Analysis of financial indicators. Analysis of factors affecting the company's performance Analysis using financial ratios

The method of financial ratios is the calculation of the ratios of financial statements data, the determination of the relationship of indicators. When conducting an analysis, the following factors should be taken into account: the effectiveness of the applied planning methods, the reliability of financial statements, the use various methods accounting (accounting policy), the level of diversification of the activities of other enterprises, the static nature of the applied coefficients.

Expressing relative values, financial ratios make it possible to evaluate indicators in dynamics and compare the results of an enterprise's activities with industry and parameters of competing organizations, as well as compare them with recommended values. The use of financial ratios makes it possible to quickly assess the financial condition of the enterprise.

Financial ratios can be systematized according to certain criteria:

• - proceeding from the meters put in a basis: cost and natural;
• - depending on which side of phenomena and operations they measure: quantitative and qualitative;
• - based on the use of individual indicators or their ratios: volumetric and specific.

Specific indicators include financial ratios, which are widely used in analytical work.

The composition of the indicators of each group includes several main generally accepted parameters and many additional ones, determined based on the goals of the analysis.

The most widespread are four groups of financial indicators:

Indicators financial stability.

Solvency and liquidity meters.

Indicators of profitability (profitability).

Parameters of business activity and production efficiency.

The condition for the financial stability of an enterprise is an acceptable value of solvency and liquidity indicators. They express its ability to repay short-term liabilities with quickly realizable assets. The financial balance of the organization is ensured by a sufficiently high level of its solvency. The low value of solvency and liquidity ratios characterizes the situation of cash shortage to maintain normal current (operational) activities. Vice versa, high values these parameters indicate an irrational investment in current assets. Therefore, the study of the solvency and liquidity of the balance sheet of the enterprise is always given the closest attention.

Profitability indicators make it possible to obtain a generalized assessment of the effectiveness of the use of assets (property) and equity enterprises.

The parameters of business activity are also designed to assess the effectiveness of the use of assets and equity, but from the standpoint of their turnover. The volume of assets should be optimal, but sufficient to fulfill the production program of the enterprise. If it experiences a shortage of resources, then it must take care of the sources of financing for their replenishment. Such sources can be both own and borrowed funds. When assets are redundant, the company incurs additional expenses their content, which reduces their profitability.

The group of indicators characterizing the business activity of an enterprise includes parameters expressing the value and profitability of its shares on the stock market. Market activity ratios relate the market price of a share to its par value and earnings per share. They allow the management and owners of the enterprise to evaluate the attitude of investors to its current and future activities.

Table 1.1. presented individual indicators recommended for analytical work. These indicators can be used by external users of financial statements, such as investors, shareholders and creditors.

Name of indicator	What characterizes	Calculation method	Interpretation of the indicator
Coefficients characterizing the financial stability of the enterprise
1. Coefficient financial independence(Kfn)	The share of equity capital in the balance sheet	To fn = SK / WB, where SK is equity; WB -- balance currency
2. Debt ratio (Kz) or financial dependence	The ratio between borrowed and own funds	K s = ZK / CK, where ZK -- borrowed capital; SC - equity
3. Funding ratio (Kfin)	The ratio between own and borrowed funds
4. The coefficient of provision with own working capital (Ko)	Share of own working capital(pure working capital) in current assets	K o = SOS / OA, where SOS -- own working capital; About A - current assets
5. Agility factor	The share of own working capital in equity
6. Permanent asset ratio (Kpa)	The share of equity allocated to cover the non-mobile part of the property	K pa \u003d BOA / CK, where BOA -- non-current assets	The indicator is individual for each enterprise. It can be compared to a company that has absolute financial stability.
7. Coefficient of financial tension (Kf ex)	The share of borrowed funds in the borrower's balance sheet currency	K f ex = ZK / WB, where ZK is borrowed capital, WB is the balance sheet currency	Not more than 0.5 (50%). Exceeding the upper limit indicates a large dependence of the enterprise on external sources funding
8. Long-term borrowing ratio (Kdp zs)	The share of long-term borrowed sources in the total amount of equity and borrowed capital	K dp zs \u003d DZI / SK + ZK, where DZI -- long-term borrowed sources; SK equity; ZK-- borrowed capital
9. Ratio of mobile and immobilized assets (Kc)	How many current assets account for each ruble of non-current assets	K c \u003d OAIBOA where OA is current assets; BOA -- non-current (immobilized) assets	Individual for each enterprise. The higher the value of the indicator, the more funds are advanced into current (mobile) assets
10. Coefficient of industrial property (Kipn)	The share of industrial property in the assets of the enterprise	K ipn = BOA + 3/A, where BOA -- non-current assets; 3 - stocks; A - the total amount of assets (property)	Kipn > 0.5. If the indicator drops below 0.5, it is necessary to attract borrowed funds to replenish the property
Financial ratios used to assess liquidity and solvency of the enterprise
1. Absolute (quick) liquidity ratio (Kal,)	How much of the short-term debt the company can repay in the near future (as of the balance sheet date)	K al \u003d (DS + KFV / KO), where DS - cash; KFV -- short-term financial investments;
2. Current (adjusted) liquidity ratio (Ktl)	Predictable payment capabilities of the enterprise in the conditions of timely settlements with debtors	K tl \u003d DS + KFV + DZ / KO, where DZ is receivables
3. Liquidity ratio when raising funds (CLMS)	The degree of dependence of the solvency of the enterprise on inventories from the position of mobilizing funds to repay short-term liabilities	K lms \u003d 3 / KO, where 3 -- inventories
4. Total liquidity ratio (Col)	Sufficiency of working capital of the enterprise to cover its short-term obligations. It also characterizes the margin of financial strength due to the excess of current assets over short-term liabilities	K ol \u003d (DS + KFV + + DZ + 3) / KO
5. Own solvency ratio (Ksp)	Characterizes the share of net working capital in short-term liabilities, i.e., the ability of the enterprise to compensate for its short-term liabilities at the expense of net current assets	Ksp \u003d CHOK / KO, where CHOK is net working capital; KO -- short-term liabilities	The indicator is individual for each enterprise and depends on the specifics of its production and commercial activities.

An enterprise is considered solvent if the following condition is met:

where OA -- current assets (section II of the balance sheet); TO -- short-term liabilities (section V of the balance sheet).

A more particular case of solvency: if own working capital covers the most urgent obligations (accounts payable):

where SOS - own working capital (OA - KO); CO - the most urgent obligations (items from section V of the balance sheet).

In practice, the solvency of the enterprise is expressed through the liquidity of the balance sheet.

Thus, in order to carry out financial analysis and to identify the insolvency of Master Yug LLC, we can use the indicators given in this chapter and compare them with the normative value.

To assess the financial analysis of an enterprise, a system of indicators is used, included in the following groups:
1) liquidity ratios;
2) profitability ratios;
3) coefficients of market activity;
4) financial stability ratios;
5) coefficients of business activity.

Liquidity ratios.
Liquidity - the ability of the company to meet its short-term obligations (up to 12 months). If current assets (working capital) exceed short-term liabilities, then the company is liquid. To measure liquidity, a system of coefficients is used. Consider the most important:
1) Total Liquidity Ratio = (Current Assets)/(Total Liabilities)
The indicator gives an overall assessment of the liquidity of assets, showing how many rubles of current assets account for 1 ruble of current liabilities. The value of the indicator may vary in different industries, its growth in dynamics is considered as a positive trend. Meaning - the company is recommended to have working capital 2 times more than its short-term accounts payable
2) Quick liquidity ratio = (Current stocks - Stocks) / (Current current liabilities)
The indicator should be greater than 1. The meaning of the criterion is that the company should strive to ensure that the amount of credit provided to customers (accounts receivable) does not exceed the amount of accounts payable. The growth of the indicator is a positive trend if it is not associated with an unreasonable increase in receivables. If the growth of this indicator is associated with an unjustified increase in receivables, then this does not characterize the activity of the enterprise on the positive side.
3) absolute liquidity ratio = (current assets)/(short-term liabilities)
The absolute liquidity ratio must be greater than 0.2. The ratio shows what part of short-term liabilities, if necessary, can be repaid immediately.
4) The value of own working capital (SOS) \u003d Current assets - Short-term liabilities
The value of own working capital (SOS) \u003d current assets - short-term liabilities. This indicator shows how much current assets will remain at the disposal of the enterprise after the settlement of short-term obligations. If it's Profit Ratios.
1) Return on Equity = Net Income / Equity
2) Return on Advance Equity = Net Income / Advance Capital
3) Return on Assets = Net Income / Average Annual Asset Value
4) Sales profitability indicator = Net profit / Sales proceeds

Efficiency ratios characterize the efficiency of the use of material and financial resources of the enterprise.
1) Asset turnover = Sales proceeds / Assets
2) Accounts receivable turnover = Sales revenue / Average accounts receivable
3) Loan debt turnover = (Average debt / Cost price) × 360 days
Answer in days.
4) Inventory turnover in turnover = Cost of sales / Average inventory

Indicators of financial stability.
1) Equity concentration ratio (sustainability ratio) = Equity / Total household funds advanced in the activities of the enterprise (assets)
Must be greater than 0.6. The growth of the indicator is a positive trend. It characterizes the share of ownership of the owners of the enterprise in total amount funds advanced for its activities.
2) Financial stability ratio = Total business assets / Equity capital)
The decrease in the indicator is a positive trend. If the coefficient = 1, then the owners fully finance their enterprise, if it = 0.25, then for every 1 rub. 25 kopecks invested in assets, 25 kopecks - borrowed.
3) Debt capital concentration ratio = Debt capital / Total business assets (assets)
The decline is a positive trend.
4) Equity concentration ratio + Debt concentration ratio = 1
5) Structure coefficient long-term investments= Long-term liabilities / Non-current assets
Shows what part of fixed assets and other non-current assets is financed by external investors, that is, it belongs to them, and not to the owners of the enterprise.
6) Long-term leverage ratio = Long-term liabilities / (Long-term liabilities + equity))
It characterizes the capital structure. Growth in dynamics is a negative trend, as it means that the company is increasingly dependent on external investors.
7) The ratio of own and borrowed funds \u003d Equity / Borrowed capital (current liabilities)
Growth in dynamics is a positive trend. An enterprise in the general sense is considered solvent if the value of its total assets exceeds the value of external liabilities.
8) Level financial leverage= Long-term borrowings / Equity
It characterizes how many rubles of borrowed capital account for 1 ruble. own funds. The higher the value, the higher the risk associated with the company.

Indicators of market activity of the enterprise.
The indicators of this group characterize the results and effectiveness of the current main production activities. An assessment of business activity at a qualitative level can be obtained as a result of comparing activities this enterprise and related in the field of capital investment enterprises. Such qualitative criteria are: the breadth of product sales markets, the reputation of the enterprise, etc. Quantitative assessment is given in two areas:
- the degree of implementation of the plan for the main indicators, ensuring the specified rates of their growth;
- the level of efficiency in the use of enterprise resources.

1) Earnings per share = (Net income - Preferred dividends) / Total ordinary shares in circulation
2) The ratio of the market price of a share and earnings per share = Market value / Earnings per share
3) Book value per share = (Value of equity – Value of preferred shares) / Number of shares outstanding
4) The ratio of the market and book value of the share = Market value / Book value
5) Share current yield = Dividend per share / Market value of 1 share
6) Ultimate share return = (Dividend per share + (Purchase price - Sale price)) / Market price or purchase price
7) Share of dividends paid = Dividend per 1 share / Net profit per 1 share(less than 1)

Financial analysis is carried out by companies not only to assess the current financial condition of the company, it also allows you to predict its further development. At the same time, analysts need to carefully consider the list of indicators that will be used to strategic planning.

Analysis of the level of sustainable growth of the company is a dynamic analytical framework that combines financial analysis with strategic management to explain the critical relationships between strategic planning variables and financial variables, and to test the alignment of corporate growth objectives with financial policy. This analysis allows you to determine the presence of the company's existing opportunities for financial growth, to establish how financial policy companies will influence the future and analyze the strengths and weaknesses competitive strategies companies.

In this article, we will consider the components of the analysis of financial indicators.

Any measures for the implementation of strategic programs have their cost. A necessary part of the planning and implementation of the strategy is the calculation of the necessary and sufficient financial resources that the company must invest.

Information for financial analysis

The most complete definition of the concept of financial analysis is given in the “Financial and Credit Encyclopedic Dictionary” (edited by A.G. Gryaznova, M.: “Finance and Statistics”, 2004): “ Financial analysis - a set of methods for determining the property and financial position of an economic entity in the past period, as well as its capabilities in the short and long term". The purpose of financial analysis is to determine the most effective ways to achieve the profitability of the company, the main tasks are to analyze the profitability and assess the risks of the enterprise.

Analysis of financial indicators and ratios allows the manager to understand the competitive position of the company at the current time. Published reports and company accounts contain a lot of numbers, the ability to read this information allows analysts to know how efficiently and effectively their company and competing companies are working.

The ratios allow you to see the relationship between sales profit and expenses, between the main assets and liabilities. There are many types of ratios, and they are usually used to analyze the five main aspects of a company's performance: liquidity, equity ratio, asset turnover, profitability, and market value.

Rice. 1. The structure of the company's financial indicators

The analysis of financial ratios and indicators is an excellent tool that provides an idea of ​​the financial condition of the company and competitive advantages and prospects for its development.

1. Performance Analysis. The ratios allow you to analyze the change in the performance of the company by indicators net profit, use of capital and exercise control over the level of costs. Financial ratios allow you to analyze the financial liquidity and stability of the enterprise through effective use systems of assets and liabilities.

2. Evaluation of market business trends. By analyzing the dynamics of financial indicators and ratios over a period of several years, it is possible to study the effectiveness of trends in the context of the existing business strategy.

3. Analysis of alternative business strategies. By changing the indicators of the coefficients in the business plan, it is possible to analyze alternative options for the development of the company.

4. Monitoring the progress of the company. Having chosen the optimal business strategy, the company's managers, continuing to study and analyze the main current ratios, can see a deviation from the planned indicators of the development strategy being implemented.

Ratio analysis is the art of relating two or more indicators financial activities companies. Analysts can see a more complete picture of the performance results in dynamics over several years, and additionally by comparing the company's performance with industry averages.

It is worth noting that the system of financial indicators is not a crystal ball in which you can see everything that was and will be. It's just a convenient way to generalize a large number of financial data and compare performance various companies. By themselves, financial ratios help the management of the company to focus on the weak and strengths activities of the company, correctly formulate questions that these ratios can rarely answer. It is important to understand that financial analysis does not end with the calculation of financial indicators and ratios, it only begins when the analyst has completed their calculation.

The real utility of the calculated coefficients is determined by the tasks set. First of all, the coefficients make it possible to see changes in financial position or results of production activities, help to determine the trends and structure of the planned changes; which helps management to see the threats and opportunities inherent in this particular enterprise.

The company's financial reports are a source of information about the company not only for analysts, but also for the company's management and a wide range of stakeholders. Users of information on financial ratios for effective ratio analysis it is important to know the main characteristics of the main financial statements and the concept of performance analysis. However, when conducting financial analysis, it is important to understand that the main thing is not the calculation of indicators, but the ability to interpret the results.

When analyzing financial performance, it should always be borne in mind that the assessment of performance is based on data from past periods, and on this basis, extrapolation of the future development of the company may turn out to be incorrect. Financial analysis should be directed to the future.

Concepts behind financial performance analysis

Financial analysis is used in the construction of budgets, to identify the causes of deviations of actual indicators from planned and correction of plans, as well as in the calculation of individual projects. The main tools used are horizontal (dynamics of indicators) and vertical (structural analysis of items) analysis of accounting documents of management accounting, as well as calculation of coefficients. Such an analysis is carried out for all major budgets: BDDS, BDR, balance sheet, sales, purchases, inventory budgets.

The main features of financial analysis are the following:

1. The vast majority of financial indicators are in the nature of relative values, which makes it possible to compare enterprises of various scales of activity.

2. When conducting financial analysis, it is important to apply a comparison factor:

• compare the performance of the company in a trend for different periods of time;
• compare the performance of this company with the average performance of the industry or with similar performance of enterprises within the industry.

3. For financial analysis, it is important to have a complete financial description of the company for selected time periods (usually years). If the analyst has data for only one period, then there should be data on the balance sheet of the enterprise at the beginning and end of the period, as well as a profit statement for the period under consideration. It is important to remember that the number of balances for analysis should be one more than the number of profit reports.

Accounting management is important element analysis of financial ratios and indicators. Basic Equation accounting, expressing the interdependence of assets, liabilities and property rights, is called the balance sheet:

ASSETS = LIABILITIES + EQUITY

Assets usually classified into three categories:

1. Current assets include cash and other assets that must be converted to cash within one year (for example, publicly traded securities; receivables; notes receivable; working capital and advances).

2. Land property, fixed assets and equipment (fixed capital) include assets that have a relatively long service life. These funds are usually not intended for resale and are used in the production or sale of other goods and services.

3. Long-term assets include the company's investments in securities, such as stocks and bonds, as well as intangible assets, including: patents, costs of monopoly rights and privileges, copyrights.

Liabilities usually divided into two groups:

1. Short-term liabilities include amounts of accounts payable that should be paid within one year; for example, accrued liabilities and bills payable.

2. Long-term obligations are the rights of creditors, which do not have to be realized within one year. This category includes obligations under a bonded loan, long-term bank loans, and mortgages.

Equity These are the rights of the owners of the enterprise. From an accounting point of view, this is the balance of the amount after deducting liabilities from assets. This balance is increased by any profit and reduced by any losses of the company.

Measures commonly considered by analysts include the income statement, balance sheet, measures of changes in financial position, and measures of changes in equity.

A company's income statement, also referred to as a profit and loss statement or income statement, summarizes the results of a company's options activity for a specific reporting period. Net income is calculated using the periodic accounting method used to calculate profits and costs. It is usually considered the most important financial indicator. The report shows whether the percentage of earnings on the company's shares for the reporting period decreased or increased after the distribution of dividends or after the conclusion of other transactions with the owners. The income statement helps owners assess the amount, timing and uncertainty of future cash flows.

The balance sheet and the income statement are the main sources of indicators used by companies. A balance sheet is a statement showing what a company owns (assets) and owes (liabilities and equity) as of a specific date. Some analysts refer to the balance sheet as a "picture of a company's financial health" at a particular point in time.

System of financial indicators and ratios

The total number of financial ratios that can be used to analyze the company's activities is about two hundred. Usually, only a small number of basic coefficients and indicators are used and, accordingly, the main conclusions that can be drawn from them. For the purpose of a more streamlined consideration and analysis, financial indicators are usually divided into groups, most often into groups that reflect the interests of certain stakeholders (stakeholders). The main groups of stakeholders include: owners, management of the enterprise, creditors. At the same time, it is important to understand that the division is conditional and indicators for each group can be used by different stakeholders.

As an option, it is possible to streamline and analyze financial indicators by groups that characterize the main properties of the company's activities: liquidity and solvency; the effectiveness of the company's management; profitability (profitability) of activities.

The division of financial indicators into groups characterizing the features of the enterprise's activities is shown in the following diagram.

Rice. 2. The structure of the company's financial indicators

Let's consider in more detail the groups of financial indicators.

Operating costs indicators:

Analysis of operating costs allows you to consider the relative dynamics of the shares various kinds costs in the structure of the total costs of the enterprise and is an addition to the operational analysis. These indicators allow you to find out the reason for the change in the profitability of the company.

Indicators effective management assets:

These indicators make it possible to determine how effectively the company's management manages the assets entrusted to it by the company's owners. The balance can be used to judge the nature of the assets used by the company. At the same time, it is important to remember that these indicators are very approximate, because. In the balance sheets of most companies, a variety of assets acquired at different times are indicated at historical cost. Consequently, the book value of such assets often has nothing to do with their market value, this condition is further exacerbated by inflation and an increase in the value of such assets.

Another distortion of the current position may be related to the diversification of the company's activities, when specific types activities require the attraction of a certain amount of assets to obtain a relatively equal amount of profit. Therefore, when analyzing, it is desirable to strive for the separation of financial indicators for certain types of company activities or products.

Liquidity indicators:

These indicators allow you to assess the degree of solvency of the company on short-term debts. The essence of these indicators is to compare the value of the current debt of the company and its current assets, which will ensure the repayment of these debts.

Indicators of profitability (profitability):

They allow to evaluate the effectiveness of the use by the company's management of its assets. The efficiency of work is determined by the ratio of net profit, determined by different ways, with the amount of assets used to generate that profit. This group of indicators is formed depending on the focus of the study of effectiveness. Following the goals of the analysis, the components of the indicator are formed: the amount of profit (net, operating, profit before tax) and the amount of the asset or capital that form this profit.

Capital structure indicators:

Using these indicators, it is possible to analyze the degree of risk of bankruptcy of the company in connection with the use of borrowed financial resources. With an increase in the share of borrowed capital, the risk of bankruptcy increases, because. the company's liabilities increase. This group of coefficients is primarily of interest to existing and potential creditors of the company. The management and owners evaluate the company as a continuously operating business entity, creditors have a twofold approach. On the one hand, creditors are interested in financing the activities of a successfully operating company, the development of which will meet expectations; on the other hand, lenders estimate how strong the claim for repayment of the debt will be if the company experiences significant difficulties in repaying a long-term loan.

A separate group is formed by financial indicators that characterize the company's ability to service debt using funds received from current operations.

The positive or negative impact of financial leverage increases in proportion to the amount of borrowed capital used by the company. The risk of the creditor increases together with the growth of the risk of the owners.

Debt service indicators:

Financial analysis is based on balance sheet data, which is an accounting form that reflects the financial condition of the company at a certain point in time. Whichever coefficient characterizing the capital structure is considered, the analysis of the share of borrowed capital, in fact, remains statistical and does not take into account the dynamics operating activities company and changes in its economic value. Therefore, debt service indicators do not give a complete picture of the company's solvency, but only show the company's ability to pay interest and the amount of the principal debt within the agreed time frame.

Market indicators:

These indicators are among the most interesting for company owners and potential investors. In a joint-stock company, the owner - the shareholder - is interested in the profitability of the company. This refers to the profit received due to the efforts of the company's management, on the funds invested by the owners. Owners are interested in the impact of the company's performance on market value their shares, especially those freely traded on the market. They are interested in the distribution of their profits: how much of it is reinvested in the company, and how much is paid to them as dividends.

The main analytical goal of analyzing financial ratios and indicators is to acquire the skills to make management decisions and understanding the effectiveness of its work.

Financial ratios are relative indicators of a company's financial health. They are calculated through the ratio of the absolute values ​​of the coefficients of the financial condition of the enterprise.
The analysis of financial ratios consists in comparing the values ​​of these ratios with normative or basic values, as well as the analysis and study of their dynamics over a certain period.

There are a large number of financial ratios, but a small number is enough to fully characterize the state of the enterprise. The main thing is that this coefficient reflects one of the parties of the financial and economic activity of the enterprise.

First group– a group of profitability ratios. Here allocate the ratio of total profitability, net profitability, net return on equity, profitability production assets.
Co.r = gross profit / property value
Kch.r. = net income / property value
Kr.sk \u003d net profit / equity value
Kr.pf \u003d gross profit / value of fixed and current assets

Second group- a group of coefficients of enterprise management efficiency.
Net profit per 1 rub. = net profit / product turnover
Profit from the sale of 1 rub. = sales profit / product turnover
Profit from all sales per 1 rub. = profit of all sales / product turnover
Total profit per 1 rub. = gross profit / product turnover

Third group– a group of coefficients of business activity.
Total Return on Capital = Turnover / Average Property Value
Return of the main production means and intangible assets = turnover / average cost of production assets and intangible assets
Turnover of all current assets = turnover / average value of current assets
Accounts receivable turnover = turnover / average value of receivables

Fourth group- coefficients of financial stability of the enterprise.
Autonomy coefficient \u003d sources of funds / total balance (> 0.5 standard)
Debt to Equity Ratio = Liabilities / Equity (>1 Ratio)
Ratio of mobile and immobilized funds = current assets / non-current assets
Agility coefficient = own working capital / total value sources of enterprise funds
Equity ratio = own working capital / cost of inventories and costs (>0.6 standard)

Fifth group– liquidity ratios.
Absolute Liquidity Ratio = Most Liquid Assets / Most Term Liabilities and Short Term Liabilities
Critical Liquidity Ratio = Accounts Receivable and Other Assets / Most Term Liabilities and Current Liabilities
Current liquidity ratio = value of all current assets / short-term liabilities

One of the simple tools to focus on the most important areas of the enterprise and compare performance various enterprises, is a financial ratio analysis that uses the calculation of financial ratios as a starting point for interpreting the financial results of an enterprise.

The analysis of financial ratios is used to control the economic activities of the enterprise and to identify the strengths and weaknesses of the enterprise relative to competitors, as well as when planning the activities of the enterprise for the future.

The calculation of financial ratios focuses mainly on three key business areas: profitability (managing the process of buying and selling); use of resources (asset management); investor income.

Such financial indicators as the efficiency of resource use and profitability show the opportunities that provide the efficiency of the economic activity of the enterprise, that is, the highest return with the lowest possible investment and a reasonable degree of risk.

The asset turnover ratio shows how much sales fall on each ruble invested by the investor in the reporting period under consideration and is calculated by following formula:

Asset Turnover Ratio = Sales Volume /Total net assets,

where, total net assets \u003d non-current assets + current assets - short-term liabilities.

The asset turnover ratio can be influenced by changing either the volume of sales (using marketing activities), or the amount of invested capital (by changing the structure of the company's short-term capital or by changing investments in non-current assets).

Liquidity. This is an indicator of the company's ability to repay short-term liabilities at the expense of current assets. Liquidity is analyzed using two financial ratios: the current liquidity ratio and the quick liquidity ratio.

Current liquidity ratio is calculated according to the following formula: Current liquidity ratio = Current assets / Short-term liabilities.

The current liquidity ratio shows the ratio between the value of the enterprise's current assets, which are liquid in the sense that they can be turned into cash in the next financial year, and the debt, which is due in the same financial year.

The optimal amount of liquidity is determined by the economic activity of the enterprise. Most industrial enterprises the current liquidity ratio is based on a relatively high level, since inventories mainly consist of raw materials, semi-finished products and finished products. Therefore, if necessary, they are difficult to quickly implement at full cost.

Quick liquidity ratio is calculated according to the following formula: Quick liquidity ratio = (Current assets - Stocks) / Short-term liabilities.

The urgent liquidity ratio shows what part of the debt can be repaid in a short time at the expense of current assets, if the reserves cannot be converted into cash.

Accounts receivable turn into cash in a relatively short period of time. Therefore, most likely, all receivables will be repaid. But the passage of inventory through the production process, sale and transformation into accounts receivable can take a lot of time. And enterprising buyers will not miss the opportunity to purchase goods at reduced prices, taking advantage of the desperate situation of the seller.

The acceptable value of the quick liquidity ratio is in the range from 0.8 to 1.2.

Financial institutions that provide lending services experience difficulties in assessing the liquidity of inventories and feel more confident when dealing only with accounts receivable And in cash. Therefore, the quick ratio is more popular than the current ratio.

The profitability of an enterprise is the ratio of actual profit to sales volume. Using the profit and loss account, calculate two indicators of the profitability of the enterprise: net margin and gross margin.

The Net Margin is calculated using the following formula: Net Margin = (Net Profit/Sales) x 100%.

The net margin shows what share of sales remains with the company in the form of net profit after covering the cost of goods sold and all expenses of the enterprise. This indicator can serve as an indicator of the acceptable level of profitability, at which the company does not yet suffer losses. Net margin can be influenced pricing policy enterprises (gross margin and markup) and cost control.

Gross margin is calculated using the following formula: Gross margin = ( Gross profit/Volume of sales) x 100%.

There is an inverse relationship between gross margin and inventory turnover: the lower the inventory turnover, the higher the gross margin; the higher the inventory turnover, the lower the gross margin.

Manufacturers must secure a higher gross margin than retail because their product is in storage for more time. manufacturing process. The gross margin is determined by the pricing policy.

Differences in the accounting policies of enterprises, the principle of accounting at cost, the lack of acceptable comparable data, differences in the operating conditions of enterprises, changes in the purchasing power of money, intra-annual fluctuations in accounting information - all this imposes restrictions on the ability to analyze coefficients. In the analysis of the coefficients are not taken into account quality characteristics goods and services, labor force, labor relations.

It is impossible to assess the entire set of considered coefficients until a detailed analysis or comparison of these indicators with the previous results of the enterprise and with standard indicators for the industry as a whole is carried out. Therefore, one should be careful in interpreting financial indicators and not jump to conclusions without full information about the enterprise and the industry as a whole.

Although financial ratios are subject to the influence of conventions arising from the application of accounting calculations or valuation methods, but taken together, these indicators can form the basis for further analysis of the enterprise.