Directions for increasing the financial stability and solvency of OAO Deka. Improving the financial stability of the organization Reducing inventory to improve financial stability

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Introduction

The financial and economic condition is the most important characteristic of the reliability, competitiveness, and stability of an enterprise in the market. Therefore, each subject of the first group of users of the analysis studies financial information from their positions, based on their interests. The owners of the enterprise's funds are primarily interested in increasing or decreasing the share of equity capital, the efficiency of the use of resources by the enterprise administration. Lenders and investors pay attention to the expediency of extending the loan, lending conditions, money back guarantees, and the profitability of investing their capital. Suppliers and customers are interested in the solvency of the enterprise, the availability of liquid funds, etc.

The sustainability of an enterprise, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of a strategy for managing them. Another important factor financial stability is the composition and structure financial resources and proper management. The financial stability of the enterprise is greatly influenced by funds additionally mobilized in the loan capital market. The more money an enterprise can attract, the higher its financial capabilities, but the financial risk also increases: whether the enterprise will be able to pay its creditors in a timely manner.

The external manifestation of the financial stability of the enterprise is its solvency. An enterprise is considered solvent if its available funds, short-term financial investments (securities, temporary financial help other enterprises) and active settlements (settlements with debtors) cover its short-term obligations. The solvency of the enterprise acts as an external manifestation

Thus, it is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise, and excessive financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves.

The relevance of the research topic is determined by the fact that the analysis of financial stability is an important part of the assessment financial condition organizations. The task of financial stability analysis is to assess the size and structure of assets and liabilities.

The object of the study is JSC "Kurgandormash", which specializes in the production of road construction and municipal equipment.

The subject of the study is the indicators of the financial stability of the organization.

The purpose of the thesis is to increase the financial stability of the organization.

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

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

2) give brief description organizations;

3) analyze the financial condition of the organization;

4) analyze the financial stability of the organization;

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

6) evaluate the effectiveness of activities.

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

In the course of the work, the following research methods were used: calculation and analytical, comparison method, factorial method, methods mathematical modeling other.

The following software products were used during the work: Microsoft Word, Microsoft Excel, Microsoft Power Point.

1. Theoretical aspects of the financial stability of the organization

1.1 The content of the financial stability of the organization

In market conditions, the economic activity of the organization is carried out at the expense of self-financing, and with a lack of its own financial resources, at the expense of borrowed funds. Financially stable is such an economic entity that, due to own funds covers funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables and pays its obligations on time. The main thing in financial activity is the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, the issues of rational use of working capital are given the main attention.

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

The movement of any goods material assets, labor and material resources is accompanied by the formation and expenditure of funds, so the financial condition of an economic entity reflects all aspects of its production and trading activities.

Financial condition refers to the ability of an organization to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the organization, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition can be stable, unstable and crisis. The ability of the organization to make payments on time, to finance its activities on an expanded basis, indicates its good financial condition. The financial condition of the organization depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it positively affects the financial position of the organization. Conversely, as a result of underfulfillment of the plan for the production and sale of products, there is a reduction in cash flow and a decrease in solvency.

A stable financial position, in turn, has a positive impact on the implementation of production plans and meeting the needs of production necessary resources. So financial activities as component economic activity is aimed at ensuring the planned receipt and expenditure of funds, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

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

The characteristic of financial stability includes an analysis of:

Composition and placement of assets of an economic entity;

Dynamics and structures of sources of financial resources;

Availability of own working capital;

Availability and structure of working capital;

Funds in settlements;

Liquidity and solvency;

business activity.

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

The analysis of financial stability should begin with the degree of provision of reserves and costs with their own sources of their formation. The lack of funds for the purchase of inventories can lead to non-fulfillment of the production program, and then to a reduction in production. On the other hand, the excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources, their inefficient use. Since working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the organization depends on their organization and management efficiency.

An external manifestation of the financial stability of the organization is its solvency. An organization is considered solvent if its available funds, short-term financial investments (securities, temporary financial assistance to other organizations) and active settlements (settlements with debtors) cover its short-term obligations.

The solvency of the organization acts as an external manifestation of financial stability, the essence of which is the security of current assets with long-term sources of formation. The greater or lesser current solvency (or insolvency) is due to a greater or lesser degree of security (or insecurity) of current assets by long-term sources.

The financial condition of the organization from a short-term perspective is assessed by indicators of liquidity and solvency, in the most general form characterizing whether it can timely and in full make settlements on short-term obligations to counterparties. The short-term debt of the organization, separated in a separate section of the liability of the balance sheet, is repaid in various ways, in particular, any assets of the organization, including non-current assets, can act as security for it. At the same time, it is clear that the forced sale of fixed assets to pay off current accounts payable is often evidence of a pre-bankruptcy state and therefore cannot be considered as a normal operation.

The liquidity of an asset is understood as its ability to be transformed into cash in the course of the envisaged production and technological process, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. In the accounting and analytical literature, liquid assets are understood to be assets consumed during one production cycle (year).

Solvency means that the organization has sufficient cash and cash equivalents to settle accounts payable requiring immediate repayment. Thus, the main signs of solvency are: the presence of sufficient funds in the current account; no overdue accounts payable.

The solvency of an organization is an external sign of 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 in cash. 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.

Solvency assessment is carried out on the basis of an analysis of the liquidity of the organization's current assets, that is, their ability to turn into cash. At the same time, unlike solvency, the concept of liquidity is broader and means not only the current state of settlements, but also characterizes the corresponding prospects. In the analysis process, it is necessary to determine the adequacy of funds based on the analysis financial flows organization: the cash inflow should cover the current liabilities of the organization. To analyze the actual cash flow, assess the synchronism of their receipt and expenditure, link the obtained financial result with the state of cash in the organization, it is necessary to identify and analyze all directions of cash inflows, as well as their outflows.

Financial stability is calculated on a specific date. The resulting estimate 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, short-term financial investments. These assets should have an optimal value. On the one hand, the larger the amount of cash in the accounts, the 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 be transferred to settlement, foreign currency accounts, to the cash desk in the coming days, and short-term financial investments can easily be turned into cash.

However, solvency indicators make it possible to give only a general one-time assessment of the dynamics of solvency and do not allow analyzing its intrastructural changes. To get an idea of such changes, an assessment of the current solvency is carried out by comparing the amount of available cash and short-term financial investments with the total amount of debt, the payment deadlines of which have come. The ideal option is when the result is equal to or greater than one.

At the same time, when making these calculations according to the balance sheet and Form No. 4 “Cash Flow Statement”, the following must be taken into account: the solvency of an organization is a very dynamic indicator, it changes very quickly, calculated simultaneously once a quarter or once a year, it does not allow analytics to get a true picture. In this regard, a payment calendar is compiled, where the comparison of cash expected funds and payment obligations focuses on very short periods: 1, 5, 10, 15 days, a month. An operational payment calendar is compiled on the basis of data on the shipment and sale of products, purchases of raw materials, materials and equipment, documents on payroll calculations, advance payments to employees, bank statements, etc. On the basis of the obtained data, dynamic series are formed and the analysis of changes in this indicator is carried out.

Thus, the analysis of the financial condition and sustainability of the organization is an important methodological tool for monitoring the current state of the organization, improving the efficiency of the organization, and also provides an information and analytical basis for all types of planning.

1.2 Financial stability analysis methodology

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

The methodology is understood as a set of methods, rules for the most expedient performance of any work. In economic analysis, a methodology is a set of analytical methods and rules for studying the economy of an organization, in a certain way subordinate to the achievement of the goal of analysis. The general methodology is understood as a research system that is equally used in the study of various objects of economic analysis in various sectors of the national economy. Particular methods concretize the general in relation to certain sectors of the economy, to a certain type of production or object of study. As essential element methods of analysis of the organization's activities are techniques and methods of analysis.

Analysis of financial stability is an important part of assessing the financial condition of the organization. The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize independence for each element of assets and for property as a whole, make it possible to measure whether the analyzed organization is financially stable enough.

Long-term liabilities (credits and loans) and equity are directed mainly to the acquisition of fixed assets, capital investments and other non-current assets. In order to fulfill the conditions of solvency, it is necessary that cash, funds in settlements and material current assets cover short-term liabilities.

In practice, the ratio should be observed:

current assets < equity x 2 - non-current assets

However, in addition to absolute indicators, financial stability is also characterized by relative coefficients.

General financial independence characterized by a coefficient of autonomy, i.e., determined by the share of the organization's own capital in its total value. It reflects the degree of independence of the organization from external capital.

However, the ratio of own and borrowed funds gives only a general assessment of financial stability. This indicator should be considered in conjunction with the equity ratio. It shows the extent to which current assets are covered by their own current assets. The level of this coefficient is comparable for organizations of different industries. Regardless of industry affiliation, the degree of sufficiency of own working capital to cover current assets equally characterizes the measure of financial stability.

The coefficient of financial independence shows the share of own funds in the total amount of funding sources. The value of the financing ratio shows which part of the activity is financed by own funds, and which part is financed by borrowed funds.

A generalizing indicator of financial independence is the surplus or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference between the value of sources of funds and the value of reserves and costs.

It is possible to distinguish 4 types of financial situations:

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

33< СОС (1)

where ZZ - stocks and costs;

SOS - the value of own working capital.

In such a situation, all stocks are fully covered by their own working capital;

Normal financial stability, which guarantees solvency.

In this case, the following condition must be met:

SOS< ЗЗ < ИФЗ (2)

where IFZ - sources of formation of reserves;

unstable financial condition, associated with a violation of solvency:

ZZ > IFZ (3)

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

ZZ > IFZ + PC + ZP

where PC - overdue accounts payable and receivable;

ZP - credits and loans not repaid on time.

A set or system of coefficients is used to assess financial stability. Let's name the most important of them:

1) coefficient of provision with own working capital:

TO OSS \u003d SK - VnA / ObA, (4)

VnA - non-current assets;

OA - current assets. It characterizes the degree of security of the organization's own working capital, which is necessary for financial stability. The minimum value of the coefficient is 0.1, the recommended value is 0.6.

2) coefficient of provision of material reserves with own funds:

K OMZ \u003d SK - VnA / Z, (5)

where SC is the organization's own capital;

VnA - non-current assets;

Z - stocks.

It shows what part of the tangible current assets is financed by equity. The level of this coefficient, regardless of the type of activity of the organization, should be close to 1, or rather 0.60.8.

3) coefficient of equity capital maneuverability:

K M = SS/SK, (6)

where CC - own working capital;

SC - equity.

It shows how much of the equity capital is used to finance current activities, i.e. invested in working capital. The value of this indicator can vary significantly depending on the type of activity of the organization and the structure of its assets. For industrial organizations, the agility factor should be 0.3.

4) the ratio of own and borrowed funds:

K SZS \u003d ZK / SK, (7)

where ZK - borrowed capital;

SC - equity.

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

K DPA \u003d P DL / SR. /P DL/SR. + SC, (8)

where P DL/SR. - long-term liabilities;

SC - equity.

6) coefficient of autonomy.

K A \u003d SK / WB, (9)

where SC - equity;

VB - balance currency.

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

7) financial stability ratio:

K FU \u003d SC + P DL / SR. /WB, (10)

where SC - equity;

P DL/SR. - long-term liabilities;

VB - balance currency.

The coefficient reflects the share of long-term sources of financing in the total volume of the organization. Or shows what part of the property of the organization is formed from long-term financial resources. The coefficient value should be 0.5.

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

Also, when analyzing financial stability, it is necessary to calculate such an indicator as a surplus or shortage of funds for the formation of reserves and costs, which is calculated as the difference between the value of sources of funds and the value of reserves. Therefore, for analysis, first of all, it is necessary to determine the size of the sources of funds available to the organization for the formation of its reserves and costs.

In order to characterize the sources of funds for the formation of reserves and costs, indicators are used that reflect a different degree of coverage of types of sources. Among them:

Availability of own working capital:

SOS \u003d SK - VnA, (11)

where SC is the organization's own capital;

VnA - non-current assets.

Own and long-term borrowed sources:

SDZI \u003d SOS + P DL / SR. , (12)

P DL/SR. - long-term liabilities.

The total value of the main sources of funding:

OIF \u003d SDZI + ZS KR / SR. , (thirteen)

where SDZI - own and short-term borrowed sources;

AP KR/SR. - short-term borrowings.

Based on the above indicators, indicators of the availability of reserves and costs by the sources of their formation are calculated.

1 Surplus (+), deficiency (-)

SOS \u003d SOS - Z, (14)

where SOS - own working capital;

Z - stocks.

2 Surplus (+), shortage (-) of funding sources = OIF-Z, (16)

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

Z - stocks.

The calculation of these indicators and the determination of situations based on them make it possible to identify the situation in which the organization is located and outline measures to change it. Thus, it is important that the state of financial resources meet the requirements of the market and meet the needs of the organization's development, since insufficient financial stability can lead to the organization's insolvency, and excess financial stability can hinder development, burdening the organization's costs with excessive stocks and reserves.

The financial stability ratios allow not only to assess one of the aspects of the financial condition of the organization. If used correctly, they can actively influence the level of financial stability, increase it to the minimum required level, and if it actually exceeds the minimum required level, use this situation to improve the structure of assets and liabilities.

1.3 Directions for improving the financial stability of the organization

The stability of the organization, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of the strategy for managing them. Another important factor in financial sustainability is the composition and structure of financial resources and the correct management of them. The financial stability of the organization is greatly influenced by funds additionally mobilized in the loan capital market. The more money an organization can attract, the higher its financial capabilities, but the financial risk also increases: whether the organization will be able to pay its creditors in a timely manner.

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

Analysis of the financial condition of the organization in dynamics allows you to track changes in various indicators and, if necessary, take the necessary measures. One of the main elements is the analysis of the financial stability of the organization.

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

Management of the financial stability of an organization is a system of principles and methods for the development and implementation management decisions related to ensuring that financial stability indicators are maintained at a high level.

An effective tool for long-term management of the financial stability of an organization, subordinated to the implementation of the goals of its overall development in the context of ongoing significant changes macroeconomic indicators, systems state regulation market processes, conjuncture financial market and the associated uncertainty, is the strategy of managing financial stability.

The organization's financial stability management strategy is one of the types of the organization's functional strategy that ensures the protection of its financial interests from various threats by forming long-term goals for this protection, choosing the most effective ways their achievement, adequate adjustment of the directions and forms of protection when factors and conditions of the financial environment of its functioning change.

The strategy for managing the financial stability of an organization is developed in the context of individual dominant areas (directions) of protecting its financial interests from threats in the prospective period. Such dominant areas (directions) of the overall strategy for managing the financial stability of the organization, it is advisable to allocate on the basis of the identified system of its priority financial interests that require protection.

In view of the above, in the system of the overall strategy for managing the financial stability of an organization, it is proposed to single out the following dominant areas (Table 1).

Table 1 - Characteristics of the dominant directions of the overall strategy for managing the financial stability of the organization

Dominant areas (directions) of the overall strategy	The main task of developing strategic decisions	Range of strategic problems to be solved
1 Strategy for ensuring the growth of the return on equity of the organization	Creating conditions for a constant increase in the level of financial profitability of the organization	1 Ensuring the growth of the amount of profit from the sale of products. 2 Ensuring the growth of the amount of profit from other activities. 3 reduction in the organization's weighted average cost of capital.
2 Strategy for the formation of financial resources of the organization	Creation of the potential for the formation of financial resources of the organization, adequate to the needs of its strategic development	1 Ensuring an increase in the potential for the formation of financial resources of the organization from internal sources. 2 Ensuring the necessary financial flexibility of the organization. 3 Optimization of the structure of sources of formation of financial resources of the organization.
3 Strategy for ensuring the financial stability of the organization	Ensuring the financial balance of the organization in the process of its strategic development	1 Ensuring sufficient financial stability of the organization. 2 Ensuring the constant solvency of the organization. 3 Ensuring the necessary balance and synchronism of positive and negative cash flows organizations.
4 Investment strategy of the organization	Providing investment support for the strategic development of the organization and investment efficiency	1 Ensuring an increase in the investment activity of the organization. 2 Ensuring efficiency growth of real investment projects organizations. 3 Ensuring the growth of the efficiency of the organization's financial investment portfolio.
5 Strategy for neutralizing the financial risks of the organization	Ensuring minimization of the level of financial risks assumed by the organization	1 Ensuring the effective formation of the organization's financial risk portfolio. 2 Ensuring the effective use of the internal potential for neutralizing the financial risks of the organization. 3 Ensuring effective conditions for external insurance of the organization's financial risks.
6 Innovative financial strategy of the organization	Ensuring the necessary innovative level of financial development of the organization	1 Ensuring the introduction and effective use of progressive financial technologies and tools by the organization. 2 Development and implementation of an effective organizational structure for managing the financial activities of the organization. 3 Ensuring the improvement of the organizational culture of the financial managers of the organization.
7 Anti-crisis financial strategy of the organization	Ensuring that the organization exits quickly and efficiently crisis situations in the course of its strategic development	1 Ensuring timely diagnosis of symptoms of the crisis financial development of the organization. 2 Ensuring an increase in the internal capacity of the organization to overcome crisis financial situations. 3 Ensuring early opportunities for external financial support organization in the process of its exit from crisis situations.

The outlined sequence of the main stages of the process of developing a strategy for managing the financial stability of an organization can be clarified and detailed, taking into account the characteristics of the financial activity of the organization and the level strategic thinking his financial managers.

The development of the main strategic decisions in the field of managing the financial stability of an organization is based on the results of its strategic analysis. Strategic analysis of the organization's financial stability management system is a process of studying the influence of external and internal factors on its performance in order to identify the features and possible directions of its development in the prospective period. The basis for conducting a strategic analysis is the study of the impact on the economic activity of the organization individual factors and environmental conditions of its functioning. Under the financial environment of the functioning of the organization is understood as a system of conditions and factors affecting the organization, the forms and results of its financial activities. As part of the general financial environment, its separate types should be distinguished: the external financial environment of indirect influence characterizes the system of conditions and factors affecting the organization, the forms and results of the financial activity of the organization in long term over which it has no direct control; the external financial environment of direct influence characterizes the system of conditions and factors affecting the organization, the forms and results of financial activities that are formed in the process of financial relations of the organization with counterparties for financial operations and transactions; the internal financial environment characterizes the system of conditions and factors that determine the choice of organizations and forms of financial activity in order to achieve its best results, which are under the direct control of managers and specialists financial services organizations.

Comprehensive management of the organization's current assets and liabilities comes down to solving a triune task:

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

2) acceleration of the turnover of working capital of the organization, reducing the time of their turnover;

3) the choice of the type of integrated management of current assets and current liabilities suitable for the company.

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

In this case:

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

Let us analyze the economic meaning of the category of financial and operational needs of the organization. Immediately it should be noted that in the narrow interpretation of the FEP - the values associated with the specifics of the financial mechanism of the functioning of the company. These may be inventories that do not directly participate in the formation of financial results of activities (this is either produced, but not sold products, or the required amount of raw materials and materials, making the occurrence of gaps in capital flows unlikely), or this is that part of the organization's funds (its capital ), which formally belongs to the company, does not participate in the economic turnover (accounts receivable), or these are funds that, not being the property of the organization, nevertheless take part in the process of its economic turnover. Thus, the achievement of such a position (from the point of view of the implementation of the company's financial goals) seems obvious, when the amount of inventories is reduced, the amount of receivables is reduced, and accounts payable increases.

If the accounts payable of the firm (organization) exceed the amount of receivables and, at the same time, the amount of stocks will be minimized, then this can only mean one thing: the firm is in more uses other people's resources to achieve its financial goals than other organizations use its resources. From the point of view of the financial algorithm of the functioning of the company, this is an excellent result that any company should strive for.

The negative value of the financial and operational needs of the organization also means that the company has excess working capital (cash) and may raise the question of their unproductive use to obtain speculative income (income from investments in securities of the state and other organizations, income from speculation in the foreign exchange market and some other types of speculative income) and income from investing money in commercial banks (bank deposits, etc.).

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

The solution of the problem of accelerating the turnover of the organization's funds will also serve the same purpose. In this case, the value of the organization's reserves (reserves finished products and stocks of raw materials, materials). This is an additional factor in the reduction of the FEP and an additional opportunity to use the financial mechanism of the company's functioning to maximize its financial results (at the expense of mainly other people's funds, the funds of other organizations).

The turnover rate of an organization's funds is a category directly related to time, a time interval. It shows how many turns certain funds of the organization make, for example, in a year or how much time is needed for them to complete one turn. This is expressed in the calculation of the working capital turnover period:

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

A negative value of FEP in days indicates the availability of free funds during the indicated days, and a positive value indicates an insufficiency of funds during the received value of days.

The financial position of the organization most directly affects the magnitude of the financial and operational needs. If an organization is in a difficult financial situation, then it has fewer opportunities to reduce the FEP, with the exception, perhaps, of such as non-payments, non-payment of its debts on time, which, however, can further aggravate the situation.

A mismatch in the timing of receipts of funds and payments can lead an organization into an unpleasant state of technical insolvency, when it (generally successful) is not able to make payment of priority payments today (although this will no longer be a problem tomorrow). The art and qualification of a financial manager is precisely to prevent such a situation.

In modern literature on financial management, the circulation of funds is described by the model of the cycle of circulation of funds. This approach is based on the translation of operational events into cash flow.

1. Inventory turnaround time (inventory turnaround time, production cycle) is the average time it takes to turn raw materials into finished goods and then sell them. The period of one inventory turnover is often referred to as the inventory holding period. Stocks are: stocks of inventory items, stocks in work in progress, finished products in warehouses. If the period of storage of industrial stocks of raw materials and materials increases with a constant volume of production, this indicates an overaccumulation of stocks, i.e. on the creation of excess reserves.

2. The period of turnover (repayment) of receivables is the average period of time required for the conversion of receivables into cash, i.e. to receive money from the sale. If the receivables are greater than the accounts payable, then there is a threat to financial stability and independence, because. under these conditions, the organization is forced to additionally attract borrowed resources. If the accounts payable are greater than the accounts receivable and much, this leads to the insolvency of the organization. Ideally, it is desirable that receivables and payables are equal.

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

4. The financial cycle (the period of circulation of funds) combines the three periods just named and, therefore, equals the period of time from the organization's actual cash costs for production resources (raw materials, labor) to the receipt of funds from the sale of finished goods (i.e. from the date of payment for labor and / or raw materials and until the receipt of receivables). Thus, the period of circulation of cash is equal to the period during which the company has funds invested in working capital.

Thus, this chapter discusses the theoretical issues of the analysis of the financial stability of the organization. It can be concluded that the analysis of the financial stability of the organization is an important condition efficient operation organizations. The methodology for analyzing the financial stability of an organization, presented in thesis, can be used for practical analysis of the financial condition.

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

2.1 General characteristics of the organization OJSC "Kurgandormash"

Full corporate name of the company: Open Joint Stock Company "Kurgan Plant of Road Machines". Location and postal address: 640000 Kurgan, st. Uritsky, 36.

OJSC "Kurgandormash" was founded in 1941. The plant was evacuated in the first months of the Second World War from Ukraine, from the city of Kremenchug, and is focused on the production of road construction and municipal equipment.

The main types of industrial, commercial and investment activities of the company are the creation, production and sale of machines for the repair, construction and maintenance of roads, machines for urban utilities, for the transportation and distribution of liquid and bulk materials.

JSC "Kurgandormash" is a legal entity, owns separate property recorded on its independent balance sheet, acquires and exercises property and personal non-property rights on its own behalf, bears obligations, can be a plaintiff and defendant in court, arbitration and arbitration court, a participant in other societies, partnerships, associations and organizations.

The authorized capital of the company is 2452975 rubles. It is divided into 4905950 ordinary shares, the nominal value of which is 0.50 rubles, with a nominal value of 2452975 rubles.

The number of shareholders registered in the register, including the number of shareholders included in the list of shareholders entitled to participate in the annual general meeting- 1416 shareholders. Information on major shareholders owning more than 5% of the voting shares of the company:

1. OAO Investment Company Zauralye, their share in the authorized capital of OAO Kurgandormash - 51.68%;

2. Sokolova Natalya Alexandrovna, her share in the authorized capital of OAO Kurgandormash is 16.31%.

The high scientific and engineering potential, accumulated over more than 60 years of activity, allows us to solve the most complex and responsible tasks. Based on technical and historical experience, Kurgandormash has become a leading organization for the production of fuel trucks, municipal vehicles, as well as asphalt distributors and bitumen trucks - machines that are indispensable in the construction, repair and operation of roads, buildings and structures using liquid building materials.

Over the years, many samples of Kurgan machines were shown at exhibitions, including international ones (in 12 countries). The organization's awards speak of the recognition of Kurgandormash products in Russia and abroad.

JSC "Kurgandormash" offers consumers the following products:

Vacuum sweepers KO-318, designed for mechanized cleaning of urban roads with asphalt or cement-concrete pavement from various contaminants - dust, sand, gravel, leaves, etc. The analogue of this machine is the machines of such well-known companies as Krol (Germany), Scarab (England);

Vacuum sweepers MK-2000 and MK-1500, designed for mechanized cleaning of yards, sidewalks and footpaths from debris, dust and dirt;

Combined harvesters MD-532 and MD-433-02, designed for year-round maintenance of federal and local paved roads;

Combined harvesters MD-551, MD-432S and MD-555, designed to perform a set of works on patrol snow removal of freshly fallen snow, high-speed snow removal from the roadway, treatment of road surfaces with anti-icing materials;

Sidewalk cleaning machines MT-1 and MT-2, designed to clean streets, squares, sidewalks, roads and construction sites from fresh snow, soil deposits, debris;

Asphalt distributors DS-142B and DS-39B, designed to transport liquid bituminous materials in hot and cold conditions from production or storage sites with temperatures up to +200ºС with low heat losses and their uniform distribution during the construction and repair of roads and airfields;

Bitumen distributors DS-180, designed for pouring bitumen, uniform single-layer distribution of crushed stone of small fractions over the surface of the road surface and its rolling during the construction and repair of road surfaces;

Bitumen trucks DS-164A, designed for transportation of liquid bituminous materials with temperatures up to +200ºС with low heat losses, as well as for transportation of other non-aggressive and explosion-proof binder liquids;

Bitumen trucks DS-138B, designed for transportation and delivery of bitumen in liquid state with temperatures up to +200ºС on highways of I-III categories of operating conditions;

Bitumen tank semi-trailers АЦБ-25-00 and АЦБ-12-IIIА, designed for transportation and delivery of bitumen in a liquid state with a temperature of up to +200ºС along highways of I-III categories of operating conditions;

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

Tankers ATZ-6 and ATZ-11, designed for the transportation and dispensing of light oil products with a density of not more than 0.86 g/cm³, and for mechanized refueling of machines and mechanisms with filtered fuel with a count of the dispensed quantity;

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

At present, the organization of JSC "Kurgandormash" does not have sufficient financial stability, its production potential during 2008-2010. has significantly decreased, there are not enough funds for settlements, the solvency of the organization is low.

The future of the plant is connected with the development of the 2nd site, where a workshop for the manufacture of non-standard equipment was opened, an oil storage facility, a boiler house were built, a substation and water supply operate. In 2001, a workshop with an area of 4000 m² was put into operation, in which large-tonnage equipment is produced. In addition, the organization carried out: reconstruction and overhaul main workshops and plant management, improvement of the territory of the plant and adjacent streets of the city.

Every year, the organization develops more than 200 types of new products. The main focus is on knowledge-intensive, sophisticated equipment, especially for block-complete. The organization takes development and reconstruction seriously. Despite the difficulties in the economy, annually allocates significant funds for the reconstruction of production, the purchase of new equipment, the creation of new industries, and computerization. The overall assessment of the effectiveness of the organization in market conditions management are indicators of the intensity of use of the organization's production resources.

The effectiveness of the use of fixed production assets characterizes the rate of return on assets. This figure increased in 2008 by 24%, and in 2009 it increased by 29%. This change e is determined for the period under review by the change in sales proceeds and the value of production assets.

Ways to improve the financial stability of the enterprise JSC "Neftekamskshina"

Traditional assessment methods often do not provide an accurate and adequate picture of the state of financial stability and solvency of the enterprise.

Therefore, in order to solve this problem, it is necessary to develop recommendations for improving the financial stability of the JSC Neftekamskshina enterprise.

Financial stability is stability financial position enterprise, provided with a sufficient share of equity as part of the sources of financing. A sufficient share of equity capital means that borrowed sources of financing are used by the enterprise only to the extent that it can provide a full and timely return. From this point of view, short-term liabilities should not exceed the value of liquid assets in amount. In this case, liquid assets are not all current assets that can be quickly turned into money without significant losses in value compared to the balance sheet, but only a part of them. Liquid assets include inventories and work in progress. Their conversion into money is possible, but this will disrupt the smooth operation of the enterprise. We are talking only about those liquid assets, the transformation of which into money is a natural stage of their movement. In addition to the cash and financial investments themselves, this includes accounts receivable and stocks of finished products intended for sale.

The share of the listed elements of current assets in the total value of the enterprise's assets determines the maximum possible share of short-term borrowings as part of the sources of financing. The residual value of the assets must be financed from equity or long-term liabilities. Based on this, the sufficiency or insufficiency of own capital is determined. Two conclusions follow from the above:

The necessary (sufficient) share of equity capital as part of the sources of financing is individual for each enterprise and for each reporting or planning date, it cannot be assessed using any standard values;

A sufficient share of own capital in the composition of financing sources is not its maximum possible share, but a reasonable one, determined by an appropriate combination of borrowed and own sources, corresponding to the structure of assets.

In practice, low financial stability means possible problems in paying off obligations in the future, in other words, the company's dependence on creditors, the loss of independence.

Insufficient financial stability, that is, the risk of disruptions in payments in the future and the dependence of the company's financial position on external sources of financing, is evidenced by a decrease in the autonomy indicator below the optimum, a negative value of the company's equity. Also, an indicator of the insufficient level of financing of the company's current activities at the expense of its own funds is the decrease in net working capital below the optimal value and, moreover, the negative value of net working capital.

The coefficient of provision with own working capital necessary for its financial stability in 2007 was -1.40, and in 2009 it was -2.18, which is much lower normative value(0.1). The value of the coefficient of security with own working capital suggests that stocks and costs are poorly provided with own sources of funds. Own funds do not even cover non-current assets.

In 2009, the value of the company's property amounted to 4,319,848 thousand rubles, but its financial stability deteriorated in a number of indicators. Having a significant value of current assets on the balance sheet, the enterprise needs a larger amount of its own working capital, as well as long-term borrowed funds, i.e. more mobile means.

In order to increase the financial stability of OAO Neftekamskshina and further strengthen it, it is necessary to formulate the following recommendations.

For the growth of indicators of financial stability of OAO Neftekamskshina, it is necessary to increase the amount of own working capital. In this case, the excess of own capital over borrowed capital is mandatory. It is also necessary to take optimization measures, i.e. reduction of such important characteristics of the financial condition of the enterprise as its operating and financial cycles. To do this, it is necessary to improve the management of inventories, receivables and payables.

OAO Neftekamskshina has a certain amount of receivables, which in 2007 amounted to 702,926 thousand rubles, and by 2009 decreased and amounted to 409,076 thousand rubles.

The high share of receivables in the assets of the balance sheet of OAO Neftekamskshina indicates that the company widely uses commercial (commodity) credit to advance its customers. By lending to them, the company actually shares with them part of the income. However, when payments are delayed, it is forced to take out loans to support current business activities, thereby increasing its own accounts payable.

The current stage of the country's economic development is characterized by a significant slowdown in the payment turnover, causing an increase in accounts receivable at enterprises. Therefore, an important task of financial management is the effective management of accounts receivable, aimed at optimizing its total size and ensuring timely debt collection.

In the total amount of receivables, settlements with buyers account for 80-90%. Therefore, the management of receivables at the enterprise is primarily associated with optimizing the size and ensuring the collection of buyers' debts for settlements for products sold.

In order to effectively manage these receivables, enterprises should develop and implement a special financial policy on the management of receivables (or its credit policy in relation to buyers of products).

Accounts receivable management involves:

Control of settlements with debtors on deferred or overdue debts;

Reduction of receivables by the amount of bad debts;

Permanent control over the ratio of receivables and payables;

Assessment of the possibility of factoring - sale of receivables.

The quality of receivables is determined by how quickly they turn into money. When assessing the quality of receivables, it is reasonable to consider risk (reliability) indicators, which include:

Accounts receivable turnover (ratio of income to average accounts receivable);

The period of repayment of receivables (360 is divided by the turnover);

Deadening of current assets in receivables (the ratio of receivables to the amount of current assets);

The share of advanced capital (the ratio of accounts receivable to the balance sheet currency);

The share of doubtful debts (the ratio of doubtful debts to receivables). Doubtful receivables include bad debts and losses from theft and damage to inventory items.

The following measures can be proposed to improve the receivables management system:

Exclusion from the number of partners of enterprises with a high degree of risk;

Periodic revision of the loan limit;

Using the possibility of paying accounts receivable with bills of exchange, securities;

Formation of the principles of settlements of the enterprise with the counterparty in the coming period;

Identification of financial opportunities for the provision of commodity (commercial) credit by the enterprise;

Determination of the possible amount of current assets diverted into accounts receivable on a commodity loan, as well as on advances issued;

Formation of conditions for ensuring debt collection;

Formation of a system of penalties for delay in fulfilling obligations by counterparties;

The use of modern forms of debt refinancing, which, in particular, include factoring, forfaiting, etc.;

Diversification of customers to reduce the risk of non-payment by a monopoly customer.

The analyzed enterprise is faced with the task of accelerating the collection of receivables, which is possible through the use of various forms its refinancing.

In countries with developed market economies, such a method of refinancing receivables as spontaneous financing has long been used, which consists in providing discounts to buyers for reducing the settlement time. Spontaneous funding is a relatively cheap way to raise funds; such lending does not require collateral from the client and attracts with a fairly long grace period.

The ability to provide and the size of discounts for faster payment is analyzed in terms of the cost-benefit ratio of different discount sizes. The use of a discount makes it possible to attract new consumers who consider discounts as a reduction in the price of goods, and to increase the turnover of receivables, since some solvent customers will make settlements with the enterprise ahead of schedule. However, the size of discounts must be carefully calculated, and not assigned arbitrarily. When setting the cost of a commercial loan by providing a discount for shortening the settlement period, it must be borne in mind that the excess of the cost of a commercial loan (i.e., the price of refusing a discount) over the level of the interest rate on a short-term financial loan will stimulate the acceleration of settlements with the enterprise, since it it will be more profitable for the buyer to take a short-term loan from the bank and take advantage of the discount. Conversely, the excess of the cost of a bank loan over the cost of a commercial loan will stimulate the growth of sales on credit.

Refinancing of receivables can also be carried out using promissory notes. The advantage of using bills of exchange is explained by the fact that a bill of exchange has more legal force than a simple invoice. Accounting for bills of exchange provides for the immediate conversion of receivables into cash. In this case, the bank redeems the bill of exchange from the enterprise at a price that takes into account the bank's discount, the amount of which depends on the face value of the bill, the maturity date, the risk of non-payment of the debt, etc.

As a method of accelerating the collection of receivables, it is proposed to use the establishment of discounts for early payment for products. For example, in a delivery contract on a deferred payment basis, the following is indicated: “3/10, full cost 30”. This means that the buyer, subject to settlements within ten days, has the right to take advantage of a 3% discount. However, you should be aware that discounts in contracts are appropriate in the following cases:

If they lead to increased sales and higher overall profits;

If the company is experiencing a shortage of funds;

In cases of early payment for the delivered goods.

To reduce the risk of receivables, it is necessary to pay attention to the management of accounts receivable. You need to manage debtor accounts in order to increase profits and reduce risk. In this regard, enterprise managers should take specific measures:

Determine the period of overdue balances on accounts receivable, comparing them with the norms in the industry and with the previous period;

Review the loan amount based on an assessment of the financial situation of clients;

When there are problems with receiving money, to receive a pledge in an amount not less than the amount on the debtor's account;

Sell accounts receivable if it saves money;

Avoid high-risk debtors.

Accounts receivable of an enterprise means lending to its consumers and clients, and often against the will of the creditor. As a result, the company is forced to invest part of the funds in this debt. Such investments are calculated on the basis of lost revenue.

There are a number of measures to reduce receivables, which can be conditionally combined into several groups:

Control over the status of settlements with customers, selection of business partners and the optimal scheme of relationships with them. This may include an assessment business reputation, the scale and degree of influence of potential and existing partners and the possible consequences of their change; assessment of the conditions in which these partners work, analysis of the financial condition of clients. Also here you can include proposals for maintaining detailed accounts receivable for customer accounts;

Orientation to a wider range of consumers in order to reduce the risk of non-payment by one or more debtors;

Control over the ratio of accounts receivable and accounts payable, since a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and the attraction of additional expensive sources of financing;

Using the method of providing discounts for prepayment;

Appeal to the forced collection of debts, depending on the amount of debt and the scheme of mutual settlements between partners;

The use of financial instruments and institutions, such as the sale of debts to factoring companies, the use of bills in settlements.

If at any stage of the project the receivables are repaid (reduced), or their average term is reduced, then this means disinvestment, that is, the release of funds, which should affect the cash flow, and therefore increase the liquidity of the company's assets.

One of the methods of reducing the company's receivables is the emergence between the seller and the buyer of an intermediary - a factor that acquires supply obligations for a certain commission percentage in exchange for an immediate full or partial payment of money.

Factoring or forfeiting operations are the purchase by a bank or a specialized company of the requirements of a supplier to a buyer and their collection for a certain fee.

The following ways to strengthen the financial stability of OAO Neftekamskshina are proposed:

To obtain maximum profit, the enterprise must make the most full use of the resources at its disposal, and first of all, it must use the identified reserve for the production of additional products using the equipment it has. An increase in output reduces unit costs, i.e. the cost of its manufacture per unit of production is reduced, and consequently, the cost is reduced, which ultimately leads to an increase in profit from the sale of products. Well, besides this, the additional production of cost-effective products in itself gives additional profit;

Reduce the cost of manufactured products;

Replenish own working capital;

In order to increase the efficiency of the use of fixed assets, it is necessary to continue increasing the level of capital productivity, ensuring a fuller utilization of machinery and equipment;

Take measures to reduce accounts payable;

Draw up a forecast balance;

Reorganize the balance sheet structure;

Regularly review financial performance;

Reduce stocks to the optimum level;

Manage inventory, cash flow, accounts receivable;

Increase the absolute indicators of financial stability;

Stimulate sales through the introduction of a system for the provision of services against payment for products (partially), securities, the provision of benefits;

Increase solvency and improve relative liquidity ratios;

Conduct marketing research, analysis of competitors' activities;

Rationally and more fully use the equipment and mechanisms of the enterprise;

Improve the quality of products;

Consider and eliminate the causes of overspending of financial resources on administrative and commercial expenses;

Improve enterprise management;

Implement an effective pricing policy, differentiated in relation to certain categories of buyers;

When commissioning new equipment, pay enough attention to education and training of personnel, improving their skills, for the effective use of equipment and preventing its breakdown due to low qualification;

To improve the skills of workers, accompanied by an increase in labor productivity;

Develop and introduce an effective system of material incentives for personnel, closely linked to the main results of the enterprise's economic activity and saving resources;

Use systems for de-bonding employees in case of violation of either labor or technological discipline;

Develop and implement measures aimed at improving the material climate in the team, which will ultimately affect the increase in labor productivity;

Optimize the sales structure.

Let's calculate the economic effect from the implementation of measures to improve the financial stability of the analyzed enterprise. Let's consider how the change in the item "Reserves" affected the absolute indicators of the financial stability of JSC "Neftekamskshina" for 2009.

SOS forecast value \u003d -2444442-629852.4 \u003d -3074294.4 thousand rubles,

LED predictive value \u003d -2218581-629852.4 \u003d -2848433.4 thousand rubles,

ROI predicted value =26092-629852.4= - 603760.4 thousand rubles

We systematize the results obtained in Table 3.3 and analyze their dynamics.

Table 3.3 - Absolute indicators of financial stability of OAO Neftekamskshina

Despite the fact that in the course of the analysis negative values were obtained, the obtained predictive indicators? SOS; ?SD; ?OI increased by 69,983.6 thousand rubles, which confirms the effectiveness of the decisions made.

Ways to improve the financial stability of OJSC Krasnodarkraigas

When assessing the financial stability of the enterprise, a lack of equity was revealed, therefore, it is required to increase it.

But the assessment of financial stability on the basis of absolute indicators revealed that the analyzed organization has an unstable financial position and it is necessary to increase financial stability.

To improve financial stability, the company needs to reduce the level of inventory, as the company has a significant outflow of cash associated with the costs of formation and storage of stocks.

The enterprise needs to find out the reason for the accumulation of excess stocks, to find a "golden mean" between excessively large stocks that can cause financial difficulties (lack of funds), and excessively small stocks that are dangerous for the stability of production.

This requires a well-established system of control and analysis of the state of stocks.

The main objectives of control and analysis of the state of stocks can be the following:

- ensuring and maintaining liquidity and current solvency;
- reduction of costs for storage of stocks;
- prevention of damage, theft and uncontrolled use of material values.

Achieving the goals set involves the following accounting and analytical work:

1. Evaluation of the rationality of the structure of reserves, which makes it possible to identify resources, the volume of which is clearly excessive, and resources, the acquisition of which needs to be accelerated.

This will avoid unnecessary investment of capital in materials, the need for which is reduced or cannot be determined. It is equally important in assessing the rationality of the structure of stocks to establish the volume and composition of spoiled and slow-moving materials.

This ensures that inventories are maintained in the most liquid state and that funds immobilized in inventories are reduced.

2. Determining the timing and volume of purchases of material assets. This is one of the most important and difficult tasks.

The approach to determining the volume of purchases allows you to take into account the following:

- the average volume of consumption of materials during the production and commercial cycle (determined on the basis of the results of the analysis of the consumption of material resources in previous periods and the volume of production in the conditions of the intended sale);
- an additional amount (safety stock) of resources to compensate for unforeseen expenses of materials or an increase in the period required to form the necessary stocks.
3. Selective regulation of stocks of material assets, suggesting that attention should be focused on expensive materials or materials that have high consumer appeal.
4. Calculation of indicators of turnover of the main groups of stocks and their comparison with similar indicators of previous periods in order to establish the compliance of the availability of stocks with the current needs of the enterprise.

As the analysis showed, the lack of own working capital at the enterprise is explained by the predominant investment of own funds in non-current assets.

Accounts payable prevails in the structure of borrowed capital of the enterprise. The company needs to reduce its involvement.

You can pay off debts by restructuring accounts payable, restructuring taxes, and increasing the turnover of accounts receivable.

There is also a significant increase in receivables. An enterprise can use factoring to improve its financial position, that is, an assignment to a bank or a factoring company of the right to claim receivables, or an assignment agreement under which an enterprise assigns its claim to debtors to a bank as security for repayment of a loan.

Great help in identifying reserves to improve the financial condition of the enterprise can be provided marketing analysis to improve supply and demand, sales markets and the formation of an optimal assortment on this basis.

One of the main and most radical directions of the financial recovery of an enterprise is the search for internal reserves to increase profitability and achieve break-even work by improving the quality and competitiveness of products, rational use of material, labor and financial resources, reducing unproductive costs and losses.

For a systematic identification and generalization of all types of losses, it is advisable for an enterprise to conduct special registry losses with their classification into certain groups:

- from marriage;
- decrease in product quality;
- unclaimed products;
- loss of profitable customers, profitable markets;
- incomplete use production capacity enterprises;
- downtime of labor force, means of labor, objects of labor and financial resources;
- damage and shortage of materials, finished products;
- write-off of not fully depreciated fixed assets;
- payment of penalties for violation of contractual discipline;
- writing off unclaimed receivables;
- attraction of unfavorable sources of financing;
- untimely commissioning of capital construction facilities;
- natural Disasters;
- for industries that did not produce products, etc.

An analysis of the dynamics of these losses and the development of measures to eliminate them will significantly improve the financial condition of the enterprise.

The complexity of the current situation in enterprise management lies in the fact that in many organizations, employees accounting service don't know the methods financial analysis, and the specialists who own them, as a rule, do not always know how to read documents of analytical and synthetic accounting. Hence the inability to determine the range of basic tasks, the solution of which is necessary for the formation of an enterprise financial management system adequate to market conditions, as well as ways and means of solving them.

In accordance with Order No. 118, the purpose of developing the financial policy of an enterprise is to build an effective financial management system aimed at achieving the strategic and tactical goals of its activities.

It is known that in today's conditions, most enterprises are characterized by a reactive form of financial management, that is, the adoption of managerial decisions as a reaction to current problems, or the so-called "patching holes".

One of the tasks of the enterprise reform is the transition to financial management based on an analysis of the financial and economic state, taking into account the setting of strategic goals for the organization's activities. The performance of any enterprise is of interest to both external market agents (primarily investors, creditors, shareholders, consumers) and internal (enterprise managers, employees of administrative and managerial structural units). .

The key to the survival and basic stability of the enterprise is its sustainability.

The stability of the enterprise is influenced by various factors:

position of the enterprise in the commodity market;

production of products in demand;

its potential in business cooperation;

the degree of dependence on external creditors and investors;

existence of insolvent debtors.

The highest form of enterprise sustainability is its ability to develop in conditions of unstable internal and external environment. To do this, the company must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, that is, be creditworthy.

Funds additionally mobilized in the loan capital market also have a great influence on financial stability. The more money an enterprise can attract, the higher its financial capabilities, but the financial risk also increases - whether the enterprise will be able to pay off its creditors in a timely manner.

There are three fundamental types of credit policy of the enterprise in relation to the buyers of products - conservative, moderate and aggressive.

The conservative (or strict) type of credit policy of the enterprise is aimed at minimizing credit risk. Such minimization is considered as a priority goal in the implementation of its lending activities. By implementing this type of credit policy, the company does not seek to obtain high additional profits by expanding the volume of sales.

The mechanism for implementing this type of policy is a significant reduction in the circle of buyers of products on credit due to high-risk groups; minimizing the terms of the loan and its size; tightening the conditions for granting a loan and increasing its cost; the use of strict procedures for the collection of receivables.

The moderate type of credit policy of the enterprise characterizes the typical conditions for its implementation in accordance with accepted commercial and financial practices and focuses on the average level of credit risk when selling products with deferred payment.

Aggressive (or soft) type of credit policy of the enterprise sets the priority goal of credit activity to maximize additional profit by expanding the volume of sales of products on credit, regardless of high level credit risk that accompanies these transactions.

The mechanism for implementing this type of policy is to extend credit to more risky groups of product buyers; increase in the period of the loan and its size; reducing the cost of credit to the minimum allowable size; providing customers with the possibility of prolonging the loan.

When determining the type of credit policy, it should be borne in mind that its hard (conservative) version negatively affects the growth of the enterprise's operating activities and the formation of stable commercial relations, while its soft (aggressive) version can cause excessive diversion of financial resources, reduce the level of solvency of the enterprise, subsequently cause significant costs for debt collection, and ultimately reduce the profitability of current assets and capital used.

diploma

Finance and credit relations

1 Theoretical and methodological foundations for analyzing the financial stability and solvency of an enterprise 1.1 The concept and essence of the financial stability of an enterprise.3 Methodological foundations for analyzing financial stability and solvency 2 Analysis of the financial stability and solvency of an enterprise using the example of JSC Deka. At the same time, the increase in the importance of finance and the promotion of the role of the financial aspects of the enterprise's activities to the fore in modern society This...

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Belgorod State Technological University. V.G. Shukhov

Department of Financial Management

course project

in the discipline "Financial management"

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

Head of the course project prof. Veretennikova Iraida Ivanovna

Belgorod 2009

Introduction

Chapter 1. The essence of financial stability and the methodology for its determination

1 The concept of financial stability and the methodology for its determination

1.2 Factors affecting financial sustainability

Chapter 2. Analysis of the financial stability of the enterprise

1 Financial stability of Russian enterprises

2 Analysis and assessment of the financial condition of Atlant LLC

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

Conclusion

Bibliographic list

Introduction

The basis of the financial stability of the Russian economy is the financial stability of the organization, since it is it that serves as the key to survival and the basis for the firm position of the organization. If an enterprise is financially stable and solvent, then it has a number of advantages over other enterprises of the same profile in obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

The assessment of financial stability and solvency is also the main element of the analysis of the financial condition, necessary for control, allowing to assess the risk of violation of obligations under the company's settlements.

The subject of the work is the financial condition of the enterprise in terms of financial stability. The object of the study is Atlant Limited Liability Company.

The purpose of the work is to identify the level of financial stability of the enterprise and develop ways to improve it.

The task of the work is: to determine the availability of sources of funds for the formation of reserves and costs; evaluate the financial stability of the enterprise using coefficients financial risk, debt, autonomy, financial stability, agility, stability of the structure of mobile funds, provision of working capital with own sources.

There are many methods for assessing the financial stability of an enterprise. For this enterprise the method of Sheremet A.D. is most suitable. and Saifulin R.S., as well as the development of Kovalev V.V.

Chapter 1. The essence of financial stability and the methodology for its determination

.1 The concept of financial stability and the methodology for its determination

The key to survival and the basis for the stability of the enterprise is its sustainability. The essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

Solvency is the ability of an enterprise to fully fulfill its solvent obligations arising from trade, credit and other payment transactions in a timely manner.

Solvency assessment is carried out on a specific date, by checking the availability of funds in settlement, foreign currency accounts and the availability of short-term financial investments. The presence of significant cash balances indicates the solvency of the enterprise at a certain date. However, the presence of a small amount does not always mean that the company is solvent. Chronic shortage of cash, the presence of overdue accounts payable, delayed payments, long-term continuous use of loans can lead to the bankruptcy of the enterprise. Guaranteed solvency of the enterprise implies, among other things, the preservation of solvency in the conditions of an acceptable level of entrepreneurial risk, due both to the nature of the activity of the enterprise itself and to fluctuations in market conditions.

The financial stability of an enterprise is such a distribution and use of financial resources that ensures the development of an enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under an acceptable level of risk.

Creditworthiness is the ability of an enterprise to repay a loan in a timely manner with the payment of interest due.

To maintain financial stability, it is important not only to increase the absolute value of profit, but also to increase the efficiency of capital use, i.e. profitability.

A financially stable business entity is one that covers the funds invested in assets at its own expense, does not allow unjustified receivables and payables, and pays off its obligations on time.

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

external sources of funds are served. So, many businessmen prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the structure "own capital - borrowed capital" has a significant bias towards debt, then commercial organization may go bankrupt if several creditors suddenly demand the return of their money at an “inconvenient” time. Equally important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance sheet and current assets, as well as the solvency of the organization.

A variety of factors affecting sustainability subdivides it into internal and external (Fig. 1):

Fig.1. Types of sustainability of a commercial organization

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

Its achievement is based on the principle of active response to changes in the business environment;

external sustainability is due to the stability of the economic environment in which the organization operates, is achieved an appropriate management system throughout the country, i.e. outside control.

The variety of causes determines different facets of overall sustainability in relation to the enterprise; it can be (Fig. 1):

"inherited" stability - is the result of the presence of a certain margin of financial strength of the organization, formed over a number of years, protecting it from accidents and sudden changes in external adverse, destabilizing factors;

technical and economic sustainability - reflects the effectiveness of investment projects, the level of material and technical equipment, organization of production, labor, management; involves the movement of cash flows that provide profit and allow you to effectively develop production;

financial stability - reflects a stable excess of income over expenses and the state of resources, which ensures free maneuvering of the organization's funds and, through their effective use, contributes to the uninterrupted production and sales process, expansion and renewal. It reflects the ratio of own and borrowed capital, the rate of accumulation of own capital as a result of current, investment and financial activities, the ratio of mobile and immobilized funds of the organization, sufficient provision of reserves with its own sources. Financial sustainability is a major component of the overall sustainability of an organization. Determining its boundaries is one of the most important economic problems in a market economy, since insufficient financial stability can lead to the insolvency of the organization, and excessive financial stability will hinder development, burdening costs with excessive stocks and reserves. Therefore, financial stability should be characterized by such a state of financial resources, which, on the one hand, meets the requirements of the market, and on the other hand, meets the needs of the organization's development. Hence, the essence of financial stability is determined by the effective formation, distribution, use of financial resources, and the forms of its manifestation can be different.

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

current - at a specific point in time;

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

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

real - in a competitive environment, taking into account the possibilities of implementing expanded production (Fig. 2).

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

Any science is based on generally accepted, substantiated theoretical concepts. The interpretation of the term “financial stability” in the professional financial lexicon is still very vague and ambiguous. In foreign economic literature and world practice, the difference in the interpretation of the concept of "financial stability" is explained by the presence of two approaches to the analysis of the balance sheet: traditional and modern functional analysis of balance sheet liquidity. Given the presence of these two different approaches, analysts reveal the concept of financial stability in different ways.

Based on traditional liquidity analysis balance, the financial stability of an enterprise is determined by the rules aimed at simultaneously maintaining the balance of financial structures and avoiding risks for investors and creditors, i.e. considers the traditional rules of the financial standard, which include:

the rule of minimum financial balance, which is based on the presence of mandatory positive liquidity, i.e. it is necessary to provide for a margin of financial strength, acting in the amount of the excess of the value of current assets over the excess of liabilities due to the risk of a discrepancy in the amount of time, the turnover rate of short-term elements of an asset and a liability balance;

maximum debt rule - short-term debts cover short-term needs, traditional financial the standard establishes a limit for covering the debt of an enterprise with its own sources of funds: long- and medium-term debts should not exceed half of the permanent capital, which includes own sources of funds and long-term borrowed funds equivalent to them;

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

On the basis of a functional analysis of the liquidity of the balance sheet, financial stability is determined subject to the following requirements:

maintaining financial balance by including in the composition of stable placements of funds covered by fixed capital, in addition to investments in fixed assets, and the need for current assets, which is understood as part of the permanent capital used to form them.

Thus, stable resources - constant capital and funds equivalent to it should fully cover stable assets. A ratio of less than 100% indicates that part of the stable placement of funds was financed by unstable resources, acting in the form of short-term liabilities, which reveals the financial vulnerability of the organization. As for short-term financing, it is assumed here that the amount of the need for current assets (in the amount of sources of own working capital) changes during the reporting period, and these changes can lead to:

or to excessive provision with current assets, as a result of which free sources of own current assets temporarily appear;

or to dissatisfaction with the need for current assets, as a result of which it is necessary to use borrowed funds;

assessment of total debt - the approaches (functional and traditional analysis of balance sheet liquidity) to the analysis of financial stability are the same. But here is added the definition of the level of the total debt of the organization, established by the ratio of the value of all borrowed funds with the value of its own, compliance with the above requirements allows us to ensure the so-called basic equality of funds.

The main procedures for analyzing financial stability are the analysis of:

provision of reserves and costs with the main economically justified sources of their formation;

composition and structure of sources of financing of the enterprise;

stability and "quality" of own capital;

stock of financial strength of the enterprise;

relative indicators of financial stability;

solvency of the enterprise.

Approaches to the formation of a set of coefficients characterizing financial stability may be different. Almost all financial stability ratios are derived from the structure of assets and liabilities. Taking into account the influence of various factors on the financial stability of an enterprise, the analysis of the latter is supplemented by indicators of liquidity, turnover, profitability, and investment attractiveness. Due to their importance for investors, creditors, owners, they stand out as separate areas of analysis of the financial condition of the enterprise.

Modern economic science has at its disposal a huge variety of techniques and methods for evaluating financial indicators, which, in the conditions of the formation of market relations, change due to the increase in the requirements for analysis. The possibility of a real assessment of the financial stability of the organization is provided by a certain analysis methodology, appropriate information support and qualified personnel.

At different stages of the analysis can be used various methods, originally developed in other economic sciences and inherent only to it, since there is a process of interpenetration and mutual borrowing of scientific tools of various sciences.

Currently, many methods for assessing the financial condition of an enterprise have been developed and used, such as the method of Sheremet A.D., Kovalev V.V., Dontsova L.V., Nikiforova N.A., Stoyanova E.S., Artemenko V.G. , Belendira M.V. other. And the difference between them lies in the approaches, methods, criteria and conditions for the analysis. In this term paper the technique of Sheremet A.D. is used. and Saifulin R.S. The methodology used is intended to ensure the management of the financial condition of the enterprise and assess the financial stability in a market economy. Methods for analyzing financial stability are shown in Figure 4.

Rice. 4. Financial stability analysis methods

To assess the management of the organization's activities, in addition to methods of analysis, science and practice have developed special tools - economic indicators, whose purpose is to measure and evaluate the essence of an economic phenomenon.

The organization is a complex system consisting of many subsystems, therefore, the assessment of its sustainability should be characterized by a comprehensive approach, i.e., the use of a system of indicators of financial stability. The composition of indicators is diverse - these are both absolute and relative indicators. Great importance in the analysis of the financial stability of the organization has the use of absolute indicators: the amount of equity and debt capital, assets, cash, receivables and payables, profits, as well as absolute indicators calculated on the basis of reporting, such as net assets, own working capital, indicators of stocks availability with own working capital, the value of stable liabilities. These indicators are criterial, since they are used to form criteria to determine the quality of the financial condition.

Relative values play an extremely important role in modern conditions in the analysis of financial stability, since they smooth out the distorting effect of inflation on the reporting material. Their prevalence (87% of those used in the analysis) is due to a certain advantage over absolute ones, since they allow comparing objects that are not comparable in absolute values, are more stable in space and time, therefore they characterize more homogeneous variation series, and also improve statistical properties indicators. Indicators for assessing the financial sustainability of an organization should not be a set, but a system. This means they must:

do not contradict each other;

do not duplicate each other;

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

reflect the most significant aspects of their activities.

Financial stability is characterized by a system of absolute and relative indicators.

A generalizing absolute indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained as the difference between the value of sources of funds and the value of reserves and costs. This refers to the availability of reserves and costs by such sources as own working capital, long-term and short-term loans and loans, accounts payable to suppliers, set off by the bank when lending.

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

§ composition and placement of assets and liabilities of an economic entity;

§ dynamics and structure of sources of financial resources;

§ availability of own working capital;

§ accounts payable;

§ availability and structure of working capital;

§ accounts receivable;

§ solvency.

Absolute indicators of financial stability are indicators that characterize the degree of provision of reserves and costs with the sources of their formation.

In the course of the analysis, it is necessary to determine the degree of financial stability at the beginning and end of the period, assess the change in financial stability for the reporting period, and determine the reasons for the changes.

The stability of the financial condition in market conditions, along with absolute values, is characterized by a system of financial ratios. The analysis of financial ratios consists in comparing their values with base values, studying their dynamics for the reporting period and for a number of years.

In addition, to assess the financial condition, it is necessary to use expert opinions values that characterize the optimal or critical (threshold), in terms of the stability of the financial condition, the values of the indicators, evaluate the changes in these coefficients over the past period, draw a conclusion about how certain characteristics of the financial condition have changed over the reporting year.

The financial condition and trends in its change largely depend on how optimal the ratio of equity and debt capital is.

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

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

a) the possibility of repaying current liabilities;

b) the movement of current assets;

c) own capital;

d) results of core activities;

e) information about the state of the market.

The method for analyzing the above coefficients is to compare:

§ actual coefficients of the current year with last year's;

§ actual coefficients with standards;

§ the actual coefficients of the enterprise with the indicators of competitors

§ actual ratios with industry indicators.

An isolated study of the structure of capital does not give a complete description of the financial situation. An overall assessment of the financial stability of an enterprise can be obtained by calculating the coverage ratio of non-current assets with stable financial sources(own and equivalent funds):

This coefficient should be greater than 1 (or 100%), since long-term sources should finance not only intangible assets, fixed assets, capital construction, long-term financial investments, but also form the part of inventories and receivables necessary for normal operation.

1.2 Factors affecting financial sustainability

In the current economic environment in the context of the transformation of the system economic relations there are fundamental changes in the activities of organizations, and according to the goals of the reform, they should lead to the creation of economic entities that are obliged to ensure real financial stability. To do this, the management of the organization should quickly respond to the restrictions created by the system of economic relations, maneuvering financial resources and production programs. It is necessary to "develop immunity" to the impact of external and internal factors that disrupt the reproductive activity of the organization. Thus, the financial activity of any organization is is a complex of interrelated processes that depend on from many and varied factors.

Factors affecting on the financial condition of the enterprise, are divided into external and internal . The reasons for the unfavorable situation of the organization, in the first place, are systemic macroeconomic reasons, especially in an unstable economy. When studying the external factors that form the financial stability of an organization, the following main characteristics can be distinguished:

close relationship of external factors with internal and among themselves;

the complexity of external factors, the difficulty or lack of their quantitative expression;

uncertainty, which is a function of the amount and confidence in the information that the organization has about a particular factor, so the more uncertain the external environment, the more difficult it is to determine to what extent and what consequences this or that external factor will lead to.

Thus, in an unstable economy, it is practically impossible to use a quantitative method of assessment that allows one to streamline the studied external factors and bring them into a comparable form. From here, it is almost impossible to make any accurate forecasts about the formation of the financial stability of the organization (taking into account the study of external factors). Therefore, they should be classified as unmanageable. At the same time, external factors influence internal ones. It should be noted the direct (bankruptcy of debtors) and indirect (social) impact of external factors on financial stability - such a division allows a more correct assessment of the nature and degree of their influence on the stability of the organization.

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

Of course, individual enterprises cannot cope with many external factors, but in the current conditions they are left to pursue their own strategy that would mitigate the negative consequences of the general decline in production.

External factors, not subject to the will of the enterprise, and internal, depending on the organization of its work, are classified according to the place of origin (Fig. 5). For a market economy, an active response of the organization's management to changes in external and internal factors is characteristic and necessary.

In general, we can say that financial stability is a complex concept that has external forms of manifestation, is formed in the process of all financial and economic activities, and is influenced by many different factors.

The financial stability of a business entity, even a single indicator, can be influenced by many different reasons. It is necessary to establish the most significant reasons that decisively influenced the change in indicators. Due to the fact that the indicators are interconnected, they cannot be taken in isolation.

Chapter 2. Analysis of the financial stability of the enterprise

2.1 Financial stability of Russian enterprises

The analysis of financial stability, and in a broader sense of financial and economic stability, is an extremely important and urgent problem, both for an individual enterprise and for Russia as a whole.

It is quite obvious that in this case the financial stability of the country, in the final analysis, directly depends on the financial stability of a single enterprise.

Russia ranked sixth in the sustainability rating of financial and environmental development, compiled by the German Allianz Insurance and Dresdner Bank. It overtook the US, UK and Germany, which finished 17th, 7th and 9th respectively. The authors of the report call the result "unexpected".

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

Other developing countries, notably China and India, also overtook the US in terms of sustainability, but ranked only 13th and 16th.

The Financial and Environmental Sustainability Ranking is only a small part of Allianz Insurance and Dresdner Bank's study of Germany's business environment relative to other developed and developing countries. In the general list, Russia was only 15th. Sweden tops the overall rating. It is worth noting that in 2007, Finance Minister Alexei Kudrin said that Russia has the opportunity to create an economy in 10 years, equal in strength to the economies of the United States, Germany or France.

.2 Analysis and assessment of the financial condition of OOO Atlant

Analysis of absolute indicators of financial stability

To characterize the sources of formation of reserves, several indicators are used that reflect the degree of coverage different types sources:

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

SOS \u003d IrP - IrA

where IrP - I section of the balance sheet liabilities; pA - I section of the asset balance.

SOS start = 509689 - 1102713 = -593024

SOS con = 1001486 - 1765855 = -764369

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

SD = SOS + TO

SD start = -593024 + 878814 = 285790

SD con = -764369 + 1539703= 775334

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

OI = SD + QC

OI start = 285790 + 30000 = 315790

OI con = 775334 + 41000 = 816334

Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs with sources of formation:

Surplus (+) or shortage (-) own working capital (F cos ):

f sos = SOS - 3

where 3 - reserves.

F SOS early = -593024 - 318175 = - 911199; f sos early < 0

F SOS con = -764369 - 480142 = - 1244511; f sos con < 0

Excess (+) or shortage (-) of own and long-term sources of reserves formation (F sd ):

F sd = SD - 3

F sd early = 285790 - 318175= -32385; F sd early < 0

F sd con = 775334 - 480142= 295192; F sd con > 0

Surplus (+) or shortage (-) of the total value of the main sources of formation of reserves (F oi ):

F oi = OR - 3

F oi early = 315790 - 318175= -2385; F oi early < 0

F oi con = 816334 - 480142= 336192; F oi con > 0

The data obtained will be entered in the analytical table. 1, which we will fill out on the basis of the data received and the data of Form No. 1 "Balance Sheet".

Table 1 Analysis of absolute indicators of financial stability

No. p / pIndicators At the beginning of the reporting period, thousand rubles At the end of the reporting period, thousand rubles Changes for the year (+, -), thousand rubles f.1) 110271317658556631423Sobstvennye working capital (COC) -593024-764369-1713454Dolgosrochnye liabilities (tO) (str.590 f.1) 87881415397036608895Nalichie equity and long-term borrowed sources of formation of reserves and costs (DM) 2857907753344895446Kratkosrochnye bank loans (QC) (p. 610 f.1) 3000041000110007 Total value of the main sources of funds for the formation of reserves and costs (OI) 3157908163345005448 SOS )- 911199- 1244511-33331210 Surplus (+) or shortage (-) of own and long-term sources of reserves (F sd )-3238529519232757711 Surplus (+) or shortage (-) of the total value of sources of formation of reserves (F o i )-2385336192338577

According to Table 1, we can conclude that the sources of own funds were directed to non-current assets (at the end of the year: 1765855/1001486 * 100% = 176.3%). Thus, no funds were received for replenishment of own working capital. In addition, working capital is clearly not enough both at the beginning of the year and at the end.

It should be noted that, in general, both equity capital and non-current assets increased at the enterprise, but own working capital decreased. At the same time, current and long-term liabilities increased. It can be assumed that with a general decline in production, the company takes loans in order to increase the share of working capital, because. they are clearly not enough at the disposal of the enterprise.

A positive aspect is the increase in the main sources of funds for the formation of stocks and costs (by 500544). Thus, at the end of the year, most of the reserves and costs are covered by sources of own and borrowed funds.

Thus, it is possible to single out an increase in both own and long-term sources of reserves formation, and the total value of sources of reserves formation, but along with this, there is a lack of own working capital for the formation of reserves.

The provision of reserves and costs with the sources of their formation makes it possible to classify financial situations according to their degree of stability. It is possible to distinguish four types of financial stability:

ü The absolute stability of the financial condition of the enterprise is characterized by the fact that the stocks and costs of an economic entity are less than the sum of own working capital and bank loans for inventory items. It is extremely rare in domestic practice and represents an extreme type of financial stability.

ü The normal stability of the financial condition of the enterprise, guaranteeing its solvency. Stocks and costs of an economic entity are equal to the sum of own working capital and loans against inventory items.

ü An unstable (pre-crisis) state, associated with a violation of solvency, in which, nevertheless, it remains possible to restore balance by replenishing sources of own funds and increasing own working capital. Stocks and costs are equal to the sum of own working capital, bank loans for inventory items and temporarily free sources of funds (reserve fund, fund social sphere etc.).

However, financial stability is considered normal (acceptable) if the following conditions are met:

a) inventories and finished products in total are equal to or exceed the amount of short-term loans, borrowed funds involved in the formation of stocks;

b) work in progress and deferred expenses are less than or equal to the amount of own working capital.

The unstable financial condition is characterized by the fact that the possibility of restoring solvency remains.

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

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

The unstable financial condition is characterized by the presence of violations of financial discipline, interruptions in the flow of funds to the current account, and a decrease in the profitability of activities.

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

Let us determine the type of financial stability of Atlant LLC based on the absolute indicators of financial stability. For the convenience of determining the type of financial stability, we present the calculated indicators in Table 2.

Table 2 Summary table of indicators by types of financial stability

IndicatorsType of financial stabilityabsolute stabilitynormal stabilityunstable statecrisis stateF SOS = SOS - 3F SOS > 0F SOS < 0Ф SOS < 0Ф SOS < 0Ф sd = SD - 3F sd > 0F sd > 0F sd < 0Ф sd < 0Ф oi \u003d OI - 3F oi > 0F oi > 0F oi > 0F oi < 0

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

§At the beginning of the year:

f sos early < 0

F sd early < 0

F oi early < 0

§At the end of the year:

f sos con < 0

F sd con > 0

F oi con > 0

Analysis of relative indicators of financial stability

To assess financial stability, a system of financial indicators (ratios) is used:

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

a start =509689 / 1503021 = 0,34and con \u003d 1001486 / 2686813 \u003d 0.37

.Financial dependency ratio (optimum value less than 2):

fz beginning = (878814+114518) / 1503021 = 0,66fz con =(1539703 + 145624) / 2686813= 0,63

.Current debt ratio:

tz beginning = 114518 / 1503021 = 0,08tz con \u003d 145624 / 2686813 \u003d 0.05

4.Long-term financial independence ratio (financial stability ratio):

K dfn beginning = (509689 + 878814)/ 1503021 = 0,92dfn con =(1001486 + 1539703)/ 2686813= 0,95

5.Debt coverage ratio with equity capital (solvency ratio):

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

6.Coefficient financial leverage or financial risk ratio (less than 0.67):

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

According to the calculated data, we will compile a table.

Table 3 The structure of liabilities (liabilities) of the enterprise LLC "Atlant"

Indicator Level of indicators at the beginning of the year at the end of the year change1. The share of equity capital in the total balance sheet currency (the coefficient of financial autonomy of the enterprise), %3437+32. Share of borrowed capital (coefficient of financial dependence), %6663-33. Current debt ratio 0.080.05-0.034. Long-term financial independence ratio 0.920.95+0.035. Debt coverage ratio with equity 0.510.59+0.086. Financial leverage ratio (shoulder of financial leverage) 1.951.68-0.27

The higher the level of the first, fourth and fifth indicators and the lower the second, third and sixth, the more stable the financial condition of the enterprise. In our example (Table 3), the share of equity tends to increase. During the reporting year, it increased by 3%, as the growth rate of own capital is higher than the growth rate of borrowed capital. The financial leverage has decreased. This indicates that the financial dependence of the enterprise on external investors has somewhat decreased.

Assessment of the changes that have taken place in the capital structure may be different from the standpoint of investors and the enterprise. For banks and other creditors, the situation is more reliable if the share of equity of clients is higher. This eliminates financial risk. Enterprises, as a rule, are interested in raising borrowed funds for two reasons:

) interest on servicing borrowed capital is treated as an expense and is not included in taxable income;

2) the cost of paying interest is usually lower than the profit received from the use of borrowed funds in the turnover of the enterprise, as a result of which the return on equity increases.

In a market economy, a large and ever-increasing share of equity does not at all mean an improvement in the position of an enterprise, the possibility of a quick response to a change in the business climate. On the contrary, the use of borrowed funds indicates the flexibility of the enterprise, its ability to find loans and repay them, i.e. about his credibility in the business world.

The most general indicator among those discussed above is the financial leverage ratio. All other indicators in one way or another determine its value.

There are practically no standards for matching borrowed and own funds. They cannot be the same for different industries and enterprises. The share of own and borrowed capital in the formation of the enterprise's assets and the level of financial leverage depend on the industry specifics of the enterprise. In those industries where capital is slowly turning over and a high proportion of non-current assets, the financial leverage ratio should not be high. In other industries where capital turnover is high and the share of fixed capital is low, it can be much higher.

The level of financial leverage also depends on the conjuncture of the commodity and financial markets, the profitability of the main activity, the stage life cycle enterprises, etc.

To determine the normative value of the coefficients of financial autonomy, financial dependence and financial leverage, it is necessary to proceed from the actual structure of assets and generally accepted approaches to their financing.

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

Level of financial leverage measured by the ratio of growth rates net profit (?NP%) to the growth rate of gross profit (? P%):

At fl = ?PE% : ?P%.

It shows how many times the growth rate of net profit exceeds the growth rate of gross profit. This excess is ensured by the effect of financial leverage, one of the components of which is its leverage (the ratio of borrowed capital to equity). By increasing or decreasing the leverage, depending on the prevailing conditions, you can influence the profit and return on equity.

The increase in financial leverage is accompanied by an increase in the degree of financial risk associated with a possible lack of funds to pay interest on loans and borrowings. A slight change in gross profit and return on invested capital in conditions of high financial leverage can lead to a significant change in net profit, which is dangerous during a decline in production. Let's calculate the level of financial leverage according to the analyzed enterprise.

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

Previous periodReporting periodGrowth, %Profit before taxes and interest, thousand rubles 272746755445+177 Net income after taxes and interest, thousand rubles 114005574107+404

Ufl = 404:177=2,28

Based on these data, we can conclude that with the current structure of capital sources, each percentage increase in gross profit provides an increase in net profit by 2.28%. In the same proportion, these indicators will change with a decline in production. Using this data, it is possible to assess and predict the degree of financial risk of investing.

Important indicators that characterize the capital structure and determine the stability of the enterprise are the amount of net assets and their share in the total balance sheet currency. The value of net assets (real value of equity) shows what will remain for the owners of the organization after the repayment of all liabilities in the event of liquidation of the organization. The calculation of the value of net assets is presented in table 5.

Table 5 Calculation of net assets of Atlant LLC

No. Indicator Line code At the beginning of the year, thousand rubles At the end of the year, thousand rubles Change (+,-), thousand rubles 1. ASSETS 1.1. Intangible assets 110--- 1.2. 4.Dolgosrochnye financial vlozheniya140280980339723587431.5.Prochie noncurrent aktivy150 1.6.Zapasy2103181754801421619671.7.Debitorskaya zadolzhennost230 --- + --- 240-244478472222601744131.8.Kratkosrochnye financial vlozheniya250 1.9.Denezhnye sredstva260172151475951303801.10.Prochie current aktivy270 --- 1.11.Itogo aktivySumma 1.1-1.101485950261585211299022.PASSIVY2.1.Tselevye financing and postupleniya450 2.2.Zaemnye sredstva510 --- + + 61086076515091596483942.3.Kreditorskaya zadolzhennost520 620132567175855432882.4.Raschety on dividendam630-3133132.5.Prochie short passivy660 --- 2.6.Itogo liabilities are excluded from the cost of aktivovSumma 2.1- 2.599333216853276919953 Net asset value (total assets minus total liabilities) 1.11 -2.6492618930525437903 The value of net assets is rather conditional, since it is calculated according to the balance sheet, rather than the liquidation one, in which assets are reflected not at market prices, but at book prices. However, they should be larger authorized capital.

If net assets are less than the authorized capital, joint-stock company is obliged to reduce its authorized capital to the value of its net assets, and if net assets are less than the established minimum size authorized capital, then in accordance with the current legislative acts, the company is obliged to make a decision on self-liquidation. With an unfavorable ratio of net assets and authorized capital, efforts should be directed to increasing profits and profitability, repaying the debt of the founders on contributions to the authorized capital, etc. At the enterprise in question, net assets are greater than the value of the authorized capital.

Calculation of the financial stability margin

In multi-product production, the break-even sales volume is determined not in natural units, but in value terms.

To determine the margin of financial stability (FSF), it is necessary to subtract the break-even sales volume from the revenue and divide the result by the revenue:

Break-even sales volume is defined as follows:

financial sustainability cost agility

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

IndicatorPrevious periodReporting periodProceeds from the sale of products minus VAT, excise taxes, etc., thousand rubles variable costs, thousand rubles. 7871761354078 The amount of fixed costs, thousand rubles. 370436637213 The amount of coverage margin, thousand rubles. % 606618 42.4 1489906 54.2

As the calculation shows (Table 6), last year it was necessary to sell products in the amount of 823,740 thousand rubles in order to cover fixed costs. With such revenue, the profitability is zero. In fact, the proceeds amounted to 1,430,358 thousand rubles, which is higher than the critical amount by 606,618 thousand rubles, or 42%. This is the margin of financial stability, or the break-even zone of the enterprise. AT reporting year the margin of financial stability has slightly increased, revenue may decrease by 54.2%, and only then the profitability will be equal to zero. If the revenue becomes even lower, then the company will be unprofitable, will “eat up” its own and borrowed capital and go bankrupt, so you need to constantly monitor the margin of financial stability, find out how close or far the profitability threshold is, below which the company’s revenue should not fall. This is a very important indicator for assessing the financial stability of the enterprise.

Analysis of the financial balance between assets and liabilities

The most complete financial stability of the enterprise can be disclosed on the basis of the study of the balance between the items of the asset and liabilities of the balance sheet. With the balance of assets and liabilities in terms of use and cycles, a balance is ensured in the inflow and outflow of funds, and, consequently, the solvency of the enterprise and its financial stability. In this regard, the analysis of the financial balance of assets and liabilities of the balance sheet is the basis for assessing the financial stability of the enterprise, its liquidity and solvency.

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

1. Non-current assetsLong-term loansEquity 2. Current assetsCurrent liabilities

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

Current assets are formed both at the expense of own capital and at the expense of short-term borrowed funds. It is desirable that they be half formed at the expense of own, and half - at the expense of borrowed capital: in this case, a guarantee of repayment of external debt and an optimal value of the liquidity ratio equal to 2 are provided.

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

Equity share (D sk ) in the formation of non-current assets is determined as follows:

sk start =(1102713 - 878814) /1102713 = 0,2sk con =(1765855 - 1539703) /1765855 = 0,13

To find out how much equity capital is used in circulation, it is necessary from its total amount under Sec. III liabilities of the balance to subtract the amount of long-term (non-current) assets (Section I of the asset balance) minus the part that is formed at the expense of long-term bank loans.

Sec. Ш + p. 640 + p. 650 - (section I - section IV) = (section III + p. 640 + p. 650 + section IV) - section. I.

Own working capital n g = (509689 + 878814)-1102713 = 285790

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

The ratio of current assets with own funds (minimum threshold value of 0.1) can be calculated in another way. It shows the proportion of current assets financed from the organization's own funds. This indicator depends on many circumstances, therefore, there are no generally accepted recommendations regarding its value and dynamics in international accounting and analytical practice. As for domestic practice, when characterizing the degree of satisfaction of the balance sheet structure, its standard is not lower than 10%, i.e., the equity ratio is greater than or equal to 0.1, which is necessary for the financial stability of the organization. The calculation of this coefficient is given in Table 7.

ooah start = (400308 - 0 - 114518) / 400308 = 285790 /400308 = 0,71ohh con = (920958 - 0 - 145624) / 920958 = 775334 / 920958 = 0,84

Table 7 Initial data for the analysis of own working capital of Atlant LLC

The end of the year is indicative.

The value of the ratio of current assets with own funds (the normative value of this ratio is 0.1) at the beginning and end of the year corresponds to the recommended value (0.71 > 0.1 and 0.84 > 0.1). This means that at the beginning of the year, 71% of current assets were formed at the expense of own funds, and at the end of the year - 84%.

Let us evaluate the influence of factors on the change in the equity ratio (Table 8) using the factor analysis by the method of chain substitutions.

Table 8 Calculation of the influence of factors on the change in the equity ratio

Indicator At the beginning of the period, thousand rubles As of the end of the period, thousand rubles -0.324 Including: a) equity --+0.253b) non-current assets ---1.657c) current assets --+1.08

The combined influence of factors:

Calculations show that the change in the equity ratio was significantly affected by the change in current assets (an increase of 520,650 thousand rubles at the end of the reporting period), as well as the change in non-current assets (an increase of 663,142 thousand rubles at the end of the reporting period). The cumulative effect of the three factors was -0.324. The increase in current assets had a positive impact (+1.08), while the increase in non-current assets had a negative impact (-1.657).

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

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

Equity flexibility ratio (minimum threshold value 0.5) is equal to:

Moscow time start =(400308 - 0 -114518) / 1503021 =0,19Moscow time con =(920958 - 0 - 145624) / 2686813= 0,29

At the analyzed enterprise, as of the end of the year, the share of own capital in circulation increased, which should be assessed positively.

An important indicator that characterizes the financial condition of the enterprise and its stability is the availability of reserves (tangible current assets) with sustainable sources financing, which include not only own working capital, but also short-term bank loans for inventory items.

The coefficient of provision of reserves with own sources for their formation (the normal value is more than 0.6 - 0.8) characterizes the degree of provision of reserves with own capital.

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

Its growth has a positive effect on the financial stability of the enterprise. For the company "Atlant" LLC, the dynamics of this coefficient shows a trend towards improvement in the financial condition of the enterprise.

Solvency and liquidity analysis

Equally important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance sheet and current assets, as well as the solvency of the organization.

Solvency is characterized by the degree of liquidity of current assets and indicates the financial capabilities of the organization to fully pay off its obligations as the debt matures.

The economic terms "liquidity" and "solvency" in modern economic literature are often mixed up, sometimes replacing each other. Despite the fact that these two concepts are very similar, there is still a certain difference between them: if the first is to a greater extent an internal function of the organization, which itself chooses the forms and methods of maintaining its liquidity at the level of established or generally accepted norms, then the second, as usually refers to the functions of external actors.

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

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of the liquidity 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.

Table 9 Liquidity analysis of Atlant LLC

Name of indicator 200320042005200620072008Current liquidity ratio1,322,621,691,103,506.32Quick liquidity ratio0,230,690,410,370,572.54 Own funds autonomy ratio0,440,340,220,330,340

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

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

An analysis of the issuer's liquidity and solvency (table data) reveals the following trends in the change in indicators characterizing the level of liquidity and solvency.

During the period under study, there is a favorable trend in almost all relative indicators of the Company's liquidity.

There is a fact of the sufficiency of the presence of that part of equity, which is the source of coverage of current assets. A well-considered and well-planned policy of distribution and control of cash flows (into stocks, into products and goods, and other working capital) in this case has a significant impact.

The coefficient of autonomy of own funds (the coefficient of financial independence) characterizes the ability of the enterprise to pay off its debt obligations as a result of the sale of property formed at the expense of its own funds. During the period from 2006 to 2007, the structure and balance of the ratio of assets in terms of their liquidity and the structure of liabilities in terms of their maturity did not change. And in 2008, favorable growth was noted, which indicates an increase in the financial capacity of the enterprise to repay its debt obligations.

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

Quick liquidity ratio (or critical assessment ratio) must be greater than 0.7 - 0.8. It characterizes how short-term liabilities exceed the most liquid assets, which, along with cash, include receivables. The value of this indicator according to the balance sheet of Atlant LLC for 2008 (2.54) lies above the normative zone for this indicator(0.7 - 0.8). This fact indicates that, for the analyzed period, a favorable trend of growth in the value of this indicator from 0.57 in 2007 to 2.54 in 2008 is planned. At the end of 2008, the value of this indicator was 2.54, respectively, short-term liabilities throughout the entire analyzed period can practically be covered by the enterprise with funds that are available and are expected.

A competent financial policy in terms of attracting credit and borrowed resources, the obligation to fulfill contractual conditions, and the creation of strong financial support in the banking environment make it possible for market relations to reach a new level of quality.

In addition, it should be noted that the values of relative solvency indicators are relevant in the context of stable development, but reservations are needed with respect to the balance sheet of an enterprise that is at the stage of investing in expanding production capacities, when the return does not come immediately. Thus, the decrease in some relative financial indicators of the Company, which can be assessed as temporary, typical of the transition period, against the background of the Company's impeccable credit history and the desire of the owners and the management team to invest "for the future" in an industry that for Russia as a whole is a budget-forming one, can be considered an incentive for the further development, prosperity and well-being of Russia and its inhabitants.

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

Nevertheless, for each enterprise it is necessary to develop measures to improve financial stability, whatever it may be. Since in the long term, the financial condition can dramatically change its direction: from stable to crisis.

As the most common techniques that are used to improve the financial condition of the enterprise, the following can be proposed:

daily monitor the ratio of receivables and payables;

buyers can repay receivables not all at once, but a little every day;

use discounts for early payment;

require advance payment for products;

to pay off receivables, use the form of payment in kind when the debt is extinguished by its goods or services;

identify and sell illiquid assets.

It often happens that an enterprise incurs losses mainly due to an ill-conceived approach to production. Based on this, it is possible to offer a variety of ways to improve the financial condition of the enterprise. Among them are:

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

· improving the use of working time;

· introduction of new equipment and technology;

· saving energy resources;

· improving the use of all material resources;

· increase in sales volumes;

· reducing the balance of unsold products;

· successful implementation of non-operating operations.

Taking into account the negative phenomena identified during the analysis, we can give some recommendations to improve the financial stability of the enterprise:

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

take measures to reduce accounts payable, first of all, this concerns advances received from buyers. According to them, either products must be shipped, or funds must be returned;

it is necessary to increase the volume of investments in fixed capital and its share in the total property of the organization;

it is necessary to increase the turnover of working capital of the enterprise, which, in the course of the analysis of financial stability, was clearly insufficient, since the sources of own funds were directed mainly to non-current assets;

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

if the value of slow-moving assets is extremely large, you need to find out what is the reason for the accumulation of excess reserves. They must be put into production immediately. If there are stale, spoiled, illiquid stocks, then they must be sold at any cost or written off;

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

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

An important source of increasing the financial stability of an enterprise is factoring, i.e. assignment to a bank or a factoring company of the right to claim receivables, or an assignment agreement under which an enterprise assigns its claim to debtors to a bank as security for repayment of a loan.

One of effective methods updating the material and technical base of the enterprise is leasing, which does not require a full one-time payment for the leased property and serves as one of the types of investment. The use of accelerated depreciation for leasing transactions allows you to quickly update equipment and carry out technical re-equipment of production.

Attracting loans for profitable projects that can bring a high income to an enterprise is also one of the reserves for the financial recovery of an enterprise.

This is also facilitated by the diversification of production in the main areas of economic activity, when the forced losses in one area are covered by the profits of others.

It is possible to reduce the deficit of own capital by accelerating its turnover by reducing construction time, the production and commercial cycle, excess inventory balances, work in progress, etc.

Reducing the cost of maintaining housing and cultural facilities by transferring them to municipal ownership also contributes to the influx of capital into core activities.

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

If the company makes a profit and is at the same time insolvent, it is necessary to analyze the use of profits. If there are significant contributions to the consumption fund, this part of the profit in the conditions of the enterprise's insolvency can be considered as a potential reserve for replenishing the company's own working capital.

A great help in identifying reserves for improving the financial condition of an enterprise can be provided by a marketing analysis to study supply and demand, sales markets and, on this basis, form an optimal assortment and structure of production.

One of the most radical directions for improving financial stability is the search for internal reserves to increase the profitability of production and achieve break-even work through a more complete use of the production capacity of the enterprise, improve the quality and competitiveness of products, reduce its cost, rational use of material, labor and financial resources, reduce unproductive expenses and losses.

At the same time, the main attention should be paid to the issues of resource conservation: the introduction of progressive norms, standards and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and implementation of best practices in the implementation of the savings regime, material and moral incentives for employees to save resources and reduction of unproductive expenses and losses.

For a systematic identification and generalization of all types of losses at each enterprise, it is advisable to maintain a special register of losses with their classification into certain groups:

from marriage;

decrease in product quality;

unclaimed products;

loss of profitable customers, profitable markets;

incomplete use of the production capacity of the enterprise;

downtime of labor force, means of labor, objects of labor and financial resources;

overspending of resources per unit of output in comparison with the established norms;

damage and shortage of materials and finished products;

write-offs of not fully depreciated fixed assets;

payment of penalties for violation of contractual discipline;

writing off unclaimed receivables;

attraction of unprofitable sources of financing;

untimely commissioning of capital construction facilities;

natural Disasters;

for industries that did not produce products, etc.

The skillful application and combination of these measures contributes not only to increasing financial stability, but also to improving the financial condition of the enterprise.

Conclusion

Financial stability is a goal-setting property of financial analysis, and the search for on-farm opportunities, means and ways of strengthening it determines the nature of the conduct and content of the analysis. Financial stability assessment allows external actors analysis (primarily partners in contractual relations) to determine the financial capabilities of the organization in the long term, which is related to the overall financial structure of the organization, the degree of its dependence on creditors and investors, as well as with the conditions on which external sources of funds are served. So, many businessmen prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the structure "own capital - borrowed capital" has a significant bias towards debts, then a commercial organization may go bankrupt if several creditors suddenly demand to return their money at an "inconvenient" time. Equally important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance sheet and current assets, as well as the solvency of the organization.

An analysis of the stability of the financial condition on a particular date allows you to find out how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meet market requirements and meet the needs of the enterprise's development, since insufficient financial stability can lead to the enterprise's insolvency and lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise's costs with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources.

From the above analysis of financial stability, we can conclude that Atlant LLC is in a state that can be characterized as normal stability. A normally stable financial situation is characterized by the fact that an enterprise uses various “normal” sources of funds to cover stocks - its own and borrowed funds (own current assets; short-term loans and borrowings; accounts payable on commodity transactions).

Knowing the limiting boundaries of changes in sources of funds to cover capital investment in fixed assets or inventories allows you to generate such flows of business transactions that lead to an improvement in the financial condition of the enterprise, to increase its sustainability.

Thus, the analysis of the financial stability of the enterprise makes it possible to assess how the enterprise is ready to pay off its debts and answer the question of how independent it is from the financial side, whether the level of this independence increases or decreases, whether the state of the assets and liabilities of the enterprise meets the goals of its economic activity.

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Introduction

1. Theoretical aspects of the financial stability of the organization

1.1 The content of the financial stability of the organization

1.2 Financial stability analysis methodology

1.3 Directions for improving the financial stability of the organization

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

2.1 General characteristics of the organization OJSC "Kurgandormash"

Full corporate name of the company: Open Joint Stock Company "Kurgan Plant of Road Machines". Location and postal address: 640000 Kurgan, st. Uritsky, 36.

OJSC "Kurgandormash" was founded in 1941. The plant was evacuated in the first months of the Second World War from Ukraine, from the city of Kremenchug, and is focused on the production of road construction and municipal equipment.

The main types of industrial, commercial and investment activities of the company are the creation, production and sale of machines for the repair, construction and maintenance of roads, machines for urban utilities, for the transportation and distribution of liquid and bulk materials.

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