The risk ratio is calculated as. Financial stability ratio (balance formula). Only in this case the organization can safely count

Financial analysis concept

The development of the economy at the state level acts as a guarantor of the stability of the life of its society and the formation of conditions for the growth of all macroeconomic indicators. Note that the construction of an economic system is closely related to a strong production sector, where the creation, distribution, as well as mutually beneficial exchange and consumption of various kinds of goods are carried out.

The real sector of the economy meets the needs of society for the necessary goods and services, and also brings in most of the country's budget revenues. The economy is built on many interrelationships between subjects, which constantly enter into various relationships with each other. At the same time, economic activity is always accompanied by a counter movement of funds, since there is a mutual settlement between the agents. Each of them seeks to make a profit, income or other benefit, usually expressed in monetary units. Thus, the financial component of the life of the state is an integral part of its stable functioning.

Remark 1

Financial analysis is one of the means of tracking and researching processes occurring in the system at any level of the organization. He deals with the study of financial stability, as well as the financial results of the activities of structural entities, in order to identify various deviations, trends and patterns.

Since the real sector is the basis of economic stability - the study and maintenance of the proper level of financial stability of enterprises is one of the priority areas in the management of organizations. Among the tasks of financial analysis are the following:

• calculation of the total values ​​of the object's activities;
• analysis of the financial condition, control over the stability and stability of the company;
• making changes to the management of the enterprise based on the received calculated data;
• making forecasts, as well as planning in the framework of the financial development of the company.

Monitoring financial changes at the level of an economic facility allows you to make timely changes in its activities, increase the efficiency of all departments, eliminate weak areas of work, and identify failures in the production process. Financial stability and production are closely related, they mutually influence each other. A high level of financial security and acceptable results of economic activity enhance the company's image, attract new more profitable investors, counterparties, and clients.

The essence of risks in the work of the enterprise

Property management is always fraught with risks. An entrepreneur carries out his activities in conditions of uncertainty, that is, there is always a risk of non-fulfillment of the drawn up plan, goals or objectives. In addition, the enterprise, as an open system, is influenced by various factors. They can be controlled and uncontrolled, related to the macroenvironment, as well as the meso- and microenvironment. Let's consider the most important of them:

1. Impact of political changes in the world and within the country. Changes in policy may result in lower profits for the company. This usually happens in countries with poorly developed legislation, low entrepreneurial culture. Political risk is an uncontrollable factor.
2. Impact of changes within the country. For example, a change in the political system, economic order, military action, any changes in the country's legislation. There may be a situation of termination of the contract between the subjects for reasons beyond their control, but only as a result of a change in the law.
3. Another uncontrollable factor is a natural and climatic cataclysm, which can lead to partial or complete destruction of the enterprise, or disruption of the production process.
4. Internal risks include production and technical risks as a result of which a violation of the process of creating a good may occur, a breakdown and suspension of the enterprise's activities may occur. All this leads to higher financial costs, lower sales and lower bottom line.
5. The risks associated with the work of personnel also have a strong impact on the work of the company. A low level of competence, lack of professionalism, fraud, espionage, erroneous management decisions and more can play a role.

Remark 2

Since the economic and financial type of activity are closely related to each other, the onset of any of the risks ultimately leads to monetary losses on the part of the entrepreneur. That is, any economic risk is associated with the onset of financial risk.

Financial risk indicators

The indicator of the onset of financial risk primarily determines the possibility of its occurrence, and also calculates the level of potential losses.

There is an acceptable level for financial risk, which shows the possibility of making a profit even in the event of a crisis situation. There is a critical risk in which losses exceed income. Catastrophic risk occurs when it threatens the entire business of an entrepreneur.

To determine financial risks, various methods are used, for example, they compare the statistical data of an enterprise with economic entities of a similar industry and operating principles. The management of the company can use the services of experts who will assess the business and determine the possible places of occurrence of risks. Also, on the basis of financial indicators, analytical work can be carried out aimed at identifying weaknesses in the work of the company.

The most accurate way to track negative trends in the work of the enterprise is possible by calculating the coefficients of financial indicators. Any company constantly monitors and examines indicators of overall financial stability and performance. Among them are:

1. Liquidity indicators (current, absolute, critical).
2. Financial solvency indicators.
3. Profitability indicators.
4. Indicators of business activity or the rate of turnover of the assets of the company.

The most important indicators are liquidity, which shows the rate of exchange of various types of company property for cash. The solvency of the enterprise is also always assessed, which determines the ability of the economic entity to calculate its short-term and long-term obligations without violating the date of the contract. If one of these indicators goes beyond the lower limit of the threshold value, then the company may become bankrupt, lose its assets, and may even be liquidated.

Remark 3

Thus, a constant study of the operation of the financial system of an enterprise allows you to prevent risks, reduce the consequences of their influence, or even eliminate them.

When an enterprise or company is created, many hope for a long, fruitful and efficient existence. But, alas, this is not always the case. And it is necessary to acquire external debts, and it happens that investments are needed. Thus, there is capital that does not belong to the owner of the enterprise. And along with it, financial risks arise. What it is? What does the financial risk ratio mean? Why is it considered, how is it interpreted?

What is called the Financial Risk Ratio?

To determine the level of potential problems, this indicator is considered. The financial risk ratio (leverage or attraction) indicates the ratio of funds attracted from external sources to own funds. It is a comparative tool that shows the potential level of freedom in decision-making, income distribution, as well as the possibility of attracting additional money for the needs of the enterprise.

Where is it used?

The financial risk ratio plays an important role in the bond, loan and credit markets. Moreover, it has a mutual application: it can be used by both an entrepreneur and a potential investor. For the owner of the company, the financial risk ratio shows the state of the enterprise (and the tendencies to change it - the features of development). Also, informing about it is very important from the point of view of planning the future.

For an investor, the financial risk ratio is an indicator of the stability of the enterprise. So, if we consider a company for which it is 0, we can say that everything was fine with it up to this point. But due to some reason or reasons, things have staggered, so a small financial aid will not interfere with the enterprise. But if the financial risk ratio has reached a value of 1 or even exceeded it, then there are two options:

1. Ignore this enterprise as such, which constantly needs fin. help. Probably, the situation will not change anytime soon.
2. Take advantage of the situation by supporting the company. After all, if it still goes bankrupt, then the investor will be able to claim production secrets, territory, buildings, equipment as payment of debts. If the company is of significant interest, then such a scheme looks very real.

But how, in fact, do you know the financial risk ratio? And for this it must be calculated.

How to calculate the financial risk ratio?

It may seem like it's awful to count something. Many economic formulas are a real headache. But not in this case. The balance sheet financial risk ratio is one of the simplest. Let's first take a look at the formula and then move on to explaining it.

K fr = ZK / SK

1. K fr is the financial risk ratio.
2. ZK is borrowed capital. Everything that was borrowed from a banking institution or invested by a separate legal entity or individual.
3. IC is equity capital. This includes all funds that belong to the actual owner / founder of the company, for which the financial risk ratio is calculated.

Interpretation of the obtained values ​​and application in practice

You have calculated the data, received some values ​​- what to do next? What allows us to say about the financial risk ratio? The formula has been used, and now the resulting figures need to be interpreted. This is required in order to assess the financial stability of the enterprise in the event of shocks. The coefficient depicts how many units of attracted funds are attributed to 1 money of your investments. The higher the indicator, the greater the dependence of the company on investors and external debts. The coefficient should be as small as possible. An indicator less than 0.5 is considered optimal. With a value of 1, the enterprise has significant financial risks, and a number of measures must be taken to correct the current situation.

Conclusion

It should be borne in mind that this ratio does not mean that the company is about to go bankrupt, even though it can reach values ​​of 2, 3 or 5. It simply indicates that in the case of some problems, capital flight or something similar to the work of the enterprise can be significantly stalled. For example, you can consider this option: the total capital of the company is 1000 rubles. 200 of them belong to the investor.

If he suddenly withdraws his money, then the remaining 800 will help him survive. But if the values ​​are changed? It is unlikely that 200 rubles will be enough for quality work. And it helps to understand the line when you can take money, and when you can't, the financial risk ratio. Although the balance sheet formula points to an acceptable margin, borrowing should be treated with caution - after all, someone else's money is taken, and for a short time, and their own money is returned in larger quantities and forever. Optimal action is to reduce the coefficient to zero.

To assess the financial stability of an enterprise in the long term, in practice, indicators (coefficient) of financial leverage are used.

Financial leverage ratio - represents the ratio of the company's borrowed funds to its own funds (capital). This coefficient is close to. The concept of financial leverage is used in economics in order to show that using borrowed capital, an enterprise forms financial leverage to increase the profitability of activities and return on equity capital. The financial leverage ratio directly reflects the level of financial risk of the company.

The formula for calculating the financial leverage ratio
Financial Leverage Ratio = Liabilities / Equity

Under liabilities, various authors use either the sum of short-term and long-term liabilities or only long-term liabilities. Investors and business owners prefer a higher leverage ratio because it provides a higher rate of return. On the contrary, creditors invest in enterprises with a lower financial leverage ratio, since this enterprise is financially independent and has a lower risk of bankruptcy. The financial leverage ratio is more accurately calculated not according to the balance sheets of the enterprise, but according to the market value of assets. Since the value of the company often the market value of assets exceeds the book value, which means that the level of risk of this company is lower than when calculated at book value.

Financial leverage ratio = (Long-term liabilities + Short-term liabilities) / Equity

Financial leverage ratio = Long-term liabilities / Equity

If we describe the financial leverage ratio by factors, then according to G.V. Savitskaya's formula will be as follows:

CFL = (Share of borrowed capital in total assets) / (Share of fixed capital in total assets) / (Share of working capital in total assets) / (Share of equity in current assets) * Maneuverability of equity)

Financial leverage effect
The leverage ratio is closely related to the leverage effect, which is also called the leverage effect.
The effect of financial leverage shows the rate of increase in the return on equity with an increase in the share of borrowed capital.

Effect of financial leverage = (1-Income tax rate) * (Gross profitability ratio - Average interest on a loan from the company) * (Amount of borrowed capital) / (Amount of equity capital of the company)

(1-Income tax rate) is a tax corrector showing the relationship between leverage and different tax regimes.

(Ratio of gross profitability - Average interest on a loan from an enterprise) represents the difference between the profitability of production and the average interest on loans and other obligations.

(Amount of borrowed capital) / (Amount of equity capital of the enterprise) is the ratio of financial leverage (leverage) characterizing the structure of the company's capital and the level of financial risk.

Standard values ​​of the financial leverage ratio
The standard value in domestic practice is the value of the leverage ratio equal to 1, that is, equal shares of both liabilities and equity.
In developed countries, as a rule, the leverage ratio is 1.5, that is, 60% of borrowed capital and 40% of equity.

If the coefficient is greater than 1, then the company finances its assets at the expense of borrowed funds from creditors, if it is less than 1, then the company finances its assets at its own expense.

Also, the normative values ​​of the financial leverage ratio depend on the industry of the enterprise, the size of the enterprise, the capital intensity of production, the period of existence, the profitability of production, etc. Therefore, the coefficient should be compared with similar enterprises in the industry.

High values ​​of the financial leverage ratio can be found in enterprises with a projected cash flow for goods, as well as for organizations with a high proportion of highly liquid assets.

The financial stability ratio shows how stable the position of the company is and whether it faces any financial problems in the near future. The financial stability ratio can be used to judge how many long-term and sustainable sources of financing for business activities a company has.

What does the financial soundness ratio show?

The financial soundness ratio demonstrates the extent to which the company's assets are financed from reliable and long-term sources. That is, it shows the share of sources for financing its business activities that the company can attract on a voluntary basis.

Analyzing the financial stability ratio, the formula of which will be given below, we can say that the closer its value to 1, the more stable the company's position, since the share of long-term funding sources is much higher than short-term ones. An ideal value of 1 indicates that the company does not attract short-term funding sources, which, however, is not always economically correct.

Financial stability ratio - balance sheet formula (data from Form 1):

Kfinu = (p. 1300 + p. 1400) / p. 1700.

If we decipher the row indicators, the formula will look like this:

Kfinu = (Ksob + Obds) / Pbsch,

where: Kfinu - coefficient of financial stability;

Ksob - equity capital, including available reserves;

OBDS - long-term loans and credits (liabilities), the term of which is more than 1 year;

Total - total for liabilities (otherwise - balance currency).

Since the value of line 1700 of the balance sheet is made up of the total values ​​of lines 1300, 1400 and 1500, and line 1500 are short-term liabilities, we can say that a coefficient close to 1 shows how little the company has attracted short-term loans. A low share of short-term borrowing is precisely what is called financial stability.

The normative value of the financial stability ratio

Acceptable value for stable economic activity financial soundness ratio- in the range from 0.8 to 0.9. This is the normative value.

The value of the coefficient exceeding 0.9 indicates the financial independence of the company. In addition, it also suggests that the analyzed enterprise will remain solvent in the long term.

Risky ratios of the organization's financial soundness

Note! If the ratio is more than 0.95, this may indicate that the company is not using all the available opportunities for business expansion, which can be provided through “fast” sources of financing. Very often, such a company's credit policy (not to attract short-term loans) indicates ineffective management.

If the financial soundness ratio dropped below 0.75, this should be a very alarming signal for the company. This situation may indicate the emergence of the risk of chronic insolvency of the company, as well as its falling into financial dependence on creditors.

What are the coefficients of financial stability of the enterprise

To assess the dependence for each component of the company's assets and property as a whole, various financial stability ratios are used. Depending on the formulas and the analytical component, simple and complex coefficients are distinguished.

1. The simplest coefficients of financial stability are those that determine the degree of autonomy of the company. They do not take into account the structure of assets and liabilities. The very essence of the value of autonomy (financial independence) reflects the Kfn coefficient, which shows the concentration of equity capital.

It is calculated by the formula:

Kfn = p. 1300 / p. 1600.

Its standard value is in the range of 0.5-0.7.

2. Another group (taking into account the capital structure and the type of loans) includes the coefficient that determines the financial dependence of the company. It is calculated by the formula:

Kfinz = (Obds + Obks - Duch + Dbud + Rpr) / Pbsch,

where: Obds - long-term loans and credits (liabilities);

OBX - short-term loans and liabilities;

Duch - debts to the participants;

Дбуд - incomes expected in the future;

Рпр - reserves of expected expenses;

Total - total liabilities.

The balance formula will look like this (line numbers from Form 1 are given):

Kfins = (p. 1400 + p. 1500 - p. 1450 - p. 1530 - p. 1540) / p. 1700.

The standard value for this coefficient will be 0.5, and the recommended value will be 0.8.

3. The ratio of the ratio of borrowed and own funds (Kszs) will give the most realistic assessment of the company's financial stability. He will indicate how many rubles borrowed from creditors fall on 1 ruble. own funds.

Its balance formula looks like this:

Kszs = (p. 1400 + p. 1500) / p. 1300.

The standard value for this coefficient will be a number less than 0.7. The dynamic growth of the indicator will indicate that the company's dependence on creditors is increasing.

4. The coefficient of maneuverability of its assets (Kman) will indicate how much of its own funds is in circulation. Its standard value is in the range of 0.2-0.5. It is calculated using the following formula:

Kman = (Ksob - Vna) / Ksob,

where: Ksob - equity, including available reserves;

Вна - the total value of non-current assets.

Or by balance:

Kman = (p. 1300 - p. 1100) / p. 1300.

5. The ratio of current and non-current assets (Ksova) indicates the number of rubles of non-current assets per 1 ruble. negotiable.

Ksova = p. 1200 / p. 1100.

There is no normative value for this indicator.

6. Coverage ratio of working capital (Kpokr) by their sources of financing. Its normative value must be greater than 0.1. The formula is as follows:

Kpokr = (Ksob - Vna) / Both,

where: Both are current assets.

Or by balance:

Kpcr = (p. 1300 - p. 1100) / p. 1200.

7. Coefficient of provision of reserves with own funds (Kobzs) has a normative value, which should be in the range of 0.6-0.8. Determined by the formula:

Kobzs = (Ksob + Obds - Vna) / Stocks.

Or by balance:

Kobzs = (p. 1300 + p. 1400 - p. 1100) / p. 1210.

Outcomes

The essence of the financial stability ratio is that with its help a company can determine its dependence on creditors and learn about its solvency. This indicator needs to be calculated regularly. For this, data is taken from the balance sheet.

Knowing the current state of the company's financial strength will help it draw up a financial and business plan for the next year. In addition, the company will be able to more competently build its credit policy in accordance with the goals set and the current financial situation.

The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise, and, consequently, the loss of financial independence. If its value decreases to one, it means that the owners fully finance their enterprise.

Financial Risk Ratio shows the ratio of borrowed funds and equity capital. The calculation of this indicator is made according to the formula:

This ratio gives the most general assessment of financial stability. It has a rather simple interpretation: it shows how many units of borrowed funds are for each unit of own funds. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, that is, a decrease in financial stability, and vice versa.

The optimal value of this coefficient is greater than or equal to 0.5. The critical value is 1.

Equity capital flexibility ratio. This indicator shows what part of own working capital is in circulation, that is, in the form that allows you to freely maneuver these funds, and what is capitalized. The ratio should be high enough to provide flexibility in the use of the company's own funds.

The coefficient of maneuverability of equity capital is calculated as the ratio of the company's own working capital to its own sources of financing:

The value of the equity capital can be obtained directly from the balance sheet liability, as for such a common absolute indicator as the value own working capital , then its calculation needs a comment. This indicator characterizes that part of the company's equity capital, which is the source of coverage for its current assets. This indicator can be calculated in two ways:

1) deduct the cost of non-current assets from the amount of equity:

Ksob = IP - IA = p. 380 f. 1 - p. 080 f. one;

2) deduct the amount of borrowed capital from the amount of current assets:

Ksob = (IIА + IIIА) - (IIП + IIІП + IVП + VP) = (page 260 f. 1 + page 270 f. 1) - (page 430 f. 1 + page 480 f. 1 + page 620 f. 1 + p. 630 f. 1).

Thus, the formula for calculating the coefficient of maneuverability takes the following form:

This indicator can vary significantly depending on the capital structure and industry sector of the enterprise. A situation is considered normal in which the coefficient of maneuverability in dynamics slightly increases. A sharp increase in this coefficient cannot indicate the normal operation of the enterprise. This is due to the fact that an increase in this indicator is possible either with an increase in its own working capital, or with a decrease in its own sources of financing. In this regard, a sharp increase in this indicator will automatically cause a decrease in other indicators, for example, the ratio of financial autonomy, which will lead to an increase in the company's dependence on creditors.

To determine the optimal value of the coefficient of agility, it is necessary to compare this indicator for a specific enterprise with the average indicator for the industry or competitors.

The calculation of the capitalization ratios for the analyzed enterprise is presented in table. 6.

The higher the level of the first indicator and the lower the second and third, the more stable the financial position of the enterprise. In our case, during the reporting period, the coefficient of financial autonomy of the enterprise decreased by 7.07 percentage points and the indicator of the enterprise's dependence on external investors and creditors increased by the same amount. Such dynamics of indicators of financial autonomy and financial dependence in this case is not a negative trend, since the initial values ​​of these indicators for the analyzed enterprise were at a fairly high level.

For each hryvnia of the company's own funds at the beginning of the reporting period, there were 0.016 hryvnia of borrowed funds, at the end of the reporting period - 0.0951 hryvnia. This once again confirms the fairly high level of financial stability of the enterprise.

At the same time, this enterprise is distinguished by a low level of maneuverability of its equity capital. This is due to the high share of own funds in the structure of the company's liabilities. The positive moment is the increase in the value of this coefficient in dynamics.

It is very important for an enterprise to find the optimal ratio of the coefficient of financial autonomy and the coefficient of maneuverability of equity capital, or, in other words, the ratio of equity and debt capital.

And now let's move on to considering the coverage ratios, which, like the capitalization ratios, play an important role in assessing the financial stability of an enterprise. The most significant coefficients in this group, in our opinion, are the following.

Coefficient of the structure of coverage of long-term investments. The calculation logic for this indicator is based on the assumption that long-term loans and borrowings are used to finance the acquisition of fixed assets and other capital investments:

The coefficient shows what part of fixed assets and other fixed assets is financed by external investors. An increase in the coefficient in dynamics indicates an increase in the company's dependence on external investors. At the same time, financing capital investments from long-term sources of financing is a sign of a well-developed enterprise strategy. This indicator can be interpreted in different ways, it depends, first of all, on the subjects of the analysis. For banks and other investors, the situation is more reliable, in which the value of this ratio is lower. As for the enterprise, from its position, a higher value of this indicator is a sign of normal functioning.

At the analyzed enterprise at the beginning of the reporting period, all non-current assets were financed from its own funds. By the end of the year, the situation changed somewhat: about 4.1% (150: 3663.7) of the value of fixed assets was financed from borrowed funds.

Coefficients of the structure of long-term sources of financing. When determining the value of these indicators, only long-term sources of funds are taken into account. This subgroup includes two complementary indicators: long-term borrowing ratio and financial independence ratio of capitalized sources , calculated by the formulas:

The sum of these indicators is equal to one. The growth of the Kdpzs coefficient in dynamics is, in a certain sense, a negative trend, meaning that from a long-term perspective, the company is increasingly dependent on external investors. There are different opinions regarding the degree of attraction of borrowed funds in foreign practice. The most common opinion is that the share of equity capital in the total amount of long-term financing sources (Kfnki) should be large enough, with the lower limit indicated at the level of 0.6 (60%). At a lower level of this indicator, the return on equity will not meet the recognized optimal values.

At the same time, creditors are more willing to invest in a company with a high share of equity capital.

In our case, at the beginning of the year, the Kdpzs coefficient was equal to zero, since the enterprise had no long-term liabilities. This, on the one hand, characterized a high degree of financial stability of the enterprise, and on the other hand, it indicated an insufficiently thought out financial strategy of the enterprise, and, as a consequence, reduced the level of profitability of the enterprise's equity capital. At the end of the year, the value of these coefficients was as follows: Kdpzs = 0.039, Kfnki = 0.961.

Such dynamics of these indicators in this case is a positive trend, as it indicates a more rational approach to the formation of the financial strategy of the enterprise.

An important indicator that characterizes the financial stability of an enterprise is the type of funding sources for material working capital.

The material working capital of the enterprise is represented by inventories, the value of which is reflected in the second section of the balance sheet asset. The quantitative value of this indicator is determined by summing up data on the following balance sheet items: production stocks, animals for growing and fattening, work in progress, finished products, goods. The formula for calculating the value of the material working capital of an enterprise can be presented as follows:

3 = p. 100 f. 1 + p. 110 f. 1 + p. 120 f. 1 + p. 130 f. 1 + p. 140 f. one.

To characterize the sources of the formation of material working capital (stocks), several indicators are used, which characterize the types of sources.