How to do an analysis of a balance sheet example. Horizontal balance analysis: essence and example of implementation

Balance analysis can be carried out directly using balance sheet or according to the aggregated analytical balance. Let's consider six stages of balance sheet analysis: analysis of the dynamics and structure of the balance sheet, analysis of the financial stability of the organization, analysis of the liquidity of the balance sheet and solvency of the enterprise, analysis of the state of assets, analysis of business activity and diagnostics financial condition enterprises.

Analysis of financial statements includes analysis of all its forms, including explanatory notes and the final part of the auditor's report.

During preliminary analysis accounting statements, the dynamics of “sick” reporting items of two types are identified and assessed:

1. indicating the extremely unsatisfactory performance of a commercial organization in reporting period and about the resulting poor financial situation (uncovered losses, overdue loans and borrowings and accounts payable, etc.);
2. indicating certain shortcomings in the organization’s work, which, if they are regularly repeated in the reporting of several adjacent periods, can significantly affect the financial position of the organization (overdue accounts receivable, debt written off to financial results, fines, penalties, penalties collected from the organization, negative net cash flow, etc.)

Balance sheet analysis can be carried out directly from the balance sheet or from the aggregated analytical balance sheet presented below. The items (lines) of the balance sheet that are recommended to be included in the selected groups of the analytical balance sheet are indicated in brackets.

Table 1. Aggregated analytical balance

	Symbol	For the beginning of the year	At the end of the year
1. Cash and short-term financial investments (page 250 + page 260)	DS
2. Accounts receivable and other current assets (line 215 + line 240 + line 270)	DZ
3. Inventories and costs (p. 210 - p. 215 + p. 220)	ZZ
Total current assets (current assets) (line 290 - line 230)	OA
4. Immobilized funds (non-current assets) (p. 190 + p. 230)	VA
Total assets (property) (p. 300)	NVA
1. Accounts payable and other short-term liabilities (line 620 + line 630 + line 650 + line 660)	short circuit
2. Short-term loans and borrowings (p. 610)	QC
Total short-term borrowed capital (short-term liabilities) (line 690 - line 640)	KO
3. Long-term borrowed capital (long-term liabilities) (p. 590)	BEFORE
4. Own capital (p. 490 + p. 640)	SK
Total liabilities (capital) (p. 700)	SVK

In the analytical balance, the general balance model is preserved: SVA = SVK or DS + DZ + ZZ + VA = KZ + KK + DO + SK.

Let's consider the stages of balance sheet analysis.

First stage. Analysis of balance dynamics and structure

During the analysis, it is advisable to determine the growth rate of the most significant items (groups) of the balance sheet and compare the results obtained with the growth rate of sales revenue.

An important area of ​​analysis is vertical balance sheet analysis, during which the specific gravity and the structural dynamics of individual groups and items of assets and liabilities of the balance sheet.

A “good” balance satisfies the following conditions:

1. the balance sheet currency at the end of the reporting period increases compared to the beginning of the period, and its growth rate is higher than the inflation rate, but not higher than the revenue growth rate;
2. other things being equal, the growth rate of current assets is higher than the growth rate non-current assets and short-term liabilities;
3. the size and growth rate of long-term sources of financing (equity and long-term debt capital) exceed the corresponding indicators for non-current assets;
4. the share of equity in the balance sheet currency is not lower than 50%;
5. size, share and growth rates of receivables and accounts payable approximately the same;
6. There are no uncovered losses on the balance sheet.

When analyzing the balance sheet, you should take into account changes in accounting methodology and tax legislation, as well as provisions accounting policy organizations.

Second phase. Analysis of the financial stability of the organization

Absolute indicators of financial stability:

• availability of real equity capital (net assets);
• Availability of own working capital and net working capital.

Relative indicators of financial stability are financial stability ratios ( financial structure capital).

System of main indicators for analyzing financial stability:

1. Own working capital (own working capital): SOS = SK - VA
2. Net working capital: NSC = SK + DO - VA or NSC = OA - KO
3. Net assets: NAV (the calculation procedure is established by a letter from the Ministry of Finance of Russia and the Federal Securities Commission. The analytical balance presented above is formed so that NC = NAV)
4. Autonomy coefficient (financial independence, concentration of equity capital): kavt = SC / SVK
5. Financial dependence coefficient (debt capital concentration): kfz = ZK / SVK, where ZK = KO + DO
6. Debt to equity ratio (financial leverage ratio): KZS = ZK / SK
7. Preservation ratio of equity capital: kks = SKk.p. / SKn.p.
8. Maneuverability (mobility) coefficient of equity capital: kskm = SOS / SK
9. Provision ratio of own working capital (net working capital): coss = SOS / OA

Third stage. Analysis of balance sheet liquidity and solvency of the enterprise

Balance sheet liquidity means the presence of working capital in an amount potentially sufficient to pay off short-term obligations. Balance sheet liquidity is the basis of the organization's solvency. Balance sheet liquidity can be assessed various methods, including based on the calculation of basic liquidity ratios. The calculation of each of the coefficients includes certain groups of current assets that differ in the degree of liquidity (i.e., the ability to transform into cash during the production and commercial cycle).

Fourth stage. Asset condition analysis

As part of the analysis of the balance sheet, it is necessary to analyze the composition, structure and efficiency of use of non-current and current assets. To assess the effectiveness of current assets, profitability and turnover indicators are used.

To assess working capital turnover in general, the following indicators can be recommended:

• Working capital turnover ratio: kob = N / OA avg, where N is sales revenue; OA avg - average value current assets.
• Period of turnover of working capital: Po = OA av * D / N, where D is the number of days in the analyzed period.

An analysis of the dynamics, composition and structure of non-current assets on the balance sheet should be complemented by an analysis of fixed assets.

Fifth stage. Business activity analysis

Business activity assessment can be carried out in the following areas:

1. by the level of efficiency of resource use (the level and dynamics of capital productivity, labor productivity, profitability and other indicators). The most important in this group are asset and capital turnover indicators;

2. according to the ratio of growth rates of profit, turnover and advanced capital. Business activity is characterized positively if the ratio is observed:

TRPDN > TR N > TRSVK > 100%,

where TRPDN is the growth rate of profit before tax (or before taxes and interest); TP N - turnover growth rate (sales revenue); TRSVK is the growth rate of advanced capital (balance sheet currency).

Dependency means:

• the economic potential of the enterprise is growing (the scale of activity is increasing);
• sales volume increases at a faster rate compared to the growth of advanced capital, i.e. enterprise resources are used more efficiently;
• profits are growing at a faster pace, which indicates a relative reduction in costs. This ratio is called the “golden rule of enterprise economics.”

3. according to special indicators characterizing business activity (coefficients of sustainability of economic growth, self-financing ability, investment activity).

Sixth stage. Diagnostics of the financial condition of the enterprise

The most common approaches to diagnosing financial condition are: assessing the possibility of restoration (loss) of solvency and the use of discriminant mathematical models of the probability of bankruptcy.

1. To assess the possibility of restoration (loss) of solvency, two basic indicators are calculated:

• current liquidity ratio (normative value 2.0);
• coefficient of provision with own working capital (normative value 0.1).

2. Discriminant mathematical models of bankruptcy probability. In modern literature on financial analysis offers a range of Western and Russian models. Below is a modified Altman model for manufacturing enterprises whose shares are not listed on the stock exchange (the model entry is given in a version adapted to the indicators of the Russian balance sheet and profit and loss account):

Z = 0.717 * K1, + 0.847 * K2 + 3.107 * K3 + 0.42 * K4 + 0.995 * K5,

where K1 is the ratio of net working capital to assets; K2 is the ratio of reserve capital and retained (accumulated) profit (uncovered loss) to assets; K3 is the ratio of profit (loss) before taxes and interest to assets; K4 is the ratio of capital and reserves ( equity) to total liabilities; K5 - the ratio of sales revenue (net) to assets.

Criteria for evaluation:

• Z< 1,23 — высокая вероятность банкротства;
• 1,23 < Z < 2,9 — зона неопределенности;
• Z > 2.9 - low probability of bankruptcy.

At the same time, the degree of reliability of the forecast is: up to 1 year - 88%, up to 2 years - 66%, more than 2 years - 29%.

The practice of using this model in the analysis of Russian enterprises has shown the possibility of its use and the greatest reality of the obtained values ​​in comparison with other Western models.

Analysis of the balance sheet is very important for making management decisions. What stages it consists of, what is the methodology for analyzing the balance sheet of an enterprise and what are its features for different organizations will be discussed in this article.

Formation of indicators for analyzing the organization’s balance sheet

The balance sheet is the main reporting document of any organization. The composition of its indicators may vary from company to company, but the analysis is based on general principles and methods.

Analysis of the balance sheet is of practical importance if it is based on reliable information. To avoid its distortions (accidental or intentional), the enterprise must have an internal control system (Article 19 of the Law “On Accounting” dated December 6, 2011 No. 402-FZ). And to externally confirm the reliability of the balance sheet, an audit is used (clause 3 of the Law “On Auditing” dated December 30, 2008 No. 307-FZ). In some cases this is mandatory (Article 5 of Law No. 307-FZ). The list of companies subject to mandatory reporting audit can be found on the website of the Russian Ministry of Finance (http://www.minfin.ru/ru/perfomance/audit/basics/).

All mandatory accounting reports must meet the requirements for them: comparability, consistency, etc.

For more information about what requirements the balance must meet, see the material “What requirements must accounting satisfy?” .

Let's consider the main stages of the analysis of the balance sheet.

Analysis of the balance sheet using an example: preliminary stage

Let's consider an example of analyzing the balance sheet of an enterprise. The balance sheet of Sekunda LLC as of December 31, 2018 is as follows:

Indicator name		As of 12/31/2018	As of 12/31/2017	As of 12/31/2016
ASSETS
Fixed assets
Accounts receivable
PASSIVE
Authorized capital
retained earnings
Accounts payable

The first reading of this report can be called introductory: the balance sheet figures assess the general structure of property and liabilities, the availability of raised funds, etc.

In this case, we are dealing with a developing company: an annual increase in the balance sheet currency, the appearance of financial investments in the asset structure, an increase in the cost of fixed assets (which may indicate the company’s intentions to invest in the development of its production potential), a steady decrease in debts - and all this without attracting long-term borrowed funds.

Preliminary conclusions have been made and we can proceed to a more detailed analysis. To do this, we will conduct a horizontal and vertical analysis of the balance sheet.

Horizontal analysis of the balance sheet

Using horizontal analysis, we compare the balance sheet indicators by reporting dates (to simplify the example, we use data at the beginning and end of the reporting period):

Balance sheet item	As of 12/31/2018	As of 12/31/2017	Deviation (+/-)
			sum
Property dynamics
Including: non-current (OS)
negotiable
Accounts receivable
Financial investments (excluding cash equivalents)
Cash and cash equivalents
Capital dynamics
Including: equity
Authorized capital
retained earnings
borrowed capital
Sources of funds in calculations (accounts payable)

A horizontal analysis of the balance sheet showed the following: during the reporting period, non-current assets increased by 28%, which may indicate the expansion of activities and growth of the company’s economic potential. At the same time, working capital decreased (by 10.65%) - mainly due to a decrease in cash balances (by 42.86%). There was an increase in working capital in inventories by 28.13%, which indicates a decrease in liquidity and may affect the solvency of the company. The presence of short-term financial investments in the current assets indicates a desire to invest funds in order to obtain additional profit. The growth of the balance sheet currency must also be compared with the rate of inflation and revenue growth.

Determination of the structure of articles (vertical analysis) and the share of indicators

Using this type of balance sheet analysis, we examine the structure of indicators over time:

Balance sheet item	As of 12/31/2018		As of 12/31/2017		Shifts in structure, %
	sum	% to total	sum	% to total
Property structure
Including: non-current assets (OC)
current assets
Accounts receivable
Financial investments (excluding cash equivalents)
Cash and cash equivalents
Capital structure
Including: equity
borrowed capital

A vertical analysis of the balance sheet showed that during the reporting period there were no significant changes in the overall structure of property and capital.

The growth of non-current assets amounted to 7.92%. In the structure of current assets, small structural changes are observed in the lines “Cash and cash equivalents” (12.41%) and inventories (11.38%). An increase in working capital in inventories reduces their turnover, which may negatively affect current liquidity. The share of equity in the balance sheet currency amounted to 45.66% at the end of the period, mainly due to the share of retained earnings in equity (97.47%). There are no uncovered losses on the balance sheet.

The company does without long-term loans and borrowings, that is, the volume and structure of equity capital allows it to organize the production process and develop without external borrowings.

Analyzing the Balance Sheet Using Financial Ratios

By calculating special coefficients, further analysis of the balance sheet is carried out:

Solvency analysis

Coefficient
Financial dependency ratio.	Balance sheet currency / equity
Financial independence ratio.	Own capital / balance sheet currency	395 / 865 = 0,46
Total Solvency Ratio	Balance sheet currency / borrowed capital	865 / 470 = 1,84
Debt ratio	Debt capital/equity	470 / 395 = 1,19

Liquidity analysis

Coefficient
Instant liquidity ratio	(DS and DE)*/ KO***	120 / 470 = 0,26
Absolute liquidity ratio	(DS and DE + KFV**) / KO	(120+50) / 470 = 0,36
Quick ratio	(DS and DE + KFV + DZ) / KO	(120 + 50 + 170) / 470 = 0,72
Average liquidity ratio	(DS and DE + KFV + DZ + Reserves) / KO
Intermediate liquidity ratio	(DS and DE + KFV + DZ + Inventories + VAT) / KO	(120 + 50 + 170 + 205) / 470 = 1,16
Current ratio	Current assets / KO	545 / 470 = 1,16

* (DS and DE) - cash and cash equivalents.

** KFV - short-term financial. attachments.

*** KO - short-term liabilities.

Read more about liquidity ratios in the article “Calculation of liquidity ratio (balance sheet formula)” . Trend, factor and comparative analysis

In addition to the above stages of balance sheet analysis, trend, factor and comparative types of analysis can be carried out. They will complement and expand the volume of analytical data for making the necessary economic decisions.

Thanks to trend analysis, you can form an opinion about the main trend of changes in certain indicators (predictive analysis).

For example, a joint study of the dynamics of short-term debt and cash:

From the above figures it follows that, as of reporting dates, the nature of changes in the amount of short-term debts corresponds to changes in the volume of cash, but the company’s free cash is not enough to repay these debts.

Using factor analysis, the nature of the influence of the main factors on the change in the value of the indicator under study is determined. It is carried out according to a certain method of analyzing the balance sheet.

For comparative analysis Additional information is needed - the balance sheet data of one company is not enough. This is due to the fact that when conducting this type of analysis, the balance sheet indicators of different companies are compared in order to determine their rating.

Specifics of analyzing the balance sheet of individual companies using the example of a bank balance sheet (Form 1)

Banks, although they are commercial companies and are created to make a profit, have specific features. They are subject to special legislation, maintain a special chart of accounts and build a different methodology for accounting processes.

At the same time, the main approaches to analyzing a bank’s balance sheet are in many ways similar to analyzing the balance sheet of a regular commercial company. For the bank balance sheet, the main stages of analysis also remain relevant:

• preliminary (reading the balance sheet, structuring its items, etc.),
• analytical (description of calculated indicators of structure, dynamics, relationship between balance sheet indicators);
• final (evaluation of analysis results).

In the process of analyzing the bank’s balance sheet, special coefficients are also calculated, but their types differ from those discussed earlier:

• bank reliability coefficient (capital adequacy ratio),
• return on assets ratio (shows the efficiency of using assets and quality based on their profitability),
• leverage ratio (interbank loans), etc.

Online program to facilitate the analysis process

Modern information processing tools can significantly simplify the process of comprehensive analysis of the balance sheet. Calculations are carried out using standard computer programs(for example, using Excel, where you can carry out calculations, create tables and charts), and using specialized programs that allow you to conduct financial analysis online - via the Internet.

The use of specialized software not only saves time, but also significantly expands the types of analysis. They allow you to analyze market stability, business activity, score assessment of financial stability, etc. In addition, developers of specialized programs provide the possibility of adapting and changing the program depending on the goals and objectives of the analysis, taking into account the specifics of a particular enterprise.

Results

Analysis of balance sheet indicators is a voluminous and multi-stage process. Its results make it possible to identify potential risks, develop the financial policy of the enterprise and contribute to effective management decisions. The analysis process can be facilitated by using specialized programs.

Drawing up a balance sheet is the logical conclusion of the reporting period. But this is not the end of the financial work. It is important to be able to read a prepared accounting report because the habit of understanding what is actually happening with the business can be very profitable. Reading a balance sheet means understanding and comprehensively analyzing its articles. As an example, consider horizontal balance sheet analysis.

The concept of horizontal analysis and its main indicators

Horizontal balance sheet analysis is an assessment of individual indicators (items) in dynamics over a number of equal time periods (quarter, year). It is based on the principle of comparing reporting indicators (B 1) with previous ones (B 0). It allows you to determine the trend of changes in individual articles financial report, therefore it has the second name “trend”.

In terms of the complexity of calculations, horizontal analysis is the most accessible. Traditionally, the following analytical quantities are calculated:

• Absolute deviation (in monetary units): ΔB = B 1 - B 0;
• Relative deviation (in percent): ΔB = (B 1 ‒B 0) / B 0 × 100;
• Growth index (rate): T B = B 1 / B

The calculation results are interpreted as follows:

• if the deviation ΔB has a positive value or the index T B ˃ 1, then the balance sheet item has increased;
• if the deviation ΔB turns out to be with the sign “‒” or T B< 1, то статья уменьшилась.

A professional accounting analyst must know when positive variances are good and when they are bad. For example, an increase in cash, profits, property is a positive trend. But if, in parallel with cash, accounts payable also increases, and retained earnings decrease, which increases the company’s financial dependence, then monetary joy is not so clear.

Horizontal analysis and the “golden rule of economics”

The horizontal method evaluates not only the balance sheet of the enterprise, but also the statement of financial results. The data from these reports is used to compare the company's development rates according to various criteria.

The “Golden Rule of Economics” makes it possible to assess the potential of an enterprise. It implies the following principles of success:

• Profits, income, equity and assets should grow, indicating growth in economic potential;
• Profit should grow faster than revenue, which proves cost reduction;
• Income should grow faster than equity capital, which characterizes the attraction of funds from buyers, not founders;
• Equity should grow faster than assets because financial independence is very important for a company.

Height net profit and equity capital is a good trend. But if profit grows slower than capital, then the enterprise does not fully take advantage of opportunities to improve the efficiency of business activities.

Formal analysis of indicator deviations does not make it possible to draw correct conclusions. Special knowledge is needed to evaluate changes in the report comprehensively, in the interrelation of different indicators.

Example of calculations for horizontal balance sheet analysis

Let's analyze the balance sheet of a conditional enterprise in its abbreviated form.

Conclusions after calculations:

• In general, the enterprise’s property increased insignificantly (by 83 thousand rubles or 1.51%). This indicates the stability of the company during the financial crisis;
• The balance sheet assets show an increase in non-current assets (by 4.4%) and a decrease in current assets (by 0.9%). This is an alarming factor because the company is reducing its liquidity;
• In liabilities, capital increased most actively (by 99 thousand rubles or 5.23%). Long-term liabilities decreased by 20 thousand rubles. (80%), which may indicate timely repayment of a long-term loan. Short-term liabilities actually remained at the same level (growth of less than 1%).

The enlarged report does not allow deeper conclusions to be drawn. It would be correct to supplement the horizontal financial analysis with a vertical one in order to assess the structure of the balance sheet.

Tip: calculate the absolute and relative indicators changes in balance sheet items (you can use Microsoft Excel), and then prepare their interpretation using your own knowledge and financial advice from reputable specialists.

Accounting is mandatory for any business. It allows you to obtain indicators that will later be used to compile a balance sheet. It is this report that makes it possible to analyze the operation of the enterprise in the future within the framework of its financial activity and taking into account the type of its activity. Analytical research allows you to obtain data that will be necessary to forecast the future development of the company. Let's take a closer look at how such a study is performed and what coefficients are mandatory.

Balance sheet and financial analysis

In essence, the balance sheet of any enterprise represents a balanced state of individual indicators of the company’s performance, summarized in accordance with a single feature. This generalization is necessary for the enterprise in order to determine the correctness of conclusions about the functioning of the enterprise, taking into account the type of activity and market conditions.

The company's balance sheet has two sections. One contains the property of the enterprise according to the sources of its receipt, and the other contains the composition of this property. Compiled this document to the beginning of a new quarter.

Externally, the balance sheet is a table with two sections: assets and liabilities. The amounts of assets and liabilities must always be equal to each other:

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To carry out the analysis, it is important to remember that the document has a certain structure and the indicators should be examined taking into account each block of indicators.

Stages of balance sheet analysis

Typically, analytics involves six stages of research. Each stage has its own nuances that should also be taken into account. The following stages can be distinguished:

• balance structure and its dynamics;
• financial stability of the company;
• balance sheet liquidity, that is, the solvency of the company;
• assets and their condition;
• business activity;
• financial position of the company.

The analysis is performed on the basis of the balance sheet, which is compiled indicating data at the beginning and end of the reporting period. Let's look at each stage in more detail, for which we will create a special table:

Analysis stage	Characteristic
Structure and dynamics	Vertical analysis. The growth rates of individual indicators that are the most important are checked and subsequently they are compared with the revenue received and with the rate of its growth.
Financial stability of the company	The absolute indicators of a company's stability are the company's working capital and equity. The coefficient obtained in the calculations determines the relative stability of the enterprise in the field of financial settlements.
Company liquidity	The solvency of the company is determined taking into account the liquidity ratio. This coefficient, in turn, indicates how many assets can be sold by the enterprise in the shortest possible time and how much the company is able to meet its obligations.
Assets and their condition	The efficiency of using current and non-current assets is determined using the indicator of profitability and asset turnover.
Business activity	The level is analyzed effective use resources, as well as the results of the relationship between the rate of increase in profit and the increase in turnover.
Financial position of the company	Analysis of the company's capabilities and the likelihood of bankruptcy of this enterprise in the future. The Altman model is used for calculations, which is best suited for the Russian market.

Analysis of the balance sheet using the example of an enterprise

As an example, consider the analysis of a single enterprise:

Based on the data obtained, we can conclude that the company has a stable financial position, since the number of non-current assets and fixed assets has increased, but long-term financial investments have decreased.

Balance sheet analysis ( financial statements) of an enterprise is a rather labor-intensive process, during which, first of all, during a preliminary assessment of the accounting (financial) statements, we identify and evaluate the dynamics of “sick” reporting items of two types:

1. Evidence of the extremely unsatisfactory performance of a commercial organization in the reporting period and the resulting poor financial position (uncovered losses, overdue loans and accounts payable, etc.);
2. Evidence of certain shortcomings in the organization's work, which, if regularly repeated in the reporting of several adjacent periods, can significantly affect the financial position of the organization (overdue accounts receivable, debt written off to financial results, fines, penalties, penalties collected from the organization, negative net cash flow, etc.).

Balance sheet analysis can be carried out directly using the balance sheet or using an aggregated analytical balance sheet, which we discussed in other articles; you can see an example of compiling an aggregated balance sheet.

So, let's consider the stages of analyzing the balance sheet of an enterprise.

Stage 1: analysis of the dynamics and structure of the balance sheet

During the analysis, it is advisable to determine the growth rate of the most significant items (groups) of the balance sheet and compare the results obtained with the growth rate of sales revenue. An important area of ​​analysis is, during which the share and structural dynamics of individual groups and items of assets and liabilities of the balance sheet are assessed.

A “good” balance satisfies the following conditions:

1. the balance sheet currency at the end of the reporting period increases compared to the beginning of the period, and its growth rate is higher than the inflation rate, but not higher than the revenue growth rate;
2. other things being equal, the growth rate of current assets is higher than the growth rate of non-current assets and short-term liabilities;
3. the size and growth rate of long-term sources of financing (equity and long-term debt capital) exceed the corresponding indicators for non-current assets;
4. the share of equity in the balance sheet currency is not lower than 50%;
5. the size, share and growth rate of receivables and payables are approximately the same;
6. There are no uncovered losses on the balance sheet.

When analyzing the balance sheet, changes in accounting methodology and tax legislation, as well as the provisions of the organization’s accounting policies, should be taken into account.

Stage 2: analysis of the financial stability of the organization

We calculate absolute indicators of financial stability: the presence of real equity capital (net assets); Availability of own working capital and net working capital.

Relative indicators of financial stability are the coefficients of financial stability (financial structure of capital). System of main indicators for analyzing financial stability:

Own working capital (own working capital): SOS = SK - VA + DO

Net working capital: NSC = SK + DZK - VA or NSC = OA - KZK

Net assets: NAV (calculation procedure established by letter of the Ministry of Finance of Russia and the Federal Securities Commission)

Autonomy coefficient (financial independence, concentration of equity capital): Kavt = SC / A

Financial dependence coefficient (debt capital concentration): Kfz = ZK / A, where ZK = KO + DO

Debt to equity ratio (financial leverage ratio): Kzs = ZK / SK

Preservation ratio of equity capital: Ksks = SKk.p. / SKn.p.

Coefficient of maneuverability (mobility) of equity capital: Kskm = SOS / SK

Provision ratio of own working capital (net working capital): Koss = SOS / OA

Where SK is equity capital; VA - non-current assets; DO - accounts receivable; DZK - the amount of long-term borrowed capital used by the enterprise (the amount of its long-term financial liabilities); OA - the total amount of current assets of the enterprise; KZK - the amount of short-term borrowed capital used by the enterprise; A - assets; ZK - borrowed capital (liabilities); KO - short-term liabilities; DO - long-term liabilities; SKk.p., SKn.p - the amount of equity capital at the end and beginning of the period.

The calculation of relative coefficients is discussed in more detail, with examples of calculations in Excel.

Stage 3: analysis of balance sheet liquidity and solvency of the enterprise

Balance sheet liquidity means the presence of working capital in an amount potentially sufficient to pay off short-term obligations. Balance sheet liquidity is the basis of the organization's solvency. Balance sheet liquidity can be assessed using various methods, including based on the calculation of the main ones.

The calculation of each of the coefficients includes certain groups of current assets that differ in the degree of liquidity (i.e., the ability to be transformed into cash during the production and commercial cycle).

Stage 4: analysis of the state of assets

As part of the analysis of the balance sheet, it is necessary to analyze the composition, structure and efficiency of use of non-current and current assets. To assess the effectiveness of current assets, profitability and turnover indicators are used.

To assess working capital turnover in general, the following indicators can be recommended:

Working capital turnover ratio: Cob = N / OA avg
Period of turnover of working capital: Po = OA avg * D / N

Where N is sales revenue; OA av - average value of current assets; D - number of days in the analyzed period.

The analysis of the dynamics, composition and structure of non-current assets on the balance sheet should be supplemented.

Stage 5: business activity analysis

Business activity assessment can be carried out in the following areas:

• by the level of efficiency of resource use (the level and dynamics of capital productivity, labor productivity, profitability and other indicators). The most important in this group are asset and capital turnover indicators;
• by the ratio of growth rates of profit, turnover and advanced capital.

Business activity is characterized positively if the following ratio is observed:

TRPDN > TR N > TRSVK > 100%

Where TRPDN is the growth rate of profit before tax (or before taxes and interest); TP N - turnover growth rate (sales revenue); TRSVK is the growth rate of advanced capital (balance sheet currency).

Dependence means: the economic potential of the enterprise is growing (the scale of activity is increasing); sales volume increases at a faster rate compared to the growth of advanced capital, i.e. enterprise resources are used more efficiently; profits are growing at a faster pace, which indicates a relative reduction in costs. This ratio is called the “golden rule of enterprise economics.”

3. according to special indicators characterizing business activity (coefficients of sustainability of economic growth, self-financing ability, investment activity).

Stage 6: diagnostics of the financial condition of the enterprise

The most common approaches to diagnosing financial condition are: assessment of the possibility of restoration (loss) of solvency and the use of discriminant mathematical models probability of bankruptcy:

To assess the possibility of restoration (loss) of solvency, two basic indicators are calculated: current liquidity ratio (normative value 2.0); coefficient of provision with own working capital (normative value 0.1).

Discriminant mathematics. In modern literature on financial analysis, a number of Western and Russian models are proposed. The article presents a modified version for manufacturing enterprises whose shares are not listed on the stock exchange. The practice of using this model in the analysis of Russian enterprises has shown the possibility of its use and the greatest reality of the obtained values ​​in comparison with other Western models.