. It is necessary to differentiate the solvency of the enterprise, i.e. expected ability to eventually repay the debt, and liquidity of the enterprise, i.e. the sufficiency of available cash and other funds to pay debts at the current moment. However, in practice, the concepts of solvency and liquidity, as a rule, act as synonyms.

Solvency of the enterprise

An important indicator characterizing the solvency and liquidity of an enterprise is own working capital, which is defined as the difference between current assets and short-term liabilities. The company has its own working capital as long as current assets exceed short-term liabilities. This indicator is also called net current assets.

In most cases, the main reason for the change in the value of own working capital is the profit (or loss) received by the organization.

The growth of own working capital, caused by the advance of the increase in current assets compared to short-term liabilities, is usually accompanied by an outflow of cash. The decrease in own working capital, observed if the growth of current assets lags behind the increase in short-term liabilities, as a rule, is due to obtaining loans and borrowings.

Own working capital should be easily transformed into cash. If in current assets the specific weight of their difficult-to-sell types is large, this can reduce the solvency of the enterprise.

Bankruptcy

Decisions made in accordance with the considered system of criteria for declaring organizations insolvent serve as the basis for preparing proposals for financial support for insolvent organizations, their reorganization or liquidation.

In addition, if the organization is unable to repay its short-term obligations, creditors may apply to arbitration with an application to declare the debtor organization insolvent (bankrupt).

Consequently, bankruptcy as a certain state of insolvency is established in a judicial proceeding.

Bankruptcy is of two types:

Simple bankruptcy applies to a debtor guilty of frivolity, inconsistency and poor business conduct (speculative transactions, gambling, excessive household needs, disorderly issuance of bills, shortcomings in accounting, etc.).

Fraudulent bankruptcy is caused by the commission of illegal actions with the aim of misleading creditors (concealment of documents and a certain part of the organization's liabilities, as well as deliberate overestimation of the sources of formation of the organization's property).

In addition to the considered signs that make it possible to classify a given enterprise as insolvent, there are also criteria that allow predicting the likelihood of a potential bankruptcy of an enterprise.

Criteria for bankruptcy of an enterprise:

• unsatisfactory structure of current assets; the upward trend in the share of hard-to-sell assets (inventories with slow turnover, doubtful) may lead to the insolvency of the organization;
• slowdown in the turnover of working capital due to the accumulation of excessive stocks and the presence of overdue debts of buyers and customers;
• the predominance of expensive loans and borrowings in the obligations of the enterprise;
• the presence of overdue and the growth of its share in the composition of the obligations of the organization;
• significant amounts of receivables written off as losses;
• the trend of predominant increase in the most urgent liabilities in relation to the growth of the most liquid assets;
• decrease in liquidity ratios;
• formation of non-current assets at the expense of short-term sources of funds, etc.

When analyzing, it is necessary to timely identify and eliminate these negative trends in the activities of the enterprise.

It must be borne in mind that current solvency enterprises can be identified from the data only once a month or quarter. However, the company makes settlements with creditors on a daily basis. That's why for operational analysis current solvency, for daily control over the receipt of funds from the sale of products (works, services), from the repayment of other receivables and other cash receipts, as well as to control the fulfillment of payment obligations to suppliers and other creditors make a payment calendar, which, on the one hand, shows available cash, expected cash receipts, that is, receivables, and on the other hand, payment obligations for the same period are reflected. Operational payment calendar is compiled on the basis of data on the shipment and sale of products, on the acquired means of production, documents on payroll calculations, on the issuance of advances to employees, bank statements, etc.

To assess the prospects for the solvency of the enterprise, liquidity ratios.

Enterprise liquidity

The company is considered liquid if it can repay its short-term accounts payable through the sale of current (current) assets.

An enterprise can be liquid to a greater or lesser extent, since current assets include their heterogeneous types, where there are easy-to-sell and hard-to-sell assets.

According to the degree of liquidity, current assets can be roughly divided into several groups.

A system of financial ratios is used to express the liquidity of the enterprise:

Absolute liquidity ratio (term ratio)

It is calculated as the ratio of cash and marketable short-term securities to short-term accounts payable. This indicator gives an idea of ​​how much of this debt can be repaid at the balance sheet date. The values ​​of this coefficient are considered acceptable. within 0.2 - 0.3.

Adjusted (intermediate) liquidity ratio

It is calculated as the ratio of cash, marketable short-term securities and short-term accounts payable. This indicator reflects that part of short-term liabilities that can be repaid not only from available cash and securities, but also from expected receipts for shipped products, work performed or services rendered (ie, from receivables). The recommended value of this indicator is the value - 1:1 . It should be borne in mind that the validity of the conclusions on this ratio largely depends on the "quality" of receivables, that is, on the timing of their occurrence and on the financial condition of the debtors. A large proportion of doubtful receivables worsens the financial condition of the organization.

Current liquidity ratio

General liquidity ratio, or the coverage ratio characterizes the overall security of the organization. This is the ratio of the actual value of all current assets (assets) to short-term liabilities (liabilities). When calculating this indicator, it is recommended to deduct the amount of value added tax on acquired assets from the total amount of current assets, as well as the amount of deferred expenses. At the same time, short-term liabilities (liabilities) should be reduced by the amount of deferred income, consumption funds, as well as reserves for future expenses and payments.

This indicator allows you to establish the proportion of current assets cover short-term liabilities (liabilities). The value of this indicator should be at least two.

There is also an indicator that characterizes security of the organization with its own working capital. It can be defined in one of the two following ways.

I way. Sources of own funds minus (total of section III of the balance sheet liability) (total of section I of the asset balance) divided by (total of section II of the asset balance).

II way. Current assets - Short-term liabilities (total of the V section of the balance sheet liability) (total of the II section of the balance sheet asset) divided by current assets (total of the II section of the balance sheet asset).

This factor must be not less than 0.1.

If the current liquidity ratio at the end of the reporting period is less than two, and the organization's own working capital ratio at the end of the reporting period is less than 0.1, then the structure of the organization's balance sheet is recognized as unsatisfactory, and the organization itself is insolvent.

If one of these conditions is met, and the other is not, then the possibility of restoring the solvency of the enterprise is assessed. To make a decision about the real possibility of its restoration, it is necessary that the ratio of the calculated current ratio to its set value, equal to two, be greater than one.

Balance liquidity

The current solvency of the enterprise is directly affected by its liquidity (the ability to convert them into cash or use to reduce liabilities).

Assessment of the composition and quality of current assets in terms of their liquidity is called liquidity analysis. When analyzing the liquidity of the balance sheet, a comparison is made of assets, grouped by their degree of liquidity, with liabilities for liabilities, grouped by their maturity. Calculation of liquidity ratios makes it possible to determine the degree of availability of current liabilities with liquid funds.

Balance liquidity- this is the degree of coverage of the obligations of the enterprise by its assets, the rate of transformation of which into money corresponds to the maturity of the obligations.

The change in the level of liquidity can also be assessed by the dynamics of the value of the company's own working capital. Since this value represents the balance of funds after the repayment of all short-term liabilities, its growth corresponds to an increase in the level of liquidity.

To assess liquidity, assets are grouped into 4 groups according to the degree of liquidity, and liabilities are grouped according to the degree of maturity of obligations (table 4.2)

Grouping of asset and liability items for balance sheet liquidity analysis

Assets		Liabilities
Index	Components (lines of form No. 1)	Index	Components (lines of form No. 1 -)
A1 - the most liquid assets	Cash and short-term financial investments (line 260 + line 250)	P1 - the most urgent obligations	Accounts payable and other short-term liabilities (line 620 + line 670)
A2 - fast-moving assets	Accounts receivable and other assets (line 240 + line 270)	P2 - short-term liabilities	Borrowed funds and other items section 6 "Short-term liabilities" (line 610 + line 630 + line 640 + line 650 + line 660)
A3 - slow-moving assets	Articles of section 2 "Current assets" (p. 210 + p. 220) and long-term financial investments (p. 140)	P3 - long-term liabilities	Long-term loans and borrowings (line 510 + line 520)
A4 - hard-to-sell assets	Non-current assets (line 110 + line 120 - line 140 + line 130)	P4 - permanent liabilities	Articles of section 4 "Capital and reserves" (p. 490)

The balance is absolutely liquid if all four inequalities are satisfied:

A 1 > P 1

A 2 > P 2

A 3 > P 3

A 4 < P 4(has a regular character);

The second stage of the enterprise liquidity analysis is the calculation of liquidity ratios

1)Absolute liquidity ratio- shows what part of short-term liabilities the company can repay immediately in cash and short-term financial investments:

To the absolute\u003d DS + KFV / KO \u003d (p. 250 + p. 260) / (p. 610 + p. 620 + p. 630 + p. 650 + p. 660) > 0,2-0,5

2) Intermediate coverage ratio(critical liquidity) - shows what part of short-term liabilities the company can repay by mobilizing for this short-term DZ and short-term financial investments (CFI):

To crit. liquor\u003d DZ + DS + KFV / KO \u003d (p. 240 + p. 250 + p. 260) / (p. 610 + p. 620 + p. 630 + p. 650 + p. 660) > 0,7 — 1

3) (current ratio), or working capital ratio - shows the excess of current assets over short-term liabilities.

To current specification\u003d OA / KO \u003d (p. 290 - p. 220 - p. 216) / (p. 610 + p. 620 + p. 630 + p. 650 + p. 660) > 2

• Where DC- cash;
• KFV— short-term financial investments;
• DZ- accounts receivable;
• THAT- Current responsibility;

Current liquidity ratio shows how many times short-term liabilities are covered by the company, i.e. how many times a company is able to meet the requirements of creditors if it turns into cash all the assets at its disposal at the moment.

If the firm has certain financial difficulties, of course, it repays the debt much more slowly; additional resources are sought (short-term bank loans), trade payments are deferred, etc. If short-term liabilities increase faster than current assets, the current ratio decreases, which means (under unchanged conditions) that the company has liquidity problems. According to the standards, it is considered that this coefficient should be between 1 and 2 (sometimes 3). The lower limit is due to the fact that current assets must be at least sufficient to repay short-term liabilities, otherwise the company may be insolvent on this type of loan. The excess of current assets over short-term liabilities by more than two times is also considered undesirable, since it indicates an irrational investment by the company of its funds and their inefficient use.

The need to analyze the solvency of a substitute arises constantly, since the process of relations between enterprises and credit institutions, buyers of products, suppliers of raw materials and other counterparties is continuous.

Solvency is the ability of an organization to fulfill its debt obligations to creditors in a timely manner and in full. In other words, solvency means that the organization has sufficient funds to pay for accounts payable that require immediate repayment. But at the same time, solvency must be ensured at any time, so one should distinguish between current and long-term solvency.

Current solvency is the ability of an enterprise to fulfill its obligations in the near future, and long-term solvency is the ability to pay off its long-term obligations.

In other words, an enterprise is considered solvent if its assets exceed its external liabilities.

Based on this, the following characteristics of solvency can be identified:

Cash on the current account of the organization can repay its short-term obligations;

The organization has no overdue short-term liabilities.

When conducting a solvency analysis, it is also necessary to carry out calculations to determine the liquidity of the company's assets and the liquidity of its balance sheet.

Liquidity in general is the ability of an enterprise to pay off its short-term liabilities with current assets.

In other words, liquidity is the ability to turn the assets of the enterprise and its values ​​into cash.

Liquidity can also be viewed from two perspectives:

The time required for the conversion of assets into cash;

The probability of selling an asset at a certain price.

Liquidity of assets. This indicator is characterized by the amount of time, the reverse of that required for the transformation of assets into money. In other words, the less time it takes to turn assets into money, the more liquid the assets are.

The liquidity of the balance sheet is characterized by the degree of coverage of the obligations of the enterprise by its assets, in which the term of transformation into money corresponds to the maturity of the obligations. It is achieved with equality between the obligations of the organization and its assets.

And finally, the liquidity of an enterprise is its ability to turn its assets into cash in the shortest possible time with a minimum level of financial losses.

Based on all these definitions, we can conclude that liquidity and solvency are close in content, but not the same. For example, with a sufficiently high solvency of an enterprise, the liquidity of its assets can be reduced, for example, due to the presence of receivables or excess inventory items. But, despite this, almost always the liquidity of the enterprise means its solvency.

So, the company is considered liquid if its current assets exceed short-term liabilities. From this it follows that the main absolute liquidity ratio is an indicator that reflects the amount of working capital, which means the excess of current assets over current liabilities - net defense capital (NFC > 0).

CHOK = OA-KO

where, OA - current (current) assets; KO - short-term (current) liabilities.

Net working capital is necessary to maintain the financial stability of the enterprise, since if working capital exceeds short-term liabilities, the organization not only cannot pay off its short-term liabilities, but also has funds to expand its current activities.

It should also not be forgotten that the optimal amount of net working capital depends on the characteristics of each particular company, on its size, sales volume, inventory turnover rate and receivables. The lack of net working capital indicates the inability of the company to repay its short-term obligations on time. A noticeable excess of net working capital over the optimal value indicates the illiterate use of its resources by the enterprise.

One of the aspects of the analysis of the liquidity of the balance sheet of the enterprise is to compare the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of their liquidity, with the obligations of the liability, grouped by their maturity and arranged in ascending order of payment terms.

All assets of the organization are conditionally divided into 4 groups depending on the degree of their liquidity, indicated in table 1.

Table 1. Characteristics of the company's assets in terms of their liquidity.

Assets	Group sign	Calculation formula	Conventions
	Most liquid assets	A1 \u003d DS + KFV	DS - cash; KFV - short-term financial investments.
	Quick Selling Assets	A2 = DZ<1 + ПОА	D3<1 - дебиторская задолженность со сроком погашения менее года; POA - other current assets.
	Slow selling assets	A3 \u003d 3 + VAT + D3\u003e 1 + + DCF - Rb / p	Z - stocks and costs; VAT - value added tax on acquired valuables; D3>1 - receivables with a maturity of more than a year; DFV - long-term financial investments;
	Difficult-to-sell assets	A4 = BOA - DFV	BOA - non-current assets

All obligations of the enterprise according to the degree of urgency of their payment are also divided into 4 groups presented in table 2.

Table 2. Characteristics of the company's liabilities according to the degree of urgency of their obligations.

Passive	Group sign	Calculation formula	Conventions
	Most urgent obligations	P1 \u003d short circuit + PKO	KZ - accounts payable; PKO - other short-term liabilities.
	Short-term liabilities		KLC - short-term borrowings (credits, loans and other short-term liabilities).
	Long term duties		DO - long-term liabilities (result of section IV of the liabilities side of the balance sheet)
	Standing Commitments	P4 \u003d KiR + Dbp + Rpr - Rb / p	KiR - capital and reserves (the result of section III of the liability balance; Dbp - deferred income; Rpr - reserves for future expenses; Rb/n - deferred expenses.

So, the company will be liquid if its current assets will exceed its short-term liabilities.

A 1 ≥ P 1 ;

A 2 ≥ P 2 ;

A 3 ≥ P 3 ;

A 4 ≤ P 4.

If at least one of the presented inequalities has a different sign compared to the option with absolute liquidity, then the balance sheet of the enterprise will not be absolutely liquid.

There is another condition for absolute liquidity - the indispensable fulfillment of the first three inequalities. If, when comparing the first three groups of assets and liabilities, there is a surplus, then this is considered positively, and if there is a shortage, then negatively. If the payment surplus is observed in the first and second groups, then we can conclude that the company is liquid at the moment, and when comparing assets and liabilities in the third group, prospective liquidity is reflected, which is a kind of forecast.

The fourth group of assets and liabilities differs from the previous groups in that when they are compared, the surplus of liquid funds is considered as a negative state.

So, a comparison of the first two groups of assets and liabilities establishes the current liquidity, that is, the solvency or insolvency of the organization during the analysis. Current liquidity is calculated as follows:

TL \u003d (A1 + A2) - (P1 + P2).

Comparison of the third group of assets and liabilities establishes prospective (long-term) liquidity, that is, the solvency or insolvency of the organization in the future, that is, the forecast is determined. Long-term liquidity is calculated as follows:

PL \u003d A3 - P3.

If three conditions are met (A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3), then in any case this will entail the fulfillment of the fourth condition (A4 ≤ P4), confirming that the organization has its own working capital and indicates the presence of a minimum condition for financial stability.

If one of the three conditions is not met, the liquidity of the company's balance sheet will be violated. If there is a shortage in one of the groups of assets, then it cannot be compensated by a surplus in another group, since less liquid assets cannot replace more liquid ones, and vice versa. Therefore, in practice there are not many absolutely liquid enterprises. In addition, the division of assets into groups is rather conditional. In various conditions, non-liquid assets may be absolutely the most liquid, and vice versa. The fulfillment of the last condition is very important, because it characterizes the amount of own funds in the turnover of the enterprise.

At the same time, non-fulfillment of the first inequality at Russian enterprises is extremely rare. But if this happens, then for the following reasons:

Russian enterprises maintain in their assets a significant share of highly liquid assets, such as money and securities, and this is irrational, since they depreciate in the first place. Accordingly, the solution to this problem is to transfer highly liquid assets to other types of assets that are less prone to inflation.

It is unprofitable for organizations to repay their accounts payable at sufficiently high inflation, since at its expense the process of indirect lending to enterprises takes place.

Based on the above reasons, we can conclude that, in principle, the above method is not entirely suitable for Russian organizations, but is more suitable for analyzing enterprises in countries with more balanced economies.

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Introduction

liquidity solvency capital

The relevance of the chosen topic is due to the presence of interesting details in the analysis system for calculating liquidity and solvency. The theoretical and practical aspects of the topic under study are covered in the works of such experts of Western thought as Sharm, Van Horn and the Russian Kovalev. Based on the chosen subject, the purpose of writing a term paper is to obtain practical theoretical foundations for understanding the calculation of liquidity and solvency ratios. To achieve this goal, it is necessary to solve the following tasks:

Systematize coefficients;

· To study and characterize the balance;

· To reveal the essence of the sections;

· To reveal their interrelation;

· Compare coefficients;

· Draw a conclusion.

The object of the course work is the balance. The subject of the course work is the liquidity and solvency of the enterprise calculated on this balance sheet. As an information base for writing a term paper, the author used:

· Up-to-date legal and regulatory framework;

· Textbooks and teaching aids on a given topic;

When writing the work, the following research methods were used: observation, comparison, financial analysis, coefficient method.

1. GENERAL CONCEPTS

1.1 Liquidity

The concept of liquidity is ambiguous. Distinguish between the liquidity of material goods and the liquidity of enterprises.

The liquidity of material goods is understood as their ability to turn into money quickly and without much loss in value.

Under the liquidity of enterprises is understood as their ability to pay off short-term obligations.

This definition of the liquidity of enterprises confirms the very composition of liquidity ratios, which are based on the ratio of items of short-term assets and the total of short-term liabilities.

Liquidity is the ability of an asset to be transformed into cash or the ability of an asset to be transformed into cash in the course of a specified production and technological process. The difference in concepts lies in the fact that this asset is considered in the first case as a commodity, and in the second case as a necessary element of the production and technological process, during which a natural (i.e., unforced) transformation of the asset takes place. In this case, the word liquid is assigned precisely to working capital. The degree of liquidity is determined by the length of the period during which the transformation into cash can be carried out. Regardless of the meaning in which liquidity is understood, it is assumed that the amount of cash into which the asset is transformed is reasonable and reasonable.

The liquidity of an enterprise is understood as the presence of working capital in an amount theoretically sufficient to repay short-term obligations (even if with a violation of the repayment periods stipulated by contracts). In other words, an enterprise is liquid if its current assets formally exceed short-term liabilities. The logic of this concept stems from a conditional, but natural assumption that in the course of current activities, settlements on current payments (ie, repayment of accounts payable) are carried out at the expense of current assets; for this purpose, the sale of long-term assets is not expected.

The liquidity of an asset is understood as its ability to be transformed into cash, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. In this sense, any assets that can be turned into money are liquid. Nevertheless, in the accounting and analytical literature, the concept of liquid assets is often narrowed down to assets consumed during one production cycle (year).

An asset as an element of the production chain:

Where, DS1 - cash of the reporting period;

DS2 - cash at the end of the reporting period;

ПЗ - industrial stocks;

NP - work in progress;

GP - finished products;

DZ - accounts receivable.

The production and commercial cycle is justified if DS2>DS1.

As the production activity of the enterprise stabilizes, it gradually develops a certain structure of assets and sources of funds, sharp changes in which are relatively rare. Therefore, liquidity ratios usually vary within some quite predictable limits, which, by the way, partly gives reason to analytical agencies to calculate and publish average industry and group average values ​​of these indicators for use in inter-farm comparisons and as benchmarks when opening new areas of production activity.

1.2 Solvency

Under the solvency of the enterprise is understood as its ability to pay off long-term obligations.

This definition is confirmed by the composition of solvency ratios, which are based on the ratio of items of long-term assets to each other and to the total liabilities. Since the items of long-term liabilities represent equity and debt capital, the coefficients of this group may also be called "capital structure coefficients".

Solvency indicators characterize the degree of protection of creditors and investors who have long-term investments in enterprises from the risk of non-repayment of invested funds.

Solvency in a broad sense is the ability of an enterprise to fulfill the debt repayment schedule to its creditors without violations. In a narrow sense, this is the availability of funds and their equivalents sufficient for settlements of accounts payable requiring immediate repayment. Thus, the main signs of solvency are the absence of overdue accounts payable and the availability of sufficient funds in the current account.

The concept of "insolvency of the organization" is associated with the assessment of solvency. World experience shows that when assessing insolvency, only two criteria are used: insufficiency of property to pay debts (non-payment) and inability to pay, i.e. debtor's inability to pay. As early as the beginning of the 20th century. the remarkable Russian scientist G.F. Shershenevich studied in detail the possibilities of using these criteria and came to the conclusion: "... one should lean towards. "a system that puts the debtor's inability to pay as the basis for insolvency."

In the Federal Law "On Insolvency (Bankruptcy)" dated October 26, 2002 No. 127-FZ, art. 3, paragraph 2, it is said: “A legal entity is considered unable to satisfy the claims of creditors for monetary obligations (or) to fulfill the obligation to make mandatory payments if the relevant obligations and (or) obligation are not fulfilled by it within three months from the date when they should have been fulfilled." The condition for initiating bankruptcy proceedings in accordance with paragraph 2 of Art. 6 of the same Law - the presence of a debt of at least 100 thousand rubles.

1.3 Comparison of liquidity and solvency

Market economic conditions oblige the enterprise at any time to be able to urgently pay off external obligations, that is, to be solvent, or short-term obligations, that is, to be liquid.

An enterprise is considered solvent if its total assets are greater than its long-term and short-term liabilities. A company is liquid if its current assets are greater than its current liabilities. It is important to bear in mind that for the successful management of the financial activities of the enterprise, cash (cash) is more important than profit. Their absence on bank accounts due to the objective features of the circulation of funds (the mismatch between the moment of need for them and the release of funds at any given moment) can lead to a crisis financial condition of the enterprise.

Unfortunately, in Russian practice, the concept of liquidity of enterprises is mistakenly identified with the concept of their solvency.

The financial condition of the enterprise, from a short-term perspective, is assessed by indicators of liquidity and solvency, in the most general form characterizing whether it can timely and in full make settlements on short-term obligations to counterparties. The short-term debt of the enterprise, isolated in a separate section of the liabilities side of the balance sheet, is repaid in various ways; in particular, any assets of the enterprise, including non-current assets, can, in principle, serve as collateral for such debt. At the same time, it is clear that the forced sale of fixed assets to pay off current accounts payable is often evidence of a pre-bankruptcy state and therefore cannot be considered as the norm. Therefore, speaking about the liquidity and solvency of an enterprise as characteristics of its current financial condition, it is quite logical to compare short-term liabilities with current assets as their real and economically justified provision.

Note that the terms "solvency" and "liquidity" are close to each other, but not identical. First, there are two measurements of the implementation of sales transactions: one characterizes the potential ability of the enterprise to pay off its short-term obligations, the other - the actual implementation of this potential ability. In the first case, we are talking about liquidity, in the second - about solvency. Secondly, the company's liquidity means only a formal excess of current assets over short-term liabilities, and the logic of this statement is as follows: if the balance sheet reliably reflects the property and finances of the company (in particular, this means that the balance sheet asset is a potential income, and in it there are no illiquid assets), then the company, with the normal development of production and commercial activities, has enough working capital to settle with its creditors. The liquidity of the company is a conditional concept that characterizes only the potential ability of the company to pay off its obligations in the future; whether there will be a calculation is another question. Thirdly, liquidity is more inertial, in a certain sense static, while payability is more dynamic and manageable. Moreover, a monopoly firm may well dictate terms to its suppliers and pay them off based on its own priorities, and therefore it may periodically have manageable overdue accounts payable, i.e., in this situation, regulated solvency takes place.

Let's take an example. Let's assume that the company had the opportunity to profitably invest free cash in a certain investment project. The company holds these funds in highly liquid securities as an insurance stock, but the potential profitability of the new project turned out to be so tempting that the company decided to take a risk in the hope that a large payment of receivables should come any day. However, due to unknown circumstances, the careful buyer was late with the payment, and at that time the payables were due. The firm quickly went from solvent to insolvent, with overdue debt and, probably, potential losses. It is possible that this situation is temporary, but in practice there are options. As a rule, the situation with liquidity changes slowly, while the situation with solvency can change quickly and in any direction.

The difference between liquidity and solvency is clearly manifested in a situation where a company is being liquidated; in this case, the value of its current assets may decrease sharply. If the firm continued its activities, investments in current assets would be reimbursed; in the event of liquidation of the company, this may not happen.

The Federal Law “On Insolvency (Bankruptcy)”, as amended in 1992, established non-payment as the criterion for insolvency, i.e. the organization was declared insolvent only if the total value of the debt exceeded the value of the property. The practice of applying the law has shown that by changing the volume of receivables and payables, by revaluing assets, it was possible for a long time to show their payment in reporting.

As amended in 1998 and 2002. The law changed the criterion of "insolvency" - it became solvency. But until now, many authors identify payment (liquidity) with solvency, which is contrary to current legislation. Thus, in Russia, the rights of creditors are more protected.

2. INDICATORS AND CHARACTERIZING

2.1 Liquidity ratios

Of the absolute main is the indicator that characterizes the amount of own working capital, or net working capital (Net Working Capital, WC). The most common indicator calculation algorithm, widely used in Western accounting and analytical practice, is as follows:

Where WC is the value of own working capital or net capital, rub.;

E - the capital of the company's owners (the result of section III of the balance sheet), rubles;

LTL - long-term liabilities (result of section IV of the balance sheet), rub.;

LTA - non-current assets (the result of section I of the balance sheet), rub.;

CA - current assets (the result of section II of the balance sheet), rub.;

CL - short-term liabilities (the result of section VI of the balance sheet), rub.

The economic interpretation of the WC indicator can also be as follows: it shows how much working capital will remain at the disposal of the enterprise after settlement of short-term obligations. In a sense, this is a characteristic of the freedom of maneuver and the financial stability of an enterprise from a short-term perspective. Another interpretation of the WC indicator is also possible - as a share of equity capital aimed at financing current assets. Note that the formula implicitly implies that the landers' capital (LTL) is used in full to cover non-current assets, and the owners' capital (E) covers the rest of non-current assets and, as far as it is enough, current assets. Naturally, there are no standards for WC; it is analyzed dynamically. With the growth of production volumes, the value of own working capital usually increases.

Liquidity assessment should be carried out meaningfully; for example, if the value of own working capital is negative, then the financial position of the enterprise in the short term is considered as unfavorable and the calculation of liquidity ratios no longer makes sense.

Being absolute, the indicator WC is not suitable for spatio-temporal comparisons; therefore, in the analysis, relative indicators are more actively used - liquidity ratios.

A sign indicating a deterioration in liquidity is an increase in the immobilization of own working capital, which manifests itself in the appearance (increase) of illiquid assets, overdue receivables, bills received overdue, etc. Some of these “assets” and their relative importance can be judged by the presence and dynamics of articles of the same name in reporting.

The main and constant source of increasing own working capital is profit.

First of all, you need to remember that you should not confuse the concepts of “working capital” and “own working capital”, since the first indicator characterizes the assets of the enterprise (section II of the balance sheet asset), the second - the sources of funds, namely part of your own (and equated to it) capital of the enterprise, considered as a source of coverage of current assets. If working capital, roughly speaking, can be “touched”, for example, during an inventory, then own working capital is an exclusively calculated indicator that characterizes the sources of funds.

An increase or decrease in the level of liquidity of an enterprise is established in world practice by changing the absolute indicator of net working capital (own working capital).

The greater the excess of current assets over short-term liabilities, the greater the net working capital. Therefore, if an enterprise does not have net working capital, it is illiquid.

In order for the enterprise to expand, the net working capital in the current year must be greater than in the previous one.

Where, the assets involved in the calculation are non-current and current assets, with the exception of the debt of the participants (founders) on their contributions to the authorized capital and the book value of their own shares purchased from shareholders.

The liabilities involved in the calculation are targeted financing and receipts, long-term and short-term liabilities, except for the amount reflected in the item "Deferred income".

It characterizes the liquidity of the organization. Net assets must be greater than the authorized capital. A negative trend is a decrease in the indicator.

2.1.1 Balance sheet liquidity

In essence, the liquidity of an enterprise means the liquidity of its balance.

Depending on the degree of liquidity, i.e., the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

1. The most liquid assets. These include articles from Section II of the balance sheet "Cash" and "Short-term financial investments" (securities). You can write the following calculation formula:

Where, d - cash;

KFV - short-term financial investments.

2. Marketable assets -- short-term accounts receivable and other current assets from section II of the balance sheet. If the debt of participants in contributions to the authorized capital is discovered, the total of quickly sold assets is reduced by its amount:

Indebtedness of participants on contributions to the authorized capital;

Other current assets.

3. Slowly sold assets. These include articles from section II of the balance sheet: “Inventories”, “Value Added Tax”, “Debts of participants on contributions to the authorized capital”, as well as articles “Long-term financial investments” and “Deferred tax assets” from section I of the balance sheet:

Where, - long-term financial investments;

Z - reserves;

H - value added tax on acquired values;

Indebtedness to participants for contributions to the authorized capital.

4. Hard-to-sell assets - articles I of the balance sheet section, with the exception of the articles of this section included in the previous group, and "Long-term accounts receivable" from the second section of the balance sheet:

Where, F is the total for section 1;

Long-term financial investments;

Deferred tax assets;

Accounts receivable (payments for which are expected more than 12 months after the reporting date).

Liabilities of the balance are grouped according to the urgency of their payment:

1. The most urgent obligations. These include articles from Section V of the balance sheet: “Accounts payable”, “Debt to participants for the payment of income” and “Other short-term liabilities”:

Where, - accounts payable;

2. Short-term liabilities - short-term loans and borrowings, reserves for future expenses from section V of the balance sheet:

Where, - short-term loans and borrowings;

Reserves for future expenses.

3. Long-term liabilities - long-term loans and borrowings from the IV section of the balance sheet:

Where, - total for section 4.

4. Permanent liabilities -- articles III of the balance sheet. To the result of this section, the articles “Deferred income” from the V section of the balance sheet are added:

Where, - total for section 3;

D - deferred income.

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered absolutely liquid if the following ratios take place:

The fulfillment of the first three inequalities (equalities) in this system inevitably entails the fulfillment of the fourth inequality (equality), therefore, it is practically essential to compare the results of the first three groups by asset and liability. The fourth inequality (equality) is of a "balancing" nature and at the same time has a deep economic meaning: its implementation indicates that the minimum condition for financial stability is met - the enterprise has its own working capital.

In the case when one or more inequalities have a sign opposite to that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, although compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

2.1.2 Liquidity ratios

There are coefficients:

1) Absolute liquidity;

2) Urgent liquidity;

3) Current liquidity;

4) Liquidity of inventories.

Absolute liquidity ratio (Cash Ratio):

It is the most stringent criterion for the liquidity of an enterprise; shows what part of short-term borrowings can be repaid immediately, if necessary, at the expense of available funds; can be called solvency ratio.

Where, - short-term financial investments;

Cash;

Short-term loans and borrowings;

Accounts payable;

Debts to participants (founders) for the payment of income;

Reserves for future expenses;

Other current liabilities.

Permissible values: the minimum value of this coefficient is in the range from 0.2 to 0.25. The components of the coefficients of current and quick liquidity are among themselves in a certain, fairly close correlation. Some explanations of the essence of this connection have been given above. As for the absolute liquidity ratio, its value is largely and primarily determined by the numerator of the fraction. The amount of short-term liabilities is a relatively stable value, at least it is much less volatile compared to the amount of cash, which depends on many factors of the current order. The volatility of the value of funds is caused primarily by their absolute liquidity, i.e. the opportunity and temptation to use these funds to “plug holes” and participate in suddenly turned up projects, as well as the chronic property of many companies to experience a shortage of cash.

The coefficients discussed above are the main ones for assessing liquidity.

Quick ratio (Quick Ratio, Acid-test Ratio):

In its semantic purpose, it is similar to the current liquidity ratio; however, it is calculated on a narrower range of current assets, when the least liquid part of them, production stocks, is excluded from the calculation.

Where, - receivables (payments for which are expected within 12 months after the reporting date);

Other current assets.

Allowed values: the minimum value of this coefficient is in the range from 0.7 to 0.8. The logic of such an exception is not only the significantly lower liquidity of stocks, but (more importantly) that the funds that can be obtained in the event of forced sale of inventories, may be significantly lower than the cost of their acquisition. In particular, in a market economy, a typical situation is when, during the liquidation of an enterprise, they receive 40% or less of the book value of inventories.

Accounts payable and receivable are some form of mutual lending to counterparties in a business relationship. Obviously, in the economy as a whole, the amounts of loans granted and received are equal. Any enterprise should strive to ensure that the amount of credit provided by it to its customers (accounts receivable) does not exceed the amount of credit received by it from suppliers. In practice, any deviation from this rule is possible. In particular, all businessmen understand that it is profitable to live on credit, therefore, whenever possible, each of them prefers to delay the payment date for his creditors, if this does not affect financial results and relationships with suppliers.

Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change. So, if the growth of the quick liquidity ratio was mainly due to the growth of unjustified receivables, this is unlikely to characterize the activity of the enterprise on the positive side.

· Current Ratio.

Gives a general assessment of the liquidity of the enterprise, showing how many rubles of working capital (current assets) account for one ruble of current short-term debt (current liabilities)

Where, Z - reserves.

Permissible values: the normal value of this coefficient is in the range from 1 to 2. The value of the indicator can vary significantly by industry and activity, and its reasonable growth is usually considered as a favorable trend. The company repays its short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed short-term liabilities in size, the enterprise can be considered as successfully functioning (at least theoretically). The size of the excess in relative form and is set by the current liquidity ratio.

The coefficient has a number of features that must be kept in mind when performing spatiotemporal comparisons. First, the numerator of the ratio includes an estimate of inventories and receivables. Since the methods for estimating reserves may vary, this affects the comparability of indicators; the same should be said for the treatment and accounting of doubtful debts. Secondly, the value of the coefficient, in principle, is closely related to the level of efficiency of the enterprise in relation to inventory management: some companies, due to the high culture of the organization of the technological process, for example, by introducing a system for the supply of raw materials and materials, known as “just in time” (just-in-time), can significantly reduce inventory levels, i.e. reduce the value of the current liquidity ratio to a level lower than the average for the industry, without prejudice to its current financial condition. Thirdly, some enterprises with high cash turnover can afford relatively low ratios. In particular, this applies to retailers. In this case, acceptable liquidity is ensured by more intensive cash inflows as a result of current activities. Thus, when analyzing the current financial position of an enterprise, it is necessary, if possible, to take into account other factors that do not explicitly affect the value of this and other coefficients.

Inventory liquidity ratio:

Permissible values: the value of this coefficient is considered to be approximately 0.5.

The calculation of four different liquidity ratios is not accidental. The fact is that each of them, used in a particular case, gives that picture of the stability of the financial situation, which is of interest to a particular consumer of information. For example, for a supplier of raw materials, materials and services, the first indicator is of great interest; for a bank lending to a given enterprise, the second and fourth, and for the holder of shares and bonds, the third.

Liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables. Illiquid assets, i.e. assets that cannot be sold on the market at all or without significant financial loss, and sometimes unjustified receivables are not allocated in the balance sheet, i.e. a qualitative characteristic of current assets is not available to an external analyst, therefore, from a formal standpoint, even such assets, the actual value of which is doubtful, are used to assess liquidity.

The above liquidity ratios are not only conditional, but also static in nature, as they are calculated on the basis of balance sheet data characterizing the state of current assets and term liabilities as of the beginning and end of the reporting period. However, in the normal circulation of current assets, they are in constant motion: cash inflow ensures the replenishment of used production inventories, which are transformed into finished products after passing the production cycle, the sale of finished products provides a new cash inflow.

Therefore, to assess the solvency of an enterprise, it is advisable to calculate the liquidity indicator of current assets, calculated by the submitted forms No. 1 and No. 4 as the ratio of net cash inflow from current activities for the analyzed period to the average amount of short-term liabilities.

· Liquidity ratio of current assets:

This ratio shows what share of short-term debts can be repaid through net cash inflow from core activities (the optimal value is 0.4).

2.2 Solvency indicators

In accordance with the Law "On Insolvency (Bankruptcy)" as amended in 1998, 2002 and by order of the FSFR, the degree of solvency for current liabilities (K9) is defined as the ratio of current borrowed funds (short-term liabilities) of the organization to the average monthly revenue:

Where, K1 - average monthly revenue;

Nvo - gross revenue of the organization for payment;

T is the number of months in the period under consideration.

The average monthly revenue is calculated according to the gross revenue, including the sales revenue for the reporting period (for payment), VAT, excises and other obligatory payments. It characterizes the amount of income of the organization for the period under review and determines the main financial resource of the organization (the scale of the business), which is used to carry out economic activities, including to fulfill obligations to the fiscal system of the state, other organizations, and its employees. In form No. 2 of the financial statements “Profit and Loss Statement”, line 010 shows net revenue.

The above classification is accurate enough to analyze the financial condition of enterprises that do not have serious problems, although it is not without a number of inaccuracies:

* all securities are classified as highly liquid assets, which is not always the case;

* all receivables are classified as fast-moving assets, although according to the balance sheet they are divided into short-term and long-term; according to the terms of actual repayment, receivables are divided into normal, when the payment term has not yet come, and overdue; overdue debt, in turn, is divided into doubtful debts, for which reserves are created, and bad debts, subject to write-off and accounting on off-balance accounts;

* all accounts payable are classified as the most urgent payments, despite the fact that a number of payments are less urgent; for example, the opening of a trade credit by a supplier, payments to personnel at the end of the year, based on length of service, final tax payments during the first quarter of the year following the reporting year, etc.

2.2.1 Solvency ratios (capital structure)

1) Ownership coefficient;

2) The coefficient of borrowed funds;

3) Dependency coefficient;

4) Interest coverage ratio.

Equity ratio:

Equity ratio characterizes the share of equity in the sources of financing of the enterprise. It also reflects the balance of interests of investors and creditors. The high proportion of own funds in the structure of long-term liabilities, other things being equal, ensures a stable financial position of the enterprise.

Permissible values: in Western financial management, it is considered that the value of this coefficient must be maintained at a level exceeding 50%.

Debt ratio:

The borrowed capital ratio reflects the share of borrowed capital in the sources of financing of the enterprise. This coefficient in its value is the reciprocal of the property coefficient.

Permissible values: Western financial management considers that the value of this ratio should be kept below 50%.

Debt ratio (debt ratio):

Permissible values: in Western financial management, it is considered that a high value of the coefficient is undesirable.

This ratio characterizes the firm's dependence on external loans. The higher the value of the indicator, the more long-term liabilities the given enterprise has, the more risky its position is. A large external debt, including interest payments, means a potential risk of a shortage of funds, which, in turn, can lead to the bankruptcy of an enterprise. Let's say the coefficient is 0.4, and this indicates that out of every 1.4 ruble assets, 40 kopecks or 28% are borrowed.

If the value of intangible assets is a fairly significant amount, then it is often subtracted from equity to determine the value of its material part. Depending on the purpose for which the ratio is used, sometimes preferred shares are also treated as debt rather than equity. Preferred shares have a right of pre-emption over all other shares. So, in the analysis, we should include them in the total amount of debt. The ratio of debt to equity will vary depending on the type of activity of the enterprise and the regularity of its cash flows.

In addition to the debt ratio, that is, the ratio of the total amount of accounts payable to equity, we can calculate another ratio that takes into account only the long-term capitalization of the company:

where the term “total capitalized funds” refers to all long-term accounts payable plus equity.

It indicates the proportion of long-term liabilities in the capital structure of the company. When calculating the indicators just discussed, the book value of assets was used, although sometimes data on their market value is very useful. Thus, debt ratios characterize the ratio of debt and equity in the capital structure of the company.

· The ratio of cash flow and debt.

A measure of a company's ability to "serve" its debts is the ratio of its annual cash flow to the amount of debt outstanding. The value of the first is defined as cash received as a result of the company's business activities. If the company is profitable, they consist of net income and depreciation. The ratio of cash flow and total debt is equal to

The amount of the company's liquidity movement is the sum of net income (after tax) and depreciation in, then the total amount of liabilities. This ratio is useful in assessing the solvency of a firm incurring short- or medium-term commitments such as a bank loan.

Another ratio is called the ratio of cash flow to long-term accounts payable:

This ratio is likely to come in handy when considering a company's bonds.

Interest coverage ratio:

The interest coverage ratio characterizes the degree of protection of creditors from the risk of non-payment of interest on placed loans. The ratio shows how many times during the reporting period the company has earned funds to pay interest on loans. This indicator also reflects the acceptable level of reduction in the share of profits used to pay interest.

Valid values: the higher the coefficient value, the better.

Solvency ratio:

Where, - cash balance at the beginning of the period (year);

The amount of cash receipts for the reporting period;

The amount of money spent for the reporting period (year).

It is used in case of analysis of the current financial position of the enterprise in order to invest in it.

The coefficient of restoration (loss) of solvency:

Where, t is the period of time taken for cases of loss of solvency equal to 3 months, and for its restoration 6 months;

T - duration of the reporting period in months;

Full coverage ratio at the beginning and at the end of the reporting period.

Developed on the basis of the full coverage ratio of the Federal Service for Financial Recovery of Enterprises.

If and or both coefficients are not normal, then the company definitely loses its solvency. If both coefficients are normal, then it is necessary to calculate the possibility of loss of solvency in the next 3 months. If both are not normal, then it is necessary to calculate the possibility of restoring solvency in the next 6 months.

3. Factors affecting the level of liquidity and solvency

From the point of view of possible claims for immediate repayment of debts to creditors, it is beneficial for an enterprise to have cash or assets that can be converted into cash. A low liquidity indicator indicates that only a small part of the resources is involved in working capital and the company uses a commercial loan as a source of short-term financing. By controlling inventories and receivables, establishing trusting relationships with trade creditors, it is possible to manage the working capital of the enterprise.

The following indicators are used for evaluation:

Inventory turnover ratio

the period of turnover of receivables;

The period of turnover of accounts payable.

The optimal level of these indicators largely depends on the specifics of the industry in which the enterprise operates and on the enterprise management system. Let's take a closer look at these indicators.

Inventory turnover ratio:

The Inventory Turnover Ratio shows how much inventory turns over during a financial year. The higher the inventory turnover ratio, the lower the amount of cash tied up in inventory.

Accounts receivable turnover period (in days):

The receivables turnover period shows how many days, on average, debtors repay their debts to the enterprise.

The manufacturer is often forced to provide favorable commercial credit terms in order to remain competitive in the fight for wholesalers and retailers.

The entity seeks to minimize the level of receivables by encouraging early repayment of debts and giving notice when liabilities fall due.

Accounts payable turnover period (in days):

The accounts payable turnover period shows how many days, on average, the company paid the presented accounts of creditors.

The three considered indicators (inventory turnover ratio, receivables turnover period and accounts payable turnover period) are the most valuable for the middle management of an enterprise in setting goals and exercising management control. However, they cannot be calculated by those who do not work at this enterprise and do not have access to information, since such information is not published anywhere.

Due to fluctuations in the level of stocks during the year, the amount of stocks indicated in the balance sheet can only be considered as a rough estimate of the actual average size of stocks. The published income statement does not include the share of sales and purchases made on credit. Therefore, any estimate of these financial ratios made by analysts outside the enterprise under study must be approached with great caution.

Conclusion

The author's contribution is as follows: from the many books where everyone writes in their own creative way, the author managed to get the material that really helps to understand and systematize a lot of indicators. The chosen topic of research is of great practical importance, since it allows to generalize the accumulated experience in the formation of the coefficient method in the study of balance. Using these ratios, the author was able to understand the relationship between current assets and short-term debt. There is a big difference between liquidity and solvency, so do not confuse these concepts. Liquidity is the ratio with short-term liabilities, and solvency with long-term liabilities. We must not forget that the reports that are freely available do not fully reflect the financial position of the company, and yet many important indicators cannot be calculated from the outside. But the overall picture of liquidity and solvency can be derived from the balance sheet. In this case, only a part of the financial analysis of the company that is required by a professional analyst or manager will be calculated.

Bibliography

TEXTBOOKS AND TUTORIALS

1. Lyubushin N.P., Economic analysis: a textbook for university students studying in the specialties “Accounting, analysis and audit! And "Finance and Credit" / N.P. Lyubushin. - 3rd ed., revised and additional. - M.: UNITI-DANA, 2010. - 575 p. - (Series "Golden Fund of Russian textbooks").

2. E.A. Markaryan, Economic analysis of economic activity: study guide / E.A. Markaryan, G.P. Gerasimenko, S.E. Markarian. - M. : KNORUS, 2008. - 552 p.

3. Odintsov V.A., Analysis of the financial and economic activities of the enterprise: textbook. Allowance for the beginning. prof. Education / V.A. Odintsov. - M.: Publishing Center "Academy", 2008. - 256 p.

4. Prosvetov G.I., Business valuation: Tasks and solutions: Educational and methodological manual. - M.: RDL Publishing House, 2006. - 192 p.

5. Kovalev VV, Financial management: theory and practice. - 2nd ed., revised. And extra. - Moscow: Prospect, 2011.-1024 p.

6. Van Horn JK, Fundamentals of financial management: TRANS. from English/Ch. ed. series Ya.V. Sokolov. - M.: Finance and statistics, 2003. - 800 p.: ill. - (Series on accounting and auditing).

7. V.V. Kovalev, O.N. Volkov. Analysis of the economic activity of the enterprise. -M.: PBOYuL Grizhenko E.M., 2000. -424 p.

8. Kovalev V.V. Kovalev Vit. V., Accounting, analysis and financial management: Educational method. Benefit. - M.: Finance and statistics, 2006. - 688 p.: ill.

9. Galitskaya SV, Financial management. The financial analysis. Enterprise finance: textbook / S.V. Galician. - M.: Eksmo, 2008. - 652 p. - (Higher economic education).

10. Chechevitsina L.N., Analysis of financial and economic activity: Textbook for universities / L.N. Chechevitsina, I.N. Chuev. - Ed. 3rd, add. And a reworker. Rostov n / a: Phoenix, 2006. - 384 p. - (Higher education).

REGULATORY FRAMEWORK

12. Federal Law of October 26, 2002 T 127-FZ (as amended on December 29, 2012, as amended on December 30, 2012) “On Insolvency (Bankruptcy)” // Consultant Plus. Access mode .

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Introduction

Theoretical foundations of liquidity and solvency of the enterprise

1The concept of solvency, its significance and role in the enterprise

2The concept of liquidity, its significance and role in the enterprise

3Solvency and liquidity management

Analysis of liquidity and solvency on the example of Prefect Stroy LLC

1Technical and economic characteristics of Prefect Stroy LLC

2Analysis of liquidity and solvency of Prefect Stroy LLC

3Analysis of financial stability and financial results

1Development of measures to increase the liquidity and solvency of the enterprise

2Economic effect of the proposed activities

Conclusion

Applications

Introduction

Financial work at the enterprise, first of all, is aimed at creating financial resources for development, in order to ensure the growth of profitability, investment attractiveness, i.e. improvement of the financial condition of the enterprise. Indicators of financial results characterize the absolute efficiency of the management of the enterprise.

The relevance of the work is due to the fact that to determine the financial position of the enterprise, a number of characteristics are used that most fully and accurately show the state of the enterprise both in the internal and external environment. Liquidity and solvency are among such characteristics. Their analysis involves the study and assessment of the security of the enterprise and its structural divisions with its own working capital in general, as well as for individual divisions. The study, analysis and financial regulation of solvency indicators is important for enterprises.

In general, solvency characterizes the financial condition of the enterprise, allowing it to fulfill its monetary obligations. The main difference between solvency and liquidity is that liquidity indicators are based on the assets of the enterprise (non-current and current), i.e. the liquidity of the enterprise is determined by the presence of certain assets that can be realized in cash for some time in order to pay off their obligations. And depending on the time of sale of assets into cash, the degree of liquidity is determined.

The main purpose of the analysis is to assess the ability of the enterprise to generate cash in the amount and within the time frame necessary to carry out the planned expenses and payments. Based on the data obtained, determine the solvency of the organization.

If the financial condition is good, the enterprise is steadily solvent, if it is bad, it is periodically or permanently insolvent.

Thus, the main signs of solvency are: the presence of sufficient funds in the current account and the absence of overdue accounts payable.

At the same time, insolvency is understood as, accordingly, the inability of the company to meet its payment obligations on time and in the required volumes.

The purpose of the study is to analyze and assess the solvency and liquidity of the enterprise Prefect Stroy LLC and develop measures aimed at improving these indicators.

Based on the goal, the following tasks are formulated:

) to study the theoretical foundations of the solvency and liquidity of the enterprise;

) analyze the solvency and liquidity on the example of Prefect Stroy LLC;

) to develop measures to increase solvency and liquidity at the enterprise Prefect Stroy LLC and calculate the economic efficiency of the proposed measures.

The object of the study is the limited liability company "Prefect Stroy", which is engaged in the construction industry.

The subject of the study is the analysis of the solvency and liquidity of the enterprise and the direction of their increase.

Theoretical and practical aspects of solvency and liquidity of enterprises are reflected in the works of many Russian economists. Among them: G.V. Savitskaya, A.V. Zimovets, A.V. Balzhinov, Yu.V. Vasiliev, A.I. Alekseeva, P.A. Levchaev, N.S. Popova and others.

Research methods are presented by theoretical (analysis of literature on research issues) and empirical (quantitative and qualitative data processing) methods.

The information basis for the research part of the thesis work was the data of the financial statements of Prefect Stroy LLC (balance sheet, income statement and explanations to the balance sheet and income statement for 2011-2013).

The structure of the thesis consists of three chapters, introduction and conclusion. The introduction presents the relevance of the chosen topic, the object of the study, the goals and objectives of the thesis, as well as the structure of the work. The first chapter discusses the theoretical foundations of the analysis of solvency and liquidity, their concept and significance in the enterprise, methods of their analysis. In the second chapter, the analysis of solvency and liquidity is carried out on the example of the construction company Prefect Stroy LLC, the characteristics of the enterprise are considered, and an analysis of the financial stability and analysis of the financial results of the enterprise is carried out. In the third chapter, measures are proposed to improve solvency indicators, and the economic effect of the proposed measures is calculated. In conclusion, brief conclusions are presented on the basis of the work performed for the three chapters.

1. Theoretical foundations of the solvency and liquidity of the enterprise

1 The concept of solvency, its meaning and role in the enterprise

The financial position of the enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.

The solvency of an enterprise is the ability of an economic entity to fully and on time repay its accounts payable.

Solvency means that the enterprise has sufficient financial resources to pay for accounts payable requiring immediate repayment.

Solvency is the readiness of an organization to repay debts in the event of simultaneous presentation of demands for payments from all creditors.

The main features of the solvency of the enterprise are:

a) the availability of sufficient funds in the current account;

Solvency depends on the degree of liquidity of the balance sheet. The concepts of solvency and liquidity are very close. But the term "solvency" is somewhat broader, since it includes not only and not so much the ability to convert assets into cash, but the ability to timely and fully fulfill one's obligations arising from trade, credit and other transactions of a monetary nature.

Liquidity is understood as the ability of any asset to be transformed into cash, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.

Liquidity characterizes both the current state of settlements and the prospects. An enterprise may be solvent at the reporting date, but still have unfavorable abilities in the future, and vice versa. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables.

The solvency of an enterprise consists of two interrelated factors:

Availability of assets (property and cash) sufficient to repay all liabilities of the organization.

The degree of liquidity of having assets is sufficient to, if necessary, realize them, convert them into money in an amount sufficient to pay off obligations.

In the analysis of the first factor, the presence of the organization's net assets (equity capital) is studied. If the organization has negative net assets, i.e. there is no own capital, then in principle it cannot pay off all its obligations, tk. the amount of the liability exceeds the sum of all available assets. Such an organization may be solvent in the short term, rely on current debts, but in the long term there is a high probability of bankruptcy.

If an organization has positive net assets, this does not yet indicate its good solvency. It is also necessary to analyze the second of the above factors - this is the liquidity of assets (the significance and role of which is discussed in the next paragraph). There may be a situation where there is a mismatch between the liquidity of the assets and the forthcoming maturities of the liability. For example, an organization, on the one hand, has a large share of non-current assets that are more difficult to sell (i.e., low-liquid assets), on the other hand, a large share of short-term liabilities. In this scenario, there may come a time when the organization does not have enough funds to pay off current liabilities.

For a correct conclusion about the dynamics and level of solvency of the organization, it is necessary to take into account such factors as:

the nature of the enterprise. For example, industrial and construction enterprises have a large share of stocks and a relatively small share of cash;

terms of settlements with debtors. The receipt of receivables at short intervals after the purchase of goods (works, services) leads to a small share in the composition of current assets of buyers' debts, and vice versa;

stock status. An enterprise may have an excess or shortage of inventory compared to the amount needed for uninterrupted operations;

the state of receivables: the presence or absence of overdue and bad debts in its composition.

So, solvency is one of the main indicators characterizing the financial condition of the enterprise, therefore, its analysis has a very important role. It is necessary not only for the enterprise in order to assess and forecast financial activities, but also for external investors.

The main purpose of solvency analysis is the timely identification and elimination of shortcomings in financial activities, and finding ways to improve solvency and creditworthiness.

In doing so, it is necessary to solve the following tasks:

To study the relationship between various indicators of industrial, commercial and financial activities and evaluate the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the solvency of the enterprise.

Predict possible financial results, economic profitability, based on the real conditions of economic activity and the availability of own and borrowed resources.

Develop specific activities aimed at more efficient use of financial resources.

The analysis of the solvency of the enterprise is carried out not only by the managers and relevant services of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources. Banks to assess credit conditions, determine the degree of risk, suppliers to receive payments on time, tax inspectorates to fulfill the plan for receiving funds to the budget, etc. In accordance with this, the analysis is divided into internal and external.

Internal analysis is carried out by the enterprise services, and its results are used for planning, forecasting and control. Its goal is to establish a systematic flow of funds and place own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, get maximum profit and exclude bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its goal is to establish an opportunity to invest funds profitably in order to ensure maximum profit and eliminate the risk of loss.

The main sources of information for the analysis of the solvency and creditworthiness of the enterprise are the balance sheet, income statement.

An analysis of the solvency of an enterprise is carried out by comparing the availability and receipt of funds with payments of essentials. There are current and expected (prospective) solvency.

Current solvency is determined on the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other settlements.

The expected (prospective) solvency is determined on a specific upcoming date by comparing the amount of its means of payment with the urgent (priority) obligations of the enterprise on this date.

To determine the current solvency, it is necessary to compare the liquid funds of the first group (A1 - absolutely liquid assets) with the payment obligations of the first group (P1 - urgent obligations up to 3 months). These groupings of assets and liabilities are discussed in more detail in paragraph 1.3. According to the balance sheet, this indicator can be calculated only once a month or quarter. Enterprises make settlements with creditors every day. Therefore, in order to quickly analyze the current solvency, daily control over the receipt of funds from the sale of products, from the repayment of receivables and other cash receipts, as well as to control the fulfillment of payment obligations to suppliers and other creditors, a payment calendar is compiled.

The payment calendar is the organization's main operational financial plan or cash flow plan. In the payment calendar, on the one hand, cash and expected means of payment are calculated, and on the other hand, payment obligations for the same period (1, 5, 10, 15 days, month). The operational payment calendar is compiled on the basis of data on the shipment and sale of products, on the purchase of means of production, documents on payroll calculations, on the issuance of advances to employees, bank statements, etc.

To assess the expected (prospective) solvency, the following liquidity indicators are calculated: absolute, intermediate and general. These liquidity measures are discussed in detail in paragraph 1.3

Since (hereinafter referred to as) solvency determines the ability of an enterprise to pay off short-term obligations in a timely manner and at the same time continue uninterrupted activities, this implies that current assets in the form of receivables and part of inventories can be converted into cash sufficient to repay short-term debts available on the company's balance sheet. The positive difference between the value of liquid current assets and the amount of short-term debt should exceed the value of the reserves necessary to continue uninterrupted activities, that is, to ensure one cycle of circulation of funds. The formation of sales revenue at the end of the cycle is accompanied by the formation of new current assets in the form of stocks of receivables and cash.

2 The concept of liquidity, its meaning and role in the enterprise

The liquidity of the enterprise acts as an external manifestation of financial stability, the essence of which is the security of current assets with long-term sources of formation. Greater or lesser current liquidity (illiquidity) is due to a greater or lesser degree of security (non-security) of current assets with long-term sources.

Liquidity - the ability of assets to be quickly sold at a price close to the market. Liquidity is the ability to turn into money.

Usually, highly liquid, low liquid and illiquid values ​​(assets) are distinguished. The easier and faster you can get the full value of an asset, the more liquid it is.

The liquidity of assets is the ability of assets to be transformed into cash, and the degree of liquidity of an asset is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. The liquidity of assets characterizes the ability of the organization's management to form and manage property and sources of financing.

The liquidity of an enterprise is the ability of an enterprise to fulfill obligations on all types of payments in a timely manner. The greater the degree of ability to meet payment obligations, the higher the level of liquidity of the organization. The level of liquidity depends on the field of activity, the ratio of current and non-current assets, the rate of turnover of funds, the composition of current assets, the size and urgency of paying current liabilities.

This indicator is used to assess the image of the organization, its investment attractiveness. The higher the level of investment attractiveness, the higher the level of solvency.

Liquidity is a necessary and obligatory condition of solvency. Solvency depends on the degree of liquidity of the balance sheet.

The liquidity of the company's balance sheet is the level of security of current assets with long-term sources of formation. It involves finding means of payment from internal sources, i.e. sale of assets.

The liquidity of the balance sheet differs from the liquidity of assets in that it is defined as the reciprocal of the time required to turn them into cash (the less time it takes for this type of asset to acquire a monetary form, the higher its liquidity).

Figure 1.1 shows a block diagram that reflects the relationship between the solvency, liquidity of the enterprise and the liquidity of the balance sheet.

Figure 1.1 - Scheme of the relationship between the solvency, liquidity of the enterprise and the liquidity of the balance sheet.

In the figure, the block diagram is compared with a high-rise building in which all floors are equivalent, but the 2nd floor cannot be built without the first, and the 3rd without the first and second; if the bottom floor falls, then all the others will fall too. As follows, the liquidity of the balance sheet is the base (foundation) of the solvency and liquidity of the enterprise. In other words, liquidity is a method of maintaining solvency. But at the same time, if an enterprise has the highest style and is constantly solvent, then it is easier for it to maintain its liquidity.

In general, an enterprise is considered liquid if its current assets exceed its current liabilities.

Balance sheet liquidity analysis is necessary to solve such problems as:

Assessment of the sufficiency of funds to cover obligations that expire in the relevant periods;

Determining the amount of liquid funds and checking their sufficiency to meet urgent obligations;

Assessment of liquidity and solvency of the enterprise based on a number of indicators.

Here are the main indicators that allow you to assess the liquidity and solvency of the enterprise:

.Current Ratio (coverage ratio)

where ОА - current assets taken into account when assessing the structure of the balance - this is the result of the second section of the balance sheet of form No. 1 (line 290) minus line 230 (accounts receivable, payments for which are expected more than 12 months after the reporting date).

KDO - short-term debt obligations - is the result of the fourth section of the balance sheet (line 690) minus lines 640 (deferred income) and 650 (reserves for future expenses and payments).

The current liquidity ratio measures the overall liquidity and shows how many times short-term liabilities are covered by the company's current assets, i.e. how many times the company is able to satisfy the requirements of creditors, if it turns into cash all the assets available at the moment.

The normal value of the coefficient is 1.5 - 2.5, depending on the sector of the economy. A value below 1 indicates a high financial risk associated with the fact that the company is not able to consistently pay current bills. A value greater than 3 may indicate an irrational capital structure.

The excess of current assets over short-term liabilities by more than two times is also considered undesirable, since it indicates an irrational investment by the enterprise of its funds and their inefficient use.

.Quick ratio (Quick Ratio) is determined by the formula:

= (A1+A2): (P1+P2) (2)

Where A1 - absolutely liquid assets (cash, short-term financial investments);

In order to determine the creditworthiness of a potential borrower, most commercial banks have adopted the values ​​of the specified coefficient in the range from 0.6 to 1.0 as optimal, but it can be extremely high due to an unjustified increase in receivables. A very low indicator of quick liquidity indicates too much inventory in the company's balance sheet. An increase in the coefficient in dynamics (within the ranges of optimal values) is a favorable factor for the financial position of the enterprise, a decrease is unfavorable.

Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change. So, if the growth of the quick liquidity ratio was mainly due to the growth of unjustified receivables, then this cannot characterize the activity of the enterprise on the positive side.

.Absolute liquidity ratio (Cash Ratio)

The most liquid items of working capital are the cash that the company has on bank accounts and on hand, as well as in the form of securities. The ratio of cash to short-term liabilities is called the absolute liquidity ratio. It is calculated by the formula:

= (A1): (P1+P2) (3)

This ratio shows what part of the short-term debt the company can repay at the expense of available cash and short-term financial investments, quickly realized if necessary. The values ​​of the specified coefficient in the range from 0.2 to 0.7 are accepted as optimal. As in the case of the quick liquidity ratio, an increase in dynamics is a favorable factor for the financial position of the enterprise, a decrease is unfavorable.

4.The equity ratio is represented by the formula:

The equity ratio characterizes the ratio of own and borrowed current assets of the enterprise and determines the degree of security of the economic activity of the enterprise with its own working capital necessary for its financial stability.

The lower limit of the value of this coefficient is 0.1. An increase in the ratio of own funds in dynamics is a favorable factor for the financial position of the enterprise, a decrease is unfavorable.

It should be remembered that a decrease in the equity ratio to a value less than 0 indicates the disappearance of the enterprise's own working capital. In this case, the working capital of the enterprise is fully financed by borrowed funds.

5.Autonomy coefficient

This coefficient characterizes the independence of the financial condition of the enterprise borrowed funds. Shows the share of own funds in the total value of the property of the enterprise. The optimal value is 0.5, if the coefficient is greater than 0.5, then the company covers all debts at its own expense.

.Debt ratio

The optimal value is from 0.67 to 1.0. The coefficient shows the share of borrowed funds in the financing of the enterprise. Too much borrowing reduces the solvency of the enterprise, undermines its financial stability and, accordingly, reduces the confidence of counterparties in it and reduces the likelihood of obtaining a loan.

.Agility factor

This ratio shows how much of the SOS is funded by equity. The optimal value is 0.5. A decrease in the indicator indicates a possible slowdown in the repayment of receivables or a tightening of the conditions for granting a trade credit on the part of suppliers or contractors. The increase indicates a growing ability to repay current liabilities.

.The financial leverage ratio (debt-to-equity ratio) is an indicator of the ratio of debt and equity capital of an organization.

Optimal, especially in Russian practice, is an equal ratio of liabilities and equity (net assets), i.e. financial leverage ratio equal to 1. A value of up to 2 may be acceptable (for large public companies, this ratio may be even higher). With large values ​​of the coefficient, the organization loses its financial independence, and its financial position becomes extremely unstable. It is more difficult for such organizations to attract additional loans. The most common ratio in developed economies is 1.5 (ie 60% debt and 40% equity).

9.Ratio of mobile and immobilized assets

This coefficient is an indicator of the group of financial stability of the enterprise, and shows how much of the working capital of the enterprise accounts for non-current assets. This indicator shows the structure of the company's assets. If it is greater than 1, then the enterprise is dominated by current assets, if it is less than 1, then the enterprise is dominated by non-current assets.

10.Permanent asset index

This ratio reflects the ratio of fixed assets and non-current assets to own sources, or the share of fixed assets and non-current assets in the sources of own funds.

KM + KP = 1 (11)

The values ​​of these indicators must be considered in dynamics, since in this case it is possible to identify a deterioration or, conversely, an improvement in the solvency of the borrowing enterprise.

Unsatisfactory values ​​of these coefficients indicate a critical situation at the enterprise - temporary or protracted insolvency. Lending to such enterprises for turnover is quite risky, however, it is possible only if the borrowed funds are spent for the intended purpose and control over them by the bank.

It is also necessary to evaluate a number of additional factors indicating the low solvency of the borrower:

current arrears on bank loans;

high wage arrears;

a large amount of doubtful receivables.

In particular, the presence of arrears on loans is a negative factor and indicates obvious miscalculations and disruptions in the activities of the borrower, which may be planned to be temporarily compensated with the loan requested from the bank.

Due to the different specialization of organizations, depending on the specific conditions of a particular period of their activity, it is practically impossible to establish the same regulatory limits for the above coefficients for different organizations, although theoretically such standards exist. Each business entity, by virtue of its sectoral affiliation, independently establishes such standards. .

3 Management of solvency and liquidity of the enterprise

Analysis and diagnostics of the financial condition of the enterprise is an important condition for successful financial management in the enterprise. The purpose of the analysis is to identify and eliminate shortcomings in financial activities and find reserves to strengthen the financial condition of the enterprise and its solvency. All this happens due to the development of a strategy and tactics for the development of an enterprise, substantiation of plans and management decisions, monitoring their implementation, identifying reserves for increasing production efficiency and evaluating the performance of an enterprise and its divisions.

There are four types of financial stability:

1)Absolute financial stability. Excess sources of formation of stocks and costs. This type is extremely rare;

)Normal financial stability. Stocks and costs are provided by the amount of own funds;

)Unstable financial condition. Stocks and expenses are provided at the expense of own and borrowed funds of their formation;

)Crisis financial condition. Stocks and costs are not provided by sources of funds, and the company is on the verge of bankruptcy.

The analysis is a comprehensive study of the effect of external and internal, market and production factors on the quantity and quality of products manufactured by the enterprise, the financial performance of the enterprise, and indicate possible prospects for the development of further production activities of the enterprise in the selected area of ​​management.

The object of financial analysis is the financial statements of the enterprise. Analysis of reporting data is carried out in order to timely identify and eliminate shortcomings in the financial activities of the enterprise and find reserves to improve its financial condition. Methods of financial analysis are presented in table 1.1

For the analysis, the main liquidity ratios discussed in paragraph 1.2 are used.

Liquidity management is the activity of an enterprise to ensure such an allocation of funds so that at any time it is possible to pay off obligations (to turn assets into cash in a short period of time).

Table 1.1 - Methods for analyzing the financial condition of the enterprise.

№ Methods of analysis Essence of the method 1 Horizontal comparison of each reporting position with the previous period, which allows you to identify trends in balance sheet items or their groups and, on the basis of this, calculate the basic growth rate. 2Vertical analysis is carried out in order to determine the structure of the final financial indicators, i.e. identifying the share of individual reporting items in the overall final indicators3 Trend based on comparing each reporting item for a number of years and determining the trend, general trend and forecasting on this basis the further development of the situation4 Calculation of financial ratios Calculation of ratios between individual report positions or positions of different reporting forms

There are a number of liquidity management methods:

) a general method of distributing funds, which consists in distributing borrowed and own funds through placement channels from a single fund in accordance with needs and intuition;

) the method of asset allocation (conversion of funds), which consists in the placement of assets in accordance with the terms of liabilities (for example, time deposits up to one year are directed to provide loans up to one year);

) a method of scientific management that uses the apparatus of linear programming to optimize the allocation of funds.

Distinguish:

current liquidity - compliance of receivables and cash receivables;

settlement liquidity - the correspondence of asset and liability groups in terms of their turnover in the conditions of the normal functioning of the organization;

urgent liquidity - the ability to repay obligations in the event of liquidation of the organization.

To assess the liquidity of assets, balance sheet items are grouped according to the timing of their transformation into cash, which makes it possible to assess the quality of the organization's funds in circulation. The grouping of asset items may vary depending on specific economic situations. With the help of horizontal and vertical methods, the dynamics of changes in each asset group and structure is assessed in terms of the degree of liquidity.

Grouping of assets according to the degree of their liquidity and arrangement in descending order of liquidity:

A1 - absolutely liquid assets (cash, short-term financial investments);

A2 - fast-selling assets (finished products, goods shipped, receivables (up to 12 months));

A3 - slow-moving assets (inventory, WIP, accounts receivable (over 12 months), deferred expenses);

A4 - hard-to-sell (permanent) assets (fixed assets, intangible assets, long-term financial investments).

Grouping of liabilities according to their maturities and arrangement in ascending order of payment terms:

P1 - urgent obligations (up to 3 months);

P2 - short-term liabilities (up to 1 year);

P3 - long-term liabilities (over 1 year);

P4 - permanent liabilities (own funds).

To determine the liquidity of the balance sheet, it is necessary to compare the calculations made for groups of assets and groups of liabilities. The balance is considered liquid if:

The fourth inequality is of a “balancing” nature and at the same time has a deep economic meaning: its implementation indicates that the minimum condition for financial stability is met - the organization has its own working capital.

In the case when one or more inequalities have a sign opposite to that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, although compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

Solvency management is also designed to minimize the risks of production and ensure its efficiency. It is carried out in at least two directions: increasing solvency and preventing (reducing) non-payments. The solvency of an enterprise can be improved by regularly carrying out various activities that eliminate the causes and factors of reducing solvency, as well as contributing to an increase in the liquidity of assets. This is an increase in the share of current assets in their composition, an increase in the share of liquidity of current assets, and an acceleration in asset turnover.

To assess the prospective solvency, the following liquidity indicators are calculated: absolute, intermediate and general.

The absolute indicator of liquidity is determined by the ratio of liquid funds of the first group to the total amount of short-term debts of the enterprise (V section of the balance sheet). Its value is considered sufficient if it is above 0.25 - 0.30. If an enterprise is currently able to pay off all its debts by 25-30%, then its solvency is considered normal.

The ratio of liquid funds of the first two groups to the total amount of short-term debts of the enterprise is an intermediate liquidity ratio. A 1:1 ratio usually satisfies. However, it may not be sufficient if a large proportion of liquid funds is accounts receivable, some of which is difficult to collect in a timely manner. In such cases, a ratio of 1.5:1 is required.

The overall liquidity ratio is calculated as the ratio of the total amount of current assets to the total amount of short-term liabilities. A coefficient of 1.5-2.0 usually satisfies.

The enterprise must regulate the availability of liquid funds within the limits of the optimal need for them, which for each specific enterprise depends on the following factors:

the size of the enterprise and the volume of its activities (the larger the volume of production and sales, the greater the stock of inventory items);

branches of industry and production (demand for products and the rate of receipt from its sale);

the duration of the production cycle (the value of work in progress);

the time required to renew stocks of materials (the duration of their turnover);

seasonality of the enterprise;

general economic situation.

If the ratio of current assets and current liabilities is lower than 1:1, then we can say that the company is unable to pay its bills. The ratio of 1:1 assumes the equality of current assets and short-term liabilities. Taking into account the varying degree of liquidity of assets, it can be safely assumed that not all assets will be sold urgently, and, therefore, in this situation there is a threat to the financial stability of the enterprise. If the value of the current liquidity ratio significantly exceeds the ratio of 1:1, then we can conclude that the company has a significant amount of free resources generated from its own sources.

On the part of creditors of the enterprise, this option for the formation of working capital is the most preferable. At the same time, from the point of view of the manager, a significant accumulation of inventories at the enterprise, the diversion of funds into receivables may be associated with inept asset management of the enterprise.

Various liquidity indicators not only provide a versatile description of the stability of the financial position of an enterprise with varying degrees of accounting for liquid funds, but also meet the interests of various external users of analytical information. So, for example, for suppliers of raw materials and materials, the absolute liquidity ratio (hereinafter referred to as K.l.) is most interesting. The bank lending to this enterprise pays more attention to the intermediate liquidity ratio (hereinafter Kl.l.). Buyers and holders of shares and bonds of the enterprise to a greater extent evaluate the financial stability of the enterprise according to the current liquidity ratio (hereinafter referred to as Kt.l.).

It should be noted that many enterprises are characterized by a combination of low interim liquidity ratios with a high total coverage ratio. This is due to the fact that enterprises have excessive stocks of raw materials, materials, components, finished products, and often unjustifiably large work in progress.

The unreasonableness of these costs leads ultimately to a shortage of funds. Hence, even with a high total coverage ratio, it is necessary to identify the state and dynamics of its components, especially for those items that are included in the third group of balance sheet assets.

If an enterprise has a low interim liquidity ratio and a high total coverage ratio, the deterioration of these turnover indicators indicates a deterioration in the solvency of this enterprise. In order to more objectively assess the solvency of an enterprise when a deterioration is detected in it, it is necessary to separately understand the reasons for delays in paying for products and services by consumers, the accumulation of excess stocks of finished products, raw materials, materials, etc.

These reasons may be external, more or less independent of the analyzed enterprise, or may be internal. But, first of all, it is necessary to calculate the liquidity ratios mentioned above, determine the deviation in their level and the size of the influence of various factors on them.

2. Analytical aspects of liquidity and solvency on the example of Prefect Stroy LLC

1 Technical and economic characteristics of Prefect Stroy LLC

Full name of the company: "Limited Liability Company Prefect Stroy". Abbreviated name LLC Prefect Stroy. The Company is a full-fledged subject of economic activity and civil law, is recognized as a legal entity, owns separate property and is liable to them for its obligations. The company has an independent balance sheet, has full economic independence in matters of determining the form of management, making economic decisions, marketing, setting prices, wages, and distributing net profit. The company has a round seal with its full company name.

Prefect Stroy LLC is a commercial organization and pursues profit making as the main goal of its activities.

Limited Liability Company "Prefect Stroy" was registered on August 09, 2007.

And on July 27, 2007, the charter of the Prefect Stroy limited liability company was approved.

Currently Prefect-stroy LLC maintains 1 office in the Avtozavodsky district.

Construction and reconstruction of buildings and structures is one of the activities of the Prefect Stroy company. The construction company "Prefect Stroy" carries out the following activities:

dismantling and demolition of buildings, earthworks

production of general construction works;

production of electrical work;

arrangement of coverings of buildings and structures;

installation of floor coverings and wall cladding;

production of joinery and carpentry works;

installation of engineering equipment;

production of painting and glass works;

activities of agents in the wholesale trade of timber and building materials;

wholesale trade in foodstuffs;

wholesale trade in non-food consumer goods;

The organizational structure of the organization is represented by a diagram in Appendix G.

According to the charter of the organization, the duties of the general director include:

Open bank accounts and manage the property and funds of the organization, including funds in bank accounts;

Make decisions and issue orders on operational issues of the internal activities of the organization;

Conclude contracts and other transactions in the course of the ordinary business activities of the organization;

Hire and dismiss employees in accordance with the staffing table;

Details and economic indicators of the enterprise are presented in Appendix D.

The main economic indicator of the company's activity is the revenue from the services provided, the costs included in the cost of services sold, the financial result of the company, the profitability of the services provided by the company.

Changes in the composition and structure, the study of the dynamics of assets for the last 3 reporting periods are presented in table 2.1

Table 2.1 - Composition, structure and dynamics of the assets of Prefect-stroy LLC

Funds of the enterprise201120122013Change thous. rub.share, %ths. rub.share, %ths. share, %2012/ 2011 thousand rubles 2012/ 2011, share, %2013/ 2012 thousand rubles 2013/ 2012 share, % Non-current assets240.02190.02230.02-5-26.3417.4 Current assets8164599, 88189499.88197799.82490.3830.1Total81669100.081913100.082000100.02440.2870.1

Based on the results of the table, it can be concluded that the main part of the company's assets is current assets (99.8%), and this share has not changed during the last 3 reporting periods. Every year there is an increase in the current assets of the enterprise. Non-current assets, however, make up only 0.02% of the total assets of the enterprise.

In 2012, the volume of non-current assets amounted to 19 thousand rubles, which is 26.3% less than the same value of the previous period. But by 2013, there is an increase in this indicator by 17.4% and amounted to 23 thousand rubles.

The total balance sheet has a positive trend. In 2012, it amounted to 81,913 thousand rubles, which is 0.3% more than in 2011. And in 2013, this amount amounted to 82,000 thousand rubles, which is 0.2% more than in 2012.

Figure 2.1 clearly shows the asset structure of Prefect Stroy LLC for 2011-2013.

Figure 2.1 - Structure of assets of Prefect Stroy LLC

Consider separately the share of the constituent assets. Tables 2.2 and 2.3 present an analysis of the structure of non-current and current assets, respectively.

Table 2.2 - Structure of non-current assets of Prefect Stroy LLC for 2011-2013

Funds of the enterprise201120122013Change thous. rub.share, % thous. rub.share, % thous. share, %2012/ 2011 thousand rubles 2012/ 2011, share, %2013/ 2012 thousand rubles 2013/ 2012 share, % Non-current assets including 241001910023100-5-26.3417.4 Fixed assets1145.8-- ---110--Deferred tax assets1354.21910023100631.5417.4

The table shows that non-current assets of the enterprise are deferred tax assets. In 2012, this amount amounted to 19 thousand rubles, which is 31.5% higher than in the previous year.

In 2013, this indicator increased by another 17.4% and amounted to 23 thousand rubles. In 2011, the company owned fixed assets in the amount of 11 thousand rubles, by 2012 it liquidated fixed assets and does not plan to use them as assets in the future.

The visual dynamics and structure of non-current assets is shown in the diagram in Figure 2.2

Figure 2.2 - Composition, structure and dynamics of non-current assets of Prefect Stroy LLC

Now consider the structure of current assets of the enterprise.

Table 2.3 - Structure of current assets of Prefect Stroy LLC for 2011-2013

Funds of the enterprise201120122013Change thous. rub.share, %ths. rub.share, %ths. share, %2012/ 2011 thousand rubles 2012/ 2011, share, %2013/ 2012 thousand rubles 2013/ 2012 share, % Current assets02490.3830.1Accounts receivable813429 9.68174799.88194699.94050.51990 .2 Cash1070.15340.0430.003-73-214.7-31-1033.3Other current assets1960.251120.16280.097-84-75-84-300

Particular attention should be paid to changing the composition and dynamics of current assets as the most mobile part of capital. The financial condition of the entire enterprise largely depends on the state of current assets.

Analyzing table 2.3, we can conclude that in the structure of current assets of Prefect-stroy LLC, the main part is such an indicator as receivables. In 2011, this part amounted to 99.6% of the total volume of current assets. Every year there is an increase in this indicator. In 2012, this figure increased by 0.5% and amounted to 81,747 thousand rubles. By 2013, this figure increased by another 0.2% and amounted to 81946 thousand rubles, it took 99.9% of the total working capital.

Such an indicator as cash and cash equivalents also changed during the analyzed period. If in 2011 it amounted to 0.15% of the total working capital and was equal to 107 thousand rubles, then by 2012 there was a decline in this indicator by 214.7%. In 2013, this indicator decreased even more and amounted to only 0.003% (3 thousand rubles) of the amount of working capital.

Other current assets also tended to decrease. In 2012, they amounted to 112 thousand rubles, which is 75% less than the previous year. By 2013, this value decreased by another 300% and amounted to 28 thousand rubles.

Figure 2.3 shows a visual dynamics and structure of current assets.

Figure 2.3 - Composition, structure and dynamics of current assets of Prefect Stroy LLC

Having considered the dynamics and structure of all indicators of the company's assets, we can draw the following conclusions.

The structure of working capital of the enterprise does not correspond to the principles of the normal functioning of the enterprise, since the main share of working capital is accounts receivable (99.9%). For the normal financial and economic activity of a manufacturing enterprise, it is advisable to consider the following ratio in the structure of current assets: 50% - inventories, 25% - receivables, 25% - cash and short-term financial investments. Therefore, the structure of Prefect Stroy LLC can be considered unsatisfactory, since the material base is too small, in addition, there is an increase in receivables against the background of a low share of the most mobile part of current assets (the share of cash at the end of 2013 is less than 1%), which indicates loss of solvency of the enterprise.

Consider the structure of the company's liabilities (table 2.4)

Table 2.4 - Analysis of the structure and dynamics of capital sources of Prefect Stroy LLC for 2011-2013

Sources of capital201120122013Change thous. rub.share, %ths. rub.share, %ths. share, %2012/ 2011 thousand rubles 2012/ 2011, share, %2013/ 2012 thousand rubles 2013/ 2012 share, % Own capital8154799.88181099.88184799.82630.3370.04 21530, 2-19-18.45048.5Total81669100.081913100.082000100.02440.3870.1

Figure 2.4 clearly shows the structure of capital sources.

Figure 2.4 - Composition, structure and dynamics of the capital of Prefect Stroy LLC

Based on Table 2.4 and Figure 4, we can conclude that in Prefect Stroy LLC, the main share in the sources of asset formation throughout the entire analyzed period is equity capital (99.8%). A high share of equity capital indicates a stable financial condition of the enterprise and good potential for obtaining loans and borrowings. One, too large share of own funds in the total amount of capital is alarming, since this may indicate the unwillingness or inability of the company's management to use borrowed funds. This limits the possibility of expanding economic activity, leads to a slowdown in capital turnover and, ultimately, to a drop in its profitability.

Thus, based on the results of the analysis, we can conclude that Prefect Stroy LLC is in a stable position. The company keeps on the accounts the minimum required amount of funds that are needed for current operational activities. This amount is the safety stock needed to cover short-term imbalances in cash flows.

2 Analysis of liquidity and solvency of Prefect-stroy LLC

One of the main indicators characterizing the financial stability of an enterprise is solvency. Solvency assessment is carried out on the basis of the characteristics of the liquidity of the company's assets.

An organization's liquidity analysis is a process consisting of two successive stages. The first step is to compare assets and liabilities. Assets are grouped according to the degree of their liquidity and arranged in descending order of liquidity. Liabilities, in turn, are grouped by maturity and arranged in ascending order of their maturity. Comparison of these groupings will allow us to determine the approximate nature of the liquidity of the enterprise. To more accurately determine the liquidity of the enterprise, it is necessary to proceed to the second stage of the analysis. It includes the calculation of financial liquidity ratios, which is carried out by step-by-step comparison of individual groups of assets with short-term liabilities on the basis of balance sheet data and is compared with the normative value of the corresponding indicator. At the final stage, the current liquidity ratio is calculated.

Based on the data of the balance sheet of our enterprise, we will make a grouping by assets and liabilities.

The most liquid assets A1:

A1 = "Cash and cash equivalents" + "Financial investments"

A1 2011 \u003d 107 + 0 \u003d 107 thousand rubles.

A1 2012 = 34 + 0 = 34 thousand rubles

A1 2013 \u003d 3 + 0 \u003d 3 thousand rubles.

Fast-moving assets A2:

A2 \u003d "Accounts receivable" + "Other current assets"

A2 2011 = 81342 + 196 = 81538 thousand rubles.

A2 2012 = 81747 + 112 = 81859 thousand rubles

A2 2013 = 81946 + 28 = 81974 thousand rubles

Slowly realizable assets A3:

A3 \u003d "Inventory" + "Value Added Tax" + "Receivables (payments for which are expected more than 12 months after the reporting date"

A3 2011 \u003d 0 + 0 + 0 \u003d 0 thousand rubles.

A3 2012 \u003d 0 + 0 + 0 \u003d 0 thousand rubles.

A3 2013 \u003d 0 + 0 + 0 \u003d 0 thousand rubles.

Hard-to-sell assets A4:

A4 = Total for Section I

A4 2011 = 24 thousand rubles.

A4 2012 = 19 thousand rubles.

A4 2013 = 23 thousand rubles.

The most urgent liabilities P1:

P1 = "Accounts payable"

P1 2011 = 58 thousand rubles

P1 2012 = 6 thousand rubles

P1 2013 = 39 thousand rubles

Short-term liabilities P2:

P2 = "Borrowed funds"

P2 2011 = 0 thousand rubles

P2 2012 = 0 thousand rubles

P2 2013 = 0 thousand rubles

Long-term liabilities P3:

P3 = Section IV Total

P3 2011 = 0 thousand rubles

P3 2012 = 0 thousand rubles

P3 2013 = 0 thousand rubles

Permanent liabilities P4:

P4 = Total for section III + "Deferred income" + "Estimated liabilities"

P4 2011=81547 +0+ 64 =81611 thousand rubles

P4 2012 =81810 +0+ 96=81906 thousand rubles

P42013=81847 +0+ 114=81961 thousand rubles

This grouping of assets and liabilities is compared in absolute terms. The balance is considered liquid under the following ratios of groups of assets and liabilities:

A1? P1; A2? P2; A3? P3; A4? P4.

However, if the following three conditions are met:

A 1 > P1; A2 > P2; А3 > П3, then the last inequality А4 ? P4.

Let's compare the data of our enterprise:

ü 107 > 58 - corresponds;

ü 81538 > 0 - corresponds;

ü 0 = 0 - corresponds;

ü 24 < 81611 - соответствует.

ü 34 > 6 - corresponds;

ü 81859 > 0 - corresponds;

ü 0 = 0 - corresponds;

ü 19 < 81906 - соответствует/

ü 3 < 39 - не соответствует;

ü 81974 > 0 - corresponds;

ü 0 = 0 - corresponds;

ü 23< 81961 - соответствует.

The fulfillment of the first three inequalities in the system entails the fulfillment of the fourth inequality, so it is essential to compare the first three groups by asset and liability. The fourth inequality is balancing in nature and at the same time has a deep economic meaning: its implementation indicates that the minimum condition for financial stability is met - the presence of an enterprise's own working capital.

Based on the calculations made, it can be concluded that in 2011 and 2012 the company was absolutely liquid.

In 2013, due to the decrease in the item "Cash and cash equivalents" to 3 thousand rubles. (despite the fact that accounts payable amounted to 39 thousand rubles) inequality A1 ? P1 was not fulfilled, which means that in 2013 the balance sheet is not absolutely liquid. However, in this case, the lack of funds is compensated by their presence in the second group, but it is worth noting that compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

Further analysis determines the absolute value of payment surpluses or shortfalls by groups of funds (Table 2.5 and Table 2.6).

Table 2.5 - Calculation of the payment surplus or deficiency based on the results of the liquidity assessment of the balance sheet of Prefect Stroy LLC for 2012

Assets At the beginning of the period, thousand rubles At the end of the period, thousand rubles Liabilities At the beginning of the period, thousand rubles At the end of the period, thousand rubles Payment surplus (+) or deficiency, (-) thousand rubles At the beginning of the period end of period 1. The most liquid assets107341. The most urgent obligations58649282. Quickly sold assets81 53881 8592. Current liabilities0081 53881 8593. Slowly sold assets003. Long-term liabilities00004. Difficult to sell assets24194. Permanent liabilities81 61181 906-81 587-81 887BALANCE81 66881 912BALANCE81 6981 91200

The performed calculations of the absolute values ​​of the payment surplus or deficit shows that in 2011 and 2012. the most liquid assets fully covered the most urgent liabilities, in 2013 - 7.7% of liabilities (3/39*100).

To assess the change in the degree of solvency and liquidity of Prefect Stroy LLC, it is necessary to compare the balance sheet indicators for different groups of assets and liabilities.

Since the analysis examines the current and prospective solvency, the current solvency for the analyzed period can be determined by comparing the most liquid funds and quickly realizable assets with the most urgent and short-term liabilities.

Table 2.6 - Calculation of the payment surplus or deficiency based on the results of the liquidity assessment of the balance sheet of Prefect Stroy LLC for 2013

Assets At the beginning of the period, thousand rubles At the end of the period, thousand rubles Liabilities At the beginning of the period, thousand rubles At the end of the period, thousand rubles Payment surplus (+) or deficiency, (-) thousand rubles At the beginning of the period end of period 1. The most liquid assets3431. The most urgent obligations63928-362. Marketable assets81 85981 9742. Current liabilities0081859819743. Slow selling assets003. Long-term liabilities00004. Difficult to sell assets19234. Permanent liabilities81 90681 961-81 887-81 938BALANCE81 91282000BALANCE81 9128200000

Current solvency is considered normal if this condition is met:

A1 + A2 P1 + P2.

2011: 107 + 81 538 58 + 0

645 58

year: 34 + 81 859 6 + 0

893 6

year: 3+8197439+0

977 39

For the entire analyzed period, the organization is solvent, the condition of all inequalities is observed.

Comparison of slow-moving assets with long-term and medium-term liabilities reflects prospective liquidity.

Prospective solvency is characterized by the condition:

A3 P3

Comparison of slow-moving assets with long-term liabilities showed that the prospective solvency is satisfactory in all analyzed periods. We see that the company does not have slow-moving assets. The company also has no long-term liabilities. Therefore, there is no need to cover them.

Let's move on to the second stage of liquidity analysis - the calculation of financial ratios.

To begin with, we calculate three traditional relative indicators:

.Absolute liquidity ratio (KAL )

KAL = A1 / P1

Year: KAL = 107 / 58 = 1,84

Year: KAL = 34 / 6 = 5,6

Year: KAL = 3 / 39 = 0,07

According to the absolute liquidity ratio, we see that in 2011 and 2012. the organization can fully cover its obligations. In 2013, only 0.07% of its liabilities. From table 2.7 we see that this happened due to a significant decrease in the most liquid assets. The obtained values ​​of the coefficient indicate the need for constant work with debtors in order to ensure the possibility of converting the most liquid part of working capital into cash for settlements by suppliers. The higher this ratio, the more reliable the borrower. The normal limitation of this indicator CAL > 0,2 - 0,5.

The value of this coefficient is interesting for suppliers.

.Critical liquidity ratio (CCL )

TO CL \u003d (A1 + A2) / (P1 + P2)

year: K CL = (107+ 81 538) / (58 + 0) = 1 407,6

year: K CL = (34 + 81 859) / (6 + 0) = 13 648,8

year: K CL = (3 + 81 974) / (39 + 0) = 2 101,9

The normal limit is taken to be K CL > 1. In all analyzed periods, the value of this coefficient corresponds to the norm. This suggests that all short-term obligations can be covered without the sale of inventories. This value of the coefficient is determined by the high level of accounts receivable.

The value of this coefficient will be of interest to the bank lending to the organization.

.Current liquidity ratio (K TL ) - coverage ratio

TO TL \u003d (A1 + A2 + A3) / (P1 + P2 + P3)

year: K TL = (107+ 81 538 + 0) / (58 + 0 + 0) = 1 407,6

year: K TL = (34 + 81 859 + 0) / (6 + 0 + 0) = 13 648,8

year: K TL = (3 + 81 974 + 0) / (39 + 0 + 0) = 2 101,9

Normal limit for a given KTL coefficient 2.

During the analyzed period, the value of the coefficient corresponds to the norm and even significantly exceeds it. This characterizes the payment capabilities of the enterprise as satisfactory.

To a greater extent, the current liquidity ratio assesses the financial stability of the buyers and shareholders of the organization

Dynamics of liquidity ratios for 2011-2013 clearly presented in the form of table 2.7

Table 2.7 - Key liquidity ratios of Prefect Stroy LLC for 2011-2013

Liquidity ratio Value 2011 2012 2013 Current (total) liquidity ratio (%)1 407.613 648.82 101.9 Critical liquidity ratio (%)1 407.613 648.82 101.9 Absolute liquidity (solvency) ratio (%) 1.845, 60.07

As can be seen from table 2.7, the company has sufficient funds to pay off its obligations. Only in 2013 did the absolute liquidity ratio fall below the norm and amounted to 0.07. This was affected by a significant decrease in the balance sheet item “Cash and cash equivalents”, i.e., a decrease in the most liquid assets of the enterprise. But in general, the financial position of the enterprise can be considered quite positive.

Now we calculate other coefficients that also reflect the solvency of the enterprise.

.Equity ratio

Own working capital (SOS) \u003d Current assets - Current liabilities

SOS for 2011 = 81,645 - 122 = 81,523

SOS for 2012 = 81,894 - 103 = 81,791

SOS for 2013 = 81,977 - 152 = 81,825

Calculate the coefficient of KOSS :

year: 81,523 / 81,645 = 0.9

2012: 81,791 / 81,894 = 0.9

year: 81,825 / 81,977 = 0.9

The lower limit of this coefficient should be 0.1. In our case, for the entire analyzed period, the coefficient remained unchanged and was equal to 0.9. This is a favorable factor for the financial position of the enterprise.

.Autonomy coefficient

year: 81,547 / 81,669 = 0.9

year: 81 810 / 81 912 = 0.9

year: 81,847 / 82,000 = 0.9

The optimal value is 0.5, if the coefficient is greater than 0.5, then the company covers all debts at its own expense. At our enterprise, this ratio has always remained at the level of 0.9, which characterizes the independence of the financial condition of the enterprise from borrowed funds.

.Coefficient of financial dependence (the opposite of the coefficient of autonomy).

year: 81,669 / 81,547 = 1.001

year: 81912 / 81810 = 1.001

year: 82,000 / 81,847 = 1.001

The optimal value is from 0.67 to 1.0. The value of this coefficient for Prefect Stroy LLC did not change during the analyzed period and amounted to 1.001. The coefficient is above the norm, but the deviation is so insignificant that it can be argued about the reliability of the enterprise as a payer.

.Agility factor

year: 81,523 / 81,547 = 0.999706

year: 81,791 / 81,810 = 0.999767

year: 81,825 / 81,847 = 0.999719

The optimal value of this coefficient is 0.5. The value of the coefficient at our enterprise during the analyzed period practically does not change and amounts to 0.9. This indicates the ability of the company to repay its current liabilities.

.Financial leverage ratio

year: 122/81547 = 0.00149

year: 103 / 81 810 = 0.00125

year: 152 / 81,847 = 0.00185

The optimal value is 1. In this case, the coefficient is significantly below the norm and practically does not change during the last three reporting periods. This indicates a missed opportunity to use such financial leverage as an increase in the return on equity through the involvement of borrowed funds in the activity.

.Ratio of mobile and immobilized assets.

year: 81,645 / 24 = 3,401.8

year: 81,894 / 19 = 4,310.2

year: 81,977 / 23 = 3,564.2

In our case, there is a high proportion of current assets, which characterizes the enterprise very positively. The higher the share of current assets (and, accordingly, the lower the share of non-current assets), the more the organization can attract short-term financing (short-term loans, deferred payments to suppliers, etc.) without compromising its financial stability.

.Permanent asset index.

year: 24/81547 = 0.000294

year: 19 / 81 810 = 0.000233

year: 23/81847 = 0.000281

If the company does not use long-term loans and borrowings, then adding the coefficient of maneuverability of own funds and the fixed asset index will always give one:

TO M+K P = 1

Indeed, 2011: 0.999706 + 0.000294 = 1

year: 0.999767 + 0.000233 = 1

year: 0.999719 + 0.000281 = 1

A decrease or increase in the permanent asset index is reflected in sales proceeds and profitability.

In a particular case, the issue is better solved by the profitability indicator (R).

P / S * 100,%. (12)

where P - profit from the sale; - proceeds from the sale.

year: (- 201 / 1 521 717) * 100% = - 0.013

year: (217 / 1,033,976) * 100% = 0.21

year: (- 1262 / 650 491) * 100% = - 0.19

We observe that profitability indicators for 2011 and 2013 negative, i.e. cost and expenses exceeded sales revenue.

Compared to the fixed asset index, profitability changes in the opposite direction. For example, in 2012, the fixed asset index decreased compared to 2011, while the profitability index increased. In 2013, the opposite is observed, due to the increase in the fixed asset index, the profitability indicator decreases.

For the organization under study, the analysis of financial ratios indicates the solvency of the enterprise, as well as the independence of the enterprise from borrowed funds, which also positively characterizes the financial condition of the enterprise.

3 Analysis of financial stability and financial results of Prefect Stroy LLC

The analysis of financial stability begins with a check of the availability of reserves and costs by the sources of formation. Thus, the financial stability of an enterprise is determined, first of all, by the ratio of the cost of material working capital and the values ​​of own and borrowed sources of their formation.

In paragraph 1.3, 4 types of financial stability were identified and described:

absolute stability;

normal stability;

unstable financial condition;

crisis financial condition.

Let's analyze the financial stability of the enterprise on the basis of balance sheet data. (Appendix E)

When determining the type of financial stability, the following inequalities apply:

A? O - absolute stability;

Norm? O - normal financial stability;

H? O - unstable financial condition;

H< О - кризисное финансовое состояние.

In accordance with these inequalities, we can conclude that Prefect Stroy LLC has an unstable financial condition during the analyzed period, i.e. its reserves and costs are provided at the expense of own and borrowed funds of their formation.

Also, to characterize financial stability, some coefficients are used, which were discussed in the previous paragraph. For example, the equity ratio. Coefficient value for 2011-2013 remained unchanged and amounted to 0.9, which characterizes the financial position of the enterprise very positively. The coefficient of autonomy during the analyzed period also did not change and amounted to 0.9, which characterizes the independence of the financial condition of the enterprise from borrowed funds. Agility coefficient for 2011-2013 also did not change and was equal to 0.9, which indicates the ability of the enterprise to repay its current obligations.

Having done a detailed solvency analysis, we see that Prefect Stroy LLC has the necessary funds that cover its short-term obligations. But it should also be taken into account that the reserves and costs of the enterprise are provided mainly by own and borrowed funds, which on the one hand characterizes the unstable financial condition of the enterprise, but given that most of the costs are provided by own funds, the enterprise can be considered financially stable.

Let's calculate the profitability ratios.

Gross profit margin = Gross profit / Total revenue

year: 3182 / 1521717 = 0.0021

year: 2975 / 1033976 = 0.0028

year: 1695 / 650491 = 0.0026

Return on current assets \u003d net profit / working capital

year: - 9,189 / 81,645 = - 0.112

year: 264 / 81,894 = 0.0032

year: 37/81977 = 0.0004

Net return on equity = net profit / balance sheet total

year: - 9,189 / 81,669 = - 0.112

year: 264/81912 = 0.0032

year: 37 / 82,000 = 0.0004

Net return on equity = net income / equity

year: - 9,189 / 81,547 = - 0.112

year: 264/81810 = 0.0032

year: 37 / 81,847 = 0.0004

Profitability of the main activity = profit from the sale of products / costs of production

year: - 201 / 1 518 535 = - 0.0001

year: 217 / 1,031,001 = 0.0002

year: -1 262 / 648 796 = - 0.0019

Based on the values ​​of the indicator, we see that the enterprise is low-profit, which indicates the inefficiency of economic and financial operations.

Profitability of non-current assets \u003d profit from sales / value of non-current assets

year: - 201 / 24 = - 8.3

year: 217 / 19 = 11.4

year: - 1,262 / 23 = - 54.8

in our company in 2011 and 2013. the profitability indicator had a negative value, which indicates the inefficient activity of the enterprise.

Net profit per ruble of sales volume = net profit / sales proceeds

year: - 9,189 / 1,521,717 = - 0.006

year: 264/1,033,976 = 0.00025

year: 37 / 650 491 = 0.00005

Profit from sales of products per ruble of sales volume = profit from sales / proceeds from sales

year: - 201 / 1 521 717 = - 0.00013

year: 217 / 1,033,976 = 0.0002

year: - 1 262 / 650 491 = - 0.0019

Balance sheet profit per ruble of sales volume = balance sheet profit / sales proceeds

year: (-201+17,361) / 1,521,717 = 0.0112

2012: (217 + 201) / 1,033,976 = 0.0004

2013: (-1262 + 1397) / 650,491 = 0.0002

Having calculated the value of profitability indicators, we can conclude that the financial and economic activities of the enterprise are inefficient.

Table 2.8 - Analysis of the profit and loss statement of Prefect Stroy LLC

Indicators Values, RUB Deviation (+/), (%) 2012/ 2011. Deviation (+/), (%) 2013/ 2012.2011 2012 2013 Revenue 1 521 7171 033 976650 491- 487 741 - 32 %- 383 485 -37.1% Cost of sales1 518 5351 031 001648 796- 487 234 - 32.1%- 382 205 -37.1% Administrative expenses3 6832 7582 957- 925 - 25.1%+199 + 7.2 %Profit (loss) from sales(201)217(1,262)+ 418,207.9%- 1,479 - 681.5%Profit (loss) before tax(11,486)33046+ 11,816,102.8%- 284 - 86.1%Net profit (loss) (9,189)26437+ 9,453 102.8%- 227 -85.9%

These indicators are clearly presented in Figures 2.5 and 2.6.

Figure 2.5 - Dynamics of revenue and cost indicators of Prefect Stroy LLC for 2011-2013

Figure 2.6 - Dynamics of the net profit (loss) indicator of Prefect Stroy LLC for 2011-2013

According to Table 2.5 and Figures 2.5 and 2.6, it is obvious that the company is declining sales revenue. In 2012, the revenue amounted to 1,033,976 thousand rubles, which is 32% less than the same value of the previous year. By 2013, this amount decreased by another 37.1% and amounted to 650,491 thousand rubles.

The cost indicator decreases in accordance with the revenue. In 2012, compared to 2011, this indicator decreased by 32.1%. And in 2013, by another 37.1% and amounted to 648,796 thousand rubles.

The net profit indicator has undergone significant changes in the period 2011-2012. It grew by 102.8%. In 2011, this figure was negative. According to the statement of financial results in 2011, the item "Other expenses" amounted to 28,646 thousand rubles, which significantly affected the decrease in net profit. By 2012, the net profit indicator, due to a significant reduction in costs, managed to increase to 264 thousand rubles. In 2013, there is a decrease in net profit to 37 thousand rubles. This was affected by a decrease in the indicator of sales revenue and a decrease in the item “Other income” to 0. (in 2012 it was 201 thousand rubles).

Based on the foregoing, we can conclude that in the reporting period, the effectiveness of the organization's core activities decreased. Also, the financial results of other activities have a significant impact on the net profit of the enterprise.

1Development of measures to increase the liquidity and solvency of the enterprise

Based on the tasks that Prefect Stroy LLC currently faces, the entire range of measures to strengthen the solvency of the enterprise can be grouped into six large groups (Figure 3.1):

improving the financing of the enterprise;

improving the efficiency of the use of current assets;

improvement of the financial policy strategy at the enterprise;

improving the tactics of financial policy at the enterprise;

improvement of financial planning and forecasting at the enterprise;

improvement of internal financial control.

Based on the specifics of the analysis of the financial activity of the object of study and the theoretical foundations of the financial policy of the enterprise, the following directions for improving the methods of managing the working capital of the enterprise in Prefect Stroy LLC are proposed, which can be presented in accordance with Figure 3.1.

To improve the financing of the enterprise, it can be proposed to give the structure of liabilities a more rational basis. It is necessary to negotiate with other creditors to extend the repayment periods of accounts payable. At the same time, a plan for repayment of accounts payable for the next year should be drawn up, which is an integral part of the overall financial plan of the enterprise. The company has reserves to pay off accounts payable. This is, first of all, the reduction of receivables, the possibility of a more rational use of fixed assets, and the acceleration of the turnover of working capital.

Figure 3.1 - The main directions for improving the methods of managing working capital of Prefect Stroy LLC

In connection with the current situation, Prefect Stroy LLC may apply a prepayment scheme in relation to buyers. In settlements with suppliers, preferential terms of payment, including payment by installments, should be sought. In general, active work should be carried out to send written warnings, the execution of letters of guarantee from enterprises and organizations in which they undertake to pay off their debts for services with the provision of a repayment schedule should be taken and traced, cases should be filed against persistent non-payers in the arbitration court.

One of the options for solving this problem may be the conduct of financial transactions between a factoring company or a commercial bank and an enterprise, or an assignment agreement, i.e. assignment of claims and transfer of ownership.

In addition, an important factor in the financial recovery of the company is the improvement of contractual work and contractual discipline. Given the massive non-payments between enterprises, it would be appropriate to conclude a collection agreement with a bank for an acceptance form of settlement with buyer enterprises for mandatory deliveries, as well as conclude an agreement with the bank on the automatic calculation of a fine for each day of delay in case of late payment for products with the issuance of a payment request in address of the bank serving the buyer.

In the process of making decisions, the management of the enterprise must remember the following:

liquidity and solvency are the most important characteristics of the rhythm and sustainability of the current activities of the enterprise;

any current operations immediately affect the level of solvency and liquidity;

decisions made in accordance with the chosen policy for managing current assets and sources of their coverage directly affect solvency.

The current asset management policy of an enterprise should pursue the main goal - ensuring a balance:

between the costs of maintaining current assets in the amount, composition and structure, which guarantees against failures in the technological process;

income from the smooth operation of the enterprise;

losses associated with the risk of loss of liquidity;

income from involvement in the economic turnover of working capital.

At the same time, the solvency of an enterprise, as mentioned above, is determined by the structure and qualitative composition of current assets, as well as the speed of their turnover and its correspondence to the speed of turnover of short-term liabilities.

It should also be noted that current activities can be financed by:

increasing own working capital (i.e. directing part of the profit to replenish working capital);

attraction of long-term and short-term sources of financing.

If we assume that the current activities of the enterprise are financed mainly by sources of short-term financing, then the sources of additional funds may be:

loans and credits;

accounts payable to suppliers;

debt to staff.

Thus, if an enterprise slows down the turnover rate of current assets, and the management does not take measures to attract additional financing, it may become insolvent, even if its activity is profitable.

Finding ways to enter new sales markets can be defined as the strategic goal of the financial service of Prefect Stroy LLC.

At the tactical level, decisions are made, the implementation of which is designed to fulfill the strategic line of the enterprise in the field of the use of financial resources.

Financial resources should be used in such a way that the ratio of short-term debt to working capital is maintained at a level necessary to ensure the stable operation of the enterprise.

Operational financial management is aimed at the practical implementation of those decisions that were made at the tactical level. The monthly plan for the movement of funds is formed in such a way that the receipt and expenditure of means of payment in it are balanced (absolute liquidity).

Unlike the tools of the strategic and tactical levels, the tools of operational financial management should provide not only a connection with the previous level, but also the continuity of the management process.

Thus, making daily decisions and efficiently managing financial resources, managers should strive to fulfill plans that are formed as the best ways to achieve tactical and strategic goals, and at the same time not allow significant fluctuations in the level of absolute liquidity.

After analyzing the liquidity and solvency of Prefect Stroy LLC in the second chapter, it turned out that the main part of the company's assets is current assets, which in turn consist of receivables by 99.8%. Such a high share of receivables in the total assets structure reduces the company's liquidity, as well as reduces financial stability and increases the risk of financial losses.

Also, at the end of 2013, the enterprise showed a decrease in the item “Cash and cash equivalents”. Given that this item belongs to the group of the most liquid assets, this led to a decrease in the degree of liquidity of the enterprise for the reporting period.

In this regard, I propose to carry out the following activities. First, the company needs to significantly reduce accounts receivable.

Accounts receivable is the amount of debts due to a firm, enterprise, company from other enterprises, firms, states that are their debtors, debtors.

The condition for the occurrence of receivables is as follows: if services or goods are sold, but cash is not received.

The reduction of receivables (collection of debts) is proposed to be carried out in several stages:

Determine the cost of the order

Choose the optimal sequence of "contacts" with the client

Contact debtors to identify the causes of debt

Try to eliminate the cause of the debt (replacement of a service (goods), etc.)

In case the client is unable to pay, it is necessary to determine a new payment date, taking into account the penalty and the cost of the debt collection process (staff salaries, fax paper, etc.) and send the client a new invoice indicating the services. The cost of "collection costs" can be included in the cost of new orders for this customer in the future.

If the debtor refuses to repay the debt, it is proposed to proceed to the next stage of claiming receivables - preparation and submission to the court of a statement of claim and accompanying procedural documents.

Due to the reduction of receivables, the company will have additional cash. The second measure is to increase the item “Cash and cash equivalents” to such a level that the enterprise has the opportunity to cover its obligations in full, i.e. became completely liquid.

It is also worth noting that the organization has no financial investments. And this means that the company has no additional income, except for the income from the sale of services. With significant management costs (which we observe at the enterprise), this situation adversely affects the financial stability of the enterprise. The next event that I propose is the investment of funds in investments. These contributions include:

Advertising. This method, of course, requires additional costs, but with the right advertising strategy, it can significantly improve the company's image and increase the number of customers, which will lead to an increase in profits.

Bank deposit. This is the simplest and, at the same time, the most inefficient way. The company deposits money in a bank at a fixed interest rate. Among the advantages of a bank deposit are risk minimization; the disadvantages include low profits.

Business expansion. Its most common form is expansion, i.e. opening branches in neighboring and remote regions. The advantages of such a choice are obvious: income grows, the image of the brand is strengthened, stability comes.

Real estate. The cost of residential and office real estate is growing steadily by 20-30% per year, and successfully covers the inflation rate. However, in this case, there are difficulties with the return of funds. If it is necessary to sell a property, this procedure will take some time, and it will be impossible to receive the required amount promptly.

Stock market. You can use the services of a licensed brokerage company or hire a manager to manage the company's money in the stock market. Both of them are able to save the company's capital even with a drastic drop in quotes.

It is recommended to form an investment portfolio: send part of the money to purchase liquid real estate, and partly take risks. The most important thing is to determine their proportion. Additionally, you need to consider what share of free money to allocate for long-term investments, and what will need to be returned in the near future.

When investing free cash in short-term securities, any enterprise must take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash. Having a sufficient amount of cash in the current account, the company has the ability to pay short-term obligations. But on the other hand, the deadening of financial resources in the form of cash is associated with certain losses - with a certain degree of conventionality, their amount can be estimated by the amount of lost profits from participating in any available investment project.

Therefore, it would not be bad, having previously studied the securities market, to invest in short-term securities. And thus replenish the most liquid assets. This will undoubtedly improve the picture of the organization's solvency, and will also allow you to receive additional income in the near future.

The implementation of the proposed measures will allow Prefect Stroy LLC to increase solvency, liquidity and financial stability in general.

Let us calculate the economic effect of the measures introduced in the previous paragraph.

Decrease in receivables. Let me remind you that at the end of 2013 the amount of receivables amounted to 81,946 thousand rubles.

At the expense of the released funds, it is proposed to replenish the liquid resources of the enterprise (for example, short-term financial investments that bring income to the enterprise).

To confirm the effectiveness of these operations, their economic justification was made. According to the calculations, this direction will ensure the strengthening of the financial condition of the enterprise and will achieve sustainability.

In connection with the freezing of working capital, the enterprise faces the risk of an even greater decrease in profits. With excess cash flow, there is a loss of the real value of temporarily free cash as a result of inflation, capital turnover slows down due to idle cash, part of the potential income is lost due to lost profits from the profitable placement of cash in the operating or investment process.

In order to balance the deficit cash flow in the short term, measures are being developed to accelerate the attraction of funds and slow down their payments.

Measures to accelerate the attraction of funds:

) ensuring partial or full prepayment for products that are in high demand in the market;

) shortening the terms of granting commodity credit to buyers;

) increase in the amount of price discounts for the sale of products for cash;

) acceleration of collection of overdue receivables;

) the use of modern forms of reinvestment of receivables (accounting for bills, factoring, forfeiting).

To reduce accounts receivable, the enterprise needs to optimize the conditions of ongoing transactions as soon as possible, to collect debts at an accelerated pace using the proposed methods. As a result, the turnover of working capital will increase, which in turn will lead to an increase in free cash in the enterprise.

Methods for optimizing excess cash flow are mainly associated with the intensification of the investment activity of the enterprise, aimed at:

for early repayment of bank loans;

increase in the volume of real investments;

increase in the volume of financial investments.

Suppose the company managed to reduce accounts receivable by at least 50%. Let's present this change in the form of a table (table 3.1)

Table 3.1 - Expected changes in the current assets of the enterprise.

Enterprise funds2013PlanChangethous. rub.share, %ths. rub. share, % plan/ 2013 thousand rub. plan/ 2013 share, % +40 973+1,365 866%Other current assets280.066280.066--

As can be seen from Table 3.1, the reduction of accounts receivable will significantly increase the company's free cash, namely by 40,973 thousand rubles. With these funds, we will increase the cash and cash equivalents balance sheet item.

We will calculate the payment surplus (deficiency) after the proposed measures have been introduced. The liquidity analysis of the balance sheet will look like this (table 3.2)

Table 3.2 - Calculation of the payment surplus or deficit after making changes to the group of the most liquid assets.

Asset 2013. Plan Liability 2013 Plan Payment surplus (+) or shortage, (-) thousand rubles 2013 Plan 1. Most liquid assets341 0041. Most current liabilities3939- 3640 9652. Fast selling assets81 97440 9732. Short term liabilities0081 97440 9733. Slow selling assets003. Long-term liabilities00004. Difficult to sell assets23234. Permanent liabilities81 96181 961-81 938-81 938BALANCE82 00082 000BALANCE82 00082 00000

Table 3.2 shows that an increase in the item "Cash and cash equivalents" increases the degree of liquidity of the enterprise.

Thus, the company will be able to pay off its current obligations. The most liquid assets (cash) will cover all short-term liabilities of the organization.

The use of such an effective technique has a very positive effect on the liquidity of the enterprise, strengthens the solvent state of the enterprise.

But at the same time, the “idle” of such an amount of free cash is not a positive factor. This will speak of an inefficient investment policy of the enterprise. Therefore, we will invest part of the released funds in investments by placing funds on deposits. Figure 3.2 presents the average income of companies on deposits.

Figure 3.2 - Average income of the company on deposits (data from open sources)

If an enterprise invests 24.4% of funds (10,000 thousand rubles) on a deposit for 90 days at 7.5%, it will receive a percentage of the deposit in the amount of 205,479 rubles. Those. during the next reporting period, the company can receive income from the contribution in the amount of 205,479 * 4 = 821,916 rubles.

This income will be referred to the article "Other income", this will entail a change in profit. Let's represent this change in table 3.3

Table 3.3 - Changes in the indicators of the financial condition of the enterprise during the proposed activities

Indicators2013PlanChange thous. RUB thousand rub. plan/ 2013 thous. rub. 1,921Net profit37657 574+ 657 537

As can be seen from the table, the released funds and invested in a deposit at interest brought significant profit to the enterprise.

This will allow the company to fully repay its obligations, i.e. the company will increase the degree of liquidity to absolute.

Thus, in the third chapter, measures were proposed to increase liquidity and improve the financial performance of Prefect Stroy LLC.

Economic effect of the introduced measures:

ü From the reduction of receivables = + 40,973 thousand rubles;

ü Contribution to the deposit of a part of these funds for 1 year at 7.5% = + 821,916 rubles;

ü Increase in net profit by RUB 650,537;

ü Increasing the degree of liquidity of the enterprise to absolute;

ü Preservation of stable solvency of the enterprise.

The implementation of all the proposed measures will also allow maintaining a solvent state and increasing the liquidity of Prefect Stroy LLC, as well as enhancing the efficiency of its activities.

Conclusion

Summarizing the work performed, we formulate the main results of the study and the conclusions drawn on their basis.

Solvency is an external manifestation of the financial stability of an enterprise and reflects the ability of an economic entity to pay its debts and obligations in a given specific period of time.

Solvency is the availability of cash and cash equivalents sufficient for the settlement of accounts payable requiring immediate repayment.

The main features of solvency are:

a) the presence of a sufficient amount of funds in the current account;

b) the absence of overdue accounts payable.

The financial stability of the company characterizes its financial position from the standpoint of the sufficiency and efficiency of the use of equity capital. Solvency indicators, together with liquidity indicators, characterize the reliability of the company. If financial stability is lost, then the probability of bankruptcy is high, the enterprise is financially insolvent.

Liquidity is the ability of a firm to:

a) respond quickly to unexpected financial challenges and opportunities;

) increase assets with an increase in sales;

) to return short-term debts by the usual conversion of assets into cash.

The liquidity of an asset is its ability to be converted into cash. The degree of liquidity is determined by the duration of the time period during which this transformation can be carried out.

An external analysis of solvency is carried out, as a rule, on the basis of a study of liquidity indicators. An organization's liquidity analysis is an analysis of the liquidity of the balance sheet and consists in comparing the funds for an asset, grouped by degree of liquidity and arranged in descending order, with liabilities for liabilities, combined by maturity in ascending order.

The object of analysis in the work is the construction organization "LLC Prefect Stroy".

As a result of the analysis, it was revealed that in 2011 and 2012 the balance sheet of the enterprise is absolutely liquid. In 2013, due to the decrease in the most liquid assets (the item “Cash and cash equivalents”), the company experienced a decrease in the degree of liquidity, however, in this case, the lack of cash is compensated by their presence in other groups of assets (for example, the item “Accounts receivable”) . But it is worth noting that compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

Since the analysis examines the current and prospective solvency, the current solvency for the analyzed period can be determined by comparing the most liquid funds and quickly realizable assets with the most urgent and short-term liabilities. Based on the calculations, it follows that for the entire analyzed period, the organization Prefect Stroy LLC has a high current solvency.

The company does not need to calculate the prospective solvency, tk. there are no slow-moving assets. There are also no long-term obligations, which indicates the financial independence of the enterprise from borrowed funds.

It should be noted that the structure of the working capital of the enterprise does not correspond to the principles of the normal functioning of the enterprise, since the main share of working capital is accounts receivable (99.9%). An increase in accounts receivable against the background of a low share of the most mobile part of current assets (the share of cash at the end of 2013 was less than 1%), which indicates a loss of solvency of the enterprise.

After analyzing the financial stability, it turned out that during the analyzed period, the company experienced a decrease in revenue. Compared to 2011, in 2013 this indicator decreased by 42.7%. The net profit indicator also underwent significant changes in the period of 2011-2012. It grew by 102.8%. In 2011, this figure was negative. According to the statement of financial results in 2011, the item "Other expenses" amounted to 28,646 thousand rubles, which significantly affected the decrease in net profit. By 2012, the net profit indicator, due to a significant reduction in costs, managed to increase to 264 thousand rubles. In 2013, there is a decrease in net profit to 37 thousand rubles. This was affected by a decrease in the indicator of sales revenue and a decrease in the item “Other income” to 0. (in 2012 it was 201 thousand rubles).

In the third chapter, I proposed measures that would increase the liquidity and solvency of the enterprise, as well as improve the financial condition of the enterprise as a whole. These activities can be carried out in several stages:

.Reduce accounts receivable;

.Part of the released funds should be used to increase the balance sheet item "Cash and cash equivalents" to increase the degree of liquidity of the enterprise;

.Invest the other part of the funds on a deposit;

.Transfer the remaining part to the item “Other income”, which will entail an increase in net profit.

With a reduction in accounts receivable by 50%, there will be a release of funds (the most liquid assets), which means that the company will increase the degree of liquidity. It will become completely liquid.

When investing a part of the funds (24.4%) on a deposit for 1 year at 7.5%, the enterprise at the end of the reporting period will receive a percentage of the deposit in the amount of 821,916 rubles. This income will be included in the “Other income” item, which will significantly increase net profit from 37 thousand rubles. up to 657,574 thousand rubles.

The proposed measures will increase the liquidity, solvency and financial stability of the enterprise.

In the thesis work, all the tasks were solved:

the theoretical foundations of the solvency and liquidity of the enterprise were studied;

a detailed analysis of solvency and liquidity was carried out using the example of Prefect Stroy LLC;

measures have been developed to increase solvency and liquidity at the enterprise Prefect Stroy LLC;

the economic efficiency of the proposed measures is calculated.

Summing up the work, we can say that solvency and liquidity are the most important indicators of the financial condition of the enterprise. Based on the analysis, it is possible to draw a conclusion about the development trends of the enterprise, to study the investment attractiveness of the project, and also to adjust its activities at one stage or another in time.

liquidity solvency financial

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Annex A (mandatory)

Balance sheet

as of December 31, 2013. Codes Form No. 1 according to OKUD0710001 Date (day, month, year) 31122013 Organization OOO Prefect Stroy according to OKPO88541614 Taxpayer identification number TIN6322563878 Type of economic activityActivity of construction companies according to OKVED45.11 Organizational and legal form / form ownership Limited Liability Company by OKOPF/OKFS65Unit of measurement: thousand rubles. (million rubles) according to OKEI384 (385) Location (address) 445028, Russian Federation, Samara region,

Tolyatti, st. Revolutionary d.56, kv.444

Explanations Indicator name As of December 31 As of December 31 As of December 31, 2013 2012 2011 ASSETS. NON-CURRENT ASSETS---Intangible AssetsResearch and Development Results---Intangible Exploration Assets---Tangible Exploration Assets---Fixed Assets--11 Income Investments in Material Assets---Financial Investments---Deferred Tax Assets231913Other Non-Current Assets--- Total for section I231924II. CURRENT ASSETS---InventoriesValue added tax on acquired valuables---Accounts receivable819468174781342Financial investments (excluding cash equivalents)---Cash and cash equivalents334107Other current assets28112196Total for section II819778189481645BALANCE sheet82 0008191281669PASSIVIII. CAPITAL AND RESERVES810008100081000Share capital (share capital, authorized fund, contributions of partners)Treasury shares repurchased from shareholders(-) 7(-)(-)Revaluation of non-current assets---Additional capital (without revaluation)---Reserve capital---Retained earnings (uncovered loss)847810547Total for Section III818478181081547IV. LONG-TERM LIABILITIES Borrowed funds --- Deferred tax liabilities --- Estimated liabilities --- Other liabilities --- Total for section IV --- V. SHORT-TERM LIABILITIES Borrowed funds---Accounts payable39658Deferred income---Estimated liabilities1149664Other liabilities---Total for section V152103122BALANCE 820008191281669

Annex B (mandatory)

Gains and losses report

for December 31, 2012. Codes OKUD form 0710002 Date (day, month, year) 31122012 Organization LLC Prefect of construction according to OKPO 6239629 Taxpayer identification number TIN 6322563878 Type of economic activity activity of construction companies according to OKVED 45.11 Organizational and legal form / form of ownership Society limited liability under OKOPF/OKFSUnit of measurement: thousand rubles. (million rubles) according to OKEI384

For January-DecemberFor January-DecemberExplanations Name of indicator 2012 2011Revenue 1,033,9761,521,717Cost of sales (1,031,001)(1,518,535)Gross profit (loss)2 9,753,182Selling expenses(-)(-)Administrative expenses(2,75 8)( 3,383)Profit (loss) from sales217(201)Income from participation in other organizations--Interest receivable--Interest payable(-)(-)Other income20117 381Other expenses(88)(28,646)Profit (loss) before taxation330(11,486)Current income tax(72)(152) incl. permanent tax liabilities (assets)--Change in deferred tax liabilities-(3,355)Change in deferred tax assets66,804Other--Net profit (loss)264(9,189)FOR REFERENCEResult from revaluation of non-current assets not included in net profit (loss) of the period- -Result from other operations, not included in net income (loss) for the period--Total financial result for the period 264(9,189)Basic earnings (loss) per share--Diluted earnings (loss) per share--

Annex B (mandatory)

Gains and losses report

for December 31, 2013. Codes OKUD form 0710002 Date (day, month, year) 31122013 Organization LLC Prefect of construction according to OKPO 6239629 Taxpayer identification number TIN 6322563878 Type of economic activity activity of construction companies according to OKVED 45.11 Organizational and legal form / form of ownership Society limited liability under OKOPF/OKFSUnit of measurement: thousand rubles. (million rubles) according to OKEI384 (385)

For January-DecemberFor January-DecemberExplanations Name of indicator 2013 2012Revenue 650 4911 033 976Cost of sales (648 796)(1 031 001)Gross profit (loss)1 6952 975Sales expenses(-)(-)Administrative expenses(2 957)(2 758 )Profit (loss) from sales (1,262)217 Income from participation in other organizations--Interest receivable1,397-Interest payable(-)(-)Other income-201Other expenses(89)(88)Profit (loss) before tax46330Current income tax(13)(72) incl. permanent tax liabilities (assets) - Change in deferred tax liabilities - Change in deferred tax assets46Other - Net profit (loss) net income (loss) for the period--Comprehensive financial result for the period 37264Basic earnings (loss) per share--Diluted earnings (loss) per share--