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Introduction

The financial and economic condition is the most important characteristic of the reliability, competitiveness, sustainability of the enterprise in the wound. Therefore, every subject of the first group of user analysis studies financial information from its positions based on their interests. The owners of the company's funds are primarily interested in an increase or decrease in the share of equity, the efficiency of resource use by the administration of the enterprise. Lenders and investors pay attention to the feasibility of extending a loan, crediting conditions, guarantees of the return of money, the profitability of the investment of their capital. Suppliers and customers are interested in the solvency of the enterprise, the presence of liquid funds, etc.

The sustainability of the enterprise primarily depends on the optimality of the composition and structure of assets, as well as the correct choice of the management strategy. Other an important factor Financial sustainability is the composition and structure of financial resources and the correctness of the management of them. Big influence on the financial sustainability of the enterprise is provided by the Funds, additionally mobilized in the market. loan capital. The more funds can attract an enterprise, the higher its financial capabilities, however, financial risk increases: whether the company will be able to pay the company in a timely manner with its creditors.

The external manifestation of the financial sustainability of the enterprise is its solvency. The company is considered solvent if he has cash, short-term financial investments (securities, temporary financial help other enterprises) and active calculations (calculations with debtors) cover its short-term liabilities. The solvency of the enterprise acts as an external manifestation

Thus, it is important that the state of financial resources consistent with the requirements of the market and responded to the needs of the development of the enterprise, since insufficient financial stability can lead to the non-payment of the enterprise, and excessive - to prevent development, extinguishing the company's costs with excessive reserves and reserves.

The relevance of the topic of research is determined by the fact that the analysis of financial sustainability is an important part of the assessment. financial state Organizations. The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities.

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

The subject of research is the indicators of the financial sustainability of the organization.

The purpose of the graduation work is to increase the financial sustainability of the organization.

In the course of the study it is necessary to solve the following tasks:

1) to explore theoretical issues of the financial stability of the organization;

2) give a brief description of the organization;

3) to analyze the financial condition of the organization;

4) to analyze the financial sustainability of the organization;

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

6) Assess the effectiveness of events.

Information support of this study includes documents financial statements Organizations for the period 2008-2010, statistical information, data accounting, educational and reference literature.

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

When performing the work, the following software products are used: Microsoft Word, Microsoft Excel, Microsoft Power Point.

1. Theoretical aspects of the financial sustainability of the organization

1.1 Content of the financial stability of the organization

In the conditions of the market, the organization's economic activity is carried out at the expense of self-financing, and with the lack of their own financial resources, due to the borrowed funds. Financially-sustainable is such an economic entity, which at the expense of own funds covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unnecessary receivables and payables and is paid on time by its obligations. The main thing in financial activities are the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, issues of rational use of working capital are focused on.

To carry out their activities, any organization needs to constantly monitor changes in the financial condition. The financial condition of the economic entity is the characteristics of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, fulfilling obligations to the state and other business entities.

The movement of any commodity and material values, labor and material resources is accompanied by the formation and spending of money, therefore the financial condition of the economic entity reflects all parties to its production and trading activities.

Under the financial condition means the ability of the organization to finance their activities. It is characterized by the security of financial resources necessary for the normal functioning of the organization, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition may be stable, unstable and crisis. The ability of the organization to make payments in a timely manner, to finance their activities on an extended basis indicates its good financial condition. The financial condition of the organization depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial position of the organization. Conversely, as a result of the foreclosure of the production and sales plan, cash flow reduction and reduction of solvency is reduced.

A stable financial position in turn has a positive impact on execution. production plans and ensuring the needs of production necessary resources. therefore financial activities As an integral part of economic activity is aimed at ensuring the systematic receipt and spending of funds, the implementation of the estimated discipline, the achievement of rational proportions of its own and borrowed capital and its most effective use.

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

The characteristic of financial stability includes an analysis:

Composition and placement of assets of the economic entity;

Dynamics and structure of sources of financial resources;

Availability of own working capital;

Availability and structure of working capital;

Funds in the calculations;

Liquidity and solvency;

Business activity.

The key to the survival and the basis of the stability of the situation is its sustainability. The financial sustainability of the organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on profit and capital growth while maintaining solvability and creditworthiness.

Analysis of financial sustainability should be started with the degree of stock availability and costs by their own sources of their formation. The lack of funds for the acquisition of material reserves can lead to non-compliance with the production program, and then reduced production. On the other hand, excessive response of funds in reserves exceeding the actual need leads to a death of resources ineffective use. Since working capital include both material and monetary resources, not only the process of material production, but also the financial sustainability of the organization depends on their organization and efficiency of management.

The external manifestation of the financial sustainability of the organization is its solvency. The organization is considered solvent if its cash, short-term financial investments (securities, temporary financial assistance to other organizations) and active settlements (calculations with debtors) cover its short-term liabilities.

The organization's solvency acts as an external manifestation of financial sustainability, the essence of the security of current assets with long-term sources of formation. A large or smaller current solvency (or insolvency) is due to a greater or lower degree of security (or insecurity) of current assets with long-term sources.

The financial condition of the organization from the position of the short term is estimated by the indicators of liquidity and solvency, in the most general form characterizing whether it can timely and fully settle calculations on short-term commitments to counterparties. The short-term debt of the organization, isolated in a separate section of the balance liability, is repaid different waysIn particular, any assets of the organization may act, including non-current. At the same time, it is clear that the forced sale of fixed assets to repay current payables is often evidence of the prebankcrot state and therefore cannot be considered as a normal operation.

Under the liquidity of any asset understand the ability to transform into funds during the provided production and technological process, and the degree of liquidity is determined by the time period during which this transformation can be carried out. The shorter the period is the higher the liquidity of this type of assets. In accounting and analytical literature under liquid, assets consumed within one production cycle (year).

Solvency means that the organization has funds and their equivalents sufficient for settlements on payables requiring immediate repayment. Thus, the main signs of solvency are: the presence of a sufficient amount of funds on the settlement account; Lack of overdue payable debt.

The solvency of the organization is external sign Its financial sustainability is due to the degree of security of current assets with long-term sources. It is determined by the possibility of organizing in a timely manner to pay off their payment obligations in cash. Analysis of solvency is needed not only to the organization itself in order to assess and predict its further financial activities, but also its external partners and potential investors.

The valuation of solvency is carried out on the basis of the analysis of the liquidity of the organization's current assets, that is, their ability to turn into cash. At the same time, in contrast to solvency, the concept of liquidity is wider and means not only the current state of calculations, but also characterizes the relevant prospects. In the process of analysis, it is necessary to determine the sufficiency of funds based on the analysis of financial flows of the Organization: the inflow of funds should ensure the coverage of the current commitments of the organization. To analyze the actual cash flow, assessing the synchronization of their receipt and spending, linking the financial result with the state of funds in the organization, it is necessary to allocate and analyze all directions of cash flow, as well as their outflow.

Financial stability is calculated at a specific date. The resulting assessment is subjective and can be performed with a different degree of accuracy. To confirm solvency, check the availability of funds on settlement accounts and currency accounts, short-term financial investments. These assets must be optimal. On the one hand, the more likely the amount of cash in accounts, the more likely it can be argued that the organization has sufficient funds for current payments and payments. On the other hand, the presence of minor fund balances in cash accounts does not always mean that the organization is insolvent: funds can go to settlement, currency accounts, in the cashier over the coming days, and short-term financial investments are easy to turn into cash.

However, solvency indicators allow us to give only a general one-time valuation of solvency dynamics and do not allow to analyze its intrastructural changes. To obtain an idea of \u200b\u200bsuch changes, an assessment of the current solvency is carried out by comparing the amount of cash and short-term financial investments with a total amount of debt, which has come. The ideal is the option when the result is equal to one or exceeds it.

However, when conducting these calculations according to the balance sheet data and form No. 4, the "Report on cash flow" must be considered the following: the organization's solvency - the indicator is very dynamic, it changes very quickly, calculated at once a quarter or once a year it does not allow Analytics get a reliable picture. In this regard, a payment calendar is drawn up, where the comparison of cash expected funds and payment obligations is focused on very short periods: 1, 5, 10, 15 days, month. The operational payment calendar is compiled on the basis of data on the shipment and sale of products, procurement of raw materials, materials and equipment, documents on labor settlement calculations, issuing advances to employees, statements from bank accounts, etc. On the basis of the data obtained, dynamic series are formed and an analysis of changes in this indicator is carried out.

Thus, the analysis of the financial condition and sustainability of the organization is an important methodological tool for monitoring the current state of the organization, improving the effectiveness of the organization's activities, and also provides an informational and analytical base for all types of planning.

1.2 Methodology for analyzing financial stability

To study the influence of factors on the results of the management and counting of reserves in the analysis, such methods are used as: chain substitutions, absolute and relative differences, integral method, correlation, component, methods of linear, convex programming, game theory, operations of operations, methods for solving economic tasks on The basis of intuition, past experience, expert assessments of specialists. The use of certain methods depends on the purpose and depth of analysis, the object of study, the technical capabilities of the implementation of the calculations, etc.

The methodology means a set of ways, the rules of the most appropriate implementation of any work. In economic analysis, the technique is a combination of analytical methods and rules for studying the economy of the organization, to certainly subordinate to achieving the purpose of the analysis. General method Understand as a research system that is equally used when learning various objects Economic analysis in various sectors of the national economy. Private techniques specify common relative to certain sectors of the economy, to a certain type of production or the object of study. As the most important element Techniques for analyzing the organization's activities are techniques and methods of analysis.

Analysis of financial sustainability is an important part of the evaluation of the financial condition of the organization. The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities. Indicators that characterize independence for each element of assets and on property as a whole, make it possible to measure a sufficiently resistant analyzed organization financially.

Long-term liabilities (loans and loans) and equity They are sent mainly to the purchase of fixed assets, capital investments and other non-current assets. In order to perform solvency conditions, it is necessary that cash, funds in settlements and material current assets covered short-term liabilities.

In practice, the ratio should be observed:

Current assets < Own capital X 2 - non-current assets

However, besides absolute indicators, the relative coefficients are characterized by financial stability.

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

However, the ratio of own and borrowed money Gives only a general assessment of financial stability. This indicator must be considered in conjunction with the coefficient of their own funds. It shows the extent to which current assets have a source of coating their own working capital. The level of this coefficient is comparable to organizations of different industries. Regardless of the 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 proportion of own funds in the total amount of funding sources. The value of the financing coefficient shows which part of the activity is funded at the expense of own funds, and which is due to borrowed.

A summary indicator of financial independence is surplus or lack of sources of funds for forming stocks and costs, which is determined in the form of a difference in the value of the sources of funds and the amount of stocks and costs.

It is possible to allocate 4 types of financial situations:

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

Zz< СОС (1)

where ZZ - stocks and costs;

SOS is the value of own working capital.

With such a situation, all reserves are completely covered with their own working capital;

The normal sustainability of the financial condition, which guarantees solvency.

The condition should be performed:

SOS< ЗЗ < ИФЗ (2)

where the IPS is sources of stock formation;

unstable financial condition associated with violation of solvency:

ZZ\u003e IFS (3)

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

ZZ\u003e IPZ + PC + sn

where PC is overdue payables and receivables;

ZP - loans and loans that are not repaid on time.

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

1) Property ratio of own working capital:

To OSS \u003d SK - VNA / Both, (4)

VNA - non-current assets;

Both are current assets. It characterizes the degree of provision of its own working capital of the Organization necessary for financial sustainability. The minimum value of the coefficient of 0.1, recommended by 0.6.

2) The coefficient of material reserves with its own means:

To OMZ \u003d SK - VN / Z, (5)

where SC - own capital of the organization;

VNA - non-current assets;

W - stocks.

It shows which part of material current assets is funded at the expense of its own capital. The level of this coefficient, regardless of the type of activity of the organization, should be close to 1, or rather 0.60.8.

3) The coefficient of maneuverability of equity capital:

To m \u003d ss / sk, (6)

where CC is their own working capital;

SC - own capital.

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

4) ratio ratio of own and attracted funds:

To CWS \u003d ZK / SK, (7)

where ZK is a borrowed capital;

SC - own capital.

5) the coefficient of long-term attraction of borrowed funds:

To dpa \u003d n dl / cp. / N dl / cp. + SC, (8)

where n dl / cp. - long-term liabilities;

SC - own capital.

6) autonomy coefficient.

K a \u003d SK / WB, (9)

where SC - own capital;

WB - balance currency.

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

7) The coefficient of financial sustainability:

To Fu \u003d SK + P for / cf. / WB, (10)

where SC - own capital;

N dl / cp. - long-term liabilities;

WB - balance currency.

The coefficient reflects the share of long-term sources of financing in general, the volume of the organization. Or shows which part of the property of the organization is formed at the expense of long-term financial resources. The value of the coefficient should be 0.5.

The above list of financial stability coefficients shows that there are a lot of such coefficients, they reflect different sides of the state of assets and liabilities of the organization. In this regard, there are difficulties in the overall assessment of financial stability. In addition, there are almost no certain normative criteria for the considered indicators.

Also, when analyzing financial stability, it is necessary to calculate such an indicator as surplus or lack of funds for the formation of reserves and costs, which is calculated as the difference between the size 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 from the organization to form its reserves and costs.

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

The presence of own working capital:

SOS \u003d SK - VNA, (11)

where SC - own capital of the organization;

VNA - non-current assets.

Own and long-term borrowed sources:

ZJE \u003d SOS + P for / cf. , (12)

N dl / cp. - Long-term liabilities.

The total majority of the main sources of financing:

OIF \u003d ZJI + ZS cr / cp. , (13)

where ZJZ - own and short-term borrowed sources;

ZS cr / cp. - short-term borrowed funds.

Based on the above indicators, indicators of stocks and costs of sources of formation are calculated.

1 surplus (+), disadvantage (-)

SOS \u003d SOS, (14)

where SOS is your own working capital;

W - stocks.

2 surplus (+), disadvantage (-) sources of financing \u003d OIF-Z, (16)

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

W - stocks.

The calculation of these indicators and the definition on their basis of situations make it possible to identify the situation in which the organization is located and schedule measures to change it. Thus, it is important that the state of financial resources consistent with the requirements of the market and responded to the needs of the organization's development, since insufficient financial stability can lead to an institutionalization of the organization, and excessive - to impede development, extinguishing the cost of the organization by excessive reserves and reserves.

Financial sustainability coefficients allow not only to assess one of the aspects of the financial condition of the organization. With proper use, they can actively influence the level of financial stability, increase it to the minimum necessary, and if it actually exceeds the minimum required level - use this situation to improve the structure of assets and liabilities.

1.3 Directions of improving the financial stability of the organization

The sustainability of the organization primarily depends on the optimality of the composition and structure of assets, as well as the correctness of the choice of the management strategy. Another important factor in financial sustainability is the composition and structure of financial resources and the correctness of their management. A large impact on the financial sustainability of the Organization are funds that are additionally mobilized in the loan capital market. The more funds can attract the organization, the higher its financial capabilities, however, the financial risk increases: whether the organization will be able to pay a timely manner with its creditors.

The characteristic of the financial condition of the economic entity includes the analysis: profitability (profitability); financial stability; creditworthiness; capital use; level of self-financing; Currency self-sufficiency.

An analysis of the financial condition of the Organization in the dynamics allows you to trace 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.

The characteristic of financial stability includes an analysis: the composition and placement of assets of the economic entity; dynamics and structure of sources of financial resources; availability of own working capital; accounts payable; availability and structure of working capital; accounts receivable; solvency.

The key to the survival and the basis of the stability of the situation is its sustainability. The financial sustainability of the organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on profit and capital growth while maintaining solvability and creditworthiness in conditions of permissible risk levels.

The financial stability management of the organization is a system of principles and methods for developing and implementing management decisions related to ensuring the maintenance of high-level financial sustainability.

An effective tool for promising management of the financial sustainability of an organization, subordinate to the realization of the objectives of the general development in the conditions of significant changes in macroeconomic indicators, the system of state regulation of market processes, the conjunctures of the financial market and related uncertainty, is a financial strategy management strategy.

The financial sustainability management strategy is one of the activities of the organization's functional strategy that protects its financial interests from various threats by forming the long-term goals of this protection, the choice of the most effective ways to achieve their achievement, adequate adjustments to the directions and forms of protection when changing the factors and conditions of the financial environment of its functioning.

The financial strategy management strategy of the Organization is developed in the context of individual dominant areas (directions) of protecting its financial interests from threats in a promising period. Such dominant spheres (directions) general strategy The financial sustainability management of the organization is advisable to allocate on the basis of the identified system of its priority financial interests requiring protection.

Taking into account the foregoing, in the system of the overall financial strategy management strategy of the organization, it is proposed to allocate its dominant areas (Table1).

Table 1 - Characteristics of the dominant directions of the general financial strategy management strategy of the organization

Dominant spheres (directions) of the general strategy	The main task of development strategic decisions	Circle of solved strategic problems
1 Strategy for ensuring the growth of the yield of own capital of the organization	Creating conditions for permanent increase in the level of financial profitability of the organization	1 Ensuring the growth of the amount of profits from the sale. 2 Ensuring the growth of the amount of profits from other activities. 3 Reduced the weighted average cost of capital capital.
2 Strategy for the formation of financial resources organization	Creation of the potential for the formation of financial resources of the organization, adequate to the needs of its strategic development	1 Ensuring an increase in the potential for the formation of financial resources of an organization from internal sources. 2 Providing the necessary financial flexibility of the organization. 3 Optimization of the structure of sources of formation of financial resources of the organization.
3 Strategy for ensuring the financial stability of the organization	Ensuring financial equilibrium organization in the Protestation of its strategic development	1 Ensuring sufficient financial stability of the organization. 2 Ensuring the constant solvency of the organization. 3 Ensuring the necessary balance and synchronization of positive and negative monetary flows of the organization.
4 Organization Investment Strategy	Ensuring investment support for the strategic development of the organization and effectiveness of investment	1 Ensuring an increase in the investment activity of the organization. 2 Ensuring the increase in the effectiveness of real investment projects of the organization. 3 Ensuring the effectiveness of the financial investment portfolio of the organization.
5 Neutralization Strategy of Financial Risks Organization	Ensuring minimizing the level of financial risks	1 Ensuring the effective formation of the financial risk portfolio of the Organization. 2 Ensuring the effective use of the internal potential for neutralizing the financial risks of the Organization. 3 Ensuring effective conditions for external insurance of financial risks of the Organization.
6 innovative financial strategy Organizations	Ensuring the necessary innovative level of financial development of the organization	1 Ensuring the implementation and efficient use of progressive financial technology and tools. 2 Development and implementation of an effective organizational structure of the management of financial activities of the Organization. 3 Providing an increase in organizational culture of financial managers of the organization.
7 Anti-crisis financial strategy	Ensuring the rapid and efficient entry of an organization from crisis situations in the process of its strategic development	1 Ensuring the timely diagnosis of symptoms of the crisis financial development of the organization. 2 Ensuring an increase in the internal potential overcoming the organization of crisis financial situations. 3 Advanced provision of opportunities for foreign financial support for the organization in the process of its exit from crisis situations.

The following sequence of the main stages of the process of developing a financial sustainability management strategy can be clarified and detailed, taking into account the characteristics of the financial activities of the organization and the level of strategic thinking of its financial managers.

Development of basic strategic decisions in the financial sustainability management of the organization based on its results strategic analysis. The strategic analysis of the organization's financial stability management system is the process of studying the impact of the factors of the external and internal environment for its effectiveness in order to identify features and possible directions of its development in a promising period. The basis for conducting strategic analysis is the study of the impact on the economic activity of the organization of individual factors and conditions of its functioning. Under the financial environment of the organization's functioning means a system of conditions and factors affecting the organization, forms and results of its financial activities. As part of a general financial environment, it should be distinguished by its individual types: an external financial environment of indirect effects, characterizes a system of conditions and factors influencing the organization, forms and results of the organization's financial activities in long term, direct control over which it does not have the ability to carry out; The external financial environment of direct influence characterizes a system of conditions and factors influencing the organization, forms and results of financial activities that are formed in the process of financial relations to an organization with counterparties on financial transactions and transactions; The internal financial environment characterizes a system of conditions and factors that determine the choice of organizations and forms of financial activities in order to achieve the best results that are located under the direct control of managers and specialists of the financial services of the Organization.

Comprehensive management of the current assets and liabilities of the organization is reduced to the solution of the trice problem:

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

2) acceleration of the organization's turnover of the organization, reducing the time of their turnover;

3) the choice of suitable for the company type complex control current assets and current liabilities.

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

In this case:

FEP \u003d Z + DZ - CRZ, (17)

We analyze the economic meaning of the category of financial and operational needs of the organization. Immediately it should be noted that in a narrow interpretation of FEP - the values \u200b\u200bassociated with the specifics of the financial mechanism of the functioning of the firm. These may be reserves that do not take direct participation in the formation of financial performance activities (this or produced, but not sold products, or the required amount of raw materials and materials making an unlikely offensive offensive in capital movement), or this is part of the organization's funds (its capital ), which formally belongs to the firm, does not participate in the economic turnover (receivables), or it is such funds that, without being the property of the organization, nevertheless take part in the process of its economic turnover. Thus, it is obvious that the achievement of such a situation (from the point of view of the implementation of the financial goals of the company), when the amount of reserves is reduced, the amount of receivables is declining, and the payables increase.

If the payables of the company (organization) exceeds the amount of receivables and the amount of reserves will be minimized, then this may mean only one thing: the firm uses other people's resources to achieve its financial goals than other organizations enjoy its resources. From the point of view of the financial algorithm for the functioning of the company - this is an excellent result to which any firm should strive.

The negative value of the financial and operational needs of the organization means that the company has excessive revolving (monetary) funds and may raise the question of their unproductive use to obtain speculative income (income from investments in the securities of the state and other organizations, income from speculation in the foreign exchange market. And some other species of speculative income) and income from investing money into commercial banks (bank deposits, etc.).

Otherwise, we are talking about a shortage of revolving (cash) funds. This situation is now most often found in our country. That is why we set as one of the main tasks of tactical financial management to transform the financial and operational needs of the organization into a negative value.

The same goal will be the solution to the task of accelerating the turnover of the organization's funds. At the same time, the magnitude of the reserves of the organization will be minimized (stocks finished products and stocks of raw materials, materials). This is an additional factor in the reduction of FEP and the additional possibility of using the financial mechanism of the firm's functioning to maximize its financial results (due to predominantly other people's funds, funds of other organizations).

The speed of the organization's turnover is a category directly associated with time, time interval. It shows how many revolutions of those or other means of the organization are committing, suppose, for the year or how much time is necessary for the accomplishment of one turn. This is an expression based on the period of working capital turnover:

This is the most comprehensive indicator, since we have all the working capital of the organization in the numerator, and in the denominator actually all incomes of the organization. It is very aggregated, but nevertheless its calculation will bring very important information related to the definition of FEP in a broad sense.

The negative value of the FEP in the days testifies to the availability of free funds during these days, and the positive importance on the insufficiency of funds during the amount of days obtained.

The financial position of the organization directly affects the magnitude of financial and operational needs. If the organization is in a serious financial situation, then he has fewer opportunities to reduce FEP with the exception, perhaps, such as non-payment, non-payment for their debt, which, however, may still aggravate the situation.

The incompression of the timing of funds and payments can be confronted to the unpleasant state of technical insolvency, when it (as a whole, successfully working) today is not able to pay for priority payments (although tomorrow it will not be a problem). The art and qualifications of the financial manager are just to prevent such a situation.

In modern literature on financial management, the money circuit is described by the Cash Circulation Cycle Model. This approach is based on translating operational events in cash.

1. The reserves treatment period (the duration of turnover of stocks of inventory-material values, production cycle) is the average period of time needed to turn the raw materials in the finished goods, and then sell them. A period of one turnover of reserves is often referred to as stock storage period. Stocks are: stocks of commodity values, stocks in unfinished production, ready-made products in warehouses. If the storage period of the production reserves of raw materials and materials increases with a constant production volume, this indicates the surplus of reserves, i.e. On the creation of excess reserves.

2. The period of turnover (repayment) of receivables is the average period required to transform receivables into cash, i.e. For money from the sale. If the receivables are more accounts, then the threat of financial stability and independence is created, because Under these conditions, the organization is forced to additionally attract borrowed resources. If payables are more receivable and much, it leads to the insolvency of the organization. Ideally, it is desirable that the receivables and payable debts are equal.

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

4. Financial cycle (The period of circulation of money) unites three of the only named periods and, therefore, equals the period of time from the actual monetary costs of the organization for production resources (raw materials, work) and before the receipt of funds from the sale of a finished product (i.e. from the date of remuneration and / or raw materials before receiving receivables). Thus, the preparation period is equal to the period during which the company has funds embedded in working capital.

Thus, this chapter discusses theoretical issues of analyzing the financial sustainability of the organization. It can be concluded that the analysis of the financial sustainability of the organization is an important condition for the effective activities of the organization. Methods for analyzing the financial stability of the organization presented in the graduation workcan be used to practically analyze financial condition.

2. Analysis of the financial condition and sustainability of the organization of OJSC Kurgandormash

2.1 General characteristics of the organization OJSC Kurgandormash

Full company name of the Company: Open Joint-Stock Company "Kurgan Plant Road Machines". Location and postal address: 640000 Kurgan, ul. 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 focused on the production of road construction and communal equipment.

The main types of manufacturing, commercial and investment activities of the Company - the creation, production and sale of machines for the repair, construction and maintenance of roads, cars for urban communal services, for transportation and distribution of liquid and bulk materials.

OJSC "Kurgandormash" is a legal entity, owns separate property taken into account on its independent balance, on its own behalf acquires and implements property and personal non-property rights, it carries the obligations, may be the plaintiff and the defendant in court, the arbitration and arbitration court, the participant of others societies, partnerships, associations and organizations.

The authorized capital of the Company is 2452975 p. It is divided into 4905950 ordinary shares, the rated value of which is 0.50 p., Nominal value of 2452975 p.

The number of shareholders registered in the registry, including the number of shareholders listed 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" of Trans-Urals ", their share in the authorized capital of OJSC Kurgandormash - 51.68%;

2. Sokolova Natalia Alexandrovna, its share in the authorized capital of OJSC Kurgandormash - 16.31%.

High scientific and engineering and technical potential accumulated for more than 60 summer period Activities, allows you to solve the most complex and responsible tasks. Based on the technical and historical experience, "Kurgandormash" became the leading organization for the production of fuel trucks, utility techniques, as well as roads and autobito-vehicles - machines, irreplaceable in the construction, repair and operation of roads, buildings and structures using liquid building materials.

In different years, many samples of Kurgan machines were demonstrated at exhibitions, including international (in 12 countries). Organization's awards are talking about recognizing "Kurgandormash" products in Russia and abroad.

OJSC "Kurgandormash" offers consumers the following products:

Machines vacuum swept-cleaning KO-318, intended for mechanized cleaning of urban roads with asphalt or cement-concrete coating from various dust pollution, sand, rubble, leaves, etc. Analogue of this machine is the machines of such well-known firms as Krol (Germany), Scarab (England);

Machines vacuum swept-cleaning MK-2000 and MK-1500, intended for mechanized cleaning of yards, sidewalks and pedestrian tracks from garbage, dust and dirt;

Machines combined harvesters MD-532 and MD-433-02, designed for year-round content of federal and local roads with solid coating;

Machines Combined harvesters MD-551, MD-432C and MD-555, designed to perform a complex of work on a patrol sump of freshly buried snow, high-speed snow cleaning from the roadway, treatment of road coatings with antifungal materials;

Machines sidewalk MT-1 and MT-2, intended for cleaning streets, squares, sidewalks, roads and construction sites from fresh snow, soil nanso, garbage;

DS-142B autogudaronators and DS-39B, intended for transporting liquid bitumen materials in hot and cold condition from places of production or storage with a temperature of up to + 200 ° C with small heat loss and uniform distribution of them during the construction and repair of roads and airfields;

Bituch-vehicles DS-180, intended for bottling bitumen, uniform single-layer distribution of rubble small fractions on the surface of the road surface and its cursory in the construction and repair of road coatings;

DS-164A autobuima, intended for transporting liquid bitumen materials with a temperature of up to + 200 ° C with small heat loss, as well as for the transport of other non-aggressive and explosion-proof binding liquids;

DS-138B autobuimose, intended for transportation and issuing bitumen in liquid state with a temperature of up to + 200 ° C on road roads I-III categories of operating conditions;

Tank semi-trailers Bituminous ACB-25-00 and ACB-12-IIIA, intended for transportation and issuing bitumen in liquid state with a temperature of up to + 200 ° C on roads I-III categories of operating conditions;

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

ATZ-6 and ATZ-11 automotive powers, intended for transportation and issuing light oil products with a density of not more than 0.86 g / sm, and for the mechanized refueling of machines and mechanisms with filtered fuel reading the amount issued;

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

Currently, the organization of OJSC Kurgandormash does not have sufficient financial stability, its production potential throughout 2008-2010. significantly decreased, funds are not enough to conduct settlements, the solvency of the organization is low.

The future of the plant is associated with the development of the 2nd platform, where the workshop for the manufacture of non-standard equipment was opened, a petroleum, boiler room, a substation and water supply are built. In 2001, a 4000 MI plant was put into operation, in which the production of large-tonnage techniques is carried out. In addition, the organization carried out: reconstruction and overhaul of the main workshops and plant management, improvement of the territory of the plant and the streets adjacent to it.

Every year more than 200 types of new products are being developed in the organization. The main emphasis is on high-tech, complex equipment, especially block-complete. The organization is seriously approaches development and reconstruction. Despite difficulties in the economy, annually sends significant funds for the reconstruction of production, the acquisition of new equipment, the creation of new industries, computerization. Overall assessment of the effectiveness of the organization in market conditions Management are indicators of the intensity of the use of production resources of the organization.

The effectiveness of the use of the main production facilities characterizes the indicator of the foundation. This indicator increased in 2008 by 24%, and in 2009 increased by 29%. This change is determined by the period under consideration by the change in revenue from the sale and cost of production assets.

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Introduction

1. Methodological issues of financial sustainability of industrial enterprises

1.1 Concept and content of financial stability

1.2 Types of Financial Sustainability of the Enterprise

1.3 Methods for assessing the financial stability of the enterprise

2. OJSC Katk, its characteristics and analysis of work

2.1 general characteristics Enterprises

2.1.1. The history of the creation of an enterprise

2.1.2 Organizational structure Enterprises

2.1.3 Characteristics of products and borders of its distribution

2.2 Analysis of technical and economic indicators of Katk OJSC for 2006-2008

2.2.1 Analysis of production volume

2.2.2 Analysis of the cost of products

2.2.3Analysis profits and profitability

2.2.4 Analysis of the composition and structure of the property of OJSC Katk

2.2.5 Analysis of the sources of the formation of the property of Katk OJSC

2.2.6 Analysis of solvency of OJSC Katk

2.2.7 Analysis of financial sustainability

3 Major activities to improve the financial sustainability of the enterprise

3.1 State mechanism for ensuring the financial sustainability of Katk OJSC

3.2 Release of new products as one of the factors of improving the financial stability of the enterprise

3.2.1 Determination of the target market

3.2.2 Communication policy

3.2.3 price, product policy and distribution policy

3.2.Inted results from the production of new types of products

3.3 Implementation of the Target-Kosting system in the work of Katk OJSC

3.4 Organization of Office foreign economic activity Enterprises

3.5 Evaluation of the efficiency of the use of borrowed capital

3.6 Design and technological directions of improving new types of products

3.6.1-based information cd compact

3.6.2.2 Positive design

3.6.3 Design design

Conclusion

Literature

Introduction

The main thing in the context of the global financial crisis, the pledge of the survival and the basis of the stable position of the enterprise is its financial stability. The definition of financial stability, the most important signs of which are the solvency and availability of resources for development, refers to the number of not only financial, but also general economic problems. After all, insufficient financial sustainability can lead to the insolvency of enterprises, to the absence of funds for funding current and investment activities, and in the exacerbation of the financial condition - and to bankruptcy, and excessive - puts obstacles to the development of enterprises, burdening their costs with excessive reserves and reserves What is the relevance of the issue under consideration.

Evaluation of financial sustainability and solvency is also the main element of the analysis of the financial condition necessary for control, allowing to assess the risk of violation of the obligations on the settlements of the enterprise.

As an object of study, the enterprise of Katk OJSC was chosen - an enterprise that produces high-quality power equipment of medium and low voltage of complete factory readiness.

The subject of the study is the financial condition of the enterprise in the aspect of financial sustainability, which in market conditions is the key to the survival and the basis of the stable position of the enterprise. If the company is financially sustainable, effective, then it has several advantages over other enterprises of the same profile to obtain loans, attracting investments, in choosing suppliers and in the selection of qualified personnel. The higher the sustainability of the enterprise, the more it is independent of the unexpected changes in market conditions and, therefore, the less risk to be on the edge of bankruptcy. Evaluation of financial sustainability and solvency is also the main element of the analysis of the financial condition necessary for control, allowing to assess the risk of violation of the obligations on the settlements of the enterprise.

The promising policy of Katk OJSC is focused on expanding business relations with a flexible response to the change in the conditions and features of demand, cooperation in the development of progressive types of energy efficiency, a combined approach to a combination of opportunities internal reserves Production and needs of customers in new market conditions of economic activities.

These circumstances and influenced the choice of the topic of work, the purpose of which is to identify the stock of sources of own funds and the development of measures to improve the management of them. The task of work is: to disclose the economic content and essence of the concept of financial sustainability; examine information on the characteristics of OJSC Katk, to analyze the main technical and economic indicators; determine the presence of sources of funds for stock formation and costs using a three-component indicator; Evaluate the financial sustainability of the enterprise with the help of financial risk, debt, autonomy, financial sustainability, maneuverability, stability of the structure of mobile tools, working capital provision by its own sources, as well as to develop a model for optimizing the financial stability of the enterprise. Assessment of the state of financial sustainability of Katk OJSC is conducted 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 the enterprise. For Katk OJSC, according to the author, the technique of Sheremeet A.D. and Saifulina R.S., as well as the development of Kovaleva V.V. The method used is intended to ensure the management of the financial condition of the enterprise and the assessment of financial sustainability in a market economy.

And analysis of receivables; - Create a reserve for doubtful debts; - increase the profitability of products by issuing a new type of product. 3 activities aimed at improving the financial sustainability of the enterprise Energoremont LLC 3.1 The policy of acceleration of settlements to improve the financial condition of the enterprise must be clearly monitored and managed by receivables ...

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 the enterprise is based on a whole system of indicators characterizing the structure of sources of capital of its placement, equilibrium between enterprise assets and their sources ...

Diploma

Finance and credit relations

1 Theoretical and methodological foundations of the analysis of financial sustainability and solvency of the enterprise 1.1 The concept and essence of the financial sustainability of the enterprise. 3 Methodological foundations for analyzing financial sustainability and solvency 2 Analysis of the financial sustainability and solvency of the enterprise on the example of OJSC DEC. At the same time, an increase in the significance of finances and the nomination of the role of financial aspects of the enterprise to the fore modern society this is...

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From the above analysis of financial sustainability, it can be concluded that Atlant LLC is in a state that can be described as normal sustainability. A normal sustainable financial situation is characterized by the fact that the company uses various "normal" sources of funds to cover the reserves - its own and attracted (own working capital; short-term loans and loans; payables for commodity operations). https://sairus-law.ru. garden plot registration.

Nevertheless, for each enterprise, it is necessary to develop measures to increase financial stability, whatever it is. Since in the long run, the financial condition can dramatically change its direction: from the crisis-resistant.

As the most frequently encountered techniques that are used to improve the financial condition of the enterprise, the following are as follows:

daily follow the ratio of receivables and payables;

accounts receivable Buyers can not pay all right away, but every day gradually;

use discounts with early postage;

require preliminary payment for products;

to repay receivables, use the form of natives, when the debt is extinguished by its product or services;

identify and implement illiquid assets.

It often happens that the company's losses are mainly due to an ill-conceived approach to production. Based on this, you can offer a variety of ways to improve the financial condition of the enterprise. Among them can be allocated:

· Reducing costs (the main condition for profit growth and profitability can be considered as a consequence of all other);

· Improved working hours;

· Implementation new technique and technology;

· Energy savings;

· Improving the use of all material resources;

· An increase in sales volumes;

· Reducing the residues of unrealized products;

· Successful carrying out non-engineering operations.

Taking into account the negative phenomena identified during the analysis, it is possible to give some recommendations for increasing the financial stability of the enterprise:

It is necessary to increase the proportion of own working capital in the value of the property and to ensure that the growth rates of their own working capital are higher than the growth rate of borrowed capital;

take measures to reduce payables, first of all it concerns the advances received from buyers. On them either the products should be shipped, or funds are returned;

increased investment in fixed assets and its share in the general property of the organization;

it is necessary to increase the turnover of working capital of the enterprise, which, during the analysis of financial stability, it is clearly revealed, so sources of own funds were sent, mainly into non-current assets;

especially pay attention to the increment liquid assets;

if the magnitude of slowly implemented assets is extremely large, it is necessary to find out what causes the accumulation of superplan reserves. They should be immediately put into production. If there are partial, thowned, illiquid reserves, then they must be implemented at any cost or write off;

Belgorod State Technological University. V.G. Shukhov

Department of Financial Management

Course project

by discipline " Financial management»

on the topic: "Ways to improve the financial sustainability of the enterprise"

Head of the course project prof. Veretnibova Iba Ivanovna

Belgorod 2009.

Introduction

Chapter 1. Essence of financial stability and methods for its definition

1 The concept of financial stability and the method of its determination

1.2 Factors affecting financial stability

Chapter 2. Analysis of the financial sustainability of the enterprise

1 Financial Stability of Russian Enterprises

2 Analysis and assessment of the financial condition of Atlant LLC

Chapter 3. Ways to improve the financial sustainability of the enterprise

Conclusion

Bibliographic list

Introduction

The basis of the financial stability of the Russian economy is the financial sustainability of the organization, since it is precisely the pledge of survival and the basis of the lasting position of the organization. If the company is financially sustainable, effective, then it has several advantages over other enterprises of the same profile to obtain loans, attracting investments, in choosing suppliers and in the selection of qualified personnel. The higher the sustainability of the enterprise, the more it is independent of the unexpected changes in market conditions and, therefore, the less risk to be on the edge of bankruptcy.

Evaluation of financial sustainability and solvency is also the main element of the analysis of the financial condition necessary for control, allowing to assess the risk of violation of the obligations on the settlements of the enterprise.

The subject of work is the financial condition of the enterprise in the aspect of financial sustainability. The object of the study is society with limited liability "Atlant".

The purpose of the work is to identify the level of financial sustainability of the enterprise and the development of ways to increase it.

The task of work is: to determine the availability of sources of funds for forming stocks and costs; Evaluate the financial sustainability of the enterprise with the help of financial risk, debt, autonomy, financial sustainability, maneuverability, the stability of the structure of mobile tools, working capital provisions by its own sources.

There are many methods for assessing the financial stability of the enterprise. For this company The technique of Sheremeet A.D. and Saifulina R.S., as well as the development of Kovaleva V.V.

Chapter 1. Essence of financial stability and methods for its definition

.1 The concept of financial stability and methods of its determination

The pledge of survival and the basis of the stability of the position of the enterprise is its sustainability. The essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency acts as an external manifestation.

The solvency is the ability of the enterprise to fully fully fulfill their solvent obligations arising from trade, credit and other payment operations.

The valuation of solvency is carried out at a specific date by checking the availability of funds on the settlement, currency accounts and the availability of short-term financial investments. The presence of significant cash balances testifies to the solvency of the enterprise for a specific date. However, the presence of a minor amount does not always mean that the enterprise is effective. Chronic money shortage, the presence of overdue payables, delay of payments, long-term continuous use of loans can lead to bankruptcy of the enterprise. The guaranteed solvency of the enterprise suggests, among other things, the preservation of solvency in the conditions of the permissible level of entrepreneurial risk due to both the nature of the enterprise itself and the fluctuations of the market situation.

Under the financial stability of the enterprise is understood as the distribution and use of financial resources, which ensures the development of an enterprise based on profit and capital growth while maintaining solvency and creditworthiness in conditions of permissible risk level.

The creditworthiness is the ability of the company to return a loan to the payment due to interest.

To maintain financial stability, not only the increase in the absolute amount of profit is important, but also an increase in the efficiency of capital use, i.e. profitability.

Financially sustainable is such a business entity, which at the expense of own funds covers funds invested in assets, does not allow unnecessary receivables and payables and is calculated on its obligations within the prescribed period.

Financial stability is provided by the entire production and economic activity of the enterprise, and its highest manifestation is the ability of the enterprise to develop mainly at the expense of its own sources of financing.

external sources of funds are served. So, many businessmen prefer to invest in a minimum of their own funds, but to finance it at the expense of money taken into debt. However, if the structure "Own capital - borrowed capital" has a significant breakdown towards debts, then commercial organization It can go bankrupt if several creditors will unexpectedly need to return their money in the "uncomfortable" time. No less important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance and current assets, as well as with the solvency of the organization.

A variety of factors affecting stability divides it on the inner and outer (Fig. 1):

Fig.1. Types of sustainability of a commercial organization

internal stability is such a state of organization, i.e. the state of the structure of production and the provision of services, and the dynamics in which a steadily high result of functioning is ensured.

The basis of its achievement is the principle of active response to the change in business environment;

external stability is due to the stability of the economic environment, within which the organization is valid, achieved the corresponding control system across the country, i.e. Office from outside.

The diversity of the reasons causes different faces of general sustainability in relation to the enterprise; It can be (Fig. 1):

"Inherited" sustainability - is the result of the presence of a certain stock of the financial strength of the organization formed for a number of years that protects it from accidents and sharp changes in external adverse, destabilizing factors;

technical and economic sustainability - reflects the effectiveness of investment projects, the level of material and technical equipment, the organization of production, labor, management; implies the flow of cash flows that ensure profit and make it possible to effectively develop production;

financial stability - reflects the stable excess of income over costs and the state of resources that provides free maneuvering of the organization's money and through their effective use contributes to the uninterrupted process of production and implementation, expansion and updating. It reflects the ratio of own and borrowed capital, the rate of accumulation of equity capital as a result of the current, investment and financial activities, the ratio of mobile and immobilized organizations, sufficient provision of stocks with its own sources. Financial stability is the main component of the overall sustainability of the organization. The definition of its borders is among the most important economic problems in the conditions of a market economy, since insufficient financial stability can lead to the insolvency of the organization, and excessive - will impede development, excessive costs of excessive reserves and reserves. Consequently, financial stability should be characterized by such a state of financial resources, which, on the one hand, meets the requirements of the market, and on the other hand, meets the needs of the organization's development. Hence the essence of financial stability is determined by the effective formation, distribution, use of financial resources, and the form of its manifestation may be different.

In the current conditions, financial stability can be structured as:

current - at a specific point in time;

potential - associated with transformations, taking into account the changing external conditions;

formal - created and supported by the state, from outside;

real - in competition conditions, taking into account the possibilities of extending extended production (Fig. 2).

Fig.2. Types of financial sustainability of a commercial organization

Any science is based on generally accepted, reasonable theoretical concepts. The interpretation in the professional financial lexicon term "financial stability" remains very blurred and ambiguous. In foreign economic literature and world practice, the difference in the interpretation of the concept of "financial stability" is explained by the presence of two approaches to the balance of the balance: the traditional and modern functional analysis of the liquidity of the balance sheet. Taking into account the presence of these two different approaches, analysts disclose the concept of financial stability in different ways.

Based on traditional liquidity analysis balance The financial stability of the enterprise is determined by the rules aimed at maintaining the equilibrium of financial structures and to avoid risks for investors and creditors, i.e. The traditional Rules of Financial Standard, which include:

the rule of minimum financial equilibrium, which is based on the presence of compulsory positive liquidity, i.e. it is necessary to provide for a stock of financial strength, protruding in the amount of exceeding the magnitude of current assets to exceed the obligations due to the risk of inconsistencies in the amount of time, the speed of turnover of short-term elements of the asset and liability balance;

maximum Debt Rule - Short-term debts cover short-term needs, traditional financial standard establishes the limit of coating of the enterprise's debt with its own sources of funds: long- and medium-term debts should not exceed half of the permanent capital, which includes its own sources of funds and equal long-term borrowed sources of funds;

the rule of maximum financing, which takes into account the implementation of the previous rule: the appeal to the borrowed capital should not exceed a certain percentage of the amounts of all observed investments, and the percentage varies depending on different lending conditions.

Based on a functional analysis of balance liquidity, financial stability is determined by following the following requirements:

maintaining a financial equilibrium by inclusion in the stable placement of funds covered due to permanent capital, in addition to investments in fixed assets, and need for current assets, under which part of the permanent capital used for their formation is understood.

Thus, stable resources are permanent capital and means equivalent to it must completely cover stable placed assets. The ratio is less than 100% indicates that part of the stable placements of funds were funded by unstable resources acting in the form of short-term obligations, which reveals the financial vulnerability of the organization. As for short-term financing, here comes from the fact that the amount of need for current assets (in the amount of sources of own working capital) changes during the reporting period, and these changes can lead:

either to excessive provision of current assets, as a result of which free sources of own working capital appear temporarily;

either to dissatisfaction the need for current assets, as a result of which the borrowed funds have to use;

assessment of general debt - approaches (functional and traditional analysis of the liquidity of the balance) to the analysis of financial stability are the same. But here it is added to the determination of the level of overall debt of the organization established by the ratio of all borrowed funds with the value of their own, compliance with the above requirements makes it possible to ensure the so-called basic equality of money.

The main procedures for analyzing financial sustainability is the analysis:

stock availability and costs are the main cost-effective sources of their formation;

composition and structure of sources of financing of the enterprise;

stability and "quality" of equity;

stock of the financial strength of the enterprise;

relative indicators of financial stability;

the solvency of the enterprise.

Approaches to the formation of a set of coefficients characterizing financial stability may be different. Almost all the coefficients of financial stability are derived from the structure of assets and liabilities. Given the influence of various factors on the financial sustainability of the enterprise, the analysis of the latter is complemented by the indicators of liquidity, turnover, profitability, investment attractiveness. By virtue of their significance for investors, lenders, owners, they are allocated in certain directions for analyzing the financial condition of the enterprise.

Modern economic science has at its disposal a huge number of diverse techniques and methods for assessing financial indicators, which in the conditions of the formation of market relations are changed due to the increase in the requirements for analysis. The possibility of real estimation of the financial stability of the organization is ensured by a certain method of analysis corresponding to informational support and qualified personnel.

At various stages of the analysis, various methods, developed initially in other economic sciences, can be used and inherent in only it, as there is a process of interpenetration and intercepting scientific tools of various sciences.

Currently, many methods of evaluating the financial condition of the enterprise, such as the technique of Sheremeth A.D., Kovaleva V.V., Dontsova L.V., Nikiforova N.A., Stanovaya E.S., Artyomenkov.g. , Belendir M.V. other. And the difference between them lies in the approaches, methods, criteria and the conditions of analysis. In this course, the technique of Sheremeet A.D. and Saifulina R.S. The method used is intended to ensure the management of the financial condition of the enterprise and the assessment of financial sustainability in a market economy. Methods for analyzing financial stability are shown in Fig.4.

Fig. four. Methods for analyzing financial stability

To assess the management of the organization's activities, except for analysis methods, science and practice has developed special tools - economic indicators, the purpose of which is the measurement and evaluation of the essence of the economic phenomenon.

The organization is complex systemconsisting of many subsystems, therefore, the assessment of its sustainability should be characterized by the complexity of the approach, i.e., using a system of indicators of financial stability. The composition of the indicators is varied - these are absolute, and relative indicators. Of great importance in the analysis of the financial sustainability of the organization has absolute indicators: the values \u200b\u200bof their own and borrowed capital, assets, cash receivables, receivables and accounts, profits, as well as absolute indicators, calculated on the basis of reporting, such as clean assets, own working capital, stock availability indicators by their own working capital, the size of sustainable liabilities. These indicators are criteria, since it is formed by criteria to determine the quality of financial condition.

An extremely important role in modern conditions in the analysis of financial stability is played by relative values, as they smooth out the distorting effect of inflation on the reporting material. The prevalence of them (87% of the analyzes used) is due to a certain advantage over absolute, as they allow to compare objects unsuitable for absolute values, more stable in space and time, therefore characterize more homogeneous variation bands, and also improve the statistical properties of indicators. Indicators To assess the financial stability of the organization should not be a set, but by the system. This means that they should:

do not contradict each other;

do not duplicate each other;

do not leave "white spots" in the activities of the organization;

reflect the most essential parties to their activities.

Financial stability is characterized by an absolute and relative indicators.

The generalizing absolute indicator of financial stability is surplus or lack of sources of stock formation tools and costs obtained in the form of a difference between the size of the sources of funds and the amount of reserves and costs. This refers to the security of reserves and costs with such sources as its own working capital, long-term and short-term loans and loans, payables to suppliers recorded by the bank during crediting.

To determine the level of financial sustainability, an analysis is necessary:

§ composition and placement of assets and liabilities 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;

§ receivables;

§ solvency.

The absolute indicators of financial stability are indicators characterizing the degree of reserves and costs of sources of their formation.

During the analysis, it is necessary to determine the degree of financial stability at the beginning and end of the period, to evaluate the change in financial stability during the reporting period, to determine the causes of the changes.

The stability of the financial condition in market conditions along with absolute values \u200b\u200bis characterized by a system of financial coefficients. An analysis of financial coefficients is to compare their values \u200b\u200bwith basic values, studying their dynamics during the reporting period and for a number of years.

In addition, it is necessary to use to assess the financial state expert assessments The values \u200b\u200bcharacterizing optimal or critical (thresholds), from the point of view of the stability of the financial state, the values \u200b\u200bof the indicators, assess changes in these coefficients for the past period, conclude how the individual characteristics of the financial condition changed in the reporting year.

From how optimally the ratio of its own and borrowed capital, the financial condition and the trend of its change depends largely.

Thus, the main indicators characterizing financial stability are: the coefficient of financial autonomy, the coefficient of financial dependence, the coefficient of financial risk.

Thus, the analysis of coefficients is to find a relationship between two separate indicators. There are many coefficients, but all of them can be combined in 5 groups according to the characteristics:

a) the possibility of repaying current obligations;

b) the movement of current assets;

c) equal capital;

d) the results of the main activity;

e) information about the state of the market.

The method of analysis of the above coefficients is compared:

§ actual coefficients of this year with last year's;

§ actual ratios with standards;

§ actual coefficients of the enterprise with indicators of competitors

§ actual coefficients with industry indicators.

Isolated study of capital structure does not give the complete characteristics of the financial position. The overall assessment of the financial stability of an enterprise can be obtained by calculating the coating coefficient of non-current assets stable financial sources (own and equivalent to them means):

This coefficient should be greater than 1 (or 100%), since not only intangible assets, fixed assets, capital construction, long-term financial investments should be funded due to long-term sources, but some of the material and receivables and receivables are necessary for normal operation.

1.2 Factors affecting financial stability

In the current economic environment in the conversion of the system economic relations Indigenous changes in the activities of organizations occur, and according to reform purposes, they should lead to the creation of business entities, obliged to ensure real financial stability. To this end, the management of the organization should quickly respond to the limitations created by the system of economic relations, maneuvering financial resources and production programs. It is necessary to "develop immunity" to the effects of external and internal factors that violate the reproductive activities of the Organization. Thus, the financial activity of any organization represents a complex of interrelated processes dependent from numerous and varied factors.

Factors influencing the financial condition of the enterprise is divided into external and internal . The causes of the unfavorable position of the organization, first of all, are systemic macroeconomic causes, especially in the conditions of an unstable economy. When studying external factors that form the financial sustainability of the organization, the following main characteristics can be distinguished:

close interconnection of external factors with internal and among themselves;

the complexity of external factors, difficultness or absence of their quantitative expression;

the uncertainty, which is the function of quantity and confidence in the information that an organization has about a particular factor, therefore, the more uncertain the outside environment, the much more difficult to identify to what external factor will lead to what consequences.

Thus, in the conditions of an unstable economy, it is almost impossible to use a quantitative assessment method, which allows you to streamline the external factors studied and bring them into a comparable view. From here to make any exact forecasts about the formation of the financial sustainability of the organization (taking into account the study of external factors) is almost impossible. Therefore, they should be attributed to the category uncontrollable. At the same time, external factors affect the internal. It should be noted direct (bankruptcy of debtors) and indirect (social) impact of external factors on financial stability - such a division allows you to more correctly assess the nature and degree of influence on the sustainability of the organization.

Fig.5. Factors affecting the financial sustainability of the organization

Of course, to deal with many external factors to individual enterprises are not able to fight, but in the established conditions they remain a particular strategy, which would allow to soften the negative consequences of the general decline in production.

External factors, unavountal will of the enterprise, and internal, depending on the organization of its work are classified at the occurrence (Fig. 5). For a market economy, it is also characteristic and necessary to actively respond to the management of the organization to change external and internal factors.

In general, it can be said that financial stability is a comprehensive concept with external forms manifestations that form in the process of all financial and economic activities under the influence of many different factors.

The financial stability of the business entity, even a separate indicator, may influence many diverse reasons. It is necessary to establish the most significant causes that have entertained the impact on the change in indicators. Due to the fact that the indicators are connected between themselves, you can not take them isolated.

Chapter 2. Analysis of the financial sustainability of the enterprise

2.1 Financial Stability of Russian Enterprises

Analysis of financial stability, and in the broader sense of financial and economic sustainability, is an extremely important and relevant problem, both for a separate enterprise and for Russia as a whole.

It is obvious that in this case the financial stability of the country, in addition to the account, directly depends on the financial stability of a separate enterprise separately.

Russia ranked sixth in the rating of the sustainability of financial and environmental development, compiled by the German Allianz Insurance and Dresdner Bank. She overtook USA, Great Britain and Germany, who took 17, 7 and 9 places, respectively. The authors of the report call the result "unexpected".

The stability index was calculated in five parameters. For three of them, the volume of foreign debt, the balance of payments and the volume of net borrowing, Russia has the best indicators. More than two indicators - the volumes of carbon dioxide emissions and the use of energy per unit of GDP, the country was at the bottom of the list. According to the researchers, the case with Russia showed that it is possible to build a rating for each indicator separately.

Other developing countries, in particular China and India, also overtook the United States on the sustainability of development, but took only 13 and 16 seats.

The financial and environmental sustainability rating is only a small part of the study of Allianz Insurance and Dresdner Bank, dedicated to the place of business conditions in Germany in comparison with other developed and developing countries. In the general list, Russia turned out to be only 15. He heads the overall rating of Sweden. It is worth noting that in 2007, the Minister of Finance Alexey Kudrin said that Russia has the opportunity to create an economy in 10 years equal to the strength of the US countries, Germany or France.

.2 Analysis and evaluation of the financial condition of Atlant LLC

Analysis of absolute financial stability indicators

To characterize sources of stock formation, several indicators are used, reflecting the degree of coverage of different types of sources:

The presence of own working capital (SOS), as the difference between own capital and non-current assets. This indicator characterizes capital. Its increase compared to previous period Specifies to the further development of the activities of the enterprise. In the form of the presence of working capital, you can write:

SOS \u003d IPP - Ira

where the IPP is the I section of the balance liability; RA - I section of the balance of the balance.

SOS nach \u003d 509689 - 1102713 \u003d -593024

SOS kon \u003d 1001486 - 1765855 \u003d -764369

The presence of own and long-term borrowed sources of stock formation and costs (SD), determined by increasing the previous indicator in the amount of long-term liabilities (up to - II section of the balance sheet):

SD \u003d SOS + to

SD nach \u003d -593024 + 878814 \u003d 285790

SD kon \u003d -764369 + 1539703 \u003d 775334

The total magnitude of the main sources of stock formation and costs (OI), determined by increasing the previous indicator in the amount of short-term bank loans (QC) (QC - p. 610):

OI \u003d sd + kk

OI nach \u003d 285790 + 30000 \u003d 315790

OI kon \u003d 775334 + 41000 \u003d 816334

Three indicators of the presence of sources of stock formation and costs correspond to three indicators of stocks and costs of sources of formation:

Surplus (+) or lack of (-) own working capital (Fos ):

F SOM. \u003d SOS - 3

where 3 are stocks.

F. sOS nach. \u003d -593024 - 318175 \u003d - 911199; F SOM. nach. < 0

F. sOS kon. \u003d -764369 - 480142 \u003d - 1244511; F SOM. kon. < 0

Surplus (+) or disadvantage (-) of own and long-term sources of stock formation (F ):

F SD \u003d SD - 3

F. sD nach. \u003d 285790 - 318175 \u003d -32385; F SD nach. < 0

F. sD kon. \u003d 775334 - 480142 \u003d 295192; F SD kon. > 0

Surplus (+) or disadvantage of the total value of the main sources of stock formation (f o ):

F o \u003d OI - 3

F. oI nach. \u003d 315790 - 318175 \u003d -2385; F o nach. < 0

F. oI kon. \u003d 816334 - 480142 \u003d 336192; F o kon. > 0

The obtained data will be brought to the analytical table. 1, which is filled on the basis of the obtained data and data forms No. 1 "Accounting Balance".

Table 1 Analysis of absolute financial stability indicators

No. P / p / ppcasts Start of the reporting period, thousand rubles. In the end of the reporting period, thousands of rubles change for the year (+, -), th. 490 F.1) 50968910014864917972 record assets (p. 190 f.1) 110271317658556631423Sobstvennye working capital (COC) -593024-764369-1713454Dolgosrochnye liabilities (tO) (str.590 f.1) 87881415397036608895Nalichie equity and long-term borrowed sources of formation of reserves and costs (DM) 2857907753344895446Kratkosrochnye bank loans (QC) (p. 610 F 1) 3000041000110007 The total value of the main sources of funds for the formation of stocks and costs (OI) 3157908163345005448 The total value of the reserves (h) 3181754801421619679 between (+) or the disadvantage of SOS for the formation of stocks (F sOS ) - 911199- 1244511-33331210 Equity (+) or disadvantage of own and long-term sources of stock formation (f sD ) -3238529519232757711 × (+) or disadvantage of the total sources of stock formation (f o )-2385336192338577

According to Table 1, it can be concluded that sources of own funds were sent to non-current assets (at the end of the year: 1765855/1001486 * 100% \u003d 176.3%). Thus, the funds did not receive on the replenishment of their own working capital. In addition, working capital is clearly lacking both at the beginning of the year and at the end.

It should be noted that in general the company has increased their own capital, and non-current assets, but their own working capital has decreased. At the same time, current and long-term obligations increased. It can be assumed that with the general decline in production, the company takes loans to increase the share of working capital, because Their enterprises are clearly not enough.

A positive point is to increase the main sources of funds for forming stocks and costs (per 500544). Thus, at the end of the year, most of the sources of own and borrowed funds are covered by most of the stocks and costs.

Thus, it is possible to distinguish an increase in both its own and long-term sources of stock formation and the total sources of stock formation, but there is a lack of own working capital for the formation of reserves.

The provision of stocks and costs by sources of their formation allows you to classify financial situations in the degree of sustainability. It is possible to allocate four types of financial stability:

ü The absolute sustainability of the financial condition of the enterprise is characterized by the fact that the reserves and costs of the business entity less amount Own working capital and bank loans for commodity and material values. It meets in domestic practice extremely rarely and represents the extreme type of financial stability.

ü The normal sustainability of the financial condition of the enterprise, guaranteeing its solvency. The reserves and costs of the economic entity are equal to the sum of its own working capital and loans for commodity and material values.

ü Unstable (pre-crisis) condition associated with a violation of solvency, in which nonetheless the possibility of restoring equilibrium is preserved by replenishing sources of equity and increasing its own working capital. Stocks and costs are equal to the amount of their own working capital, bank loans for commodity and temporary free sources of funds (reserve fund, Foundation social sphere etc.).

However, financial stability is considered normal (admissible) if the following conditions are followed:

but) productive reserves and the finished products in the amount are equal or exceed the sum of short-term loans, borrowed funds involved in stock formation;

b) unfinished production and expenditures of future periods less or equal to the amount of own working capital.

An unstable financial condition is characterized by the fact that the possibility of restoring solvency is preserved.

ü The crisis state in which the company is on the verge of bankruptcy, because in this situation, cash, short-term securities and receivables of the enterprise do not even cover its accounts and overdue loans.

Financial stability can be restored both by increasing loans, loans, and through a reasonable reduction in the level of stocks and costs.

An unstable financial condition is characterized by the presence of violations of financial discipline, interruptions in the receipt of funds to the current account, decrease in the profitability of activities.

The crisis financial condition is characterized, in addition to the above signs of an unstable financial situation, the availability of regular payments (overdue loans of banks, overdue debts to suppliers, the presence of arrears in the budget).

We define the type of financial sustainability of Atlant LLC based on the absolute indicators of financial sustainability. For the convenience of determining the type of financial stability, we will submit the calculated indicators in Table 2.

Table 2 Summary Table of Indicators by Financial Sustainability

Financial Sustainable Assembly Sustainable Sustainable Sustainable Statulate Conduct sOS \u003d SOS - 3F sOS \u003e 0F. sOS < 0Ф sOS < 0Ф sOS < 0Ф sD \u003d SD - 3F sD \u003e 0F. sD \u003e 0F. sD < 0Ф sD < 0Ф oI \u003d OI - 3F oI \u003e 0F. oI \u003e 0F. oI\u003e 0F. oI < 0

This table suggests that Atlant LLC at the beginning of the year was in a crisis state, and at the end of the year its stability is characterized as normal:

§ early year:

F SOM. nach. < 0

F SD nach. < 0

F o nach. < 0

§At the end of the year:

F SOM. kon. < 0

F SD kon. > 0

F o kon. > 0

Analysis of relative indicators of financial stability

To assess financial stability, a financial indicators system (coefficients) are used:

.One of the most important indicators characterizing the financial stability of the enterprise is the autonomy coefficient (minimum threshold value of 0.5):

and nch. =509689 / 1503021 = 0,34and Kon \u003d 1001486/2686813 \u003d 0.37

.Financial dependence coefficient (optimal value less than 2):

fZ NCH = (878814+114518) / 1503021 = 0,66fZ Kon. =(1539703 + 145624) / 2686813= 0,63

.Current debt ratio:

tK NCH = 114518 / 1503021 = 0,08tK Kon \u003d 145624/2686813 \u003d 0.05

4.The coefficient of long-term financial independence (financial sustainability rate):

K. dFN NCH = (509689 + 878814)/ 1503021 = 0,92dFN Kon. =(1001486 + 1539703)/ 2686813= 0,95

5.Coefficient of debit of own capital (solvency coefficient):

s nch = 509689/ (878814 + 114518) = 509689/993332= 0,51s con = 1001486/ (1539703 + 145624 = 1001486/1685327= 0,59

6.Financial leverworthy coefficient or financial risk coefficient (less than 0.67):

s nch = (878814 + 114518) / 509689 = 993332/ 509689 = 1,95s con = (1539703 + 145624) / 1001486 = 1685327/ 1001486 = 1,68

According to the calculated data, the indicators will be a table.

Table 3 Structure of liabilities (obligations) of the enterprise LLC "Atlant"

Indicator Indicator Beginning of the year end year imagery1. The proportion of own capital in the overall balance of the balance sheet (the coefficient of financial autonomy of the enterprise),% 3437 + 32. The proportion of borrowed capital (financial dependence ratio),% 6663-33. Current debt coefficient0.080.05-0.034. The coefficient of long-term financial independence0.920.95 + 0.035. The coefficient of coating of debts of its own capital0,510,59 + 0.086. Financial Leverish Coefficient (Shoulder financial lever)1,951,68-0,27

The higher the level of the first, fourth and fifth indicators and below the second, third and sixth, the more stable financial condition of the enterprise. In our example (Table 3), the share of equity has a tendency to increase. During the reporting year, it increased by 3%, since the growth rate of equity capital is higher than the increment rate of the borrowed. Financial lever shoulder decreased. This suggests that the financial dependence of the enterprise from external investors has declined somewhat.

Assessment of changes that occurred in the capital structure may be different from the standpoint of investors and enterprises. For banks and other lenders, the situation is more reliable if the share of equal capital from customers is higher. This eliminates the financial risk. Enterprises are usually interested in attracting borrowed funds for two reasons:

) Interest on servicing borrowed capital is considered as expenses and are not included in taxable profits;

2) The cost of paying interest is usually lower than the profit obtained from the use of borrowed funds in the enterprise's turnover, as a result of which the profitability of equity capital increases.

In a market economy, a large and all-increasing share of equity does not mean to improve the situation of the enterprise, the possibility of rapid response to changing the business climate. On the contrary, the use of borrowed funds indicates the flexibility of the enterprise, its ability to find loans and return them, i.e. On trust in it in the business world.

The most generalizing indicator among the above is the coefficient of financial leverage. All other indicators in one way or another determine its magnitude.

There are practically no standards for the conformity of borrowed and own funds. They cannot be the same for different industries and enterprises. The share of own and borrowed capital in the formation of the assets of the enterprise and the level of financial leverage depends on the industry's industry characteristics. In those sectors where capital and high proportion of non-current assets slowly turns around, the financial leverage ratio should not be high. In other industries, where capital turnover is high and the share of fixed capital is low, it can be significantly higher.

The level of financial leverage also depends on the conjuncture of the commodity and financial market, the profitability of the main activity, the stages of the life cycle of the enterprise, etc.

For determining regulatory value Financial autonomy coefficients, financial dependence and financial leverage, it is necessary to proceed from the actual structure of assets and generally accepted approaches to their financing.

The financial leverage ratio is not only an indicator of financial stability, but also has a great influence on an increase or decrease in the magnitude of the profit and equity of the enterprise.

Level level of financial leverage it is measured by the ratio of the growth of net profit ( ?PP%) to the rates of gross profit growth (? P%):

W. fL = ? PP% : ?P%.

It shows how many times the rate of income of net profit exceed the growth rate of gross profits. This excess is provided by the effect of a financial lever, one of which is its shoulder (the ratio of borrowed capital to its own). By increasing or reducing the arm of the lever depending on the current conditions, it is possible to affect the profit and profitability of equity.

Increasing financial leverage is accompanied by an increase in the degree of financial risk associated with the possible disadvantage of funds for interest on loans and loans. A minor change in gross profits and profitability of invested capital in terms of high financial leverage can lead to a significant change in net profit, which is dangerous in decline in production. Calculate the level of financial leverage according to the analyzed enterprise.

Table 4 Calculation of the level of financial leverage according to the analyzed enterprise

Last periodountence periodyprost,%Profit before taxes and interest, thousand rubles.272746755445 + 177 percentage after paying taxes and interest, thousand rubles.114005574107 + 404

UFL = 404:177=2,28

Based on these data, it can be concluded that with the current structure of the sources of capital, each percentage of gross profit increase ensures an increase in net profit by 2, 28%. In the same proportion, these indicators will change and in decline in production. Using this data, you can estimate and predict the degree of financial risk of investment.

An important indicators characterizing the capital structure and determining the sustainability of the enterprise are the amount of net assets and their share in the overall balance of the balance. The amount of net assets (the real value of equity) shows that it will remain the owners of the organization after the repayment of all obligations in the event of the liquidation of the organization. The calculation of the magnitude of net assets is presented in Table 5.

Table 5 Calculation of net assets LLC "Atlant"

Subsector of the Locquinity Start of the year, thousand rubles. On the end of the year, thousand rubles by change (+, -), thousand rubles.1. Activities1.1. Equipment 1.20 - 1.2. Strong assets12079518511259083707231.3.Neveloped Construction. 4.Dolgosrochnye financial vlozheniya140280980339723587431.5.Prochie noncurrent aktivy150 1.6.Zapasy2103181754801421619671.7.Debitorskaya zadolzhennost230 --- + --- 240-244478472222601744131.8.Kratkosrochnye financial vlozheniya250 1.9.Denezhnye sredstva260172151475951303801.10.Prochie current aktivy270 --- 1.11.Itogo aktivySumma 1.1-1.101485950261585211299022.PASSIVY2.1.Tselevye financing and postupleniya450 2.2.Zaemnye sredstva510 --- + + 61086076515091596483942.3.Kreditorskaya zadolzhennost520 620132567175855432882.4.Raschety on dividendam630-3133132.5.Prochie short passivy660 --- 2.6.Itogo liabilities are excluded from the cost of aktivovSumma 2.1- 2.599333216853276919953. Clean assets (total assets minus total liabilities) 1.11 -2.6492618930525437903 The amount of net assets is quite conditional, since it is designed for data not by the liquidation, but balance sheet, in which assets are not reflected in market, but at discount prices. Nevertheless, their value must be more authorized capital.

If net assets are less than the value of the authorized capital, the joint stock company is obliged to reduce its authorized capital to its net assets, and if net assets are less than the minimum amount of share capital, then in accordance with current legislative acts, the Company is obliged to decide on self-destruction. With the unfavorable ratio of net assets and authorized capital, efforts should be aimed at increasing the profits and profitability, repayment of the debts of the founders on contributions to the authorized capital, etc. In the company under consideration, net assets are larger than the value of the authorized capital.

Calculation of the stock of financial stability

With multi-product production, a break-burning sales is determined not in natural units, and in value terms.

To determine the stock of financial stability (ZFU), it is necessary to deduct the discharge-free sales and the resulting result to be divided into revenue:

The break-residual sales volume is defined as follows:

financial sustainability cost maneuverability

Table 6 Calculation of a break-even amount of sales and stock of the financial stability of the enterprise

The production period is made from the sale of products for the minus VAT, excise taxes, etc., thousand rubles.14303582746736 from sales, thousand rubles.233138680092Full cost of sales, thousands of RUB.1576121991291Summ variable costs, thousand rubles. 7871761354078Summ of constant costs, thousand rubles.370436637213Summage Margin coatings, thousand rubles. RUB. 6431811392658 DOLA WARNE COVERATION IN REACTIONS,% 0.44970.507Abaged sales volume, thousand rubles. Rub. % 606618 42,4 1489906 54.2

As the calculation shows (Table 6), last year it was necessary to sell products in the amount of 823740 thousand rubles to cover the constant costs. With such a revenue, profitability is zero. In fact, revenue amounted to 1430358 thousand rubles, which is higher than the critical amount of 606,618 thousand rubles, or 42%. This is a stock of financial stability, or the enterprise break-even zone. In the reporting year, the stock of financial stability increased slightly, the revenue may decrease by 54.2%, and only then the profitability will be zero. If the revenue becomes even lower, then the enterprise will be unprofitable, it will "eat" its own and borrowed capital and go bankrupt, so you need to constantly monitor the reserve of financial stability, find out how close or far the threshold of profitability is below which the company's revenue should not be designed. This is a very important indicator for assessing the financial stability of the enterprise.

Analysis of financial equilibrium between assets and liabilities

The most fully financial stability of the enterprise can be disclosed based on the study of equilibrium between the articles of the asset and the liabilities of the balance. When balanced assets and liabilities in terms of use and in cycles, the flow of inflows and cash outflows is ensured, and, consequently, the solvency of the enterprise and its financial stability. In this regard, the analysis of the financial equilibrium of assets and balance liabilities is the basis for assessing the financial stability of the enterprise, its liquidity and solvency.

Schematically, the relationship between assets and liabilities of the balance can be represented as follows:

1. Overseas Actual Capital Capital 2. Current actuator-term obligations

According to this scheme, the main source of financing of non-current assets, as a rule, is permanent capital (equity capital and long-term loans and loans).

Current assets are formed both at the expense of own capital and due to short-term borrowed funds. It is desirable that they are half formed at the expense of their own, and half due to borrowed capital: in this case, the external debt repayment is ensured and the optimal value of liquidity coefficient equal to 2.

Own capital in the balance sheet is reflected in the total amount in Section. III balance liability. To determine how much it is invested in long-term assets, it is necessary from total amount non-current assets to deduct long-term bank loans for real estate investments.

Equity equity (d sC. ) In the formation of non-current assets is determined as follows:

sK NCH =(1102713 - 878814) /1102713 = 0,2sK Kon. =(1765855 - 1539703) /1765855 = 0,13

To find out which amount of equity is used in the turn, it is necessary on the total amount of it in Section. III balance liability to deduct the amount of long-term (non-current) assets (sec. I of the balance of the balance) per minute of the part that is formed at the expense of long-term bank loans.

Section. SH + p. 640 + p. 650 - (sec. I - section IV) \u003d (Section III + p. 640 + p. 650 + section IV) - section. I.

Own circulating capital n G. = (509689 + 878814)-1102713 = 285790

Own circulating capital to g = (1001486+1539703)-1765855=775334

The coefficient of protection of current assets with its own means (the minimum threshold value of 0.1) can be calculated in another way. It shows the share of current assets financed by the Organization's own funds. This indicator depends on many circumstances, so any generally accepted recommendations regarding its magnitude and dynamics in international accounting and analytical practice is not given. As for domestic practice, then when characterizing the degree of satisfactory balance of the balance structure, its standard is not lower than 10%, i.e., the coefficient of own means is greater than or equal to 0.1, which is necessary for the financial stability of the organization. The calculation of this coefficient is given in Table 7.

ooah nach = (400308 - 0 - 114518) / 400308 = 285790 /400308 = 0,71oo kon. = (920958 - 0 - 145624) / 920958 = 775334 / 920958 = 0,84

Table 7 Original data for analyzing your own working capital LLC "Atlant"

The end of the year is the end of the year of change (+, -) propaly, thousands of thousands of rubles. 5096891001486491797 record assets, thousands of rubles.11027131765855663142 Revalted assets, thousand rubles.

The value of the security coefficient of current assets with its own means (the regulatory value of this coefficient is 0.1) at the beginning and end of the year corresponds to the recommended value (0.71\u003e 0.1 and 0.84\u003e 0.1). This means that at the beginning of the year, 71% of current assets are formed at the expense of own funds, and at the end of the year - 84%.

We estimate the influence of factors for changing the provision of own means (Table 8) using factor analysis by chain substitution.

Table 8 Calculation of the influence of factors to change the coefficient of provision of own means

Illustrative beginning of the period, the period end rub.Na thousand, thousands rub.Izmenenie (+, -).., Th rub.Sobstvenny kapital5096891001486 491797Vneoborotnye aktivy11027131765855 + + + 663142Oborotnye aktivy400308920958 520650Sobstvennye current sredstva285790775334 + 489544Vliyanie to change the equity ratio factors only. -0.355 Including: a) equal capital - + 0.253b) non-current assets --- 1.657V) of current assets - + 1.08

The cumulative effect of factors:

Calculations show that the change in the provision of own means has a significant impact of revision of current assets (an increase at the end of the reporting period by 520650 thousand rubles), as well as a change in non-current assets (an increase of 663142 thousand rubles at the end of the reporting period). The cumulative effect of three factors was -0.324. An increase in current assets has a positive effect (+1.08), and an increase in non-current assets is negative (-1,657).

The structure of the distribution of equity is also calculated, i.e. The share of own working capital and the proportion of own fixed capital in the total amount of its total.

The ratio of their own working capital to the total amount was called the "coefficient of capital maneuverability", which shows which part of its own capital is in circulation, i.e. In the form that allows you to freely maneuver with these means. The coefficient should be high enough to ensure flexibility to use the enterprise's own funds.

The coefficient of self-capital maneuverability (the minimum threshold value of 0.5) is:

mSK NCH =(400308 - 0 -114518) / 1503021 =0,19mSK Kon. =(920958 - 0 - 145624) / 2686813= 0,29

On the analyzed enterprise as of the end of the year, the proportion of equity, which is in circulation, has increased, which should be assessed positively.

An important indicatorwhich characterizes the financial condition of the enterprise and its sustainability is the security of reserves (material current assets) sustainable sources financing to which are not only their own working capital, but also short-term bank loans for commodity and material values.

The supply ratio of stocks by its own sources for their formation (normal value of more than 0.6 - 0.8) characterizes the degree of secure reserves of its own capital.

K. o.Z Nach = (400308 - 0 - 114518) / (318175 + 17071) = 285790 / 335246 = 0,85oz Kon. = (920958 - 0 - 145624) /(480142 + 70961) = 775334 / 551103 = 1,41

His growth has a positive effect on the financial stability of the enterprise. For the enterprise Atlant LLC, the dynamics of this coefficient shows a tendency to improve the financial condition of the enterprise.

Analysis of solvency and liquidity

No less important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance and current assets, as well as with the solvency of the organization.

The solvency is characterized by the degree of liquidity of current assets and indicates the financial capabilities of the organization to fully pay on its obligations as the debt repayment period is on.

Economic terms "liquidity" and "solvency" in modern economic literature are often mixed, sometimes replacing each other. Despite the fact that these two concepts are very similar, there is still a certain difference between them: if the first is more to a greater extent internal function Organizations that self selects forms and methods to maintain its liquidity at the level of established or generally accepted norms, the second, as a rule, refers to the functions of external subjects.

Thus, liquidity acts as a necessary and obligatory condition of solvency, the control over the observance of which is already taken on not only entityBut also a certain external entity interested in the control of this person. The degree of liquidity of the balance is depends on the solvency of the enterprise.

An assessment of balance sheet balance is carried out on the basis of the characteristics of the liquidity of current assets, which is determined by the time necessary to turn them into cash. The smaller the time is required for the collection of this asset, the higher its liquidity.

Table 9 Analysis of liquidity LLC Atlant

Name of the indicator20032of current liquidity1,322,621,691,103,506,32691,03,506,320063,410,370,572,690,410,370,572,54,03,572,64,240,220,340,340,340,220,340,340

The indicator of the current liquidity ratio for the period under review rose by 4.8 times, the rapid liquidity rate increased by 11.0 times.

An indicator of the autonomy coefficient of own funds for the same period decreased by 15.9%.

Analysis of the liquidity and solvency of the Issuer (Table. Data) identifies the following trends in changing indicators characterizing the level of liquidity and solvency.

For the period under study, a favorable trend is celebrated by almost all relative indicators of the liquidity of society.

The fact of the adequacy of the presence of the part of its own capital, which is the source of the coverage of current assets. An derived and competently built policy of distribution and control of cash flows (in stocks, in products and goods, etc., revolving means) in this case, influences in many ways.

The autonomy coefficient of its own funds (financial independence ratio) characterizes the possibility of enterprise to pay off their debt obligations as a result of the sale of property formed at the expense of its own funds. For the period from 2006 to 2007, the structure and balance of the ratio of assets for their liquidity and the structure of obligations under their urgency does not change. And in 2008 there was a favorable growth, which indicates the growth of the financial opportunities of the enterprise to repay their debt obligations.

The current liquidity ratio characterizes the degree of general security of the enterprise by working capital to conduct economic activities and timely repayment of urgent obligations. The actual value of this indicator for 2008 was estimated at 6.32, which is significantly higher than the normative value (\u003e 2). This means that the provision of Atlant LLC is working capital to conduct economic activities and timely repayment of urgent obligations can be considered sufficient. For the analyzed period, a favorable trend of the growth of the value of this indicator is estimated by 1.8 times (from 3.5 in 2007 to 6.32 in 2008).

The rapid liquidity ratio (or critical assessment coefficient) must be greater than 0.7 - 0.8. It characterizes how short-term obligations exceed the most liquid assets, which, along with cash, includes receivables. The value of this indicator on the balance of Atlant LLC for 2008 (2.54) lies above the regulatory zone for this indicator (0.7 - 0.8). This fact suggests that for the analyzed period there is a favorable trend of the increase in the value of this indicator from 0.57 in 2007 to 2.54 in 2008. At the end of 2008, the significance of this indicator was 2.54, respectively, short-term liabilities throughout the entire analyzed period practically can be covered by the enterprise to the means that are expected.

Competent financial Policy In terms of attracting credit and borrowed resources, the obligation to implement contractual conditions, the creation of solid financial support in the banking environment makes it possible to extend market relations to a new level of quality.

In addition, it should be noted that the values \u200b\u200bof relative solvency indicators are relevant under stable development, but in relation to the balance of the enterprise, which is at the stage of investments in the expansion of production capacity, when the return comes not immediately, reservations are necessary. Thus, the reduction of some relative financial indicators of the Company, which can be assessed as a temporary, inherent in the transitional period, against the background of a flawless credit history of the Company and the desire of owners and managers to invest in the industry in the industry, which for Russia as a whole is budget-forming, can be considered Incentive for further development, prosperity and well-being of Russia and its inhabitants.

Chapter 3. Ways to improve the financial sustainability of the enterprise

Nevertheless, for each enterprise, it is necessary to develop measures to increase financial stability, whatever it is. Since in the long run, the financial condition can dramatically change its direction: from the crisis-resistant.

As the most frequently encountered techniques that are used to improve the financial condition of the enterprise, the following are as follows:

daily follow the ratio of receivables and payables;

accounts receivable Buyers can not pay all right away, but every day gradually;

use discounts with early postage;

require preliminary payment for products;

to repay receivables, use the form of natives, when the debt is extinguished by its product or services;

identify and implement illiquid assets.

It often happens that the company's losses are mainly due to an ill-conceived approach to production. Based on this, you can offer a variety of ways to improve the financial condition of the enterprise. Among them can be allocated:

· reduction of cost (the main condition for increasing profit and profitability can be considered as a consequence of all others);

· improving work time use;

· introduction of new equipment and technology;

· energy savings;

· improvement of all material resources;

· an increase in sales volumes;

· reducing residues of unrealized products;

· successful carrying out non-engineering operations.

Taking into account the negative phenomena identified during the analysis, it is possible to give some recommendations for increasing the financial stability of the enterprise:

It is necessary to increase the proportion of own working capital in the value of the property and to ensure that the growth rates of their own working capital are higher than the growth rate of borrowed capital;

take measures to reduce payables, first of all it concerns the advances received from buyers. On them either the products should be shipped, or funds are returned;

increased investment in fixed assets and its share in the general property of the organization;

it is necessary to increase the turnover of working capital of the enterprise, which, during the analysis of financial stability, it is clearly revealed, so sources of own funds were sent, mainly into non-current assets;

especially paying attention to the increment of the most liquid assets;

if the magnitude of slowly implemented assets is extremely large, it is necessary to find out what causes the accumulation of superplan reserves. They should be immediately put into production. If there are partial, thowned, illiquid reserves, then they must be implemented at any cost or write off;

take measures to increment our own sources of funds and reduce borrowed liabilities;

pay attention to the organization of the production cycle, on the profitability of products, its competitiveness.

An important source of increasing financial sustainability of the enterprise is factoring, i.e. The concession to the bank or factoring company the right to optus receivables, or a contract-concession, according to which the enterprise is inferior to its requirement for bank debtors as ensuring the return of the loan.

One of effective methods The update of the material and technical base of the enterprise is leasing, which does not require full one-time payment of leased property and serves as one of the types of investment. Using accelerated depreciation by leasing operations Allows you to quickly update the equipment and maintain technical re-equipment of production.

Attracting loans for profitable projects capable of bringing a high income to the enterprise is also one of the reserves of the financial recovery of the enterprise.

This also contributes to the diversification of production in the main directions of economic activity, when forced losses in one directions are covered by the profit of others.

It is possible to reduce the deficit of equity due to the acceleration of its turnover by reducing the construction time, production and commercial cycle, excessive remnants of reserves, work in progress, etc.

Reducing expenditures for the maintenance of residents of residentialscultuettes by transferring them to municipal property also contributes to the tide of capital into basic activities.

In order to reduce costs and improve the efficiency of the main production in some cases, it is advisable to abandon some activities serving the main production (construction, repair, transport, etc.), and go to the service of specialized organizations.

If an enterprise receives a profit and is insolvent, it is necessary to analyze the use of profits. If there are significant contributions to the consumption fund, this part of the profit in the conditions of insolvency of the enterprise can be viewed as a potential reserve of replenishment of their own working capital of the enterprise.

Great help in identifying reserves for improving the financial condition of the enterprise can provide marketing analysis According to the development of supply and supply, sales markets and the formation on this basis of the optimal range and structure of production.

One of the most radical directions of increasing financial sustainability is to search for internal reserves to increase production profitability and achieving break-even work due to more complete use. production capacity Enterprises, improvement of product quality and competitiveness, reducing its cost, rational use of material, labor and financial resources, reducing non-productive expenses and losses.

The main attention should be paid to resource saving issues: the introduction of progressive norms, standards and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and introduction of best practices in the implementation of the regime of savings, material and moral incentives for resource savings and Reducing non-production costs and losses.

For systematized detection and generalization of all types of losses at each enterprise, it is advisable to conduct a special register of losses with their classification by certain groups:

from marriage;

reduce product quality;

unclaimed products;

loss of profitable customers, profitable markets;

incomplete use of the production capacity of the enterprise;

downtime of labor, warehousing, labor and cash resources;

resource overpowering per unit of products compared with the established standards;

damage and shortage of materials and finished products;

write off non-fully amortized fixed assets;

payments for penalties for violation of the contractual discipline;

write off unclaimed receivables;

attracting unprofitable sources of financing;

untimely commissioning of capital construction objects;

natural Disasters;

in production, not giving out products, etc.

The skillful application and combination of these activities contributes not only to an increase in financial sustainability, but also to improving the financial condition of the enterprise.

Conclusion

Financial stability - the goal-toe property of financial analysis, and the search for international opportunities, the means and methods of its strengthening determines the nature of the analysis and maintenance of analysis. Evaluation of financial sustainability allows external analysis subjects (primarily partners contractual relations) identify the financial capabilities of the organization for a long term, which is associated with the general financial structure of the organization, degree of its dependence on creditors and investors, as well as with the conditions on which they are attracted and external sources of funds are served. So, many businessmen prefer to invest in a minimum of their own funds, but to finance it at the expense of money taken into debt. However, if the structure of "own capital is borrowed capital" has a significant overcast towards debts, then a commercial organization can go bankrupt if several creditors will unexpectedly demand to return their money into "uncomfortable" time. No less important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance and current assets, as well as with the solvency of the organization.

An analysis of the sustainability of a financial condition on a given date allows us 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 consistent with the requirements of the market and responded to the needs of the company's development, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds from him for the development of production, and excessive - to impede development, extinguishing the company's costs with excessive reserves and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources.

From the above analysis of financial sustainability, it can be concluded that Atlant LLC is in a state that can be described as normal sustainability. A normal sustainable financial situation is characterized by the fact that the company uses various "normal" sources of funds to cover the reserves - its own and attracted (own working capital; short-term loans and loans; payables for commodity operations).

Nevertheless, for each enterprise, it is necessary to develop measures to increase financial stability, whatever it is. Since in the long run, the financial condition can dramatically change its direction: from a crisis-resistant.

Knowledge of the limit boundaries change sources of funds for coating capital investment in fixed assets or production reserves allows you to generate such streams economic operationswhich lead to an improvement in the financial condition of the enterprise to increase its sustainability.

Thus, the analysis of the financial sustainability of the enterprise makes it possible to assess how much the enterprise is ready to repay its debts and answer the question of how independent of the financial side increases or decreases the level of this independence, whether the state of the assets and liabilities of the enterprise is responsible for the purposes of its economic activities.

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