And the potential solvency of the enterprise for. Solvency and liquidity of the enterprise

Important criteria in assessing the financial position of an enterprise are solvency and liquidity.

The solvency of an enterprise is determined by its ability and ability to timely repay its external obligations. Therefore, an enterprise is considered solvent if the amount current assets(inventories, cash, receivables and other assets) is greater than or equal to its external debt (liabilities). In our example (see Table 28.1), current assets amounted to: at the beginning of the year - 54,540 thousand rubles, at the end of the year - 74,260 thousand rubles.

The external debt of the organization is determined according to data from sections IV and V of the liabilities side of the balance sheet. This includes long-term and short-term loans and all accounts payable.

Section V of the liabilities side of the balance sheet “Current liabilities” contains separate items (“Deferred income”, “Reserves for future expenses and payments”) that are not related to the borrowed funds of the enterprise. Thus, the source of generation of future income is the profit of the enterprise; reserves for future expenses and payments are formed at the expense of production costs. Therefore, in order to obtain reasonable information about the size of the enterprise’s external liabilities, these balance sheet items must be excluded from the total of Section V of the liability. In our example, they are equal to 32,180 thousand rubles at the beginning of the year. (33 040-700-160), at the end of the year - 46,680 thousand rubles. (51 600-4800-120).

Comparing current assets with external liabilities, we note that the analyzed enterprise is solvent, since at the beginning and end of the year current assets are greater than liabilities. However, the presence of inventories at enterprises does not mean real solvency, since inventories of work in progress, finished products and other inventory items in the event of bankruptcy of an organization may turn out to be difficult to sell or even illiquid for repaying external debts.

Many banks, in order to obtain more reliable information about reserves, adjust their value downwards depending on the nature economic activity enterprises, thereby bringing balance sheets closer to actually realizable reserves.

Liquidity of the enterprise determined by the availability of liquid funds and reflects the ability to make necessary expenses at any time.

Solvency and liquidity as economic categories are not identical, but in practical activities they are closely related.

Balance sheet liquidity assessment

The main task of assessing balance sheet liquidity is to determine the amount of coverage of the enterprise's liabilities with its assets, the period of transformation of which into monetary form (liquidity) corresponds to the maturity of the obligations (urgency of return).

To carry out the analysis, the assets and liabilities of the balance sheet are grouped according to the degree of: (1) decrease in liquidity (asset); (2) urgency of payment (repayment) (liability).

Depending on the rate of conversion into cash (liquidity) assets divided into the following groups.

A1 - most liquid assets . Organizational funds and short-term financial investments

A2 - quick-selling assets . Accounts receivable and other assets

A3 - slow selling assets . Items from section II of the balance sheet "Current assets"

A4 - hard-to-sell assets . Articles of section I of the balance sheet "Non-current assets"

Liabilities grouped according to the degree of urgency of their return.

P1 - most urgent obligations . Article "Accounts payable"

P2 - Short-term liabilities . The item "Borrowed funds" and other items of section V of the balance sheet "Short-term liabilities"

P3 - long term duties . Long-term loans and other long-term liabilities

P4 - equity and other permanent liabilities. Articles of Section III "Capital and Reserves", as well as articles "Deferred Income"

When determining the liquidity of the balance sheet, the groups of assets and liabilities are compared with each other (Fig. 28.4).

Rice. 28.4. Grouping of assets according to their degree of liquidity

The absolute liquidity of the balance sheet meets the following conditions:

The first three inequalities mean the need to comply with the constant liquidity rule - assets exceed liabilities. The fourth inequality requires that the value of equity and other types of permanent liabilities be equal to or even greater than the value of hard-to-sell assets. This means that, at the expense of the organization’s own funds, non-current assets must be fully formed and the need for current assets must be partially (at least 10%) covered.

To conduct and analyze the provision of current assets with own funds based on balance sheet data, it is recommended to calculate the following indicators at the beginning and end of the period:

(1) availability of own working capital:

(2) the ratio of security of current assets with own funds (the standard value of this ratio is 0.1):

where SK is equity capital;

VA - non-current assets;

OA - current assets.

Net working capital of the enterprise - this is an absolute indicator with which you can assess the liquidity of an enterprise, and by changing it, trace the dynamics of solvency.

Net working capital is defined as the difference between all current assets and current liabilities.

In the example under consideration, net working capital at the beginning of the year amounted to 54,540 - 32,180 = 22,360 thousand rubles; at the end of the year 74,260 - 46,680 = 27,580 thousand rubles.

The comparison shows an increase in net working capital: 27,580 - 22,360 = 5,220 thousand rubles.

The source of formation of net working capital is an increase in net income, share capital, long-term obligations, etc. The most reliable partner is considered to be an enterprise with a significant amount of working capital, since it can meet its obligations and expand the scale of its activities.

If current assets are significantly higher than short-term liabilities, we can conclude that the organization has a significant amount of free resources generated from its own sources.

In countries with developed market economies, it is generally accepted that net working capital should be half of current liabilities. The effectiveness of attracting borrowed funds to carry out the economic activities of an enterprise may have different effects; this depends on the rationality of forming the structure of the sources of funds used. Market business conditions require that organizations have the ability to urgently repay short-term debts at any time.

An enterprise is considered liquid if it is able to fulfill its short-term obligations by selling current assets. If fixed assets are not acquired for the purpose of further resale, in most cases they cannot be a source of repayment of current debt.

An enterprise can be liquid to a greater or lesser extent, depending on the structure of current assets, on the ratio of easily and difficult to sell working capital to repay external short-term debt.

Liquidity indicator system

In practice analytical work use a system of liquidity indicators. Let's look at the most important of them.

1. Current liquidity ratio K tl characterizes the overall provision of an enterprise with working capital for conducting business activities and timely repayment of the organization’s urgent obligations. It is calculated as the ratio of the actual amount of the organization’s current assets to the amount of current liabilities:

where IIA is the total of section II of the balance sheet asset;

VII - the result of section V of the liabilities side of the balance sheet.

K tl shows how many times short-term liabilities are covered by the current assets of the enterprise, i.e. how many times can it satisfy the demands of creditors if it turns into cash all the funds at its disposal? this moment assets.

K tl depends on the size of individual asset items and on the duration of turnover individual species assets. It is necessary to separate actually functioning assets from those that externally improve the indicator under consideration, but in fact do not have an effective impact on the activities of the enterprise. The current liquidity ratio depends on the structure and on their real assessment in terms of their liquidity, on the structure of receivables subject to repayment due to expiration, bad debts, etc.

There is a standard for this coefficient: Κ t.l > 2. However, consider it the same for all industries National economy is impossible, since its value depends on the field of activity, the duration of the operating cycle, the speed of repayment of accounts payable, etc.

In the example under consideration Κ τ ι:

for the beginning of the year

at the end of the year

Such coefficient values ​​indicate the unsatisfactory structure of the enterprise’s balance sheet; he needs to take measures to restore solvency.

2. Quick liquidity ratio K с.л is defined as the ratio of cash, securities and receivables (Section II of assets) to short-term liabilities (Section V of liabilities of the balance sheet). This ratio shows what part of current liabilities can be repaid not only from cash, but also from expected receipts for products shipped, work performed or services rendered. The normal ratio for this ratio is 1:1.

IN in this example K s.l will be

for the beginning of the year

at the end of the year

The obtained values ​​once again confirm the unfavorable financial position of this organization, since it is not able to pay its bills on time.

3. The absolute liquidity ratio K a.l is calculated as the ratio of cash and marketable securities to short-term debt. It shows how much of the current debt can be repaid as of the balance sheet date or other specific date. According to the balance sheet of our example, the amount of cash at the beginning of the period amounted to 10,320 thousand rubles, at the end of the period - 1920 thousand rubles. Short-term debt at the beginning of the reporting period amounted to 32,180 thousand rubles, at the end - 46,680 thousand rubles.

Cal at the beginning of the period was (10,320) : (32,180) = 0.32, at the end - (1920) : (46,680) = 0.04. The normal value for this coefficient is 0.2.

Introduction

1. Liquidity and solvency of the enterprise as an object of analysis of the enterprise's financial data

1 Enterprise liquidity

2 Solvency of the enterprise

general characteristics Organizations LLC "Progress"

3. Calculation part

1 Analysis of changes in the structure of the enterprise’s property and the sources of its formation

3.2

3.3Analysis of liquidity and solvency of the organization Progress LLC

Conclusion

Bibliography

Annex 1

Appendix 2

Appendix 3

Introduction

In a market economy, enterprises are required to increase production efficiency, competitiveness of products and services based on the introduction of scientific and technological progress, effective forms management and production management, overcoming mismanagement, enhancing entrepreneurship and initiative. An important role in the implementation of these tasks is given to the analysis of the solvency and liquidity of the enterprise. It allows you to study and evaluate the security of an enterprise and its structural divisions with its own working capital as a whole, as well as for individual divisions, and determine the solvency indicators of the enterprise.

One of the indicators characterizing the financial position of an enterprise is its solvency, i.e. the ability to timely repay your payment obligations in cash monetary resources.

The assessment of solvency on the balance sheet is carried out on the basis of the liquidity characteristics of current assets, which is determined by the time required to convert them into cash. The less time it takes to collect a given asset, the higher its liquidity. Balance sheet liquidity is the ability of a business entity to convert assets into cash and pay off its payment obligations, or more precisely, it is the degree to which the enterprise’s debt obligations are covered by its assets, the period of conversion of which into cash corresponds to the period of repayment of payment obligations. Liquidity of an enterprise is more general concept than balance sheet liquidity. Balance sheet liquidity involves finding means of payment only through internal sources(realization of assets). But an enterprise can attract borrowed funds from outside if it has an appropriate image in the business world and a sufficiently high level of investment attractiveness.

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

The relevance of the topic of the course work lies in the fact that by tracing the dynamics of the solvency and liquidity of the enterprise, all interested parties can learn various information to make important management decisions. If an enterprise is financially stable and solvent, it has an advantage over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel.

The object of study of the course work is the liquidity and solvency of the company Progress LLC.

Coursework objectives:

Study of the specifics of analyzing the solvency and liquidity of an enterprise.

Analysis of the condition and efficiency of use of enterprise property using a specific example.

Thus, the purpose of this work is to analyze liquidity and solvency as the main elements of financial and economic stability, which are components general analysis financial and economic activities of an enterprise in a market economy.

1. Liquidity and solvency of the enterprise as an object of analysis of the enterprise's financial data

.1 Liquidity of the enterprise

The assessment of solvency is carried out on the basis of the liquidity characteristics of current assets, i.e. the time required to convert them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of balance sheet liquidity. In addition, liquidity characterizes not only the current state of settlements, but also the future.

Consequently, by tracking the dynamics of the solvency and liquidity of the enterprise, all interested parties can obtain a variety of information for making important management decisions. If an enterprise is financially stable and solvent, it has an advantage over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel. Finally, it does not come into conflict with the state and society, because pays taxes to the budget, contributions to social funds on time, wages workers and employees, dividends to shareholders, and banks are guaranteed the repayment of loans and the payment of interest on them. The higher the stability of an enterprise, the more independent it is from unexpected changes in market conditions and, therefore, the lower the risk of being on the verge of bankruptcy. The methods of analysis and forecasting of the financial and economic condition of an enterprise practically used today in Russia lag behind the development of a market economy. Despite the fact that accounting and statistical reporting Some changes have already been made and are being made; in general, it does not yet meet the needs of enterprise management in market conditions, since the existing reporting of the enterprise does not contain any special section.

So, the liquidity of an organization is understood as its ability to cover its obligations with assets, the period of transformation of which into cash corresponds to the period of repayment of obligations. Liquidity means the unconditional solvency of an organization and presupposes constant equality between its assets and liabilities simultaneously in two parameters:

by total amount;

according to the timing of conversion into money (assets) and maturity dates (liabilities).

An analysis of an organization's liquidity is carried out on the balance sheet and consists of comparing funds for assets, grouped by degree of liquidity and arranged in descending order, with liabilities for liabilities, arranged in order of increasing maturity.

Liquidity is distinguished:

current - compliance of accounts receivable and funds with accounts payable;

calculated - the correspondence of asset and liability groups according to their turnover periods, under the conditions of normal functioning of the organization;

urgent - capable of repaying obligations in the event of liquidation of the organization.

Since liquidity analysis can pursue different goals, and therefore focus on various aspects characterizing the state of current assets and their relationship with short-term liabilities, for analytical purposes we can distinguish two groups of indicators characterizing the liquidity of an organization: ratios characterizing the activities of a functioning enterprise, and coefficients used to analyze a liquidated enterprise.

Indicators characterizing the possibility of asset liquidation in foreign practice financial analysis often based on the rule of thumb that the sale price at an auction or fire sale will be approximately half the market value of the assets. At the same time, you need to understand that this rule can be considered as an approximate guideline, since the reasonable level of current assets required to pay off short-term obligations for both an existing and a liquidated enterprise depends on the scope of its activity, as well as on fluctuations associated with short-term cash flows.

When assessing liquidity, the criterion for classifying assets and liabilities as current (short-term for liabilities) is the possibility of selling the former and repaying the latter in the near future - within one year. However, this criterion is not the only one when determining those balance sheet items that should be classified as current. In particular, work in progress in construction, despite the fact that it may have a turnover period significantly longer than one year, will nevertheless be classified as current assets.

The second criterion for recognizing assets and liabilities as current is the conditions under which they are consumed or paid during the normal operating cycle of the enterprise.

The operating cycle is understood as the average time interval between the moments of procurement of material assets and the moment of payment for products sold (goods) or services rendered.

In the regulatory system accounting in Russia, current assets are understood as cash and other assets in respect of which it can be assumed that they will be converted into cash, or sold, or consumed within 12 months or the normal operating cycle, if it exceeds 12 months.

To obtain reasonable results of current solvency, it is important how assets are grouped in the balance sheet of Russian enterprises in accordance with this criterion. Thus, in the current form of the balance sheet, the assets called “current” include some items that essentially are not such. In particular, this applies to accounts receivable items for which payments are expected more than 12 months after the reporting date.

The exception to the rule is accounts receivable under contracts concluded for a period of more than a year, the criterion for classifying it as a current asset will be the period of its turnover during the normal operating cycle of the enterprise. The presence of such receivables as part of current assets should be commented on in the explanatory note in order to provide external users with the specificity of the approach.

For a preliminary assessment of the liquidity of an enterprise, balance sheet data is used. The information reflected in section II of the balance sheet asset characterizes the amount of current assets at the beginning and end of the reporting year. Information about the enterprise's short-term liabilities is contained in section V of the liability side of the balance sheet and its explanations, which reveal the qualitative composition of its components.

Short-term (current) liabilities generally include claims that are expected to be repaid within one year from the reporting date. These should also include those long-term liabilities, the partial repayment of which must occur within a specified period (the next 12 months from the reporting date). In this case, the current part of long-term liabilities must be reflected and commented on in the explanatory note.

The current assets of an enterprise can be liquid to a greater or lesser extent, since they include heterogeneous funds, among which there are both easily sold and difficult to sell for repaying external debt.

Depending on the degree of liquidity, the organization’s assets are divided into the following groups:

The most liquid assets A 1:

amounts for all items of funds that can be used for settlements immediately;

short-term financial investments (securities)

A 1 = p.260 + p.250; (1.1)

Quickly realizable assets A 2- assets that require a certain time to convert into cash:

accounts receivable, payments for which are expected within 12 months after the reporting date;

other receivable assets

A 2= p.240 + p.270; (1.2)

3- least liquid assets:

inventories, except for the line “Deferred expenses”;

value added tax on purchased assets;

accounts receivable for which payments are expected more than 12 months after the reporting date

A 3= lines 210 + 220 + 230 - 216; (1.3)

Hard to sell assets A 4. This group includes all balance sheet items of Section I “Non-current assets”

A 4= p.190; (1.4)

These assets are intended to be used in business activities for a sufficiently long period.

The proportion in which these groups should be in relation to each other is determined by: the nature and scope of the organization; the rate of turnover of the enterprise's funds; the ratio of current and non-current assets; the amount and maturity of the obligations to cover which the asset items are intended; degree of liquidity of current assets.

The assignment of certain items of working capital to these groups may vary depending on specific conditions: the debtors of an enterprise include very heterogeneous items of receivables and one part of it may fall into one group, and the other into another; with different durations of the production cycle, work in progress can also be attributed to different groups etc.

Short-term liabilities include obligations of varying degrees of urgency. Therefore, one of the ways to assess liquidity at the preliminary analysis stage is to compare certain elements of an asset with elements of a liability. For this purpose, the enterprise's liabilities are grouped according to their degree of urgency, and its assets - according to the degree of liquidity (salesability).

The organization’s obligations can be divided into four groups according to the degree of urgency of payment:

accounts payable;

debt to participants (founders) for payment of income;

other short-term liabilities;

loans not repaid on time

P 1= lines 620+630+660; (1.5)

Short-term liabilities P 2:

short-term loans and credits;

other loans to be repaid within 12 months after the reporting date

P 2= p.610; (1.6)

Long-term liabilities P 3- this group includes long-term loans and borrowings, items in section IV of the balance sheet

P 3 = page 590; (1.7)

Fixed liabilities P 4:

articles of section III of the balance sheet “Capital and reserves”;

individual items of section V of the balance sheet “Current liabilities” that were not included in the previous groups;

revenue of the future periods;

reserves for future expenses

To maintain the balance of assets and liabilities, the total of this group should be reduced by the amount under the item “Deferred expenses”:

P 4= lines 490+640+650-216; (1.8)

An organization is considered liquid if its current assets exceed its short-term liabilities. The real degree of liquidity of an organization and its solvency can be determined based on an analysis of balance sheet liquidity.

At the first stage of the analysis, the specified groups of assets and liabilities are compared in absolute terms. The balance sheet is considered liquid subject to the following ratios of groups of assets and liabilities:

A 1≥ P 1;

A 2≥ P 2;

A 3≥ P 3;

A 4≤ P 4.

Moreover, if the first three inequalities are met: A 1≥ P 1; A 2≥ P 2; A 3≥ P 3, i.e. current assets exceed the external liabilities of the organization, then the last inequality is necessarily satisfied: A 4≤ P 4, which confirms that the organization has its own working capital. All this means compliance with the minimum condition financial stability.

Failure to meet one of the first three inequalities indicates a violation of the liquidity of the balance sheet. At the same time, the lack of funds in one group of assets is not compensated by their surplus in another group, since compensation can only be based on cost; in a real payment situation, less liquid assets cannot replace more active ones.

A comparison of the first and second groups of assets (the most liquid assets and quickly realizable assets) with the first two groups of liabilities (the most urgent liabilities and short-term liabilities) shows current liquidity, i.e. solvency or insolvency of the organization at the time closest to the time of analysis.

A comparison of the third group of assets and liabilities (slow-moving assets with long-term liabilities) shows long-term liquidity, i.e. a forecast of the organization's solvency.

During the analysis, financial liquidity ratios are calculated by step-by-step comparison of individual groups of assets with short-term liabilities based on balance sheet data.

Traditionally, calculations begin with determining the absolute (instant) liquidity ratio (K ab.l. ). It represents the ratio of the most liquid assets to the sum of the most urgent liabilities and short-term liabilities (the sum of accounts payable and short-term loans). It shows how much of the short-term debt the company can cover with available cash and quickly realized short-term financial investments. The company's short-term liabilities include: short-term bank loans and other short-term loans, short-term accounts payable, including dividend debt, and other short-term liabilities.

Normal K limit ab.l >0.2 means that at least 20% of the enterprise’s short-term liabilities are subject to repayment every day or, in other words, that if the cash balance is maintained at the reporting date level (mainly due to the uniform receipt of payments from business partners), the existing short-term debt can be repaid in 2-5 days (1: 0.5; 1: 0.2). Taking into account the heterogeneous structure of debt repayment periods, this standard should be considered too high.

The growth of the absolute liquidity ratio is facilitated by the growth of long-term sources of financing and a decrease in the level of non-current assets, inventories, accounts receivable and short-term liabilities.

The indicator is calculated using the formula:

TO ab.l =; (1.9)

The next ratio is the critical liquidity ratio, or intermediate coverage ratio. It is calculated as the quotient of dividing the amount of cash, short-term securities and settlements by the amount of short-term liabilities of the organization. In this case, short-term receivables are added to the amount of assets used to pay off short-term liabilities and either the possibility of fully covering short-term liabilities with these assets or the share of liabilities that can be covered in a given situation is determined.

The critical liquidity ratio reflects the projected solvency of the organization, subject to timely settlements with debtors, i.e. what part of the current debt the company can cover in the near future, subject to full repayment of receivables.

TO cl =; (1.10)

Normal K limit k.l. ≥ 1 means that cash and future income from current activities must cover current debts. To increase the level of the critical liquidity ratio, it is necessary to promote an increase in the provision of inventories with own working capital and long-term loans and borrowings, for which it is necessary to increase own working capital, attract long-term loans and borrowings and reasonably reduce the level of inventories. The critical liquidity ratio most accurately reflects the current financial stability of the enterprise.

On final stage analysis calculate the current liquidity ratio, or coverage ratio, which is defined as the ratio of all current assets (current assets) - (Section II of the balance sheet) minus VAT on acquired assets (p. 220) and accounts receivable, payments for which are expected in more than 12 months after the reporting date (line 230), to current liabilities (lines 610 + 620+ + 630).

The amount of assets used to calculate the previous ratio is increased by the amount of inventories (line 210 of the balance sheet). The current ratio shows the extent to which current assets cover short-term liabilities.

TO tl =; (1.11)

It characterizes the payment capabilities of the organization, assessed subject to not only timely settlements with debtors and favorable sales of finished products, but also the sale, if necessary, of other elements of material current assets. The level of coverage ratio depends on the industry of production, the length of the production cycle, the structure of inventories and costs.

The normal value of the coefficient is ≥ 2. Compliance with this standard by an organization means that for every ruble of its short-term liabilities there are at least two rubles of liquid funds. Exceeding the standard means that the organization has a sufficient amount of free resources generated from its own sources. From the point of view of the organization’s creditors, this option for forming working capital is the most preferable.

Failure to comply with the established standard creates a threat to the financial instability of the organization due to the varying degrees of liquidity of assets and the impossibility of their urgent sale in the event of simultaneous appeals from creditors.

The officially recommended standard for the indicator should be considered somewhat overestimated. There is no doubt that the coverage coefficient should be greater than one, but a more specific standard can only be determined on the basis of statistical processing of a wide range of domestic and foreign companies having the same profile of activity as the surveyed enterprise.

The level of the coverage ratio is directly determined by the presence of long-term sources of reserve formation.

To increase the level of the coverage ratio, it is necessary to replenish the real equity capital of the enterprise and reasonably restrain the growth of non-current assets and long-term receivables. The growth of the coverage ratio is facilitated by the growth of long-term sources of financing for inventories and a decrease in the level of short-term liabilities. Accordingly, the growth of long-term sources of inventories is due to an increase in real equity capital and long-term loans and borrowings, as well as a decrease (absolute or relative) in non-current assets and long-term receivables.

In contrast to the absolute liquidity and critical liquidity ratios, which show immediate and current solvency, the coverage ratio reflects the forecast of solvency for a relatively long term.

Considering that current assets include accounts receivable, some of which are doubtful, and inventory inventories may contain illiquid ones, in the analysis process it is necessary to consider the structure of these assets and rank them according to the degree of liquidity. The denominator of the ratio (current liabilities) can also be structured by maturity.

In the process of analyzing credit risk, it is necessary to compare the current and critical liquidity ratios. The coverage ratio and the critical liquidity ratio contain different information only in the numerator, since the coverage ratio also includes inventories. The normal ratio of the coverage ratio to the critical liquidity ratio is 4:1. If this ratio is violated due to an increase in the coverage ratio, then this may indicate the presence of excess and hidden inventories, a large volume of work in progress, etc., and, consequently, a deterioration financial condition organizations.

Various liquidity indicators not only provide a versatile characteristic of the stability of the financial position of an enterprise with different degrees of accounting for liquid funds, but also meet the interests of various external users of analytical information. For example, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. The bank lending to this enterprise pays more attention to the intermediate liquidity ratio. Buyers and holders of shares and bonds of an enterprise largely assess the financial stability of the enterprise by the current liquidity ratio.

It should be noted that many enterprises are characterized by a combination of low intermediate liquidity ratios with a high total coverage ratio. This is due to the fact that enterprises have excess stocks of raw materials, materials, components, finished products, and often have unjustifiably large work in progress.

The unreasonableness of these costs ultimately leads to a lack of funds. Hence, even with a high total coverage ratio, it is necessary to identify the state and dynamics of its components, especially for those items that are included in the third group of balance sheet assets.

If an enterprise has a low intermediate liquidity ratio and a high total coverage ratio, a deterioration in the above turnover indicators indicates a deterioration in the solvency of this enterprise. At the same time, it is necessary to separately understand the reasons for delays by consumers in paying for products and services, accumulation of excess stocks of finished products, raw materials, materials, etc. These reasons may be external, more or less independent of the enterprise being analyzed, or they may also be internal. But first of all, it is necessary to calculate the above-mentioned liquidity ratios, determine the deviation in their level and the size of the influence of various factors on them.

.2 Solvency of the enterprise

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

The assessment of solvency is carried out on the basis of an analysis of the liquidity of the organization’s current assets, i.e. their ability to be converted into cash. Moreover, in contrast to solvency, the concept of liquidity is broader and means not only the current state of settlements, but also characterizes the corresponding prospects.

During the analysis process, it is necessary to determine the sufficiency of funds based on an analysis of the organization’s financial flows: the inflow of funds must ensure coverage of the organization’s current obligations. The initial information for cash analysis is data from the General Ledger or order journals for individual accounting accounts.

To analyze the real flow of funds, assess the synchronicity of their receipt and expenditure, and link the resulting financial result with the state of funds in the organization, it is necessary to identify and analyze all directions of cash inflow, as well as their outflow.

The overall solvency of an organization is defined as its ability to cover all its liabilities (short-term and long-term) with all available assets.

Total Solvency RatioTO total pl. calculated by the formula:

TO total pl. = (1.12)

Obviously, the normal limit for this indicator will be K total area ≥ 2. During the analysis, the dynamics of this indicator are monitored and its comparison with the specified standard is provided. Solvency is calculated as of a specific date. The resulting assessment is subjective and can be performed with varying degrees of accuracy. To confirm solvency, they check the availability of funds in current accounts and foreign currency accounts, as well as short-term financial investments. These assets must be of optimal size. On the one hand, the larger the amount of funds in accounts, the more more likely it can be argued that the organization has sufficient funds for current settlements and payments. On the other hand, the presence of insignificant balances in cash accounts does not always mean that the organization is insolvent: funds can go to settlement accounts, foreign currency accounts, or the cash desk within the next few days, and short-term financial investments can easily be converted into cash. A constant crisis lack of cash leads to the fact that the organization turns into “technically insolvent”, and this can already be considered as the first step on the path to bankruptcy. This is followed by the absence of overdue debt, late payments and late repayment of loans, as well as long-term continuous use of loans.

Low solvency can be either random, temporary, or long-term, chronic. The reasons for its occurrence may be:

insufficient financial resources;

failure to fulfill the product sales plan;

irrational structure of working capital;

late receipt of payments from debtors;

goods in safekeeping, etc.

The main factor shaping general solvency organization is the presence of its real equity capital. Therefore, when analyzing the solvency of an organization, the following indicators are calculated:

.Autonomy coefficient (independence coefficient) -shows the share of own working capital in the total amount of the main sources of inventory formation. Its normal limit is: K A . This ratio is important both for investors and for creditors of the enterprise, because it characterizes the share of own funds invested in total cost property. An increase in this ratio indicates an increase in financial stability and a decrease in the risk of financial difficulties in future periods.

TO A = ; (1.13)

.Financial dependency ratio- is calculated as the reciprocal of the autonomy coefficient.

TO f.z. = ; (1.14)

.Debt to equity ratio

TO salary = (1.15)

This ratio shows which funds the company has more: borrowed or own. The more the ratio exceeds 1, the greater the enterprise's dependence on borrowed funds. Thus, the standard indicator does not exceed 1.

.Funding ratio- shows what part of the enterprise’s activities is financed from its own funds. This ratio is the inverse of the debt-to-equity ratio.

TO s/z = (1.16)

The recommended value of this coefficient is not less than 1. However, a coefficient value >1 does not always indicate a sufficiently high financial stability of the enterprise, since sources of own funds can be invested in hard-to-sell assets, which can pose a threat to the solvency of the enterprise.

2. General characteristics of the organization Progress LLC

Society with limited liability construction company Progress was founded in 1992 and works in one of the priority areas in housing construction.

The Progress construction company is a large holding company whose activities cover all stages of construction: from pre-design development, construction, delivery, including turnkey, sale and subsequent operation of construction projects of any complexity. At all stages of construction - from the preparation of the construction site to the completion of work - the company's specialists monitor the quality and compliance with all technological standards.

Today, the Progress construction company has to its credit a number of already built and commissioned construction projects that are among the most different types urban development. These are multi-storey monolithic-brick and brick-panel houses, cottage and estate-type houses, as well as buildings for social, cultural and administrative purposes, including health and children's institutions. The company's activities also include landscaping the area around the facilities being built. The peculiarity of the developments of the Progress company is that they are completely autonomous. Entire microdistricts with developed infrastructure are being created - kindergartens, playgrounds, shops, cultural and entertainment centers, underground garages, sports and fitness centers. Unlike many developers, the Progress construction company not only carries out construction, but also provides subsequent warranty service for buildings. The company has the necessary technical and vehicles to carry out the entire complex of construction and installation works.

Over 15 years, over 350,000 sq.m. were built. construction projects. Every year the company rents out about 70,000 sq.m. new housing.

The main goal of the company is to constantly increase the volume of construction of high-quality housing that meets modern building standards and the needs of potential buyers. While maintaining low cost of apartments.

Company principle - constant desire to reach new levels of technical and business development. Mobility and agility of human and technological resources, as well as flexible financial system allows you to carry out work of high complexity, quickly resolve emerging production issues, commissioning high-quality facilities.

More on initial stage During the development of the company, an important principle was adopted as a strategy - the construction of modern comfortable housing at affordable prices.

solvency liquidity financial stability

3. Calculation part

.1 Analysis of changes in the structure of the enterprise’s property and sources of its formation

Financial position An organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and obligations, i.e. liabilities). This information is reflected in the organization’s balance sheet - form No. 1 (Appendix 1). The main tasks of analyzing the financial condition:

determining the quality of financial condition;

studying the reasons for its improvement or deterioration over the analyzed period;

We will analyze changes in the structure of the enterprise's property and the sources of its formation by determining the ratio of individual items of assets and liabilities of the balance sheet, the proportion of individual items of assets and liabilities in the overall balance sheet, deviations in the structure of the main items of the balance sheet compared to the previous period.

Table 3.1

Structure of the enterprise’s property and sources of its formation

Balance sheet item Name 2008 At the beginning of the year At the end of the year Absolute deviation Growth rate, % Amount, thousand rubles Weight, thousand rubles. weight 12345678 Balance sheet asset 110 Intangible assets 602.42501.87-1083.33120 Fixed assets 120048.39124046.4440103.33140 Long-term. finance investments 602.42953.5635158.33190 TOTAL for section I132053.23138551.8765104.92210 Inventories, including: 83333.5990033.7167108.04211 raw materials 60024.1959022.1-1098.33 213 costs in work in progress 401.61592.2119147.5214 finished goods and goods for resale 1636.572067.7243126.38216 deferred expenses 301.21451.6915150220 VAT on purchased assets 170.69200.753117.65230 Accounts receivable (payments for which are expected more than 12 months after the reporting date) - 150.5615 -240 Accounts receivable (payments for which expected within 12 months after the reporting date) 1104.441204.4910109.09241 including buyers and customers 1104.441204.4910109.09250 Short-term financial investments 401.61301.12-1075260 Cash 1606.452007.49401252 90TOTAL for section II116046,77128548,13125110,78300BALANCE 24801002670100200107, 66 Balance sheet liabilities 410 Authorized capital 150060.48150056.180100420 Additional capital 1004.031003.750 100470 Retained earnings (uncovered loss) 30012.150018.73200166.67490 TOTAL for section III 198079.842 10078.65120106.06610 Loans and credits 35014.1131011.61-4088.57620 Accounts payable, including: 1907 ,662208,2430115,79621suppliers and contractors1014,071184,4217116,83622debt to the organization’s personnel291,17311,162106,9623debt to state extra-budgetary funds170,69210,794123,53624debt taxes and fees 431.73501.877116.28640 Deferred income 251.01150.56- 1060650 Reserves for future expenses 150.60250.9410166.67690 TOTAL for section V58023.3957021.35-1098.28700 BALANCE 24801002670100190107.66

Balance sheet item Name 2009 At the beginning of the year At the end of the year Absolute deviation Growth rate, % Amount, thousand rubles. weightAmount, thousand rubles. weight 12345678 Balance sheet asset 110 Intangible assets 501.87301.02-2060120 Fixed assets 124046.44136046.10120109.68140 Long-term. finance investments 953.561103.7315115.79145 Deferred tax assets - 51.87100.3410-190 TOTAL for section I138533.71151051.19125109.03210 Inventories, including: 90022.194031.8640104.44211 raw materials , materials5902,2162021,0230105,08213costs in work in progress597, 72692.3410116.95214finished products and goods for resale 2061.692036.88-398.54216deferred expenses 450.75481.633106.67220VAT on purchased assets 200.56250.855125230 Accounts receivable (payments for which are expected more than 12 months after the reporting date)154, 49301.0215200240 Accounts receivable (payments for which are expected within 12 months after the reporting date) 1204.491354.5815112.5241 including buyers and customers 1201.121354.5815112.5250 Short-term financial investments 307.49401.36101 33.33260Cash 20048.132709.1570135290TOTAL for section II1285100144048.81155112.06300 BALANCE 26701.872950100280110.49 Balance sheet liabilities 410 Authorized capital 150056.18150050.850100420 Additional capital 1003.751204.0720120470 Non-distribution total profit (uncovered loss) 50018.7363021.36130126490 TOTAL for section III 210078.65225076.27150107.14610 Loans and credits 31011.6140013.5690129.03620 Accounts payable, in including: 2208.242508.4730113.64621 suppliers and contractors 1184.421304.4112110.17622 debt to the organization’s personnel 311.16491.6680158.06623 debt to state extra-budgetary funds 210.79120.41-957.14 624debt on taxes and fees 501.875929118640Deferred income 150.56200, 685133.33650 Reserves for future expenses 250.94301.025120690 TOTAL for section V57021.3570023.73130122.81700 BALANCE 26701002950100280110.49

Data analysis shows that assets during the analyzed period increased by 480 thousand rubles. or by 18.15%: in 2008 by 200 thousand rubles. or by 7.66%, in 2009 by 280 thousand rubles. or by 10.49%.

An analysis of non-current assets shows that in 2008 there was an increase of 4.29%, in 2009 the upward trend continued and by the end of 2009 non-current assets increased by 9.03%. This growth is due to an increase in the company's fixed assets by 3.33% in 2008 and by 9.68% in 2009. Since the largest part of non-current assets is represented by fixed assets, this characterizes the enterprise’s orientation towards creating material conditions expansion of core activities, i.e. production development strategy. In the analyzed period, the company's current assets increased by 280 thousand rubles: in 2008 by 200 thousand rubles. or by 7.66%, in 2009 by 155 thousand rubles. or by 12.06% and amounted to 1,440 thousand rubles at the end of 2009. This dynamics is due to the total positive influence increasing the assets of the enterprise in almost all items of working capital. The greatest impact on the growth of current assets in the period under study was had by the increase in cash: in 2008 by 25%, in 2009 by 35%. A vertical analysis of working capital showed that the structure-forming components of an organization's current assets are inventories. Their share by the end of 2008 was 33.71% against 33.59% at the beginning of the year and thus increased by 0.12 percentage points; in 2009, the increase in the share was 9.76%.

The company's liabilities during the reporting period increased by 470 thousand rubles. or by 18.15%: in 2008 by 190 thousand rubles. or by 7.66%, in 2009 by 280 thousand rubles. or by 10.49%.

The structure of liabilities is characterized by a significant predominance of sources of own funds: in 2008, their share in the total volume of funds increased by 1.44%, in 2009 it decreased by 2.12%.

In 2008, the share of borrowed funds from the enterprise decreased by 1.92%, in 2009 it increased by 2.18%.

The absolute increase in equity capital is 3.11 times greater than the absolute increase in borrowed funds (342/110 = 3.11).

The company uses little borrowed funds. On the one hand, this is positive, because the degree of risk for shareholders is minimized, the company is ready to fulfill payment obligations, but on the other hand, insufficient borrowing reduces the investment opportunities of the company.

3.2 Formation of analytical balance

The analytical balance sheet of an enterprise is formed to analyze the financial condition of the enterprise.

Based on the analytical balance sheet, the dynamics of a number of indicators characterizing the liquidity and financial stability of the enterprise are calculated and assessed. Based on the results of the analysis, a forecast is made of the probability of bankruptcy of the enterprise and an assessment of its solvency is given.

Let's calculate the main annual indicators financial statements:

Liquid assets (LA) = line 240+line 250+line 260; (3.1)

LA beginning 2008 = 110+40+160 = 310 thousand rubles;

LA beginning of 2009 = 120+30+200 = 350 thousand rubles;

LA beginning of 2010 = 135+40+270 = 445 thousand rubles.

Inventories

MPZ = line 210-line 216+line 220; (3.2)

MPZ beginning of 2008 = 833-30+17 = 820 thousand rubles;

MPZ beginning of 2009 = 900-45+20 = 875 thousand rubles;

MPZ beginning of 2010 = 940-48+25 = 917 thousand rubles.

Real estate (NI) = line 190+line 230; (3.3)

NI beginning of 2008 = 1320+0 = 1320 thousand rubles;

NI beginning of 2009 = 1385+15 = 1400 thousand rubles;

NI beginning of 2010 = 1510+30 = 1540 thousand rubles.

Short-term liabilities (CL) = line 690-line 640-line 650; (3.4)

KO beginning of 2008 = 580-25-15 = 540 thousand rubles;

KO beginning of 2009 = 570-15-25 = 530 thousand rubles;

KO beginning of 2010 = 700-20-30 = 650 thousand rubles.

Equity capital (SC) = line 700-line 216-KO-DO; (3.5)

SK beginning of 2008 = 2480-30-540 = 1910 thousand rubles;

SK beginning of 2009 = 2670-45-530 = 2095 thousand rubles;

SK beginning of 2010 = 2950-48-650 = 2252 thousand rubles..

total amount capital (WB) = p.700- p.216; (3.6)

WB beginning of 2008 = 2480-30 = 2450 thousand rubles;

WB beginning of 2009 = 2670-45 = 2625 thousand rubles;

WB beginning of 2010 = 2950-48 = 2902 thousand rubles.

Current assets (TA) = line 290-line 216-line 230; (3.7)

TA beginning of 2008 = 1160-30-0 = 1130 thousand rubles;

TA beginning of 2009 = 1285-45-15 = 1225 thousand rubles;

Table 3.2

Enlarged analytical balance for 2008-2009 (thousand rubles)

ActiveStart 2008 At the beginning 2009 At the beginning 2010 Passive At the beginning 2008 At the beginning 2009 At the beginning 2010 Liquid assets 310350445 Short-term liabilities 310270350 Inventories 820875917 Long-term liabilities --- Real estate 132014001540 Equity 214023552552 Balance sheet currency 245026252902 Balance sheet currency 2450 26252902

Analysis of the table data shows that:

the company uses little borrowed funds;

financing of the enterprise's activities occurs at the expense of its own capital;

There is an accumulation of inventories.

3.3 Analysis of liquidity and solvency of the organization Progress LLC

Let's analyze the degree of liquidity of the company's assets:

The most liquid assets A 1:

A 1 = p.260 + p.250; (3.8)

A 1 at the beginning of 2008 = 160+40=200 thousand rubles;

A 1 at the beginning of 2009 = 200+30 =230 thousand rubles;

A 1 at the beginning of 2010 = 270+40 = 310 thousand rubles.

Quickly realizable assets A 2

A 2= p.240 + p.270; (3.9)

A 2 at the beginning of 2008 = 110+0 = 110 thousand rubles;

A 2 at the beginning of 2009 = 120+0 = 120 thousand rubles;

A 2 at the beginning of 2010 = 135+0 = 135 thousand rubles.

Slow-selling assets A 3

A 3= lines 210 + 220 + 230 - 216; (3.10)

A 3 at the beginning of 2008 = 833+17+0-30 = 820 thousand rubles;

A 3 at the beginning of 2009 = 900+20+15-45 = 890 thousand rubles;

A 3 at the beginning of 2010 = 940+25+30-48 = 947 thousand rubles.

Hard to sell assets A4 .

3. Analysis of the solvency of the enterprise and the liquidity of its balance sheet

One of the indicators characterizing the financial condition of an enterprise is its solvency, that is, the ability to timely pay off its payment obligations with cash resources. Thus, the main signs of solvency are:

Availability of sufficient funds in the current account;

No overdue accounts payable.

Solvency analysis is necessary not only for an enterprise for the purpose of assessing and forecasting financial activities, but also for external investors.

When assessing solvency, a limited range of indicators is used:

– current ratio;

– coefficient of provision with own working capital.

Current solvency within the reporting period can be determined by drawing up a payment calendar.

In the process of an enterprise’s relationship with the credit system and other enterprises, the need to analyze its creditworthiness constantly arises.

Creditworthiness is the ability of an enterprise to pay off its debts in a timely and complete manner. Creditworthiness analysis is carried out both by banks issuing loans and by enterprises seeking to obtain them.

When analyzing the solvency and creditworthiness of an enterprise, the liquidity of the enterprise's assets and the liquidity of its balance sheet are calculated.

Asset liquidity is the reciprocal of the amount of time it takes to convert assets into money.

Balance sheet liquidity– availability of working capital in an amount sufficient to repay short-term obligations. Balance sheet liquidity is achieved by establishing equality between the enterprise's liabilities and its assets.

The technical side of the analysis of balance sheet liquidity is to compare funds for assets with liabilities for liabilities.

For the convenience of comparing assets and liabilities of an enterprise, balance sheet indicators are grouped. Grouping is carried out in accordance with two rules.

First rule. Assets should be grouped by their degree of liquidity and arranged in descending order of liquidity.

Second rule. Liabilities should be grouped by their maturity dates and arranged in ascending order of payment terms.

Stage 1. Grouping of assets. The assets of an enterprise, depending on the speed of converting them into money, are divided into 4 groups:

1. the most liquid assets (A1). This group includes cash and short-term financial investments;
2. quick-selling assets (A2) – short-term receivables;
3. slowly selling assets (A3) – inventories and costs, long-term receivables;
4. hard-to-sell assets (A4) – fixed assets, intangible assets, construction in progress.

Stage 2. Grouping of liabilities.

1. the most urgent obligations (P1) are accounts payable;
2. short-term liabilities (P2) – short-term loans and borrowings and other short-term liabilities;
3. long-term liabilities (P3) – long-term loans and borrowings;
4. permanent liabilities (P4) – sources of own funds.

Stage 3. Determination of balance sheet liquidity. To determine the liquidity of the balance sheet, it is necessary to compare the calculations made for groups of assets and groups of liabilities.

The balance sheet is considered liquid subject to the following ratios of groups of assets and liabilities: A1≥P1; A2≥P2; A3≥P3; A4≤P4.

Comparison of the first and second groups of assets (A1 and A2) with the first two groups of liabilities (P1; P2) shows current liquidity, i.e. solvency or insolvency of the enterprise at the time closest to the time of analysis.

A comparison of the third group of assets and liabilities (A3 and P3) shows promising liquidity, i.e. forecast of the solvency of the enterprise.

Stage 4. Determination of liquidity dynamics and factors affecting liquidity.

By comparing the actual ratios of a particular enterprise with the normative ones, one can make a conclusion about the liquidity of the balance sheet, creditworthiness and the prospects for payment capabilities, as well as draw a conclusion about the attitude towards the enterprise as a business partner and borrower in the business world, and what is required from the management of the enterprise, including and financial manager to improve the financial condition of the enterprise.

In credit practice, another liquidity indicator is used, called litmus test coefficient:

It shows what part of fixed assets is financed from equity capital. A ratio of 0.75–1 is considered normal.

The second indicator of this group is short-term debt ratio:

Showing what part of the enterprise’s total assets is covered by creditors’ funds, and what part by shareholders. If the numerical value of the coefficient exceeds 1, the share of creditors is higher.

Indicators business activity allow assessing the effectiveness of the management of the enterprise's use of its assets. Typically, three ratios are used, representing the ratio of accounts receivable, accounts payable and inventory to sales. The purpose of the ratios is to characterize the rate of turnover of debt and inventories.

The first indicator is accounts receivable turnover ratio:

Evidence of effective use resources, but may also be a harbinger of depletion of reserves and unsatisfactory consumer demand.

Accounts payable turnover ratio:

(7)

Allows you to determine how quickly the company pays supplier bills.

Profitability indicators characterize the overall efficiency of the enterprise and the policies pursued by its management. When calculating profitability indicators net profit is compared with parameters such as sales, assets and share capital of the company.

Let's start with a coefficient characterizing the ratio of profit to sales:

Characterizes the profitability of production in terms of the use of enterprise assets.

The indicator of income received per unit of share capital indicates how efficiently and profitably the shareholders' funds were used:

Another important assessment of the financial stability of an enterprise isfinancial dependence ratio:

(12)

Regarding the level of financial independence, the critical point is 0.5. If the numerical value of the coefficient is greater than 0.5, then the enterprise is financially dependent.

Indicators of liquidity and solvency analysis are closely related to indicators of financial stability, since they characterize the degree of risk of bankruptcy of an enterprise.

Let’s try to understand how the liquidity analysis of an enterprise’s balance sheet is carried out, and what are the main types of liquidity ratios for assessment.

Liquidity of the enterprise's balance sheet

Liquidity of the enterprise's balance sheet– the company’s ability to cover its obligations to creditors using its assets. Balance sheet liquidity is one of the most important financial indicators enterprises and directly determines the degree of solvency and level of financial stability. The higher the liquidity of the balance sheet, the greater the speed of repayment of the company's debts. Low balance sheet liquidity is the first sign of bankruptcy risk.

Balance sheet liquidity analysis is a grouping of all assets and liabilities of an enterprise. So assets are ranked according to the degree of their realizability, i.e. The greater the liquidity of an asset, the higher the rate of its transformation into cash. The funds themselves have the maximum degree of liquidity. The company's liabilities are ranked according to the degree of maturity. The table below shows the grouping of the company's assets and liabilities.

Analysis of liquidity of the company's balance sheet. Solvency assessment

To assess the liquidity of an enterprise's balance sheet, it is necessary to conduct a comparative analysis between the size of assets and liabilities of the corresponding groups. The table below presents an analysis of the company's liquidity.

Analysis and execution of inequalities for various types assets and liabilities of the enterprise allows us to judge the degree of liquidity of the balance sheet. If all conditions are met, the balance is considered absolutely liquid. When analyzing the balance sheet, it should be taken into account that more liquid assets may cover less urgent liabilities.

Master class: “An example of analysis and assessment of balance sheet liquidity”

Balance sheet liquidity ratios. Absolute and relative

At the next stage of liquidity analysis, the solvency indicators of the enterprise are assessed, and the following two absolute coefficients are calculated:

Current liquidity– an indicator reflecting the ability of an enterprise to repay its obligations in the short term.

Prospective liquidity– an indicator reflecting the company’s ability to repay debt in the future.

Analysis of balance sheet liquidity allows you to determine the availability of resources to repay obligations to creditors, but it is general and does not allow you to accurately determine the solvency of the enterprise. For this purpose, in practice, relative liquidity indicators are used. Let's look at them in more detail.

Current ratio (Current ratio) – an indicator reflecting the degree to which assets cover the most urgent and medium-term obligations of the enterprise. The formula for calculating the coefficient is as follows:

Quick ratio(Quick ratio) – an indicator reflecting the degree to which highly liquid and quickly realizable assets cover the current liabilities of the enterprise. The formula for calculating the absolute liquidity ratio is as follows:

Quick ratio > 0,7.

Absolute liquidity ratio (Cash ratio) – shows the degree to which the most liquid assets cover the current liabilities of the enterprise. The formula for calculating quick liquidity is as follows:

In practice, the optimal value of this indicator is considered Cash ratio > 0,2.

Total balance sheet liquidity(Total liquidity) – an indicator reflecting the degree to which the assets of the enterprise repay all its liabilities. It is calculated as the ratio of the weighted sum of assets and liabilities according to the formula:

In practice, the optimal value of this indicator is considered Total liquidity > 1.

Provision ratio of own working capital– reflects the degree to which the enterprise uses its own working capital. The formula is presented below:

The normative value of the indicator is K sos > 0.1.

Capital agility ratio– reflects the amount of capital in reserves. The calculation formula is as follows:

This indicator is analyzed over time and its tendency to decrease is considered optimal. In addition to the presented indicators, to analyze the liquidity of the balance sheet, enterprises use indicators including the company’s operating activities, size cash flow, indicators of capital maneuverability, etc.

Master class: “An example of assessing liquidity ratios for OJSC Gazprom”

Summary

Analysis of balance sheet liquidity is an important task of the enterprise in terms of the state of assets and liabilities, as well as the ability to timely and fully pay off its obligations to borrowers. The higher the liquidity of the balance sheet, the higher the solvency of the company and the lower the risk of bankruptcy. When assessing the solvency of an enterprise, it is necessary to analyze the coefficients over time and in comparison with industry averages. This will identify possible threats to the risk of bankruptcy.

Solvency An enterprise is determined by its ability and ability to promptly and fully fulfill its payment obligations arising from trade, credit and other transactions of a monetary nature (solvency affects the forms and conditions of commercial transactions, including the possibility of obtaining a loan).

Liquidity An enterprise is determined by the availability of liquid assets, which include cash, funds in bank accounts and easily realizable elements of working resources. Liquidity reflects the ability of an enterprise to make necessary expenses at any time.

To analyze liquidity and solvency they use following methods:

1 method. Balance sheet liquidity analysis : shows what relationships between the sections of assets and liabilities the enterprise must have in order to ensure the possibility of selling the enterprise’s property within the appropriate time frame to pay off emerging obligations.

The analysis compares assets grouped by degree of liquidity with liabilities grouped by their maturity dates:

Balance sheet liquidity is defined as the degree to which an enterprise's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of liabilities.

The most universal form of liquidity analysis is the compilation of grouping balance tables. This method can be used for both external and internal analysis.

Groups of funds and liabilities.

The balance is considered absolutely liquid if the following ratios exist:

The fulfillment of the first three inequalities entails the fulfillment of the fourth inequality, therefore, it is practically essential to compare the results of the three groups for assets and liabilities. The fulfillment of the fourth inequality is of a “balancing” nature and at the same time it has a deep economic meaning - its fulfillment indicates compliance with the minimum condition of financial stability, i.e., that the enterprise has its own working capital.

If these inequalities are met, then the balance sheet structure is considered liquid; if at least one inequality is not met, then the balance sheet structure is not satisfactory and the enterprise may become insolvent;

Method 2. TOcoefficient analysis liquidity of the enterprise determined using a number of financial ratios:

1. Absolute liquidity ratio (the rate of cash reserves) complements the previous indicators. It is determined by the ratio of cash to the total amount of short-term debts of the enterprise.

K al must be ≥ 0.2

where DS is cash;

KFV – short-term financial investments

KO – short-term liabilities

The higher its value, the greater the guarantee of debt repayment, since for this group of assets there is practically no danger of loss of value in the event of liquidation of the enterprise and there is no time lag for converting them into means of payment.

The value of the coefficient is considered sufficient if it is 0.20-0.25. If a company can currently repay all its debts by 20-25%, then its solvency is considered normal.

It should be noted that the level of the absolute liquidity ratio itself is not a sign of poor or good solvency. When assessing its level, it is necessary to take into account the rate of turnover of funds in current assets and the rate of turnover of short-term liabilities. If means of payment turn over faster than the period of possible deferment of payment obligations, then the solvency of the enterprise will be normal.

2. Quick (critical, intermediate) liquidity ratio

Kbl =

where KRZ is short-term receivables;

Kbl should be 0.7-1.0.

However, this value may be insufficient if a large share of liquid funds consists of receivables, part of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If cash and cash equivalents (securities) occupy a significant share of current assets, then this ratio may be smaller.

In world practice, the value of the coefficient = 1 is allowed, which characterizes the solvency of the enterprise for a period of 15-30 days.

1. Current ratio (debt coverage ratio) - the ratio of the total amount of current assets, including inventories and work in progress and excluding deferred expenses, to the total amount of short-term liabilities (III section of liabilities):

K tl =

where ОА – current assets

K tl must be ≥ 2.

The current ratio shows to what extent current assets cover short-term liabilities.

Method 3. Cash Flow Analysis is carried out on the basis of form 4 of the DDS report: the balance of funds at the end of the year is compared with the balance of funds at the beginning of the year - ideally, the growth rate of these funds should correspond to sales revenue, if less, then this is a negative trend, and if these funds are zero, then the enterprise is not solvent for a given period of time, it becomes clear why this happened.

Solvency of the enterprise

Solvency is the most important indicator characterizing the financial condition of an enterprise, its ability to timely and fully pay all its financial obligations, which depends on the safety of the enterprise’s own funds and the effective use of working capital.

The solvency of enterprises is determined by the influence of both external and internal factors.

External factors include:

The general state of the economy, its structure,

State, tax and budget policies,

Interest and amortization policy,

Market condition, etc.

Internal factors include:

The state of the enterprise's assets, their turnover,

Structure of sources of formation of these assets.

Insolvency is the financial condition of an enterprise in which it is unable to pay off its debts within the prescribed period. The loss of solvency by an enterprise can be reversible or irreversible, depending on whether the enterprise is able to restore solvency without external influences.

Insolvency (irreversible insolvency) is the financial condition of an enterprise in which it is unable to fulfill its debt obligations within the prescribed period and is also unable to independently restore its solvency.

It is obvious that for a normally functioning enterprise the natural state should be solvency

There are 7 types of insolvency:

1) expected

An enterprise is in a state of expected insolvency if, at the time of the report, it has funds to repay overdue debts, but in the future, its available sources of debt coverage will not allow it to pay off its debt obligations. Regarding the financial condition of the enterprise in this case, it can be argued that it may be insolvent in the future due to the fact that its assets, together with the accumulated net profit (possibly negative if the enterprise is unprofitable), will after some time be insufficient for the timely return of borrowed funds.

2) technical

Technical insolvency shows the lack of sufficient funds to immediately pay off overdue debts, but assets and accumulated net profit are sufficient sources of covering debt obligations in the future.

3) short-term

Short-term insolvency is considered to be in which the company is unable to repay the overdue debt within the standard period, has a sufficiently intense flow of profit, which, together with existing funds, will make it possible to repay the short-term cash debt within the corresponding standard period.

4) temporary

Temporary insolvency corresponds to a situation in which an enterprise is unable to repay its external debt in a timely manner; monetary debt, but by attracting the entire set of quick-liquid assets will be able to pay off the external debt as a whole.

5) long-term

Long-term insolvency is characterized by the fact that the enterprise does not have sufficient sources of funds to timely repay external debt, but by mobilizing all current assets it is able to pay off all short-term obligations. Unlike an enterprise in a state of temporary insolvency, here it is possible to pay off short-term obligations using low-liquidity assets.

6) long-term

The state of prolonged insolvency indicates that working capital and accumulating net profit are not sufficient sources of covering borrowed funds. And only the attraction of non-current assets will allow the company to repay the entire amount of debt obligations.

7) irreversible.

Irreversible insolvency (insolvency) is characterized by the fact that the entire totality of the enterprise's assets is not enough to repay the full amount of debt obligations - short-term and long-term. The state of irreversible insolvency is characterized by the fact that the enterprise cannot pay off its debt obligations without external financial intervention. Insolvency recognized in accordance with the legally established procedure is considered as bankruptcy.

Based on the above, the main objectives of the analysis are:

Establishing the ability of the enterprise to timely and fully pay its financial obligations;

Finding reserves and opportunities for the most economical and rational use of financial resources, ensuring and increasing the solvency of the enterprise;

Development of measures to improve the solvency of the enterprise.