home › Acquisition of apartments › The financial analysis. Some provisions of the methodology. Horizontal financial analysis The horizontal method of financial analysis involves

The financial analysis. Some provisions of the methodology. Horizontal financial analysis The horizontal method of financial analysis involves

Before the actual analysis, the auditor first of all determines its purpose and objectives. He then develops an analysis program that defines:

methods and techniques of analysis that are optimal for achieving the goals and objectives;

information base of analysis;

decision criterion in case of unusual fluctuations

Basic methods of financial analysis

There are the following main methods of financial analysis:

§ preliminary reading of accounting (financial) statements;

§ horizontal (temporal) analysis - comparison of each reporting position with the previous period;

§ vertical (structural) analysis - identification of the share of individual articles in the final indicator, taken as 100%;

§ trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual features individual periods. With the help of the trend, possible values of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;

§ analysis of relative indicators (coefficients) - calculation of ratios between individual reporting positions, determination of interrelations of indicators;

§ comparative (spatial) analysis - on the one hand, this is an analysis of the reporting indicators of subsidiaries, structural divisions, on the other - comparative analysis with the performance of competitors, industry averages, etc.;

§ factor analysis - analysis of the influence of individual factors (reasons) on the resulting indicator. Moreover, factor analysis can be both direct (analysis itself), when the resulting indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common indicator.

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

Preliminary reading of accounting (financial) statements.

Preliminary acquaintance with the reporting of the enterprise allows you to study the absolute values, draw conclusions about the main sources of raising funds, the directions of their investment, the main sources of profit, the accounting methods used and changes in them, organizational structure enterprises, etc. The information obtained during the preliminary reading gives a general idea of the financial condition of the enterprise, however, for adoption management decisions it is not enough.

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

Vertical (structural) analysis gives an idea of the structure of the final financial indicators with the identification of the impact of each position on the result. This method of financial analysis is used to study the structure of the balance sheet by calculating the proportion of individual balance sheet items in the overall total or in the context of the main groups of items. An important point vertical analysis is a representation of the structure of indicators in dynamics, which allows you to track and predict structural changes in the composition of assets and liabilities of the balance sheet. The use of relative indicators smooths out inflationary processes.

The most widespread are the following types of vertical (structural) analysis:

1. Structural analysis of assets. In the process of this analysis, the share of current and non-current assets is determined; elemental composition of current assets; elemental composition non-current assets; the composition of the company's assets in terms of liquidity; composition of the investment portfolio and others. The results of this analysis are used in the process of optimizing the composition of the company's assets.

2. Structural analysis of capital. In the process of this analysis, the share of equity and borrowed capital used by the enterprise is determined; the composition of borrowed capital used by the periods of its provision (short-term and long-term attracted borrowed capital); the composition of the borrowed capital used by its types (bank credit; financial credit of other forms; commodity or commercial credit, etc.). The results of this analysis are used in the process of evaluating the effect financial leverage, determining the weighted average cost of capital, optimizing the structure of sources for the formation of borrowed financial resources, and in other cases.

3. Structural analysis of cash flows. In the process of this analysis, as part of the total cash flow, cash flows from the operating, investment and financial activities of the enterprise are distinguished; as part of each of these types of cash flow, the receipt and expenditure of funds, the composition of the balance of monetary assets by its individual elements are more deeply structured.

The results of vertical (structural) financial analysis are usually also presented graphically.

a) pie chart of profit distribution directions

b) bar chart of profit distribution directions

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

Dynamic analysis is next step after the analysis of financial indicators (vertical analysis). At this stage, it is determined which sections and items of the balance sheet have undergone changes.

With a horizontal (temporal) analysis, absolute indicators are supplemented by relative, as a rule, growth or decline rates. Based on a horizontal analysis, an assessment is made of changes in the main indicators of accounting (financial) statements. Most often, horizontal analysis is used in the study of balance. The disadvantage of the method is the incomparability of the data in terms of inflation. This disadvantage can be eliminated by recalculating the data.

Trend analysis.

Trend analysis is a type of horizontal analysis, it is used in cases where the comparison of indicators is made for more than three years. In this case, long-term comparisons are usually carried out using indices. Each reporting position is compared with a number of previous periods to determine the trend. Trend - the main trend of the indicator. The calculation of a series of index numbers requires the selection of a base year for all indicators. Since the base year will be the basis for all comparisons, it is best to choose the year that is the most normal or typical in terms of business conditions. When index numbers are used, percentage changes can only be interpreted in comparison with the base year. This type of analysis is in the nature of a prospective predictive analysis, it is used in cases where it is necessary to make a forecast for individual financial indicators or for the financial condition of the enterprise as a whole.

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

The method of financial ratios is based on the existence of certain relationships between individual reporting items. Ratios allow you to determine the range of information that is important for users of information about the financial condition of the enterprise in terms of decision-making. The coefficients make it possible to find out the main symptoms of the change financial position and identify trends. If the coefficients are correct, areas for further investigation can be identified. The big advantage of the ratios is that they smooth out the negative impact of inflation, which significantly distorts the absolute figures of financial statements, thereby making it difficult to compare them in dynamics. The most important groups of financial indicators:

1. Liquidity indicators.

2. Indicators of financial stability and solvency.

3. Indicators of profitability.

4. Turnover indicators ( business activity).

5. Indicators of market activity

Rice. one "Indicators taken into account in the analysis financial condition firms"

When analyzing financial ratios, the following points should be kept in mind:

§ the value of financial ratios is greatly influenced by the accounting policy of the enterprise;

§ diversification of activities makes it difficult to compare coefficients by industry, since standard values can vary significantly for different industries;

§ The normative coefficients chosen as the basis for comparison may not be optimal and may not correspond to the short-term objectives of the period under review.

The most important reporting ratios used in financial management according to E. S. Stoyanova, are:

liquidity ratios (current liquidity ratio, urgent liquidity ratio and net working capital);

coefficients of business activity or resource use efficiency (asset turnover, receivables turnover, material turnover production stocks and duration of the operating cycle);

profitability ratios (profitability of all assets of the enterprise, profitability of sales, return on equity);

market activity ratios (earnings per share, book value of one share, ratio of the market price of a share and its book value, return on a share and share of dividends paid).

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

§ indicators of the given enterprise and average industry indicators;

§ financial indicators of the given enterprise and indicators of the enterprises-competitors;

§ financial indicators of individual structural units and divisions of the given enterprise;

§ comparative analysis of reporting and planned indicators.

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

Factor analysis is used to study and measure the impact of factors on the value of the effective indicator. Factor analysis can be direct, when the performance indicator is divided into its component parts, and reverse, when individual elements are combined into a common performance indicator.

Factor analysis can be single-stage, when factors of only one level are used for analysis, and multi-stage, when factors are detailed into constituent elements to study their behavior, it can also be retrospective, when the causes of changes in performance indicators for past periods are studied, and prospective, when the behavior of factors and their impact on performance indicators in the future.

Factor analysis can be static, to study the influence of factors on performance indicators for a certain date, and dynamic, when causal relationships are studied in dynamics.

In addition to the listed basic analytical methods for studying financial statements, there are scientifically based methods of financial analysis:

traditional - comparison, comparison, grouping;

economic and mathematical - graphical, matrix methods, linear programming method, correlation and regression analysis method, set theory method, etc.;

heuristic - methods based on expert assessments of specialists, their intuition, past experience.

The auditor chooses a specific method of analysis based on the objectives of the analysis, his experience and professional qualifications, volume and composition of the information base of financial analysis

The financial analysis is a process of studying the financial condition and the main results of the financial activity of an enterprise in order to identify reserves to increase its market value and ensure effective development.

To solve specific problems of financial management, a number of special systems and methods of analysis are used, which make it possible to obtain a quantitative assessment of the results of financial activity in the context of its individual aspects, both in statics and in dynamics. In the theory of financial management, depending on the methods used, the following main systems of financial analysis conducted at the enterprise are distinguished: horizontal analysis; vertical analysis; comparative analysis; ratio analysis; integral analysis (Fig. 2.3).

I. Horizontal (or trend) financial analysis is based on the study of the dynamics of individual financial indicators over time. In the process of using this system of analysis, the growth (increase) rates of individual indicators of financial statements for a number of periods are calculated and general trends in their change (or trend) are determined. AT financial management The most widespread are the following types of horizontal (trend) financial analysis:

1. Study of the dynamics of the indicators of the reporting period in comparison with the indicators of the previous period (for example, with the indicators of the previous month, quarter, year).

2. Study of the dynamics of indicators of the reporting period in comparison with indicators of the same period last year (for example, indicators of the second quarter of the reporting period with similar indicators of the second quarter of the previous year). This type of horizontal financial analysis is used in enterprises with pronounced seasonal features of economic activity.

3. The study of the dynamics of indicators for a number of previous periods The purpose of this type of analysis is to identify trends in individual indicators that characterize the results of the financial activities of the enterprise (determination of the trend line in dynamics).

All types of horizontal (trend) financial analysis are usually supplemented by a study of the influence of individual factors on the change in the corresponding effective indicators. The results of such an analytical study make it possible to build the corresponding dynamic factor models, which are then used in the process of planning individual financial indicators.

II. Vertical (or structural) financial analysis is based on the structural decomposition of individual indicators of the financial statements of the enterprise. In the process of this analysis, the share of individual structural components of aggregated financial indicators is calculated. In financial management, the following types of vertical (structural) analysis are most widely used:

1. Structural analysis of assets. In the process of this analysis, the share of current and non-current assets is determined; elemental composition of current assets; elemental composition of non-current assets; the composition of the company's assets in terms of liquidity; composition of the investment portfolio by types of securities and others. The results of this analysis are used in the process of optimizing the composition of the company's assets.

2. Structural analysis of capital. In the process of this analysis, the share of equity and borrowed capital used by the enterprise is determined; the composition of the borrowed capital used by the periods of its provision (short- and long-term borrowed capital); the composition of the borrowed capital used by its types - bank credit; financial credit of other forms; commodity (commercial) credit, etc. The results of this analysis are used in the process of assessing the effect of financial leverage, determining the weighted average cost of capital, optimizing the structure of sources for the formation of borrowed financial resources, and in other cases.

III. Comparative financial analysis is based on comparing the values of individual groups of similar indicators with each other. In the process of using this system of analysis, the sizes of absolute and relative deviations of the compared indicators are calculated. In financial management, the following types of comparative financial analysis are most widely used.

1. Comparative analysis of the financial performance of this enterprise and industry averages. In the process of this analysis, the degree of deviation of the main results of the financial activity of a given enterprise from the industry average is revealed in order to assess its competitive position on financial results management and identifying reserves to further improve the efficiency of financial activities.

2. Comparative analysis of the financial performance of this enterprise and competing enterprises. During this analysis, weak sides financial activities of the enterprise in order to develop measures to improve its competitive position in a particular regional market.

3. Comparative analysis of financial indicators of individual structural units and divisions of the given enterprise (its responsibility centers). This analysis is carried out in order to comparative evaluation and search for reserves to improve the efficiency of financial activities internal divisions enterprises.

4. Comparative analysis of reporting and planned (normative) financial indicators. Such an analysis forms the basis of the controlling of current financial activities organized at the enterprise. In the process of this analysis, the degree of deviation of reporting indicators from planned (normative) is revealed, the reasons for these deviations are determined, and recommendations are made for adjusting certain areas of the financial activity of the enterprise.

IV. Analysis of financial ratios (R-analysis) is based on the calculation of the ratio of various absolute indicators of the financial activity of the enterprise among themselves. In the process of using this system of analysis, various relative indicators are determined that characterize the individual results of financial activity and the level of the financial condition of the enterprise. In financial management, the following groups of analytical financial ratios are most widely used: coefficients for assessing the financial stability of an enterprise; coefficients for assessing the solvency (liquidity) of the enterprise; asset turnover assessment coefficients; capital turnover assessment coefficients; profitability assessment coefficients and others.

1. The coefficients for assessing the financial stability of an enterprise make it possible to identify the level of financial risk associated with the structure of the sources of formation of the enterprise's capital, and, accordingly, the degree of its financial stability in the process of future development. To conduct such an assessment in the process of financial analysis, the following main indicators are used:

a) autonomy coefficient (KA). It shows to what extent the volume of assets used by the enterprise is formed at the expense of equity capital and to what extent it is independent of external sources financing. The calculation of this indicator is carried out according to the following formulas:

where SC- the amount of own capital of the enterprise on a certain date;
CA- the value of the net assets of the enterprise on a certain date;
To- the total amount of capital of the enterprise on a certain date;
BUT- the total value of all assets of the enterprise on a certain date;

b) funding ratio (KF). It characterizes the amount of borrowed funds per unit of equity capital, i.e. degree of dependence of the enterprise on external sources of financing. The following formula is used to calculate this indicator:

where ZK
SC

in) debt ratio (KZ). It shows the share of borrowed capital in the total amount used. The calculation of this coefficient is carried out according to the following formula:

where ZK- the amount of borrowed capital attracted by the enterprise (average or as of a certain date);
To

G) current debt ratio (KTZ). It characterizes the share of short-term borrowed capital in the total amount used. This indicator is calculated using the following formula:

where ZKk- the amount of short-term borrowed capital attracted by the enterprise (average or as of a certain date);
To- the total amount of capital of the enterprise (average or on a certain date);

e) long-term financial independence ratio (KDN). It shows to what extent the total volume of used assets is formed at the expense of the company's own and long-term borrowed capital, i.e. characterizes the degree of its independence from short-term borrowed sources of financing. The calculation of this indicator is carried out according to the formula:

where SC- the amount of own capital of the enterprise (average or on a certain date);
ZKd- the amount of borrowed capital attracted by the enterprise on a long-term basis (for a period of more than one year);
BUT- the total value of all assets of the enterprise (average or for a certain date);

e) equity maneuverability ratio (KMSk). It shows what share is occupied by own capital invested in current assets in the total amount of own capital (i.e. what part of own capital is in its highly turnover and highly liquid form). The calculation of this indicator is carried out according to the following formula:

where SOA- the amount of own current assets (or own working capital);
SC- total amount of own capital of the enterprise;

and) equity and long-term debt capital flexibility ratio(KMSD). It shows the share of own and long-term borrowed capital, aimed at financing current assets, in the total amount of own and long-term borrowed capital. This indicator makes it possible to judge the type of policy used by the enterprise to finance its assets. The following formula is used to calculate this indicator:

where 0Asd- the amount of own and long-term borrowed capital aimed at financing the current assets of the enterprise (average or on a certain date);
SC- the amount of own capital of the enterprise (average or on a certain date);
ZKd- the amount of borrowed capital attracted by the enterprise on a long-term basis (for a period of more than one year).

2. Coefficients for assessing solvency (liquidity) characterize the ability of an enterprise to pay off its current financial obligations in a timely manner at the expense of current assets of various levels of liquidity. Carrying out such an assessment requires a preliminary grouping of current assets of the enterprise according to the level of liquidity. To assess solvency (liquidity) in the process of financial analysis, the following main indicators are used:

a) absolute solvency ratio or "acid test" ( KAP). It shows to what extent all the current financial obligations of the enterprise are secured by the means of payment available to it at a certain date. The calculation of this coefficient is carried out according to the formula:

where YES- the amount of monetary assets of the enterprise on a certain date;
KFI- the amount of short-term financial investments of the enterprise on a certain date;
0Bq- the sum of all current financial liabilities of the enterprise on a certain date;

b) intermediate solvency ratio (checkpoint). It shows the extent to which all current financial obligations can be met by its highly liquid assets (including ready-made means of payment). To determine this indicator, the following formula is used:

where YES- the amount of monetary assets of the enterprise (average or on a certain date);
KFI- the amount of short-term financial investments (average or for a certain date);
DZ- the amount of receivables of all types (average or for a certain date);
0Bq

in) current solvency ratio (KTP). It shows to what extent the entire debt on current financial obligations can be satisfied at the expense of all its current (current) assets. The calculation of this indicator is made according to the formula:

where OA- the sum of all current assets of the enterprise (average or on a certain date);
TFO- the sum of all current financial liabilities of the enterprise (average or for a certain date);

G) total ratio of receivables and payables(KDKo). It characterizes the general ratio of calculations for these types of debts of the enterprise. The calculation of this indicator is carried out according to the formula:

where D3o- the total amount of the current receivables of the enterprise of all types (average or for a certain date);
K3o- the total amount of accounts payable of the enterprise of all types (average or for a certain date).

e) the ratio of receivables and payables for commercial transactions (KDk). This indicator characterizes the ratio of payments for purchased and delivered products. To determine this indicator, the formula is used:

where DZp- the amount of the enterprise's current receivables for products (goods, works, services), calculated as an average or as of a certain date;
KZp- the amount of accounts payable of the enterprise for products (goods, services, works), calculated as an average or for a certain date.

3. The coefficients for assessing the turnover of assets characterize how quickly the formed assets turn around in the course of the economic activity of the enterprise. To a certain extent, they are an indicator of its business (production and commercial) activity. The following formulas are used to assess the turnover of an enterprise's assets:

a) the turnover ratio of all used assets in the period under review ( KOa

where OR
BUT

b) the turnover ratio of current assets of the enterprise in the period under review ( COoa

where OR- the total volume of sales of products in the period under review;
OA

c) the period of turnover of all used assets in days ( POa). This indicator can be calculated using the following formulas:

where BUT- the average cost of all used assets of the enterprise in the period under review;
ORo
D
KOa- the turnover ratio of all used assets in the period under review;

d) the period of turnover of current assets in days ( POoa

where OA- the average cost of current assets in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
COoa- the turnover ratio of current assets in the period under review;

e) the period of turnover of non-current assets in years ( POVA). The calculation of this indicator is carried out according to the formulas:

where Og- annual volume of product sales;
VA- the average annual cost of non-current assets (calculated as the average chronological);
On the is the average depreciation rate.

According to the considered fundamental formulas, the turnover ratio and periods of turnover can, if necessary, be calculated for individual elements of current and non-current assets.

4. Capital turnover assessment coefficients characterize how quickly the capital used by the enterprise as a whole and its individual elements turn around in the course of its economic activity. To assess the turnover of the capital of the enterprise, the following main indicators are used:

a) the turnover ratio of all capital used in the period under review ( Cook). This indicator is determined by the following formula:

where OR- the total volume of sales of products in the period under review;
To

b) equity turnover ratio in the period under review ( KOsk). This indicator is calculated according to the following formula:

where OR- the total volume of sales of products in the period under review;
SC

c) the turnover ratio of borrowed capital in the period under review ( KOzk) To calculate this indicator, the following formula is used:

where OR- the total volume of sales of products in the period under review;
ZK- the average amount of borrowed capital in the period under review (calculated as the average chronological);

d) the turnover ratio of the attracted financial (bank) loan in the period under review ( KOfk

where OR- the total volume of sales of products in the period under review;
FC- the average amount of attracted financial (bank) credit in the period under review (calculated as the average chronological);

e) the turnover ratio of attracted commodity (commercial) credit in the period under review ( KOTK

where OR- the total volume of sales of products in the period under review;
TC

f) the period of turnover of the entire capital used by the enterprise in days ( OK

where To- the average amount of the entire capital used by the enterprise in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
K0k- the turnover ratio of all capital used in the period under review;

g) the period of equity turnover in days ( POsk). The following formulas are used to calculate this indicator:

where SC- the average amount of used capital of the enterprise in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
KOsk- equity turnover ratio in the period under review;

h) the period of turnover of borrowed capital in days ( Pozk). This indicator is calculated using the following formulas:

where ZK- the average amount of borrowed capital of the enterprise in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
KOzk- the turnover ratio of borrowed capital in the period under review;

i) the period of turnover of the attracted financial (bank) loan in days ( POfk). This indicator is determined by the following formulas:

where FC- the average amount of attracted financial (bank) credit in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
KOfk- turnover ratio of attracted financial (bank) credit in the period under review;

j) the period of turnover of the attracted short-term bank loan in days ( POkbk). This indicator is calculated using the following formula:

where KBK- the average amount of attracted short-term bank credit in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review;

k) the period of turnover of the attracted commodity (commercial) credit in days ( POTK). This indicator is calculated using the following formula:

where TC- the average amount of attracted commodity (commercial) credit in the period under review (calculated as an average chronological);
ORo- one-day sales volume in the period under review;

m) the period of turnover of the total accounts payable of the enterprise in days ( POokz). This indicator is determined by the formula:

where OKZ- the average amount of accounts payable of an enterprise of all types in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review;

m) the period of turnover of the current liabilities of the enterprise according to settlements in days ( POtor). The following formula is used to calculate this indicator:

where TOP- the average amount of current liabilities according to the calculations of the enterprise of all types in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review.

5. Ratios for evaluating profitability (profitability) characterize the ability of the enterprise to generate the necessary profit in the course of its economic activity and determine the overall efficiency of the use of assets and invested capital. The following key indicators are used for this assessment:

a) the profitability ratio of all assets used or the economic profitability ratio ( Ra). It characterizes the level of net profit generated by all the assets of the enterprise that are in its use on the balance sheet. The calculation of this indicator is carried out according to the formula:

where CHPO- the total amount of net profit of the enterprise received from all types of economic activity in the period under review;
BUT- the average cost of all used assets of the enterprise in the period under review (calculated as an average chronological);

b) return on equity ratio or financial profitability ratio ( Rsk). It characterizes the level of profitability of equity capital invested in the enterprise. The following formula is used to calculate this indicator:

where CHPO- the total amount of net profit of the enterprise received from all types of economic activity in the period under review;
SC- the average amount of equity capital of the enterprise in the period under review (calculated as the average chronological);

c) profitability ratio of product sales or commercial profitability ratio ( rrp). It characterizes the profitability of the operating (production and commercial) activities of the enterprise. This indicator is calculated according to the following formula:

where CHRP- the amount of net profit received from the operating activities of the enterprise in the period under review;
OR- the total volume of sales of products in the period under review;

d) profitability ratio of current costs ( Ptz). It characterizes the level of profit received per unit of costs for the implementation of the operating (production and commercial) activities of the enterprise. The following formula is used to calculate this indicator:

where CHRP- the amount of net profit received from the operating (production and commercial) activities of the enterprise in the period under review;
And- the sum of the costs of production (circulation) of the enterprise in the period under review;

e) return on investment ratio ( Pi). It characterizes profitability investment activity enterprises. The calculation of this indicator is carried out according to the following formula:

where CHPI- the amount of net profit received from the investment activity of the enterprise in the period under review;
IR- the amount of investment resources of the enterprise placed in objects of real and financial investment.

The profitability ratios can also be calculated from certain types assets of the enterprise, individual forms of capital attracted by it, individual objects of real and financial investment.

v. Integrated financial analysis allows you to get the most in-depth (multi-factor) assessment of the conditions for the formation of individual aggregated financial indicators. In financial management, the following systems of integral financial analysis are most widely used:

1. The system of integrated analysis of the effectiveness of the use of enterprise assets. This system of financial analysis, developed by DuPont (USA), provides for the decomposition of the indicator "return on assets" into a number of private financial ratios of its formation, interconnected in unified system. circuit diagram such an analysis is shown in fig. 2.4.

This system of analysis is based on the "DuPont Model" (developed by DuPont, USA), according to which the profitability ratio of the company's assets used is the product of the profitability ratio of product sales and the turnover ratio (number of turnovers) of assets:

where Ra- profitability ratio of used assets;
rrp- profitability ratio of product sales;
KOa- turnover ratio (number of turnovers) of assets.

To interpret the results obtained in the calculation of the "Dupon Model", a special matrix can be used, shown in fig. 2.5.

With the help of this matrix, it is possible to identify the main reserves for further increasing the profitability of the company's assets - to increase the profitability of product sales; speed up asset turnover; use both of these directions.

For an integral analysis of the efficiency of using the equity capital of an enterprise, the following three-factor DuPont Model can be used:

where Rsk- return on equity;
CHPO- the amount of net profit in the period under review, received from all types of economic activity;
SC- the average amount of equity capital of the enterprise in the period under review (calculated as the average chronological);
BUT- the average sum of all used assets of the enterprise in the period under review (calculated as an average chronological);
R- the total volume of sales of products in the period under review.

2. SWOT-analysis system of financial activity. The name of this system is an abbreviation of the initial letters of the terms that characterize the objects of this analysis:
S - Strehgths ( strengths enterprises);
W - Weaknesses (weaknesses of the enterprise);
O - Opportunities (opportunities for the development of the enterprise);
T - Trears (threats to the development of the enterprise).

3. Object-oriented system of integrated analysis of the formation of the net profit of the enterprise. The concept of integrated object-oriented analysis, developed by Modernsoft (USA), is based on the use of computer technology and a special package of applied programs. The basis of this concept is the representation of the model of formation of net profit (or other effective indicator of financial activity) of the enterprise in the form of a set of interacting primary financial blocks that model "classes" of elements that directly form the amount of net profit. The user himself determines the system of such blocks and classes based on the specifics of the financial activity of the enterprise, in order to present in the model all the key elements of profit formation in accordance with the desired level of detail. After building the model, the user fills all the blocks with quantitative characteristics in accordance with the reporting information for the enterprise. The system of blocks and classes can be expanded and deepened as the direction of the enterprise's activities changes and more detailed information about the process of generating profits.

4. System portfolio analysis. This analysis is based on the use of "portfolio theory", according to which the level of profitability of a portfolio of stock instruments is considered in conjunction with the level of risk of the portfolio ("profit-risk" system). According to this theory, it is possible to reduce the level of portfolio risk and, accordingly, increase the ratio of profitability to risk due to the formation of an "effective portfolio" (an appropriate selection of specific securities). The process of analyzing and selecting such securities into a portfolio is the basis for using this systems theory.

Systems and methods of financial planning

financial planningis a system development process financial plans and planned (normative) indicators to ensure the development of the enterprise with the necessary financial resources and improve the efficiency of its financial activities in the coming period.

Financial planning in an enterprise is based on the use of its three main systems:

Perspective planning of the financial activity of the enterprise.
Current planning of the financial activity of the enterprise.
Operational planning of the financial activity of the enterprise.

Each of these financial planning systems has specific methodological approaches to implementation, forms of implementation of the results and a certain period (planned horizon) of coverage (Table 2.1).

There are six main methods of financial analysis:

horizontal(temporal) analysis— comparison of each reporting position with the previous period;
vertical(structural) analysis- identification of the specific weight of individual articles in the final indicator, taken as 100%;
trend analysis- comparison of each reporting position with a number of previous periods and determination of the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;
analysis of relative indicators(coefficients) - calculation of ratios between separate reporting positions, determination of interrelations of indicators;
comparative(spatial) analysis- on the one hand, this is an analysis of the reporting indicators of subsidiaries, structural divisions, on the other hand, a comparative analysis with the indicators of competitors, industry averages, etc.;
factor analysis– analysis of the influence of individual factors (reasons) on the resulting indicator. Moreover, factor analysis can be both direct (analysis itself), when the resulting indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common indicator.

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

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

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

Dynamic analysis is the next step after the analysis of financial indicators (vertical analysis). At this stage, it is determined which sections and items of the balance sheet have undergone changes.

The most important groups of financial indicators:

liquidity indicators.
Indicators of financial stability and solvency.
Profitability indicators.
Turnover indicators (business activity).
Market Activity Indicators

When analyzing financial ratios, the following points should be kept in mind:

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

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

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

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

What is the purpose of financial analysis of the enterprise?

Based on data on the past activities of the enterprise, financial analysis is aimed at reducing uncertainty about its future state.

The results of the analysis of the financial condition of the enterprise is of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

For domestic users, which primarily include the heads of the enterprise, the results of financial analysis are necessary to assess the activities of the enterprise and prepare decisions on adjusting the financial policy of the enterprise.
For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans for this enterprise (acquisition, investment, conclusion of long-term contracts).

What is the difference between external and internal financial analysis?

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) methods. In this case, as a rule, a limited number of basic indicators are used.

When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most appropriate to do so.

Internal financial analysis is more demanding on the original information. In most cases, the information contained in standard accounting reports is not enough for him, and it becomes necessary to use internal management accounting data.

In the process of analysis, the greatest emphasis is placed on understanding the causes of the ongoing changes in the financial condition of the enterprise and the search for solutions aimed at improving this condition. At the same time, it does not matter at all whether the goal is achieved by using standard or original methods.

Unlike external, internal analysis is not limited to consideration of the enterprise as a whole, but almost always goes down to the analysis of individual divisions and activities of the enterprise, as well as types of products.

The following table compares the two approaches to financial analysis.

Table 1.

	External Analysis	Internal analysis
Target	Assessment of financial condition (problem of choice)	Improving financial condition
Initial data	Open (standard) financial statements	Any information necessary to solve the task
Methodology	Standard	Any corresponding to the solution of the task
Accent	Comparison with other enterprises	Identification of causal relationships
Object of study	Enterprise as a whole	enterprise, his structural units, activities, types of products

What tasks are solved with the help of financial analysis?

With the help of financial analysis, the following tasks are sequentially solved:

Determination of the financial condition of the enterprise at the current moment.
Identification of trends and patterns in the development of the enterprise for the period under study.
Identification of factors that negatively affect the financial condition of the enterprise.
Identification of reserves that the company can use to improve its financial condition.
Development of recommendations aimed at improving the financial condition of the enterprise.

What are the main directions of financial analysis?

The main areas of financial analysis are:

Analysis of the balance structure.
Analysis of the profitability of the enterprise and the structure of production costs.
Analysis of solvency (liquidity) and financial stability of the enterprise.
Capital turnover analysis.
Analysis of return on capital.
Analysis of labor productivity.

What are the methods of financial analysis?

There are the following methods of financial analysis:

Horizontal(retrospective, longitudinal, temporal) analysis.
It involves comparing financial indicators with previous periods of time in order to determine trends in the development of the enterprise.
Vertical(deep, structural) analysis.
It involves determining the structure of the main financial indicators in order to study them in more detail.
factorial analysis.
It involves assessing the impact of individual factors on the final financial performance in order to determine the causes that cause changes in their values. In this case, the method of chain substitutions (elimination) can be used.
This method of analysis is used, as a rule, when conducting internal financial analysis.
Comparative analysis.
It involves comparing the financial indicators of the enterprise under study with industry averages or similar indicators of related enterprises and competitors. Unfortunately, in Russia today there is no necessary statistical base. Therefore, in some cases, it is possible to use similar Western directories, the most famous of which are the bulletins of Dun & Bradstreet and Robert Morris Associates.
This type analysis is used, as a rule, when conducting external financial analysis.

2. Sources of information for financial analysis

What are the main sources of information for financial analysis?

The main sources of information for financial analysis are accounting and management accounting data:

Data on the property of the enterprise (assets) and sources of its formation (liabilities) at the beginning and end of the study period in the form of an analytical balance sheet.
Data on the performance of the enterprise for the period under study in the form of an analytical profit and loss report.

How analytical reports are built will be discussed below.

Which Additional Information used in financial analysis?

When conducting a financial analysis, for a more accurate interpretation of the source data, the following information may additionally be required:

Information about the accounting policy of the enterprise.
The amount of accrued depreciation of fixed assets and intangible assets.
Average headcount personnel and payroll of the enterprise.
Share of overdue receivables and payables.
The share of barter (commodity) settlements in sales proceeds.

How to build an analytical balance?

Traditionally, and especially during external analysis the standard balance sheet (form No. 1) is used as initial information. However, this is not prerequisite and, for example, in case of distrust of the external reporting of the enterprise, any other management accounting document can be used for this purpose.

In any case, the data must meet the following requirements:

Data preparation should be carried out on a regular basis and according to a single methodology.
Data on property and sources must be balanced with each other.
Assets should be structured according to their economic nature (according to the principle of attributing value to manufactured products, terms of use and degree of liquidity).
Data on sources of funding should be separated according to the principle of ownership and terms of attraction.

All of the above requirements are met by the analytical balance.

One of the ways to build this document is to transform (aggregate or downsize) and refine the standard balance sheet.

Listed below are a number of procedures that must be carried out:

Decrease authorized capital enterprises by the amount of unpaid capital (debts of the founders).
Put down the real value of non-current assets.
Adjust the cost of current assets (stocks, receivables, free cash) and liabilities ( , loans) for amounts that for some reason did not fall into the balance sheet.
It is most convenient to correct the difference between the value of assets and liabilities through a specially created article of the analytical balance sheet "Accumulated capital". This analytical article combines all types of retained earnings, reserves formed from profits, accumulation and consumption funds and other similar balance sheet items. It shows what the enterprise has actually earned over the entire history of its existence (for privatized enterprises - from the moment of corporatization).

Table 2. Approximate structure of the analytical balance

Assets	*Act*	Liabilities	*Pass*
Fixed assets	VneobAkt	Equity	SobCap
Intangible assets	NematAct	Authorized capital	UstCap
fixed assets	MainWed	Extra capital	DobCap
Capital in progress	UnscheduledCap	Special-purpose financing	TselFin
Long-term financial investments	DebtFin	Accumulated capital	AccumulationCap
Other noncurrent assets	PrVneobAkt	Long-term loans	*DebtCredit*
current assets	*OborAct*	Short-term liabilities	*Brief Obligation*
Advances issued	AvVydan	Short term loans	ShortCredit
Stocks of raw materials and materials	ZapMat	Advances received	AvReceive
Unfinished production	Unscheduled	Debt to suppliers	DebtDebt
Finished products	GotProd	Debts on taxes and deductions	DebtTax
Buyer debt	DebtPurchase	Debt under wages	DebtSalary
Short-term financial investments	Shortfin	Other	PrKrObyaz
Cash	DenSred
Other current assets	ProborAct

Note.

The second column of assets and liabilities of the balance sheet shows conventions corresponding positions used in the future in the calculation formulas and examples.

How to get analytical?

As a basis for constructing an analytical income statement, you can use the accounting income statement (form No. 2).

In this case, the following procedures must be followed:

Adjust sales proceeds for sales amounts that for some reason were not included in the accounting report.
Adjust costs for sold products on the amounts of expenses that for some reason did not fall into the accounting report or, according to tax legislation, are attributed to repayment at the expense of profit.
Divide the costs of sold products into variable and fixed components according to the degree of their dependence on changes in production and sales volumes.
As part of fixed costs, separate the items "Depreciation" and "Interest on loans" as separate items.
Separate taxes calculated before income taxation from other operating costs and include them in costs of products sold.
Separate income and expenses associated with the sale of non-current assets and other property of the enterprise and securities, as well as exchange differences, as separate items.

The main requirements for an analytical profit and loss statement are:

Construction regularity.
Use of a single methodology when generating reports for different periods.
Ensuring the possibility of conducting a break-even analysis.

Table 3. Sample Structure of Analytical Profit and Loss Statement

Sales proceeds (net of VAT and excises)	VyrReal
variable costs	PerZatr
Marginal profit	MarginPrib
fixed costs including:	PostZatr
Depreciation deductions	Amotch
Interest on loans	ProtsKr
Other fixed costs	PrPostZatr
Profit from operating activities	PribBasnDeyat
Profit (loss) from other sales	PribPrReal
Profit (loss) from operations with securities	PribTsenBum
Other profits (losses)	Prrib
Profit before tax	PribDonal
income tax	NalPribn
Net profit	Chistprib
Dividends (use of profits)	Divide (IspPrib)
Undestributed profits	UnexpectedPrib

3. Scorecard for financial analysis

Indicators of the financial condition of the enterprise are divided into two categories: volumetric and relative. The latter are called financial ratios or financial ratios.

Various indicators are related to each other and reflect the view from only one of several possible points of view on the enterprise. Therefore, they talk about the system of financial indicators.

Among the volumetric indicators of the enterprise's activity are used:

Balance currency.
Own or paid-in authorized capital of the enterprise.
Net assets enterprises.
Sales volume (sales proceeds) for the period.
The amount of profit for the period.
cash flow for the period.
The structure of cash flow by type of activity.

Financial ratios are divided into several groups:

Solvency (liquidity) indicators.
Profitability indicators*.
turnover indicators.
Indicators of financial stability.
Profitability indicators*.
Indicators of labor efficiency.

* Indicators of profitability and profitability are considered separately. This is due to the fact that in the first case, the efficiency of the current (main) activities of the enterprise is analyzed, that is, the income and costs associated with their receipt are compared. In the second case, we are talking about the efficiency of capital (assets) use in general.

To obtain a holistic assessment of the enterprise, various volumetric indicators and financial ratios are combined (taking into account the weight and significance of each of them) into complex (composite) indicators of financial condition.

Financial stability analysis. With the help of these indicators, the composition of funding sources and the dynamics of the ratio between them are assessed. The analysis is based on the fact that the sources of funds differ in the level of cost, degree of availability, level of reliability, degree of risk, etc.

Profitability analysis. The indicators of this group are designed to assess the overall effectiveness of investing in this enterprise. In contrast to the indicators of the second group, here we abstract not from specific types assets, but analyze the return on equity as a whole. The main indicators are therefore the return on advanced capital and the return on equity.

Analysis of the situation and activity in the capital market. As part of this analysis, spatial and temporal comparisons of indicators characterizing the position of an enterprise in the securities market are performed: dividend yield, earnings per share, share value, etc. This fragment of the analysis is performed mainly in companies registered on securities exchanges and selling their shares there . Any company that has temporarily free cash and wants to invest it in securities is also guided by the indicators of this group.

It should be said that the procedural part of the methodology for analyzing financial and economic activities is regulated by a number of principles:

consistency;
complexity;
unity of the information base;
materiality;
consistency of schemes of analytical procedures;
comparability of results;
purposefulness.

Conducting an effective financial analysis of the activity of an economic entity involves the development of a system of consistently implemented measures based on uniform principles that subjugate all elements of the system and allow providing a strictly defined circle of users with the most relevant information at the moment.

Popular in category: