Financial stability of the company: problems and solutions. Problems of ensuring the financial stability of an enterprise

Bazyuk Natalia Yurievna, applicant, senior lecturer of the Department of Economics, Kostanay branch of Chelyabinsk State University, Kostanay, Russia

Kremsal Galina Anatolevna, 5th year student, specialty “Finance and Credit”, Kostanay branch of Chelyabinsk State University, Kostanay, Russia

Ways to increase an enterprise financial stability of on the basing on the assessment of its financial state

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Annotation:

The relevance of the work is determined by the essence of financial stability, the main factors and mechanisms for increasing its indicators at the present time, which is not only theoretical, but also of significant practical interest for study.

JEL classification:

In the Republic of Kazakhstan, in a market economy, at the stage of active development of investment and innovation projects and laws, the problem of financial sustainability of enterprises is especially relevant.

When performing the work, various techniques and methods of analysis were used: review and study of literary sources, economic and statistical analysis, horizontal and vertical analysis, coefficient analysis, comparative analysis, trend analysis.

Assessment of the financial stability of an enterprise using the example of Avtodom TST LLP

Limited Liability Partnership "Avtodom TST" is a legal entity as a small business entity under the legislation of the Republic of Kazakhstan.

The partnership is a commercial organization, has civil rights and bears responsibilities related to its activities. Avtodom TST LLP has a seal, an independent balance sheet, bank accounts, forms with its name.

The Avtodom company was founded in April 2000.

The company organizes cargo transportation using its own car carriers and supplies new cars.

The analyzed enterprise does not receive a stable profit; the dynamics of sales income and profit of the enterprise are presented in Table 1.

Table 1. Dynamics of sales income and profit of Avtodom TST LLP

for 2010-2012, thousand tenge

Indicators	At the end of 2010			Deviation (+,-)		Growth rate, %
Income from sales, etc.
Profit, etc.
Return on sales, %

In the period from 2010 to 2011, the company received significant profit, and from 2011 to 2012 there was a sharp decline in sales income and, accordingly, profit, which was reflected in the growth rate of sales income and profit for the corresponding period.

In 2011 the value intangible assets was 0.4, and in 2012 there was an increase in intangible assets by 10.4 thousand tenge and amounted to 10.8 thousand tenge. Fixed assets also play an important place in the enterprise. The main indicators of the efficiency of use of fixed assets are presented in Table 2.

Based on the data in the table, it can be seen that during the analyzed period the value of fixed assets is gradually increasing: in the period from 2010 to 2011 it increased by 107.9 and amounted to 3343 thousand tenge; in the period from 2011 to 2012, the value of fixed assets increased by 689.7 thousand tenge and amounted to 4032.7 thousand tenge.

Table 2. Analysis of the efficiency of use of fixed assets of Avtodom TST LLP for 2010-2012

Indicators	At the end of 2010	At the end of 2011	At the end of 2012	Deviation, (+,-)		Growth rate, %
Income from sales, etc.
Fixed assets, etc.
Capital productivity
Capital intensity
Average number of employees, people.
Capital-labor ratio, etc.
Net profit, t.t.
Capital return, %

Source: Explanatory note of Avtodom TST LLP

As a result, changes occurred in the dynamics of capital productivity and capital intensity. In the period from 2010 to 2011, capital productivity increased slightly by 1.5 points, and from 2011 to 2012, capital productivity decreased by 2.59 points. At the same time, there is a change in capital intensity; from 2010 to 2011, capital intensity decreased by 22 percent, and in the period from 2011 to 2012 it increased by 0.011 points. Labor productivity is an important indicator for the sustainable financial condition of an enterprise. The analysis of labor productivity of Avtodom TST LLP for 2011-2012 is presented in Table 3.

Table 3. Analysis of labor productivity of Avtodom TST LLP

Indicators	At the end of 2010			Deviation		Growth rate, %
Income from sales, etc.
Average number of employees, people
Average annual output per employee, i.e.

The average annual output of one employee at Avtodom TST LLP for 2010-2011 decreased by 137.62 thousand tenge and amounted to 1426.18 thousand tenge. In the period from 2011 to 2012, the average annual output per employee also tends to decrease; it decreased by 112.73 thousand tenge and amounted to 1313.45 thousand tenge at the end of 2012. From 2010 to 2011, sales income increased by 32.65 percent and amounted to 22,818.8 thousand tenge. However, between 2011 and 2012, sales income decreased significantly. The adjusted amount of income from sales amounted to 17074.9 thousand tenge.

Table 4. Analysis of the asset structure of Avtodom TST LLP for 2010-2012

Indicators
	Amount, t.t.		Amount, t.t.		Amount, t.t.
Current assets
Including: cash
short-term receivables
Long-term assets
Balance currency

Source: Financial statements of Avtodom TST LLP

The table shows that there were significant changes in the balance sheet of the enterprise, in particular in the structure of assets. In 2011, the share of short-term assets increased sharply due to an increase in production volumes and amounted to 10,225.5 thousand tenge, but by 2012 their share in the structure of assets was falling.

The company's reserves increased slightly, the growth was 23.74 percent from 2010 to 2012, which is equal to 7338.5 thousand tenge, and 0.9 percent in the period from 2011 to 2012, which is equal to 7404.6 thousand tenge. This can be assessed as a positive phenomenon, since the company has increased inventory up to the standard value. The value of long-term assets in the period from 2010 to 2011 increased by 445.3 thousand tenge or by 12.77 percent, and from 2011 to 2012 long-term assets increased by 368.7 thousand tenge or by 9.37 percent. These changes are associated with changes in the value of fixed assets and intangible assets.

An analysis of the structure of sources of financing for the activities of Avtodom TST LLP for 2010-2012 is carried out in Table 5.

Table 5. Analysis of the structure of obligations of Avtodom TST LLP for 2010-2012

Indicators	At the end of 2010		At the end of 2011		At the end of 2012
	Amount, t.t.		Amount, t.t.		Amount, t.t.
Short-term liabilities
long term duties
Balance currency

Source: Financial statements of Avtodom TST LLP

Long-term liabilities of the enterprise from 2010 to 2011 increased by 1033.6 thousand tenge and amounted to 1187.9 thousand tenge by the end of 2011. But in the period from 2011 to 2012 there were sharp changes in long-term liabilities, they decreased by almost half and amounted to 623.6 thousand tenge, the value of short-term liabilities increased by 41.25 percent and amounted to 1983.1 thousand tenge, which indicates a positive credit history of the enterprise.

Table 6. Return on current assets ratio of Avtodom TST LLP

Profitability indicator				Changes (+,-)		Growth rate, %

Source: Financial statements of Avtodom TST LLP

1. Between 2010 and 2011 there was a slight increase in the profitability ratio working capital by 3.94 percent and the figure at the end of 2011 was 19.57 percent, which was reflected in the growth rate, which also increased by 25.21 percent.
2. From 2011 to 2012, the return on current assets of the enterprise decreased significantly by 14.32 percent and at the end of 2012 was equal to 5.25 percent. This, in turn, affected the growth rate of the indicator, which decreased by 73.17 percent and was equal to 26.83 percent.

Table 7. Profitability ratio of fixed assets of Avtodom TST LLP

Profitability indicator				Changes (+,-)		Growth rate, %

Source: Financial statements of Avtodom TST LLP

Having calculated the indicators of the profitability ratio of fixed assets of an enterprise, we can conclude that over the analyzed period, with an increase in the indicator, the use of fixed assets becomes more efficient, and new investments in fixed assets pay off faster 43, p. 79].

Table 8. Sales profitability ratio of Avtodom TST LLP

Profitability indicator				Changes (+,-)		Growth rate, %

Source: Financial statements of Avtodom TST LLP

Having calculated the profitability ratio of sales of Avtodom TST LLP, it is possible to analyze this indicator by studying its changes in dynamics over the analyzed period.

Table 9. Profitability of the main activities of Avtodom TST LLP

Profitability indicator				Changes (+,-)		Growth rate, %

Source: Financial statements of Avtodom TST LLP

From the data in the table, we can conclude that in the period from 2010 to 2011, a slight increase in the growth rate, which is equal to 105 percent, was influenced by a slight increase in the indicator by 0.01 percent, and by the end of 2011, the profitability of core activities became equal to 0.21 percent. .

Table 10. Turnover ratio of mobile equipment of Avtodom TST LLP

Index business activity				Changes (+,-)		Growth rate, %

Source: Financial statements of Avtodom TST LLP

From 2011 to 2012, the growth rate dropped sharply to 76.49 percent and at the end of 2012, the mobile turnover rate became 2.31 turnover per year. Such changes in the coefficient for the analyzed period have a positive effect on the enterprise, since the number of inventories and cash decreases in parallel with a decrease in material working capital.

The first indicator of financial stability is the availability of own working capital, the values ​​of which are presented in Table 11.

Table 11. Availability of own funds of Avtodom TST LLP

				Changes		Growth rate, %

Source: Financial statements of Avtodom TST LLP

Significant changes have occurred in the structure of the enterprise's own funds. In the period from 2010 to 2011, the growth rate of own funds increased by 24.03 percent, due to an increase in own funds during this period by 1479.4 thousand tenge, and at the end of 2011, the enterprise’s own funds became equal to 7633.6 thousand tenge . From 2011 to 2012 the situation changed dramatically.

Table 12. Total value of the main sources of formation of reserves and costs of Avtodom TST LLP

Financial stability indicator				Changes		Growth rate, %

Introduction

financial stability wilson stock

The relevance of the research topic is determined by the fact that the financial stability of an enterprise is one of the most important characteristics of its financial and economic activities, which is in the sphere of attention of the enterprise management and financial service. It is used to assess the financial condition of an enterprise, its economic reliability, creditworthiness, competitiveness, the possibility of bankruptcy and serves as a kind of guarantee for the realization of the economic interests of the enterprise itself and its partners.

Financial stability is the stability of the financial position of an enterprise, but not over time, but relative to its external environment. After all, an enterprise operates in a dynamic environment; in addition, in the process of economic activity, a continuous process of capital circulation occurs, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the enterprise change. Thus, the more the change in the financial structure of an enterprise corresponds to changes in its external environment, the higher its stability, the more independent it is from unexpected changes in market conditions and, therefore, the less the risk of ending up in bankruptcy.

The concept of “financial stability” is broad and multifaceted, therefore, in modern economic literature, the interpretation of the essence, systematization and selection of evaluative indicators characterizing it are ambiguous and insufficiently reasoned. The question of the boundaries and possibilities for the most effective use of the entire system of methods for assessing financial stability in the practical activities of organizations is very relevant. A unified system for ensuring financial stability has not yet been developed that would clearly define the levers of influence on the elements of the financial mechanism of an enterprise for the purpose of its stable functioning.

All these circumstances determine the relevance of the topic of this final qualifying work and determine its purpose.

The object of consideration of the presented work is Phoenix LLC.

The subject of the study is the financial and economic activities of Phoenix LLC.

The purpose of this work is to study theoretical aspects analysis and methods of maintaining the financial stability of the enterprise.

When writing this work, the following main tasks were identified:

-studying the theoretical aspects of managing the financial stability of an enterprise;

-conducting an analysis of financial stability management;

-development of measures to strengthen the financial stability of the enterprise.

The information base of the work consisted of legislative and regulatory acts of the Russian Federation, works of famous economists specializing in financial management of small businesses, such as V.V. Bocharov, N.V. Kolchina, A.D. Sheremet. etc., as well as Internet resources.

1. Theoretical basis assessment of the financial stability of the enterprise and its provision

1.1 The essence of the financial stability of an enterprise

IN modern conditions The effective functioning and stable development of an enterprise is mainly determined by its financial stability.

Designating the boundaries of financial stability for organizations is a problematic issue, since the result of insufficient financial stability is a lack of own working capital and the inability to fully and deadlines to respond to their obligations, and excess - inefficiency in the use of their own resources, which burdens enterprises with excess inventories and reserves.

The problem of ensuring sustainable development of industrial enterprises, especially in the context of globalization of world economic relations, is due to the following reasons. On the one hand, the role of the traditional industry is determined by the material needs of economic entities, which lie at the base of the pyramid of individual needs.

On the other hand, industry is self-sufficient and provides all spheres of the economy with means of production. E. Meltsas calls the “core of self-development” a set of engineering and construction industries that have the ability, through their joint action, to reproduce themselves in kind and create tools for other sectors of the national economy.

In explanatory dictionaries of the Russian language, the concept of stability is interpreted as the property of maintaining the current position, despite the action of various forces, that is, constancy, resilience. Now let’s find out what analysts understand by the term financial stability.

An analysis of the problem of enterprise sustainability has shown that research in this area is being conducted quite intensively, but the attention of researchers is focused mainly on its financial and economic aspects. Although sustainability is a complex category that cannot be a reflection of only one aspect of the enterprise’s activities. Thus, a consensus has not been developed on such categories as “sustainability”, “sustainable operation”, “sustainable development” of an enterprise, the issue of the correct application of the static term “sustainability” to dynamic systems has not been resolved, conditions and models that make it possible to predict sustainable enterprise development.

There are a number of interpretations of the concept of financial stability, therefore, to reveal it economic essence Let's consider several well-known definitions found in the works of domestic authors.

Very often in the literature there is such a concept as “economic sustainability”, the main component of which is considered financial sustainability. Recently, the need to assess the economic sustainability of enterprises has become increasingly important. Assessment of economic solvency is included in the technology of comprehensive assessment of enterprise compliance. There are several methods for assessing the economic sustainability of enterprises, which are based on several groups of indicators: production and economic activity; financial and economic indicators; environmental indicators; indicators of production and technological potential; competitive environment; assessment of suppliers and consumers; a set of indicators characterizing industrial production potential and a number of others.

According to many economists and researchers of this problem, financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of an enterprise’s funds: through their effective use, it contributes to the uninterrupted process of production and sales of products. That is why financial stability, formed in the process of all production and economic activities, is the main component of the economic sustainability of an enterprise.

In economics, the financial stability of an enterprise is understood as the provision of reserves and costs with its own and borrowed sources of formation. In a narrow sense, the financial stability of enterprises is understood as effective demand, the ability, with a balanced attraction of credit, to provide active investment and an increase in working capital with its own sources, and to create financial reserves. In relation to different forms of enterprises and associations, the conditions for ensuring financial stability will be somewhat different.

Thus, for large international corporations, the conditions for financial stability, stability, along with effective demand in the domestic market, are: a favorable exchange rate, a period of economic growth in production. Some economists believe that studying the overall sustainability of large corporations is key to understanding their financial and economic sustainability. Such corporations are characterized by stability of development, since the decline in production and the fall in market conditions in one country are compensated by the growth of production and improvement in market conditions in another. They are characterized by resistance to economic crises of production.

V.V. Kovalev connects the essence of the financial stability of an enterprise with an assessment of the ability to meet its long-term financial obligations. Thus, financial stability has a similar interpretation to solvency. In turn, A.M. Batkovsky notes that the concept of financial stability is broader than the concept of solvency, because solvency indicators change over time faster than financial stability indicators. L.T. shares the same opinion. Gilyarovskaya, pointing out that the concept of “financial stability” of an organization is multifaceted, it is more multifaceted in contrast to the concepts of “solvency” and “creditworthiness”, since it includes an assessment of various aspects of the organization’s activities.

Of course, the timeliness of an organization’s settlements with its counterparties is an important component of financial stability, but not the only one.

According to S.G. Cheglakov, financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of the enterprise’s funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. In the considered definition, financial stability is associated with profit growth while maintaining solvency and contributes to the creation of conditions for self-financing. A similar opinion is expressed by other authors, for example, V.A. Gavrilenko understands financial stability as the ability to increase the achieved level of business activity and business efficiency, while guaranteeing solvency and increasing investment attractiveness within the acceptable level of risk. Despite the obvious connection between financial stability and financial results, these concepts are not equivalent; rather, improving financial results is the most important prerequisite for increasing the level of financial stability due to the increase in equity capital as a result of an increase in retained earnings.

G.V. Savitskaya formulates financial stability as the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, guaranteeing its constant solvency and investment attractiveness within the acceptable level of risk. Within the framework of this approach, the definition of financial stability is considered as a synonym for financial condition, because the concept is based on an assessment of profitability, business activity and solvency. According to the author, financial stability is only part of the concept of financial condition.

V.L. Bykadorov defines the financial stability of an enterprise as the state of its resources, which ensures the development of the enterprise primarily at the expense of its own funds while maintaining solvency and creditworthiness with a minimum level of business risk. In his work, the author points out that the financial stability of an enterprise is significantly influenced by the dominant amount of equity capital in the composition of resources. Note that one of the criteria for assessing financial stability is the rationality of the capital structure. N.D. Sheremet and R.S. Saifulin, the essence of financial stability means the provision of reserves and costs with sources of formation. M.I. Glazunov points out that the level of financial stability characterizes the enterprise’s provision with its own sources for further growth and development, thereby emphasizing the importance of own capital in the structure of sources of formation to ensure financial stability.

In the last three definitions, financial stability is understood as the degree of provision of assets and, above all, inventories and costs with sources of their formation, primarily through equity capital. This approach to justifying financial sustainability, from the author’s point of view, is acceptable, because the sustainability of an enterprise and its financial well-being is characterized by independence from external sources of financing.

Analysis of publications showed that each of the above concepts examines the content of financial stability from different angles. Some authors draw a close relationship with the financial condition, others equate it with solvency or identify it with the presence of the enterprise's own capital. But what these definitions have in common is that financial stability ensures the development of the company, guaranteeing its constant solvency and investment attractiveness.

Most domestic scientists recognize that an important characteristic of financial stability is the financial independence of the organization. Meanwhile, the predominance of own funds in the general structure of property formation is a specific feature Russian organizations, since lending conditions in the domestic financial market are greatly tightened, while foreign firms receive cheap loans from the largest European and American banks. Considering the above, we can conclude that financial stability Russian enterprises- this is one of the most important characteristics of financial condition, which is determined by the structure of financial resources, the provision of current assets with its own sources of financing, guaranteeing timely settlements of its obligations.

Considering the existence of a certain criterion of financial stability for an enterprise, beyond the lower limit of which it faces bankruptcy, we note that such a lower limit is ensuring the solvency, liquidity and creditworthiness of the enterprise, since in order to maintain stability it is necessary that the cash flow of the enterprise gives it at least , the ability to pay with suppliers, creditors and the state. Solvency acts as a sign and as the basis of the financial stability of an enterprise. This requirement assumes that the enterprise must be able to pay for its production needs, so the indicator of a steady state in this case is the adjusted balance of cash flows. We agree with the opinion of the authors that at present it is the imbalance of cash flows of business entities that is one of the main reasons for their unstable condition

Based on the considered definitions, we outline the main criteria for assessing financial stability. Firstly, the organization should not have overdue debts, because the inability to pay off obligations on a timely basis indicates financial instability and can lead to bankruptcy. Secondly, an important condition for financial independence is a sufficient amount of equity capital in the total amount of financial resources (at least 50%).

In order for an organization to be considered independent and financially stable, it must have more of its own funds than borrowed funds. At the same time, it should not be denied that financing activities entirely from one’s own sources is impractical, since borrowed funds allow one to enter new markets, develop new types of activities, and increase the volume of activities. And thirdly, financial stability is characterized by the provision of current assets with its own sources of financing. The optimal option is when an enterprise successfully uses and combines various sources of funds, both its own and borrowed, to cover current assets.

Therefore, it is most profitable to have such a volume of own funds in circulation that, at a minimum, would provide financing for current inventories and work in progress in an amount of at least 10%. In this case, the production process becomes quite independent from external creditors.

Ensuring sustainable effective development of the enterprise is reflected in the achievement of systems of goals (social, economic, technical and environmental).

In this case, profit is no longer the final goal to which one should focus management activities. It is one of the economic goals and performs an important function - it acts as a means of achieving the entire system of goals. It is proposed to consider the following indicators as a criterion for assessing the sustainable effective development of an enterprise: achieving sustainable rates of economic growth in the main activity of the enterprise, obtaining a profit sufficient to self-finance economic development and ensure its sustainable growth in dynamics. For objective assessments of sustainable development, it is not enough to use conventional economic indicators. From our point of view, to solve such new problems we need non-standard approaches. It should be noted that a study of the sustainability of development of industrial enterprises showed that in modern conditions it is extremely important to focus management activities on the economic growth, and at the same time the problem of measuring the sustainability of development of industrial complexes and enterprises became fully clear, the solution of which, by its internal logic, presupposes the presence of scientifically based methodological approaches in this area.

The study allowed us to draw the following conclusions:

Financial stability is an important component of financial health. The difference between financial stability and other characteristics of financial condition is that it is characterized by the composition and structure of sources of financing activities.

Financial stability determines the stability and independence of a commercial organization, and solvency is a manifestation of financial stability.

One of the important criteria for assessing financial stability is the assessment of the security of assets, including current assets, with their own sources of financing.

The essence of financial stability that we have considered and the criteria for its assessment play a serious role in determining the degree of dependence on external sources of financing and help identify the causes of an unstable financial situation, taking into account the specifics of the operating environment of Russian organizations.

1.2 Methodology and indicators for assessing the financial stability of an enterprise

According to N.P. Lyubushkin, to determine the level of financial stability of an enterprise, an analysis is necessary:

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

dynamics and structure of sources of financial resources;

availability of own working capital;

accounts payable;

availability and structure of working capital;

accounts receivable;

solvency.

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

To assess the state of inventories and costs, use the data from the group of items “Inventories” of section II of the asset balance sheet.

Z = page 100 + page 110 + page 120 + page 130 + page 140 (1)

To characterize the sources of reserve formation, three main indicators are determined:

Availability of own working capital (SOC), as the difference between equity (I section of the liability side of the balance sheet) and non-current assets (I section of the asset side of the balance sheet). This indicator characterizes net working capital. Its increase compared to the previous period indicates the further development of the enterprise's activities. In a formalized form, the availability of working capital can be recorded.

SOS = IрП - IрА = page 380 f. 1 - page 080 f. 12)

where IрП is the first section of the liability side of the balance sheet; рА is the first section of the asset side of the balance sheet.

Availability of own and long-term borrowed sources of formation of reserves and costs (SD), determined by increasing the previous indicator by the amount of long-term liabilities

(BEFORE - III section of the liabilities side of the balance sheet):

SD = SOS + DO = IrP - IrA + IIIrP = page 380 f. 1 - page 080 f. 1 + page 480 f. 13)

The total value of the main sources of inventory formation and costs (OC), determined by increasing the previous indicator by the amount of short-term bank loans (CC):

OI = SD + CC = page 380 f. 1 - page 080 f. 1 + page 480 f. 1 + page 500 f. 14)

Three indicators of the availability of sources of reserve formation correspond to three indicators of the provision of reserves with sources of their formation:

Surplus (+) or deficiency (-) of own working capital (Fsos):

Fsos = SOS - 3, (5)

where 3 is reserves.

Excess (+) or deficiency (-) of own and long-term sources of reserve formation (FSD):

Fsd = SD - 3, (6)

Excess (+) or deficiency (-) of the total value of the main sources of reserve formation (Foi):

Foi = OG - 3, (7)

Using these indicators, a three-component type of financial stability is determined.

If Ф > 0(Ф) = 0, if Ф< 0 .

To characterize the financial situation of an enterprise, there are four types of financial stability:

The first is absolute financial stability (a three-component indicator of the type of financial stability has next view: S=(1,1,1)). This type of financial stability is characterized by the fact that all the enterprise’s reserves are covered by its own working capital, i.e. the organization does not depend on external creditors. This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the company’s management is unable, unwilling, or unable to use external sources of funds for core activities.

The second is normal financial stability (the indicator of the type of financial stability has the following form: S=(0,1,1)). In this situation, the enterprise uses, in addition to its own working capital, long-term borrowed funds to cover inventories. This type of inventory financing is “normal” from a financial management perspective. Normal financial stability is the most desirable for an enterprise.

The third is an unstable financial situation (the indicator of the type of financial stability has the following form: S = (0,0,1)), characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing accounts receivable, accelerating inventory turnover.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of reserves does not exceed the total cost of raw materials, materials and finished products.

The fourth is a crisis financial condition (the indicator of the type of financial stability has the following form: S = (0,0,0)), in which the enterprise is on the verge of bankruptcy, because cash, short-term securities and accounts receivable do not even cover its accounts payable and non-performing loans. For convenience in determining the type of financial stability, we present the calculated indicators in Table 1.

Table 1. Pivot table indicators by type of financial stability

Indicators of financial stabilityType of financial stabilityAbsolute stabilityNormal stabilityUnstable stateCrisis stateFsos = SOS -3Fsos (0Fsos< 0Фсос < 0Фсос < 0Фсд = СД - 3Фсд (0Фсд (0Фсд < 0Фсд < 0Фои = ОИ - 3Фои (0Фои (0Фои (0Фои < 0

The financial stability of an enterprise is characterized by a system of financial ratios. They are calculated as the ratio of absolute indicators of assets and liabilities of the balance sheet. Analysis of financial ratios of market stability consists of comparing their values ​​with basic values, as well as studying their dynamics. These coefficients can be divided into two blocks:

) capitalization ratios, characterizing the financial condition of the enterprise from the standpoint of the structure of sources of funds;

) coverage ratios characterizing financial stability in terms of costs associated with servicing external sources of raised funds.

The following main indicators are considered:

The equity capital concentration ratio determines the degree of financial independence or autonomy from external capital (Cf N

TO fn = SK/B (8)

Financial dependence coefficient (Kf 3) - the inverse of the indicator of concentration of equity capital - is defined as the ratio of the amount of sources of funds (balance sheet currency) to the amount of equity capital. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise.

Kfz =B/CK (9)

Gearing ratio (K zk ) is defined as the ratio of debt capital to the balance sheet currency. By the value of this indicator, one can judge what share borrowed funds make up in the total amount of sources of funds of the enterprise.

TO zk = ZK/B, (10)

Equity capital maneuverability coefficient (K m ) is defined as the ratio of net working capital (availability of sources of own working capital) to the total amount of equity capital. Based on the value of this indicator, one can judge what part of the equity capital is used for investing in working capital, and what part is capitalized, i.e. into non-current assets minus the share attributable to long-term liabilities:

TO m = SOK/SC, (11)

Long-term investment structure coefficient (K SDV ) is determined by the ratio of the amount of long-term borrowed funds to the total amount of non-current assets. This indicator characterizes what part of non-current assets is financed through long-term borrowed funds

TO sdv = DKZ/VOA, (12)

The long-term borrowing ratio (LLR) is determined by the ratio of long-term loans and borrowings to the total amount of equity capital and long-term loans and borrowings. When calculating this ratio, short-term debt for financing inventories and receivables is not taken into account, since it is repaid through the turnover of current assets.

TO DZS =DKZ/(SC + DKZ) (13)

szk ), which is the ratio of long-term liabilities to total borrowings.

TO szh = DKZ / (DO + KO), (14)

Debt-to-equity ratio (CFR) or financial risk ratio, otherwise called “leverage of financial leverage”

TO fr = ZK/SK. (15)

Permanent asset index (AND) pa ) characterizes the share of fixed capital (non-current assets) in equity.

AND pa =K main/sk, (16)

where K basic

Accumulated depreciation rate (K on ) reflects the intensity of accumulation of funds for the renewal of fixed capital and is defined as the ratio of the amount of accumulated depreciation (the amount of depreciation of fixed assets and intangible assets) to the original cost of the depreciable property (the original cost of fixed assets and intangible assets). The level of this coefficient depends on the service life of fixed assets and the technical condition of fixed assets. The value of the coefficient can be high with accelerated depreciation:

TO on =(A 0C +A on )/(OS first +FIRST ), (17)

where A OS , A on

OS first , ON first

However, the use of this coefficient in economic research is advisable if the entire amount of accrued depreciation has a target orientation, namely to finance the reproduction of fixed assets.

Ratio of the real value of fixed assets and property (K rs ) shows how effectively funds are used for entrepreneurial activity; is calculated as the ratio of the residual value of fixed assets to the value of the enterprise’s property:

TO rs =OSost / B, (18)

where is the OS ost

Real property value coefficient industrial purposes(TO rsi ) reflects the share of production assets - fixed assets and inventories in the total value of the property. The coefficient is very important for concluding contracts with suppliers and buyers, since high values ​​of the coefficient are the key to the success of production and financial activities enterprises. It is defined as the ratio of the sum of the residual value of fixed assets, inventories in materials and the value of work in progress to the value of the enterprise's property.

TO rsi = (OS +3 M + NezP) / B (19)

where Z m

Unfinished production - work in progress, thousand rubles. .

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

a) the possibility of repaying current obligations;

b) movements of current assets;

c) own capital;

d) results of core activities;

e) information about the state of the market.

The method of analyzing the above coefficients consists of comparing:

actual odds current year with last year's;

actual coefficients with standards;

the actual ratios of the enterprise with the indicators of competitors;

actual coefficients with industry indicators.

1.3 The influence of the financial stability of the enterprise on the final results of the enterprise’s activities

Today, not only the assessment and analysis of the financial condition of an enterprise, but also the forecasting of financial stability, as well as the development of measures to improve its financial condition, are of great importance.

Since a positive factor of financial stability is the presence of sources for the formation of reserves, and a negative factor is the amount of reserves, the main ways to maintain a stable financial condition of the organization remain: replenishment of sources for the formation of reserves, optimization of their structure, as well as a reasonable reduction in the level of reserves. This can be achieved in the following ways:

increasing equity capital by increasing the size of the authorized capital and retained earnings;

development of a competent financial strategy for the organization, which will allow attracting both short-term and long-term borrowed funds, while maintaining optimal proportions between equity and borrowed capital;

revision of the weighted average values ​​of product inventories in warehouses for a day, week, month. A decrease in inventory levels occurs as a result of planning inventory balances, as well as the sale of unused inventory items. An overestimated amount of inventory affects accounts payable, which is accordingly unfavorable for the organization.

So, the main ways to increase the financial stability of an enterprise are:

increasing the efficiency of using the enterprise's fixed assets;

increasing the intensity of use of the enterprise's current assets by creating a more efficient management system, improving the quality of services provided, increasing the share of sources of own funds in current assets;

increasing work productivity;

further increase in the volume of sales of services through carefully planned work in the field of marketing;

reduction of material operating costs; attracting investments;

optimization of settlements with debtors and creditors.

Also, based on the results of the analysis, the following can be proposed as priority measures for implementing the financial policy of the enterprise:

Monitor the flow of funds and quarterly check the implementation of the feasibility of service delivery plans.

Organize long-term planning of activities based on the development of business plans. When exploring new areas of development, it is imperative to evaluate the effectiveness of projects for their implementation based on business planning.

Control the ratio of growth rates of receivables and payables. If creditors slightly exceed the amount of debtors, then this situation is favorable. Their opposite ratio should receive a negative assessment, because too large an amount may cause default on the company's own obligations. When analyzing, accounts receivable and accounts payable should be considered separately: accounts receivable as funds temporarily diverted from circulation, and accounts payable as funds temporarily attracted into circulation.

Reducing prices for services, including through marketing market research and constant monitoring of the external environment, developing policies based on analysis of break-even points by type of service;

Expanding the range of services, including through marketing market research and constant monitoring of the external environment, developing policies based on demand analysis, and developing optimal pricing policies.

Implementation of a management accounting system at the enterprise to analyze income and expenses by items and cost elements. Periodically, it is necessary to analyze the structure of production costs, making comparisons with various types of basic indicators and studying the nature of deviations from them.

Maintain accounting records of business transactions in accordance with the regulations and legislative acts in force in this area in a given period. Develop a tax accounting and planning system. Use the services of external consultants to rationalize taxation and accounting, and organize management accounting.

To avoid errors in accounting and taxation, conduct systematic training (advanced training) for financial workers. To improve the overall level of management, it is necessary to train the management of the enterprise in the basics of financial analysis and methods of developing based on it management decisions, business planning.

Improving automation systems for accounting, tax and management accounting.

The main factors that increase the efficiency of an enterprise are marketing market research and advertising of the product being sold, however, it is possible to increase the efficiency of sales by reducing the cost of material and other costs, which are quite high for the enterprise.

If the profit received from savings is used to increase the enterprise’s own funds and assume the repayment of accounts receivable, then financial stability will undergo some changes in a positive direction.

Thus, in order to increase the financial stability of an organization, it is necessary to find reserves to increase the rate of accumulation of its own sources and provide material working capital from its own sources. In addition, it is necessary to find the most optimal balance of financial resources in which the organization, freely maneuvering funds, is able to ensure the uninterrupted process of production and sales of products through their effective use.

2. Analysis of the financial stability of Phoenix LLC

.1. Brief technical and economic characteristics of the enterprise

Limited Liability Company "Phoenix" (hereinafter referred to as the "Company") was created in accordance with the Civil Code of the Russian Federation, the Federal Law "On Limited Liability Companies".

The members of the Company are 2 individuals.

Phoenix LLC was founded by a decision of the founders' meeting in March 2008.

Full corporate name of the Company: Limited Liability Company "Phoenix".

Abbreviated corporate name: Phoenix LLC.

The name of the Company in Russian: “Phoenix”.

The legal status of the Company is determined by the Civil Code of the Russian Federation, Federal legislation, and other regulatory legal acts Russian Federation, as well as the Charter.

The Company operates on the basis of self-financing and self-sufficiency.

The Company owns separate property, which is accounted for on its independent balance sheet.

The Company has the right, on its own behalf, to enter into agreements, contracts, acquire property and non-property rights, and bear the responsibilities of being a plaintiff and defendant in arbitration and arbitration courts.

The Company has the right to in the prescribed manner open bank accounts on the territory of the Russian Federation and abroad.

The company was created to satisfy public needs for products, goods, works and services and to make a profit.

The Company has civil rights and bears the responsibilities necessary to carry out any types of activities not prohibited by federal laws,

Licensed types of activities are carried out by the Company on the basis of special permits (licenses). If the conditions for granting special permission (license) to carry out certain type activities there is a requirement to carry out such activities as exceptional. During the validity period of the special permit (license), the Company has the right to carry out only the types of activities provided for special permission(license), and related activities.

The main activity of the Company is the construction, reconstruction and repair of industrial, commercial and social, cultural and community facilities and individual construction projects on the territory of the Russian Federation.

Phoenix LLC is a company that builds houses, bathhouses, cottages, campsites and much more from rounded logs of high-quality wood, such as Angara pine and Siberian larch, Siberian cedar.

The log logging plant is located in the Krasnoyarsk Territory.
Leading specialists of Phoenix - experienced builders who have many years of experience in the construction business, constantly improve the technological process of constructing wooden houses and introduce new progressive developments. All engineering and technical management personnel undergo periodic certification and advanced training courses. Phoenix LLC has a ready-made “package” of projects and at the same time is always ready to develop, together with the client, a new, individual option, to suit the most demanding taste and any degree of complexity. Phoenix works with both individuals and organizations: they have already built many houses, cottages, and several hotel complexes.

Phoenix works with the customer from project to housewarming, monitors the entire construction process and provides a guarantee for all work performed. After the design stage, an estimate is drawn up. The company has close contractual relations with the largest logging and wood processing enterprises in Russia. Direct and stable supplies of timber from the Irkutsk region. Having its own design department and equipment, Phoenix significantly saves the customer’s costs and, importantly, time.

Construction of a house lasts from 1 month (panel type without foundation) to six months, taking into account the project, including all Finishing work. The Phoenix company chose the following wood for work: Angara pine and Siberian larch; it meets high construction requirements. Rounded logs are used with a diameter of 18 to 24 cm. Interestingly, such a wall is equivalent in thermal conductivity to a 70 cm brick wall. in summer wooden house cool, warm in winter. Wood does not absorb moisture like, for example, cinder block or concrete. The log house must be protected with special impregnations: from insects, from rot and from fire.

The enterprise has the necessary staff of highly qualified workers to perform tasks in the main activity, and also has all the permits to carry out these works.

In the organizational management system of the Phoenix LLC enterprise, three can be distinguished: independent block management: technical, managerial and economic, each of which reports to the corresponding manager.

The organizational management structure of Phoenix LLC is linear-functional. Linear management units are assigned the functions and rights of command and decision-making, and functional units (for example, the economic department) are assigned methodological guidance in the preparation and implementation of decisions on planning, organization, accounting, control and analysis for all functions of production and economic activity.

This structure is characterized by the use of formal procedures and rules, a strict hierarchy of power in the organization, and centralized decision-making. Each performer reports to only one manager. The performer receives all instructions and decisions on management functions from the immediate supervisor. Information connections of a methodological and consulting nature remain between the performer and functional units. In order for a decision of a functional unit to become a directive, it must be approved by the manager.

Despite the fact that, in principle, all managers of Phoenix LLC perform managerial actions, it cannot be said that they are all engaged in the same type of work activity. Individual managers have to spend time coordinating the work of other managers, who, in turn, coordinate the work of employees more low level etc. to the level of a manager who coordinates the actions of non-managerial personnel - people who physically produce services or provide services. This vertical deployment of the division of labor forms the management levels of Phoenix LLC.

Let's consider the main economic indicators of the enterprise (see Table 1)

Table 1. Main economic indicators of the enterprise’s activities (thousand rubles)

Indicators 2011 2012 2013 Absolute change (+,-) Change, % (growth rate) 2012 to 2011 2013 to 2012 2013 to 2011 2012 to 2011 .2013 to 2012 2013 to 2011 Revenue from the sale of goods and services in actual prices (excluding VAT and excise tax) 608584888659074-1197210188-178480.3120.897.1 Cost of products sold 541644545454331-87 10887716783,9119,5100, 3Gross profit 669534334743-32621310-195151.3138.270.9 Profit from sales 518525313447-2654915-173848.8136.266.5 Net profit 3684594217-3090-377-346616.136.6 5.9 Net profit per 1 ruble of sales, kopecks 0.060.010.00-0 .05-0.01-0.0620.130.36.1 Average number of employees, people 515052-12198.5103.6102.0 Annual wage fund, thousand rubles 93201068013199136025193879114.6123.6141.6 Average monthly salary, rub . 153691788321329251434465960116.4119.3138.8 Labor productivity, thousand rubles 12049821146-222163-5981.6116.695.1 Costs per 1 rub. commercial products, kop. 1.171.850.6882.5133.5110.2 Capital intensity, rub. 0.150.180.140.03-0.05-0.01121.274.990.8 Capital-labor ratio, rub. 179.90177.88155.35-2.02-22.54-24.5598, 987.386.4 As the data in Table 1 shows, the company’s revenue in 2012 decreased by 11,972 thousand rubles. (by 19.7%) and amounted to 48,886 thousand rubles. In 2013, revenue increased compared to 2012 by RUB 10,188 thousand. (by 20.8%) and amounted to 59,074 thousand rubles. In general, from 2011 to 2013, revenue decreased by 1,784 thousand rubles. or by 2.9%. As we can see, the company significantly increased sales in 2013, which is due to participation in republican targeted construction programs. However, this did not allow it to reach the level of 2011.

The cost of products sold in 2012 decreased by 8,710 thousand rubles. (by 16.1%) and amounted to 45,454 thousand rubles. In 2013, the cost increased compared to 2012 by 8,877 thousand rubles. (by 19.5%) and amounted to 54,331 thousand rubles. In general, from 2011 to 2013, production costs increased by 167 thousand rubles. or by 0.3%.

Cost “behaves” in a similar way to revenue. However, in general, the cost growth rate is higher than the revenue growth rate, which led to a decrease in gross profit over three years.

Figure 1. Dynamics of product sales indicators

Gross profit in 2012 decreased by 3,262 thousand rubles. (or by 48.7%) and amounted to 3,433 thousand rubles. In 2013, gross profit increased by 1,310 thousand rubles compared to 2012. (by 38.2%) and amounted to 4,743 thousand rubles. In general, from 2011 to 2013, gross profit decreased by 1,951 thousand rubles. or by 29.1%.

Figure 2. Dynamics of sales profit and net profit, thousand rubles.

Net profit in 2012 decreased by 3,090 thousand rubles. and amounted to 594 thousand rubles, whereas in 2011 it amounted to 3,684 thousand rubles. In 2013, net profit decreased by another 377 thousand rubles compared to 2012. and amounted to 217 thousand rubles. In general, from 2011 to 2013, net profit decreased by 3,466 thousand rubles. In general, the reduction in profit was affected by a decrease in sales profit and an increase in other expenses of the enterprise. Data on net profit per 1 rub. sales indicate that the company is at a low level of profitability.

Thus, the activity of the enterprise is characterized by a twofold trend: decline in 2012 and growth in 2013 (excluding net profit).

At the same time, the number and productivity changed similarly: in 2012, the number decreased by 1 person, productivity - by 222 thousand rubles / person; in 2013, the number increased by 2 people, productivity - by 163 thousand rubles. /person

The cost of fixed assets tended to decrease: by 238 thousand rubles. (or by 2.6%) in 2012 and by 842 thousand rubles. (or by 9.5%) in 2013. At the same time, capital productivity decreased in 2012, and increased in 2013.

2.2 Analysis of the main financial and economic indicators of the enterprise

As the main financial and economic indicators of the enterprise, we will choose:

Enterprise liquidity indicators;

Indicators of business activity of the enterprise;

Enterprise profitability indicators.

The task of assessing balance sheet liquidity arises in connection with the need to assess the solvency of the organization.

Analysis of balance sheet liquidity consists of comparing assets, grouped by degree of liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity dates and arranged in ascending order of these maturities. The results of the analysis are presented in the table. The balance sheet is liquid if the following conditions are met:

A1>P1; A2>P2; AZ>PZ; A4<П4.

The first three inequalities mean the need to comply with the constant liquidity rule - the excess of assets over liabilities.

Table 3. Grouping of assets according to the degree of their liquidity and liabilities according to the urgency of their payment, PHOENIX LLC (thousand rubles)

Grouping of assets 2011 2012 2013 Grouping of liabilities 2011 2012 2013 The most liquid assets A12 369572406? The most urgent liabilities P16 50816 79918 614 Quickly realizable assets A26 75914 45212 386? Short-term liabilities P29 70012 47514 627 Slowly realizable assets A36 82814 60719 633? Long-term liabilities P33 1294 6843 889 Hard to sell assets A412 60413 26113 127? Permanent liabilities P49 2248 9348 422

Based on the data in Table 3, we calculate the payment surplus (deficiency).

Table 4. Payment surplus (deficiency) (thousand rubles)

Payment surplus (deficiency) 2011 2012 2013 A1-P1-4 139-16 227-18 208A2-P2-2 9411 977-2 241A3-P33 6999 92315 744A4-P43 3804 3274 705

As can be seen from the analysis, the balance sheet is not liquid according to criteria 1, 2, 4 in 2011 and in 2013, and according to criteria 1.4 in 2012.

A more detailed analysis of solvency, which gives a general assessment of the solvency of the enterprise (Table 5).

Table 5. Coefficients characterizing the solvency of Phoenix LLC

Indicator 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Amount of own working capital, thousand rubles - 3 381-4 326-4 705-946 -378-1 324Total liquidity indicator (L 1)0.940.970.930.03-0.04-0.01 Current ratio (L 2)0.981.010.980.03-0.04-0.01 Quick liquidity ratio (L 3)0.560.510.38-0.05-0.13-0.18 Absolute liquidity ratio (L 4)0,150,020,01-0,13-0,01-0,13

Dynamics of coefficients L 1, L 2, L 3, L 4of the analyzed organization is negative. In addition, all these coefficients are below standard values. Using the general liquidity indicator, changes in the financial situation in the organization are assessed from the point of view of liquidity, and it is also used when choosing the most reliable partner from a variety of potential partners based on reporting. As can be seen from the data presented, this indicator is less than the standard value (>1): in 2011 it was equal to 0.94, by 2012 it increased by 0.03 to the level of 0.97, and by 2013 it was equal to 0.93, those. decreased by 0.04. This negatively characterizes the organization and indicates its unreliability as a business partner.

The absolute liquidity ratio is less than the standard value (> 0.1 ÷0, 2) and also tends to decrease: from 0.15 in 2011 to 0.02 in 2012, i.e. by 0.13; then from 2012 to 2013 the decrease in the coefficient was 0.01. At the end of the analyzed period, the organization could pay only 1.0% of its short-term liabilities (absolute liquidity ratio is 0.01). This means that the financial condition of the organization from a short-term perspective in 2011-2013 is unfavorable, because it could not make payments on short-term obligations in a timely manner and in full in the short term. This is also evidenced by the low indicators of critical valuation ratios and current liquidity.

The quick liquidity ratio shows what part of current liabilities can be repaid not only through expected receipts from various debtors. A value from 0.7 to 0.8 is considered normal, but it should be borne in mind that the reliability of conclusions based on the results of calculations of this coefficient and its dynamics largely depends on the quality of receivables (terms of formation, financial situation of the debtor, etc.), which can only be identified using internal accounting data. It is optimal if L 3approximately equal to 1. Phoenix LLC has the value of this coefficient (L 3) below the criterion. Moreover, during 2011-2012 it decreased by 0.05; then from 2012 to 2013 the decrease was 0.13. This is a negative trend.

Current ratio (L 4) summarizes previous indicators and is one of the indicators characterizing the satisfactory (unsatisfactory) balance sheet. Current ratio (L 4) allows you to determine the ratio of current assets to cover short-term liabilities. This is the main indicator of solvency. Normal value for this indicator, ratios from 1.5 to 2.0 are considered. The value of this coefficient is lower than required: in 2011 it was 0.98, by 2012 it increased to 1.01, and in 2013 it was 0.98. For 2011-2012 the growth of the current liquidity ratio was 0.03, in 2012-2013. the reduction is 0.04. Since the value of the coefficient L 4in 2012-2013 . Not exceeds one, we can conclude that the organization does not have a sufficient amount of free resources (the higher the coefficient, the greater this volume), generated from its own sources.

Business activity of the enterprise in financial aspect manifests itself, first of all, in the speed of turnover of its funds. The profitability of an enterprise reflects the degree of profitability of its activities. Assessing business activity and profitability consists of studying the levels and dynamics of various financial turnover and profitability ratios, which are relative indicators financial results of the enterprise.

Indicators characterizing the business activity of the organization are given in Table 6.

Table 6. Key indicators for assessing business activity

Indicator 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Asset turnover, turnover 2.11, 11.3-1.00.2-0.8 Turnover current assets, turnover 3.81.61.8-2.20.2-2.0 Period of turnover of current assets, days 95.7221.2200.3125.5-20.9104.6 Inventory turnover 9.33.33.0-6 ,0-0.3-6.3 Inventory turnover period 39.2109.0121.369.812.382.1 Accounts receivable turnover 9.03.44.8-5.61.4-4.2 Accounts receivable turnover period 40.5107.976.567.4-31.436, 0Accounts payable turnover9.42.93.2-6.40.3-6.2Accounts payable turnover period39.0125.4115.086.4-10.476.0Duration of operating cycle79.7216.9197.8137.2-19.1118.1Duration financial cycle40,791,582,850.8-8,742.1

Characterizing the efficiency of the organization's current production and commercial activities, it can be noted that the organization turns over its resources quite slowly, and turnover periods tend to grow, which indicates a decrease in the efficiency of investments in inventories and a decrease in the share of borrowed funds.

Thus, the turnover period of receivables in the organization is the longest in 2013. It increased in 2011-2013. for 36 days, which is associated with deterioration in work with debtors. The company does not do a good job of educating clients and sending out letters reminding them of the need to pay. However, the fact of an increase in the amount of receivables, which more than doubled at the end of the analyzed period, is alarming.

The inventory turnover period increased from 39.2 days in 2011 to 121.3 days in 2013, i.e. there was an increase in the duration of inventory turnover by 82.1 days. This is due to the fact that despite the fact that the book value of raw materials and supplies according to the balance sheet increased at the end of 2011-2013, the lower growth in the organization’s sales revenue reduced the efficiency of investing in inventories.

As a result, the turnover period of current assets increased from 95.7 days in 2011 to 200.3 days in 2013, i.e. by 104.6 days.

And asset turnover decreased by 0.8 turnover.

The turnover period of accounts payable increased in 2011-2013. for 76 days.

Based on the analysis, we can conclude that the analyzed enterprise has a large amount of accounts receivable: it occupies a large share in the structure of the enterprise’s balance sheet: 23.67% of the balance sheet currency in 2011 and 27.19% of the balance sheet currency in 2013 year. An increase in the turnover periods of an organization's resources indicates a decrease in the efficiency of investments in assets, although the duration of the turnover of all types of assets in an organization is still long.

Indicators characterizing business activity, as well as the profitability of the organization’s activities, are shown in Table 7.8.

The efficiency of an enterprise is most fully characterized by profitability indicators, since they are relative indicators that compare results with costs.

The dynamics of profitability indicators are analyzed in tabular form (Table 7).

Table 7. Key profitability indicators

Indicator 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Sales return 8.55.25.8-3.30.7-2.7 Return on assets 12. 91.40.5-11.5-0.9-12.4 Return on current assets 23.12.00.7-21.1-1.3-22.4 Return on equity 39.96.62.6-33.3- 4.1-37.4

As the data in Table 7 shows, return on sales is characterized by rather low indicators. In 2012 it decreased by 3.3% and amounted to 5.2%, in 2013 it increased slightly to 5.8%. Thus, in terms of its core activities, the enterprise is on the verge of self-sufficiency.

Return on assets also decreased over three years and amounted to 0.5% in 2013.

Return on equity decreased over three years and amounted to 2.6% in 2013, which is associated with a decrease in net profit along with a slight increase in equity.

All results are shown in Fig. 3, which shows very low rates of return on the enterprise’s assets.

Figure 3. Dynamics of profitability indicators

Table 8. Estimation of return on equity (Dupont model)

Indicator 2011 2012 2013 Initial data Sales revenue, thousand rubles 60 85848 88659 074 Net profit, thousand rubles 3 684594217 Assets, thousand rubles 28 56042 89245 552 Equity capital, thousand rubles 9 2248 9348 422Calculated data - factors Return on sales on net profit 6,11,20,4 Turnover ratio 2,11,11,3 Own capital multiplier 3,14,85,4 Return on equity 39,96,62,6 Change in return on equity X-33,3-4,1 Assessment of the influence of factors on the change return on equity Return on sales X-31.9-4.6 Turnover ratio X-3.70.3 Equity multiplier X 2.40.3 Cumulative influence of all factors X-33.3-4.1

As the assessment of return on equity (ROE) shows, in 2012 there was a decrease of 33.3%. This was influenced by the following factors:

a decrease in sales profitability by 4.8% led to a decrease in RSC by 31.9%;

a decrease in turnover by 1.0 led to a decrease in RSC by 3.7%;

the equity multiplier increased by 1.7 units. units, as a result of which there was an increase in profitability by 2.4%.

Consequently, the equity multiplier had the greatest positive impact, while the return on sales had the greatest negative impact.

Return on equity (ROE) in 2013 decreased by 4.1%. This was influenced by the following factors:

a reduction in profitability of sales by 0.8% led to a decrease in RSC by 4.6%;

an increase in turnover by 0.2 led to an increase in RSC by 0.3%;

the equity multiplier increased by 0.6 units. units, as a result of which there was an increase in profitability by 0.3%.

Consequently, the equity multiplier had the greatest positive impact, while return on sales had a negative impact.

2.3 Analysis of relative and absolute indicators of the financial stability of the enterprise

The most important area of ​​analytical work is the assessment of financial condition, on the basis of which:

an assessment of the results obtained is given,

is being formed financial strategy,

implementation measures are being developed.

Assessing financial condition is especially important in market conditions, since each business entity is faced with the need to comprehensively study its partners - according to published reports, as well as its own financial situation.

We begin the assessment of financial stability with an analysis of indicators characterizing the ratio of equity and borrowed funds in the enterprise.

Equity concentration ratio. Determines the degree of financial independence or autonomy from external capital (Cf N ). Along with this, it characterizes the share of the owners of the enterprise in the total amount of funds invested in the enterprise (the ratio of equity capital and balance sheet currency). The higher the value of the coefficient, the more financially stable the enterprise is, stable and independent of external sources.

TO fn = SK/B, (20)

where SK is equity capital, which corresponds to section III of the liability side of the balance sheet, called “Capital and reserves”, thousand rubles:

B - currency (total) of the balance sheet, thousand rubles.

Financial dependence coefficient (Kf 3). The inverse of equity concentration; is defined as the ratio of the amount of sources of funds (balance sheet currency) to the amount of equity capital. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise.

Kfz =B/CK (21)

Gearing ratio (K zk ). Defined as the ratio of debt capital to the balance sheet currency. By the value of this indicator, one can judge what share borrowed funds make up in the total amount of sources of funds of the enterprise.

TO zk = ZK/B, (22)

where ZK is borrowed capital, thousand rubles.

Equity capital maneuverability coefficient (K m ). It is defined as the ratio of net working capital (availability of sources of own working capital) to the total amount of equity capital. Based on the value of this indicator, one can judge what part of the equity capital is used for investing in working capital, and what part is capitalized, i.e. into non-current assets minus the share attributable to long-term liabilities:

TO m = SOK/SC, (23)

where SOK is net working capital, thousand rubles.

Long-term investment structure coefficient (K SDV ). It is determined by the ratio of the amount of long-term borrowed funds to the total amount of non-current assets. This indicator characterizes what part of non-current assets is financed through long-term borrowed funds

TO sdv = DKZ/VOA, (24)

where DKZ - long-term loans and borrowings, thousand rubles, - non-current assets, thousand rubles.

6.Long-term borrowing ratio (LRR). It is determined by the ratio of long-term loans and borrowings to the total amount of equity capital and long-term loans and borrowings. When calculating this ratio, short-term debt for financing inventories and receivables is not taken into account, since it is repaid through the turnover of current assets.

TO DZS =DKZ/(SC + DKZ). (25)

.Debt capital structure coefficient (K szk ). It is the ratio of long-term liabilities to total borrowings.

TO szh = DKZ / (DO + KO), (26)

where DO - long-term liabilities, thousand rubles,

KO - short-term liabilities, thousand rubles.

.Debt to equity ratio (K fr ) or financial risk ratio, otherwise called “financial leverage”

TO fr = ZK/SK. (27)

Permanent asset index (AND) pa ). This indicator characterizes the share of fixed capital (non-current assets) in equity.

AND pa =K main/sk, (28)

where K basic - fixed capital, thousand rubles.

Accumulated depreciation rate (K on ). This coefficient reflects the intensity of accumulation of funds for the renewal of fixed capital and is defined as the ratio of the amount of accumulated depreciation (the amount of depreciation of fixed assets and intangible assets) to the original cost of the depreciable property (the original cost of fixed assets and intangible assets). The level of this coefficient depends on the service life of fixed assets and the technical condition of fixed assets. The value of the coefficient can be high with accelerated depreciation:

TO on =(A 0C +A on )/(OS first +FIRST ), (29)

where A OS , A on - depreciation of fixed assets and intangible assets at the beginning and end of the analyzed period, thousand rubles,

OS first , ON first - initial cost of fixed assets and intangible assets, thousand rubles.

However, the use of this coefficient in economic research is advisable if the entire amount of accrued depreciation has a target orientation, namely to finance the reproduction of fixed assets

Ratio of the real value of fixed assets and property (K rs ). Shows how effectively funds are used for business activities; is calculated as the ratio of the residual value of fixed assets to the value of the enterprise’s property:

TO rs =OSost / B, (30)

where is the OS ost - residual value of fixed assets, thousand rubles.

Coefficient of real value of property for industrial purposes (K rsi ). The coefficient of real value of property for industrial purposes reflects the share of production assets - fixed assets and inventories in the total value of property. The coefficient is very important for concluding contracts with suppliers and buyers, since high values ​​of the coefficient are the key to the success of the production and financial activities of the enterprise. It is defined as the ratio of the sum of the residual value of fixed assets, inventories in the composition of materials and the value of work in progress to the value of the enterprise's property.

TO rsi = (OS + W m + NezP) / B (31)

where Z m - cost of materials in inventory, thousand rubles,

Unfinished production - work in progress, thousand rubles.

Based on the balance sheet data in the analyzed organization, the coefficients characterizing financial stability have the following values ​​(see Table 8).

Table 8. Values ​​of coefficients characterizing financial stability

Indicators Calculation method Standard 2011 201 2 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Autonomy coefficient Kavt = SC/A>0.50.3230.2080.185-0.115-0.023-0.138Ko financial stability coefficient . = (SC+DO)/A>0.70.4330.3180.270-0.115-0.047-0.162 Financial dependence coefficient K f.z. = ZK/A<0,50,6770,7920,8150,1150,0230,138Коэффициент маневренности собственного капиталаК ф.м. = (СК-ВА)/СК>0.2-0.367-0.484-0.559-0.118-0.074-0.192 Long-term investment structure coefficient K d.v. = DZK/VA0.2480.3530.2960.105-0.0570.048 Long-term borrowing ratioK D.Z.K. = DZK/(SK+DZK)0.2530.3440.3160.091-0.0280.063 Debt capital structure ratio K s.z.c. = DZK/(DO+KO)0.1620.1380.105-0.024-0.033-0.057 Financial risk coefficient Kfr = ZK/SK<0,72,0963,8014,4091,7040,6082,312Индекс постоянного активаИпа = ОС/СК0,9860,9910,9510,005-0,040-0,034Коэффициент накопленной амортизацииКна = А/(ОС+НМА)0,5250,5360,5560,0110,0200,031Коэффициент соотношения реальной стоимости средствК р.с. = ОС/Б0,3180,2060,176-0,112-0,031-0,142Коэффициент реальной стоимости имущества производственного назначенияК р.с. = (ОС+М+НЗП) / Б0,5470,5470,6070,0000,0600,060

The value of the coefficient of financial independence (autonomy) is below the critical value of the standard, which indicates an unfavorable financial situation, i.e. the owners owned in 2011 32.3% of the value of the property, in 2012 20.8% of the property, in 2013 - only 18.5% with the standard: 0.4 £ U3 £ 0,6.

The financial stability ratio is also significantly lower than the established standard values. In 2013, only 27.0% of the asset is financed from sustainable sources at a standard of ³ 0,7.

This conclusion is also confirmed by the value of the financial dependence coefficient, which shows that in 2013 18.5% of activities were financed from own funds, and 81.5% from borrowed funds at a standard of £ 0,5.

The dynamics of the financial risk coefficient indicate the insufficient financial stability of the organization, since this requires that this coefficient be< 1. В 2011 г. она равен 2,096, к 2012 г. возрос до 3,801, а в 2013 г. составил 4,409. На величину этого показателя влияют следующие факторы: высокая оборачиваемость, стабильный спрос на реализуемые товары, налаженные каналы снабжения и сбыта, низкий уровень постоянных затрат.

The degree of sufficiency of own working capital also characterizes the measure of financial stability. Due to the fact that at PHOENIX LLC< 20%, при этом его значения отрицательные, т.е. в 2011-2013 гг. собственных оборотных средств недостаточно для маневренности: в 2011 г. показатель равен -0,21, в 2012 г. -0,15, в 2013 г. -0,15. Организации необходимо оценить, в какой мере собственные оборотные средства покрывают хотя бы производственные запасы и товары, так как они обеспечивают бесперебойность деятельности организации.

The accumulated depreciation coefficient shows the process of aging of funds: in 2011, the aging of funds was 52.5%, in 2012 - already 53.6%, in 2013 - already 55.6%.

The real value of fixed assets as part of assets is also decreasing: the share of fixed assets in 2011 was 31.8%, and in 2013 - only 17.6%.

Maneuverability coefficient shows what share of the enterprise's equity capital is in mobile form, allowing it to maneuver more or less freely. Phoenix LLC had a negative value for this indicator in 2012-2013. means the absence of the enterprise’s own capital in mobile assets, which are more liquid and, therefore, can be converted into cash within a short time.

An increase in the agility coefficient and its high level always characterize the enterprise from the best side: equity capital is mobile, most of it is invested not in fixed assets and other non-current assets, but in working capital. Therefore, an increase in the maneuverability coefficient is desirable, but within the limits to which it is possible. With a specific structure of the enterprise’s property. However, the coefficient not only has a negative value, but also decreases due to the fact that in Phoenix LLC, equity capital is calculated at a slower rate compared to the growth of non-current assets, so a decrease in the coefficient indicates a decrease in the financial stability of the enterprise. As an optimal value, the maneuverability coefficient can be taken as follows:< 0,5. Это означает, что менеджер предприятия и его собственники должны соблюдать паритетный принцип вложения собственного капитала в активы мобильного и иммобильного характера, что обеспечит достаточную ликвидность баланса.

The equity ratio characterizes the availability of the enterprise's own working capital, which is necessary for its financial stability. The equity ratio is defined as the ratio of the difference between the volume of sources of equity (the total of the third section of the liability side of the balance sheet) and the actual cost of fixed assets and other non-current assets (the total of the first section of the asset side of the balance sheet) to the actual value of the working capital available to the enterprise in the form of inventories , work in progress, finished products, cash, accounts receivable and other current assets (result of section II of the balance sheet asset).

The most general absolute indicator of financial stability is the correspondence or non-compliance (excess or deficiency) of sources of funds for the formation of reserves with the amount of reserves, obtained in the form of the difference between the value of sources of funds and the amount of reserves. This refers to the provision of reserves with sources of own and borrowed funds.

To characterize the sources of funds for the formation of reserves, several indicators are used, reflecting different degrees of coverage of different types of sources:

Availability of own working capital (E With ), defined as the difference between the amount of equity capital and non-current assets, according to the formula:

c = CK-F. (32)

Availability of long-term borrowed capital (E T ), obtained by summing up own working capital and long-term loans and borrowings:

E T = E With + CT . (33)

The total value of the main sources of funds for the formation of reserves (E I ), equal to the sum of own working capital, long-term and short-term loans and borrowings:

I = E C +K T+K t . (34)

A normal source of covering inventories is also debt to suppliers for inventory items included in current assets, the payment period for which has not yet arrived. The amount of such debt is not highlighted in the balance sheet, but can be determined based on analytical accounting data. By the amount of this indicator it is necessary to increase the total amount of sources of funds that form reserves:

E S = E C +K T +K t +rP . (35)

Three indicators of the availability of sources of funds correspond to three indicators of the provision of reserves with them (including VAT on acquired values):

1.surplus (+) or lack (-) of own working capital:

± E.C. = E C -Z

2.excess (+) or deficiency (-) of own working and long-term borrowed capital:

± E T = E T - Z = (E C+K T ) - Z;

3.surplus (+) or deficiency (-) of the total amount of the main sources of funds for the formation of reserves:

± E S = E S - Z = (E C +K T +K t+r P ) - Z.

Absolute and normal The stability of the financial condition of the enterprise is characterized by a high level of profitability of its activities and the absence of violations of financial discipline.

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

A financial crisis is characterized, in addition to the indicated signs of an unstable financial situation, by the presence of regular non-payments (overdue bank loans, overdue debts to suppliers, the presence of arrears to budgets).

For an in-depth study of the financial stability of the enterprise, data from Form No. 5 and accounting registers are used. Based on these sources of information, the amounts of non-payments are established (to the budget, banks, suppliers, employees of the enterprise) and their reasons are identified.

To characterize the financial stability of the enterprise at the reporting date and its dynamics, we can recommend an analytical table. 9.

Table 9. Analysis of coverage by sources of reserves (thousand rubles)

Indicator Designation 2011 2012 2013 1. Sources of formation of own funds (capital and reserves) ISS9 2248 9348 4222. Non-current assetsBOA12 60413 26113 1273. Own working capital (p. 1-2) SOS-3 381-4 326-4 7054. Long-term liabilities (credits and borrowings) DKZ3128, 74683.9753888.9755. Own and long-term borrowed sources of working capital formation (p. 3+4) SDI-252358-8166. Short-term credits and borrowings KKZ9 70012 47514 6277. Total amount of main sources of funds (p. 5+6) OI9 44812 83313 8118. Total amount of inventories36 53714 60219 6339. surplus (+), shortage (-) of own working capital (p. 3-8 )?SOS-9 917-18 929-24 33810. surplus (+), shortage (-) of own and long-term borrowed sources of covering inventories (p. 5-8)?SDI-6 789-14 245-20 44911. surplus ( +), lack (-) of the total value of the main sources of financing inventories (p. 7-8)? OIZ2 911-1 770-5 82212. three-factor model of the type of financial stability M =? SOS; ?SDI;?OIZUnstable stateCrisis stateUnstable state

The data in Table 9 shows that the company was in an unstable financial condition during the analyzed period.

If there is no coverage of reserves by normal sources of their formation, then to stabilize the financial condition it is necessary:

firstly, increase the share of equity capital in current assets;

secondly, to reduce inventory balances through the sale of low-moving or unused stocks.

2.4 Comprehensive assessment of the level of financial stability of the enterprise

One of the most important tasks of long-term financial planning is forecasting the stability of the enterprise. A systematically unstable financial condition of an enterprise leads to bankruptcy. The basis for making a decision on the insolvency of an enterprise is a system of criteria for identifying the unsatisfactory structure of the balance sheet of insolvent organizations, approved by Decree of the Government of the Russian Federation of April 15, 2003 No. 218 “On the procedure for filing claims for obligations to the Russian Federation in bankruptcy cases and in bankruptcy procedures” .

The system consists of a number of indicators, the main ones being:

current ratio;

equity ratio;

coefficient of restoration (loss) of solvency.

The balance sheet structure is recognized as unsatisfactory, and the enterprise is considered insolvent if the current liquidity ratio or the equity ratio does not meet the established standards.

If the balance sheet structure is unsatisfactory, to check the real possibility of the enterprise to restore its solvency, the solvency restoration coefficient is calculated for a period of 6 months as follows:

The results of assessing the balance sheet structure of the enterprise under study are presented in Table 10.

Table 10. Assessment of balance sheet structure

Indicator Standard 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Current liquidity ratio 20,981,010,980.03-0.04-0.01 Own funds coverage ratio0 ,1-0.21-0.15-0.150.070,000.07 Coefficient of restoration (loss) of solvency 1х0.510.48 The structure of the enterprise's balance sheet is recognized as unsatisfactory, and the enterprise is considered insolvent if one of the following conditions is met:

the current ratio is less than 2;

the equity ratio at the end of the reporting period is less than 0.1.

The balance sheet structure of Phoenix LLC is recognized as unsatisfactory, and the enterprise is considered insolvent in accordance with the Methodological Regulations for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure, approved by the Order of the Federal Administration for Insolvency (Bankruptcy) dated August 12, 1994 No. 31-r, because . Both of the following conditions are not met:

If at least one of the specified coefficients does not meet the requirements established above, the solvency restoration coefficient for the upcoming period (6 months) is calculated.

TO VP (2012) = / 2 = 1,02

TO VP (2013) = / 2 = 0,97

The solvency restoration coefficient, taking a value less than 1, calculated over a period of 6 months, indicates the inability of the enterprise to restore solvency.

Let us determine the period for restoration of solvency based on the equation:

TO VP (2012) = / 2 = 1 ? t = 15 months

TO VP (2013) = / 2 = 1 ? t = 18 months

Given these indicators, the recovery period for solvency is very high, and in 2013 it increased sharply.

To more accurately assess the financial stability of an enterprise, in domestic practice the value of net assets is calculated and their dynamics are analyzed. Net assets represent the excess of the enterprise's assets over the liabilities taken into account. The assets involved in the calculation include the monetary and non-monetary property of the enterprise, with the exception of the debt of the participants (founders) for contributions to the authorized capital and the book value of their own shares purchased from shareholders.

Liabilities involved in the calculation include part of the enterprise’s own obligations (targeted financing and revenues), external obligations to banks and other legal entities and individuals.

In accordance with the Law of the Russian Federation “On Joint-Stock Companies” (Article 35) and the order of the Ministry of Finance of Russia and the Federal Commission for the Securities Market of Russia dated January 29, 2003 No. Yun, 03-6/pz “On approval of the procedure for assessing the value of the net assets of a joint-stock company,” joint-stock companies for financial stability assessments use net assets. Net assets represent the difference between the amount of assets and the amount of corresponding liabilities and are calculated according to the methodology approved by the Ministry of Finance of Russia and the Federal Commission for the Securities Market of the Russian Federation.

The calculation of the net assets of the analyzed enterprise is presented in table 11.

Table 11. Calculation of net assets of Phoenix LLC

Balance sheet items 2011 2012 2013 Change Abs., +, - Rel., %1. Assets - total 28 56042 89245 55216 99259.52. Assets excluded - total00000!3. Liabilities excluded - total19 33733 95837 13017 79392.0 - bank loans and borrowings12 82917 15918 5165 68744.3 - accounts payable6 50816 79918 61412 106186.0 - debt to participants (founders) for payment of income000 0-- reserves for future expenses0000-- other short-term liabilities0000 -4. Net assets (line 1 - line 2 - line 3)9 2248 9348 422-802-8.7- in% of total assets (line 4: line 1 * 100)32.3020.8318.49- 13.81-42.85. Authorized capital 46464600.06. Net assets to authorized capital (line 4: line 5) 201.9195.6184.4-18-8.7

This trend confirms the previously made conclusion about the increase in the degree of solvency of the enterprise, as evidenced by the upward trend in the current liquidity ratio.

We will evaluate the efficiency of using borrowed capital.

Table 12. Calculation of the effect of financial leverage (EFF)

Indicators 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Total capital, thousand rubles 28 56042 89245 55214 3322 66016 992 including: 9 2248 9348 422-289-512-802 own debt19 33733 95837 13014 6213 17217 793 Profit from sales, thousand rubles 5 1852 5313 447-2 654915-1 738 Total return on equity, % 18.25,97.6-12, 31.7-10 ,6Amount of interest on the loan, thousand rubles 2071.82747.52598.4676-149527 Taxable profit, thousand rubles 5 150631265-4 519-367-4 886 Income tax, thousand rubles 1 4673848-1 42910-1 419 Net profit, thousand rubles 3 684594217-3 090-377-3 466 Return on equity, % 39.96.62.6-33.3-4.1-37.4 Financial leverage effect, % 0.49-0.04 -0.16-0.53-0.11-0.65

As can be seen from the table, in 2012-2013. EGF< 0. Это показывает, что предприятие «не умеет» пользоваться заемными средствами, т.к. плата за них выше, чем рентабельность вложенных средств.

3.1 Development of a business plan for diversification of production to maximize enterprise profits

When writing this work, an analysis of financial stability management was carried out, during which the shortcomings reflected in Table 13 were identified.

Table 13.

Identified shortcomings Proposed measures Analysis of economic indicators showed: 1. In general, from 2011 to 2013, revenue decreased by 1,784 thousand rubles. or by 2.9%. Sales growth should help increase profits2. In general, from 2011 to 2013, net profit decreased by 3,466 thousand rubles.3. The dynamics of profitability indicators show: profitability of sales is characterized by rather low indicators. Analysis of liquidity and solvency showed: 1. The balance sheet is not liquid. 2. The dynamics of liquidity ratios are negative and below standard values. 3. It was concluded that the structure of the enterprise’s balance sheet is unsatisfactory and that it is impossible to restore solvency after 6 months. It is necessary to optimize the structure of assets and liabilities I. Measures to manage and optimize accounts receivable. 1) Control of the buyer for his reliability and financial stability, his compliance with contractual discipline. 2) Restructuring of receivables in pre-trial and judicial procedure. II. Activities for inventory management and optimization. Use of various modern methods of inventory management, in particular the Wilson model.4. The organization is turning over its resources quite slowly. 5. There is a large amount of accounts receivable: it occupies a large share in the structure of the enterprise’s balance sheet.6. The value of the coefficient of financial independence and stability is below the critical point7. Own working capital is not enough for maneuverability. The coefficient of maneuverability and availability of own funds has a negative value.8. The enterprise was in an unstable financial condition during the analyzed period.9. In 2011-2012 EGF< 0.

We will describe the problems and their solutions in more detail.

1. In general, from 2011 to 2013, revenue decreased by 1,784 thousand rubles. or by 2.9%. At the same time, gross profit decreased by 1951 thousand rubles. or by 29.1%, and net profit - by 3,466 thousand rubles! In general, the reduction in profit was affected by a decrease in sales profit and an increase in other expenses of the enterprise. Data on net profit per 1 rub. sales indicate that the company is at a low level of profitability.

An analysis of financial stability showed that the enterprise is unstable: thus, the value of the coefficient of financial independence (autonomy) is below the critical point: the owners owned 32.3% of the property value in 2011, 20.8% of the property in 2012, and 20.8% of the property in 2013. - only 18.5% with the standard: 0.4 £ U3 £ 0,6.

An analysis of liquidity and solvency showed that the balance sheet is not liquid based on criteria 1, 2 and 4 in 2011, on criteria 1 and 4 in 2012, on criteria 1, 2 and 4 in 2013. All liquidity ratios are below standard values : the total liquidity ratio is less than the standard value (>1): in 2013 it was 0.93; absolute liquidity ratio is less than the standard value (> 0.1 ÷0, 2) and also tends to decrease; current ratio is below standard (> 1÷ 2): in 2013 it was 0.98.

An analysis of the business activity of the enterprise showed that the organization turns over its resources rather slowly, and the turnover periods have a growing trend, which indicates a decrease in the efficiency of investments in inventories, a decrease in the share of borrowed funds: the turnover period of receivables in the organization is the longest in 2013 and it increased over 2011-2013. by 36.0 days, which is associated with deterioration in work with debtors; the inventory turnover period increased from 39.2 days in 2011 to 121.3 days in 2013, i.e. there was an increase in the duration of inventory turnover by 82.1 days; the turnover period of current assets increased from 95.7 days in 2011 to 200.3 days in 2013, i.e. by 104.6 days; The turnover period of accounts payable increased in 2011-2013. by 76.0 days; asset turnover decreased by 0.8 turnover.

The analyzed enterprise has a large amount of accounts receivable: it occupies a large share in the structure of the enterprise’s balance sheet: 21.70% of the balance sheet currency in 2011 and 23.58 percent of the balance sheet currency in 2013.

The dynamics of profitability indicators shows: profitability of sales is characterized by rather low indicators; return on assets also decreased over three years and amounted to 0.5% in 2013; return on equity decreased over three years and amounted to 2.6% in 2013, which is associated with a decrease in net profit along with a slight increase in equity.

As the analysis of return on equity capital (ROE) shows, in 2012 there was a decrease of 33.3%. Return on sales had the greatest negative impact. Return on equity (ROE) in 2013 decreased by 4.1%. Return on sales again had a negative impact.

The balance sheet structure of Phoenix LLC is recognized as unsatisfactory, and the enterprise is considered insolvent, because Both of the following conditions are not met:

the current liquidity ratio at the end of the reporting period is less than 2 (0.98 in 2011, 1.01 in 2012, 0.98 in 2013);

the equity ratio at the end of the reporting period is less than 0.1 (-0.21 in 2011, -0.15 in 2012, -0.15 in 2013).

In 2012-2013 EGF< 0. Это показывает, что предприятие «не умеет» пользоваться заемными средствами, т.к. плата за них выше, чем рентабельность вложенных средств.

So, 3 major problems emerged:

.Unsatisfactory capital structure;

.Low amount of liquid funds;

.Low profitability.

To solve the problem of strengthening the financial situation, work in two directions is necessary:

.profit growth (solution to problem 1 and 3)

.growth of liquid funds.

Sales growth should contribute to an increase in profits, which will increase the amount of equity in the structure of liabilities, which will significantly strengthen the financial stability of the enterprise. The primary task not only to ensure financial stability, but also operational stability, is to increase the volume of orders. Therefore, it is necessary to offer the development of new types of activities

The point is to expand the range, because the importance of income for an enterprise is difficult to overestimate.

Phoenix LLC is a company that builds houses, bathhouses, cottages, campsites and much more from rounded logs of high-quality wood, such as Angara pine and Siberian larch, Siberian cedar. However, the cost of such houses is quite high, and reliability and safety are not confirmed by widespread examples. Thus, products for the segment of relatively cheap materials, which includes houses made of wood, are falling out of the assortment.

The construction of houses, bathhouses, cottages, and campsites from factory-made profiled timber can cause injury.

The solution could be the construction of houses, bathhouses, cottages, and campsites from factory-made profiled timber.

To build a workshop for profiled timber, an investment of 16 million rubles is required.

Sources of financing:

Own funds received from the release of accounts receivable (3,370 thousand rubles) and inventories (4,434 thousand rubles), i.e. in the amount of 8164 thousand rubles.

Loan from Sberbank in the amount of 16,000 - 8,164 = 7,836 thousand rubles. at 15% per annum for 5 years.

Table 14. Loan repayment schedule

Indicator 12345 Debt balance at the beginning of the year 78366269470231341567 Accrued% 1175940705470235 Principal debt repaid 15671567156715671567 Repaid% 1175940705470235 Debt balance at the end of the year 626947023134156 70

Supposedly it is possible to produce 2000 cubic meters. m. per year at a cost of 13,000 rubles. (revenue growth by 2000 * 13000 = 26000 thousand rubles) at a cost of 10000 rubles. (cost increase 2000 * 10000 = 20000 thousand rubles), i.e. you can make a profit from sales in the amount of 6,000 thousand rubles.

Table 14a. Calculation of financial results

Indicator year012345 Sales volume, cubic meters m.20002000200020002000Price 1 cu.m. m., rub. 1300013000130001300013000 Cost of 1 cubic meter. m., rub.1000010000100001000010000Revenue, thousand rubles2600026000260002600026000Cost, thousand rubles2000020000200002000020000Sales profit (PP), thousand rubles6000600060 0060006000 Loan fee, thousand rubles 1175940705470235 Income tax (NP = PP * 20%), thousand. rub.9651200120012001200Net profit (P), thousand rubles38603860409543304565

Thus, the implementation of this project will bring an additional net profit in the first year in the amount of 3860 thousand rubles.

Because project financing is mixed, then we define the discount rate as the weighted average cost of capital

WACC = Dsk*Tsk + Dzk*Tszk*(1-0.2) = 8164 / 16000 * 2.6% + 7836 / 16000 * 15% * 0.8 = 19%

Price of a borrowed source of financing -loan rate:

Price of own source of financing -equity is calculated as return on equity:

Table 15. Calculation of project efficiency

Indicator year?012345Capital investments (I), million rubles1600016000Net profit (P), million rubles3860386040954330456520709Depreciation (A), million rubles3200320032003200320016000Cash flow (РV = P + A - I), million rubles- 160007060706072957530776520709 Discount factor (K)10.9330.8700.8120.7570.706 Discounted cash flow (NPV = PV * K), million rubles -160006586614359215702548513837? NPV, million rubles -16000-9414-32712650835213837

NPV = 13837 million rubles. Because NPV > 0, then the project can be considered effective.

Payback period Current = 2 years + 3271/5921 = 2.7 years.

Figure 4. Calculation of payback period

3.2 Using the Wilson model to optimize inventory levels as a factor in ensuring financial stability

Another task is to optimize the structure of assets and liabilities to strengthen the financial position.

So, if there is no coverage of reserves by normal sources of their formation, then in order to stabilize the financial condition it is necessary: ​​firstly, to increase the share of equity capital in current assets; secondly, to reduce inventory balances through the sale of low-moving or unused inventories.

The growth of liquid funds should be associated with the optimization of inventories, accounts receivable and accounts payable. Those. if the structure of current assets is illiquid, work is necessary to search for illiquid and excess inventories, as well as to pay off accounts receivable and pay off accounts payable.

Thus, to solve the problem of increasing the efficiency of managing the structure of assets and liabilities, work in two directions is necessary: ​​optimization of inventories and receivables.

) Activities for inventory management and optimization.

There are many inventory management models of varying degrees of complexity.

The simplest is the so-called basic inventory management model EOQ (Economic Ordering Quantity), also known by the name of the author - the Wilson model.

Wilson's model is the simplest model KM describes the situation of purchasing products from an external supplier, which is characterized by the following assumptions:

· consumption intensity is a priori known and constant;

· the order is delivered from the warehouse where previously produced goods are stored;

· the order delivery time is a known and constant value;

· each order is delivered in one batch;

· the costs of placing an order do not depend on the size of the order;

· the cost of holding a stock is proportional to its size;

· Lack of stock (shortage) is unacceptable.

This model is somewhat divorced from reality, but is useful for understanding the essence of the subject, problems, basic patterns and approaches in the field of inventory management.

But in relation to our organization, this model is not only useful, but also acceptable, because those claims that are made to this model have an insignificant impact on the processes of our organization:

Firstly, in this organization, 3 types occupy more than 70% of all reserves;

Secondly, the delivery process is very simple and is characterized by understandable categories: delivery volume, cost of 1 delivery, storage costs, which are easily calculated.

Thirdly, the organization approaches the delivery process only from the standpoint of assessing safety stocks, and no one has approached it from the point of view of minimizing transport and warehouse stocks.

And this model is based precisely on these considerations, because The purpose of determining the optimal order quantity is to provide the inventory necessary to maintain production process with minimal total costs of storing and organizing orders.

The main idea of ​​the EOQ method is to divide costs into:

a) costs of storing inventories (variables);

b) costs of organizing the order (conditionally fixed).

Let S - annual sales volume; - annual number of orders;

Q - quantity of goods ordered by the consumer (Q = S/N)

The inventory level will fluctuate from the value Q after the order is received to zero (or the safety stock value) on the eve of the next order.

When calculating the need for working capital, the average cost of inventories M is usually taken into account. It is determined by the formula

M = A × p, (37)

where A is the average amount of reserves. It is calculated by the formula

A = (S / N) / 2 = Q / 2, (38)

where p is the price of a unit of raw material or material.

The total amount of storage costs - TCC (Total Carring Cost) is determined by the formula:

TCC = srA = srQ / 2 (39)

Inventory storage costs (ISC), as a rule, are variable, but the cost of organizing each order is considered to be constant (this includes correspondence, telephone-fax, hospitality, and travel expenses). Let fixed costs be equal to F, and if N orders are placed per year, then the total cost of organizing orders - TOC (Total Ordering Cost) is equal to

TOC = F× N (40)

If we solve equation (4) for N, we obtain N = S/2A. From this formula it is clear that the number of orders decreases with increasing batch volumes. If the orders themselves are large, their number during the year is small, then the costs of organizing orders are small. Substituting N into (7), we have:

TOC = FS / 2A = FS / Q (41)

The total total costs of storing and organizing orders - TIC (Total Inventory Costs) are equal to:

ТIC = TCC + TOC = срQ / 2 + F (S / Q) (42)

This formula serves as the basis for determining the optimal order quantity. It allows you to find a compromise between costs that are increasing and costs that are decreasing.

Figure 5. Optimal order batch model

The graph demonstrates the main premises of the model: part of the costs increases with the increase in inventory volume, and part of them decreases. The optimal order size is the one that minimizes total costs. Close to the optimum point, the cost curve decreases gradually, flatly. This suggests that a small fluctuation in the order lot size does not fundamentally affect costs.

Analytically, the optimal order size (EOQ point) is determined by the formula:

EOQ=?2FS / SR (43)

This expression is called Wilson's formula.

Table 16. Calculation of volume (F) and sales value by product groups

Types of raw materials Purchase volume (F*P), thousand rubles Price (P), thousand rubles Purchase volume (F), cubic meters m. Log13 13315.6842 Beam11 9606.61 812 Board6 8905.61 230 Total 31 983 Table 17. Calculation of optimal order quantity (EOQ)

Types of raw materialsFSCPEOQLog842600.962324.1Beam1 812600.407731.0Board1 230600.345653.9

Table 18. Calculation of standard stock size

Types of raw materials Average inventory, thousand rubles Number of orders per year Order value Standard inventory, thousand rubles Conditional release according to the model Log 5 9062.65 0562 528-3 378 Timber 3 7252.54 8252 412-1 312 Board 1 5741.93 6621 83125 7Total for group11 20613 5436 771-4 434

The warehouse has stocks of rounded logs.

Wilson model formula

where Qw is the optimal order size in the Wilson model;

v - annual consumption, ; - costs of storing inventory, ; - costs of ordering, including placing and delivering the order (delivery is carried out by rail, the cost of the car service is 60 thousand rubles).

The optimal order size in Wilson's model, according to the formula, is 324.1 cubic meters. m. then the stock norm is 324.1 /2 = 162.05 cubic meters. m., the stock standard is 162.05 * 15.6 rubles. = 2528 thousand rubles.

Today, the average inventory is 5,906 thousand rubles, so the release of working capital by reducing inventories will be 3,378 thousand rubles. (5906 - 2528).

1.implementation of the project will bring net profit in the 1st year in the amount of 3,472 thousand rubles.

.The provision of a discount beneficial for buyers and us led to a reduction in accounts receivable by 3,730 thousand rubles.

3.optimization of inventory levels led to the conditional release of funds in the amount of RUB 4,434 thousand.

How qualitative these shifts are and how they will affect the overall financial situation must be answered by appropriate methods.

) Measures to manage and optimize accounts receivable.

Optimization of receivables is part of the organization’s overall policy of selecting conditions for sales of products for a certain period of time, optimizing the total amount of receivables and ensuring timely collection of receivables to achieve a given level of financial stability of the organization.

a) To monitor the buyer for his reliability and financial stability, his compliance with contractual discipline, to monitor the fulfillment of contractual obligations by the organization itself (meaning the selling organization), it is proposed that Phoenix LLC develop a dossier on buyers. The dossier is an approved form of internal accounting (here the accounting form is in a specific way an expressed data system, including documents, materials, files and systematically constructed forms), a certain structured set of all available data about the customer (buyer). The accounting accountant of Phoenix LLC monitors compliance with the procedure for limited access to documents, materials and files that form the specified dossier and ensures their safety.

b) Phoenix LLC is recommended to use modern methods of refinancing receivables. An important method of managing receivables is securitization, i.e. registration of debts with bills of exchange and their subsequent use as a means of payment. Another method is to directly sell debts at a discount. The discount amount is established by agreement of the parties and constitutes the income of the debt buyer.

The efficiency of managing current assets and current liabilities can also be improved by wisely using bill accounting to turn current financial needs into a negative value and accelerate the turnover of working capital. Discounting of bills is a special banking operation in which the holder of a bill transfers bills to the bank by endorsement before the maturity date and receives for this the bill amount minus a certain percentage of this amount. This percentage is called accounting, or discount.

The amount of the discount is directly proportional to the number of days remaining from the day of registration of the bill to the due date for payment on it, the face value of the bill and the size of the bank discount rate, calculated by the formula:

where D is discount, rub.;

НВ - denomination of the bill, rub.;

DP - the number of days from the accounting date to the payment date of the bill, days;

US - bank discount rate, %

The higher the face value of the bill, the a large amount will keep the bank in the form of a discount. At the same time than less days remains until the due date of payment on the bill, the smaller the discount due to the bank.

Pre-trial procedure (according to paragraph 2 of Article 307, 308, 309 of the Civil Code of the Russian Federation). The company contacts the debtor in writing to reconcile the debt (the result is a reconciliation report).

Then it sends a claim to the debtor demanding repayment of the overdue debt, the amount of which is determined by the reconciliation act, within a period that can also be determined by the parties. If the debt is not repaid, the company files a corresponding claim against the debtor in the arbitration court.

The pre-trial procedure includes the assignment of the right of claim and the sale of receivables, which were discussed above. Moreover, if the debtor cannot repay the debt, then it is also possible to arrange debt restructuring through the registration of a pledge on his property or a guarantee from another person.

) The most economically profitable and effective method is to provide a discount for the completion of payment of receivables.

Let's consider an example of a comparative assessment of two options for short-term financing by an enterprise that sells its customers:

1)providing a discount to quickly cover the need for funds;

2)a loan without a discount. By granting the buyer a deferred payment for the goods, the seller is essentially providing his partner with a loan.

Inflationary price growth - 2% per month;

Contractual payment period - 1 month;

When paying upon shipment at the beginning of the month, the discount is 4%;

Bank interest on a short-term loan is 15%;

The return on alternative capital investments is 10%.

Table 19. Calculation of the financial result from providing a discount

Indicator Discount provision Credit1 Price index 1,021,022 Discount factor 0,980,983 Losses from discount from every 1000 rubles, rub. 404 Losses from inflation from every 1,000 rubles, rub. 1000-1000 x 0.98 = 205 Income from alternative investments, rub. (1000 - 40) x 0.1 x 0.98 = = 94.081000 x 0.1 x 0.98 = 986 Interest payment, rub. - (1000 x 0.15) / 12 = 257 Financial result, rub. 94.08 - 40 = 54.0898 - 20 -25 = 53.0

The calculation shows that by providing a discount, a company can receive more income than by using a loan.

Let's evaluate the feasibility of using a discount from the point of view of the buyer, who is given a 5% discount when paying at the time of shipment, or a deferred payment for 45 days. For early payment, the buyer uses a loan at 15% per annum.

Table 20. Calculation of financial results (for every 1000 rubles)

Indicator Payment with a discount Payment without a discount 1 Payment for goods, rub. 95010002 Payment expenses%, rub. 950 x 0.15 x 45 / 365 = 35.14-3 Total 985.141000

It is beneficial for the buyer to use discounts and make early payments. Let's define the minimum permissible level discounts:

Discount MIN = 3.69%.

Let's determine the maximum allowable discount amount:

Discount amount MAX = 1000 x 3.69% = 36.98 rubles for every 1000 rubles.

Thus, the discount system helps protect the enterprise from inflationary losses and relatively cheap replenishment of working capital.

Let's add here positive decisions on 4 debtors against whom pre-trial claims have been filed.

As a result, we obtain the results reflected in Table 21.

Table 21 - Results of working with debtors

Number of debtors with overdue debt Total amount of overdue debt, thousand rubles Before restructuring 2312 386 Pre-trial work (discounts) 63 274 Judicial work (making claims) 4456 After restructuring 138 656 Effect-10-3730

3.3 Impact of the proposed measures on financial sustainability

As a result, the decrease in accounts receivable amounted to 3,730 thousand rubles.

From the point of view of economic efficiency, it is necessary to calculate the forecast income statement and the forecast balance sheet.

Table 22. Forecast statement of financial results

Indicators Amount, thousand rubles Change Before events After events Amount, thousand rubles Growth rate, % Revenue (net) from sales59 07485 07426 00044.0 Cost of goods, products, works, services sold54 33174 33120 00036.8 Gross profit4 74310 7436 0001 26.5 Selling expenses 1 2971 2970.0Profit (loss) from sales3 4479 4476 000174.1Interest payable2 5983 7741 17545.2Other income8968960.0Other expenses1 4791 4790.0Profit (loss) before tax2655 0894 8251821.5Te current income tax 481 0139652024.3 Net profit (loss) of the reporting period 2174 0773 8601777.0 Thus, due to the adoption of the project, the increase in sales profit amounted to 6,000 thousand rubles, the increase in interest was 1,175 thousand rubles, and as a result, net profit will increase by 3,860 thousand rubles.

Table 23. Forecast balance

Indicator Amount, thousand rubles. Changes for the year Before events After events Amount, thousand rubles. Growth rate, % ASSETS I. Non-current assets, total13 12735 12722 000167.6 Fixed assets8 01130 01122 000274.6 Long-term financial investments3 3083 3080.0 Other non-current assets1 8081 8080.0II. Current assets, total 32 42527 950-4 475-13.8 Inventories 19 63315 199-4 434-22.6 Accounts receivable 12 3868 656-3 730-30.1 Short-term financial investments 3543540.0 Cash 523 7413 6897153, 1BALANCE45 55263 07717 52538.5LIABILITYIII. Capital and reserves8 42217 7839 361111.2 Authorized capital465 7185 67212418.2 Additional capital1 8781 8780.0 Reserve capital770.0 Retained earnings6 49110 1813 68956.8IV Long-term liabilities3 88912 0538 1 64209.9V. Current liabilities33 24133 24100.0 Loans and credits14 62714 6270.0 Accounts payable18 61418 6140.0BALANCE 45 55263 07717 52538.5

The growth of fixed assets is associated with the purchase of equipment for 16,000 thousand rubles. minus depreciation in the 1st year. In liabilities, this will be reflected in the growth of long-term borrowings.

A decrease in accounts receivable by 3,730 thousand rubles is reflected. and a decrease in inventories by 4434 thousand rubles. as a source of project financing.

The profit received will be reflected in the growth of equity capital and in the growth of cash flows.

As a result of the activities carried out, the main indicators of the financial and economic activities of the enterprise were formed.

Table 24. Liquidity indicators before and after events

Indicator Before events After events Deviation Current liquidity ratio 0.981.010.03 Quick liquidity ratio 0.380.520.14 Absolute liquidity ratio 0.010.140.13

There is a good significance of the main liquidity indicators:

The current liquidity ratio increased by 0.03 and amounted to 1.01, which corresponds to the standard level (1.0-2.0).

The quick liquidity ratio increased by 0.14.

The absolute liquidity ratio increased by 0.13 and amounted to 0.14, which corresponds to the standard level (0.1-0.2).

Table 25. Financial stability indicators before and after events

Indicator Before events After events Deviation Autonomy coefficient 0.180,280.10 Financial stability coefficient 0.270,470.20 Working capital ratio - 0.150,120.27

Although the autonomy coefficient (0.28) did not reach the standard level (0.5), it improved the indicator.

The financial independence coefficient (0.47) also did not reach the standard level (0.7), but improved the indicator.

The SOS provision ratio (0.12) reached the standard level (0.1).

These and other indicators have positive dynamics.

Table 26. Business activity indicators before and after events

Indicator Before activities After activities Deviation Asset turnover, turnover 1,301,570.27 Current assets turnover, turnover 1,823,001.18 Inventory turnover, turnover 3,015,602.59 Accounts receivable turnover, turnover 4,779,835.06

Table 27. Profitability indicators before and after events

Indicator Before events After events Deviation Return on sales 5.811.15.3 Return on assets 0.57.57.0 Return on current assets 0.714.413.7

Due to increased profits, return on sales increased from 5.8% to 11.1%. Return on assets increased from 0.4% to 7.5%. Return on current assets increased from 0.7% to 14.4%.

Conclusion

The relevance of the research topic is determined by its indicators: unsatisfactory liquidity indicators create a threat to solvency, unsatisfactory financial stability indicators demonstrate high dependence on external sources, thereby creating a threat of bankruptcy, low profitability indicators indicate low returns on resources, etc.

Therefore, the purpose of the work is to study the theoretical and practical foundations of ensuring the financial stability of the enterprise and develop measures to improve the financial condition.

To achieve this goal, the following tasks must be solved:

) analyze the financial condition of the enterprise under study;

) develop measures to improve financial condition;

When solving the 1st problem, the following shortcomings were identified.

Firstly, from 2010 to 2012, revenue decreased (by 1,784 thousand rubles), which led to a decrease in sales profit (by 1,738 thousand rubles) and net profit (by 3,466 thousand rubles).

Naturally, for these reasons, the profitability of sales decreased from 8.5% to 5.5%; return on assets from 12.9% to 0.5%.

Secondly, the analysis of financial stability showed that the enterprise is unstable: thus, the coefficient of financial independence (autonomy) is below the critical point: in 2012 - only 18.5% with a standard > 0.5.

Thirdly, an analysis of liquidity and solvency showed that all liquidity ratios are below standard values. The reason is the increase in accounts payable and short-term loans.

Fourthly, an analysis of the business activity of the enterprise showed that the organization turns over its resources rather slowly, and turnover periods tend to grow, which indicates a decrease in the efficiency of investments in current assets.

Thus, the turnover period of receivables in the organization increased from 40.5 days in 2010 to 76.5 days in 2012, i.e. by 36.0 days, which is due to the deterioration of work with debtors and the fact that the company has a large volume of accounts receivable: it occupies a significant share in the balance sheet structure - 23.58% of the balance sheet currency in 2012;

The inventory turnover period increased from 39.2 days in 2010 to 121.3 days in 2012, i.e. there was an increase in the duration of inventory turnover by 82.1 days;

So, 4 major problems emerged:

Low profitability.

Unsatisfactory capital structure;

Low amount of liquid funds;

Reduced efficiency of investments in current assets

) To solve the problem of increasing the efficiency of managing the structure of assets and liabilities, work is required in two directions: optimization of accounts receivable and inventories.

1) The most economically beneficial and effective method is to provide a discount for early payment of receivables. It is beneficial for the buyer to use discounts and make early payments. Our benefit is that we do not use borrowed capital, i.e. We don’t pay for the loan. Thus, the discount system helps protect the enterprise from inflationary losses and relatively cheap replenishment of working capital.

Having determined the maximum allowable discount level (3.69%), a discount scale can be developed.

If the proposed method is not interesting to the buyer, and his debt continues to remain outstanding, it is necessary to carry out the work in court (making claims).

As a result, the decrease in accounts receivable amounted to 3,730 thousand rubles.

2) Among the many inventory management models, the simplest is the so-called basic inventory management model EOQ (Economic Ordering Quantity), also known by the name of the author - the Wilson model.

The purpose of determining the optimal order lot is to provide the inventory necessary to support the production process with minimal total costs of storing and organizing orders.

Optimization of inventory levels led to the conditional release of funds in the amount of RUB 4,484 thousand.

) To solve the problem of increasing profitability, sales growth through more profitable activities is necessary.

Therefore, it is necessary to offer the development of new types of activities. The problem is that Phoenix LLC is the only company in the city market that is engaged in the construction of houses, bathhouses, cottages, campsites and much more from rounded logs of high-quality wood, such as Angara pine and Siberian larch, Siberian cedar. However, the cost of such houses is quite high. Thus, products for the segment of relatively cheap materials, which includes houses made of wood, are falling out of the assortment. The solution could be the construction of houses, bathhouses, cottages, and campsites from factory-made profiled timber.

There is a customer for the construction of an entire block of cottages from this material. Presumably, the revenue growth will be 26,000 thousand rubles, the increase in sales profit will be 6,000 thousand rubles.

The project will require investments in the amount of 16 million rubles. Sources of financing: Own funds in the amount of 8164 thousand rubles. Loan from Sberbank in the amount of 7836 thousand rubles. at 15% per annum for 5 years.

The implementation of this project will bring additional net profit in the first year in the amount of 3860 thousand rubles.

As a result, there is a good significance of the main liquidity indicators: the current liquidity ratio increased by 0.03 and amounted to 1.01, which corresponds to the standard level (1.0-2.0); The absolute liquidity ratio increased by 0.13 and amounted to 0.14, which corresponds to the standard level (0.1-0.2).

Although the autonomy coefficient (0.28) did not reach the standard level (0.5), it improved the indicator. The SOS provision ratio (0.12) reached the standard level (0.1).

Due to the growth in revenue, asset turnover increased by 0.27 turnover, and turnover of current assets - by 1.18 turnover. This is due to a significant decrease in inventories and accounts receivable.

Due to the increase in profits, return on sales increased from 5.8% to 11.1%, and return on assets increased from 0.4% to 7.5%.

Thus, the activities that were carried out in the work had a positive effect in terms of growth in financial results, as well as in terms of liquidity and financial stability.

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Tags: Financial stability and ways to improve it Diploma Management

Problems and prospects for enterprise development

The problem of ensuring financial stability is one of the most pressing for most enterprises. In their activities, they face difficulties in determining a mechanism that would ensure financial balance, and achieving their goals at the same time for domestic enterprises, ensuring financial stability is quite problematic at the present time. One of the main problems is the predominance of borrowing over measures to increase equity capital, including the preference for acquiring borrowed funds in non-financial form (i.e. acquiring material assets on credit, without taking into account the real possibility of paying for them with money). Moreover, this trend is typical for most enterprises in almost any sector of the economy. This is why it is quite difficult for small businesses to get loans for their activities, since many banks simply do not trust the solvency of these enterprises.

The second problem follows from the first problem, which is the presence of long-term overdue debts to suppliers, banks, personnel, the budget, extra-budgetary funds and other creditors. The ratio between accounts payable and accounts receivable has worsened. Overdue accounts payable for enterprises as a whole account for half of this type of debt.

Such a high increase in overdue debt in economic terms means an equally rapid and significant reduction in financial sources for restoring production.

The main reason for the negative dynamics of the ratio of receivables and payables, as well as the steady trend towards an increase in overdue debt in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases of not only their expanded reproduction, but also simple ones.

The result is a sharp drop in production volumes, which is accompanied by a reduction in its own sources of production financing. This leads to a significant decrease in the solvency of the enterprise, as well as to a breakdown in relations with suppliers, investors, and creditors, since such an enterprise will be considered an unreliable partner.

Another key problem that has caused a decrease in the current financial stability of enterprises is the shortage of cash working capital necessary to ensure current production. The lack of free funds in settlement, currency and other bank accounts has a negative impact on the financial stability of the enterprise and practically means its bankruptcy.

Excessive dependence of the enterprise on external creditors and investors also indicates that the share of borrowed funds in the capital of the enterprise is too high and has a negative impact on financial stability.

The listed problems are, to one degree or another, typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, at too slow a pace.

As for StavroPos LLC and increasing its financial stability, the following series of measures can be implemented. Firstly, it is necessary to improve its organizational structure and management structure, create a service that carries out constant financial analysis of the enterprise’s activities in order to manage the financial stability and control the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because a fairly large part of it in the overall asset structure reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

3.2. Directions for increasing the financial stability and solvency of the enterprise StavroPos LLC

Event No. 1. Creation of a financial department.

Any measures to improve the financial condition of an enterprise cannot be carried out without the active work of the employees of this enterprise. At the present stage of its operation, StavroPos LLC is not able to solve various financial problems, including conducting financial analysis, both internal and external. The company not only does not have a department or service that resolves these issues, but also specialists who can be entrusted with carrying out individual measures to improve the financial condition of StavroPos LLC. Accounting employees are engaged in calculating individual indicators of financial and economic activity, but they are not competent enough in matters of planning and finding ways out of the current situation.

The department will solve the following problems that are currently not being considered at the enterprise or are not being addressed fully enough, namely:

providing financial resources for the current activities of the enterprise, finding reserves for reducing costs, increasing profits and increasing profitability while fully fulfilling obligations to the budget, banks, and suppliers

analysis of the current economic activities of the enterprise;

participation in financial and economic activities;

constant analysis and control over tax legislation, control over the timeliness of payment of taxes and other obligatory payments to the budget and extra-budgetary funds, as well as over debt to the budget and funds;

constant analysis of receivables and payables, analysis of agreements and contracts;

preparation of operational information on the movement of funds in the accounts of the enterprise.

Naturally, the creation of another structural unit at the enterprise will lead to an increase in costs and will require additional financial investments. But the effect that can be obtained from of this event, obvious.

It is planned that the department will consist of the following units that will perform specific functions.

Department composition:

financial planning bureau;

bureau of operational accounting of financial and settlement operations;

bureau of operational accounting of financial investments.

The main functions of a financial planning office include:

participation in the preparation and endorsement of contracts concluded by the enterprise, in particular the terms of settlements with suppliers and consumers in accordance with the financial plan;

ensuring the fulfillment of financial obligations to creditors;

conducting systematic monitoring of the financial condition of the enterprise based on the analysis of accounting, statistical and operational reporting;

control over the state of standardized working capital.

The Bureau of Operational Accounting of Financial and Settlement Operations performs the following functions:

conducts systematic monitoring of the status of accounts receivable and takes measures to collect them;

prepares materials for filing claims arising from non-payment of bills by consumers of products;

regulates daily payments to suppliers and contractors.

The Bureau for Operational Accounting of the Enterprise's Financial Investments will monitor the enterprise's long-term and short-term financial investments and analyze agreements and contracts.

Let’s assume that 3 specialists will initially be hired to work in the financial department, and as necessary and as the department’s activities expand, management will decide to hire additional employees

The costs that the enterprise will be forced to bear in connection with the creation of a financial department will consist of capital investments in the amount of the cost of a personal computer and furniture (90 thousand rubles) and costs associated with payment wages(15 thousand rubles * 12 months + contributions for social needs, total 54 thousand rubles).

Total: 90+54 = 144 thousand rubles.

Thus, the ineffective structure of the enterprise’s property, in particular the increased accounts receivable, requires immediate work to stabilize and improve the financial condition of StavroPos LLC. This work should be entrusted to specialists from the financial department, which are proposed to be created at the enterprise.

Event No. 2. Creation of a scoring system for the reliability of the counterparty in order to reduce receivables. Introduction of a fine system.

A well-constructed database and analysis of statistical data on the counterparty’s fulfillment of its obligations allow one to make an informed decision on the possibility of providing a commercial loan.

At the LLC StavroPos enterprise, it is necessary to create a system for scoring the reliability of the counterparty based on an analysis of work with him. All counterparties must be grouped into four groups according to reliability level:

• increased attention;

  reliable clients;

  "golden" clients.

The reliability of counterparties is assessed based on the period of work with the client, the volume of sales to the client and the amount of overdue debt of this client at the end of the period (see Table 3.1).

Table 3.1

Client reliability rating scale

The assignment of a counterparty to a particular group is carried out on the basis of an integral assessment, which is calculated as the product of scores for all three indicators.

The risk group includes enterprises with an integral score from 1 to 4, the high-attention group includes enterprises with 5-12 points, reliable clients - from 12-27, and "golden" - from 28-64.

The next measure to reduce accounts receivable is the introduction of a system of fines for late payments.

One of the most effective tools for maximizing cash flow and reducing the risk of overdue accounts receivable is a system of discounts and fines. A system for calculating penalties and fines for violation of payment deadlines established by the debt repayment schedule must be provided for in the contract. Discounts are provided depending on the term of payment for the goods. For example, with full prepayment a discount of 3% of the cost of the goods is provided, with partial prepayment (more than 50% of the cost of the shipped batch) - a 2% discount, with payment upon shipment - a 1% discount. There are no discounts when providing payment in installments for 7 days. In case of delay in payment, the penalty is 1% per day of the total amount due. These conditions must be specified in the contract.

Events No. 3. Creation of a reserve for doubtful debts.

The organization creates reserves for doubtful debts if accounts receivable are recognized as doubtful.

In this case, the receivables of an enterprise are considered doubtful if they are not repaid or with a high degree of probability will not be repaid within the time limits established by the contract and are not secured by appropriate guarantees.

Creating a reserve for doubtful debts in tax accounting is an element of tax planning that allows an enterprise to save on paying income tax. With the help of contributions to the reserve, the organization increases its non-operating expenses and thereby reduces its taxable profit.

Payment of income tax in this case is carried out only after the organization receives payment from the buyer for goods shipped, work performed, services rendered (clause 7 of Article 250 of the Tax Code of the Russian Federation).

The Tax Code does not establish a requirement to reflect the creation of a reserve for doubtful debts in the accounting policies of the enterprise.

The procedure for creating a reserve for doubtful debts is given in Art. Art. 266 and 313 of the Tax Code of the Russian Federation.

A doubtful debt is a debt to a taxpayer that:

Not repaid within the terms established by the agreement;

Not secured by collateral, surety, or bank guarantee.

The amount of the reserve for doubtful debts is determined based on the results of the inventory carried out on last number reporting or tax period (clause 4 of article 266 of the Tax Code of the Russian Federation).

Tax legislation does not establish the specifics of conducting an inventory for the use of its data for tax purposes. Therefore, on the basis of Art. 11 of the Tax Code of the Russian Federation, when forming reserves for doubtful debts in tax accounting, inventory data must be used, which is carried out in accordance with the Methodological Recommendations for the Inventory of Property and Financial Liabilities (approved by Order of the Ministry of Finance of Russia dated June 13, 1995 N 49). This is stated in the Letter of the Ministry of Finance of Russia dated July 26, 2006 N 03-03-04/1/612.

The number of inventories in the reporting year, the date of their conduct, the list of property and financial obligations verified during each of them are established by the head of the enterprise in accordance with the law. Information on the inventory procedure is reflected in the approved accounting policy (Letter of the Ministry of Finance of Russia dated July 17, 2008 N 03-03-06/2/84).

When conducting an inventory, the organization checks the correctness and validity of the amounts of receivables that are listed on the enterprise’s balance sheet (clause 3.48 of Methodological Recommendations No. 49). The results of the accounts receivable inventory are documented:

Act of inventory of settlements with buyers, suppliers and other debtors and creditors (form N INV-17, approved by Resolution of the State Statistics Committee of Russia dated August 18, 1998 N 88);

A certificate to the Inventory Report of settlements with buyers, suppliers and other debtors and creditors (Appendix to Form N INV-17).

They reflect only those amounts of receivables for which the statute of limitations has not yet expired.

Deductions to the reserve for doubtful debts are included in non-operating expenses on the last day of the reporting or tax period (clause 3 of Article 266 of the Tax Code of the Russian Federation).

If the reporting period for income tax for an enterprise is a quarter, then deductions to the reserve for doubtful debts are charged to non-operating expenses on the last day of the quarter. If an organization reports income taxes on a monthly basis, then deductions to the reserve for doubtful debts must be included in non-operating expenses on the last day of each month.

Let's consider the possibility of creating reserves for doubtful debts for the enterprise StavroPos LLC.

Based on the results of the inventory of accounts receivable for services provided, as of January 1, 2013, the following was identified:

Debt in the amount of 2170.8 thousand rubles. - the period of occurrence is more than 90 calendar days;

In accounting, all debts are recognized as doubtful. Sales revenue for 2012 amounted to 9322.02 thousand rubles.

Let's define RSO: 2170.8*100% = 2170.8 thousand rubles.

Let's determine PSO: 9322.02 thousand rubles. x 10% = 932.2 thousand rubles.

Thus, in tax accounting, the amount of the reserve as of 01/01/2013 will be 932.2 thousand rubles.

Creating a reserve for doubtful debts creates the opportunity to save on income tax in the amount of 186.44 thousand rubles.

The creation of a reserve mitigates the negative consequences of writing off bad debts, but does not eliminate them; in this regard, the basis for managing receivables of StavroPos LLC should be measures to prevent the occurrence of debts and the enterprise from collection.

To summarize the above, it should be noted that a decrease in financial stability and solvency is, to one degree or another, characteristic of most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, at too slow a pace.

As for the enterprise StavroPos LLC and increasing its financial stability, the following series of measures can be implemented. Firstly, it is necessary to improve its organizational structure and management structure, create a service that carries out constant financial analysis of the enterprise’s activities in order to manage the financial stability and control the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A fairly large part of it in the overall asset structure reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

CONCLUSION

Financial stability guarantees the strong position of a commercial enterprise. The higher the stability of an enterprise, the more independent it is from unexpected changes in market conditions and, therefore, the lower the risk of being on the verge of bankruptcy. Assessing financial stability in the short term is related to the liquidity of the balance sheet and the solvency of the enterprise.

Ensuring a stable financial position of the enterprise allows you to attract additional investments, improve the quality of customer service, the range of products sold, increase sales volumes and, ultimately, increase the profitability of the enterprise. If the financial stability of an enterprise is considered reliable, then this allows not only to attract investments, but also to obtain deferred payment from suppliers, attract funds at a lower interest rate, and this reduces costs and increases its competitiveness.

Summing up the final qualifying work, I would like to note that the goal of the study, which is to develop recommendations for improving financial stability, has been generally achieved.

Completing the objectives of this work allowed us to obtain the following main results of the study:

The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain the balance of its assets and liabilities in a changing internal and external environment.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

The financial stability of an enterprise is determined by the level of its financial independence and the level of its solvency.

Analysis of the financial stability of an enterprise is the most important stage in assessing its activities and financial and economic well-being, reflects the result of its current, investment and financial development, contains the necessary information for investors, and also characterizes the ability of the enterprise to meet its debts and obligations and increase its economic potential.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of reserves does not exceed the total cost of raw materials, materials and finished products.

Assessing the ability of an enterprise to meet its long-term financial obligations is the essence of assessing its financial stability. To calculate analytical indicators, data on all sources, long-term sources, and sources of a financial nature, which are understood as equity capital, bank loans and borrowings (long-term and short-term), can be used.

One of the most important criteria for assessing the financial condition of an enterprise is its solvency. In the practice of analysis, long-term and current solvency are distinguished. Long-term solvency refers to the ability of an enterprise to pay its obligations in the long term.

The ability of an enterprise to pay off its short-term obligations is usually called current solvency. In other words, an organization is considered solvent when it is able to fulfill its short-term obligations using current assets.

As a result of the research carried out in the second chapter, the following results were revealed:

As a result of the technical and economic analysis, it was revealed that revenue from product sales tends to increase. In 2010, product sales amounted to 3,500.38 thousand rubles. In 2011, this figure increased by 35.74% and amounted to 4571.50 thousand rubles. Due to the increase in production volume, sales revenue in 2012 increased by 96.19% and amounted to 9322.02 thousand rubles. The increase in sales revenue indicates that the products of the StavroPos LLC enterprise are in demand among the population of the city of Tolyatti and production activities are increasing every year.

During the analyzed period, the number of employees increased due to an increase in production volume. In 2011, the number of employees of the enterprise was 21 people, which is 26.3% more than in 2010, incl. the number of workers increased by 21.43%. In 2012, the number of employees increased by 14.29%, incl. workers 13.33%.

The largest share in the structure of workers is made up of blue-collar workers.

The share of workers in the total number of personnel tends to decrease. In 2012, the share of workers was 70.83%, which is 2.85% less than in 2010.

The annual wage fund in 2011 increased by 22.39% and amounted to 2,432.23 thousand rubles. And in 2012, this figure amounted to 3002.34 thousand rubles, which is 23.44% more than in 2011.

The average salary of employees in 2012 was 125.1 thousand rubles. Wages per 1 ruble of products sold in 2011 amounted to 0.512 rubles, and in 2012 this figure decreased by 37.08% and amounted to 0.322 rubles.

The rate of growth in labor productivity exceeding the rate of wage growth was 1.59 in 2012.

The average annual output of 1 worker in 2011 was 316.77 thousand rubles, and in 2012 this figure increased by 73.11% and amounted to 548.35 thousand rubles. The average annual output of 1 employee was 388.42 thousand rubles.

The average daily output of 1 worker in 2012 was 2211.11 rubles, which is 73.81% more than in 2011.

The average hourly output of 1 worker is 184.26 rubles. in 2012 and 106.01 rubles. in 2011.

Gross profit in 2011 increased by 25.39% and amounted to 1,446.36 thousand rubles. In 2012, gross profit increased by 148.35% compared to 2011.

Selling expenses tend to increase in 2012, this figure amounted to 3232.61 thousand rubles, which is 157.47% more than in 2011, as a result of which there was a decrease in sales profit, and together with administrative expenses, which increased by 39 .6% was a loss on sales. As a result, sales profit in 2011 and 2012 is negative. Profit from sales is declining at a rapid pace, and gross profit is increasing - which means that commercial and administrative expenses are dragging the enterprise down.

Net profit in the period 2010-2012 has a negative value. In 2010, net profit amounted to minus 88.01 thousand rubles. In 2012, net profit amounted to -132.51 thousand rubles. In 2012, net profit amounted to minus 1015.82 thousand rubles. As a result of this analysis, we can say that the company receives losses from its activities. This was due to an increase in selling and administrative expenses. Therefore, the company needs to pursue a policy to reduce these costs.

An analysis of financial stability showed that the balance sheet of the enterprise is not absolutely liquid in the period 2010-2012. The enterprise StavroPos LLC has a payment surplus for the second group of assets and liabilities. This indicates that the organization can repay short-term and long-term loans and borrowings in full. However, there is a shortage of the most liquid assets, as indicated by the negative difference between the first group of assets and liabilities. But this situation cannot indicate a crisis of non-payments, given that this group of liabilities includes all accounts payable and other short-term obligations, which, as a rule, are not presented by creditors for payment at the same time.

In 2011, there was a decrease in solvency indicators compared to 2010. There was a need to attract additional sources of financing. In 2012, the solvency of the StavroPos LLC enterprise was restored. The company uses borrowed funds rationally.

All the results obtained indicate that the company is financially unstable. This is evidenced by the increased financial risk ratio. Over the period from 2010-2012, this coefficient increased by 0.97 units. The financial balance coefficient in 2011 decreased by 0.24 units. And in 2012 it increased by 0.9 units. This indicator characterizes the security of borrowed funds with own funds. It shows the amount of equity capital that falls on 1 ruble. borrowed funds invested in assets. The higher this indicator, the more stable the financial position of the enterprise.

The autonomy coefficient in 2012 was 0.25 units, which is 0.7 units less than in 2010.

The financial stability coefficient was 0.75 units, which indicates that the StavroPos LLC enterprise is not sustainable.

An analysis of the probability of bankruptcy using E. Altman’s model showed that the probability of bankruptcy of StavroPos LLC is high.

Summarizing the entire analysis, it can be noted that despite the fact that the enterprise increases production every year and the products are in demand, sales profit and net profit are negative, which indicates that the enterprise’s activities are ineffective. The negative value of these indicators occurred as a result of an increase in commercial and administrative expenses; at the same time, the company’s balance sheet is only 25% liquid. The enterprise is financially unstable, despite the fact that the enterprise has restored its solvency. The probability of bankruptcy is high.

A decrease in financial stability and solvency is, to one degree or another, characteristic of most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, at too slow a pace.

As for StavroPos LLC and increasing its financial stability, the following series of measures can be implemented. Firstly, it is necessary to improve its organizational structure and management structure, create a service that carries out constant financial analysis of the enterprise’s activities in order to manage the financial stability and control the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A fairly large part of it in the overall asset structure reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

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Ways to increase the financial stability of the enterprise OJSC Neftekamskshina

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

Therefore, to solve this problem, it is necessary to develop recommendations to improve the financial stability of the enterprise OJSC Neftekamskshina.

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

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

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

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

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

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

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

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

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

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

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

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

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

In the total amount of accounts receivable, settlements with customers account for 80-90%. Therefore, the management of accounts receivable at an enterprise is primarily associated with optimizing the size and ensuring the collection of customer debt for payments for sold products.

In order to effectively manage these receivables, enterprises must develop and implement a special financial policy for managing receivables (or its credit policy in relation to product buyers).

Accounts receivable management involves:

Control of settlements with debtors for deferred or overdue debts;

Reducing accounts receivable by the amount of bad debts;

Constant control over the ratio of receivables and payables;

Assessing the possibility of factoring - sales of receivables.

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

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

Receivables repayment period (360 divided by turnover);

Mortification of current assets in accounts receivable (the ratio of accounts receivable to the amount of current assets);

Share of advanced capital (ratio of accounts receivable to balance sheet currency);

Share of doubtful debts (ratio of doubtful debts to accounts receivable). Doubtful accounts receivable include bad debts and losses from theft and damage to inventory.

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

Exclusion of high-risk enterprises from the list of partners;

Periodic review of the loan limit;

Using the possibility of paying receivables with bills, securities;

Formation of the principles of settlements between the enterprise and its counterparties for the coming period;

Identification of financial opportunities for the enterprise to provide commodity (commercial) credit;

Determination of the possible amount of current assets diverted into accounts receivable for trade credit, as well as for advances issued;

Formation of conditions for ensuring debt collection;

Formation of a system of penalties for late fulfillment of obligations by counterparties;

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

Diversification of clients in order to reduce the risk of non-payment by a monopoly customer.

The analyzed enterprise faces the task of accelerating the collection period of receivables, which is possible through the use of various forms of refinancing.

In countries with developed market economies, this method of refinancing receivables has long been used as spontaneous financing, which consists of providing discounts to buyers for reducing payment terms. Spontaneous financing is a relatively cheap way to obtain funds; Such lending does not require collateral from the client and is attractive due to a fairly long grace period.

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

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

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

If they result in increased sales and higher overall profits;

If the company experiences a cash shortage;

In cases of early payment for the delivered goods.

To reduce accounts receivable risk, you need to pay attention to accounts receivable management. Accounts receivable management is necessary in order to increase profit margins and reduce risk. In this regard, enterprise managers must take specific measures:

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

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

When problems arise with receiving money, receive a deposit in an amount not less than the amount in the debtor’s account;

Sell ​​accounts receivable if it results in savings;

Avoid high-risk debtors.

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

There are a number of measures to reduce accounts receivable, which can be roughly combined into several groups:

Control over the status of settlements with customers, selection of business partners and optimal scheme relationships with them. You can include an assessment here. business reputation, scale and degree of influence of potential and existing partners and possible consequences their shifts; assessment of the conditions in which these partners operate, analysis of the financial condition of clients. You can also include suggestions for maintaining detailed accounts receivable accounts for customer accounts;

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

Control over the ratio of receivables and payables, since a significant excess of receivables creates a threat to the financial stability of the enterprise and the attraction of additional expensive sources of financing;

Using the method of providing discounts for prepayment;

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

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

If at any stage of the project the accounts receivable are repaid (decreased) or its average period is reduced, then this means disinvestment, that is, the release of funds, which should affect cash flow and, consequently, increase the liquidity of the enterprise’s assets.

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

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

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

To obtain maximum profit, an enterprise must make full use of the resources at its disposal, and first of all, it must use the identified reserve for the production of additional products on its existing equipment. Increasing output reduces unit costs, i.e. the cost of its production per unit of production is reduced, and therefore the cost is reduced, which ultimately leads to an increase in profit from the sale of products. Well, besides this, additional production of profitable products in itself provides additional profit;

Reduce the cost of manufactured products;

Replenish your own working capital;

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

Take measures to reduce accounts payable;

Draw up a forecast balance;

Reorganize the balance sheet structure;

Regularly analyze financial activities;

Reduce inventories to optimal levels;

Manage inventory, cash flow, accounts receivable;

Increase absolute indicators of financial stability;

Stimulate sales by introducing a system of providing services against payment in products (partially), securities, and providing benefits;

Increase solvency and improve relative liquidity ratios;

Conduct marketing research, analyze the activities of competitors;

Rational and more complete use of enterprise equipment and mechanisms;

Improve the quality of products;

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

Improve enterprise management;

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

When commissioning new equipment, pay enough attention to the education and training of personnel, improving their qualifications, to effectively use the equipment and prevent its breakdown due to low qualifications;

Improve the qualifications of workers, accompanied by an increase in labor productivity;

Develop and introduce an effective system of material incentives for personnel, closely linked to the main results of the enterprise’s economic activities and resource savings;

Use systems for reducing bonuses for employees in case of violation of labor or technological discipline;

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

Optimize the sales structure.

We will calculate the economic effect of implementing measures to improve the financial stability indicators of the analyzed enterprise. Let's consider how the change in the item “Reserves” affected the absolute indicators of the financial stability of OJSC Neftekamskshina for 2009.

SOS forecast value =-2444442-629852.4= -3074294.4 thousand rubles,

SD forecast value = -2218581-629852.4= -2848433.4 thousand rubles,

OI forecast value =26092-629852.4= - 603760.4 thousand rubles.

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

Table 3.3 - Absolute indicators of financial stability of JSC Neftekamskshina

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

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Introduction

The problem of ensuring financial stability is one of the most pressing for most Russian enterprises. Understanding financial stability as the ability of an organization to function stably, receiving a profit sufficient for reproduction and development, and to fulfill its payment obligations in a timely manner and in full, in practical activities, enterprises face difficulties in determining a mechanism that would ensure, along with maintaining financial balance, the achievement of their goals.

As an example, we can cite a typical situation when failure to fulfill payment obligations by one or more buyers leads to an unplanned reduction in payments to suppliers, personnel, investments in any projects - in a word, to the possibility of a financial crisis in the organization.

The purpose of this work is to consider the problems of ensuring the financial stability of the enterprise.

In accordance with the goal, the following tasks are solved:

Study of the concept and main problems of ensuring the financial stability of an enterprise.

Consideration of the main ways to solve the problems studied.

1 . Financialenterprise sustainability and the main problems of ensuring it

In a market economy, enterprises are faced with the task of independent planning, control, evaluation and analysis of their activities. One of the most important characteristics of the financial and economic activity of an enterprise is solvency and financial stability. If an enterprise is financially stable and solvent, then it has advantages over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel. In addition, such an enterprise does not come into conflict with the state and society regarding the transfer of taxes and non-tax payments, payment of wages, dividends, repayment of loans and interest on them. Novgorodov P.A. Problems of assessing the financial stability of enterprises // Siberian Financial School: AVAL. - 2002. - No. 2. - P. 31.

A financially stable enterprise is characterized by Kovalev V.V. Financial analysis: methods and procedures. - M.: Finance and Statistics, 2003. - P. 321. :

high solvency (the ability to meet one’s obligations);

high creditworthiness (the ability to pay loans, pay interest on them and repay them on time);

high profitability (profitability that allows the company to develop normally and sustainably, while resolving the problem of the relationship between shareholders and managers by maintaining dividends and the company’s share price at a sufficient level);

high liquidity of the balance sheet (the ability to cover one’s liabilities with assets corresponding to and exceeding the urgency of converting them into money).

In order for the four conditions specified here to be met (it must be admitted that this is more than difficult in modern Russia), it is necessary that four balance proportions take place Bocharov V.V. The financial analysis. - St. Petersburg: Peter, 2004. - P. 74. :

The most liquid assets should cover the most urgent liabilities (cash and short-term securities should be greater than (or equal to) the company's accounts payable).

The quickly realizable assets of the enterprise must cover short-term liabilities (accounts receivable, funds on deposits must be greater (or equal) to short-term loans and borrowings and that part of long-term loans that expire in a given reporting period).

Slow-selling assets of the enterprise must cover long-term liabilities (inventories of finished products, raw materials, materials and that part of accounts receivable, payments for which are expected more than 12 months after the reporting date, must be greater than (or equal to) long-term loans and borrowings (with a maturity of more than than 12 months after the reporting date)).

The last proportion is obtained as a consequence of the first three. Namely: permanent (hard-to-sell) assets must be covered by permanent liabilities (the enterprise's fixed assets must be less (or equal) to the enterprise's own funds (authorized, additional and reserve capital).

As already noted, for Russian enterprises, ensuring financial stability is quite problematic at the present time.

Forming the financial stability of an enterprise is the most important problem of rationally combining own and borrowed components in property. One of the main problems is the predominance of borrowing over measures to increase equity capital, including the preference for acquiring borrowed funds in non-financial form (i.e. acquiring material assets on credit, without taking into account the real possibility of paying for them with money).

Moreover, this trend is typical for most enterprises in almost any sector of the economy.

This is why it is quite difficult for small businesses to get loans for their activities, since many banks simply do not trust the solvency of these enterprises.

The second problem follows from the first problem, which is the presence of long-term overdue debts to suppliers, banks, personnel, the budget, extra-budgetary funds and other creditors. The ratio between accounts payable and accounts receivable has worsened.

Overdue accounts payable in the industry as a whole account for half of this type of debt.

Such a high increase in overdue debt in economic terms means an equally rapid and significant reduction in financial sources for the restoration of industry, its sectoral structure, and normal reproduction.

The main reason for the negative dynamics of the ratio of receivables and payables, as well as the steady trend towards an increase in overdue debt in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases of not only their expanded reproduction, but also simple ones.

The result is a sharp drop in production volumes, which is accompanied by a reduction in its own sources of financing production. Sankova E.G. Financial stability as one of the indicators for assessing financial condition // Proceedings of NGASU. - Novosibirsk: NGASU, 2001. - Issue 3 (14). - P. 110.

This leads to a lack of solvency of the enterprise, as well as to a breakdown in relations with suppliers, investors, and creditors, since such an enterprise will be considered an unreliable partner.

Another key problem that has caused a decrease in the current financial stability of enterprises is the shortage of cash working capital necessary to ensure current production. The main reasons hindering the development of enterprises were, on the one hand, non-payments by buyers, and on the other hand, a large share of the monetary component in payments for delivered products.

The lack of free funds in settlement, currency and other bank accounts occurs in some enterprises. This situation also negatively affects the financial stability of the enterprise and practically means its bankruptcy.

Excessive dependence of the organization on external creditors and investors also indicates that the share of borrowed funds in the capital of the enterprise is too high and has a negative impact on financial stability.

The listed problems are, to one degree or another, typical for most Russian enterprises. This trend has been observed for the last fifteen years and is due to the fact that all sectors of the national economy of our country, as a result of perestroika, fell into a protracted crisis, a way out of which has only emerged in recent years.

2 . Pathssolving problems of ensuring the financial stability of the enterprise

In order for an enterprise not to become bankrupt, it is necessary to solve the problems of ensuring its financial stability.

First of all, this concerns the balance between equity and borrowed funds.

To solve this problem, it is necessary to calculate the condition of financial equilibrium, which creates a regulatory framework for the financial stability of the enterprise and its solvency over time, does not allow the enterprise to increase borrowed funds and irrationally use already accumulated fixed assets.

This balance also imposes certain restrictions on the size of the enterprise's obligations to employees, creditors, the budget, investors and banks. An enterprise must always maintain this balance if it wants to achieve financial sustainability. Abryutina M.S., Grachev A.V. Analysis of the financial and economic activities of the enterprise. - M.: Business and Service, 1998. - P. 202.

At the same time, when attracting borrowed funds, one must not forget that someday they will have to be repaid. Therefore, an enterprise needs to balance its financial capabilities with the loans it attracts.

Another negative aspect of attracting borrowed funds is the need for regular interest payments on them, which takes away part of the enterprise’s profit, which could be used as working capital.

A problem such as a lack of working capital can arise for various reasons. One of them is irrational business conduct, investing in ineffective projects, etc., which leads to low income for the enterprise.

Another reason may be the irrational distribution of profits. It is advisable, especially on initial stage activities, use the bulk of the profit as working capital, rather than personal income, etc.

Thus, the solution to the melon problem depends entirely on eradicating the causes of its occurrence.

In general, in order to increase the financial stability of an enterprise, it is necessary to improve its financial sector. The following directions can be used for this:

overcoming the outflow of capital from sectors of material production to the sphere of circulation and abroad;

increasing the rate of accumulation through the capitalization of net profit (remaining after taxes) by introducing a temporary regime of investment control in the privatized and public sectors of the economy;

accumulation of ruble and foreign currency savings of the population for their subsequent transformation into real industrial and financial capital;

ensuring the capitalization of income from the sale of shares of privatized enterprises owned by labor collectives, management nomenklatura, third-party holders, including large blocks of shares owned by federal and regional authorities;

taking measures to improve the current financial situation of enterprises by creating a state system of supervision over the fulfillment of their financial obligations to suppliers, the budget system, and other enterprises, as well as investigating each case of a long delay in the receipt of budgetary and other amounts due to enterprises in the accounts of commercial banks.

When solving problems of ensuring the required level of financial stability at the moment, active support from the state is very important.

This concerns mainly the creation of preferential lending programs and other similar areas. Small businesses especially need such support, as they often do not have sufficient funds of their own, and it is quite problematic for them to obtain bank loans.

The listed measures will help increase the financial stability of Russian enterprises in the difficult conditions of the formation of market relations.

Conclusion

Thus, this work examined such issues as the financial stability of the enterprise, the problems of ensuring it and the main ways to solve them.

Financial stability - important indicator. It is by this that one can judge how efficiently the organization functions, how rationally it manages its own and borrowed funds, etc.

Thus, the financial stability of an economic entity is a state of its monetary resources that ensures the development of the enterprise primarily at the expense of its own funds while maintaining solvency and creditworthiness with a minimum level of business risk.

At the moment, it is quite difficult for most Russian enterprises to achieve a stable level of financial stability. To do this, they need to overcome a number of problems. Many of them are not able to cope on their own. That is why they need reliable support from the state, which now, unfortunately, pays too little attention to this problem.

Literature

Abryutina M.S., Grachev A.V. Analysis of the financial and economic activities of the enterprise. - M.: Business and Service, 1998. - 256 p.

Bocharov V.V. The financial analysis. - St. Petersburg: Peter, 2004. - 240 p.

Kovalev V.V. Financial analysis: methods and procedures. - M.: Finance and Statistics, 2003. - 560 p.

Novgorodov P.A. Problems of assessing the financial stability of enterprises // Siberian Financial School: AVAL. - 2002. - No. 2. - P. 31 - 33.

Sankova E.G. Financial stability as one of the indicators for assessing financial condition // Proceedings of NGASU. - Novosibirsk: NGASU, 2001. - Issue 3 (14). - P. 109 - 111.

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