary financing). In this regard, the initiator of the project has done work to establish partnerships with commercial banks of Kazan, including in order to obtain guarantees for the provision of the plant with the necessary short-term financing during the implementation of the current project activities.

The risk of financial losses associated with compliance with the quality characteristics of products (obtaining products of the required quality within the planned time frame) is assessed by the project initiator as insignificant. JSC "Kazmolkombinat" currently has specialists with significant experience in the production of rennet (hard) cheeses, it is also planned to train specialists and workers for up to 2 months on the basis of the plant and other cheese industries. By the beginning of the direct implementation of the current activities of the project, it is planned to additionally invite (employ) the specialists necessary for the implementation of the project.

4. Evaluation of the economic efficiency of measures to improve financial stability at JSC "Tatarstan sote"

Management of the financial stability of any enterprise, in our opinion, cannot be considered as an end in itself. Ultimately, this kind of management should be aimed at improving the efficiency of the enterprise, increasing its profitability. To this end, we have carried out a correlation-regression analysis between the indicator of the coefficient of financial dependence of the subsidiaries of JSC "Tatarstan sote" and the level of profitability of their products according to the data of 2003 (see table 4.1 and fig. 4.1. diploma research).

Table 4.1.

Indicators of financial stability and profitability of the implementation of subsidiaries of the holding JSC "Tatarstan sote"

Continuation of table 4.1.

Rice. 4.1. The relationship between the financial dependence of the subsidiaries of the holding JSC "Tatarstan sote" and the level of profitability of their sold products in 2003

As shown in Figure 4.1., the pair correlation coefficient (R) was 0.791, which confirms the rather high quality of the obtained regression model.

In general, the performed correlation-regression analysis confirms our earlier conclusion about the need to gradually reduce the level of financial dependence (the share of borrowed funds in the overall structure of funding sources) both for Tatarstan Sote OJSC as a whole and for its individual branches. In other words, with a decrease in the share of borrowed funds, the profitability of the activities of dairy plants that are part of the holding JSC "Tatarstan sote" is steadily increasing. This is understandable: interest on loans is still quite expensive, which increases the cost of production, and late payment of the loan itself or interest on it, as well as untimely return of accounts payable, entails fines and penalties, which also increases the cost of production and, accordingly, reduces profit and profitability.

5. Legal support of proposals.

The basis of the financial activity of JSC "Tatarstan sote" in general and the management of its financial stability in particular, are the following regulatory legal acts in force on the territory of the Russian Federation:

1. Civil Code of the Russian Federation.

2. Federal Law On Joint Stock Companies (adopted in 2001).

3. Federal Law On the Securities Market (adopted in 1996)

4. Law on the protection of the rights and legitimate interests of investors (adopted in 1999, with amendments and additions in 2002)

5. Instructions and regulations of the Federal Commission for the Securities Market (FCSM RF).

6. Regulations local authorities authorities, etc.

The financial activity of an enterprise created in the organizational and legal form of a joint-stock company has its own specifics, the study of which is devoted to this section of the thesis research. Joint-stock property is a natural result of the process of development and transformation of private property, when at a certain stage of development the scale of production, the level of technology, the system of financial organization create the prerequisites for a fundamentally new form of organization of production based on the voluntary participation of shareholders.

The joint-stock form allows you to attract the capital of many people to one enterprise, even those who themselves cannot, for any reason, engage in entrepreneurial activities. In addition, the limitation of liability by the size of the contribution made, together with its high diversification, makes it possible to invest in very promising, but also in high-risk projects, significantly accelerating the introduction of scientific and technological progress. There are also many other positive aspects of the joint-stock form of ownership, making it truly universal and applicable wherever there is a need and opportunity to limit the scope of the entrepreneur's responsibility.

The latter circumstance is especially important in an unstable economy, when an unforeseen production situation can lead to huge losses, debts, which may not be able to pay off all the available property. Individual entrepreneurs and some legal entities with a different organizational and legal form are subject to similar liability. Joint-stock companies allow more efficient use of material and other resources, optimally combine the personal and public interests of all participants.

Joint-stock companies, which are the main form of organization of modern large enterprises and organizations around the world, represent the most advanced legal mechanism for organizing the economy based on the pooling of property of individuals, corporations of various types and other bodies. The main features of this type of society are:

a) division of the share capital into equal, freely tradable shares - shares;

b) limiting the liability of participants for the obligations of the company only by contributions to the capital of the company;

c) the statutory form of the association, which makes it easy to change the number of participants and the size of the share capital;

d) separation of general management from the management of the enterprise itself, which is concentrated in the hands of a special body - the board (directorate) of the company.

Joint stock companies have a number of advantages over other forms of ownership.

Firstly, the company has the opportunity to raise funds from shareholders to replenish the authorized capital and expand its activities, and these funds are non-refundable (except for the complete liquidation of the company), since the shares are not redeemed by the company, but only resold to other shareholders.

Secondly, the general management of the company's activities is separated from specific management, which makes it possible to hire and select the most suitable managers, directors, and makes shareholders take the selection of management personnel seriously, since each shareholder is responsible for the efficient operation of the company with invested funds.

Thirdly, it creates the possibility of a real transformation of the entire labor collective of the enterprise into owners by acquiring shares of the company by each of them.

Fourthly, there is an opportunity to attract your permanent counterparties to the shareholders, while creating a general interest in the results of the company's activities. Also, the company itself can acquire securities of other companies, thus forming entire networks of organizations interested in each other's work, connected by property relations and the right to participate in management.

Thus, a joint-stock company, uniting all participants on a single legal basis, provides a unique form of realization of collective property, while creating interest in the final results of work. The issuance and distribution of shares provides a real opportunity for control and management of activities by shareholders.

A joint stock company is one of the organizational and legal forms of enterprises. It is created by the centralization of funds (capital pooling) of various persons, carried out through the sale of shares for the purpose of carrying out economic activities and making a profit.

Joint stock company in accordance with the Civil Code of the Russian Federation of October 21, 1994. and the Federal Law "On Joint Stock Companies" recognizes a commercial organization whose authorized capital is divided into a certain number of shares, certifying the obligations of the company's participants (shareholders) in relation to the company. Individuals and legal entities may act as participants in the pooling of capital by creating a joint-stock company (participants of the company).

At the same time, participants are not liable for the obligations of the company and bear the risk of losses associated with its activities, within the value of their shares. Participants who have not fully paid for the shares shall be jointly and severally liable for the obligations of the company to the extent of the unpaid part of the value of the shares they own.

In the process of creating a company, its founders unite their property on certain conditions, fixed in the constituent documents of the company. On the basis of such combined capital, economic activities will be carried out in the future with the aim of making a profit.

The contribution of a member of the company to the joint capital may be cash, as well as any material assets, securities, rights to use natural resources and other property rights, including the right to intellectual property. The value of the property contributed by each founder is determined in monetary form by a joint decision of the company's participants. The united property, valued in monetary terms, constitutes the authorized capital of the company. The latter is divided into a certain number of equal shares. Evidence of the introduction of such shares is a share, and the monetary value of this share is called the par value (face value) of the shares.

Thus, a joint-stock company has an authorized capital divided into a certain number of shares of equal par value, which are issued by the company for circulation on the securities market. Each participant in the joint capital is endowed with a number of shares corresponding to the size of the share contributed by him. The owners of the shares - the shareholders - are the so-called share owners.

A joint stock company is a legal entity. The order of its organization is regulated by the legislation of the Russian Federation. The rights legal entity a joint-stock company acquires from the moment of its registration in the State Registration Chamber or other authorized state body. Upon registration, a Certificate of Registration of a joint-stock company is issued, which indicates the date and number of state registration, the name of the company, as well as the name of the registering body. The company is a legal entity and owns separate property recorded on its independent balance sheet, can, on its own behalf, acquire and implement property and personal non-property rights, bear obligations, be a plaintiff and defendant in court.

The Company has civil rights and bears the obligations necessary for the implementation of any types of activities not prohibited by the legislation of the Russian Federation. Companies can engage in activities, the liver of which is determined by the legislation of the Russian Federation, only on the basis of an appropriate permit (license). If the conditions for granting a special permit (license) to engage in a certain type of activity provide for the requirement to engage in such activity as exclusive, then the company during the validity period of the special permit (license) is not entitled to carry out other types of activity, with the exception of the types of activities provided for by the special permit (license). ) and related ones.

The functioning of a joint-stock company is carried out with obligatory observance of the conditions of economic activity established by Russian legislation. As a legal entity, the company is the owner of: the property transferred to it by the founders; products produced as a result of economic activity; received income and other property acquired by him in the course of his activities. The Company has full economic independence in determining the form of management, making economic decisions, marketing, setting prices, wages and profit distribution.

The term of the company's activity is not limited or is set by its participants.

A joint-stock company is created and operates on the basis of a charter - a document that defines the subject and goals of creating a company, its structure, the procedure for managing affairs, the rights and obligations of each co-owner.

A company can be open or closed, which is reflected in its charter and trade name.

Shareholders of an open company may alienate their shares without the consent of other shareholders of this company. Such a company has the right to conduct an open subscription for the shares it issues and to carry out their free sale in accordance with the legislation of the Russian Federation. An open company has the right to conduct a closed subscription for the shares it issues, except in cases where the possibility of conducting a closed subscription is limited by the company's charter or the requirements of legal acts of the Russian Federation. The number of shareholders of an open company is not limited.

The main characteristics of an open society are the scale of the combined capital and a large number of owners. The main idea, which is usually pursued when creating this form of private enterprise, is to attract and concentrate large amounts of money (capital) of individuals and legal entities in order to use them for profit.

A company whose shares are distributed only among its founders or other predetermined circle of persons is recognized as a closed company. Such a company is not entitled to conduct an open subscription for shares issued by it or otherwise offer them for purchase to an unlimited number of persons. The number of shareholders of a closed company must not exceed fifty. If the number of shareholders of a closed company exceeds the limit established by this paragraph, the said company must be transformed into an open company within one year. If the number of its shareholders does not decrease to the limit established by this paragraph, the company is subject to liquidation in a judicial proceeding.

Shareholders of a closed company have the pre-emptive right to acquire shares sold by other shareholders of this company at the offer price to another person. The company's charter may provide for the company's preemptive right to acquire shares sold by its shareholders, if the shareholders have not exercised their preemptive right to acquire shares.

The procedure and terms for exercising the pre-emptive right to acquire shares sold by shareholders are established by the charter of the company. The term for exercising the pre-emptive right may not be less than 30 and more than 60 days from the moment the shares are offered for sale.

In my opinion, in general, the main advantage of joint-stock companies is that this form of ownership allows many people to be co-owners of large factories and plants and to perform the basic functions of a shareholder, such as the function of participating in the management of a joint-stock company and receiving income in the form of dividends and growth in the exchange rate. the value of the shares.

A joint-stock company can be created by establishing a new one and by reorganizing an existing legal entity (merger, accession, division, spin-off, transformation). The company is considered established from the moment of its state registration.

The creation of a company by founding is carried out by decision of the founders (founder). The decision to establish a company is made by the constituent assembly. If a company is established by one person, the decision on its establishment is made by this person alone. The decision to establish a company must reflect the results of the voting of the founders and the decisions taken by them on the issues of establishing the company, approving the charter of the company, and electing the management bodies of the company. The decision to establish a company, approve its charter and approve the monetary value of securities, other things or property rights or other rights having a monetary value, contributed by the founder in payment for the shares of the company, is taken by the founders unanimously.

The election of the management bodies of the company is carried out by the founders by a three-quarters majority vote, which represent the shares to be placed among the founders of the company.

The founders of the company conclude a written agreement between themselves on its establishment, which determines the procedure for their joint activities to establish the company, the size of the authorized capital of the company, the categories and types of shares to be placed among the founders, the amount and procedure for their payment, the rights and obligations of the founders to create the company.

In our opinion, in general, the financial advantage of the joint-stock form of ownership lies in the possibility of a fairly quick mobilization of additional financial resources (through an additional issue of shares, a large loan from a commercial bank).

In general, it is the joint-stock form of ownership in combination with the holding structure of management that gives OJSC “Tatarstan sote” quite significant opportunities for centralized management of the financial stability of subsidiaries.

Conclusion

At the end of the thesis research, it is necessary to summarize the following main conclusions and recommendations:

1. Financial stability management is a science-based process to optimize the level of financial dependence and the efficiency of the enterprise. Financial dependence is determined by the ratio of borrowed and own funds of an enterprise. The efficiency of the enterprise is not limited only to indicators of the level of its profitability. Efficiency also includes socio-economic indicators, such as, in particular, labor productivity and wages.

2. In a broad sense, financial stability analysis can be used: as a tool to justify short-term and long-term economic decisions, the feasibility of investments; as a means of assessing the skill and quality of management; as a way to predict future results. Modern financial analysis is constantly changing under the influence of the growing influence of the environment on the conditions of the functioning of enterprises. In particular, its target orientation is changing: the control function recedes into the background and the main emphasis is on the transition to the justification of management and investment decisions, determining the directions of possible capital investments and assessing their feasibility.

3. The practical part of this thesis research is based on the materials of JSC "Tatarstan sote". The supreme governing body of JSC "Tatarstan sote" is the General Meeting of Shareholders. The holding scheme is that each of the dairy plants owns a certain block of shares in the head enterprise - OAO Tatarstan sote, which, in turn, has a controlling stake in voting shares in the authorized capital of each of the dairy plants. Thus, JSC "Tatarstan sote" has a direct impact on the strategy of financial and economic development of each of the structures included in the holding, however, the dairy plants themselves have the right, primarily through the General Meeting of Shareholders and other procedures provided for by the legislation of the Russian Federation on joint-stock companies, to provide impact on the development of the holding as a whole.

4. Assessment of the financial stability of OJSC ‘Tatarstan sote”, in particular, led to the conclusion that in 2003 the value of stocks in the warehouses of the enterprise increased quite significantly - by 678,663 thousand rubles. or by 158.4% compared to the beginning of the year. In our opinion, this trend should be regarded as an unambiguously negative one - overstocking is clearly taking place, which negatively affects both the liquidity and the financial stability of the enterprise. Own current assets of JSC “Tatarstan sote” during 2003 continued to remain negative and, moreover, decreased. For any industrial enterprise, this situation is extremely alarming. It means that current assets are financed entirely by borrowed capital, and, moreover, part of the enterprise's need for fixed assets is also financed by borrowed capital.

5. The values ​​of the coefficients of financial risk, debt and autonomy of the enterprise are extremely unsatisfactory. In fact, the enterprise under study as a whole, according to the data of 2003, is extremely financially unstable. For an ordinary enterprise, the situation described above could be fraught with bankruptcy. However, OJSC “Tatarstan sote” occupies a certain, socially significant niche in the economy of the Republic of Tatarstan. On the one hand, this imposes certain restrictions on the enterprise (the impossibility of a rapid increase in prices due to a possible rapid increase in costs, the need for detailed coordination of pricing policy with the Government of the Republic of Tajikistan). On the other hand, the special status of the holding in the strategic perspective may lead to an increase in irresponsibility in the field of financial management.

6. In general, financial stability management is spontaneous, reactive, non-systemic. It is poorly integrated into the overall management system of the enterprise. There is no effective receivables management system, especially in terms of doubtful and overdue debts. Trends in the financial stability ratios of OAO Tatarstan sote in 2003 testify to the growing threat of loss of financial independence.

7. We proposed a scheme for the process of managing the financial stability of an enterprise, which is cyclical: its initial stage is a comprehensive assessment of financial stability, which includes a study of macroeconomic and industry conditions, as well as the relationship between profitability and financial stability at the enterprises of the holding (see Chapter 4 of the thesis research ). Finally, after the implementation of all management actions, identification of factors and justification of reserves to increase investment attractiveness, planning and implementation of specific measures, as well as monitoring their implementation, the process of managing the financial stability of Tatarstan Sote OJSC should again return to the assessment procedure. This approach allows you to clearly determine the results of specific management actions, and, thus, makes it possible to directly assess their effectiveness.

8. We have studied the relationship between the coefficients of financial dependence of the subsidiaries of the Tatarstan sote holding and the level of profitability of their sold products in 2003. In general, the correlation-regression analysis performed confirms our earlier conclusion that it is necessary to gradually reduce the level of financial dependence (the share borrowed funds in the general structure of funding sources) both for OJSC “Tatarstan sote” as a whole and for its individual branches. In other words, with a decrease in the share of borrowed funds, the profitability of the activities of dairy plants that are part of the holding JSC "Tatarstan sote" is steadily increasing. This is understandable: interest on loans is still quite expensive, which increases the cost of production, and late payment of the loan itself or interest on it, as well as untimely return of accounts payable, entails fines and penalties, which also increases the cost of production and, accordingly, reduces profit and profitability.

The main managerial conclusion, therefore, is the need for a systematic reduction in the share of borrowed funds in the structure of financing sources of Tatarstan Sote OJSC, coupled with an increase in the efficiency of using equity and an increase in financial discipline.

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Non-state educational institution

higher professional education

"SAMARA INSTITUTE - HIGH SCHOOL OF PRIVATIZATION AND ENTREPRENEURSHIP"

Direction "Economics"

COURSE WORK

in the discipline "Financial policy of the company"

Topic: "Managing the financial stability of the company"

Work done by student

Liventseva Olga Alexandrovna

Group No. E-ZD-13-3-3

Samara 2016

Introduction

3.2 Determination of the type of financial stability of the enterprise

3.4 Scorecard business activity enterprises

Chapter II. Assessment of the financial stability of the enterprise.

$1. Characteristics of Uniform Style LLC

$2. Analysis of indicators of financial stability of the enterprise

$3. Enterprise solvency assessment

$4. Determination of the level of business activity of the enterprise and opportunities for its improvement

$5. Opportunities of the enterprise to strengthen financial stability and business activity

Conclusion

List of used literature

Applications

financial solvency managerial

Introduction

In market conditions, it is very important for any organization to ensure the stability, reliability of its activities, and the efficient use of its own capital. In other words, every organization strives to achieve market survival. The key to survival and the basis of the firm position of the enterprise is its financial stability. Financial stability is a reflection of a stable excess of income over expenses, in which a stable cash inflow is achieved, allowing the enterprise to ensure its current and long-term solvency, financial stability ensures the free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. Therefore, financial stability is formed in the process of all financial and economic activities and is the main component of the overall sustainability of the enterprise. In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of market participants interested in the results of its functioning, therefore, the issues of financial stability management are always relevant and essential for the enterprise. First of all, the degree of financial stability of the enterprise attracts the attention of investors and creditors - on the basis of its assessment, they make decisions on investing in the relevant enterprise. Thus, if an enterprise is financially stable, then it has a number of privileges over other enterprises of the same profile for obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel.

Obviously, if an organization is financially sound, then it will not have contradictions with the state and society, since they will be paid in due time: taxes - to the budget, contributions - to social funds, wages - to workers and employees, dividends - to shareholders, and banks will be provided with the repayment of loans and the payment of interest on them.

The higher the stability of the enterprise, the more it is regardless of sudden changes in market conditions, in turn, insufficient financial stability can lead to a lack of funds for the development of production, insolvency and, ultimately, bankruptcy.

Financial stability analysis provides an opportunity to evaluate:

composition and placement of assets of an economic entity;

· the dynamics and structure of sources of asset formation;

degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;

· capital adequacy for current activities and long-term investments;

the need for additional sources of funding;

ability to increase capital;

Rationality of attraction of borrowed funds;

· the validity of the policy of distribution and use of profits.

Thus, the object of the study of the course work is the financial stability of the enterprise OOO "Uniform style", and the subject of the study is the factors that determine the level of financial stability of the enterprise.

The objectives of the course work is to consider the following aspects:

1. theoretical foundations for managing the financial stability of an enterprise;

2. the main methods of analysis of the financial stability of the enterprise;

3. measures to improve the financial condition of the enterprise.

Chapter I. Theoretical foundations of financial stability and solvency of an enterprise

$1. The role of assessing the financial stability of an enterprise and analyzing the factors influencing it in making management decisions

1.1 The concept of financial sustainability and financial sustainability management

Management in the broad sense of the word always presupposes the presence of an object and a subject of management. So in the case of managing the financial stability of an enterprise: the object of management is the movement of financial resources and financial relations between business entities and their divisions in the economic process, and the subject of management is a special group of people who, through various forms of managerial influence, carry out purposeful functioning of the object.

As for the concept of financial stability itself, it can be characterized from two sides.

The differences in these approaches are due to the fact that, on the one hand, the financial stability of an enterprise can be defined as a characteristic of the current financial condition of the enterprise, and on the other hand, financial stability is considered as an assessment of the stability of the enterprise's functioning in the future. In accordance with the first approach, the external manifestation of the financial stability of the enterprise is its solvency. An enterprise is considered solvent when its available funds, short-term financial investments (securities, temporary financial aid other enterprises) and active settlements (settlements with debtors) cover its short-term liabilities: that is, the current assets of the enterprise are greater than or equal to the current liabilities of the enterprise. According to the second approach, the definition of financial stability can be formulated as follows: financial stability reflects the financial condition of an enterprise, in which it is able, through the rational management of material, labor and financial resources, to create such an excess of income over expenses, in which a stable cash inflow is achieved, allowing the enterprise to ensure its long-term solvency, as well as to satisfy the investment expectations of the owners. According to this definition, financial stability is a broader concept than just solvency. Thus, the appropriate approach involves ensuring the financial independence of the organization in the long term. Financial stability is characterized, therefore, by the ratio of own and borrowed funds. If the structure "own capital - borrowed funds" has a significant preponderance towards debts, then this indicates that the enterprise has a tendency to bankruptcy in the future, especially if several creditors demand a refund at the time "inconvenient" for the enterprise.

Depending on the factors influencing it, sustainability can be internal and external, general (price), financial.

Internal stability is such a general financial condition of the enterprise, which ensures a consistently high result of its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

The external stability of the enterprise is due to the stability of the economic environment in which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

The overall sustainability of an enterprise is such a cash flow that ensures a constant excess of the receipt of funds (income) over their expenditure (costs).

An analysis of the stability of the financial condition on a particular date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meet market requirements and meet the needs of the enterprise's development, since insufficient financial stability can lead to the enterprise's insolvency and lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise's costs with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

The financial stability of an enterprise is influenced by a huge variety of factors. For example:

According to the place of origin - external and internal;

By the importance of the result - the main and secondary;

By structure - simple and complex;

By the time of action - permanent and temporary.

Internal factors depend on the organization of the work of the enterprise itself, while external factors are not subject to the will of the enterprise.

The sustainability of the enterprise, first of all, depends on the composition and structure of the products and services provided, inextricably linked with production costs. The ratio between fixed and variable costs is important.

Another important factor in the financial stability of an enterprise, closely related to the types of products and production technology, is the optimal composition and structure of assets, as well as right choice strategies for managing them. The art of managing current assets is to keep on the accounts of the enterprise only the minimum necessary amount of liquid funds, which is needed for current operational activities.

A significant internal factor in financial stability is the composition and structure of financial resources, the correct choice of strategy and tactics by management. The more an enterprise has its own financial resources, primarily profit, the calmer it can feel. At the same time, not only the total mass of profit is important, but also the structure of its distribution, especially the share that is directed to the development of production.

The financial stability of the enterprise is greatly influenced by funds additionally mobilized in the loan capital market. The more money an enterprise can attract, the higher its financial capabilities, but the financial risk also increases - whether the enterprise will be able to pay its creditors in a timely manner.

And here reserves are called upon to play an important role as one of the forms of financial guarantee of the solvency of an economic entity.

So, the internal factors influencing financial stability are: sectoral affiliation of a business entity, the structure of products (services), its share in the total, solvent demand; the amount of paid authorized capital; the amount of costs, their dynamics in comparison with cash income; the state of property and financial resources, including stocks and reserves, their composition and structure.

External factors include the influence of economic conditions of management, the technique and technology prevailing in society, effective demand and the level of consumer income, the tax credit policy of the Government of the Russian Federation, legislative acts on control over the activities of the enterprise, foreign economic relations, the system of values ​​in society, etc.

1.2 Assessment of financial stability as a basis for making managerial decisions

The assessment of the financial stability of an organization for the purpose of making management decisions is aimed at maintaining such a state of financial resources, their distribution and use, which would ensure the smooth operation of the organization, contribute to its development based on the growth of profits and capital in the light of the long term, guarantee constant solvency within the acceptable level entrepreneurial risk.

The process of developing and making a management decision is the most time-consuming and responsible part of management accounting.

Management accounting is a set of methods, techniques and procedures that allow the collection, processing, transformation and interpretation of internal information coming from various departments and services of the enterprise, and the provision of this information in the form necessary and sufficient for monitoring and making effective management decisions. Management decisions are developed and adopted by various business entities:

Owners - to inform strategic decisions (what long-term activities should be included in the organization's business plan to ensure a sustainable solution);

Managers - to justify operational decisions (what operational activities should be included in the organization's financial recovery plan);

Arbitrators - to enforce judgments

(what urgent actions should be provided for in the external management plan of the organization);

Lenders - to justify decisions on granting a loan (what conditions for granting a loan exclude the possibility of not returning it);

Investors - to prepare investment decisions (what investment conditions will ensure the profitability of the investment project).

1.3 Influence of the financial policy factor on the financial stability of the enterprise

Financial stability management is part of the overall financial policy, therefore, in order to build an effective financial management system aimed at achieving the strategic and tactical goals of the organization, it is necessary to develop the financial policy of the organization.

The financial policy of an organization is a set of measures for the purposeful formation, distribution and use of financial resources.

The development and implementation of the financial policy of the organization has a significant impact on the mechanism of financial management. Financial policy makes it possible to justify methods for ensuring long-term financial stability. The role of financial policy in the management of an organization is determined by the fact that it affects all aspects of its activities: production, material support, marketing, financial - and reflects in a concentrated form the influence of numerous internal and external factors. The main feature of the financial policy of organizations in modern conditions is the integrated use of instruments, and, depending on the specific conditions, the prevailing importance in certain periods may be given to one or another instrument. The effectiveness of the financial policy of the organization is defined as the level of achieving the best result at the lowest cost, measured by the relevant indicators of the effectiveness of the direction and use of financial flows, material and labor resources.

Currently, the following types of financial policy are distinguished.

"Aggressive type of financial policy" characterizes the style and methods of making managerial financial decisions focused on achieving the highest results in financial activities, regardless of the level of financial risks accompanying it. Since the level of financial performance in terms of its individual parameters usually corresponds to the level of financial risks, it can be stated that an aggressive type of financial policy generates the highest levels of financial risks.

"Moderate type of financial policy" characterizes the style and methods of making managerial decisions focused on achieving industry-average results in financial activities at medium levels of financial risks. With this type of financial policy, the enterprise, not avoiding financial risks, refuses to conduct financial transactions with an excessively high level of risks, even with the expected high financial result.

"Conservative type of financial policy" characterizes the style and methods of making managerial decisions aimed at minimizing financial risks. Providing a sufficient level of financial security of the enterprise, this type of financial policy cannot provide sufficiently high final results of its financial activities.

The type of financial policy affects the structure of resources and the ratio of own and borrowed capital. For example, with an aggressive type of financial policy, non-current assets, a constant part of working capital and half of the variable part of current assets are financed at the expense of own and long-term borrowed funds. With a moderate financial policy, non-current assets, a constant part of working capital, are financed at the expense of own and long-term borrowed funds. With a conservative type of financial policy, only non-current assets are financed at the expense of equity and long-term borrowed capital, and all current assets are formed at the expense of short-term borrowed funds.

Accordingly, the indicators characterizing the financial stability of an enterprise depend on the type of financial policy of the enterprise.

$2. Methods and techniques for determining the financial stability and solvency of an enterprise

2.1 Classification of methods for determining the financial stability and solvency of an enterprise

So, financial stability is the key to the stable existence and functioning of the enterprise. Therefore, the assessment of financial sustainability and its management deserves special attention.

Methods of financial analysis is a set of scientific and methodological tools and principles for studying the financial condition of an enterprise.

IN economic theory and practice, there are various classifications of methods of economic and financial analysis in particular.

The first level of classification distinguishes non-formalized and formalized methods of analysis.

Non-formalized methods of analysis are based on analytical procedures at the logical level, and not on rigid analytical relationships and dependencies. These include the following methods:

Expert assessments and scenarios,

Psychological,

Morphological,

comparative,

Building a system of indicators,

Building a system of analytical tables.

These methods are characterized by a certain subjectivity, since intuition, experience and knowledge of the analyst are of great importance in them.

Formalized methods of financial analysis include those based on strictly formalized analytical dependencies, that is, methods:

chain substitutions,

arithmetic difference,

Balance,

Isolation of the isolated influence of factors,

percentage numbers,

Differential,

logarithmic,

Integral,

Simple and compound interest,

Discounting.

In the process of financial analysis, traditional methods of economic statistics are also widely used (average and relative values, grouping, graphical, index, elementary methods for processing time series), as well as mathematical and statistical methods (correlation analysis, analysis of variance, factor analysis, principal component method) .

The use of types, techniques and methods of analysis for specific purposes of studying the financial condition of the enterprise together constitutes the methodology and methodology of analysis.

There are six main methods of analysis:

1) horizontal (temporal) analysis - comparison of each reporting position with the previous period;

2) vertical (structural) analysis - determination of the structure financial indicators assessing the influence of various factors on the final result;

3) trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of indicators, cleared of the influence of individual characteristics of individual periods (with the help of the trend, the most important financial indicators are extrapolated to the prospective period, i.e. a prospective forecast analysis of the financial condition);

4) analysis of relative indicators (coefficients) - calculation of relationships between individual report positions or positions different forms reporting, determination of interrelations of indicators;

5) comparative analysis - on-farm analysis of summary reporting indicators for individual indicators of the enterprise itself and its subsidiaries (branches), as well as an analysis of the indicators of this company in comparison with the indicators of competitors or with and average indicators.

6) factor analysis - determination of the influence of individual factors (reasons) on the effective indicator of deterministic (time-separated) or stochastic (not having a certain order) research methods. At the same time, factor analysis can be both direct (analysis itself), when the performance indicator is divided into separate components, and reverse (synthesis), when its individual elements are combined into a common performance indicator.

Thus, to assess the financial stability of the enterprise, it is necessary to produce:

balance sheet liquidity analysis,

horizontal and vertical balance analysis,

calculation of relative liquidity ratios,

determination of the size of the sources of funds available to the enterprise for the formation of its reserves and costs,

calculation of financial sustainability ratios.

Balance sheet liquidity analysis and its horizontal and vertical analysis

The need to analyze the liquidity of the balance sheet arises in market conditions due to increased financial constraints and the need to assess the solvency of the organization, i.e. its ability to timely and fully pay all its obligations.

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups.

A 1. The most liquid assets - these include all items of the organization's cash and short-term financial investments.

A 2. Marketable assets - accounts receivable, payments on which are expected within 12 months after the reporting date.

A 3. Slowly realizable assets - items in section II of the assets of the balance sheet, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets.

A 4. Hard-to-sell assets - articles of section I of the asset balance - non-current assets.

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P 1. The most urgent obligations - these include accounts payable.

P 2. Short-term liabilities are short-term borrowed funds, debts to participants for the payment of income, other short-term liabilities.

P 3. Long-term liabilities are balance sheet items related to sections IV and V, i.e. long-term loans and borrowings, as well as deferred income, consumption funds, reserves for future expenses and payments.

P 4. Permanent, or stable, liabilities are articles section III balance sheet "Capital and reserves".

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

The balance is considered absolutely liquid if the following ratios take place:

If the first three inequalities are satisfied in this system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability. The fulfillment of the fourth inequality indicates the observance of one of the conditions for financial stability - the availability of working capital for the organization.

In the case when one or more inequalities of the system have the opposite sign from that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group in value, but in a real situation, less liquid assets cannot replace more liquid ones.

Comparison of liquid funds and liabilities allows you to calculate the following indicators:

Current liquidity, which indicates the solvency (+) or insolvency (-) of the organization for the nearest time period to the moment in question:

TL \u003d (A 1 + A 2) - (P 1 + P 2)

Prospective liquidity - solvency forecast based on a comparison of future receipts and payments:

PL \u003d A 3 - P 3

The liquidity analysis of the balance sheet is reduced to checking whether the liabilities in the liabilities side of the balance sheet are covered by assets, the period of transformation of which into cash is equal to the maturity of the liabilities.

To identify factors that affect the change in the solvency and risk of the enterprise, it is necessary to analyze the composition, dynamics and structure of property and sources of financing at the enterprise. The analysis of the dynamics will show how the assets and sources of financing have changed, the analysis of the structure will allow us to assess the consequences of these changes: improvement or decrease in solvency, risk and financial stability of the enterprise. All of the above is called horizontal and vertical balance sheet analysis. Horizontal analysis consists in comparing the financial data of the enterprise for the past two periods (years) in relative and absolute form. Using this type of analysis, it is determined which sections and balance sheet items have undergone changes. Next, a vertical analysis is carried out, which allows one to draw a conclusion about the structure, as well as to analyze the dynamics of this structure. So, on the basis of horizontal and vertical analysis, it is possible to determine the signs of a “good” balance, which are the reasons for the financial stability of the organization. These include:

The balance sheet at the end of the reporting period should increase compared to the beginning of the period;

The growth rate of current assets must be higher than the growth rate of non-current assets;

The equity of the organization must exceed the borrowed capital and its growth rate must be higher than the growth rate of borrowed capital;

The growth rates of receivables and payables should be approximately the same;

The share of own funds in current assets should be more than 10%;

The balance sheet should not have an item “Uncovered loss”.

$3. The choice of a system of indicators (coefficients) for the analysis of financial stability, solvency and business activity

3.1 Scorecard for determining financial sustainability

Quantitatively, financial stability can be assessed using two groups of indicators: relative and absolute.

Relative indicators reflect the structure of sources of funds, the ratio of own and borrowed funds, as well as their share in the balance sheet.

Absolute indicators make it possible to assess whether the enterprise is able to maintain the existing structure of sources of funds.

Relative indicators are calculated using the following formulas:

1) Ratio of financial independence (autonomy) = Equity (capital and reserves) / balance sheet

This indicator judges how much the enterprise is independent of borrowed capital. The autonomy ratio is the most common indicator of the financial stability of an enterprise.

The optimal value of this ratio is 50%, that is, it is desirable that the amount of own funds be more than half of all funds available to the enterprise. In this case, the creditors feel calm, realizing that all borrowed capital can be compensated by the property of the enterprise. The growth of this ratio indicates the strengthening of the financial stability of the enterprise.

2) Financial dependency ratio = Borrowed capital (long-term + short-term liabilities) / balance sheet

It is the inverse of the financial independence ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value drops to one, it means that the owners are fully financing their enterprise.

3) Debt ratio = Current liabilities / balance sheet

The increase in the share of short-term credits and loans shows the need to attract investment.

4) Financial stability ratio = (Equity + long-term liabilities) / balance sheet

The financial stability ratio shows the proportion of funds from those sources that can be used for a long time.

5) Ratio of own working capital = (Equity + non-current assets) / current assets

Shows the share of own funds in the amount of current assets of the enterprise. An increase in the share of own working capital is a positive thing, but if the increase was due to short-term loans and borrowings, this is a negative factor. A decrease in this ratio also shows that the company is becoming dependent on creditors. Therefore, the dynamics of this coefficient needs a detailed factorial analysis.

6) Agility ratio = working capital / equity

This ratio shows what part of the funds from own sources is invested in the most mobile assets (what part of the equity capital is used to finance current activities).

7) Equity Multiplier = Balance Sheet / Equity (capital and reserves)

It characterizes the degree to which the enterprise gives preference to the use of borrowed funds in financing its assets.

8) The ratio of capitalization (financial risk) is the ratio of borrowed funds to own funds. It shows how much borrowed funds the company has attracted for the ruble of its own.

Kfr=ZS/SK=(str.1400+str.1500)/str.1300 (10)

where Kfr - financial risk ratio

ZS - borrowed funds, SC - equity

The optimal value of this indicator, developed by Western practice, is 0.5. It is believed that if its value exceeds one, then the financial stability of the assessed enterprise reaches a critical point, however, everything depends on the nature of the activity and the specifics of the industry to which the enterprise belongs.

The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, that is, in a certain sense, a decrease in financial stability and often makes it difficult to obtain a loan.

The normative value of this coefficient - the ratio should be less than 0.7. Exceeding this limit means the company's dependence on external sources of funds, loss of financial stability.

So, the financial independence of the enterprise from external borrowed sources is very important. The value of own capital characterizes the margin of financial stability of the enterprise, if it exceeds the value of borrowed capital.

Absolute indicators are calculated:

1) Availability of own working capital (Ec) = Own capital (Sk) - non-current assets (B)

2) The presence of own and long-term borrowed funds (Esd) \u003d (Equity (Sk) + long-term liabilities (To)) - non-current assets (B)

3) The total value of the sources of formation of reserves (Eo) \u003d (equity capital (SK) + long-term liabilities (To)) - non-current assets (B) + short-term loans and borrowings (Kkz)

To more accurately determine the financial stability of the enterprise, it is necessary to determine the degree of stock security:

1) Own working capital

E \u003d Ec - Z,

where EU is own working capital, and Z is stocks

2) Own current and long-term borrowed funds

Esd \u003d Esd - Z,

where Esd - availability of own and long-term borrowed funds

3) Common sources

Eo \u003d Eo - Z,

where Eo is the total value of the sources of reserves formation.

3.2 Determining the type of financial stability of the enterprise.

Based on the calculated indicators, the type of financial stability is determined:

1) Absolute, i.e. absence of non-payments and the reasons for their occurrence

Z< Ес + Ккз

2) Normal - no violations of internal and external financial discipline:

Z = Ec + Kkz

3). Unstable state - characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing receivables, and accelerating inventory turnover. The presence of violations of financial discipline (delays in wages, the use of temporarily free own funds of the reserve fund and economic incentive funds, etc.), interruptions in the flow of money to settlement accounts and payments, unstable profitability, failure to fulfill the financial plan, including profit.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products, i.e. conditions are met

Z1 + Z4? CCK-,

where Z1 - production reserves;

Z2 - work in progress;

Z3 - deferred expenses;

Z4 - finished product;

CKK - -- part of short-term loans and borrowings involved in the formation of stocks and costs. If the conditions are not met, then financial instability is considered abnormal and reflects a downward trend in financial condition. 4) Crisis - corresponds to the presence of overdue loans, debts to suppliers for goods, the presence of debts to the budget:

Z > Ec + Kkz

There are three levels of crisis:

first degree (I): the presence of overdue loans to banks;

second degree (II): I + presence of arrears to suppliers for goods; third degree (III: bordering on bankruptcy): II + the presence of arrears in the budget.

For the convenience of determining the type of financial stability, we present the calculated indicators in the table below:

Table 1 Summary table of indicators by types of financial stability

In a crisis and unstable financial condition, stability can be restored by a reasonable reduction in the level of inventories and costs.

Since a positive factor in financial stability is the availability of sources of formation of reserves, and a negative factor is the amount of reserves, the main ways out of unstable and crisis financial conditions (situations 3 and 4) will be: replenishment of sources of formation of reserves and optimization of their structure, as well as a reasonable decrease in the level stocks .

The most risk-free way to replenish the sources of stock formation should be recognized as an increase in real equity through the accumulation of retained earnings or through the distribution of profit after taxation into accumulation funds, provided that the part of these funds not invested in non-current assets grows. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items. An in-depth analysis of the state of stocks acts as an integral part of the internal analysis of the financial condition, since it involves the use of information on stocks that is not contained in the financial statements and requires analytical accounting data.

The analysis of financial stability is based mainly on relative indicators, since it is difficult to bring absolute balance indicators in inflationary conditions to a comparable form. The system of relative indicators is a set of financial ratios, which are calculated as ratios of the absolute indicators of the asset and liabilities of the balance sheet. Financial ratios are analyzed by comparing them with base values, as well as studying their dynamics for the reporting period and for several years. As basic values, own indicators for last year, industry average indicators, as well as indicators of the most promising enterprises. As a basis for comparison, theoretically substantiated or obtained by expert assessments of values ​​characterizing the optimal or critical (threshold) values ​​of indicators from the point of view of the stability of the financial condition can also serve.

Table 2 provides a summary of all relative measures of financial soundness.

Table 2 Indicators of the financial stability of the enterprise

3.3 The system of indicators of solvency of the enterprise

To assess the solvency of the enterprise, the following indicators are used:

Current liquidity ratio - reflects the company's ability to pay off its current liabilities with the help of current assets. The calculation formula is as follows:

The normative value for the current liquidity ratio Ktl >2.

The optimal level of liquidity is affected by the industry affiliation of the enterprise and its main activity.

Quick liquidity ratio (analogue: urgent liquidity) - shows the possibility of repayment with the help of quick and highly liquid assets of their short-term liabilities. The calculation formula is as follows:

The normative value for the quick liquidity ratio Kbl > 0.7-0.8.

3. Absolute liquidity ratio - reflects the ability of the enterprise to pay off its short-term obligations with the help of highly liquid assets. The indicator is calculated by the formula:

Normative value for absolute liquidity ratio Kabl >0.2.

The overall solvency ratio is one of the indicators that reflects the company's ability to cover its obligations with current assets.

The calculation formula is as follows:

Co.l. = (A1+A2+A3)/ (P1+P2)

where A1 - the most liquid assets; A2 - fast-selling assets; A3 - slow-moving assets; P1 - the most urgent obligations; P2 - short-term liabilities

If the total liquidity index Col > 1 - the liquidity level is optimal.

The overall solvency ratio on the balance sheet should take into account the liquidity of the company's assets, that is, their ability to turn into real money. The larger it is, the higher the level of debt a company can have. The overall solvency ratio below the norm means that the company is more dependent on the stability of external financing. The normal value of the coefficient is 1.5 - 2.5, depending on the sector of the economy. A value below 1 indicates high financial risk associated with the fact that the company is not able to consistently pay current bills. A value greater than 3 may indicate an irrational capital structure.

5. The coefficient of loss of solvency characterizes the chance of a decrease in current liquidity. Its effect extends to three months, starting from the date of reporting. This coefficient was approved in methodological provisions, which contain a set of measures to assess the financial condition of organizations. Thus, it is an integral part of the methods for calculating the unsatisfactory structure of the balance sheet of an enterprise. According to the official regulation, the solvency loss ratio is calculated as follows:

Where the indicator K t.l.k is the actual value of current liquidity, and Kt.l.n - shows the same indicator at the beginning of the reporting period. The number 3 characterizes the period of time, in months, for which the possibility of loss of solvency is being investigated. T is the size of the reporting period, also indicated in months. If the coefficient has an indicator greater than one (when calculated for a three-month period), then this indicates a low risk of the enterprise losing its solvency. An indicator less than one is almost a guarantee that the company will lose its solvency during the billing period.

6. If the current solvency of the enterprise is unsatisfactory, it is possible to assess the chances of returning to a normal value. The basis for this analysis will be the solvency recovery ratio, the final value of which will allow us to see the further prospects for improving the current liquidity ratio within six months from the reporting date. This financial ratio, as well as the above one, can be found in the methodological provisions for assessing the state of the financial situation of enterprises. Together with it, it is included in a set of indicators that allow you to determine the unsatisfactory structure of the balance sheet. According to the official position, it is calculated as follows:

Kt.l k is the actual value of the current liquidity ratio, taken at the end of the reporting period. Kt.l.n - the same coefficient taken at the beginning of the reporting period. T- as in the previous formula, shows the reporting period. The two characterizes the normal value of the current liquidity indicator, to which the desired coefficient should strive. The number "six" in this formula shows the normal length of time, in months, that can be allocated to restore solvency. That is, if in six months the company has not been able to increase the liquidity of its assets, the main provisions of the management strategy and interaction with the external environment should be reviewed. If the solvency recovery ratio exceeds one (taking into account the estimated six-month period), then the company is able to achieve its goal and return to its previous indicators. If the parameter falls below one, then the restoration of solvency is almost impossible.

3.4 System of indicators of business activity of the organization

turnover indicators.

The business activity of the enterprise in the financial aspect is manifested primarily in the speed of turnover of its funds. The profitability of an enterprise reflects the degree of profitability of its activities. The analysis of business activity and profitability consists in the study of the levels and dynamics of various financial turnover and profitability ratios.

Quantitative criteria of business activity are characterized by absolute and relative indicators. The absolute indicators include: the volume of sales of finished products, the amount of assets and capital used, including equity, profit.

It is advisable to compare these quantitative parameters in dynamics over a number of periods (quarters, years). The optimal ratio between them:

Net profit growth rate > Sales revenue growth rate > Asset value growth rate > 100%

That is, the profit of the enterprise should increase at a higher rate than other parameters of business activity. This means that assets (property) should be used more efficiently, production costs should decrease. However, in practice, even stably operating organizations may deviate from the specified ratio of indicators. The reasons for this may be: the development of new types of products and technologies, large capital investments in the modernization and development of fixed assets, the reorganization of the management and production structure, and other factors.

Relative indicators of business activity characterize the efficiency of using the organization's resources, these are financial ratios, turnover indicators.

All coefficients are expressed in times, and the duration of the turnover - in days. These indicators are very important for the organization. First, the size depends on the rate of turnover of funds. annual turnover. Secondly, the relative value of production costs (circulation) is associated with the size of turnover, and, consequently, with turnover: the faster the turnover, the less costs per turnover. Thirdly, the acceleration of turnover at one stage or another of the circulation of funds entails an acceleration of turnover at other stages. The financial position of the organization, its solvency depend on how quickly the funds invested in assets are converted into real money.

A quantitative assessment of the business activity of an enterprise is done in two directions:

The degree of implementation of the plan for the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

Since the analyzed enterprise does not draw up plans, only the level of efficiency in the use of enterprise resources (assets) will be considered.

The financial position of the enterprise, its liquidity and solvency directly depend on how quickly the funds invested in assets are converted into money.

This effect is explained by the fact that the speed of turnover of funds is associated with:

the minimum required value of the advanced capital (i.e. involved) tax and related cash payments (% for the use of the loan, etc.);

the need for additional sources of funding,

payment for them;

the amount of costs associated with the possession of commodity - material assets and their storage;

amount of taxes paid.

Calculating the indicators of turnover of current assets, we use formulas that are similar in their own way:

1) Ko.o.a. Current assets turnover ratio = Sales proceeds / current assets

Shows the amount of revenue attributable to the ruble of funds used in the activities of the enterprise.

2) Ko.z. Inventory turnover ratio = Cost of goods sold / inventory

Shows how many times during the analyzed period the organization used the average available inventory balance. This indicator characterizes the quality of stocks and the efficiency of their management, allows you to identify the remains of unused, obsolete or substandard stocks. The importance of the indicator is connected with the fact that profit occurs with each "turnover" of stocks (ie, use in production, operating cycle).

3) Ko.d.z Accounts receivable turnover ratio \u003d Sales proceeds / average cost of receivables

The accounts receivable turnover ratio shows how many times, on average, during the year, accounts receivable turned into cash.

4) K.o.g.p. Finished Goods Turnover Ratio = Sales Proceeds / Finished Goods

The turnover of finished products indicates the trends in the supply of raw materials for production, the state of the sales markets, the timeliness of settlements with direct sellers and buyers, as well as third parties.

If, when comparing different periods, an increase in the coefficient is observed, this indicates an increase in demand for manufactured products. If the coefficient decreases, then it is necessary to ascertain the overstocking of warehouses.

5) K.o.k Working Capital Turnover Ratio = Sales Proceeds / Working Capital

Shows how effectively the company uses investments in working capital and how this affects sales growth. The higher the value of this ratio, the more efficiently the company uses net working capital.

6) F about capital productivity \u003d Finished products / Initial cost of fixed assets

The return on assets shows how much output the company produces for each unit of the value of the fixed assets that were invested in it. Based on the return on assets, we can conclude how efficiently any enterprise works.

7) OZ d Inventory turnover in days = 365 / K o.z.

Shows how many days the enterprise will have enough available stock.

8) Ko.k.z. Accounts payable turnover ratio = Sales proceeds / accounts payable.

Shows how many times per period (per year) the accounts payable are turned over.

The higher the accounts payable turnover ratio, the faster the company pays off its suppliers. Decrease in turnover can mean:

Problems with paying bills.

Organization of relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of financial resources.

The turnover of accounts payable is evaluated together with the turnover of receivables. Unfavorable for the enterprise is the situation when the turnover ratio of accounts payable is much higher than the turnover ratio of receivables.

Profitability indicators.

Profitability indicators are designed to assess the overall effectiveness of investing in an enterprise. These are one of the most important indicators in assessing the activities of the enterprise, which reflect the degree of profitability of the enterprise. The profitability ratio is calculated as the ratio of profit to the assets, resources or flows that form it. It can be expressed both in profit per unit of invested funds, and in the profit that each received monetary unit carries.

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Allows you to assess the level of current liquidity, calculate the need for short-term loans to replenish working capital. To create such a model, you will need data from the income and expenditure budget (BFR), as well as some forecast values ​​of balance sheet items.

Many companies are familiar with the situation when serious troubles began with the words of the owner or CEO: “Now we urgently need money for our new investment project. You will have to withdraw some money from your checking account. Then we will decide how to pay off suppliers. Take out a loan as a last resort. Of course, the money was withdrawn from circulation, and then events developed according to the standard scenario. Namely: after a while it turned out that there were not enough own funds to pay for the supply of raw materials and materials. And the financial director had to urgently look for money to close the arisen - literally beg debtors to pay off the debt early, try to negotiate with the bank, look for various ways to increase the financial stability of the enterprise, etc. In such cases, it is necessary to carry out as soon as possible financial stability analysis and her assessment.

Somewhat similar events occurred in companies that thoughtlessly change the terms of settlements with suppliers and provide deferred payment to buyers. An example is the negative experience of a large manufacturing enterprise. CEO of the company, who is also the owner, demanded that the recently hired financial director do everything to double the profitability of the business. To solve this problem, contracts were concluded with suppliers on new terms. The essence of the changes was to abandon the use of deferred payment in exchange for lower purchase prices. At the same time, buyers of finished products were granted twice the deferred payment and increased the selling price of finished products. Just a few months later, for the first time in a long time, the company faced an acute shortage of working capital, and had to urgently borrow money from the bank. Fortunately, all this happened before the crisis and there were no problems with credit.

You can avoid such problems if you strictly follow a few rules:

• long-term assets must be financed by long-term liabilities;
• sources of financing of current assets should be enough to ensure the uninterrupted operation of the company in conditions of maximum capacity utilization (both production and logistics);
• the current liquidity ratio must always be at least 1.

Despite the seeming simplicity of the listed requirements, it is not easy to determine the needs of the company in working capital, as well as in the funds necessary to finance working capital. It is necessary to determine the indicators of the financial stability of the enterprise. For these purposes, TransWoodService OJSC has developed and successfully applies a model that allows solving these problems, as well as managing the financial stability of the business. It is based on the calculation of such important indicators for the financial director of any enterprise as the duration of the financial and operating cycles. Let us dwell on them in more detail before demonstrating how the financial stability management model of JSC TransWoodService works.

operating cycle. financial cycle

From the point of view of any financier, the operating cycle is the time for the full turnover of the entire amount of current assets. Simply put, this is the number of days that passes from the moment raw materials and materials arrive at the company's warehouse until the finished product is sold. Another, no less important indicator that helps to control the financial stability of an enterprise is the duration of the financial cycle (the time from the moment of payment for raw materials and materials to the receipt of funds for shipped products). The meaning of the operating and financial cycles is clearly presented in the diagram.

You can calculate the duration of the operating cycle (POC) if you use the following formula (decoding of symbols, sources of initial data and intermediate indicators used in calculating the cycle are presented in Table 1):

POTs \u003d UNDER + POMZ + PONZ + POGP + PODZ.

The formula for calculating the duration of the financial cycle will look like this (decoding of the symbols is in Table 1):

PFC \u003d POC - POKZ - POKZ.

Table 1 Data for calculating the duration of the financial and operating cycles

* In the further calculations presented in the article, the month is taken as the basis. - Note. ed.

** Since the model referred to in the article calculates the planned duration of the operating and financial cycles, the data for calculations are taken from the budgets, respectively. The actual value of the operating cycle can be determined using the income statement and balance sheet, respectively. - Note. re d.

Practice experience
Mikhail Katsnelson,
Vice President for Finance and Economics, Lunch CJSC

We budget and monitor the performance of both cycles on a monthly basis, and individual components on a weekly basis. If there is an excess of standards, then we take the necessary steps. Financing of working capital occurs as much as possible at the expense of the "lender", and the balance - due to short-term credit instruments (overdrafts and credit lines), since the use of equity is more profitable in investment activities (opening new outlets, ERP systems, etc.) .

Having information about the duration of the financial cycle, it is easy to determine the real need of the enterprise for the funds it needs to finance the process of manufacturing and selling products. The total need for working capital is calculated as the product of the operating cycle by the average daily costs (the ratio of the production cost (PC) to the number of calendar days in the period (T)). The source of financing of working capital can be both own and borrowed capital. Actually, this is not new, loans for replenishment of working capital are a normal practice for many companies. But due to the fact that enterprises often estimate by eye how much money to borrow from a bank, moreover, they ask for amounts with a margin, the profitability of a business decreases.

The model of managing the financial stability of an enterprise

All that is required to create a model with which the CFO can plan and evaluate eligibility, calculate the need for short-term working capital loans, is information from the income and expenditure budget (BFR), as well as some forecasted values ​​of balance sheet items. A mandatory requirement is a monthly breakdown in budgets. The more often control over the execution of budgets and, as a result, control over the financial stability of the enterprise, the better. What specific items from the income and expenditure budget and the forecast balance will be required for calculations are shown in Table 2.

table 2 Initial data for building a financial stability management model, thousand rubles.

Table 3 Turnover data, days.

When all the necessary initial data have been obtained, you can begin to calculate the indicators of the enterprise financial stability management model (see Table 4). For the financial director, the most important indicators in it will be such indicators as:

• the need for short-term loans attracted to replenish working capital;
• planned value of the current liquidity ratio.

The need for short-term loans is defined as the difference between the total need for working capital for the period (the calculation of which was described in detail above) and own working capital.

And the calculation of the planned value of the current liquidity ratio (Ktl) can be performed using the following formula:

Planned Ktl \u003d Duration of the operating cycle × Average daily expenditure of funds / Short-term liabilities.

The proposed model allows you to track how changes in the operating and financial cycles affect the value of the current liquidity ratio. For example, Table 4 shows that in the first quarter the company has a rather high current liquidity ratio of 1.9. After the first quarter, the situation changes dramatically. The company revised the terms of work with suppliers - they received a deferred payment for two months instead of one. And, accordingly, the current liquidity has decreased to 1. This means that the company can do almost without its own working capital.

But, as can be seen from Table 4, in August and September, when the company increased its stocks of raw materials, there was no increase in liquidity. On the contrary, the value of the coefficient decreases from 1.9 to 1.5. This is explained by the fact that the acquisition of additional stocks of raw materials is planned to be financed by short-term debt.

Table 4 The model of managing the financial stability of an enterprise