Integral-point assessments of the financial stability of the enterprise. Integral assessment of the stability of the financial condition Integral method for assessing the financial condition of the enterprise

How to assess the financial risks of a company based on accounting statements

The financial activity of the company in all its forms is associated with numerous risks, the degree of influence of which on the results of these activities and the level of financial security is significantly increasing at the present time. Risks accompanying the company's economic activities and generating financial threats are combined into a special group of financial risks that play the most significant role in the company's overall “risk portfolio”. A significant increase in the influence of the company's financial risks on the results economic activity caused by the instability of the external environment: the economic situation in the country, the emergence of new innovative financial instruments, the expansion of the sphere of financial relations, the volatility of the market environment financial market and a number of other factors. Therefore, identification, assessment and tracking of the level of financial risks are one of the urgent tasks in the practice of financial managers.

The accounting statements of the enterprise are used as the initial information in assessing financial risks: the balance sheet, which fixes the property and financial position of the organization as of the reporting date; profit and loss statement presenting the results of operations for the reporting period. The main financial risks assessed by enterprises:

risks of loss of solvency;
risks of loss financial sustainability and independence;
risks of the structure of assets and liabilities.

The model for assessing the liquidity (solvency) risk of the balance sheet using absolute indicators is shown in Fig. eleven .

The order of grouping of assets and liabilities

The procedure for grouping assets according to the degree of speed of their transformation into cash

The procedure for grouping liabilities according to the urgency of fulfilling obligations

A 1. Most liquid assets

A 1 = page 250 + page 260

P 1. Most urgent commitments

P 1 = p. 620

A 2. Quick-selling assets

A 2 = page 240

P 2. Short-term liabilities

P 2 = line 610 + line 630 + line 660

A 3. Slowly realizable assets

A 3 = line 210 + line 220 + line 230 + line 270

P 3. Long-term liabilities

P 3 = line 590 + line 640 + line 650

A 4. Hard-to-sell assets

A 4 = page 190

P 4. Permanent liabilities

P 4 = p. 490

Liquidity state type

A 1 ≥ P 1 A 2 ≥ P 2

A 3 ≥ P; A4 ≤ P4

A 1< П 1 А 2 ≥ П 2 ;

A 3 ≥ P 3; A 4 ~ P 4

A 1< П 1 ; А 2 < П 2 ;

A 3 ≥ P 3; A 4 ~ P 4

A 1< П 1 ; А 2 < П 2 ;

A 3< П 3 ; А 4 >P 4

Absolute liquidity

Allowable liquidity

Disturbed liquidity

Crisis liquidity

Rice. 1 Model for assessing balance sheet liquidity risk using absolute indicators

An assessment of the risks to the financial stability of an enterprise is shown in Fig. 2.

Calculation of the amount of sources of funds and the amount of stocks and costs
1. Surplus (+) or shortage (-) of own working capital	2. Surplus (+) or lack (-) own and long-term borrowed sources of formation of stocks and costs	3. Surplus (+) or shortage (-) of the total value of the main sources for the formation of stocks and costs
± Фс = SOS - ЗЗ ± Fs = p. 490 - p. 190 - (p. 210 + p. 220)	± Фт = SDI - ЗЗ ± Ft = p. 490 + p. 590 - p. 190 - (p. 210 + p. 220)	± Фо = OVI - ЗЗ ± Fo = p. 490 + p. 590 + p. 610 - p. 190 - (p. 210 + p. 220)
S (Ф) = 1 if Ф> 0; = 0 if Ф< 0.

Financial condition type
± Fs ≥ 0; ± Ft ≥ 0; ± Фо ≥ 0; S = 1, 1, 1	± fs< 0; ±Фт ≥ 0; ±Фо ≥ 0; S = 0, 1, 1	± fs< 0; ±Фт < 0; ±Фо ≥ 0; S = 0, 0, 1	± fs< 0; ±Фт < 0; ±Фо < 0; S = 0, 0, 0
Absolute independence	Normal independence
Sources of cost recovery used
Own working capital	Own working capital plus long-term loans	Own working capital plus long-term and short-term loans and borrowings
Brief description of the types of financial condition
High solvency; The company does not depend on creditors	Normal solvency; Effective use borrowed money; High profitability of production activities	Violation of solvency; The need to attract additional sources; Possibility of improving the situation	Insolvency of the enterprise; Edge of bankruptcy

Assessment of the risk of financial instability
Risk-free zone	Zone of acceptable risk	Critical Risk Zone	Catastrophic risk zone

Assessment of the risk of the company's financial stability Fig. 2.

For enterprises engaged in production, a generalizing indicator of financial stability is the surplus or lack of sources of funds for the formation of stocks and costs, which is determined as the difference between the size of sources of funds and the amount of stocks and costs.

Assessment of liquidity and financial stability risks using relative indicators carried out by analyzing deviations from the recommended values. The calculation of the coefficients is presented in table. 12.

The essence of the methodology for a comprehensive (scoring) assessment of the financial condition of an organization is to classify organizations by the level of financial risk, that is, any organization can be assigned to a certain class depending on the number of points scored, based on the actual values of its financial ratios. The integral point assessment of the financial condition of the organization is presented in table. 3.

1st grade (100-97 points) - these are organizations with absolute financial stability and absolutely solvent.

2nd grade (96-67 points) - these are organizations of normal financial condition.

3rd grade (66-37 points) - these are organizations whose financial condition can be assessed as average.

4th grade (36-11 points) - these are organizations with an unstable financial condition.

5th grade (10-0 points) - these are organizations with a financial crisis.

Table 1. Financial liquidity ratios 2

Index	Calculation method		A comment
1. Overall liquidity ratio			Shows the ability of the company to carry out settlements for all types of obligations - both for short-term and long-term
2. Absolute liquidity ratio		L 2> 0.2-0.7	Shows what part of short-term debt the organization can pay off in the near future at the expense of Money
3. Coefficient of "critical appraisal"		Allowable 0.7-0.8; preferably L 3 ≥ 1.5	Shows which part is short urgent commitments organizations can be immediately repaid using funds in various accounts, in short-term securities, as well as receipts from settlements
4. Current liquidity ratio		Optimal - not less than 2.0	Shows what part of current loan and settlement liabilities can be repaid by mobilizing all working capital
5. Coefficient of maneuverability of functioning capital		A decrease in the indicator in dynamics is a positive fact	Shows what part of the functioning capital is immobilized in inventories and long-term receivables
6. Equity ratio		Not less than 0.1	Characterizes the availability of the organization's own circulating assets necessary for its financial stability

Table 2. Financial ratios used to assess the financial stability of the company 3

Index	Calculation method		A comment
1. Coefficient of autonomy		The minimum threshold is at 0.4. An excess indicates an increase in financial independence, an increase in the ability to attract funds from outside	Characterizes independence from borrowed funds
2. Ratio of the ratio of borrowed and own funds		U 2< 1,5. Превышение указанной границы означает зависимость предприятия от внешних источников средств, потерю финансовой устойчивости (автономности)	Shows how much borrowed funds the company has attracted for 1 ruble of its own funds invested in assets
3. Equity ratio		U 3> 0.1. The higher the indicator (0.5), the better the financial condition of the enterprise	Illustrates that the company has its own circulating assets necessary for its financial stability
4. Ratio of financial stability		U 4> 0.6. Decrease in indicators indicates that the company is experiencing financial difficulties	Shows how much of an asset is financed from sustainable sources

Table 3. Integral scoring of the financial condition of the organization 4

	Criterion		Conditions for lowering the criterion
	higher	lower	Conditions for lowering the criterion
1. Ratio of absolute liquidity (L 2)	0.5 and above - 20 points	Less than 0.1 - 0 points	For every 0.1 point decrease compared to 0.5, 4 points are deducted
2. Coefficient of "critical assessment" (L 3)	1.5 and above - 18 points	Less than 1 - 0 points	For every 0.1 point decrease compared to 1.5 points, 3 points are deducted
3. Current liquidity ratio (L 4)	2 and above - 16.5 points	Less than 1 - 0 points	For every 0.1 point reduction compared to 2 points, 1.5 points are deducted
4. Coefficient of autonomy (U 1 )	0.5 and higher - 17 points	Less than 0.4 - 0 points	For every 0.1 point decrease in comparison with 0.5, 0.8 points are deducted
5. Equity ratio (U 3 )	0.5 and above - 15 points	Less than 0.1 - 0 points	For every 0.1 point decrease compared to 0.5, 3 points are deducted
6. Ratio of financial stability (U 4 )	0.8 and above - 13.5 points	Less than 0.5 - 0 points	For every 0.1 points of decrease in comparison with 0.8, 2.5 points are deducted

Example

CJSC "Promtekhenergo 2000" - regional representative of CJSC "ZETO" ("Plant of electrical equipment"). ZETO, being one of the leading enterprises in Russia for the development and production of electrical equipment, has mastered more than 400 items of products for various needs of the electric power industry for more than 45 years of history.
To analyze the company according to the risk criterion, the reporting for 2004-2006 was used. on the basis of the "Balance Sheet" (Form No. 1) and the "Profit and Loss Statement" (Form No. 2). The analysis results are grouped into tables.
So, let's start with solvency (liquidity). The solvency of an enterprise characterizes its ability to timely settle its financial obligations due to the sufficient availability of ready-made means of payment and other liquid assets. Assessment of the risk of loss of solvency is directly related to the analysis of the liquidity of assets and the balance sheet as a whole (Tables 4-6).
By the type of balance sheet liquidity according to the results of 2004-2006 the enterprise fell into the zone of acceptable risk: current payments and receipts characterize the state of normal liquidity of the balance sheet. In this state, the enterprise has difficulties in paying liabilities in a time interval of up to three months due to insufficient receipt of funds. In this case, assets of group A2 can be used as a reserve, but additional time is required to convert them into cash. Assets group А 2 by the degree of liquidity risk belongs to the group of low risk, but at the same time the possibility of loss of their value, violation of contracts and other negative consequences is not excluded. Hard-to-sell assets of group A4 make up 45% in the structure of assets. They fall into the high risk category in terms of their degree of liquidity, which can limit the solvency of the enterprise and the possibility of obtaining long-term loans and investments.
Graphically, the dynamics of groups of liquid assets of the organization for the study period is shown in Fig. 3 (in thousand rubles).
One of the characteristics of financial stability is the degree to which stocks and costs are covered by certain funding sources. The risk factor characterizes the discrepancy between the required value current assets and the possibilities of own and borrowed funds for their formation (Tables 7, 8).
Table 4. Analysis of balance sheet liquidity in 2004

Assets

Absolute values

Specific gravity (%)

Passive

Absolute values

Specific gravity (%)

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

A 1< П 1 ; А 2 ≥ П 2 ; А 3 ≥ П 3 ; А 4 ~ П 4 . Предприятие попадает в зону допустимого риска.
Table 5. Analysis of balance sheet liquidity 2005

Assets

Absolute values

Specific gravity (%)

Passive

Absolute values

Specific gravity (%)

Payment surplus (+) or deficiency (-)

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

The most liquid assets А 1 (ДС + ФВкр)

Most urgent liabilities P 1 (accounts payable)

Quick-selling assets А 2 (accounts receivable)

Short-term liabilities P 2 (short-term loans and borrowings)

Slowly traded assets A 3 (stocks and costs)

Long-term liabilities P 3 (long-term loans and borrowings)

Hard-to-sell assets A 4 (non-current assets)

Permanent liabilities P 4 (real equity)

A 1< П 1 ; А 2 ≥ П 2 ; А 3 ≥ П 3 ; А 4 ~ П 4 . Предприятие попадает в зону допустимого риска.
Table 6. Analysis of balance sheet liquidity 2006

Assets

Absolute values

Specific gravity (%)

Passive

Absolute values

Specific gravity (%)

Payment surplus (+) or deficiency (-)

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

beginning of the year

the end of the year

The most liquid assets А 1 (ДС + ФВкр)

Most urgent liabilities P 1 (accounts payable)

Quick-selling assets А 2 (accounts receivable)

Short-term liabilities P 2 (short-term loans and borrowings)

Slowly traded assets A 3 (stocks and costs)

Long-term liabilities P 3 (long-term loans and borrowings)

Hard-to-sell assets A 4 (non-current assets)

Permanent liabilities P 4 (real equity)

A 1< П 1 ; А 2 ≥ П 2 ; А 3 ≥ П 3 ; А 4 ~ П 4 . Предприятие попадает в зону допустимого риска.

Rice. 3. Analysis of liquidity of CJSC "Promtekhenergo 2000"
Table 7. Calculation of coverage of inventories and costs using specific funding sources

Index

01.01.04

01.01.05

01.01.06

01.01.07

Inventories and costs

Own working capital (SOS)

Own and long-term borrowed sources

The total value of the main sources

A) Surplus (+) or shortage (-) of own working capital

B) Surplus (+) or lack (-) own and long-term borrowed sources of formation of stocks and costs

C) Surplus (+) or shortage (-) of the total value of the main sources of formation of stocks and costs

Three-component indicator of the type of financial situation, S

Table 8. Type of financial condition

Conditions

S = 1, 1, 1

S = 0, 1, 1

S = 0, 0, 1

S = 0, 0, 0

Absolute independence

Normal independence

Unstable financial condition

Crisis financial condition

Assessment of the risk of financial instability

Risk-free zone

Zone of acceptable risk

Critical Risk Zone

Catastrophic risk zone

As a result of the calculations, a conclusion can be drawn. At the end of the study period, stocks and costs are provided through short-term loans. 2004-2005 were characterized by absolute financial stability and corresponded to the risk-free zone. At the end of the analyzed period, the financial condition of the enterprise deteriorated, became unstable and corresponds to the critical risk zone. This situation is associated with a violation of solvency, but it remains possible to restore equilibrium as a result of replenishing equity capital and increasing its own working capital by attracting loans and credits, reducing accounts receivable.
In accordance with the calculated indicators of balance sheet liquidity in terms of risk assessment, it can be said that the total liquidity ratio (L 1 = 0.73) at the end of the study period does not fit into the recommended values, the absolute liquidity ratio (L 2) has a negative trend. The willingness and mobility of the company to pay short-term obligations at the end of the study period (L 2 = 0.36) is not high enough. There is a risk of non-fulfillment of obligations to suppliers. The coefficient of critical assessment (L 3 = 0.98) shows that the organization, in a period equal to the duration of one turnover of receivables, is able to cover its short-term liabilities, however, this ability differs from the optimal one, as a result of which the risk of default on obligations to credit institutions is in the zone permissible.
The current liquidity ratio (L 4 = 1.13) makes it possible to establish that, in general, there are no forecast payment options. The amount of current assets does not correspond to the amount of short-term liabilities. The organization does not have the amount of free funds and from the position of the interests of the owners in terms of the predicted level of solvency is in the zone of critical risk.
Table 9. Indicators of balance sheet liquidity

Index

2004 r.

2005 year

2006 year

Changes (+, -) 04–05

Changes (+, -) 05-06

1. General liquidity ratio (L 1)

2. Ratio of absolute liquidity (L 2)

L 2> 0.2-0.7

3. Coefficient of "critical assessment" (L 3)

L 3> 1.5 - optimal; L 3 = 0.7-0.8 - normal

4. Current liquidity ratio (L 4)

5. Coefficient of maneuverability of functioning capital (L 5)

A decrease in the indicator in dynamics is a positive fact

6. Coefficient of provision with own funds (L 6)

Table 10. Indicators of financial stability

Index

2004 r.

2005 year

2006 year

Changes (+, -) 04–05

Changes (+, -) 05-06

1. Ratio of financial independence (autonomy) (U 1)

2. Ratio of the ratio of borrowed and own funds (capitalization ratio) (U 2)

3. Coefficient of provision with own funds (U 3)

lower limit - 0.1 ≥ 0.5

4. Ratio of financial stability (U 4)

In terms of risk assessment, the following can be said:
2. Failure to comply with regulatory requirements for indicator U 3 is a signal for founders of an unacceptable amount of risk of loss of financial independence.
3. The values of the coefficients of financial independence (U 1) and financial stability (U 4) reflect the prospect of deteriorating financial condition.
Table 11. Classification of the level of financial condition

Financial condition indicator

2004 r.

2005 year

2006 year

Number of points

Actual value of the coefficient

Number of points

Actual value of the coefficient

Number of points

Let's draw conclusions.
2nd grade (96-67 points) - in 2004 the company had a normal financial condition. Financial indicators are quite close to optimal, but there is a certain lag in some ratios. The enterprise is profitable, it is in the zone of acceptable risk.
3rd grade (66-37 points) - 2005-2006 the company has an average financial condition. The analysis of the balance sheet reveals the weakness of certain financial indicators. Solvency is at the border of the minimum acceptable level, financial stability is insufficient. In relations with the analyzed organization, there is hardly a threat of loss of funds, but its fulfillment of obligations on time seems doubtful. The enterprise is characterized by a high degree of risk.
The results of the study by the risk criterion at the end of the study period are presented in table. 12.
It can be assumed that the rather unsatisfactory levels of risk of CJSC Promtekhenergo 2000 are associated with the active investment activities of the enterprise in recent times... The beginning of the study period was characterized by a fairly high level of surplus of own circulating assets (about 21 million rubles), at the end of the study period there is a deficit (12 million rubles). However, during the period of active growth and development of the enterprise, this situation is considered normal.
Table 12. Results of risk assessment of the company

Risk type

Design model

Risk level

Risk of loss of solvency

Absolute indicators of balance sheet liquidity

Zone of acceptable risk

Relative indicators of solvency

Zone of acceptable risk

The risk of loss of financial stability

Absolute indicators

Critical Risk Zone

Relative indicators of capital structure

Equity and financial stability ratios - high risk

Comprehensive assessment of the risk of financial condition

Relative indicators of solvency and capital structure

High risk area

1 Stupakov V.S., Tokarenko G.S. Risk management: Textbook. allowance. Moscow: Finance and Statistics, 2006.

3 Dontsova L.V. Analysis financial statements: Textbook / L.V. Dontsova, N.A. Nikiforov. 4th ed., Rev. and add. M .: Publishing house "Business and Service", 2006.

When summarizing the results of the analytical calculations, it is sometimes difficult to give overall assessment the level of financial stability. This is due to the fact that it is recommended to use and use many indicators to characterize it, some of which were discussed above. For many indicators there are no normative values or there are differences in the level of recommended standards. In addition, the analysis reveals multidirectional dynamics of individual indicators and deviations of their actual values from the established standards.

To overcome these difficulties, it is possible to apply the method of integral assessment of the financial condition 1, in which the multi-criteria method of assessing the financial condition is reduced to a single-criteria one.

IN practical work the method of integral score the degree of financial stability, which is based on the ranking of organizations (assignment to one of five classes) according to the level of risk of relationships with them associated with the loss of money or their incomplete return. At the same time, organizations assigned to a certain class are characterized by their stability as follows:

Class I - organizations with high financial stability. Their financial condition allows them to be confident in the timely and complete fulfillment of all obligations with an adequate margin in case possible error in management.

II class - organizations with a good financial condition. Their financial stability as a whole is close to optimal, but there is some lag in some ratios. There is practically no risk in dealing with such organizations.

IIIclass - organizations, the financial condition of which can be assessed as satisfactory. The analysis revealed the weakness of individual coefficients. In relations with such organizations, there is hardly a threat of loss of the funds themselves, but the fulfillment of obligations on time seems doubtful.

IV class - organizations with an unstable financial condition. They have an unsatisfactory capital structure, and their solvency (liquidity) is at the lower limit of acceptable values. They belong to organizations of special attention, because in the relationship with them there is a certain risk of loss of funds.

Vclass - organizations with a financial crisis, practically insolvent. The relationship with them is extremely risky.

The constituent elements the proposed methodology for the integrated scoring of financial stability are:

The system of basic coefficients (K 1? K 2, K 3, K 4, K5, K5, the content and calculation method of which were discussed above), characterizing the financial condition of the organization;

The rating of the coefficients in points, characterizing their significance in assessing the financial condition, the upper and lower boundaries of their values and the order of transition from upper to lower boundaries, necessary for attributing an organization to a certain class (rating, boundaries and order of transition are established by expert advice) - table. 12.15. Determination of the class of organizations by the level of values of indicators of financial condition is given in table. 12.16.

Based on the table. 12.16 and calculated in 12.5 and 12.6 actual values of the coefficients in table. 12.17 made an integral assessment of the stability of the financial condition. She showed that if at the beginning of the year the organization, the form No. 1 of the financial statements of which is given in table. 12.1, can be attributed with some stretch only to the III class, then the increase in the level of coefficients brought it closer to the II class at the end of the reporting period. Calculations based on the revised indicators make it possible to reliably classify an organization as class II, i.e. to the class of organizations with financial stability close to optimal, in relations with which there is practically no risk.

Of interest are others, different from the above-discussed rating assessment methods proposed by V.V. Kovalev and O.N. Volkova, as well as A.D. Sheremet, R.S. Saifulin and E.V. Negashev.

It should be noted that the need to assess the financial stability of organizations when determining the possibility of issuing loans to them has led to the development by almost every commercial bank of its own methodology for the integral assessment of the borrower's creditworthiness 1.

This assessment is based on:

The indicators selected by the bank, characterizing the most fully, in his opinion, the financial condition of the organization (along with the traditional indicators, profitability is usually included in the composition of indicators);

Calculation of the actual values of these indicators according to the methodology adopted by the bank and comparing them with the criterion level set by itself for each class of the borrowing organization. Moreover, the criterion levels are usually established differentially according to the branches of the national economy;

Determination of the number of points for each indicator and the total amount of points, which makes it possible to classify the organization, As a rule, to one of five classes of creditworthiness, which is understood as the ability of the client to timely and fully settle his obligations to the bank.

Basically, the characteristics of the creditworthiness of organizations belonging to each of the five classes are identical for banks:

The 1st class includes clients with a very stable financial position. The loans provided to them have a low degree of credit risk;

Table 12.17

integral assessment of financial stability

organization

P / p No.	Financial stability indicators	At the beginning of the reporting year	At the end of the reporting period
actual value	number of points	actual value	number of points
		0,23		0,99
	Quick (urgent) liquidity ratio (k5)	1,04		1,14
	Current liquidity ratio (K 6)	1,52		1,92
		0,60		0,74
		0,34		0,47
	Financial independence ratio in terms of reserves (k3)	1,26	13,5	1,31	13,5
	Total	X	50,5	X	71,5
updated indicators of financial stability
	Absolute liquidity ratio (K 4)	0,37		1,19
	Quick (urgent) liquidity ratio (k5)	1,49		1,23
	Current liquidity ratio (Kg)	1,62		1,97	1,5
	General financial independence ratio (Kj)	0,65		0,76
	Financial independence ratio in terms of current assets (K 2)	0,42		0,52
	Financial independence ratio in terms of reserves (K 3)	1,55	13,5	1,44	13,5
	Total	X	76,5	X	76,0

The second class includes clients with a fairly stable financial position. The loans provided to them have a low degree of credit risk, provided that the corporate category is sufficiently high. With a low corporate category, loans have a normal (acceptable) degree of credit risk;

The third class includes clients with a fairly stable financial position. The loans provided to them have a normal (permissible) degree of credit risk, and if the corporate category is high, it is low;

Clients with a satisfactory financial situation belong to the 4th class. The loans provided to them have a normal (acceptable) degree of credit risk, subject to a high corporate category or sufficiency of collateral;

The 5th class includes clients who are granted loans with a normal (acceptable) degree of credit risk, subject to a high corporate category and sufficiency of collateral. It should be noted that in almost all commercial banks, a client who does not carry out financial and economic activities or does not carry out it for more than six months (in the absence of movement of funds on current accounts) belongs to the 5th class of creditworthiness.

Consideration of banking methods for the integral assessment of the financial condition (creditworthiness) of organizations showed that, despite the general principles of their construction, they differ in the system of indicators, and in the procedure for calculating essentially identical indicators, and criterion boundaries, and rating values.

In connection with the above, important methodological tasks in the field of increasing the objectivity of the integral assessment of the stability of the financial condition are the development of an optimal system of indicators, a justified methodology for calculating them, as well as the establishment of their standard values, differentiated by individual industries and based on the values prevailing in the industry and taking into account the regulatory (normal) their values in countries with developed market economies. A serious attempt in this direction was made by the Ministry of Economy of Russia, which approved by its order of October 1, 1997 No. 118 Methodological Recommendations for the reform of enterprises (organizations).

However, these Methodological Recommendations lack a unified terminology in relation to the designation of indicators, contain many criteria, do not provide the calculation procedure and standards for many of them, and the method itself is cumbersome and logically incomplete, i.e. this document does not give specific recommendations for determining the average integral assessment, which makes it extremely difficult to carry out analytical work in practice.

It should be noted that the methods for assessing potential bankruptcy considered in 12.9 are, in fact, also methods of integral assessment of the financial condition of an organization.

In conclusion, it should be noted that currently:

First, in publications and official documents lack of unity in definition basic concepts related to financial condition;

Secondly, the recommendations of specialists in the field of financial analysis are very diverse both in terms of the system of indicators used and in the terminology used, and the instructions (recommendations) executive bodies the authorities are insufficiently systematic and not coordinated with each other;

Third, the possibilities of external and internal analysis are largely determined by analytical information that is constantly changing and improving;

Fourthly, the analysis of financial condition is rather complicated creative work, which requires knowledge of the methods of express assessments, external and internal analysis, operational and in-depth research, the ability to select the necessary minimum of indicators from the set of haphazardly proposed indicators, give them a systemic sound, reasonably apply standards, correctly assess dynamic changes, perform factor analysis, etc.

The above indicates that the methodology for analyzing the financial condition requires its constant further understanding and improvement.

test questions

1. What are the main tasks and areas of financial analysis?

2. What methods are used to analyze the financial condition?

3. What are the composition and content of financial statements, including each section of the sample of its forms?

4. What regulatory framework determines the content of the balance sheet items?

5. What is the composition of the system of basic indicators for assessing the financial condition?

6. What is the essence of express analysis of financial condition?

7. What is financial independence and what is the system of absolute and relative indicators that characterize it? What is the methodology for calculating them?

8. What are the criteria for assessing financial independence?

9.What is solvency and liquidity and what is their difference? What indicators are they characterized by and what is the method of calculating these indicators?

10. What are net assets and what is the methodology for calculating them?

11. What is meant by cash flows and what is the purpose of their analysis?

12. What factors determine the size of the final cash balance?

13. What indicators are used to assess the potential bankruptcy of an organization?

14. What is the factor-by-factor mechanism for the formation of retained earnings, reflected in the form No. 1 of the financial statements?

15. What is the procedure for calculating net profit in the form No. 2 of the financial statements?

16. What elements does it consist of borrowed capital and under what condition is its attraction effective?

17. What is the essence of calculating the effect financial leverage?

18. What is the composition of accounts receivable and what factors affect its value?

19. What is the composition of external and internal accounts payable and what indicators are used in its analysis?

20. What is meant by the current financial needs of the organization?

21. What are the main stages of the analysis of the state of settlements with the budget?

22. What is the purpose of the factor analysis of tax payments?

24. What is the system of indicators of the efficiency of using current assets?

25. For what purpose is an integral assessment of the stability of the financial condition made?

26. What determines the credit relationship between banks and organizations?

W Literature

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Keywords

FINANCIAL POTENTIAL/ FINANCIAL POTENTIAL / INTEGRAL ASSESSMENT/ INTEGRAL ESTIMATE / GRAPHIC ANALYSIS/ GRAPHICAL ANALYSIS / OIL AND GAS COMPANIES/ OIL AND GAS COMPANY

annotation scientific article on economics and business, the author of the scientific work - Aliev A.A., Solovieva M.G., Kachalina A.D.

Item. A set of theoretical, practical and methodological issues related to the determination of the financial condition of enterprises, based on the use of a group of relative indicators of companies. Goals. Getting a generalized integral assessment financial capacity companies in the oil and gas industry and building a graphical model to visualize the results of calculations. Methodology. Tools used graphical analysis, the theory of fuzzy sets and the Cartesian coordinate system for calculating general integral indicators characterizing the assessment of the company's financial condition. Results. The results of the assignment of ranks to each of the indicators were determined by calculating the corresponding weight coefficients based on the Fishburne criterion. The initial and normalized indicators are selected, on the basis of this, vector values are formed. Developed by integral assessment financial situation companies and built a graphical model that reflects the position of the resulting assessment. Zones corresponding to the financial condition of the company at a certain point in time have been identified. Scope of the results. The technique will be of interest to top management and investment companies focused on the oil and gas industry for comparative financial analysis of companies. The use of an integral indicator allows one to present generalized estimates. Conclusions. The main indicators for assessing the financial condition of an enterprise by forming an integral indicator were identified and graphic modeling of the results obtained, reflecting the financial condition of companies, was carried out.

Integral Estimation of the Company "" s Financial Condition

Subject This paper considers the theoretical, practical and methodological issues related to the definition of the financial condition of enterprises, based on the use of a set of relative indicators of companies. Objectives The paper aims to obtain a generalized integral assessment of the financial potential of oil and gas companies and build a graphical model for visual presentation of the results of calculations. Methods For the study, we used tools of graphical analysis, fuzzy set theory and Cartesian coordinate system for calculating common integrated indicators. Results The paper presents a developed technique of integral estimation of the financial position of the companies and a graphic model reflecting the received estimation position. It defines zones that correspond to the company "s financial situation at a particular point in time. Relevance The results obtained can be used in financial analysis of companies, as well as in the educational course on financial disciplines. The methodology offered can be of interest to top management and investment companies focused on the oil and gas industry, as well as during the comparative analysis of companies for scientific and educational purposes.

The text of the scientific work on the topic "Integral assessment of the financial condition of the enterprise"

pISSN 2071-4688 Financial Capital

INTEGRAL ASSESSMENT OF THE FINANCIAL STATE OF THE ENTERPRISE

Ayaz Aladdin oglu ALIEV3 ", Maria Gennadievna SOLOVIEVA *, Anastasia Dmitrievna KACHALINas

and Candidate of Economic Sciences, Associate Professor of the Department of Financial Management,

Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

orcid.org/0000-0003-1476-9702

SPIN: 8015-2460

ь student, Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

ORCID: none

SPIN code: absent

s student, Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

ORCID: none

SPIN code: absent

Article history: Abstract

Received 01/12/2018 Item. A set of theoretical, practical and methodological questions,

Obtained in a modified form related to the definition of the financial condition of enterprises, based on the form of January 26, 2018 using a group of relative indicators of companies.

Approved 02/09/2018 Objectives. Obtaining a generalized integral assessment of financial potential

Available online 02/27/2018 oil and gas companies and building a graphical model for visual

presentation of the results of calculations.

Methodology. The tools of graphical analysis, the theory of fuzzy sets and the Cartesian coordinate system were used to calculate the general integral indicators characterizing the assessment of the company's financial condition. Results. The results of the assignment of ranks to each of the indicators were determined by calculating the corresponding weight coefficients based on the Fishburne criterion. The initial and normalized indicators are selected, on the basis of this, vector values are formed. An integral assessment of the financial position of companies has been developed and a graphical model has been built that reflects the position of the resulting assessment. The zones corresponding to the financial condition of the company at a certain point in time have been determined.

Scope of the results. The methodology will be of interest to top management and investment companies focused on the oil and gas industry for comparative financial analysis of companies. The use of an integral indicator allows one to present generalized estimates.

Conclusions. The main indicators for assessing the financial condition of an enterprise by forming an integral indicator were identified and graphic modeling of the results obtained, reflecting the financial condition of companies, was carried out.

Please cite this paper as: Aliev A.A., Solovieva M.G., Kachalina A.D. Integral assessment of the financial condition of the enterprise // Finance and Credit. - 2018. - T. 24, No. 2. - P. 288 - 303. https://doi.org/10.24891/fc.24.2.288

Financial condition is a complex allocation of funds, real and potential concept and is characterized by a system of financial capabilities of the enterprise and indicators that reflect the availability and efficiency of their use.

UDC 336.64 JEL: G32, G34

Keywords:

financial potential, integrated assessment, graphical analysis, oil and gas companies

The relevance of the issue largely determined the development of various methods for analyzing the financial condition of enterprises, which are aimed at preparing information for the purpose of making management decisions, assessment of the financial condition and development of a strategy for managing the financial condition of enterprises.

Based on the analysis of scientific literature on the problem of assessing the financial condition of companies, a system of relative indicators has been formed. This system will make it possible to develop a methodology for the integral assessment of the financial condition using the example of companies in the oil and gas industry.

The criteria for assessing the financial condition of companies identified in the course of the critical analysis are based on indicators of financial stability, liquidity and profitability of enterprises (Table 1).

The method of integral assessment of the financial condition of companies involves taking into account the shortcomings of existing approaches and assessment methods. At the same time, the system is not only based on sectoral assessment, but should also take into account the assessment for individual large groups indicators of the financial and economic condition of enterprises.

In addition, for the integral assessment of the financial condition of companies, three groups of indicators were used: the company's profitability, financial liquidity and financial stability.

In a number of scientific works there are comments on the fundamental importance of profitability indicators in assessing the company's financial condition. The following indicators are used to assess the return on assets and sources of capital:

Return on sales ratio (ROS) - characterizes the amount of profit per unit products sold ;

Return on assets ratio (return on total capital, overall profitability of the enterprise) (ROA) - reflects the results of operations

enterprise, allows you to assess the ability of assets to generate profits regardless of sources of funds and indicates the level of competitiveness of the company;

The return on equity ratio (financial profitability) (ROE) - shows how efficiently the company uses equity capital or the income it receives on the monetary unit of its own funds.

In his works, E.A. Markaryan, G.P. Gerasimenko, in order to assess the company's liquidity, three main indicators are used:

Absolute (instant) liquidity ratio - shows that part of the current debt that the company can repay as of the balance sheet date in this moment or in the very near future. Standard value - 0.2 - 0.5;

Critical liquidity ratio - characterizes the part of the company's short-term liabilities, which can be repaid not only at the expense of cash and short-term financial investments, but also at the expense of expected receipts for services rendered. Standard value - 0.7 - 1;

Current liquidity ratio (general coverage ratio) - reflects the current financial condition of the organization and allows you to assess the adequacy of working capital, which can be used to pay off its short-term liabilities, that is, to what extent current liabilities are secured by similar assets of the organization. The normative value is 1-2.

The third group of indicators includes indicators of the company's financial stability. In the works of A.O. Nedosekina argues that the following indicators have the greatest weight in the system for assessing the financial condition of an enterprise:

The coefficient of autonomy (financial independence) - characterizes the degree of formation of the company's assets at the expense of

own funds, reflects the level of independence from external sources of financing activities. Standard value - 0.7;

Investment coverage ratio - shows the share of the company's property covered by long-term sources of its financing. Standard value - 0.75 - 0.9;

The interest coverage ratio shows the amount of the collateral of the paid interest on loans and credits by the received profit. The standard value is greater than 1.

The structure of assets of companies in the oil refining industry is focused on non-current assets, as a result of which they have lower liquidity and provide a sufficient level of profitability.

Financial profitability. As mentioned earlier, profitability indicators have great importance... But the most important is the profitability of sales, as it allows you to correctly interpret the data on sales. Useful for economic forecasts in conditions of a limited market size holding back sales growth.

Based on the calculation of the coverage ratio of investments and autonomy, it makes sense to use indicators of return on assets and equity, including to reflect the efficiency of using the assets of these companies and generating revenue, which in aggregate implies a higher rank of return on assets.

Financial liquidity... To compile the model, three liquidity indicators are used, which is associated with the need to impose a liquidity limitation as it decreases, as well as the use of an integral assessment in the model with the identification of areas corresponding to various financial conditions of the company at a certain point in time.

Due to the predominance of non-current assets in the structure of the balance sheet of companies

of the sector under consideration, it makes sense to distribute the ranks of the financial liquidity indicators in the order corresponding to the increase in liquidity. The normative values of financial liquidity have a bilateral limitation, which implies their limited use within the framework of the generalized indicator.

In the oil industry, the need for a constant availability of highly liquid assets is not a paramount task, unlike a number of other industries.

Financial stability. In this group, ranks occupy their position for a number of reasons. Oil production activities require large investments for the implementation of one project, based on which it is important to take into account the share of funds attributable to interest payments from operating profit.

The next value is the investment coverage ratio, which includes an assessment of liquidity and allows the investor to assess the situation in the company when own assets have low liquidity, financing of any investment project will seem risky to the investor and with a high degree of probability he will abandon this project.

The third indicator included in this group is the autonomy ratio, as it is the most general. At the same time, the ratio of equity capital to assets is not informative enough, since the companies of the oil refining industry in the balance sheet attach great importance to assets, moreover, to non-circulating assets, which is associated with the presence of a large number of pipelines, equipment for oil production and processing. Financial stability provides an assessment of the company's solvency, but in the case of unprofitable financial activities, this indicator loses its relevance.

Based on the above parameters, the main indicators were delineated in descending order of their weight in the assessment system, as well as

the allocation of ranks from 1 to 3 within each group of financial indicators, in aggregate, characterizing the financial condition of enterprises. The results of ranking indicators are presented in table. 2.

Suggestion to use method peer review, which consists in highlighting the most and least priority indicators of companies, is associated with the absence of a developed mechanism for differentiating indicators based on a scientific basis.

In the absence of a specific quantitative assessment of the significance of indicators, it makes sense to use the tools used in other scientific disciplines, one of which is the ranking of criteria according to the Fishburne rule.

The main provisions state that the only known information about the ratio of the significance of indicators is the following ratio:

Г1> г1 + 1> г1 + 2, (1)

where i is the rank of the coefficient or the ordinal number after ranking;

D - the significance of each criterion or the degree of its manifestation.

This provision makes it possible to identify the sequence of relations of the considered indicators in relation to each other. The quantitative characteristic of the r "-th criterion is determined by the following formula:

where N is the total number of ranks.

A prerequisite rationing of specific weights is:

In order to develop a methodology for the integral assessment of the state of companies, it is proposed to

considering three groups of indicators. This system, on the one hand, answers the question of what is the current financial potential of the company, on the other hand, it includes the most significant financial indicators of the state of the enterprise, which together makes it possible to ensure the complexity and completeness of assessing the financial condition at a certain point in time.

By applying relation (1) on the example of the identified indicators, the results of ranking the coefficients and their weight values are determined (Table 3).

Based on the obtained values of the specific weights for each of the assigned ranks, the values of the integral indicator1 were calculated for each separately taken time period in the period 2014-2016. for companies in the oil and gas sector, namely British Petroleum and Rosneft (Table 4).

As a result of calculations, three indicators were obtained for each company for 2014-2016. (Table 5).

As a result of calculations, the values of the integral indicator were revealed taking into account the weights by the Fishburne method. In order to graphically display the assessment of the financial condition of the company, the Cartesian coordinate system is selected. The abscissa represents the data obtained by the integral assessment; on the ordinate - the estimate obtained without taking into account the weights.

In order to build a model, values are calculated for groups of indicators without taking into account the specific weight by the Fishburne method (Table 6).

To determine the zones characterizing the financial condition, it is necessary to assess the normative values, taking into account the specific weight and without taking it into account. The data for determining the areas are given in table. 7 and 8.

Based on the obtained values, regions were formed, at the intersection of which a zone of absolute stability is formed (Fig. 1)

1 Data of the annual financial statements for 2014-2016. British Petroleum. Annual accounting data for 2014-2016 PJSC Rosneft.

As a result of the analysis, four zones were identified that reflect the financial condition of the company. The first zone has an interval on the abscissa:, on the ordinate:. The following zones were obtained by parallel transfer:

1) green - absolutely stable financial condition;

2) yellow - normal financial condition;

3) gray - zone of uncertainty;

4) red - the critical state zone.

Based on the data obtained, a model was built for the integrated assessment of the financial condition of BP and Rosneft, which is graphically presented in Fig. 2.

Based on the results of assessing the financial condition of companies for 2014-2016. revealed:

As regards Rosneft, it can be noted that the integral indicator entered the zone of absolute stability in 2014 and 2015. due to high profitability and interest coverage rates, as well as normal financial stability in 2016;

The integral indicator for British Petroleum falls into three different zones in the periods under review. The most critical condition was observed in 2015, according to the results of 201 6, the integral indicator was located in the intermediate zone.

Table 1

Systems of indicators for assessing the financial condition of companies

Indicator systems to assess the financial status of companies

Components of the financial assessment system Indicators

fortunes

Financial profitability Profitability ratio of sales

Return on assets ratio

Return on equity ratio

Financial liquidity Absolute liquidity ratio

Critical liquidity ratio

Current liquidity ratio

Financial stability Autonomy ratio

Investment coverage ratio

Interest coverage ratio

table 2

A system of indicators for assessing the financial condition of oil and gas companies and their rank within each group

The indicator system to assess the financial status of oil and gas companies and their rank within each group

Components of the assessment system Rank Indicators Rank

financial condition

Financial profitability 1 Profitability ratio of sales 1

Return on assets ratio 2

Own profitability ratio 3

capital

Financial liquidity 3 Absolute liquidity ratio 3

Critical liquidity ratio 2

Current liquidity ratio 1

Financial stability 2 Autonomy ratio 3

Investment coverage ratio 2

Interest coverage ratio 1

Table 3

Results of ranking coefficients and assigning weights

The results of ranking of ratios and assignment of weights

System of indicators Indicators that make up Rank Specific Rank Specific

evaluating the financial system evaluating the financial as a whole weight by inside weight by

company states company states Fishburne rule (r) groups Fishburne rule (r)

Profitability ROS 1 0.5 1 0.5

Financial Ratio of autonomy 2 0.167 3 0.167

sustainability Investment coverage ratio 2 0.333

Interest coverage ratio 1 0.5

Financial Ratio absolute 3 0.333 3 0.167

liquidity liquidity

Critical coefficient 2 0.333

liquidity

Current liquidity ratio 1 0.5

Source: Authoring

Table 4

Calculation of BP and Rosneft indicators based on the use of specific gravity according to the Fishburne rule

Calculation of the BP and Rosneft parameters through specific weights according to Fishburn "s rule

Index Rank Weight 2014 Intp. 2015 Intp. 2016 Intp.

Rosneft

ROS 1 0.5 0.108 0.05 0.137 0.069 0.133 0.066

ROA 2 0.33 0.074 0.03 0.078 0.026 0.065 0.022

ROE 3 0.17 0.116 0.02 0.123 0.02 0.06 0.01

Profitability - - - 0.1 - 0.115 - 0.098

Cal (absolute liquidity) 3 0.17 0.463 0.08 0.851 0.142 0.447 0.074

Kl (critical liquidity) 2 0.33 0.855 0.28 1.123 0.374 0.668 0.223

Ktl (current liquidity) 1 0.5 1.049 0.53 1.323 0.662 0.829 0.415

Liquidity - - - 0.89 - 1.178 - 0.712

Ka (autonomy) 3 0.17 0.33 0.06 0.309 0.051 0.338 0.056

KPI (investment coverage) 2 0.33 0.768 0.26 0.818 0.273 0.749 0.25

KPP (interest coverage) 1 0.5 6.494 3.25 4.046 2.023 2.791 1.395

Stability - - - 3.56 - 2.347 - 1.701

Profitability 1 0.5 0.098 0.05 0.115 0.058 0.098 0.049

Liquidity 2 0.17 0.887 0.15 1.178 0.196 0.712 0.119

Stability 3 0.33 3.558 1.19 2.347 0.782 1.701 0.567

Total - - - 1.38 - 1.036 - 0.735

ROS 1 0.5 0.002 0.01 -0.047 -0.023 -0.016 -0.008

ROA 2 0.33 0.003 0.01 -0.038 -0.013 -0.011 -0.004

ROE 3 0.17 0.033 0.01 -0.061 -0.01 0.002 0

Profitability - - - 0.01 - -0.046 - -0.011

Cal (absolute liquidity) 2 0.33 0.554 0.18 0.564 0.188 0.455 0.152

KL (critical liquidity) 1 0.5 1.083 0.54 1.021 0.511 0.86 0.43

Ktl (current liquidity) 3 0.17 1.372 0.23 1.28 0.213 1.162 0.194

Liquidity - - - 0.95 - 0.912 - 0.775

Ka (autonomy) 3 0.17 0.396 0.07 0.376 0.063 0.368 0.061

KPI (investment coverage) 2 0.33 0.776 0.26 0.791 0.264 0.778 0.259

KPP (interest coverage) 1 0.5 2.301 1.15 -4.78 -2.39 -0.509 -0.254

Stability - - - 1.48 - -2.064 - 0.066

Profitability 1 0.5 0.008 0.01 -0.046 -0.023 -0.011 -0.006

Liquidity 3 0.17 0.955 0.16 0.912 0.152 0.775 0.129

Stability 2 0.33 1.475 0.49 -2.064 -0.688 0.066 0.022

Total value - - - 0.65 - -0.559 - 0.146

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CALCULATION GRAPHICJOB

By discipline theoretical basics financial management

INITIAL DATA FOR PERFORMANCE OF RGR ON DISCIPLINE THEORETICAL BASES OF FINANCIAL MANAGEMENT. OPTION No. 22

integral assessment of financial condition

Index	Structure,%
Negotiableassets-Total
including:
Cash
Short-term fin. investments
Accounts receivable
of her buyers

Owncapital-Total
including:
Authorized capital
Undestributed profits
Borrowedcapital-Total
including:
Short-term loans
Accounts payable
from it to suppliers
long term duties
Income-Total
including:

Other income
Costs-Total
including:
Cost price
Business expenses
Administrative expenses
other expenses

1 . PREPARATION INITIAL DATA

The initial data for the performance of the work are the forms of financial statements: Form No. 1 Balance Sheet (Table No. 1) and Form No. 2 Profit and Loss Statement (Table No. 2). To prepare them, the data entered in the source data sheet in accordance with the option is used.

Table 1 - Initial balance sheet (at the end of the quarter)

	Amount, thousand rubles		Amount, thousand rubles
I Non-current assets - total		III Capital and reserves - total
		including:
II Current assets - total		Authorized capital
including:
		Undestributed profits
Receivables		IV Long-term liabilities - total
from it to buyers		V Short-term liabilities - total
		including:
		Short-term loans
Cash		Accounts payable
		from it to suppliers

Table 2 - Initial income statement (for the quarter)

	Index	Value, thousand rubles
	Incomeandcostsonordinarytypesactivities
	Proceeds from the sale of goods, products, works, services

	Gross profit (page 1-page 2)
	Business expenses
	Administrative expenses
	Profit (loss) from sales (p.3-p.4-p.5)
	Otherincomeandcosts
	Other income
	other expenses
	Profit(lesion)beforetaxation(p.6 + p.7-p.8)
	Income tax
	Netprofit(lesion)(p.9-p.10)

2 . GRADE INFLUENCES VARIOUS EVENTS ON THE INDICATORS ACCOUNTING BALANCE

The balance sheet reflects the state of assets and sources of financing of the enterprise at a certain point in time.

In this work, it is necessary to assess the impact on the balance sheet indicators of the following activities carried out during the reporting period (quarter):

1. Acquisition (without prepayment) and posting of raw materials and materials in the amount of 400 thousand rubles;

2. Obtaining a long-term bank loan in the amount of 300 thousand rubles;

3. Purchase of equipment for cash in the amount of 500 thousand rubles;

4. Payment by buyers for previously delivered products in the amount of 200 thousand rubles;

5. Attraction of a short-term bank loan in the amount of 100 thousand rubles;

6. Using a loan to pay bills of suppliers for raw materials and materials purchased earlier in the amount of 100 thousand rubles;

7. Payment wages in the amount of 250 thousand rubles.

The impact of each of the measures on balance sheet items is shown in Table 3.

Table 3 - The impact of various activities on the balance sheet indicators in thousand rubles.

Index	Base. var-t

INon-circulatingassets- Total
IINegotiableassets-Total
including:

Receivables
from it to buyers
Short-term financial investments
Cash
BALANCE
IIICapitalandreserves-Total
including:
Authorized capital
Undestributed profits
IVLong termcommitments-Total
VShort termcommitments-Total
including:
Short-term loans
Accounts payable
from it to suppliers
BALANCE

Each of the activities causes different changes in the balance items:

1) The amount of stock in the initial version is 5130 thousand rubles, and the debt to suppliers is 4560 thousand rubles. The first event held is related to the purchase of raw materials and materials on credit. At the same time, the size of stocks and accounts payable to suppliers will increase (this will also increase the total value of the company's short-term liabilities) by 400 thousand rubles. Inventories (Z) and debt to suppliers (KZ post), respectively, will be:

З = 5130 + 400 = 5530 thousand rubles.

KZ post = 4560 + 400 = 4960 thousand rubles.

2) The amount of cash is 1140 thousand rubles, and long-term liabilities are 2400 thousand rubles. The second activity is related to obtaining a bank loan. At the same time, the amount of cash (DS) and long-term liabilities (DO) of the company will increase by 300 thousand rubles:

DS = 1140 + 300 = 1440 thousand rubles.

DO = 2400 + 300 = 2700 thousand rubles.

3) Before the third event, the cost of non-current assets is equal to 15,500 thousand rubles, and the amount of cash is 1,440 thousand rubles. When purchasing equipment for cash, the following changes will occur: the cost of non-current (VA) assets will increase by 500 thousand rubles, and cash (DS) will decrease by the same amount:

VA = 15,500 + 500 = 16,000 thousand rubles.

DS = 1440-500 = 940 thousand rubles.

4) Accounts receivable to customers amounted to 2,755 thousand rubles, and cash - 940 thousand rubles. The fourth event is related to the payment by buyers for previously delivered products. At the same time, the amount of accounts receivable to customers (DZ pok) will decrease by 200 thousand rubles. (this will reduce the total amount of accounts receivable), and the amount of cash (DS) will increase by 200 thousand rubles:

DZ pok = 2755-200 = 2555 thousand rubles.

DS = 940 + 200 = 1140 thousand rubles.

5) Before attracting a short-term bank loan, the amount of funds was 1140 thousand rubles, and short-term loans were 2040 thousand rubles. After the implementation of the fifth measure, cash (DS) and the size of short-term loans (KSZ) increased by 100 thousand rubles:

DS = 1140 + 100 = 1240 thousand rubles.

KSZ = 2040 + 100 = 2140 thousand rubles.

6) The amount of cash was 1240 thousand rubles, and the amount of accounts payable to suppliers was equal to 4960 thousand rubles. After using a loan to pay suppliers' bills for raw materials and supplies previously purchased in the amount of 100 thousand rubles, cash (DS) and accounts payable to suppliers (as well as the total amount of accounts payable) decreased by 100 thousand rubles:

DS = 1240-100 = 1140 thousand rubles.

KZ post = 4960-100 = 4860 thousand rubles.

7) Before the payment of wages, the amount of cash was equal to 1140 thousand rubles, and the total amount of accounts payable was 7860 thousand rubles. After the implementation of the event, cash and the amount of accounts payable decreased by 250 thousand rubles:

DS = 1140-250 = 890 thousand rubles.

KZ = 7860-250 = 7610 thousand rubles.

The impact of all activities on balance indicators is reflected in the last column of Table 3 (after activity 7). These results represent the balance sheet.

3. CONDITION OF PROPERTY AND FUNDS OF THE ENTERPRISE

Quality control financial security

In order to assess the condition of the property and funds of the enterprise, a horizontal and vertical analysis of the balance sheet is carried out.

Horizontal analysis is an analysis of the rate of change of individual items over several periods. The characteristic of the dynamics of indicators can be represented by absolute or relative values. Vertical analysis is an analysis of the proportion of individual articles in the total.

The calculation results are summarized in Table 4.

Table 4 - Horizontal and vertical balance sheet analysis

Indicator name	Value by options, thousand rubles	Absolute change, thousand rubles	Coefficient of dynamics	Share by options,%	Off beats weight,%

INon-circulatingassets- Total
IINegotiableassets-Total
including:

Receivables
from it to buyers
Short-term financial investments
Cash
BALANCE
IIICapitalandreserves-Total
including:
Authorized capital
Undestributed profits
IVLong termcommitments-Total
VShort termcommitments-Total
including:
Short-term loans
Accounts payable
from it to suppliers
BALANCE

Based on the results of the calculations, it can be concluded that during the period under review, such balance sheet items as non-current assets, stocks, long-term liabilities, short-term loans and accounts payable to suppliers increased to a greater extent.

The revenue growth rate (1.04) is ahead of the enterprise asset growth rate (1.02) (data from table 8), which indicates an increase in the efficiency of the use of the company's resources as a whole. But it can be seen from the table that stocks increased faster than revenue (stock dynamics ratio is 1.08), which indicates a decrease in the efficiency of their use.

The structure of the property value reflects the specifics of the enterprise and its industry affiliation. The share of the company's current assets decreased from 38.00% to 37.13%, i.e. the mobility of enterprise assets as a whole has declined. Of the current assets during the reporting period, only the share of inventories increased, and the share of cash assets in the property of the enterprise decreased to a greater extent.

Based on the results of calculating the share of liabilities, it can be concluded that the financial dependence of the enterprise has increased, since the share of equity capital has decreased from 52.00% to 51.08%. During the reporting period, there was a significant increase in the share of long-term liabilities of the enterprise from 9.60% to 10.61%, and there was an increase in the share of accounts payable to suppliers by 0.86%.

The structure of assets and liabilities of the enterprise in the reporting and base period can be reflected graphically (Figure 1).

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Figure 1 - The structure of assets and liabilities of the enterprise in the reporting and base period

When assessing the sources of financing for the enterprise, it is recommended to adhere to the “principles of matching” financing: the direction of financing should be consistent with the nature of the assets. There are strict requirements for ensuring a number of financial proportions in the balance sheet of the enterprise, strict correspondence of individual elements of an asset and a liability (table 5).

Table 5 - The sequence of using sources to finance the assets of the enterprise


1. Non-current assets	1. Share capital 2. Retained earnings 3. Long-term liabilities
2. Current assets 2.1. Stocks	1. Share capital 2. Retained earnings 3. Long-term liabilities (to replenish working capital) 5. Short-term loans and borrowings 6. Accounts payable to suppliers
2.2. Receivables	1. Accounts payable to suppliers 2. Short-term loans and borrowings 3. Other payables
2.3. Short-term financial investments	1. Share capital 2. Retained earnings 3. Accounts payable
2.4. Cash	1. Share capital 2. Retained earnings 3. Loans and loans 4. Accounts payable

To assess the quality of financial support and build a matrix (chess) balance, we transform the standard balance into an intermediate one (Table 6).

Table 6 - Interim balance in thousand rubles


		reporting

1. Non-current assets
2. Current assets
2.1 Inventories
2.2 Accounts receivable
2.3 Short-term financial investments
2.4 Cash


1. Own funds
1.1 Share capital
1.2 Retained earnings
2. Borrowed funds
2.1 Long-term liabilities
2.2 Short-term loans and borrowings
2.3 Accounts payable to suppliers
2.4 Other payables

In order to draw up a chess balance, we construct a matrix in coordinates of assets and liabilities (table 7). We will transfer the data from the interim balance to the matrix, selecting the source of funding in accordance with the required sequence. The table in the numerator of the fraction reflects the value of the indicator in the base period, in the denominator - in the reporting period.

Table 7 - Matrix balance in thousand rubles.

	authorized capital	retained earnings	TOTALownfunds	long term duties	Short-term loans	Accounts payable to suppliers	Other payables	TOTALborrowedfunds	BALANCE



Non-circulatingassets	7800	5200	13000	2400	100			2500	15500
								3000
								5130	5130

Receivables								2945	2945
								2745
Short-term fin. investments								285	285
								285
Cash								1140	1140
								890
TOTAL turnover.assets	0	0	0	0	1940	4560	3000	9500	9500
	0	0	0	0		4860	2750	9450	9450
BALANCE	7800	5200	13000	2400	2040	4560	3000	12000	25000
									25450

After analyzing table 7, we can conclude that the quality of the company's financial support for the period under review has changed insignificantly: in the reporting period, the same sources of financing were used to finance assets as before.

Both in the base and in the reporting period, there was not enough equity and long-term liabilities to finance non-current assets, therefore, short-term loans were also attracted for these purposes, which indicates the irrational use of the company's capital. At the same time, in the reporting period, financing of non-current assets at the expense of short-term loans increased.

In the reporting period, as in the base period, only borrowed funds were used to finance reserves. But in the reporting period, the quality of inventory financing decreased slightly: a smaller part of the inventory in the reporting period was covered by short-term loans, for this more accounts payable to suppliers were attracted.

4. FINANCIAL RESULTS OF ACTIVITIES OF THE ENTERPRISE AND YATIA

The financial result of an enterprise is calculated as the difference between its income and expenses, therefore, the dynamics of income and expenses affects the value of the financial result.

Changes in some indicators of the enterprise's activity are reflected in table 8.

Table 8 - Additional initial data for determining the financial result in the reporting period (quarter)

Based on the data from table 2 and table 8, we will draw up a profit and loss statement for the reporting period, then we will conduct a horizontal and vertical analysis of financial results (table 9).

Table 9 - Horizontal and vertical analysis of financial results

Indicator name	Value by periods, thousand rubles	Absolute change, thousand rubles	Dynamics coefficient	Share by periods,%	Deviation beats weight,%
		Reporting				Reporting
Incomeandcostsonordinarytypesactivities
Proceeds from the sale of goods, works, products, services
Cost of goods, products, works, services sold
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales
Otherincomeandcosts
Other income
other expenses
Profit (loss) before tax
Income tax
Net income (loss)

As can be seen from table 9, in the reporting period, expenses increased faster than income, this led to a decrease in net profit by 3762 thousand rubles. The share of net profit in revenue decreased from 28.1% in the base period to 22.4% in the reporting period.

Graphical interpretation of the structure of income and expenses for ordinary activities in the reporting and base periods are shown in Figure 2.

Figure 2 - Structure of income and expenses by ordinary activities in the reporting and base period

In order to analyze the impact on profit from the sale of products of such factors as sales volumes, sales price, the cost of goods sold, selling and administrative expenses, as well as to assess the impact of other income and expenses on the net profit, the following indicators must be calculated:

The influence of changes in the volume of sales of products on the amount of profit from sales is determined by the formula:

where В 1, В 0 - proceeds from the sale of products, respectively, in the reporting and base periods, thousand rubles;

V c - change in proceeds from the sale of products under the influence of price, thousand rubles;

Р 0 - profitability of sales in the base period,%;

And - the price index, which is determined based on the initial data on the change in product prices.

Product prices increased by 2%, hence the price index was 1.02.

P 0 - profit from sales in the base period, thousand rubles.

In this case:

The influence of price changes on the amount of profit from sales is determined by the formula:

In this case:

The influence of changes in the cost of goods sold on the amount of profit from sales is determined by the formula:

where US 1, US 0 - the levels of the cost to the proceeds from the sale of products, respectively, in the reporting and base periods,%;

С 1 (0) - the cost of products sold in the reporting (base) period, thousand rubles.

In this case:

Since the share of the cost price in the revenue increased, it means that this factor had a negative impact on the profit.

The influence of changes in selling expenses on the amount of profit from sales is determined by the formula:

where УКР 1, УКР 0 - the level of commercial expenses to proceeds from the sale of products, respectively, in the reporting and base periods,%.

In this case:

As the share of selling expenses in revenues increased, this factor had a negative impact on profit.

The impact of changes in administrative expenses on the amount of profit from sales is determined by the formula:

where SDI 1, SDI 0 is the level of management costs to proceeds from the sale of products, respectively, in the reporting and base periods,%.

In the example:

As the share of administrative expenses in revenue increased, this factor had a negative impact on profit.

The influence of other income and expenses on the amount of profit can be determined by their absolute deviation. In the reporting period, other income decreased by 1,292 thousand rubles, therefore, profit decreased by this amount. Other expenses increased by 888 thousand rubles, which led to a decrease in profit by the same amount. Increase in income tax by 71 thousand rubles. also leads to lower profits.

The results of calculating the influence of factors on the profit from sales are shown in Table 10.

Table 10 - Calculation of the influence of factors on profit from sales and net profit

Indicator (factor)	Change in profit due to the influence of a factor, thousand rubles
Sales volumes
Prices for products sold
Cost of products sold
Business expenses
Administrative expenses
Profitfromsales	- 1511
Other income
other expenses
Income tax and other similar payments
Netprofit

Table 10 shows that the decrease in profit was largely influenced by the growth in production costs and administrative expenses. The increase in selling expenses also affected the decline in profits, but to a lesser extent. Net profit decreased significantly due to a decrease in profit from sales and other income, as well as an increase in other expenses.

5 . FINANCIAL CONDITION ENTERPRISES

The financial condition of an enterprise can be determined using indicators of liquidity and financial stability.

Liquidity indicators:

Liquidity indicators are determined by the ratio of current assets and short-term liabilities.

Let's calculate the liquidity indicators in the base case:

Overall Coverage Ratio:

The standard value of this coefficient is from 1 to 2, i.e. the calculated coefficient is slightly below the norm. This means that the enterprise does not have enough working capital to cover short-term liabilities.

Quick liquidity ratio:

The standard value is from 1 and above. The resulting value K CP = 0.46 (below the norm) indicates the need for constant work with debtors in order to ensure the possibility of turning the most liquid part of working capital into monetary form for settlements with its suppliers.

Liquidity ratio for fundraising:

Shows the degree of dependence of the company's solvency on inventories and costs in terms of the need to mobilize funds to pay off its short-term obligations. The obtained value of the coefficient corresponds to the norm (0.5-0.7).

The balance sheet items are influenced by various measures taken by the enterprise, therefore they are also reflected in the liquidity indicators. Table 11 shows how the measures discussed earlier affected the liquidity ratios.

Table 11 - Impact of various measures on liquidity indicators

According to table 11, it can be seen that as a result of the implementation of all measures, the overall coverage ratio has decreased. This is due to the fact that due to the growth of short-term loans and debts to suppliers, the size of the company's short-term liabilities increased, and current assets decreased due to a decrease in the amount of cash and receivables from customers.

The quick liquidity ratio also decreased due to the growth of short-term liabilities and a decrease in accounts receivable and cash.

The liquidity ratio during mobilization increased, since the stocks at the enterprise in the reporting period increased significantly.

The dynamics of liquidity indicators is presented graphically in Figure 3.

Figure 3 - Dynamics of liquidity indicators

Financial stability indicators:

Financial stability indicators are determined by the ratio of own and borrowed funds in the balance sheet liabilities: the greater the share of own funds, the higher the financial stability.

When calculating the coefficients, the indicator of own circulating assets is used, which characterizes the value of the company's own funds directed to financing circulating assets after covering non-circulating assets. In this case, the value of own circulating assets is determined as the difference between equity (capital and reserves) (SK) and non-current assets (VOA). It is also assumed that a long-term loan was attracted to replenish working capital.

Thus, in the basic version, the indicators of financial stability will be determined:

The ratio of borrowed and own funds:

The obtained value is higher than 0.7, this indicates the dependence of the enterprise on external sources and the loss of financial stability.

Equity ratio:

The calculated coefficient is much less than the standard value (lower limit of 0.1), which means the dependence of the financial policy of the enterprise on external sources and the unfavorable financial condition of the organization as a whole.

Maneuverability coefficient:

The norm for this coefficient is 0.2 - 0.5. The negative value of the coefficient shows the inability of the enterprise to maintain the level of its own working capital and replenish working capital, if necessary, at the expense of own sources.

If the activities carried out by the company are associated with a change in funding sources, then they affect the indicators of financial stability. The impact of the measures under consideration on the indicators of financial stability is reflected in Table 12.

Table 12 Influence of various measures on indicators of financial stability

Index	Basic variant	Post-event option

The ratio of borrowed funds and own funds
Equity ratio
Maneuverability coefficient

Thus, as a result of all the measures, the equity ratio has decreased, which indicates a decrease in the financial stability of the enterprise. This is due to an increase in non-current assets, which required the diversion of own funds, and borrowed sources were attracted to a greater extent to finance current assets. The value of the coefficient of maneuverability also decreased, and the value of the ratio of borrowed and own funds increased, this also indicates an increase in the financial dependence of the enterprise on external sources.

The dynamics of financial stability indicators can be presented graphically in Figure 4.

Figure 4 - Dynamics of financial stability indicators

6 . EFFICIENCY ACTIVITIES ENTERPRISES

The efficiency of an enterprise can be assessed using indicators of the intensity of resource use (profitability) and business activity. To calculate these indicators, it is required to compare the data of the profit and loss statement with the data of the balance sheet.

Profitability indicators:

Profitability indicators are determined by the ratio of profit and cost or revenue and characterize the profitability of the enterprise.

When calculating the return on net assets, the value of net assets can be determined by the formula:

where A is the amount of assets taken into account, thousand rubles.

О - the amount of liabilities taken into account, thousand rubles.

In the reporting period, the amount of net assets is:

CHA = 25450 - 2700 - 9750 = 13000 thousand rubles.

Return on net assets:

When calculating the profitability of goods sold, the total cost of production of goods sold should include the cost of goods sold, selling and administrative expenses. In the example under consideration for the reporting period, the amount of costs will be:

OZ = 30558 + 12305 + 9837 = 52700 thousand rubles.

The profitability of the sold products will be:

The rest of the profitability indicators in the reporting period will be determined:

Return on sales by net profit:

Return on sales by profit from sales:

Return on equity:

The results of calculating profitability indicators are summarized in Table 13.

Table 13 Profitability indicators,%

As can be seen from table 13 in the reporting period, all profitability indicators are decreasing, which indicates a decrease in the efficiency of the enterprise.

It is important to analyze the factors that influenced the change in profitability indicators.

The factor analysis of the return on equity (RK) is performed using the Du Pont formula:

where PE - net profit, thousand rubles;

SK - equity capital, thousand rubles;

In pr - proceeds from the sale of products, thousand rubles;

A - asset value, thousand rubles;

P pr - profitability of sales,%;

О А - assets turnover, coefficient;

K fz - the coefficient of financial dependence.

Total change in return on equity:

where is the change in the return on equity under the influence of changes in the profitability of sales, asset turnover, and the financial dependence ratio, respectively.

Sign "1" refers to the reporting period, sign "0" - to the period taken as the comparison base.

The results of assessing the influence of these factors on the return on equity are presented in Table 14.

Table 14 Factor analysis of the return on equity

Index	Period value	Change in indicator level	Influence of the factor on the profitability of the IC, paragraph
		reporting
Return on sales,%
Asset turnover, coeff.
Dependency ratio
Return on equity

According to table 14, it can be concluded that the return on equity decreased only due to a decrease in the return on sales with a slight acceleration in asset turnover and an increase in the level of financial dependence of the enterprise.

Business activity indicators:

Business activity (turnover) indicators can be presented in two versions:

1. The number of revolutions for the period (year, quarter) (O);

2. Duration of one revolution (days) (D).

These indicators are interrelated:

where T is the duration of the period under consideration (days). In this work, the quarter is taken as -90 days.

In the reporting period, business activity indicators are determined:

Working capital turnover ratio:

Equity capital turnover ratio:

Inventory turnover ratio:

Duration of inventory turnover:

Accounts receivable turnover ratio:

Duration of accounts receivable turnover:

Buyers' accounts receivable turnover ratio:

The duration of the turnover of accounts receivable from buyers:

Accounts payable turnover ratio:

Duration of accounts payable turnover:

The turnover ratio of accounts payable to suppliers:

Duration of turnover of accounts payable to suppliers:

Duration of the operating cycle:

Duration of the financial cycle:

The calculation results are summarized in Table 15.

Table 15 Indicators of business activity

Index	Period value
		reporting
Working capital turnover ratio
Equity capital turnover ratio
Inventory turnover ratio
Duration of inventory turnover, days
Accounts receivable turnover ratio
Duration of accounts receivable turnover, days
Buyers' accounts receivable turnover ratio
Duration of customer receivables turnover, days
Accounts payable turnover ratio
Duration of accounts payable turnover, days
The turnover ratio of accounts payable to suppliers
Duration of turnover of accounts payable to suppliers, days
Duration of the operating cycle, days
Duration of the financial cycle, days

After analyzing the data in Table 15, we can conclude that the turnover of enterprise resources has accelerated. The duration of the operating cycle in the reporting period decreased by 0.37 days, this was achieved mainly due to the acceleration of buyers' payments for products.

A graphical interpretation of the duration of the operating and financial cycles in the reporting and base periods is shown in Figure 5.

Figure 5 - The duration of the operating and financial cycles in the reporting and base period

7 . DEFINITION MEDIUM INTEGRAL ESTIMATES FINANCIAL - ECONOMIC CONDITIONS ENTERPRISES

To determine the average integral assessment of the financial and economic condition of the enterprise, it is necessary to evaluate all the analyzed indicators, for which they are divided into the first and second classes.

The first class includes indicators for which standard values are determined, these include indicators of liquidity and financial stability. The second class includes non-standardized indicators, for the assessment of which it is necessary to compare them with the corresponding indicators of other similar enterprises, industry average indicators, as well as analyze the trends in these indicators. This group includes indicators of turnover, profitability, characteristics of the structure of property, sources and state of working capital.

Several possible states of indicators of the 1st class are presented in table 16.

Table 16 - State of indicators of the first class

When analyzing the second group of indicators, it is advisable to assess trends in their change and identify their improvement or deterioration, i.e. determine the state of indicators:

"improvement" - 1;

"stability" -2;

"deterioration" -3.

To obtain a more objective assessment, it is necessary to compare the indicators of the first and second class (table 17).

Table 17 - Comparison of indicators of the first and second class

Based on this comparison, the financial condition of the enterprise is assessed. The analysis of indicators by class is presented in Table 18.

Table 18 - Analysis of financial indicators

Class, group, indicator	Indicator value by period	Main trend	Standard	State
		reporting
Indicators of the 1st class
1.Indicators of liquidity
1.1 Overall coverage ratio			slight deterioration
1.2 Quick liquidity ratio			deterioration
1.3 Liquidity ratio in fundraising			deterioration
2. Indicators of financial stability
2.1 The ratio of debt and equity			deterioration	less than 0.7
2.2 Equity ratio			deterioration	not less than 0.1
2.3 Maneuverability coefficient			deterioration
Indicators of the 2nd class
3.Profitability Indicators
3.1 Return on net assets by net profit,%			deterioration
3.2 Profitability of products sold,%			deterioration
4.Business indicators
4.1 Working capital turnover ratio			improvement
4.2 Ratio of equity capital turnover			improvement

Table 18 shows that most indicators of the first class are in state 2.3, and the state of indicators of the second class is different: profitability indicators are deteriorating, and business activity indicators are improving, but not so significantly. After analyzing the state of all indicators of the enterprise as a whole, it can be concluded that the average integral assessment of the financial and economic state of the enterprise is close to satisfactory, but still the enterprise has many problems, such as:

Insufficient liquidity, lack of liquid assets;

Dependence of the company on external sources and low financial stability;

The inability of the enterprise to replenish working capital, if necessary, from its own sources;

Decrease in profitability of sales and net assets of the enterprise.

The identified problems require appropriate financial solutions aimed at improving the financial situation of the enterprise.

LIST LITERATURE

1) Smirnova I.V., Igumnova T.N., Sukhanov G.G. Theoretical basis financial management: Methodical instructions to the implementation of control and settlement-graphic work - Arkhangelsk: Publishing house of ASTU, 2004. - 41 p.

2) Student work. General requirements and rules for registration. Organization standard. STO 01.04 - 2005. - Arkhangelsk: Arkhangelsk State Technical University, 2006.

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Odds group	Description and interpretation
Business ratios	Show the operational efficiency of the enterprise. Usually calculated based on items of working capital such as inventories, receivables or payables. A high inventory / sales ratio may indicate operational difficulties and a high probability of default
Coverage of obligations	Cash flow / interest ratio or some other measure of liabilities. High coverage of liabilities reduces the likelihood of default.
Growth variables	This usually includes revenue growth. These variables show the stability of the enterprise. The probability of default increases both in the case of rapid growth and in the event of a rapid decline.
Leverage ratios	Includes equity / assets ratio or liability / assets ratio. High leverage increases the likelihood of default.
Liquidity ratios	Includes the ratio of money and liquid securities / liabilities, current liquidity ratio. They show whether an entity's liquid assets are comparable to its assets or liabilities. High liquidity reduces the likelihood of default.
Profitability ratios	These include ratios that have in the numerator net income, net income minus extraordinary items, profit before tax, or operating income, and in the denominator, total assets, tangible assets, property, plant and equipment or revenues. High profitability reduces the risk of default
Enterprise size	Can be valued at total assets or revenues, restated at a specific base year price to ensure comparability. Large enterprises are less prone to defaults.

Group	Definition	Connection with f.1,2
Activity (A)	Accounts payable / revenue	Page 1520 f.1 / page 2110 f2 (12 months)
Coverage Obligations (LIs)	Operating income / Liabilities	Page 2200 f.2 / (page 1450 + page 1500 - page 1530); page 2200 ft.2 in 12m
Height (P)	Change in sales volume	(Page 2110 f.2) 1 / (Page 2110 f.2) 0 y-o-y or av0
Leverage (L)	Total equity / Total assets, Retained earnings / Current liabilities	Page 1300 f.1 / page 1700 f.1; page 1370 f.1 / page 1510 + page 1520 + page 1550
Liquidity (LC)	Cash and Cash Equivalents / Total Assets	Page 1240 ph. 1 + page 1250 ph. 1) / page 1600 ph. 1
Profitability (Profitability)	Return on assets (RoAA)	2 * p.2400ph.2 / [(p.1600ph.1) + (p.1600ph.1) 1] * 365 / Т **

Integral-point assessments of the financial stability of the enterprise. Integral assessment of the stability of the financial condition Integral method for assessing the financial condition of the enterprise

Example

annotation scientific article on economics and business, the author of the scientific work - Aliev A.A., Solovieva M.G., Kachalina A.D.

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Integral Estimation of the Company "" s Financial Condition

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1. General liquidity ratio (L 1)
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