Determination of the structure of financial indicators. Financial analysis of enterprise activities (international approaches)

The most important indicators financial activities enterprises.

Profit (loss) at the end of the reporting year is a financial result that is identified on the basis accounting all financial transactions of enterprises and representing the amount of profit (loss) from the sale of fixed assets, products, works, services, other property of the enterprise and net income from non-sales operations.

Profitability characterizes the efficiency of enterprises. Product profitability is defined as the relationship between the amount of profit from the sale of products and the costs of production and sales of products.

Return on assets is the ratio of profit to the average value of an enterprise's assets.

Working capital of an enterprise is a value advanced in cash, which, as a result of the turnover of funds, takes the form of circulation funds and working capital, which are necessary to maintain a constant circulation and return to their original form after its completion.

Turnover working capital is defined as the ratio of the average cost of working capital and production costs of sold products, multiplied by the number of days in the period.

Cash receipts of enterprises include the entire amount Money, coming from the sale of products, work performed, and services provided at the enterprise.

6. Accounts payable – debt for settlements with suppliers and contractors for goods supplied, work performed, services rendered, debt on bills issued, with subsidiaries, with employees and workers for wages, with the budget and off-budget funds, on advances received, as well as the amount of advances received on planned payments.

Accounts receivable is the debt for goods, works and services for settlements with debtors, for bills of exchange, with subsidiaries, with personnel for other operations, with the budget, with other debtors (debt of accountable persons, advances issued to suppliers and contractors, taking into account amounts paid to other enterprises, advances for upcoming payments).

Overdue debt is a debt that has not been repaid within the terms specified in the contract.

Financial investments are long-term and short-term investments of enterprises in securities (portfolio investment), interest-bearing bonds of local and state loans, authorized funds other enterprises established in the country, capital abroad, as well as loans and credits provided to other enterprises (loan investment).

The financial stability of an enterprise is determined by the state financial resources, which ensure an uninterrupted, expanded production process and sales of products based on profit growth.

Horizontal and vertical analysis of funds. Most general idea qualitative changes in the structure of assets and liabilities, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of financial statements.
To study the structure and dynamics of changes in the financial condition of an organization, an analytical balance sheet is usually used. It can be obtained from the original balance sheet by condensing individual items and supplementing it with indicators of structure and dynamics. When drawing up an analytical balance sheet, the structure of the original reporting form is preserved: non-current and current assets, equity and borrowed capital are distinguished, and the equality of the total of “Assets” and “Liabilities” is maintained. The analytical balance sheet is useful in that it can be used to systematize the calculations made by the analyst, assess changes in the property status of the organization, draw a conclusion about what sources were the influx of new funds and in what assets these funds were invested.

The performance of organizations can be assessed through rational indicators. Which ones are the most informative? What financial and economic indicators are especially important for an investor? What, in turn, can the bank pay attention to when considering the appropriate type of loan application from an enterprise?

Set of financial indicators

Financial performance indicators of an enterprise can be presented in a wide range of varieties. At the same time, in Russian and world practice, a set of criteria has gradually been developed by which one can study how business is developing. Modern experts identify the following basic financial indicators of the enterprise:

Liquidity ratios: current, quick, absolute;

Duration of self-financing;

Net working capital;

Turnover periods: inventories, accounts receivable;

Profitability: assets, capital, sales;

Turnover ratios: inventories, capital, assets, accounts receivable, financial leverage, autonomy;

Clean operating cycle;

Ratio reflecting debt coverage;

The amount of working capital;

Bank arrears;

The amount of investment;

Let us consider the specifics of each of the indicators in more detail.

Liquidity ratios

Let's start studying financial indicators with liquidity ratios. The first reflects its current values. It shows the extent to which the enterprise's assets allow it to fulfill obligations classified as short-term. In practice, this actually determines the extent to which a firm is resilient to possible market volatility. From the point of view of the significance of analyzing the activity of an enterprise within the framework of the corresponding financial indicator, experts adhere to the principle: a company should not use short-term resources for the purpose of purchasing “long-term” assets. Although, of course, a lot depends on the specific industry in which the company operates.

In turn, the quick ratio shows whether the company has reserves to pay off short-term liabilities through monetary assets, or those that are quickly converted into financial form. The difference between this ratio and that which reflects current liquidity is, therefore, that in the first case the available assets are not always expressed in monetary terms.

The absolute liquidity ratio, in turn, reflects what resources the enterprise has of an exclusively monetary nature, or those that are close to them in terms of turnover rate - shares, for example. The more there are, the better. However, according to some experts, relevant financial indicators presented in excessively voluminous quantities may give the investor reason to come to the conclusion that the company is not managing financial resources very effectively.

Duration of self-financing

This financial indicator reflects how long it can be stable work company at the expense of short-term assets. It is important from the point of view of the company’s sustainability during periods when there is no revenue or it is not enough to correctly repay current obligations.

Net working capital

Grade financial indicators enterprises almost always include such a parameter as net working capital. It is a figure that can be obtained by subtracting from the amount of current assets the values ​​that reflect Short-term liabilities companies. It is important that it be positive, preferably that it exceeds payments many times over. established schedule, and also allowed the company to invest in development.

The calculation of financial indicators, such as net working capital, is among the most important procedures in terms of assessing the effectiveness of a company's business model. If the relevant criteria are not met, then the company's development strategy may need to be reconsidered.

Turnover ratios

The most important financial indicators are turnover ratios. There are several of them, as we noted above. The first is the one that reflects the turnover of “receivables”. It allows you to see the average duration of the periods during which the company solves the problem of collecting the relevant type of debt. The lower this indicator, the sooner the “receivable” will turn into revenue and increase the liquidity of assets. An indicator such as the receivables turnover period correlates quite closely with this ratio. It's almost the same thing. But in the second case, the duration is expressed in days.

The considered financial indicators in the form of coefficients are also represented by a parameter reflecting inventory turnover. This figure shows how quickly the company thus sells inventory. The higher the corresponding coefficient, the more effective, from an analytical point of view, is the company’s business model. This indicator, in turn, correlates with such a parameter as the inventory turnover period - it reflects the turnover in days.

In turn, the group of coefficients under consideration includes the one that reflects the work with the assets of the enterprise. It indicates how effectively a company uses all available resources, and not just, in particular, revenue from sales of inventory. Relevant financial indicators of the enterprise can contribute to its objective assessment by the investor regarding the frequency of production cycles.

There is such a parameter as a coefficient that reflects the turnover of permanent assets. It is able to show how efficiently a company uses fixed assets. The higher it is, the more optimal the scheme for using permanent assets. If the financial indicators of an enterprise of this type are low, this may indicate that the company does not have enough revenue, or that it is used to purchase funds that are not entirely effective. At the same time, as some experts note, the optimal value given coefficient varies greatly depending on the specific industry.

Another turnover ratio reflects the values ​​for the company's capital. It shows how effectively a company converts cash investments into working capital. The criterion here is, as a rule, the pace of sales and revenue.

Clean operating cycle

What other indicators financial results Are the company's activities important? Experts include figures that reflect the size of the net operating cycle as such. They show how many days the company invests in working capital. The lower the corresponding numbers, the better.

Profitability

The main financial indicators of companies also include profitability of sales. It shows how much revenue for a certain period exceeds expenses. Typically expressed as a percentage. Sometimes a company's profitability is compared with the lending rate, inflation, or, for example, the industry average. That is, the corresponding indicator can be considered relative.

There are indicators of financial performance related to return on sales. Which for example? In particular, this is the return on assets and equity of the company. In the first case, the indicator under consideration is able to show how effective investments in assets are. In the second, what kind of profit can the owners of the company or investors expect?

Note that the return on sales is calculated in relation to EBIT - that is, without taking into account interest payments on loans, as well as income tax for organizations. This indicator is adjacent to EBITDA profitability - excluding credit and tax payments, as well as the company’s deductions for depreciation.

Also, indicators of financial stability of organizations include return on investment. They reflect how profitable the company is in terms of long-term investments. Figures that reflect profitability in certain aspects are the most important for an investor.

Other odds

As we can see, indicators of financial performance of companies are often expressed in ratios. We have already discussed some above. But there are others. Among these is the financial leverage ratio. It shows the extent to which a firm depends on loans. The higher the corresponding coefficient, the stronger, from an analytical point of view, the financial burden on the organization. At the same time, just as in the case, for example, with profitability, this parameter is relative. If one firm has worse financial performance than another, but has additional reserves or advantages in terms of access to cheap credit, then its business model may be judged by investors to be more sustainable.

There is a coefficient of autonomy. According to many experts, if possible, it should also be included in indicators of the financial condition of the company. To some extent it influences the previous coefficient. It reflects how significant the reserves of autonomous financial resources are from the point of view of the need to apply for external loans.

There is also an overall debt ratio, which relates to the company's need to cover its borrowings. This indicator is an indicator of whether the organization’s reserves are sufficient in terms of loan payments in relation to the schedule. The higher this debt coverage ratio, the better. The corresponding indicators of financial stability are important mainly from the point of view of assessing the solvency of the company by the bank and the likelihood of issuing further loans.

Amount of working capital

Among the important indicators of a company’s sustainability is the amount of working capital. This refers to the value of assets that the company needs to maintain a stable production cycle. Revolving funds include several types of assets. First of all, these are the company's upcoming expenses, as well as its current production reserves. The composition of working capital is also formed by semi-finished and unfinished products, as well as goods in warehouses and shipped to consumers. Accounts receivable also refers to working capital.

Accounts payable

Unlike accounts receivable, this type of obligation involves the organization’s debts in relation to suppliers of goods and services, for the payment of possible bills of exchange, for settlements with subsidiaries, for wages, payments to the Pension Fund of the Russian Federation, the Social Insurance Fund and the Compulsory Medical Insurance Fund, as well as for advances.

The amount of the company's accounts payable is important for the investor. The fact is that a significant part of the relevant payments in the event of bankruptcy of an organization may be subject to repayment in the first place. In particular, these include salary obligations. The demands of shareholders or founders are not the most important. And if the company’s payables for wages form too large an amount, then an investor planning, for example, to buy part of the shares, may refuse the transaction.

Overdue

Many enterprises are unable to pay debts to banks on time, resulting in late payments. The conditions for loans for businesses in many financial institutions are quite strict - fines and penalties are imposed, and the amount of interest may be revised. Delays, therefore, can become a factor of additional costs that reduce the sustainability of the enterprise’s business model.

Investments

Another important indicator- one that reflects the amount of investment of the organization. These can be various securities, government bonds, authorized capital of other enterprises, venture investments. These can also be loans issued in favor of other companies or individuals.

When analyzing the corresponding indicator, not only the amount of investment is taken into account, but also their nature and the characteristics of the objects of financial investment. If these are, for example, organizations, then perhaps an analysis of their financial stability will be carried out.

Other indicators

What other financial and economic indicators of business activity are important from the point of view of analyzing the efficiency of enterprises? These include, in particular, the interest payment ratio on the loan. It reflects whether the company's revenue is sufficient to fulfill the relevant type of obligations.

Other notable indicators include a coefficient reflecting the relationship between the price of a product and profit. It allows you to understand the extent to which the current cost of manufactured products corresponds to expected revenue. There is such an indicator as earnings per share. It reflects the shareholder's income per security. It is accompanied by such criteria as the book value of one share, the amount of dividends, and also, in some cases, the expected growth of profits.

Net profit

Some experts include in the main financial indicators the organization's net profit or loss as of the end of the reporting period. This indicator, however, is considered by some analysts to be important mainly from an accounting point of view. Not all investors, therefore, pay attention to it when assessing the effectiveness of an enterprise’s business model. However, the corresponding indicator, as some experts note, may be of interest to banks when assessing the solvency of an enterprise.

Around 1997 I wrote for the program manual financial analysis several pages describing the main financial indicators used in the analysis. No details, just names, formulas and short description. Later, in 1998, this list was published on the website cfin.ru and for 12 years now it has been one of the most popular pages on the site and the leader in the number of reprints and links. It is estimated that the number of times this document was read, including copies on other sites, was close to a million. That is, the question of which set of indicators should be considered standard and how to formulate the definitions of these indicators is quite relevant.

We, too, have repeatedly had to select indicators and determine their standard names: for the Alt-Invest and Alt-Finance programs, for AI PAS certification, and simply for individual situations in training and consulting. At the same time, we regularly encountered the fact that financial indicators can be called in different sources differently or the same name may imply different formulas. For example, we encountered terminological conflicts such as ROS vs. NPF or two common options for decoding ROCE (Return On... Common Equity / Capital Employed), etc. In order to finally decide on the names and formulas that we will use in our practice, this article has been prepared.

It establishes a set of indicators that we plan to use in the future as an internal standard of Alt-Invest in terms of terms, abbreviations, and calculation formulas. We plan to expand this list if necessary, but the core will remain unchanged.

Information sources

In preparing this list, the following literature was analyzed:

1. White, Sondhi, Fried “The Analysis and Use of Financial Statements”

3. Braley, Myers “Principles of Corporate Finance”

4. Damodaran “Investment Valuation”

5. Koltsova, Ryabykh “Practice of financial diagnostics and evaluation of projects”

In cases of terminology conflicts, the CFA Institute manual “Financial Reporting and Analysis” was used as an “arbiter”; the version adopted there was considered the most correct.

Important note about using formulas

In all formulas, unless otherwise stated, it is assumed that the data for calculation is taken as follows:

1. if both the numerator and the denominator use balance sheet data (for example, in the CR indicator), then they are taken as of the end of the period;

2. if the numerator uses data from the income statement, and the denominator uses data from the balance sheet (for example, ROA) or, vice versa (for example, WCR), then the balance sheet data is taken as the average for the period;

3. data from the income statement is taken for the year, i.e. if, for example, quarterly reporting is used for analysis, then the taken values ​​must be adjusted accordingly.

As a way to calculate average annual values ​​in the balance sheet, it is usually sufficient to take the average between the value at the beginning and at the end of the year. If a more accurate method is used, this will not be an error, but, as a rule, there is no need for such detail.

Liquidity indicators

1. Current ratio / Current liquidity ratio

Reflects how much the company's short-term liabilities are covered by current assets, i.e. characterizes the company's resistance to short-term market fluctuations. The interpretation of this indicator is associated with an important hypothesis about proper organization financing - a company should not use short-term sources of financing to acquire long-term assets. Accordingly, the usual recommended CR value is greater than 1. Depending on the industry and other business characteristics, this recommendation may vary.

2. Quick ratio / Quick liquidity ratio

Reflects the extent to which a company's short-term liabilities can be paid from assets that are either already cash or likely to become cash in the near future. Unlike CR, this indicator does not consider that inventories can be used to pay off liabilities, because stocks do not always have liquidity and can be converted into money.

It should be noted that this indicator does not take into account any short-term investments, but only market (liquid) ones. This means that, for example, marketable shares or bonds traded on an exchange will be included in the indicator. But if investments cannot be sold on the market within a reasonable time, then they should not be taken into account.

The higher this indicator, the more stable activity companies. However, if its value is too high, it may indicate that the company has excess resources that are not used efficiently.

3. Cash ratio / Absolute liquidity ratio

Shows what share of short-term debt obligations can be covered by cash and cash equivalents in the form of market valuable papers and deposits, i.e. almost completely liquid assets.

4. Defensive interval ratio / Self-financing period

Reflects the number of days for which the company is provided with funds contained in its short-term assets. This indicator characterizes how stable financing of current operations can be provided in the event of short-term failures in sales.

5. Net working capital / Net working capital

NWC = Current assets - Current liabilities

The difference between a company's current assets and its short-term liabilities. Net working capital is necessary to maintain the financial stability of the enterprise, since the excess of working capital over short-term liabilities means that the enterprise not only can pay off its short-term obligations, but also has reserves for expanding activities. The optimal amount of net working capital depends on the characteristics of the company’s activities, in particular on its scale, sales volumes, turnover rate inventories and accounts receivable. A lack of working capital may indicate an enterprise's inability to repay short-term obligations on a timely basis. As a rule, a positive working capital value is considered normal.

Turnover indicators

6. Receivables turnover ratio

Shows the average time required to collect a debt. The larger this number, the faster the receivables turn into cash, and therefore the liquidity of the company’s working capital increases. A low ratio may indicate difficulties in collecting funds from accounts receivable.

7. Receivables turnover in days / Receivables turnover period

A similar indicator, but expressed in days. Shows how long it takes on average to convert sales into cash receipts. As a rule, the lower this figure, the better.

8. Inventory turnover ratio / Inventory turnover ratio

Reflects the speed of inventory sales. On the one hand, the higher this indicator, the more efficiently the company’s resources are used. On the other hand, high inventory turnover increases the requirements for the stability of supplies of materials and goods and can affect the sustainability of the business.

9. Inventory turnover in days / Inventory turnover period

The same indicator expressed in days.

10. Total assets turnover ratio / Asset turnover ratio

Characterizes the efficiency of the company's use of all available resources, regardless of the sources of their attraction. This coefficient shows how many times per year the full cycle production and circulation. Its values ​​vary greatly depending on the industry.

11. Fixed assets turnover ratio / Fixed assets turnover ratio

The indicator is also known as capital productivity. This coefficient characterizes the efficiency of the enterprise's use of available fixed assets. The higher the ratio, the more efficiently the company uses fixed assets. A low level of capital productivity indicates insufficient sales volume or too much high level capital investments. However, the values ​​of this coefficient differ greatly from each other in various industries. Also, the value of this coefficient greatly depends on the methods of calculating depreciation and the practice of assessing the value of assets. Thus, a situation may arise that the fixed asset turnover rate will be higher in an enterprise that has worn-out fixed assets.

12. Working capital turnover ratio / Working capital turnover ratio

Shows how effectively a company uses investments in working capital and how this affects sales. The higher the value of this ratio, the more effectively the company uses net working capital.

13. Net operating cycle / Net operating cycle

NOK = RT+IT - accounts payable turnover in days

The RT and IT indicators in this formula are used in the calculation option in days. Reflects the period in days for which working capital is financed. The longer this period, the greater the liquidity risks.

Profitability indicators

14. Net Profit Margin / Return on sales

Reflects the overall profitability of a company's sales.

15. EBIT margin / EBIT margin

Reflects the profitability of the company's sales without taking into account the costs of interest on loans and payment of income taxes.

16. EBITDA margin / EBITDA margin

Reflects the profitability of the company's sales without taking into account the costs of interest on loans, payment of income taxes and depreciation.

17. Return on assets / Return on assets

Reflects the overall efficiency of using the company's assets.

18. Return on equity / Return on equity

Shows the profitability of using the capital of the company's owners, that is, the profitability of the company from the point of view of the shareholder.

19. Return on invested capital / Return on invested capital

Reflects the profitability of a company in terms of long-term capital invested in it. This indicator is not calculated on the basis of net profit; the profit EBIT*(1-t) used in it excludes the influence of interest on loans on tax payments.

Financial stability indicators

20. Financial leverage ratio / Financial leverage ratio

Characterizes the firm's dependence on external loans. The higher the ratio, the more loans the company has, the higher the risk of insolvency. The high value of the coefficient also reflects potential danger the company has a cash shortage. The interpretation of this indicator depends on many factors: average level this ratio in the industry, the company’s access to additional debt sources of financing, features of the current production activities. As a rule, values ​​greater than 1 may indicate potential difficulties in securing payments, since at this level the debt can no longer be fully repaid from share capital.

21. Equity-to-debt ratio / Autonomy ratio

Characterizes the company's stability in relation to its debt obligations. An indicator that is the opposite of financial leverage.

22. Interest coverage ratio / Loan interest coverage

Shows how large a reserve of income the company has to ensure payments related to the cost of borrowed loans. This indicator should be greater than 1, but specific recommendations depend on many circumstances.

23. Total debt coverage ratio

The indicator reflects the margin with which planned payments to the bank are provided, related to both interest and repayment of the principal debt. The higher this indicator, the greater the bank’s confidence that payments will be made on time. As a rule, depending on the circumstances, the minimum permissible OPD value is set at a level from 1 to 1.5.

Investment criteria

24. Price to earnings / Price/profit ratio

Shows how much higher the company's market price is compared to its annual profit. Reflects how shareholders assess the company's risks and prospects. The indicator is often used in assessing the value of a business.

25. Earnings per share / Earnings per share

Shows the share of net profit (in monetary units) per ordinary share. Used in stock valuation.

26. Book value per share / Book value per share

Reflects the book value of one common share.

27. Dividend yield / Rate of dividend income

Reflects the return on an equity investment, expressed only in dividends received (and ignoring capital gains).

This publication was published in the “Site Manager Encyclopedia” as part of cooperation with the project www.cfin.ru

It is located on the portal www.cfin.ru

Financial analysis at an enterprise is needed for an objective assessment of the economic and financial condition in periods of past, present and projected future activity. To identify weak production areas, areas of problems, and identify strong factors that management can rely on, the main financial indicators are calculated.

An objective assessment of a company’s position in terms of economics and finances is based on financial ratios, which are a manifestation of the relationship between individual accounting data. The purpose of financial analysis is to achieve the solution of a selected set of analytical problems, that is, a specific analysis of all primary sources of accounting, management and economic reporting.

Main goals of economic and financial analysis

If the analysis of the main financial indicators of an enterprise is considered as identifying the true state of affairs in the enterprise, then the results will provide answers to the following questions:

• the company’s ability to invest funds in investing in new projects;
• the current course of affairs in relation to material and other assets and liabilities;
• the state of loans and the company’s ability to repay them;
• the existence of reserves to prevent bankruptcy;
• identifying prospects for further financial activities;
• assessment of the enterprise in terms of value for sale or re-equipment;
• tracking the dynamic growth or decline of economic or financial activities;
• identifying reasons that negatively affect business results and finding ways out of the situation;
• consideration and comparison of income and expenses, identification of net and total profit from sales;
• studying the dynamics of income for basic goods and in general from all sales;
• determining the portion of income used to reimburse costs, taxes and interest;
• studying the reasons for the deviation of the amount of balance sheet profit from the amount of sales income;
• study of profitability and reserves to increase it;
• determining the degree of compliance of the enterprise's own funds, assets, liabilities and the amount of borrowed capital.

Stakeholders

An analysis of the company's main financial indicators is carried out with the participation of various economic representatives of departments interested in obtaining the most reliable information about the affairs of the enterprise:

• internal subjects include shareholders, managers, founders, audit or liquidation commissions;
• external ones are represented by creditors, audit firms, investors and government officials.

Financial analysis capabilities

The initiators of the analysis of the enterprise’s work are not only its representatives, but also employees of other organizations interested in determining the actual creditworthiness and the possibility of investing in the development of new projects. For example, bank auditors are interested in the liquidity of a firm's assets or its current ability to pay its bills. Legal and individuals who wish to invest in a development fund of this enterprise, try to understand the degree of profitability and risks of the deposit. An assessment of key financial indicators using a special technique predicts the bankruptcy of an institution or indicates its stable development.

Internal and external financial analysis

Financial analysis is part of the overall economic analysis enterprises and, accordingly, part of a complete business audit. The full analysis is divided into internal management and external financial audits. This division is due to two practically established systems in accounting - management and financial accounting. The division is recognized as conditional, since in practice external and internal analysis complement each other with information and are logically interconnected. There are two main differences between them:

• by accessibility and breadth of the information field used;
• degree of application of analytical methods and procedures.

An internal analysis of key financial indicators is carried out to obtain summarized information within the enterprise, determine the results of the last reporting period, identify free resources for reconstruction or re-equipment, etc. To obtain results, all available indicators are used, which are also applicable when researched by external analysts.

External financial analysis is performed by independent auditors, outside analysts who do not have access to the internal results and indicators of the company. External audit methods assume some limitation of the information field. Regardless of the type of audit, its methods and methods are always the same. What is common in external and internal analysis is the derivation, generalization and detailed study of financial ratios. These basic financial indicators of the enterprise’s activities provide answers to all questions regarding the work and prosperity of the institution.

Four main indicators of financial health

The main requirement for the break-even operation of an enterprise in conditions market relations is economic and other activities that ensure profitability and profitability. Economic activities are aimed at reimbursing expenses with income received, generating profit to satisfy the economic and social needs of team members and the material interests of the owner. There are many indicators to characterize activities, in particular these include gross income, turnover, profitability, profit, costs, taxes and other characteristics. For all types of enterprises, the main financial indicators of the organization’s activities are highlighted:

• financial stability;
• liquidity;
• profitability;
• business activity.

Financial stability indicator

This indicator characterizes the degree of correlation between the organization’s own funds and borrowed capital, in particular, how much borrowed funds account for 1 ruble of money invested in tangible assets. If such an indicator when calculated is obtained with a value of more than 0.7, then the financial position of the company is unstable, the activity of the enterprise to some extent depends on attracting external borrowed money.

Liquidity characteristics

This parameter indicates the main financial indicators of the company and characterizes the sufficiency of the organization’s current assets to pay off its own short-term debts. It is calculated as the ratio of the value of current current assets to the value of current passive liabilities. The liquidity indicator indicates the possibility of converting the company's assets and values ​​into cash capital and shows the degree of mobility of such transformation. The liquidity of an enterprise is determined from two perspectives:

• the length of time required to convert current assets into cash;
• the ability to sell assets at a specified price.

To identify the true indicator of liquidity in an enterprise, the dynamics of the indicator are taken into account, which allows not only to determine the financial strength of the company or its insolvency, but also to identify the critical state of the organization’s finances. Sometimes the liquidity ratio is low due to the increased demand for the industry's products. Such an organization is quite liquid and has high degree solvency, since its capital consists of cash and short-term loans. The dynamics of the main financial indicators demonstrate that the situation looks worse if the organization has working capital only in the form of a large number of stored products in the form of current assets. To convert them into capital, a certain amount of time is required for implementation and the presence of a customer base.

The main financial indicators of the enterprise, which include liquidity, show the state of solvency. The company's current assets must be sufficient to repay current short-term loans. In the best situation, these values ​​are approximately at the same level. If an enterprise has much more working capital in value than short-term loans, then this indicates an ineffective investment of money by the enterprise in current assets. If the amount of working capital is lower than the cost of short-term loans, this indicates the imminent bankruptcy of the company.

As a special case, there is an indicator of quick current liquidity. It is expressed in the ability to pay off short-term liabilities using the liquid portion of assets, which is calculated as the difference between the entire working portion and short-term liabilities. International standards determine the optimal level of the coefficient within 0.7-0.8. The presence of a sufficient number of liquid assets or net working capital within an enterprise attracts creditors and investors to invest money in the development of the enterprise.

Profitability indicator

The main financial indicators of an organization's effectiveness include the value of profitability, which determines the efficiency of using the funds of the company's owners and generally shows how profitable the operation of the enterprise is. The profitability value is the main criterion for determining the level of stock exchange quotes. To calculate the indicator, the amount of net profit is divided by the amount of average profit from the sale of the company's net assets for the selected period. The indicator reveals how much net profit each unit of goods sold brought.

The generated income ratio is used to compare the income of the desired enterprise in comparison with the same indicator of another company operating under a different taxation system. The calculation of the main financial indicators of this group provides for the ratio of profit received before taxes and due interest to the assets of the enterprise. As a result, information appears about how much profit each monetary unit invested in the company’s assets brought in for work.

Business activity indicator

Characterizes how much finance is obtained from the sale of each monetary unit certain type assets and shows the turnover rate of the organization's financial and material resources. For the calculation, the ratio of net profit for the selected period to the average cost of costs in material terms, money and short-term securities is taken.

There is no standard limit for this indicator, but the management forces of the company strive to accelerate turnover. Constant use V economic activity loans from outside indicate insufficient financial receipts as a result of sales, which do not cover production costs. If the value of current assets on the organization's balance sheet is overstated, this results in the payment of additional taxes and interest on bank loans, which leads to loss of profit. A low number of active funds leads to delays in execution production plan and loss of profitable commercial projects.

For an objective, visual examination of economic performance indicators, special tables are compiled that show the main financial indicators. The table contains the main characteristics of work for all parameters of financial analysis:

• inventory turnover ratio;
• indicator of the company's receivables turnover over time;
• value of capital productivity;
• resource return indicator.

Inventory turnover ratio

Shows the ratio of revenue from the sale of goods to the amount in in monetary terms stocks at the enterprise. The value characterizes the speed of sale of material and commodity resources classified as a warehouse. An increase in the coefficient indicates strengthening financial situation organizations. The positive dynamics of the indicator is especially important in conditions of large accounts payable.

Accounts receivable turnover ratio

This ratio is not considered as the main financial indicators, but is an important characteristic. It shows the average time period in which the company expects payment to be received after the sale of goods. The calculation is based on the ratio of accounts receivable to average daily sales revenue. The average is obtained by dividing the total revenue for the year by 360 days.

The resulting value characterizes the contractual terms of work with customers. If the indicator is high, it means that the partner provides preferential working conditions, but this causes caution among subsequent investors and creditors. A small value of the indicator leads, in market conditions, to a revision of the contract with this partner. An option for obtaining the indicator is a relative calculation, which is taken as the ratio of sales revenue to the company's receivables. An increase in the ratio indicates an insignificant debt of debtors and high demand for products.

Capital productivity value

The main financial indicators of the enterprise are most fully complemented by the capital productivity indicator, which characterizes the rate of turnover of finance spent on the acquisition of fixed assets. The calculation takes into account the ratio of revenue from goods sold to the annual average cost of fixed assets. An increase in the indicator indicates a low cost of expenses in terms of fixed assets (machines, equipment, buildings) and a high volume of goods sold. Great importance capital productivity indicates insignificant production costs, and low capital productivity indicates inefficient use of assets.

Resource efficiency ratio

For the most complete concept How the main financial indicators of the organization’s activities develop, there is an equally important coefficient of return on resources. It shows the degree of efficiency of the enterprise’s use of all assets on the balance sheet, regardless of the method of acquisition and receipt, namely, how much revenue was received for each monetary unit of fixed and current assets. The indicator depends on the procedure for calculating depreciation adopted at the enterprise and reveals the degree of illiquid assets that are disposed of to increase the ratio.

Main financial indicators of LLC

Income source management ratios show the financial structure and characterize the protection of the interests of investors who have made long-term injections of assets into the development of the organization. They reflect the company's ability to repay long-term loans and credits:

• share of loans in the total amount financial sources;
• ownership ratio;
• capitalization ratio;
• coverage ratio.

The main financial indicators are characterized by the volume of borrowed capital in the total mass of financial sources. The leverage ratio determines the specific amounts of assets purchased with borrowed money, including long-term and short-term financial obligations companies.

The ownership ratio supplements the main financial indicators of the enterprise by characterizing the share of equity capital spent on the acquisition of assets and fixed assets. A guarantee of obtaining loans and investing investor money in a project for the development and re-equipment of an enterprise is the indicator of the share of own funds spent on assets in the amount of 60%. This level is an indicator of the stability of the organization and protects it from losses during a downturn in business activity.

The capitalization ratio determines the proportional relationship between borrowed funds from various sources. To determine the proportion between own funds and borrowed finance, the inverse leverage ratio is applied.

The interest coverage indicator or coverage indicator characterizes the protection of all types of creditors from non-payment of interest rates. This ratio is calculated as the ratio of the amount of profit before interest to the amount of money intended to pay off interest. The indicator shows how much money the company earned to pay borrowed interest during the selected period.

Market activity indicator

The main financial indicators of an organization in terms of market activity indicate the position of the enterprise in the securities market and allow managers to judge the attitude of creditors towards general activities company for the past period and in the future. The indicator is considered as the ratio of the initial book value of a share, the income received on it and the prevailing market price at a given time. If all other financial indicators are within the acceptable range, then the market activity indicator will also be normal at high market value stock.

In conclusion, it should be noted that financial analysis economic structure organization is important for all stakeholders, shareholders, short-term and long-term creditors, founders and management.

Financial indicators- these are parameters that allow you to analyze the financial condition of a company from various positions, compare the results of its activities with other enterprises, find the weakest points and eliminate them.

Financial indicators– this is a sign by which you can characterize the work of a company, give it a qualitative or quantitative assessment, understand trends and the degree of fulfillment of the assigned task.

Financial indicators, as a rule, are characterized by a group of coefficients that reflect the level of business activity, profitability, liquidity, investment attractiveness and the company's capital structure.

Financial indicators necessary for investors (to plan future profits), creditors (to assess their risks), and financial managers (to obtain information).

Classification of financial indicators

Today, we can identify a whole group of indicators that allow us to assess the development prospects and success of a particular company down to the smallest detail. All of them are developed taking into account the priorities of the enterprise strategy, which contains development factors entrepreneurial activity and trends in the selection of the most interesting parameters.

All indicators characterizing the company’s activities can be divided into several categories :

1. Scale indicators. Their task is to show the real level that the company managed to achieve during the period of its activity. Such parameters reflect the volume of working and fixed assets, the size authorized capital and so on.

2. Absolute indicators allow you to see and analyze the final parameter that was achieved as a result of the company’s work. Such parameters include the organization’s expenses, its income, total turnover, and so on.

3. Relative indicators. To calculate, you need to divide the results of the two previous groups. In this case, there is a chance to conduct an analysis taking into account percentage parameters.

4. Structural indicators allow you to highlight the influence of specific elements on the final result.

5. Incremental indicators. A special feature of the parameters is the display of key data for a certain period in relation to the original value.

A large proportion of financial indicators are calculated taking into account data from the balance sheet, as well as the income and expense statement. In this case, calculations can be carried out in two ways - using an aggregated balance sheet or taking into account real reporting data.

The main financial indicators for assessing a company include indicators of profitability, liquidity, business activity, financial stability, property status, and so on. At the same time, there are no uniform rules and principles for analyzing the above indicators, and much depends on a number of factors - lending principles, industry affiliation, sources of structure, and so on.

Analysis of financial indicators

Without analyzing financial indicators, it is difficult to imagine the full-fledged activities of an enterprise. Accurate calculations allow you to evaluate the results of a company’s activities, conduct an economic diagnosis of its potential and make a decision on the prospects for future activities.

The main objectives of the analysis of financial indicators:

Calculation of changes in basic parameters for a specific inspection period;
- identification of factors that in one way or another affect the financial condition of the company;
- assessment of current changes in financial indicators (both qualitative and quantitative);
- assessment of the financial position as of a certain date;
- identifying trends affecting changes in the financial condition of the company.

The main stages of analysis include:

1. Definition of main goals. The following work is carried out here:

The main indicators of the company are compared with the average indicators in a particular sector of the economy and standard parameters;
- data is compared with similar information from the past. In this case, planned and previous indicators are taken as a basis;
- parameters are compared with similar indicators of competing companies.

2. Assessing the quality of data used to analyze indicators. The important point here is that everything provided is as complete, objective and reliable as possible. Otherwise, current calculations may be incorrect.

3. Deciding on the use of a particular analysis technique, application of the chosen method and generation of results.

At the last stage the following can be applied types of analysis...

- absolute indicators;

- horizontal. In this case, each of the reporting items is compared with the previous period;

- vertical. The peculiarity of this method is the determination of the real structure of financial indicators. In this case, the main task is to identify the influence of each parameter on the calculation results in general;

- trendy. The essence is to compare each reporting parameter with previous periods and calculate the trend. As a result, the main trends in the dynamics of a particular parameter are determined, “cleared” of extraneous influences and random influence. Using a trend, you can predict the values ​​of certain parameters in the future;

- spatial. In this case, it is carried out comparative analysis summary parameters in the company report by division (subsidiaries, workshops, etc.);

- relative indicators. The peculiarity of this technique is the calculation of relationships between some indicators from various forms reporting;

- factorial. The impact of certain market factors on the company and its performance is assessed. This type of analysis uses stochastic and deterministic research techniques.

Financial ratios as the main financial indicators

One of the most accurate financial indicators are financial ratios, which characterize almost all areas of the company’s activities. When a parameter goes beyond the acceptable value, we can talk about the emergence of a “weak spot” and the need to make adjustments to the company’s strategic plans.

All coefficients characterizing financial indicators can be divided into several main groups :

1. Profitability ratios. Having calculated the necessary coefficients, you can determine real income company for each monetary unit of capital, calculating profits, costs and current assets of the company. Moreover, the overall one consists of a whole group of indicators - profitability of working and non-working capital, profitability of total costs and expenses in ordinary areas of activity, profitability of credit funds, profitability of production, profitability of sales, and so on.

Each parameter works with its own direction of company development. For example, return on total costs shows the total amount of net income that a company received over a certain period of time for each expense. Return on sales reflects the overall efficiency of the company for the analyzed period of time, and so on.

When calculating, the company’s profitability indicators can be summarized in the following graph:

2. Liquidity ratios(they are also called solvency indicators) are capable of performing two main functions. First, they accurately reflect the financial strength of the company. Secondly, they provide the necessary information for reflection to external users of analytical data.

Such financial indicators include the ratios of general liquidity, current liquidity, and quick liquidity. This also includes the parameter of urgent liquidity, intermediate liquidity, critical liquidity. It is impossible not to take into account the coefficients of restoration of solvency, coverage, capital maneuverability, loss of solvency, and so on.

Moreover, each parameter can be useful for implementing its own tasks. The greatest value for suppliers of materials and raw materials is the absolute liquidity ratio. For the bank, the most interesting coefficient is the “critical assessment”. Potential shareholders pay maximum attention to the current ratio.

allow us to evaluate the overall business activity the enterprise, its prospects, the rate of turnover of funds, and so on. The calculation of this indicator involves calculating a whole group of turnover ratios - assets, mobile and working capital, accounts receivable and payable, equity, general and inventory, cash, and so on. In addition, the timing of accounts payable and receivable, the share of working capital in assets, and so on can be assessed.

4. Market stability coefficients characterize the company’s ability to develop, maintain balance in the market, as well as solvency in any scenario. Such indicators include maneuverability, financing, raising funds, the real price of property, the provision of equity capital, and so on.

In addition to the above-mentioned parameters, other indicators are used - financial stability coefficients, coefficients of the state of fixed capital (its reproduction) and others.

Stay up to date with all the important events of United Traders - subscribe to our