Analysis of the factors affecting the efficiency of the company. The main financial indicators of the enterprise. Analysis of the main financial indicators Ten main indicators in the method of financial ratios

This note was written in preparation for the course.

Let me start with a little philosophical digression ... 🙂 Our organizations are very complex, i.e. entities that, as a result of the interaction of parts, can maintain their existence and function as one whole... Systems that function as a whole have properties that differ from those of their constituent parts. These are known as emergent properties. They "arise" when the system is running. By dividing the system into components, you will never discover its essential properties. The only way to know what emergent properties are is to get the system to work. Emergent properties cannot be measured by any of our senses. Measure only manifestation emergent properties. In this regard, distortions are possible if we restrict ourselves to measuring only one or several parameters.

From what has been said it becomes clear why the work of the company cannot be characterized by a small number (and even more so by one!) Indicator. Success is an emergent property that cannot be measured by profit, profitability, market share, etc. All these parameters only characterize success to one degree or another. Nevertheless, the financial indicators that we will now look at are characteristic indicators of success. With my philosophical digression, I just wanted to warn against the absolutization of this or that indicator, as well as against the introduction of a management system based on a small number of indicators.

Indicators of profitability (profitability)

Sales margin= (Sales revenue - (minus) Cost products sold) / Sales revenue (fig. 1)

Rice. 1. Sales margin

Download note in format, examples in format

It is clear that the marginality of sales depends, both on trade margin, and on what expenses we will attribute to the cost price. Most relevant in terms of acceptance management decisions, is the approach when only fully variable costs are included in the cost price (see and for more details).

Operating expenses= Cost of goods sold + Selling expenses + Administrative expenses
Profit from sales = Sales revenue - Operating expenses

Profitability of core business= Profit from sales / Revenue from sales (Fig. 2).

Rice. 2. Profitability of core business (or profitability of implementation)

Income and expenses should not include the results of unusual transactions so as not to distort the performance indicators (in the example, “other expenses” and “other income” are not included in the calculation of the parameter).

Performance indicators

Profit from sales (aka operating profit or profit from operations) is the profit on assets of all those who contributed to these assets, therefore, this profit belongs to those who provided the assets and should be distributed among them. The efficiency (profitability, profitability) of the use of assets can be determined by dividing one of the profit indicators (Fig. 3a) by one of the balance indicators (Fig. 3b).

Rice. 3. Four types of profit (A) and three types of assets (B)

Two indicators are considered the most relevant.

Profitability ratio equity capital (Return On Equity, ROE) = Net profit (profit after taxes, see (4) in Fig. 3a) / Average annual equity (equity) capital (see Fig. 3b). ROE shows the return on equity to shareholders.

Return on total assets ratio(Return On Total Assets, ROTA) = operating income (or earnings before interest and taxes, see (1) in Figure 3a) / Average annual total assets (see Figure 3b). ROTA measures the operating performance of a company.

For the convenience of managing the return on total assets, management breaks down the ROTA ratio into two parts: return on sales and total assets turnover:

ROTA= Profitability of realization * Turnover of total assets

This is how this formula comes out. By definition:

The profitability of sale and the turnover of total assets are not the most convenient operating indicators, since they cannot be directly influenced; each of them depends on the totality of individual results obtained in different areas of activity. To achieve the desired values of these two indicators, you can use a system of indicators of a lower level.

To increase profitability, sales margins are usually increased, as well as operating costs are reduced, including:

Direct costs of materials and wages
General production overheads
Administrative and selling expenses

To increase the turnover of total assets, the turnover is increased:

Inventory (warehouse) stocks
Accounts receivable

Turnover indicators

Trading companies have a significant share of current assets... For example, the reporting of the company used by us for illustration (Fig. 4) shows that the share of equity in 2010 was only 3% (2276/75 785). It is clear why so much attention is paid to the optimization of current assets.

Accounts receivable turnover= Accounts receivable * 365 / Revenue,
that is, the average duration of loans (in days) issued to customers.

Inventory turnover= Inventory * 365 / Cost of goods sold,
that is, the average number of days of storage of stock from the moment of receipt from suppliers to the moment of sale to customers

Accounts payable turnover= Accounts payable * 365 / Cost of goods sold,
that is, the average length of loans (in days) provided by suppliers.

Along with the turnover (in days), turnover ratios are used, showing how many times the asset has "turned around" during the year. For example,

Accounts receivable turnover ratio= Revenue / Accounts Receivable

In our example, the receivables turnover ratio in 2010 was = 468,041 / 15,565 = 30.1 times. It can be seen that the product of the turnover in days and the turnover ratio gives 365.

Rice. 4. Indicators of turnover

Turnover indicators (Fig. 4) mean that in 2010 the company, on average, needed financing for the cash gap, which was 23 days (Fig. 5).

Rice. 5. Cycle of movement Money

Rice. 6. Calculation of the quick liquidity ratio

Economic added value

IN recent times the concept of economic value added (EVA) has become popular:

EVA= (Profit from ordinary activities - taxes and other mandatory payments) - (Invested capital in the company * Weighted average price of capital)

How to understand this formula? EVA is the company's net profit from ordinary activities, but restored (i.e. increased) by the amount of interest paid for the use of borrowed capital, and then reduced by the amount of the payment for all capital invested in the company... And this last [fee] is determined by the product of the invested capital by its weighted average cost. Why is the interest for the use of borrowed capital added to the net profit? Because this interest will later be deducted as part of the payment for all invested capital. What capital is considered to be invested? Some analysts believe that only the capital for which you have to pay, that is, equity and debt. Other analysts believe that all capital, including loans, received from suppliers of goods.

Where does the weighted average cost of capital (WACC) come from? Some analysts believe that the WACC should be determined based on the market value of similar investments. Others are that you need to calculate the WACC based on the exact numbers of a particular company. The latter path, unfortunately, implements the principle of planning "from achieved". The higher the return on equity, the higher the WACC, the lower the EVA. That is, in order to achieve higher profitability, we increase shareholder expectations and lower EVA.

There is ample evidence that EVA is the performance metric most closely associated with increasing shareholder value. Creation of value requires careful management of both profitability and money management. EVA can serve as a measure of management quality (but don't forget the philosophical digression at the beginning of this section).

Indicators calculated on the basis of financial statements and Russian specifics

If the data management accounting tend to reflect relevantly financial position companies, then when analyzing accounting forms need to be aware of which indicators reflect the real state of affairs, and which are elements of tax evasion schemes.

To understand how accounting forms are distorted (and financial indicators based on them), I will give several typical schemes of illegal tax optimization:

Overestimation of the purchase price (with a rollback), which affects the decrease in the margin of sales and, further along the chain, on the net profit
Reflection of fictitious contracts that increase administrative and business expenses and reduce taxable profit
Fictitious purchases for a warehouse or purchase of services that exist only on paper (payment for which is not provided), significantly worsening the indicators of inventory turnover and accounts payable, as well as liquidity.

Let us analyze the 12 main coefficients of the financial analysis of the enterprise. Due to their wide variety, it is often impossible to understand which ones are basic and which are not. Therefore, I tried to highlight the main indicators that fully describe the financial and economic activities of the enterprise.

In its activity, an enterprise always collides with its two properties: its solvency and its efficiency. If the solvency of the enterprise increases, then the efficiency decreases. An inverse relationship can be observed between them. Both solvency and performance can be described by ratios. You can dwell on these two groups of coefficients, however, it is better to split them in half. So the Solvency group is divided into Liquidity and Financial stability, and the Enterprise efficiency group is divided into Profitability and Business activity.

We divide all the coefficients of financial analysis into four large groups of indicators.

Liquidity ( short-term solvency),
Financial stability (long-term solvency),
Profitability ( financial efficiency),
Business activity ( non-financial efficiency).

The table below shows the division into groups.

In each of the groups, we will single out only the top 3 coefficients, as a result we will get only 12 coefficients. These will be the most important and most important coefficients, because in my experience they are the ones that most fully describe the activities of the enterprise. The rest of the odds that are not included in the top, as a rule, are a consequence of these. Let's get down to business!

Top 3 liquidity ratios

Let's start with the golden three of liquidity ratios. These three ratios give a complete understanding of the liquidity of the enterprise. This includes three factors:

Current liquidity ratio,
Absolute liquidity ratio,
Quick ratio.

Who uses liquidity ratios?

The most popular among all ratios - it is used mainly by investors in assessing the liquidity of an enterprise.

Interesting for suppliers. It shows the ability of an enterprise to pay off supplier counterparties.

Calculated by lenders to assess the company's quick solvency when issuing loans.

The table below shows the formula for calculating the three most important liquidity ratios and their standard values.

	Odds	Formula	Calculation	Standard
1	Current liquidity ratio	Current liquidity ratio = Current assets / Short-term liabilities	Ktl = p. 1200 / (p. 1510 + p. 1520)
2	Absolute liquidity ratio	Absolute liquidity ratio = (Cash + Short-term financial investments) / Short-term liabilities	Cable = p. 1250 /(p. 1510 + p. 1520)
3	Quick ratio	Quick Ratio = (Current Assets-Inventories) / Short-term Liabilities	Kbl = (p. 1250 + p. 1240) / (p. 1510 + p. 1520)

Top 3 financial strength ratios

Let's move on to considering the three main ratios of financial stability. The key difference between liquidity ratios and financial stability ratios - the first group (liquidity) reflects short-term solvency, and the last (financial stability) - long-term. In fact, both liquidity ratios and financial stability ratios reflect the company's solvency and how it can pay off its debts.

Autonomy coefficient,
Capitalization ratio,
Coefficient of provision with own working capital.

Autonomy ratio(financial independence) is used by financial analysts for their own diagnostics of their company for financial stability, as well as by arbitration managers (according to the Resolution of the Government of the Russian Federation of June 25, 2003 No. 367 "On Approval of the Rules for Conducting Financial Analysis by an Arbitration Manager").

Capitalization ratio important for investors who analyze it to evaluate investments in a particular company. A company with a large capitalization ratio will be more preferable for investment. Too high values of the coefficient are not very good for the investor, since the profitability of the enterprise and thus the depositor's income decreases. In addition, the ratio is calculated by lenders, the lower the value, the more preferable to provide a loan.

recommendatory(according to the Decree of the Government of the Russian Federation of 20.05.1994 No. 498 "On some measures to implement the legislation on insolvency (bankruptcy) of an enterprise", which became invalid in accordance with Decree 218 of 15.04.2003) is used by arbitration managers. This ratio can also be attributed to the Liquidity group, but here we will assign it to the Financial stability group.

The table below shows the formula for calculating the three most important financial stability ratios and their standard values.

	Odds	Formula	Calculation	Standard
1	Autonomy ratio	Autonomy Ratio = Equity / Assets	Cavt = page 1300 /page 1600
2	Capitalization ratio	Capitalization ratio = (Long-term liabilities + Short-term liabilities) / Equity	Kkap =(p. 1400 + p. 1500) /p. 1300
3	Coefficient of provision with own circulating assets	Coefficient of provision with own circulating assets = (Equity - Non-current assets) / Current assets	Skew = (p. 1300-p. 1100) / p. 1200

Top 3 profitability ratios

Let's move on to looking at the three most important ROI ratios. These ratios show the effectiveness of cash management in the enterprise.

This group of indicators includes three coefficients:

Return on assets (ROA),
Return on Equity (ROE),
Return on Sales (ROS).

Who uses the financial strength ratios?

Return on assets ratio(ROA) is used by financial analysts to diagnose enterprise performance in terms of profitability. The ratio shows the financial return on the use of the assets of the enterprise.

Return on equity ratio(ROE) is of interest to business owners and investors. It shows how effectively the money invested (invested) in the company was used.

Return on sales ratio(ROS) is used by the head of sales, investors and the owner of the business. The coefficient shows the effectiveness of the sale of the main products of the enterprise, plus it allows you to determine the share of the cost in sales. It should be noted that it is important not how many products the company sold, but how much net profit it earned in net money from these sales.

The table below shows the formula for calculating the three most important profitability ratios and their standard values.

	Odds	Formula	Calculation	Standard
1	Return on assets (ROA)	Return on assets ratio = Net profit / Assets	ROA = p. 2400 / p. 1600
2	Return on Equity (ROE)	Return on equity ratio = Net profit / Equity	ROE = p. 2400 / p. 1300
3	Return on Sales (ROS)	Return on Sales Ratio = Net Income / Revenue	ROS = p. 2400 / p. 2110

Top 3 PMI

Let's move on to the three most important business activity ratios (turnover). The difference between this group of coefficients from the group of profitability coefficients lies in the fact that they show the non-financial efficiency of the enterprise.

This group of indicators includes three coefficients:

Accounts receivable turnover ratio,
Accounts payable turnover ratio,
Inventory turnover ratio.

Who uses PM ratios?

Used by director general, commercial director, head of sales department, sales managers, CFO and financial managers. The coefficient shows how effectively the interaction between our company and our counterparties is built.

It is used primarily to identify ways to increase the liquidity of the enterprise and is of interest to the owners and creditors of the enterprise. It shows how many times in the reporting period (as a rule, this is a year, but it can be a month, a quarter) the company has paid off its debts to creditors.

Can be used by commercial director, head of sales and sales managers. It determines the efficiency of inventory management in an enterprise.

The table below shows the formula for calculating the three most important business ratios and their guideline values. There is a small point in the calculation formula. The data in the denominator are usually taken as averages, i.e. the value of the indicator at the beginning of the reporting period is added up with the final one and is divided by 2. Therefore, in the formulas, everywhere in the denominator is 0.5.

	Odds	Formula	Calculation	Standard
1	Accounts receivable turnover ratio	Accounts Receivable Turnover Ratio = Sales Revenue / Average Accounts Receivable	Kodz = p. 2110 / (p. 1230np. + P. 1230kp.) 0.5*	dynamics
2	Accounts payable turnover ratio	Accounts payable turnover ratio= Sales revenue / Average accounts payable	Cocks =p. 2110 / (p. 1520np. + p. 1520kp.) 0.5*	dynamics
3	Inventory turnover ratio	Inventory Turnover Ratio = Sales Revenue / Average Inventory	Goat = p. 2110 / (p. 1210np. + P. 1210kp.) 0.5*	dynamics

Summary

Let's sum up the top 12 ratios for the financial analysis of an enterprise. Conventionally, we have identified 4 groups of indicators of the enterprise's performance: Liquidity, Financial stability, Profitability, Business activity. In each group, we have identified the top 3 most important financial ratios. The obtained 12 indicators fully reflect the entire financial and economic activities of the enterprise. It is with the calculation that they should start. the financial analysis... For each coefficient, a calculation formula is provided, so it will not be difficult for you to calculate it for your enterprise.

Factor analysis - calculation financial ratios based on data from financial statements... Financial statements include the management balance sheet, income statement, retained earnings statement and cash flow statement.

Financial ratios can tell a professional a lot about the current state of the enterprise. The figures obtained are compared with the standards or averages of the performance of other companies in the same industry and under similar conditions. That is, the coefficients for enterprises from different areas cannot be compared. They face different risks, capital requirements and different levels of competition.
There are 5 types of odds.

Liquidity ratios
Asset turnover ratios
Debt management ratios (Debt ratios)
Profitability ratios
Market value ratios

Benefits of financial ratios

The main reason for the popularity of financial ratios is that they are so simple: all you have to do is divide one absolute number by the other. For example:

Current liquidity ratio = working capital / short-term liabilities

Another important advantage of financial ratios is that you get relative values as a result. This means that the size of the absolute values does not play any role here, and you can compare the performance of any companies.

In addition, for most indicators, average normal values are determined (for example, the same current liquidity ratio must be at least 2), which allows not only comparing the financial ratios of one company with another, but also seeing how acceptable they are in themselves.

Features of the analysis of financial indicators

But, unfortunately, everything is not so simple - otherwise why would we need financiers? Financial ratios have a number of features, without taking into account which you can come to completely wrong conclusions:

1. Difficulty of interpretation

Since financial ratios by themselves do not carry practically any information about the company, they can often mean anything. Low profitability of sales can be caused both by the fact that the company cannot sell its goods at the desired price, and by a decrease in price to conquer the market. Or, say, a low value financial leverage may be not only a consequence of real problems, but also the result of a policy of minimizing risks.

2. Dependency on reporting

Even if the financial statements are prepared in accordance with accepted standards, the values of many indicators required for ratio analysis can vary significantly due to different accounting methods. That is, even with the same initial data, you can get several different coefficients.

3. Lack of standardization

If in financial reporting there have long been certain standards and all terms are clearly defined, then anarchy still reigns in coefficient analysis. Different sources offer different definitions and even different methods for calculating the coefficients. Thus, when using financial ratios, it is always necessary to clarify what exactly they mean and by what algorithm they are obtained.

4. Reference values are relative

Despite the fact that for most of the coefficients certain universal values of the norm have been proposed, one should be guided by them with extreme caution. The "normality" of certain indicators largely depends on the business environment, and it is quite possible that the ratios of quite prosperous companies turn out to be significantly lower than the norm.

can the company invest in new projects;
how tangible and other assets and liabilities are related;
what is the credit load and the company's ability to repay them;
are there reserves that will help overcome bankruptcy;
are there any dynamics of growth or decline in economic or financial activities;
what reasons negatively affect the results of activities.

Represents a research process financial condition and the main results of the financial activity of the enterprise in order to identify reserves for increasing its market value and ensure further effective development.

The results of financial analysis are the basis for making management decisions, developing a strategy for the further development of the enterprise. Therefore, financial analysis is an integral part, its most important component.

Basic methods and types of financial analysis

There are six main methods of financial analysis:

horizontal(temporal) analysis- comparison of each reporting item with the previous period;
vertical(structural) analysis- identification of the specific weight of individual articles in the final indicator, taken as 100%;
trend analysis- comparison of each reporting item with a number of previous periods and determination of the trend, i.e., the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, the possible values of indicators in the future are formed, and therefore, a forward-looking forecast analysis is carried out;
analysis of relative performance(ratios) - calculation of ratios between individual reporting items, determination of the relationship of indicators;
comparative(spatial) analysis- on the one hand, this is an analysis of the reporting indicators of subsidiaries, structural units, with another - comparative analysis with competitors' performance, industry average performance, etc .;
factor analysis- analysis of the influence of individual factors (causes) on the resulting indicator. Moreover, factor analysis can be either direct (analysis itself), when the resulting indicator is divided into its component parts, or reverse (synthesis), when its individual elements are combined into a common indicator.

The main methods of financial analysis carried out at the enterprise:

Vertical (structural) analysis- determination of the structure of the final financial indicators(the amounts for individual items are taken as a percentage of the balance sheet currency) and identifying the impact of each of them on overall result economic activity... Transition to relative indicators allows for inter-farm comparisons of economic potential and performance of enterprises that differ in the amount of resources used, and also smoothes Negative influence inflationary processes that distort absolute indicators.

Horizontal (dynamic) analysis based on the study of the dynamics of individual financial indicators over time.

Dynamic analysis is the next step after financial performance analysis (vertical analysis). At this stage, it is determined for which sections and balance sheet items there have been changes.

The analysis of financial ratios is based on calculating the ratio of various absolute indicators of financial activity among themselves. The source of information is financial statements enterprises.

The most important groups of financial indicators:

Turnover indicators (business activity).
Market activity indicators

When analyzing financial ratios, it is necessary to keep in mind the following points:

the value of financial ratios is greatly influenced by the accounting policy of the enterprise;
diversification of activities complicates the comparative analysis of the coefficients by industry, since the standard values can vary significantly for different industries;
normative coefficients selected as a basis for comparison may not be optimal and do not correspond short-term objectives the period under review.

Comparative financial analysis is based on comparing the values of individual groups of similar indicators with each other:

indicators of this enterprise and average industry indicators;
financial indicators of the given enterprise and indicators of competing enterprises;
financial indicators of individual structural units and divisions of the enterprise;
comparative analysis of reporting and planned indicators.

Integral () financial analysis allows you to get the most in-depth assessment of the financial condition of the enterprise.

Financial ratios reflect the relationship between various reporting items (revenue and assets, cost and payables, etc.).

The analysis procedure using financial ratios involves two stages: the actual calculation of financial ratios and their comparison with the baseline values. As the basic values of the coefficients, the industry average values of the coefficients, their values for previous years, the values of these coefficients from the main competitors, etc. can be selected.

The advantage of this method is its high "standardization". All over the world, the main financial ratios are calculated using the same formulas, and if there are differences in the calculation, then such ratios can easily be brought to generally accepted values using simple transformations. In addition, this method allows you to exclude the effect of inflation, since almost all ratios are the result of dividing some reporting items into others, that is, not the absolute values that appear in the reporting are studied, but their ratios.

Despite the convenience and relative ease of use of this method, financial ratios do not always make it possible to unambiguously determine the state of affairs of the company. As a rule, a strong difference between a certain coefficient from the industry average value or from the value of this coefficient for a competitor indicates that there is a question that needs more detailed analysis, but does not indicate that the company clearly has a problem. A more detailed analysis using other methods can reveal the presence of a problem, but it can also explain the deviation of the coefficient by the peculiarities of the economic activity of the enterprise, which do not lead to financial difficulties.

For Internet companies, the regular calculation of financial ratios is a convenient tracking tool current state enterprises. In the conditions of a rapidly growing network market, their relative nature makes it possible to exclude the influence of many factors that distort the absolute values of reporting indicators.

Various financial ratios reflect certain aspects of the activity and financial condition of the enterprise. They are usually divided into groups:

· Liquidity ratios. Liquidity refers to the company's ability to meet its obligations on time. These ratios operate with the ratio of the values of the company's assets and the values of short-term and long-term liabilities;

· Ratios reflecting the effectiveness of asset management. These ratios are used to assess the suitability of the size of certain assets of the company to the tasks being performed. They operate with such quantities as dimensions material stocks, current and non-current assets, accounts receivable, etc .;

· Ratios reflecting the structure of the company's capital. This group includes ratios that operate with the ratio of equity and borrowed funds. They show from what sources the assets of the company are formed, and how much the company is financially dependent on creditors;

· Coefficients of profitability. These ratios show how much revenue the company derives from the assets at its disposal. Profitability ratios allow for a comprehensive assessment of the company's activities as a whole, based on the final result;

· Coefficients of market activity. The coefficients of this group operate on the ratio of market prices for the company's shares, their nominal prices and earnings per share. They allow you to assess the position of the company in the securities market.

Let us consider these groups of coefficients in more detail. The main liquidity ratios are:

· Ratio of current (total) liquidity (Current ratio). It is defined as the quotient of the division of the size working capital companies by the amount of short-term liabilities. Working capital includes cash, accounts receivable (excluding doubtful ones), inventories and other quickly realizable assets. Short-term liabilities consist of accounts payable, short-term payables, accruals for wages and taxes and other short-term liabilities. This ratio shows whether the company has enough funds to pay off current liabilities. If the value of this ratio is less than 2, then the company may have problems in repaying short-term obligations, expressed in delays in payments;

· Quick ratio (Quick ratio). In essence, it is similar to the current liquidity ratio, but instead of the full volume of working capital, it uses only the amount of working capital that can be quickly converted into money. The least liquid part of working capital is inventory. Therefore, when calculating the quick liquidity ratio, they are excluded from working capital. The coefficient shows the ability of the company to pay off its short-term obligations in a relatively short time. It is believed that for a normally functioning company, its value should be in the range from 0.7 to 1;

· Ratio of absolute liquidity. This ratio shows what part of short-term obligations the company can pay off almost instantly. It is calculated as the quotient of dividing the amount of funds in the company's accounts by the amount of short-term liabilities. Its value is considered normal in the range from 0.05 to 0.025. If the value is below 0.025, then the company may have problems with the repayment of current liabilities. If it is more than 0.05, then it is possible that the company is irrationally using available funds.

To assess the effectiveness of asset management, the following coefficients are used:

· Inventory turnover ratio. It is defined as the quotient of dividing the proceeds from sales for the reporting period (year, quarter, month) by the average inventory value for the period. It shows how many times during the reporting period the stocks were transformed into finished products, which, in turn, was sold, and inventories were again acquired with the proceeds from the sale (how many "turnovers" of inventories were made during the period). This is the standard approach to calculating the inventory turnover ratio. There is also an alternative approach based on the fact that the sale of products occurs at market prices, which leads to an overestimation of the inventory turnover ratio when using the proceeds from sales in its numerator. To eliminate this distortion, instead of revenue, you can take the cost of goods sold for the period or, which will give an even more accurate result, the total cost of the enterprise for the period for the purchase of inventory. The inventory turnover ratio is highly dependent on the industry in which the company operates. For Internet companies, it is usually higher than for regular enterprises, since most Internet companies operate in the network trade or service industry, where the turnover is usually higher than in manufacturing;

· The ratio of assets turnover (Total asset turnover ratio). It is calculated as the quotient of dividing the sales proceeds for the period by the total assets of the enterprise (average for the period). This ratio shows the turnover of all assets of the company;

· Turnover of receivables. It is calculated as a quotient of dividing the proceeds from sales for the reporting period by the average amount of accounts receivable for the period. The coefficient shows how many times during the period the receivables were formed and repaid by the buyers (how many "turnovers" of the receivables were made). A more illustrative variant of this ratio is the average maturity of accounts receivable by buyers (in days) or the average collection period (ACP). To calculate it, the average accounts receivable for the period is divided by the average sales revenue for one day of the period (calculated as revenue for the period divided by the length of the period in days). ACP shows how many days on average elapse from the date of shipment of products to the date of receipt of payment. The existing practice of Internet companies in Russia, as a rule, does not provide for a deferred payment to customers. For the most part, Internet companies operate on a prepaid basis or pay at the time of delivery. Thus, for the majority of Russian grid companies, the ACP indicator is close to zero. As the Internet business develops, this figure will increase;

· The turnover ratio of accounts payable. It is calculated as a quotient of dividing the cost of products sold for the period by the average amount of accounts payable for the period. The coefficient shows how many times during the period arose and was repaid accounts payable;

· The ratio of capital productivity or fixed assets turnover (Fixed asset turnover ratio). It is calculated as the ratio of sales proceeds for the period to the value of fixed assets. The coefficient shows how much revenue for the reporting period was brought by each ruble invested in the company's fixed assets;

· The equity capital turnover ratio. Equity is the total assets of the company less liabilities to third parties. Equity capital consists of the capital invested by the owners and all profits earned by the company, net of taxes paid on profits and dividends. The ratio is calculated as the quotient of dividing the proceeds from sales for the analyzed period by the average amount of equity capital for the period. It shows how much revenue was brought by each ruble of the company's equity for the period.

The capital structure of a company is analyzed using the following ratios:

· The share of borrowed funds in the structure of assets. The ratio is calculated as the quotient of dividing the amount of borrowed funds by the total amount of the company's assets. Borrowed funds include short-term and long term duties companies to third parties. The ratio shows how dependent a company is on creditors. The normal value of this coefficient is about 0.5. In addition to this ratio, the ratio of financial dependence is sometimes calculated, which is determined as the quotient of dividing the volume of borrowed funds by the volume own funds... The level of this coefficient exceeding one is considered dangerous;

· Security of interest payable, TIE (Time-Interest-Earned). The coefficient is calculated as the quotient of dividing profit before interest and taxes by the amount of interest payable for the analyzed period. The ratio demonstrates the company's ability to pay interest on borrowed funds.

Profitability ratios are very informative. Of these, the following are considered the most important:

· Profitability of sold products (Profit margin of sales). It is calculated as the quotient of dividing net profit by sales revenue. The coefficient shows how many rubles of net profit each ruble of revenue brought;

· Return on assets, ROA (Return of Assets). It is calculated as the quotient of dividing the net profit by the amount of the company's assets. This is the most general coefficient that characterizes the efficiency of using the assets at its disposal by the company;

· Return on equity, ROE (Return of Equity). Calculated as a quotient of dividing net profit by the sum of the prime share capital... Shows profit for every ruble invested by investors;

· Coefficient of generation of income, BEP (Basic Earning Power). It is calculated as the quotient of profit before interest and taxes by the total assets of the company. This coefficient shows how much profit per ruble of assets the company would have earned in a hypothetical tax-free and interest-free situation. The coefficient is convenient for comparing the performance of enterprises that are in different tax conditions and have a different capital structure (the ratio of equity and borrowed funds).

The coefficients of market activity of the company allow us to assess the position of the company in the securities market and the attitude of shareholders to the activities of the company:

· Share quotes ratio, М / В (Market / Book). It is calculated as the ratio of the market price of a share to its book value;

· Earnings per common share. It is calculated as the ratio of the dividend per ordinary share to the market price of the share.