INTRODUCTION

Relevance of the topic. In conditions of the financial and economic crisis, commercial organizations are forced to reconsider the terms of contracts with suppliers and customers; All the attention of the organization's management is aimed mainly at finding reserves for reducing costs. The financial and economic crisis is a kind of “exam” for commercial organizations; In a crisis, only those economic entities whose management has managed to adapt to changing macro- and microeconomic indicators will be able to function. During the crisis, the number of non-payments and the use of bankruptcy procedures increases. In this regard, many organizations are losing regular customers and suppliers. In order to function, organizations are forced to establish correspondent relationships with other, unfamiliar counterparties.

The financial stability of an enterprise is one of the key characteristics of its financial condition, representing the most intensive, concentrated indicator that reflects the degree of safety of investing in this enterprise. This is a property of financial condition that characterizes the financial viability of an enterprise. Managing financial stability is an important task throughout the existence of an enterprise in order to ensure independence from external counterparties (external financial stability - stability to meet one’s debts and obligations) and the rationality of covering assets with sources of their financing (internal financial stability).

Before establishing business relationships with potential business partners, it is necessary to assess the degree of their financial stability. Financial stability is, first of all, the degree of independence of an organization from borrowed sources of financing; the degree of security of the organization's assets with its own funds. Establishing a business relationship with a financially unstable partner can result, for example, in the disruption of the production process due to untimely delivery of raw materials. The result is downtime and associated additional costs. In a crisis, not every organization will be able to withstand additional costs. In this regard, systems of indicators that make it possible to most accurately determine the degree of financial stability of a potential business partner and, accordingly, reduce the risk of establishing a business relationship with a financially unstable counterparty, become particularly relevant.

Analysis of the financial stability of an organization allows you to answer the questions:

How independent is the organization from a financial point of view;

Is the financial position of the organization stable?

The purpose of the thesis is to develop recommendations for increasing the financial stability of the enterprise OJSC Neftekamskshina.

Based on the purpose of the study, the following tasks were set in the work:

Consider the theoretical and methodological foundations of the analysis, in particular the essence, meaning, structure and methodology of analyzing financial stability;

Study the main approaches to assessing the financial stability of an enterprise;

Conduct an analysis of the financial stability of an enterprise using the example of OJSC Neftekamskshina for 2007-2009;

Based on absolute and relative indicators, propose ways to increase the financial stability of the enterprise OJSC Neftekamskshina;

The object of the study was the enterprise OJSC Neftekamskshina.

The subject of the study was the problematic aspects of the financial stability of the enterprise.

The theoretical basis of the study was: laws of the Russian Federation, regulations and documents, works of domestic and foreign academic economists on the analysis of the financial stability of an enterprise, namely Savitskaya G.V.; Taburchak P.P.; Endovitsky D.A.; Lyubushin N.P.; Kovalev V.V. etc. Also materials from periodicals and scientific and practical conferences on the problem under consideration.

The works of Professor V.V. deserve special attention. Kovalev, distinguished by a high degree of scientific character. His works pay considerable attention to indicators and models for assessing the financial stability of an organization based on balance sheet data.

The information basis of the study was the financial reporting forms of PJSC (Public company since 2014 under the Civil Code of the Russian Federation) “Neftekamskshina”:

Form No. 1 - Balance Sheet;

Form No. 2 - Profit and Loss Statement;

Form No. 3 - Statement of changes in capital;

Form No. 4 - Cash Flow Statement;

Form No. 5 - Appendix to the balance sheet;

Annual report.

Assessing the financial stability of an organization based on balance sheet data is very reasonable, since it contains significant information about the financial condition of the organization. It should also be noted that the balance sheet is the most accessible source of information, which is a significant factor. In a stable market economy and in conditions of a financial and economic crisis, the balance sheet as the main form of accounting reporting is the calling card of an economic entity.

As a methodological basis for the study, such methods of general scientific research as analysis and synthesis, a logical approach to assessing economic phenomena, comparison of studied indicators, the method of financial ratios and a systematic approach, etc. were used.

The systems approach is based on a deep study of objects as complex systems that consist of individual blocks in interconnection and interdependence. A systematic approach allows you to study an object in detail and get a complete picture of it.

The practical significance of the thesis lies in the development of practical recommendations for increasing the financial stability of the analyzed enterprise.

The thesis consists of an introduction, three chapters, a conclusion, a list of used sources and literature.

The first chapter discusses in some detail the theoretical foundations of financial stability analysis, in particular the essence, meaning, main approaches, structure and methodology of financial stability analysis.

The second chapter provides a detailed analysis of financial stability based on practical data from OJSC Neftekamskshina for 2007-2009.

The third chapter formulates the main ways to increase the financial stability of the analyzed enterprise.

1. Theoretical and methodological foundations for analyzing the financial stability of an enterprise

1.1 The essence and significance of financial stability in the activities of an enterprise

In the context of the financial and economic crisis, commercial organizations are forced to reconsider the terms of contracts with suppliers and customers; All the attention of the organization's management is aimed mainly at finding reserves for reducing costs. The financial and economic crisis is a kind of “exam” for commercial organizations; In a crisis, only those economic entities whose management has managed to adapt to changing macro- and microeconomic indicators will be able to function. During the crisis, the number of non-payments and the use of bankruptcy procedures increases. In this regard, many organizations are losing regular customers and suppliers. In order to function, organizations are forced to establish correspondent relationships with other, unfamiliar counterparties.

Before establishing business relationships with potential business partners, it is necessary to assess the degree of their financial stability.

Any organization belongs to an open socio-economic system, in which the following properties can be distinguished:

The socio-economic system functions in time, interacts with the external environment and at any moment can be in one of the possible states predetermined by the life cycle curve;

The “input of the system” receives resources, and the “output” produces results (products, work, services);

Within the system, based on the technologies used, incoming resources are converted into results;

Under the influence of the external environment, deviations of specified development indicators arise within the system, which are a factor that predetermines the transition of the system from one state to another and lead to adaptation of the input and output parameters of the system;

The development of a socio-economic system should be considered sustainable when a minimum gap is achieved between its specified and actual characteristics, subject to minimum costs to ensure such a stable state.

Thus, the organization develops under the condition of ensuring sustainability, otherwise it may not emerge from the next deviation from sustainable development (crisis). Sustainability is a factor in the development of the system.

Financial stability is one of the most important characteristics of the financial condition of an organization. The works of both domestic and foreign authors show that the concept of “financial stability” is based on the optimal relationship between the types of assets of the organization (current and non-current, taking into account their internal structure) and the sources of their financing (own and borrowed funds).

The sustainability of an organization operating in a market economy is one of the most important factors in assessing its competitiveness.

The factors that determine the financial stability of an organization are shown in Figure 1.1.

Before defining financial stability, it is necessary to address the terminological side of this issue. Thus, V. Dahl gives the definition of the original concept of “stability” from the word “to resist, to stand against someone, something - to stand firm, to withstand, to successfully resist force, to withstand, not to give in.” Steady, steadfast, strong, firm, not shaky.” In other words, we can say that resilience is steadfastness, not being subject to the risk of losses and damages, consistency.

Figure 1.1 - Components of the financial stability of an organization

Ozhegov S.I. in his Dictionary of the Russian Language gives a similar interpretation of the concept - “sustainable” and “finance”. Steady - standing firm, not wavering, not falling, not subject to fluctuations, constant, steadfast, firm. The word “finance” is revealed as funds, an element of national economic turnover, money, monetary affairs.

From the point of view of M.V. Melnik, the financial condition is considered stable if the organization has a sufficient amount of capital to ensure the continuity of its activities related to the production and sale of products in a given volume, as well as to fully and timely repay its obligations to personnel for the payment of wages, the payment budget taxes and suppliers for supplies and services received from them, to generate funds for the renewal and growth of non-current assets.

L.I. Kravchenko also does not give a direct definition of the financial stability of the enterprise, but points out that the stable financial position of the enterprise is characterized primarily by the constant availability of funds in bank accounts in the required amounts, the absence of overdue debt, the optimal volume and structure of current assets, their turnover, rhythmic development of product output, trade turnover, profit growth, etc. .

In turn, L.A. Bogdanovskaya, G.G. Vinogradov argue that the concept of financial stability of an enterprise is closely related to long-term solvency. Assessing financial stability allows external subjects of analysis (especially investors) to determine the financial capabilities of an enterprise for the long term. Since in a market economy, the implementation of the production process, its expansion, and the satisfaction of various needs of the enterprise are carried out through self-financing, and if they are insufficient, through borrowed funds, financial independence from external borrowed sources is of great importance, although it is difficult to do without them. Therefore, the ratio of debt, equity and total capital is studied from various positions.

V.V. Bocharov is one of the few who does not present financial stability as a group of characteristic indicators, but gives a formulation of the definition of financial stability: the financial stability of an economic entity is such a state of its monetary resources that ensures the development of the enterprise primarily at the expense of its own funds while maintaining solvency and creditworthiness with a minimum level of business risk.

Financial stability is a goal-setting property of financial analysis, and the search for goal-setting opportunities, means and ways to strengthen it has a deep economic meaning and determines the nature of its implementation and content, says L.T. Gilyarovskaya.

In our opinion, G.V. reveals the problem of the financial stability of the enterprise in the most detail. 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, guaranteeing its constant solvency and investment attractiveness within the acceptable level of risk.”

The difference between real equity capital and authorized capital is the main initial indicator of the stability of the financial condition of the enterprise.

Many foreign authors emphasize that the financial stability of an organization is determined by rules aimed at simultaneously 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 relationships between own and borrowed sources of funds used to form property reflected in the balance sheet asset.

An analysis of the stability of the financial condition as of a particular date makes it possible to find out how correctly the enterprise managed financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the development needs of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and a lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise’s costs with excess inventories and reserves.

The financial stability of an enterprise is related to the overall financial structure of the enterprise and the degree of its dependence on creditors and debtors. For example, a company that is financed mainly by borrowed money may go bankrupt if several creditors demand their loans back at the same time. In this case, the structure of the enterprise “equity capital - borrowed capital” has a significant advantage in favor of the latter.

The essence of assessing financial stability is the assessment of the provision of reserves and costs with sources of formation. The degree of financial stability is the reason for a certain degree of solvency of the organization. The most general indicator of financial stability is the surplus or shortage of sources for the formation of reserves and costs.

Assessing financial stability allows external subjects of analysis to determine the financial capabilities of the organization for the long term.

Purpose of financial stability analysis- assess the ability of the enterprise to repay its obligations and retain ownership of the enterprise in the long term. In this case, it is necessary to solve the following problems:

Objective assessment of financial stability;

Identification of factors affecting financial stability;

Development of options for specific management decisions aimed at strengthening financial stability.

The importance of financial stability individual economic entities for the economy and society as a whole is composed of its value for each individual element of this system:

For the state, represented by tax and other similar authorities, it is timely and full payment of all taxes and fees to budgets of various levels. The use of the revenue side of the budget depends on this, as well as the ability to fully realize one’s functions and fulfill obligations, which ultimately can lead to various negative consequences at the state and regional levels;

For extra-budgetary funds formed under the auspices of the state - timely and full repayment of debt on contributions to these funds. Failure of enterprises to fulfill their obligations entails violations in their work, in particular in the field of payment of pensions, child care benefits, unemployment benefits, etc.;

For employees of the enterprise and other interested parties - timely payment of wages, provision of additional jobs. In addition, an increase in the income of an enterprise leads to an increase in consumption funds, and therefore to an improvement in the material well-being of the employees of this enterprise;

For suppliers and contractors - timely and complete fulfillment of obligations. For them, these points are extremely important, since their income from their core activities is formed from income from buyers and customers. The withdrawal of financial resources from circulation due to late payments weakens their financial condition and forces them to attract additional borrowed funds to ensure normal functioning, which is associated with additional costs;

For servicing commercial banks - timely and full fulfillment of obligations in accordance with the terms of the loan agreement. Failure to comply with its terms and non-payments on issued loans may lead to disruptions in the functioning of banks;

For owners - profitability, the amount of profit used to pay dividends. For the owners of an enterprise, the importance of financial stability manifests itself as a factor that determines its profitability and stability in the future;

For investors (including potential ones) - the profitability and degree of risk of investing in an enterprise. The more stable it is financially, the less risky and more profitable investments in it are.

The highest form of sustainability of an enterprise is its ability to develop. To do this, the enterprise must have a flexible structure of financial resources and the ability, if necessary, to attract borrowed funds, i.e. be creditworthy.

An analysis of Russian business practice shows that an unstable financial situation is observed both in enterprises experiencing a decline in production and having signs of insolvency, and in enterprises that, on the contrary, are characterized by high growth and capital turnover, but have a high level of semi-fixed costs and are gradually losing profit .

Having examined the essence and significance of financial stability in the activities of an enterprise, let us move on to studying the main approaches to the financial stability of an enterprise.

1.2 Basic approaches to assessing the financial stability of an enterprise

Research has shown that the assessment of financial stability is based on the coefficient method (relative indicators). In the work of L.A. Bernstein states that ratios are among the most famous and widely used tools of financial analysis.

Let us highlight the following approaches to assessing the financial stability of an organization:

Traditional;

Resource;

Resource management;

Based on the use of stochastic analysis;

Based on the use of fuzzy set theory;

Based on the use of other special methods and calculation models.

Traditional, resource and resource-management approaches are implemented within the framework of the coefficient method.

Traditional approach. We consider the traditional approach to be one that uses indicators characterizing the organization’s assets, sources of their formation and other aspects of financial and economic activity without grouping them according to a specific criterion.

In the methodology, indicators of solvency and financial stability are combined into one group containing 10 coefficients:

General solvency;

Debt ratio for bank loans and loans;

Debt ratio to other organizations;

Debt ratio to the fiscal system;

Domestic debt ratio;

Degree of solvency for current obligations;

The ratio of covering current liabilities with current assets;

Own capital in circulation;

Share of equity capital in working capital;

Autonomy coefficient.

YES. Endovitsky believes that the system of comprehensive analysis of the financial stability of an organization should consist of fourteen blocks (Appendix A).

Disadvantages of this method:

The diversity of the set of coefficients is due to the different sources of information used by the authors;

The significance of each coefficient depends on the qualifications of the experts;

Ratios calculated on the basis of financial statements reflect retrospective data, which leads to a decrease in the quality of the assessment;

Resource approach. The essence of the resource approach is that resources are considered as factors of production used to achieve results. There are labor, material, financial, information, intellectual resources, etc. Their availability, composition and efficiency of use determine sales volume (revenue), profit, cost.

As a rule, when assessing and forecasting the development of an organization, it does not make sense to use a large number of indicators. Indicators may be from different groups in economic content and purpose, but their purpose is a characteristic of the “economic development of production” type in accordance with the structure and dynamics of indicators characterizing the use of resources.

Various combinations of the dynamics of sales volume (production), consumed resources and the magnitude of their return determine the type of economic development of production and identify indicators characterizing the financial stability of the organization (Appendix B).

When assessing the financial stability of an organization, the question of when the financial condition of the enterprise deteriorates is relevant. Within the framework of the approach under consideration, such a moment will be the presence of extensive factors in the development of production. The presence of extensive factors indicates existing reserves, the use of which can lead the organization out of an upcoming crisis situation.

Analysis of existing and research of new systems shows that in order to ensure systemic and structural stability of complex systems of production, economics, painting, music and other areas, it is necessary to establish relationships between the main indicators of the system that correspond to the principle of the “golden proportion” (Table 1.1).

Table 1.1 - Classification of financial stability taking into account the principle of the “golden proportion” depending on the type of economic development of production

Resource management approach. The efficiency of the resources used depends on the quality of the organization’s management, which is not taken into account in the above methods for assessing sustainability. Poor organization can lead to a crisis situation. In this regard, building up economic potential should be supplemented with the following condition: the growth rate of management costs per volume of output should not exceed the growth rate of specific resource consumption to produce the same volume of output:

where is the growth rate of management costs;

Growth rate of direct resource costs.

The rating assessment of the financial stability of organizations over the study periods is determined in accordance with algorithms. The significance of indicators may change under the influence of external conditions of the organization's functioning.

Methods and models based on stochastic analysis. Conclusions about the likelihood of loss of financial stability can be made based on a comparison of the indicators of this and similar organizations that have gone bankrupt or avoided bankruptcy. Moreover, in Russia it is very difficult, and often impossible, to find a suitable analogue for comparison in each case. The reliability of conclusions about the possibility of loss of financial stability increases significantly if financial analysis is supplemented with forecasting the probability of loss of financial stability of the organization using methods of multifactor stochastic analysis.

Methodological approaches to constructing multifactor models for predicting bankruptcy can be used when predicting the financial stability of Russian organizations. To achieve higher accuracy of results, it is necessary to constantly adjust the set of indicators and the values ​​of the weighting coefficients of each indicator, taking into account the type of economic activity and other listed conditions.

Methods and models based on the theory of fuzzy sets. Fuzzy logic is one of the most successful modern technologies for the development and evaluation of complex organizational control systems. It fills an important gap in design methods with unaffected mathematical approaches (eg, linear control design) and logical approaches (eg, expert systems) in the design and performance evaluation of systems.

Having studied the main approaches to assessing the financial stability of an enterprise, it is advisable to move on to considering the methodology for its analysis.

1.3 Methodology for analyzing the financial stability of an enterprise

Carrying out an analysis of financial stability, its assessment and forecasting within the framework of an operating organization is based on numerous sources of financial, economic, technological, technical, social information generated both within an economic entity and in the external business environment. The high role of obtaining objective and reliable data is explained by the proportional dependence of the results of the financial stability analysis, i.e. the quality of the conclusions drawn and recommendations developed on this basis depends on the degree of accuracy and completeness of the initial information. Even simplified decision-making methods based on accurate input data provide more reliable forecasts than complex discount portfolio analysis methods based on approximate data.

The main information base for financial analysis in general and assessment of its financial stability, in particular, is the financial statements:

Balance sheet (form No. 1);

Profit and loss statement (form No. 2);

Statement of changes in capital (form No. 3);

Cash flow statement (form No. 4);

Appendix to the balance sheet (form No. 5).

In addition, a number of organizations, regardless of industry, include an explanatory note in the annual report, which reflects the main results of financial and economic activities and the reasons that determined them, as well as the accounting policy adopted by the business entity.

The analytical capabilities of financial statements make it possible to expand the variability of financial stability assessments. It is known that a financially stable entity is one that does not allow unjustified receivables and payables and pays its obligations on time; covers funds invested in assets from its own funds.

The object of financial analysis can also be the final part of the audit report in the farms where the audit was carried out at the request of the business entity, or in accordance with current legislation. This document as a whole indicates the reliability of the financial statements and their compliance with accepted standards.

The concept of insolvency is also associated with the assessment of financial stability. In regulations governing the analysis of the financial condition of an organization, indicators of solvency and financial stability are combined into one group. This is due to the fact that an insolvent organization cannot be financially stable, and a financially stable organization must be solvent.

No less important is the assessment of financial stability in the short term, which is associated with identifying the degree of liquidity and solvency of the organization.

The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. An enterprise may be solvent at the reporting date, but at the same time have unfavorable opportunities in the future, and vice versa.

Balance sheet liquidity is defined as the degree to which an enterprise's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of liabilities. Asset liquidity is the inverse value of balance sheet liquidity in terms of the time of transformation of assets into cash. The less time it takes for a given type of asset to acquire a monetary form, the higher its liquidity.

Consequently, it is the basis (foundation) of the solvency and liquidity of the enterprise. In other words, liquidity is a way to maintain solvency.

Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity dates and arranged in ascending order.

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 - to the greatest extent liquid assets - the enterprise’s cash and short-term financial investments (securities); amounts for all cash items that can be used to perform current settlements immediately:

A 1 = c. 250 + s. 260. (1.2)

A 2 - quickly realizable assets - accounts receivable and other assets:

A 2 =c. 240. (1.3)

A 3 - slow-selling assets - articles of section II of the asset (with the exception of “Deferred expenses”):

A 3 = c. 210 - p. 217. (1.4)

A 4 - hard-to-sell assets - articles of section I of the balance sheet asset “Non-current assets”, as well as receivables, payments for which are expected in more than 12 months. after the reporting date, with the exception of the articles of this section included in the previous group:

A 4 = c. 190 + p. 230. (1.5)

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

P 1 - the largest short-term liabilities - these include accounts payable, dividend payments, other short-term liabilities, as well as loans not repaid on time:

P 1 = s. (620+630). (1.6)

P 2 - short-term liabilities - short-term loans and borrowed funds and other loans to be repaid within 12 months. after the reporting date:

P 2 =s. 610. (1.7)

P 3 - long-term liabilities - long-term loans and borrowed funds (articles of section IV):

P 3 = s. (510+520). (1.8)

P 4 - permanent liabilities:

P 4 = s. (490+640+440+650). (1.9)

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

A1?P1; A2?P2; A3?P3; A4<П4. (1.10)

Liquidity ratios are used to assess a firm's ability to meet its short-term obligations. They give an idea not only of the company’s solvency at the moment, but also in the event of an emergency.

Along with absolute indicators, relative indicators are calculated to assess the liquidity and solvency of enterprises (Table 1.2).

Various liquidity indicators not only provide a versatile characteristic of the stability of the financial condition of an enterprise with different degrees of accounting for liquid funds, but also meet the interests of various external users of analytical information. Thus, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. Buyers and holders of shares and bonds of an enterprise largely assess the financial stability of the enterprise by the current liquidity ratio.

To assess the degree of liquidity of organizations of individual organizational and legal forms (joint stock companies, limited liability companies, unitary enterprises), an indicator of net asset value has been established.

Net assets are a value determined by subtracting the amount of its liabilities accepted for calculation from the amount of assets accepted for calculation.

The assessment of balance sheet items involved in calculating the value of net assets is made in the currency of the Russian Federation as of December 31 of the reporting year.

Conventionally, the procedure for assessing the value of net assets can be presented as follows:

HA=Ar-Pr, (1.11)

where Ar - assets accepted for calculation;

Pr - liabilities accepted for calculation;

NAV - net asset value.

Table 1.2 - Relative liquidity indicators of the enterprise

Absolute indicators of financial stability are indicators characterizing the state of reserves and the availability of their sources of formation.

To characterize the sources of reserve formation, three main indicators are used:

Own working capital (SOC) is calculated as the difference between capital and reserves (III section of the liability side of the balance sheet) and non-current assets (I section of the asset). This indicator is absolute; its increase in dynamics is considered as a positive trend. Calculated using formula (1.12):

SOS = SI - VA = s. 490 - p. 190, (1.12)

where SI - own sources (III section of the balance sheet liabilities);

VA - non-current assets (I asset section).

The value of own and long-term borrowed sources of formation of reserves and costs (SD) is determined by formula (1.13):

SD = SOS + DP (p. 590), (1.13)

where DP are long-term liabilities (IV section of liabilities).

The total value of the main sources of formation of reserves and costs (OC) is determined by formula (1.14):

OI = SD + KZS, (1.14)

where KZS is short-term borrowed funds (p. 610 V of the liabilities section of the balance sheet).

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

Excess (+) or deficiency (-) of own working capital
funds?SOS:

SOS = SOS - 3, (1.15)

where 3 is inventories (p. 210 II of the assets section of the balance sheet).

Excess (+) or shortage (-) of own and long-term sources of reserves? SD:

SD = SD - 3. (1.16)

Excess (+) or deficiency (-) of the total amount of the main sources of reserves? OI:

ROI = ROI - 3. (1.17)

Using these indicators, you can determine a three-factor indicator of the type of financial situation (S):

S = (?SOS; ?SD; ?OI). (1.18)

The provision of reserves with sources of formation is the essence of financial stability, while solvency is its external manifestation.

Absolute stability the financial condition of the company shows that all inventories are fully covered by its own working capital. This situation is extremely rare and occurs when there is a surplus or equality of own working capital with the amount of reserves. And it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds for core activities. Occurs under the following conditions:

SOS>0, ?SD>0, ?OI>0, then S (1; 1; 1). (1.19)

Normal stability financial condition (guarantees the solvency of the enterprise; this ratio corresponds to the situation when a successfully operating enterprise uses various “normal” sources of funds to cover its reserves - its own and borrowed funds). This characteristic of the financial condition is determined by the conditions of a lack of own working capital for the formation of reserves, a surplus or equality of long-term sources with the amount of reserves. Occurs under the following conditions:

SOS< О, ?СД>0, ?ОИ>0, then S (0; 1; 1) (1.20)

Unstable financial condition (characterized by a violation of the solvency of the enterprise, when restoring balance is possible by replenishing sources of own funds and accelerating inventory turnover; this ratio corresponds to the situation when an enterprise, to cover part of its reserves, is forced to attract additional sources of coverage that are not “normal”, i.e. i.e. justified). At the same time, it remains possible to restore balance by replenishing one’s own working capital and additionally attracting credits and borrowings. This type of financial stability is determined by the conditions of a lack of own working capital and long-term sources for the formation of reserves, a surplus or equality of the main sources of formation of reserves with the amount of reserves.

Occurs under the following conditions:

SOS< О, ?СД<0, ?ОИ>0, then S (0; 0; 1) (1.21)

Crisis financial condition (in which the enterprise is insolvent and is on the verge of bankruptcy), because the main element of working capital - inventories - is not provided with sources to cover them. A critical financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and borrowings that are not repaid on time, as well as overdue accounts payable and receivable. This situation means that the company cannot pay its creditors on time. In a market economy, if the situation recurs chronically, the enterprise must be declared bankrupt, provided:

SOS< 0, ?СД<0, ?ОИ< 0, тогда S {0; 0; 0} (1.22)

And the three-component indicator (S) characterizes the situation as absolutely stable: S=(1,1,1). Consequently, the enterprise is provided with all the provided sources of reserve formation.

In the long term, financial stability is characterized by the ratio of own and borrowed sources of financing. This indicator gives only a general assessment, therefore, in global and domestic accounting and analytical practice, a system of indicators has been developed that allows one to assess financial stability using relative indicators - coefficients characterizing the degree of independence of the organization from external sources of financing (Appendix B).

Financial stability indicators characterize the degree of protection of the interests of investors and creditors. The basis for their calculation is the cost of funds or sources of functioning of the company.

The calculated actual ratios for the reporting period are compared with the norm, with their value for the previous period, with the indicators of similar enterprises, and thereby the real financial condition, strengths and weaknesses of the company are revealed.

Financial leverage (financial leverage) is the ratio of a company's borrowed capital to its own funds; it characterizes the degree of risk and stability of the company. The lower the financial leverage, the more stable the situation. On the other hand, borrowed capital allows you to increase the return on equity ratio, i.e. get additional profit on your own capital. An indicator reflecting the level of additional profit when using borrowed capital is called the effect of financial leverage. It is calculated using the following formula (1.23):

EGF = (1 - Kn) ? (RK - Central Control Commission) ? ZK/SK, (1.23)

where EFR is the effect of financial leverage;

Кн - profit taxation coefficient, which is calculated as the ratio of income tax expenses to the amount of profit before tax;

RK - return on total capital (economic profitability, return on total assets), calculated as the ratio of profit before tax and costs of raising borrowed funds to the average balance sheet value of total capital (balance sheet currency);

CZK - the weighted average price of borrowed funds, which is calculated as the ratio of costs associated with servicing borrowed sources of funds (for example, interest on the use of a loan) to the average balance sheet value of both “paid” and “free” borrowed capital;

ZK - average balance sheet amount of borrowed capital;

SK is the average annual balance sheet value of equity capital.

Funds additionally mobilized on the loan capital market have a great influence on the financial stability of the organization. The more funds an organization can attract, the higher its financial capabilities, but the financial risk also increases - will the organization be able to pay its creditors on time.

Thus, the level of financial stability can be judged by individual indicators, namely the autonomy ratio, the debt-equity ratio, and the debt capital concentration ratio. Strengthening the stability of the financial condition can be facilitated by accelerating the turnover of capital in current assets, justifying the reduction of inventories (to the standard); replenishment of own working capital from internal and external sources.

The solution to this problem is possible by carrying out an in-depth study of the reasons for changes in inventories, turnover of working capital, the availability of an acceptable amount of own working capital, identifying reserves for reducing long-term and current tangible current assets, accelerating their turnover.

2 . Analysis of the financial stability of an enterprise using the example of JSC"Neftekamskshina"

2.1 General characteristics of the enterprise

Joint Stock Company "Neftekamskshina" is the largest Russian enterprise in the tire industry. Its peculiarity is large-scale and large-scale production, a monopoly in the production of tires for Kamaz all-wheel drive vehicles. JSC Neftekamskshina has accumulated vast theoretical and practical experience in developing and improving manufactured tires and testing finished products. The development of new generation tire designs and the latest technology has made it possible to ensure high quality and performance levels of finished products on the world market. The joint-stock company does not stop technical re-equipment of tire production, which makes it possible to expand the range and improve the quality of products with high consumer properties.

Today, JSC Neftekamskshina is one of the largest and most powerful enterprises producing tires. In the ranking of world tire companies, Neftekamskshina ranks 20th among 98 companies. The main activity is the production of tires for trucks, cars, light trucks, agricultural machinery, and buses.

Gradually increasing production volumes, the administration of the joint-stock company and tire production workers do not forget about the quality of the products. Thus, the KamAZ trucks “shod” by Neftekamskshina successfully ran a huge distance from Paris through Moscow to Beijing, thereby strengthening the prestige of the enterprise. In 1996, Neftekamskshina JSC was awarded the international prize for quality awarded by the Trade Leaders Club and the Big Golden Cliche prize of the World Without Borders - Partnership for Progress Association. The company received the “Golden Mercury” for the volume of products sold.

About 20 percent of the company's products are exported to countries near and far abroad. Tires bearing the Kama brand are shipped to the CIS countries, as well as England, Holland, Iraq, Finland, Jordan, Cuba and other countries.

OJSC Neftekamskshina is integrated into the petrochemical business area of ​​OJSC Tatneft-Neftekhim.

One of the Company's main priorities is environmental protection and ensuring production and industrial safety. The environmental management system is certified for compliance with the requirements of the international standard ISO 14001-2004.

The strategic goal of Neftekamskshina OJSC is to strengthen the position of the leader in the tire industry of the Russian Federation through global reconstruction and modernization of production facilities, allowing for the production of tires using more efficient technologies, updating the range of products, improving their quality, and developing new markets.

The Company's environmental policy is aimed at maintaining the confidence of personnel, suppliers, consumers and the public, and an effective system for protecting the environment from the adverse effects of harmful production factors.

In 2008, JSC Neftekamskshina celebrated 35 years since the release of its first products.

The main financial and economic indicators of the enterprise's activities are presented in Table 2.1.

Table 2.1 - Main financial and economic indicators of the enterprise OJSC Neftekamskshina

As can be seen from Table 2.1, 11,882.3 thousand tires were produced in 2008, which is 510.4 thousand tires less than in 2007. The decrease in production volumes is due to adjustments to the production program as a result of the Kama Trading House's failure to fulfill the tire sales plan due to a decrease in effective demand for tires.

Sales revenue for the Company for 2008 amounted to 7,409.2 million rubles. The main part of the revenue in the amount of 7,221 million rubles. received from the sale of services for processing customer-supplied raw materials and manufacturing finished products.

Compared to 2007, revenue increased by RUB 1,084.8 million. as a result of an increase in the cost of services for processing customer-supplied raw materials and manufacturing finished products.

Compared to 2007, the average number of employees decreased by 363 people and amounted to 10,193 people. The decrease in the average number of employees occurred as a result of a reduction in personnel, the removal of non-core types of work from the enterprise, as well as due to structural changes.

The average salary of employees increased by 3,429.6 rubles. and amounted to 16,794.1 rubles.

The cost of products and services sold for 2008 amounted to 6,899.7 million rubles, incl. the cost of processing customer-supplied raw materials is 6,719.7 million rubles.

Profit from sales for the Company for 2008 amounted to 509.6 million rubles, including profit from the sale of services for processing customer-supplied raw materials and manufacturing finished products - 500.2 million rubles.

Compared to 2007, profit decreased by 33.8 million rubles. as a result of Davalts reducing the share of profit in the cost of services for processing toll raw materials and manufacturing finished products (under the tolling scheme, profit is a regulated indicator).

The loss before tax for the Company for 2008 amounted to 82.3 million rubles. For 2007, profit before tax was received in the amount of 174.3 million rubles. .

OJSC Neftekamskshina is a socially oriented enterprise. Patronage assistance to educational institutions, charitable assistance to public organizations of veterans and disabled people, educational and healthcare institutions, sponsorship of athletes, cultural and artistic figures, maintenance of the Shinnik sports complex, Chaika and Naratlyk recreation centers.

2.2 Assessment of the property status of an enterprise and the sources of its formation using the example of an OJSC"Neftekamskshina"

We will conduct a horizontal and vertical analysis of the balance sheet of OJSC Neftekamskshina. Horizontal analysis of reporting consists of constructing one or more analytical tables in which absolute balance sheet indicators are supplemented by relative ones - growth (decrease) rates.

Ways to improve the financial stability of OJSC Krasnodarkraygas

When assessing the financial stability of the enterprise, a lack of equity capital was identified, therefore it needs to be increased.

But an assessment of financial stability based on absolute indicators revealed that the analyzed organization has an unstable financial position and it is necessary to improve financial stability.

To increase the financial stability of the enterprise, it is necessary to reduce the level of inventories, since the enterprise experiences a significant outflow of funds associated with the costs of creating and storing inventories.

The enterprise needs to find out the reason for the accumulation of excess reserves, find the “golden mean” between excessively large inventories, which can cause financial difficulties (lack of funds), and excessively small inventories, which are dangerous for the stability of production.

This requires an established system for monitoring and analyzing the status of inventories.

The main objectives of monitoring and analyzing the status of inventories can be the following:

• - ensuring and maintaining liquidity and current solvency;
• - reduction of inventory storage costs;
• - prevention of damage, theft and uncontrolled use of material assets.

Achieving the set goals involves performing the following accounting and analytical work:

1. Assessing the rationality of the inventory structure, allowing to identify resources whose volume is clearly excessive, and resources whose acquisition needs to be accelerated.

This will avoid unnecessary capital investment in materials for which demand is declining or cannot be determined. It is equally important, when assessing the rationality of the inventory structure, to establish the volume and composition of spoiled and unusable materials.

This ensures that inventories are maintained in the most liquid condition and the funds immobilized in inventories are reduced.

2. Determining the timing and volume of purchases of material assets. This is one of the most important and difficult tasks.

The approach to determining the volume of purchases allows taking into account the following:

• - the average volume of consumption of materials during the production and commercial cycle (determined based on the results of an analysis of the consumption of material resources in previous periods and the volume of production under the conditions of expected sales);
• - an additional amount (safety stock) of resources to compensate for unforeseen expenses of materials or an increase in the period required to form the necessary reserves.
• 3. Selective regulation of inventories of material assets, suggesting that attention should be focused on expensive materials or materials that have high consumer appeal.
• 4. Calculation of turnover indicators of the main groups of inventories and their comparison with similar indicators of previous periods in order to establish the correspondence of the availability of inventories to the current needs of the enterprise.

As the analysis showed, the lack of own working capital at the enterprise is explained by the predominant investment of own funds in non-current assets.

In the structure of the enterprise's borrowed capital, accounts payable predominates. The company needs to reduce its involvement.

Debts can be repaid by restructuring accounts payable, restructuring taxes, and increasing accounts receivable turnover.

There has also been a significant increase in accounts receivable. To improve its financial position, an enterprise can use factoring, that is, the assignment to a bank or factoring company of the right to collect receivables, or an assignment agreement under which the enterprise assigns its claim to debtors to the bank as security for loan repayment.

Marketing analysis to improve supply and demand, sales markets and the formation of an optimal assortment on this basis can be of great help in identifying reserves for improving the financial condition of an enterprise.

One of the main and most radical directions for the financial recovery of an enterprise is the search for internal reserves to increase profitability and achieve break-even operation by improving the quality and competitiveness of products, rational use of material, labor and financial resources, reducing unproductive costs and losses.

To systematically identify and summarize all types of losses, it is advisable for an enterprise to maintain a special register of losses, classifying them into certain groups:

• - from marriage;
• - reduction in product quality;
• - unclaimed products;
• - loss of profitable customers, profitable markets;
• - incomplete use of the enterprise’s production capacity;
• - downtime of labor, means of labor, objects of labor and financial resources;
• - damage and shortage of materials and finished products;
• - write-off of incompletely depreciated fixed assets;
• - payment of penalties for violation of contractual discipline;
• - write-off of unclaimed receivables;
• - attracting unprofitable sources of financing;
• - untimely commissioning of capital construction projects;
• - natural Disasters;
• - for industries that did not produce products, etc.

Analyzing the dynamics of these losses and developing measures to eliminate them will significantly improve the financial condition of the enterprise.

The complexity of the current situation in enterprise management is that in many organizations, accounting employees do not know the methods of financial analysis, and specialists who do know them, as a rule, do not always know how to read analytical and synthetic accounting documents. Hence the inability to determine the range of main tasks, the solution of which is necessary for the formation of an enterprise financial management system adequate to market conditions, as well as ways and means of solving them.

In accordance with Order No. 118, the goal of developing the financial policy of an enterprise is to build an effective financial management system aimed at achieving the strategic and tactical goals of its activities.

It is known that in today's conditions, most enterprises are characterized by a reactive form of financial management, that is, making management decisions as a reaction to current problems, or the so-called “patching holes.”

One of the objectives of enterprise reform is the transition to financial management based on an analysis of the financial and economic state, taking into account the setting of strategic goals for the organization. The results of the activities of any enterprise are of interest to both external market agents (primarily investors, creditors, shareholders, consumers) and internal ones (enterprise managers, employees of administrative and managerial structural divisions). .

The key to the survival and basic stability of an enterprise’s position is its sustainability.

The sustainability of an enterprise is influenced by various factors:

the position of the enterprise in the product market;

release of in-demand products;

its potential in business cooperation;

the degree of dependence of external creditors and investors;

presence of insolvent debtors.

The highest form of enterprise sustainability is its ability to develop in an unstable internal and external environment. To do this, the enterprise must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, that is, be creditworthy.

Funds additionally mobilized in the loan capital market also have a great influence on financial stability. The more funds a company can attract, the higher its financial capabilities, but the financial risk also increases - will the company be able to pay its creditors on time?

There are three fundamental types of enterprise credit policy in relation to product buyers - conservative, moderate and aggressive.

A conservative (or strict) type of credit policy of an enterprise is aimed at minimizing credit risk. Such minimization is considered a priority goal in the implementation of its lending activities. By implementing this type of credit policy, the enterprise does not seek to obtain high additional profits by expanding the volume of product sales.

The mechanism for implementing this type of policy is a significant reduction in the number of buyers of products on credit at the expense of high-risk groups; minimizing loan terms and size; tightening loan conditions and increasing its cost; use of strict procedures for collection of receivables.

A moderate type of credit policy of an enterprise characterizes the typical conditions for its implementation in accordance with accepted commercial and financial practices and is focused on the average level of credit risk when selling products with deferred payment.

The aggressive (or soft) type of credit policy of an enterprise sets the priority goal of credit activities to maximize additional profits by expanding the volume of sales of products on credit, regardless of the high level of credit risk that accompanies these operations.

The mechanism for implementing this type of policy is to extend credit to riskier groups of product buyers; increasing the loan period and its size; reducing the cost of the loan to the minimum acceptable size; providing buyers with the opportunity to extend the loan.

When determining the type of credit policy, it should be borne in mind that its hard (conservative) version negatively affects the growth of the enterprise’s operating activities and the formation of sustainable commercial relations, while its soft (aggressive) version can cause excessive diversion of financial resources and reduce the level of solvency of the enterprise, subsequently cause significant costs for debt collection, and ultimately reduce the profitability of current assets and capital used.

Diploma

Finance and credit relations

1 Theoretical and methodological foundations for the analysis of the financial stability and solvency of an enterprise 1.1 The concept and essence of the financial stability of an enterprise.3 Methodological foundations for the analysis of financial stability and solvency 2 Analysis of the financial stability and solvency of an enterprise using the example of Deka OJSC. At the same time, increasing the importance of finance and bringing the role of financial aspects of an enterprise to the forefront in modern society is...

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Introduction

Financial and economic condition is the most important characteristic of the reliability, competitiveness, and stability of an enterprise in the market. Therefore, each subject of the first group of analysis users studies financial information from their own positions, based on their interests. Owners of enterprise funds are primarily interested in increasing or decreasing the share of equity capital and the efficiency of use of resources by the enterprise administration. Lenders and investors pay attention to the feasibility of extending a loan, loan conditions, money back guarantees, and the return on investment of their capital. Suppliers and clients are interested in the solvency of the enterprise, the availability of liquid funds, etc.

The sustainability of an enterprise, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of their management strategy. Another important factor of financial stability is the composition and structure of financial resources and the correct management of them. Funds additionally mobilized on the loan capital market have a great influence on the financial stability of the enterprise. The more funds an enterprise can attract, the higher its financial capabilities, but the financial risk also increases: will the enterprise be able to pay its creditors on time.

The external manifestation of the financial stability of an enterprise is its solvency. An enterprise is considered solvent if its available funds, short-term financial investments (securities, temporary financial assistance to other enterprises) and active settlements (settlements with debtors) cover its short-term obligations. The solvency of an enterprise acts as an external manifestation

Thus, it is important that the state of financial resources meets market requirements and meets the development needs of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise, and excessive financial stability can hinder development, burdening the enterprise’s costs with excess inventories and reserves.

The relevance of the research topic is determined by the fact that financial stability analysis is an important part of assessing the financial condition of an organization. The task of financial stability analysis is to assess the size and structure of assets and liabilities.

The object of the study is OJSC Kurgandormash, which specializes in the production of road construction and municipal equipment.

The subject of the study is indicators of the financial stability of the organization.

The purpose of the thesis is to increase the financial stability of the organization.

During the study, it is necessary to solve the following problems:

1) study theoretical issues of the financial stability of the organization;

2) give a brief description of the organization;

3) analyze the financial condition of the organization;

4) analyze the financial stability of the organization;

5) develop measures to improve the financial stability of the organization;

6) evaluate the effectiveness of activities.

The information support for this study includes financial reporting documents of the organization for the period 2008-2010, statistical information, accounting data, educational and reference literature.

In the process of performing the work, the following research methods were used: calculation and analytical, comparison method, factorial method, mathematical modeling methods and others.

The following software products were used to complete the work: Microsoft Word, Microsoft Excel, Microsoft Power Point.

1. Theoretical aspects of the financial stability of an organization

1.1 Contents of the financial stability of the organization

In market conditions, the economic activities of an organization are carried out through self-financing, and if there is a lack of its own financial resources, through borrowed funds. A financially stable business entity is one that, using its own funds, covers funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time. The main thing in financial activities is the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, the main attention is paid to the rational use of working capital.

To carry out its activities, any organization must constantly monitor changes in its financial condition. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other economic entities.

The movement of any inventory, labor and material resources is accompanied by the formation and expenditure of funds, therefore the financial condition of an economic entity reflects all aspects of its production and trading activities.

Financial condition refers to the ability of an organization to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the organization, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition can be stable, unstable and in crisis. The ability of an organization to make timely payments and finance its activities on an expanded basis indicates its good financial condition. The financial condition of an organization depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, then this has a positive effect on the financial position of the organization. Conversely, as a result of underfulfillment of the production and sales plan, there is a reduction in cash flow and a decrease in solvency.

A stable financial position, in turn, has a positive impact on the implementation of production plans and provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of funds, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most effective use.

The financial condition of an organization can be assessed from a long-term and short-term perspective. In the first case, the evaluation criterion is the indicators of the organization’s financial stability, in the second - liquidity and solvency. The stability of an organization's activities in the light of a long-term perspective is one of the most important characteristics of its financial condition. It is related to the overall financial structure of the organization, the degree of its dependence on external creditors and investors, and the conditions under which external sources of funds are attracted.

Characteristics of financial stability include analysis of:

The composition and placement of assets of an economic entity;

Dynamics and structure of sources of financial resources;

Availability of own working capital;

Availability and structure of working capital;

Funds in settlements;

Liquidity and solvency;

Business activity.

The key to survival and the basis for the stability of an organization’s position is its sustainability. The financial stability of an organization is the state of its financial resources, their distribution and use, which ensures the development of the organization based on the growth of profits and capital while maintaining solvency and creditworthiness.

The analysis of financial stability should begin with the degree to which reserves and costs are covered by their own sources of their formation. Lack of funds to purchase inventories can lead to failure to fulfill the production program, and then to a reduction in production. On the other hand, excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources and their ineffective use. Since working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the organization depends on their organization and management efficiency.

The external manifestation of the financial stability of an organization is its solvency. An organization is considered solvent if its available funds, short-term financial investments (securities, temporary financial assistance to other organizations) and active settlements (settlements with debtors) cover its short-term obligations.

The solvency of an organization acts as an external manifestation of financial stability, the essence of which is the provision of current assets with long-term sources of formation. Greater or lesser current solvency (or insolvency) is due to a greater or lesser degree of security (or lack of security) of current assets with long-term sources.

The financial condition of an organization from a short-term perspective is assessed by indicators of liquidity and solvency, which in the most general form characterize whether it can timely and fully make payments on short-term obligations to counterparties. The short-term debt of the organization, isolated in a separate liability section of the balance sheet, is repaid in various ways, in particular, any assets of the organization, including non-current ones, can serve as collateral. At the same time, it is clear that the forced sale of fixed assets to pay off current accounts payable is often evidence of a pre-bankruptcy state and therefore cannot be considered as a normal operation.

The liquidity of an asset is understood as its ability to be transformed into cash during the envisaged production and technological process, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of asset. In accounting and analytical literature, liquid assets are understood as assets consumed during one production cycle (year).

Solvency means that an organization has cash and cash equivalents sufficient to pay accounts payable that require immediate repayment. Thus, the main signs of solvency are: the presence of sufficient funds in the current account; absence of overdue accounts payable.

The solvency of an organization is an external sign of its financial stability and is determined by the degree of provision of current assets with long-term sources. It is determined by the organization’s ability to timely repay its payment obligations with cash resources. Solvency analysis is necessary not only for the organization itself in order to assess and predict its future financial activities, but also for its external partners and potential investors.

The assessment of solvency is carried out on the basis of an analysis of the liquidity of the organization's current assets, that is, their ability to be converted into cash. Moreover, in contrast to solvency, the concept of liquidity is broader and means not only the current state of settlements, but also characterizes the corresponding prospects. During the analysis process, it is necessary to determine the sufficiency of funds based on an analysis of the organization's financial flows: the inflow of funds must ensure coverage of the organization's current obligations. To analyze the real flow of funds, assess the synchronicity of their receipt and expenditure, and link the resulting financial result with the state of funds in the organization, it is necessary to identify and analyze all directions of cash inflow, as well as their outflow.

Financial stability is calculated for a specific date. The resulting assessment is subjective and can be performed with varying degrees of accuracy. To confirm solvency, they check the availability of funds in current accounts and foreign currency accounts, as well as short-term financial investments. These assets must be of optimal size. On the one hand, the larger the amount of funds in the accounts, the more likely it is to say that the organization has sufficient funds for current settlements and payments. On the other hand, the presence of insignificant balances in cash accounts does not always mean that the organization is insolvent: funds can go to settlement accounts, foreign currency accounts, or the cash desk within the next few days, and short-term financial investments can easily be converted into cash.

However, solvency indicators allow us to give only a general one-time assessment of the dynamics of solvency and do not allow us to analyze its intrastructural changes. To get an idea of ​​such changes, an assessment of current solvency is carried out by comparing the amount of available cash and short-term financial investments with the total amount of debt that is due for payment. The ideal option is when the result obtained is equal to or greater than one.

At the same time, when making these calculations according to the balance sheet and Form No. 4 “Cash Flow Statement”, it is necessary to take into account the following: the solvency of the organization is a very dynamic indicator, changes very quickly, calculated simultaneously once a quarter or once a year, it does not allow analytics to get a reliable picture. In this regard, a payment calendar is drawn up, where the comparison of expected cash and payment obligations is focused on very short periods: 1, 5, 10, 15 days, a month. The operational payment calendar is compiled on the basis of data on the shipment and sale of products, purchases of raw materials, materials and equipment, documents on payment of wages, issuance of advances to employees, bank account statements, etc. Based on the data obtained, time series are formed and changes in this indicator are analyzed.

Thus, analysis of the financial condition and stability of an organization is an important methodological tool for monitoring the current state of the organization, increasing the efficiency of the organization, and also provides an information and analytical basis for all types of planning.

1.2 Methodology for analyzing financial stability

To study the influence of factors on business results and calculate reserves, the analysis uses such methods as: chain substitutions, absolute and relative differences, integral method, correlation method, component method, linear and convex programming methods, game theory, operations research, methods for solving economic problems on based on intuition, past experience, expert assessments of specialists. The use of certain methods depends on the purpose and depth of the analysis, the object of study, the technical capabilities of performing calculations, etc.

A methodology is understood as a set of methods and rules for the most appropriate performance of any work. In economic analysis, the methodology is a set of analytical methods and rules for studying the economy of an organization, in a certain way subordinated to achieving the goal of the analysis. The general methodology is understood as a research system that is equally used when studying various objects of economic analysis in various sectors of the national economy. Particular methods specify the general one in relation to certain sectors of the economy, to a certain type of production or object of study. The most important element of the methodology for analyzing the activities of an organization are technical techniques and methods of analysis.

Analysis of financial stability is an important part of assessing the financial condition of an organization. The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed organization is financially stable enough.

Long-term liabilities (credits and borrowings) and equity capital are used primarily for the acquisition of fixed assets, capital investments and other non-current assets. In order for solvency conditions to be met, it is necessary that cash, settlement funds and tangible current assets cover short-term liabilities.

In practice, the following ratio should be observed:

Current assets < equity capital x 2 - non-current assets

However, in addition to absolute indicators, financial stability is also characterized by relative ratios.

The level of overall financial independence is characterized by the autonomy coefficient, i.e., it is determined by the share of the organization’s own capital in its total value. It reflects the degree of independence of the organization from external capital.

However, the debt-to-equity ratio provides only a general assessment of financial stability. This indicator must be considered in conjunction with the equity ratio. It shows to what extent current assets are covered by own working capital. The level of this coefficient is comparable for organizations in different industries. Regardless of industry affiliation, the degree of sufficiency of own working capital to cover current assets equally characterizes the measure of financial stability.

The financial independence ratio shows the share of own funds in the total amount of financing sources. The value of the financing ratio shows what part of the activity is financed from own funds and what part is financed from borrowed funds.

A general indicator of financial independence is the surplus or shortage of sources of funds for the formation of reserves and costs, which is defined as the difference in the value of sources of funds and the value of reserves and costs.

It is possible to distinguish 4 types of financial situations:

Absolute stability of financial condition. This type of situation is extremely rare, represents an extreme type of financial stability and meets the following condition:

ZZ< СОС (1)

where ZZ - inventories and costs;

SOS is the amount of own working capital.

In such a situation, all inventories are fully covered by their own working capital;

Normal stability of financial condition, which guarantees solvency.

In this case, the following condition must be met:

SOS< ЗЗ < ИФЗ (2)

where IPF are sources of reserve formation;

unstable financial condition associated with a violation of solvency:

ZZ > IFZ (3)

a crisis financial condition in which an organization is on the verge of bankruptcy, since in this situation cash, short-term securities and accounts receivable do not even cover its accounts payable. In this case, the following condition is satisfied:

ZZ > IFZ + PC + ZP

where PC is overdue accounts payable and receivable;

ZP - loans and borrowings not repaid on time.

To assess financial stability, a set or system of coefficients is used. Let's name the most important of them:

1) coefficient of provision with own working capital:

K OSS = SC - VnA/OBA, (4)

VNA - non-current assets;

Both are current assets. Characterizes the degree of security of the organization's own working capital, necessary for financial stability. The minimum coefficient value is 0.1, recommended 0.6.

2) coefficient of provision of material reserves with own funds:

K OMZ = SK - VnA/Z, (5)

where SK is the organization’s own capital;

VNA - non-current assets;

Z - reserves.

It shows what part of tangible current assets is financed by equity capital. The level of this coefficient, regardless of the type of activity of the organization, should be close to 1, or more precisely 0.60.8.

3) coefficient of maneuverability of equity capital:

K M = SS/SK, (6)

where CC - own working capital;

SK - equity capital.

It shows what part of equity capital is used to finance current activities, i.e. invested in working capital. The value of this indicator can vary significantly depending on the type of activity of the organization and the structure of its assets. For industrial organizations, the agility coefficient should be 0.3.

4) ratio of own and borrowed funds:

K SZS = ZK/SK, (7)

where ZK is borrowed capital;

SK - equity capital.

5) long-term borrowing ratio:

K DPA = P DL/SR. /P DL/SR. + SK, (8)

where P DL/SR. - long-term liabilities;

SK - equity capital.

6) autonomy coefficient.

K A = SK/VB, (9)

where SK is equity capital;

VB - balance sheet currency.

The coefficient shows the degree of independence of the organization from borrowed sources of funds. The coefficient value should be 0.5.

7) financial stability coefficient:

K FU = SK + P DL/SR. /VB, (10)

where SK is equity capital;

P DL/SR. - long-term liabilities;

VB - balance sheet currency.

The coefficient reflects the share of long-term sources of financing in the total volume of the organization. Or it shows what part of the organization’s property is formed from long-term financial resources. The coefficient value should be 0.5.

The above list of financial stability ratios shows that there are a lot of such ratios; they reflect different aspects of the state of the organization’s assets and liabilities. In this regard, difficulties arise in the overall assessment of financial stability. In addition, there are almost no specific normative criteria for the considered indicators.

Also, when analyzing financial stability, it is necessary to calculate such an indicator as surplus or shortage of funds for the formation of reserves and costs, which is calculated as the difference between the amount of sources of funds and the amount of reserves. Therefore, for analysis, first of all, it is necessary to determine the size of the sources of funds available to the organization for the formation of its reserves and costs.

In order to characterize the sources of funds for the formation of reserves and costs, indicators are used that reflect different degrees of coverage of types of sources. Among them:

Availability of own working capital:

SOS = SC - VnA, (11)

where SK is the organization’s own capital;

VnA - non-current assets.

Own and long-term borrowed sources:

SDZI = SOS + P DL/SR. , (12)

P DL/SR. - long-term liabilities.

Total amount of main sources of financing:

OIF = SDZI + ZS KR/SR. , (13)

where SDZI - own and short-term borrowed sources;

ZS KR/SR. - short-term borrowed funds.

Based on the above indicators, indicators of the provision of reserves and costs with sources of their formation are calculated.

1 Surplus (+), deficiency (-)

SOS = SOS - Z, (14)

where SOS is own working capital;

Z - reserves.

2 Surplus (+), lack (-) of sources of financing =OIF-Z, (16)

where OIF is the total value of the main sources of financing;

Z - reserves.

The calculation of these indicators and the determination of situations based on them make it possible to identify the situation in which the organization is located and to outline measures to change it. Thus, it is important that the state of financial resources meets the requirements of the market and meets the development needs of the organization, since insufficient financial stability can lead to the insolvency of the organization, and excess financial stability can hinder development, burdening the organization’s costs with excess inventories and reserves.

Financial stability ratios allow not only to assess one aspect of the financial condition of an organization. If used correctly, you can actively influence the level of financial stability, increase it to the minimum required level, and if it actually exceeds the minimum required level, use this situation to improve the structure of assets and liabilities.

1.3 Directions for increasing the financial stability of the organization

The sustainability of an organization, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of strategy for managing them. Another important factor of financial stability is the composition and structure of financial resources and the correct management of them. Funds additionally mobilized on the loan capital market have a great influence on the financial stability of the organization. The more funds an organization can attract, the higher its financial capabilities, but the financial risk also increases: will the organization be able to pay its creditors on time.

Characteristics of the financial condition of a business entity include analysis of: profitability (profitability); financial stability; creditworthiness; use of capital; level of self-financing; currency self-sufficiency.

Analysis of the financial condition of an organization over time allows you to track changes in various indicators and, if necessary, take the necessary measures. One of the main elements is the analysis of the financial stability of the organization.

Characteristics of financial stability include analysis of: the composition and placement of assets of a business 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.

The key to survival and the basis for the stability of an organization’s position is its sustainability. The financial stability of an organization is the state of its financial resources, their distribution and use, which ensures the development of the organization based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.

Managing the financial stability of an organization is a system of principles and methods for developing and implementing management decisions related to ensuring that financial stability indicators are maintained at a high level.

An effective tool for the long-term management of the financial stability of an organization, subordinated to the implementation of the goals of its overall development in the context of significant changes in macroeconomic indicators, the system of state regulation of market processes, financial market conditions and associated uncertainty, is the financial stability management strategy.

A strategy for managing the financial stability of an organization is one of the types of functional strategy of an organization that ensures the protection of its financial interests from various threats by forming long-term goals for this protection, choosing the most effective ways to achieve them, adequately adjusting the directions and forms of protection when the factors and conditions of its financial environment change. functioning.

The strategy for managing the financial stability of an organization is developed in the context of individual dominant areas (directions) of protecting its financial interests from threats in the long-term period. It is advisable to highlight such dominant areas (directions) of the overall strategy for managing the financial stability of an organization on the basis of the identified system of its priority financial interests that require protection.

Taking into account the above, in the system of the overall strategy for managing the financial stability of an organization, it is proposed to highlight the following dominant areas (Table 1).

Table 1 - Characteristics of the dominant directions of the overall strategy for managing the financial stability of the organization

The outlined sequence of the main stages of the process of developing a strategy for managing the financial stability of an organization can be clarified and detailed taking into account the characteristics of the organization’s financial activities and the level of strategic thinking of its financial managers.

The development of major strategic decisions in the field of managing the financial stability of an organization is based on the results of its strategic analysis. Strategic analysis of an organization's financial stability management system is a process of studying the influence of external and internal environmental factors on its performance in order to identify features and possible directions of its development in the long-term period. The basis of strategic analysis is the study of the influence on the economic activity of the organization of individual factors and conditions of its operating environment. The financial environment of an organization’s functioning is understood as a system of conditions and factors influencing the organization, the forms and results of its financial activities. As part of the general financial environment, its individual types should be distinguished: the external financial environment of indirect influence, characterizes the system of conditions and factors affecting the organization, the forms and results of the organization’s financial activities in the long term, over which it does not have the ability to exercise direct control; the external financial environment of direct influence characterizes the system of conditions and factors affecting the organization, forms and results of financial activities that are formed in the process of financial relations of the organization with counterparties in financial transactions and transactions; the internal financial environment characterizes the system of conditions and factors that determine the choice of organizations and forms of financial activity in order to achieve the best results, which are under the direct control of the managers and specialists of the organization’s financial services.

Comprehensive management of an organization’s current assets and liabilities comes down to solving a triune task:

1) transformation of the financial and operational needs of the organization (FEP) into a negative value;

2) accelerating the turnover of the organization’s working capital, reducing their turnover time;

3) choosing the type of integrated management of current assets and current liabilities that is suitable for the company.

The financial and operating needs (FEP) of an organization represent the difference between the current assets (without cash) and the current liabilities of the company. The financial and operational needs of an organization are the difference between working capital without cash and short-term financial investments and accounts payable. Thus, FEPs are defined in a broad sense. A more specific (narrow) interpretation of financial and operational needs also has practical significance.

In this case:

FEP = Z + DZ - KrZ, (17)

Let us analyze the economic meaning of the category of financial and operational needs of the organization. It should be noted right away that in a narrow interpretation, FEP are values ​​associated with the specifics of the financial mechanism of the company’s functioning. These may be inventories that do not directly participate in the formation of financial results of activities (these are either products produced but not sold, or the necessary amount of raw materials and supplies, making it unlikely that gaps in the flow of capital will occur), or this is that part of the organization’s funds (its capital ), which formally belongs to the company, does not participate in economic turnover (accounts receivable), or these are funds that, although not the property of the organization, nevertheless take part in the process of its economic turnover. Thus, it seems obvious to achieve such a situation (from the point of view of realizing the financial goals of the company) when the amount of inventories is reduced, the size of accounts receivable is reduced, and accounts payable increases.

If the accounts payable of a company (organization) exceeds the size of accounts receivable and the amount of inventories is minimized, then this can only mean one thing: the company uses other people's resources to a greater extent to achieve its financial goals than other organizations use its resources. From the point of view of the financial algorithm of the company’s functioning, this is an excellent result that any company should strive for.

The negative value of the financial and operational needs of the organization also means that the company has excess working capital (cash) and can raise the question of their unproductive use to obtain speculative income (income from investments in securities of the state and other organizations, income from speculation in the foreign exchange market and some other types of speculative income) and income from investing money in commercial banks (bank deposits, etc.).

Otherwise, we are talking about a lack of working capital (cash). This situation is now most common in our country. That is why we set as one of the main tasks of tactical financial management the transformation of the financial and operational needs of the organization into a negative value.

The same goal will be served by solving the problem of accelerating the turnover of the organization’s funds. At the same time, the amount of the organization’s reserves will be minimized (inventories of finished products and inventories of raw materials). This is an additional factor in reducing the FEP and an additional opportunity to use the financial mechanism of the company’s functioning to maximize its financial results (at the expense of mainly other people’s funds, the funds of other organizations).

The turnover rate of an organization's funds is a category directly related to time, time interval. It shows how many revolutions certain organizational assets make, say, in a year or how much time it takes for them to make one revolution. This is reflected in the calculation of the turnover period of working capital:

This is the most comprehensive indicator, since our numerator includes all of the organization’s current assets, and the denominator contains virtually all of the organization’s income. It is very highly aggregated, but nevertheless its calculation will provide the financial manager with very important information related to the determination of FEP in a broad sense.

A negative value of FEP in days indicates the presence of free funds during the specified days, and a positive value indicates insufficient funds during the resulting value of days.

The financial position of the organization most directly affects the amount of financial and operational needs. If an organization is in a difficult financial situation, then it has fewer opportunities to reduce the FEP, with the possible exception of non-payments or failure to pay its debt on time, which, however, can further aggravate the situation.

A discrepancy between the timing of receipts of funds and payments can lead an organization to an unpleasant state of technical insolvency, when it (generally operating successfully) today is not able to pay priority payments (although tomorrow this will no longer be a problem). The art and qualification of a financial manager is precisely to prevent such a situation.

In modern literature on financial management, the circulation of funds is described by the cash circulation cycle model. This approach is based on translating operational events into cash flow.

1. The inventory turnover period (duration of inventory turnover, production cycle) is the average period of time required to turn raw materials into finished goods and then sell them. The period of one inventory turnover is often called the inventory holding period. Inventories represent: inventories of inventory items, inventories in work in progress, finished goods in warehouses. If the period of storage of industrial stocks of raw materials and materials increases with a constant production volume, this indicates an overaccumulation of inventories, i.e. on the creation of excess reserves.

2. The turnover period (repayment) of receivables is the average period of time required to convert receivables into cash, i.e. to receive money from the sale. If accounts receivable are greater than accounts payable, then a threat is created to financial stability and independence, because under these conditions, the organization is forced to additionally attract borrowed resources. If accounts payable are greater than accounts receivable and by much, this leads to the insolvency of the organization. Ideally, it is desirable that accounts receivable and accounts payable be equal.

3. The turnover period (deferment) of accounts payable is the average period of time between the purchase of raw materials and payment for them in cash. For example, an organization may have an average of 30 days to pay for labor and materials.

4. The financial cycle (the period of circulation of funds) combines the three just named periods and, therefore, is equal to the period of time from the actual cash costs of the organization for production resources (raw materials, labor) and until the receipt of funds from the sale of finished goods (i.e. from the date of payment for labor and/or raw materials until receipt of receivables). Thus, the cash flow period is equal to the period during which the company has funds invested in working capital.

Thus, this chapter discusses theoretical issues in analyzing the financial stability of an organization. We can conclude that analysis of the financial stability of an organization is an important condition for the effective operation of an organization. The methodology for analyzing the financial stability of an organization, presented in the thesis, can be used for practical analysis of the financial condition.

2. Analysis of the financial condition and stability of the organization OJSC "Kurgandormash"

2.1 General characteristics of the organization OJSC "Kurgandormash"

Full corporate name of the company: Open Joint Stock Company "Kurgan Road Machinery Plant". Location and postal address: 640000 Kurgan, st. Uritsky, 36.

OJSC Kurgandormash was founded in 1941. The plant was evacuated in the first months of the Second World War from Ukraine, from the city of Kremenchug, and is focused on the production of road construction and municipal equipment.

The main types of production, commercial and investment activities of the company are the creation, production and sale of machines for the repair, construction and maintenance of roads, machines for urban utilities, for the transportation and distribution of liquid and bulk materials.

OJSC "Kurgandormash" is a legal entity, owns separate property, accounted for on its independent balance sheet, acquires and exercises property and personal non-property rights on its own behalf, bears responsibilities, can be a plaintiff and defendant in court, arbitration and arbitration courts, and a participant in other societies, partnerships, associations and organizations.

The authorized capital of the company is 2,452,975 rubles. It is divided into 4,905,950 ordinary shares, the par value of which is 0.50 rubles, with a par value of 2,452,975 rubles.

The number of shareholders registered in the register, including the number of shareholders included in the list of shareholders entitled to participate in the annual general meeting - 1416 shareholders. Information on major shareholders owning more than 5% of the company's voting shares:

1. OJSC “Investment Company” Zauralye”, their share in the authorized capital of OJSC “Kurgandormash” is 51.68%;

2. Natalya Aleksandrovna Sokolova, her share in the authorized capital of OJSC Kurgandormash is 16.31%.

The high scientific, engineering and technical potential accumulated over more than 60 years of activity allows us to solve the most complex and important tasks. Based on technical and historical experience, Kurgandormash has become a leading organization in the production of fuel trucks, municipal equipment, as well as asphalt distributors and bitumen trucks - machines that are indispensable in the construction, repair and operation of roads, buildings and structures using liquid construction materials.

Over the years, many examples of Kurgan machines were demonstrated at exhibitions, including international ones (in 12 countries). The organization's awards indicate recognition of Kurgandormash products in Russia and abroad.

OJSC Kurgandormash offers consumers the following products:

Vacuum sweeping machines KO-318, designed for mechanized cleaning of city roads with asphalt or cement-concrete pavement from various contaminants - dust, sand, crushed stone, leaves, etc. Analogues of this machine are machines from such well-known companies as Krol (Germany), Scarab (England);

Vacuum sweeping machines MK-2000 and MK-1500, designed for mechanized cleaning of yards, sidewalks and walkways from debris, dust and dirt;

Combined cleaning machines MD-532 and MD-433-02, designed for year-round maintenance of federal and local paved roads;

Combined harvesting machines MD-551, MD-432S and MD-555, designed to perform a range of work on patrol snow removal of freshly fallen snow, high-speed clearing of snow from the road surface, treatment of road surfaces with de-icing materials;

Sidewalk cleaning machines MT-1 and MT-2, designed for cleaning streets, squares, sidewalks, roads and construction sites from freshly fallen snow, sediment, and debris;

Asphalt distributors DS-142B and DS-39B, designed for transporting liquid bitumen materials in hot and cold conditions from production or storage sites with temperatures up to +200ºC with low heat losses and their uniform distribution during the construction and repair of highways and airfields;

Bitumen-crushed stone distributors DS-180, designed for pouring bitumen, uniform single-layer distribution of small fractions of crushed stone over the surface of the road surface and its rolling during the construction and repair of road surfaces;

Bitumen trucks DS-164A, designed for transporting liquid bitumen materials with temperatures up to +200ºC with low heat loss, as well as for transporting other non-aggressive and explosion-proof binding liquids;

Bitumen trucks DS-138B, designed for transportation and delivery of bitumen in a liquid state with temperatures up to +200ºC along highways of I-III categories of operating conditions;

Bitumen tank semi-trailers ACB-25-00 and ACB-12-IIIA, designed for transportation and delivery of bitumen in a liquid state with temperatures up to +200°C along highways of I-III categories of operating conditions;

Road trains for the transportation of petroleum products DS-164, designed for the transportation of oil;

Fuel tankers ATZ-6 and ATZ-11, designed for transporting and dispensing light petroleum products with a density of no more than 0.86 g/cm3, and for mechanized refueling of machines and mechanisms with filtered fuel with a countdown of the dispensed quantity;

The Kurgandormash brand is known not only in Russia, but also in the near and far abroad. The plant's products are known in 50 countries around the world, including India and China, Chile and Argentina, Poland and Yugoslavia, as well as Syria, Iraq, Congo, and Mali.

Currently, the Kurgandormash OJSC organization does not have sufficient financial stability, its production potential during 2008-2010. has decreased significantly, there are not enough funds to make payments, the solvency of the organization is low.

The future of the plant is connected with the development of the 2nd site, where a workshop for the production of non-standard equipment has been opened, an oil storage facility, a boiler room have been built, a substation and water supply are in operation. In 2001, a workshop with an area of ​​4000 m2 was put into operation, in which large-tonnage equipment is produced. In addition, the organization carried out: reconstruction and overhaul of the main workshops and plant management, landscaping of the plant territory and adjacent city streets.

Every year the organization develops more than 200 types of new products. The main emphasis is on high-tech, complex equipment, especially modular equipment. The organization takes development and reconstruction seriously. Despite the difficulties in the economy, it annually allocates significant funds for the reconstruction of production, the acquisition of new equipment, the creation of new production facilities, and computerization. A general assessment of the effectiveness of an organization's work in market economic conditions is the indicators of the intensity of use of the organization's production resources.

The efficiency of using fixed production assets is characterized by the capital productivity indicator. This figure increased in 2008 by 24%, and in 2009 increased by 29%. This change e is determined over the period under review by changes in sales revenue and the cost of production assets.

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Introduction

1. Methodological issues of financial stability of industrial enterprises

1.1 Concept and content of financial stability

1.2 Types of financial stability of an enterprise

1.3 Methods for assessing the financial stability of an enterprise

2. JSC "KATEK", its characteristics and analysis of work

2.1 General characteristics of the enterprise

2.1.1. History of the enterprise creation

2.1.2 Organizational structure of the enterprise

2.1.3 Characteristics of manufactured products and the boundaries of their distribution

2.2 Analysis of technical and economic indicators of JSC KATEK for 2006–2008

2.2.1 Analysis of production volume

2.2.2 Product cost analysis

2.2.3 Profit and profitability analysis

2.2.4 Analysis of the composition and structure of property of OJSC "KATEK"

2.2.5Analysis of the sources of formation of property of OJSC "KATEK"

2.2.6Analysis of the solvency of OJSC "KATEK"

2.2.7 Financial stability analysis

3 Main measures to improve the financial stability of the enterprise

3.1 State mechanism for ensuring the financial stability of JSC KATEK

3.2 Release of new products as one of the factors for increasing the financial stability of an enterprise

3.2.1 Defining the target market

3.2.2 Communication policy

3.2.3 Pricing, product and distribution policies

3.2.4 Expected results from the production of new types of products

3.3 Introduction of a target costing system into the work of OJSC KATEK

3.4 Organization of management of foreign economic activity of the enterprise

3.5 Assessing the efficiency of using borrowed capital

3.6 Design and technological directions for improving new types of products

3.6.1 Basic information about KRU Compact

3.6.2 Design features

3.6.3Description of design

Conclusion

Literature

The main thing in the context of the global financial crisis, the key to survival and the basis for a stable position of an enterprise is its financial stability. Determining financial stability, the most important features of which are solvency and the availability of resources for development, 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 their lack of funds to finance current and investment activities, and if the financial situation worsens, to bankruptcy, and excessive financial stability puts obstacles in the way of enterprise development, burdening their costs with excess stocks and reserves , which determines the relevance of the issue under consideration.

Assessment of financial stability and solvency is also the main element of the analysis of financial condition, necessary for control, which allows assessing the risk of violating the obligations of the enterprise.

The enterprise chosen as the object of research was OJSC "KATEK" - an enterprise that produces high-quality medium and low voltage power equipment of full factory readiness.

The subject of the study is the financial condition of the enterprise in terms of financial stability, which in market conditions is the key to survival and the basis for the stable position of the enterprise. 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 an enterprise, the more independent it is from unexpected changes in market conditions and, therefore, the lower the risk of being on the verge of bankruptcy. Assessment of financial stability and solvency is also the main element of the analysis of financial condition, necessary for control, which allows assessing the risk of violating the obligations of the enterprise.

The long-term policy of KATEK OJSC is focused on expanding business ties with a flexible response to changing conditions and characteristics of demand, cooperation in the development of advanced types of power equipment, a combined approach to combining the capabilities of internal production reserves and customer needs in new market conditions of economic activity.

These circumstances influenced the choice of the topic of work, the purpose of which is to identify the stock of sources of own funds and develop measures to improve their management. The objective of the work is: to reveal the economic content and essence of the concept of financial sustainability; study information about the characteristics of KATEK OJSC, analyze the main technical and economic indicators; determine the availability of sources of funds for the formation of reserves and costs using a three-component indicator; assess the financial stability of the enterprise using coefficients of financial risk, debt, autonomy, financial stability, maneuverability, stability of the structure of mobile funds, the provision of working capital from its own sources, and also develop a model for optimizing the financial stability of the enterprise. The assessment of the state of financial stability of JSC KATEK is carried out on the basis of the financial statements of the enterprise for three years: 2006–2008.

There are many methods for assessing the financial stability of an enterprise. For JSC KATEK, according to the author, the method of A.D. Sheremet is most suitable. and Saifulin R.S., as well as the development of Kovalev V.V. The methodology used is intended to ensure management of the financial condition of the enterprise and assessment of financial stability in a market economy.

And analysis of accounts receivable; - create a reserve for doubtful debts; - increase the profitability of products through the release of a new type of product. 3 Activities aimed at increasing the financial stability of the enterprise Energoremont LLC 3.1 Policy for accelerating settlements To improve the financial condition of the enterprise, it is necessary to clearly monitor and manage accounts receivable...

Works and services. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise. The overall assessment of the financial stability of an enterprise is based on a whole system of indicators that characterize the structure of the sources of capital formation for its placement, the balance between the assets of the enterprise and their sources...