What is the current debt ratio? Debt ratio: formula, calculation procedure and value Debt ratio of the fiscal system formula.

Coefficient equal to the ratio own sources to company borrowings. The initial data for the calculation is the balance sheet.

It is calculated in the FinEcAnalysis program in the Market Stability Analysis block as the Funding Ratio.

Debt coverage ratio with own funds - what shows

Shows to what extent the assets of the enterprise are formed at the expense of equity capital, and to what extent the enterprise is independent of external sources of financing.

Equity debt coverage ratio - formula

The general formula for calculating the coefficient:

Calculation formula according to the old balance sheet:

K pdss =	p.490
	p.590 + p.690

where p.490, p.590, p.690 - lines of the balance sheet (form No. 1).

Calculation formula according to the new balance sheet:

Equity debt coverage ratio - value

If the value of the financing ratio is less than one (most of the property of the enterprise is formed from borrowed funds), then this may indicate the danger of insolvency and make it difficult to obtain a loan.

Debt coverage ratio with own funds - scheme

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Synonyms

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An indicator for tracking all credit funds incoming to the company's account, which allows you to evaluate the ratio of the company's total financial assets to its debt to creditors.

Using the Debt Ratio

As a rule, the debt ratio is most often used by the following structures and individuals:

organizations closely related to foreign economic activity;
investors studying a specific thematic project and needing data that allows them to determine its future financial prospects;
management legal entity engaged in frequent determination of the effectiveness of management decisions in the reporting period;
lenders making decisions about issuing loans to a selected sample of customers.

Debt Ratio Calculation

The procedure for a qualitative calculation of the debt ratio involves the use of data obtained from the analysis financial reporting business entity (SPD). The resulting indicator allows you to determine the degree of efficiency of the enterprise in a certain period. In addition, experts are given the opportunity to compare the activities of a particular company and one legal entity or individual entrepreneur with market averages.

The following formula is used to calculate the debt ratio:

KD - debt ratio;
SZ - total debt;
SA - total assets.

Deciphering the debt ratio

After determining the debt ratio, it is decoded. There are two important facts to keep in mind:

if the company's financial assets are distributed rationally, then the coefficient indicator does not go beyond the range of 0-1;
the ideal option for investors and lenders is a zero result.

If a company, considering it as a kind of quality financial instrument, has a good reputation and is confident in the market of goods and services, its debt obligations are covered by its own monetary assets.

The debt ratio approaching 1 indicates that SPD is highly dependent on counterparties. The constant shortage of working capital forces the company to regularly seek help from creditors who issue loans at a solid percentage.

If the debt ratio exceeds 1 during the settlement process, then SPD will lose its chances to become a contender for investment by investors and creditors. Such an indicator is also indisputable evidence that the company is insolvent and does not have the financial resources necessary to repay its existing loan obligations.

Note! Those SPDs that engage in irrational spending of credit funds may go bankrupt. If their creditors find out that the debt ratio of the borrowing enterprise exceeds 1, then, most likely, the debtor is waiting for trial, the results of which can lead to the fact that the company is simply declared bankrupt.

One of the main activities of the financial, economic and accounting departments of any enterprise is regular and systematic monitoring of its economic and financial activities in order to identify negative trends. This work allows us to respond in a timely manner and take preventive anti-crisis measures.

The most significant parameter that needs to be systematically monitored is the current debt of the organization. Various approaches to ranking and classifying debts have a common goal of controlling it.

Features of control and management of enterprise debts

In practice, there is a situation where, for convenience and efficiency, debts are classified according to various criteria:

By deadlines;
By counterparties;
By statute of limitations.

This allows you to make the most reliable calculations for each type of debt, which also simplifies the moment of managing the enterprise in this direction, taking preventive measures to eliminate bad debts and write off bad debts in order to clear the assets and balance of the enterprise in a timely manner. How it is made, read the previous article.

In this direction of activity and financial management of the company, several indicators are calculated simultaneously. Among them are the dynamics of the current state of the financial affairs of the enterprise, and the volume of receivables, and their relationship with accounts payable, debts to funds and employees of the enterprise. For this reason, in practice accounting a number of values or indicators have been formed, which, due to the greatest information content, are used more often than others. Among them, the debt ratio is of significant importance.

Its calculations are based on the values of key indicators of the current financial position, based on the balance sheet. Also, when interpreting, it is important what exactly is being monitored and what points the specialist finds out when calculating the debt ratio.

General points for calculating the debt ratio, calculation formula

The formula for calculating the debt ratio in its broadest sense is the ratio of the volume of financial liabilities in relation to the company's own assets and capital.

The base of financial indicators involved in the calculation of this parameter is also quite wide.

So, first of all, the calculation takes into account the total volume of financial obligations. Within the framework of the balance sheet, these are the sums of the values of financial indicators:

590 balance sheet line– total volume indicators of long-term liabilities;
690 line- all volumes of short-term debt obligations.

Short-term obligations are those obligations that must be fulfilled within a year from the date of their occurrence.
Long-term obligations assume terms of execution in the period of more than 12 months from the date of debt formation.

As for the company's own capital, they are reflected in line 699 and also consist of several indicators:

The reserves and capital of the enterprise are the 4th section of the balance sheet, line 490;
The amount of long-term financial liabilities reflected in line 590;
The amount of short-term liabilities from line 690.

Accordingly, the form of the formula will be as follows:

KZ = (590 + 690) / 699

Debt Ratio Interpretation Options

As already mentioned above, the coefficient is interpreted based on what kind of information the specialist needs. In general, the value of the indicator should range from zero to one.

The zero value of the coefficient indicates low debt indicators of the company. This, in turn, gives the right to draw conclusions about its financial solvency and sustainability. An indicator approaching one indicates the formation own funds enterprises in the bulk at the expense of credit or borrowed funds.

Despite the criticality of the situation, the practice of modern Russian market shows that for a number of economic sectors this is quite a characteristic and normal phenomenon. Meanwhile, indicators indicating the company's dependence on borrowed funds and funds from counterparties should make one think about the state of its affairs and possible crisis phenomena and financial instability.

It is especially important to monitor these indicators in the context of general crisis phenomena inherent in both the industry in which the company operates or the economies of countries and the world as a whole. Thus, the current market situation shows that the range of the indicator from 0 to 0.5 is the norm, which should not cause concern about the stability of the enterprise.

The value of the coefficient must vary in the range from zero to one.

Special debt ratios and their features

In addition to the main indicator - the debt ratio, Russian specialists use other related indicators to clarify and detail the calculations. They allow you to more clearly describe and present the situation of the financial situation of the enterprise. In addition, their calculations allow you to draw up a plan for further development and choose a strategy that can prevent the bankruptcy of the company.

It is also noteworthy that in the light of recent events and the increasing bankruptcy of enterprises, the Federal Financial Recovery Service has identified three key additional indicators that can reliably reflect the state of affairs at the enterprise. The Federal Service issued a special order No. 16 about this.

The service included the following indicators:

K5 with such an abbreviation indicate volume indicators of financial obligations to banks and lenders;
K6 is an indicator of debts to other organizations;
The list is completed by a volume indicator on the company's debts to the fiscal system, in particular within the framework of taxation.

Formulas and procedure for calculating each of the indicators were also presented Federal Service and are as follows.

Thus, the first indicator - K5 is calculated by dividing the totality of long-term liabilities and short-term loans by the amount of the company's average monthly profit. Long-term liabilities are reflected in line 590 of the balance sheet, and short-term loans are the amounts of credit obligations to be repaid within the next 12 months.

Average monthly revenue or K1 is private when dividing the volume of total revenue, according to the balance sheet, by the number of months in its period.

Thus, the calculations are made according to the following formula K5 = (590 + 690) / K1.

K6 is the ratio of such indicators as the volume of debts to counterparties and the average monthly income. The calculations directly include:

Calculations of volumes of average monthly revenue are made similarly. Accordingly, the general form of calculation looks like this: K6 = (621 + 622 + 623 + 627 + 628) / K1.

The third indicator is obligations to government bodies- these are taxes not paid to the budgets, reflected in line 626 of the balance sheet. As well as debts to various funds: pension, insurance, medical and employment funds, reflected in line 625. The amount received is also correlated with the average monthly revenue, the calculations of which are calculated using a formula similar to the two previous cases.

Loan debt and features of calculating its coefficient

is taken into account as one of the key factors in evaluating the effectiveness of a particular investment project. It is significant not only for the analyzed company, but also for banking or other credit institution when analyzing the possibilities of issuing credit funds. This indicator is calculated on the basis of several basic values specified in the business plans of investment projects.

In a generalized version, this indicator is calculated according to the formula: PSZ = 1 + (balance of accumulated cash flows divided by loan debts).

The balance of accumulated cash flows is expressed in outflows and inflows money supply. The inflow, respectively, is the funds received for the services and goods sold exclusively within the project. Other cash inflows, for example, from the sale of property, land will not participate in this calculation.

Cash outflows are also taken into account exclusively within the framework of the project. These are expenses on financial obligations, payments on interest, dividends, taxes.

The balance of the financial flow is calculated in each of the periods, the balance of the accumulated flow is calculated for the entire period of the project.

Key Points for Interpreting the Loan Coverage Ratio

The indicator of this value varies within the limits greater than, equal to or less than unity.

In a situation where the value does not reach one, respectively, it can be confidently asserted that the company does not have free own assets. In fact, the company's assets are formed at the expense of borrowed or credit money supply, which provides a basis for unfavorable forecasts in the near future.

Not perceived as an indicator of success and a coefficient equal to one. It shows the limitation financial opportunities enterprise and its fluctuating stability.

An indicator exceeding one indicates the company's ability to provide for the resulting loan debt. But the best result is a value equal to 1.15 and higher. This is an indicator of the presence of funds available in the company's turnover that can cover unforeseen expenses. Peculiar financial reserve, sum insured.

Assessment of current overdue debts and its significance

In the course of calculating the coefficient, it is customary to rank the total volumetric indicators of the company's debts into current and overdue ones. By current it is customary to understand those debts, the moment of payment for which has not yet come. Arrears are liabilities that have already expired. Overdue debts are also subdivided within the framework of relationships with banks by periods of delay:

Working week or five-day period;
Monthly delay - from 6 to 30 days;
Six months delay - from 31 days to six months;
Over half a year.

The division of overdue debts by maturity allows you to determine the nature of the performance by the enterprise of its financial obligations. This moment is estimated on the basis of calculations of a number of indicators, among which the main attention is paid to the share of overdue debts. It represents an indicator or a quotient when dividing the volume of overdue debts by the total volume of accounts payable.

These calculations make it possible to take into account several aspects of the activity of an economic structure at the same time.

When calculating the coefficient, debts are ranked into current and overdue.

Monitoring and management decisions

Financial and other types of monitoring are aimed at assessing the state of an economic entity in order to use the data of the analyzes carried out when adjusting the company's management. In addition, the financial and other reports of the company, which reflect the above ratios, are analyzed by partners, creditors and investors of the company in order to determine the profitability, profitability of investments and relationships with this company.

When considering applications, credit and financial institutions evaluate the solvency of the company and its stability within its field of activity, as well as in the market conditions as a whole, according to these indicators.

a) The debt ratio for bank loans and borrowings (K3) is calculated as the quotient of the sum of long-term liabilities and short-term bank loans and loans for average monthly revenue. Calculated according to the formula:

where: TO - long-term liabilities,

Kkz - short-term credits and loans,

Vsr - average monthly revenue.

K3 (for 2008) = = 2.30

K3 (for 2009) = = 1.93

K3 (for 2010) = = 0.31

b) The ratio of debt to other organizations (K4) is calculated as the quotient of dividing the amount of liabilities for the lines "suppliers and contractors" and "other creditors" by the average monthly revenue. All of these data are functionally related to the obligations of the organization to direct creditors or its counterparties.

K4 (for 2008) = = 1.44

K4 (for 2009) = = 1.74

K4 (for 2010) = = 2.46

c) The coefficient of debt to the fiscal system (K5) is calculated as the quotient of dividing the amount of liabilities in the lines "debt to government off-budget funds” and “debt to the budget” for the average monthly revenue.

K5 (for 2008) = = 0.05

K5 (for 2009) = = 0.03

K5 (for 2010) = = 0.05

d) The internal debt ratio (K5) is calculated as the quotient of dividing the amount of liabilities in the lines "debt to the organization's personnel", "debt to participants (founders) for the payment of income", "deferred income", "reserves for future expenses", "other short-term liabilities" on the average monthly revenue.

K5 (for 2008) = = 0,15

K5 (for 2008) = = 0,09

K5 (for 2008) = = 0,07

The results of the solvency analysis are presented in table 5.

From calculations and analysis financial ratios solvency, it can be concluded that the bulk of debts both in 2009 and 2010 arose from debts to other organizations. In 2010, the situation in the debt structure remained virtually unchanged, although a significant decrease in several ratios can be noted, which is characterized positively. But the debt on taxes and fees in 2010 increased by 66%.

Table 5. Analysis of the solvency of the SF JSC "WBD" for 2008-2010

Figure 4. Dynamics of Solvency Indicators of WBD OJSC SF in 2008-2010

It must be admitted that a high share of accounts payable reduces the solvency of the organization. However accounts payable, which has arisen in the SF OJSC "WBD" before suppliers "gives" the enterprise the opportunity to use "free" money, and, if possible, not to resort to the use of loans.

From all the above calculations, we see that the degree of solvency of the SF JSC WBD in 2010 improved slightly. And this organization we can consider quite solvent, i.e. having the opportunity to pay off its current obligations on time and in full.

Profitability analysis.

In the broad sense of the word, the concept of profitability means profitability, profitability. An enterprise is considered profitable if the income from the sale of products (works, services) covers the costs of production (circulation) and, in addition, form an amount of profit sufficient for the normal functioning of the enterprise. Basic indicators:

return on equity,

return on assets,

sales profitability.

Return on equity (Rsk), % - allows you to determine the efficiency of the use of capital invested by the owners of the enterprise. Calculated according to the formula:

where: PE - net profit,

SKnp - equity at the beginning of the period

SKkp - equity at the end of the period.

is calculated as the quotient of dividing the amount of liabilities for the lines "Suppliers and contractors", "Promissory notes issued", "Debts to subsidiaries and affiliates", "Advances received" and "Other creditors" by the average monthly revenue. All these lines are appendices to the balance sheet (form No. 5) functionally relate to the organization's obligations to direct creditors or its counterparties:

Kb \u003d (Debt to other organizations) / K 1.

Coefficientdebt to the fiscal system (K 7)

is calculated as the quotient of dividing the amount of liabilities under the lines "Debt to state non-budgetary funds" and "Debt to the budget" by the average monthly revenue;

K 7 = (from page 620) (form No. 1) / K 1.

Internal coefficientdebt (K8) is calculated as the quotient of dividing the amount of liabilities in the lines "Debt to the organization's personnel", "Debt to participants (founders) for the payment of income", "Deferred income", "Reserves for future expenses", "Other short-term liabilities" by the average monthly revenue:

K8 \u003d (measured . 620 + page 630 + page 640 + + page 650 + page 660) (form No. 1) / K 1.

The degree of solvency overall and the distribution of the indicator by type of debt represent the values of liabilities related to the average monthly revenue of the organization, and are indicators of turnover for the corresponding group of obligations of the organization. In addition, these indicators determine in what average terms an organization can pay off its creditors, provided that the average monthly revenue received in this reporting period is maintained, if no current expenses are incurred, and all proceeds are directed to settlements with creditors.

The degree of solvency for current obligations (K 9) is defined as the ratio of current borrowed funds (short-term liabilities) of the organization to the average monthly revenue:

K 9 = p. 690 (form No. 1) / K1.

This indicator characterizes the situation with the current solvency of the organization, the volume of its short-term borrowed funds and the terms of the possible repayment of the organization's current debt to creditors.

Coverage ratio of current liabilities with current liabilities assets (K 10) is calculated as the ratio of the value of all current assets in the form of inventories, receivables, short-term financial investments, cash and other current assets to the current liabilities of the organization:

K 10 = p. 290 / p. 690 (form No. 1)

This ratio shows how current liabilities are covered by the current assets of the organization. In addition, the indicator characterizes the payment capabilities of the organization, subject to the repayment of all receivables (including bad debts) and the sale of existing stocks (including illiquid assets). A decrease in this indicator for the analyzed period indicates a decrease in the level of liquidity of assets or an increase in the organization's losses.

Own capital in circulation (К11) is calculated as the difference between the organization's own capital and its non-current assets:

K11 = (p. 490 - p. 190) (form No. 1).

The presence of own capital in circulation (own working capital) is one of the most important indicators of the financial stability of the organization. The absence of own capital in the turnover of the organization indicates that all the working capital of the organization, and also possibly , part of non-current assets (in the case of a negative value of the indicator) are formed at the expense of borrowed funds (sources).

Share of own capital in working capital (equity ratio) (К12) is calculated as the ratio of own funds in circulation to the total amount of working capital:

K12 = (p. 490 - p. 190) / p. 290 (form No. 1).

The indicator characterizes the ratio of own and borrowed working capital and determines the degree of security of the economic activity of the organization with its own working capital necessary for its financial stability.

Autonomy coefficient(financialindependence) (K13) is calculated as the quotient of dividing equity by the amount of the organization's assets:

K13 = p. 490 / (p. 190 + p. 290) (form No. 1).

The coefficient of autonomy, or financial independence, (K13) is determined by the ratio of the cost of capital and reserves of the organization, cleared of losses, to the amount of the organization's funds in the form of non-current and current assets. This indicator determines the share of the organization's assets, which are covered by equity (provided by their own sources of formation). The remaining share of the assets is covered by borrowed funds. The indicator characterizes the ratio of own and borrowed capital of the organization.

Working capital ratio (К14) is calculated by dividing the current assets of the organization by the average monthly revenue and characterizes the volume of current assets, expressed in the average monthly income of the organization, as well as their turnover:

K14 = p. 290 (form No. 1) / K 1.

This indicator assesses the rate of circulation of funds invested in current assets. The indicator is supplemented by coefficients of current assets in production and in calculations, the values of which characterize the structure of the organization's current assets.

Working capital ratio in production (K15) is calculated as the ratio of the cost of working capital in production to the average monthly revenue. Working capital in production is defined as funds in stock, including VAT, minus the cost of goods shipped:

K15 = [(line 210 + line 220) - cost of goods shipped from line 210 (form No. 1)] / K 1.

The coefficient of working capital in production characterizes the turnover of inventories of the organization. The values of this indicator are determined by the industry specifics of production, characterize the effectiveness of the production and marketing activities of the organization.

Working capital ratio in calculations (K16) is calculated as the ratio of the cost of working capital minus working capital in production to the average monthly revenue:

K16 \u003d (line 290 - line 210 - line 220 + cost of goods shipped from line 210) (form No. 1) / K1.

The coefficient of working capital in the calculations determines the rate of circulation of the organization's current assets that are not involved in direct production. The indicator characterizes, first of all, the average terms of settlements with the organization for shipped, but not yet paid for products, i.e. determines the average terms for which the current assets that are in the calculations are withdrawn from the production process.

In addition, the coefficient of working capital in the calculations shows how liquid the products manufactured by the organization are, and how effectively the relationship between the organization and consumers of products is organized. It reflects the effectiveness of the organization's policy in terms of collecting payment for sales made on credit. The indicator under consideration characterizes the probability of the occurrence of doubtful and bad receivables and their write-off as a result of non-receipt of payments, i.e. the degree of commercial risk.

An increase in this indicator requires replenishment of the organization's working capital at the expense of new borrowings and leads to a decrease in the organization's solvency.

Return on working capital (K17) is calculated as the quotient of dividing the profit remaining at the disposal of the organization after paying taxes and all deductions by the amount of working capital:

K17 \u003d Net profit (form No. 2) / line 290 (form No. 1).

This indicator reflects the efficiency of the organization's working capital use. It determines how many rubles of profit fall on one ruble invested in current assets.

Return on sales (K18) is calculated as the quotient of dividing the profit received as a result of the sale of products by the organization's revenue for the same period:

K18 = Profit from sales (form No. 2) / Sales revenue (form No. 2).

The indicator reflects the ratio of profit from sales of products and income received by the organization in the reporting period. It determines how many rubles of profit received by the organization as a result of the sale of products for one ruble of revenue.

Average monthly output per employee (K19) is calculated as the quotient of dividing the average monthly revenue by the average payroll number of employees:

K 19 \u003d K 1 / K Z.

This indicator determines the efficiency of the use of labor resources of the organization and the level of labor productivity. The development additionally characterizes the financial resources of the organization for maintaining economic activity and fulfillment of obligations given to one employee in the analyzed organization.

Efficiency of non-current capital (capital return)(K20) is defined as the ratio of average monthly revenue to the cost of non-working capital:

K20 = K1 / page 190 (form No. 1).

The indicator characterizes the effectiveness of the use of fixed assets of the organization, determining how much the total amount of available fixed assets (machinery and equipment, buildings, structures, vehicles, resources invested in property improvement, etc.) corresponds to the scale of the organization's business.

The value of the efficiency indicator of non-working capital, which is less than the value of a similar industry average indicator, may characterize the insufficient workload of existing equipment if the organization did not acquire new expensive fixed assets during the period under review. At the same time, excessively high values of the efficiency indicator of non-circulating capital may indicate both a full load of equipment and the absence of reserves, and a significant degree of physical and obsolescence of obsolete production equipment.

Coefficientinvestment activity (K21) calculated as the quotient of dividing the sum of the cost of non-current. assets in the form of construction in progress, profitable investments in tangible assets and long-term financial investments for the total value of non-current assets:

K 21 = (p. 130 + p. 135 + p. 140) / p. 190 (form No. 1).

This indicator characterizes investment activity and determines the amount of funds allocated by the organization to the modification and improvement of property and financial investments to other organizations. Unjustifiably low or too high values of this indicator may indicate an incorrect strategy for the development of the organization or insufficient control of the owners of the organization over the activities of management.

Oddsperformancecurrent liabilities to the federal budget(K22), the budget of the subject of the Russian Federation (K23), local budget(K24), as well as to state non-budgetary funds (K25)and pension fund Russian Federation (K26) are calculated as the ratio of the amount of taxes (contributions) paid to the amount of taxes (contributions) accrued for the same reporting period:

Ki = taxes (contributions) paid. / taxes (contributions) accrued,

where i = 22.23, 24, 25, 26

These ratios characterize the state of the organization's settlements with the budgets of the corresponding levels and state non-budgetary funds and reflect its payment discipline.

Further analysis of reported data can be aimed at assessing liquidity.

Absoluteliquidity characterizes the instant solvency of the organization and shows what part of the short-term debt the organization can cover at the expense of available funds and short-term financial investments that are quickly realized in. case of need. This ratio is calculated as the ratio of liquid assets to the amount of short-term liabilities, accounts payable and other short-term liabilities of the organization and shows what part of current liabilities can be repaid by funds that have absolute liquidity (money, securities with a maturity of up to one year):

K al = (p. 250 + p. 260) (form No. 1) / (p. 690 - p. 640) (form No. 1).

Current liquidity ratio characterizes the solvency of the organization, taking into account future receipts from debtors. This ratio is calculated as the ratio of working capital to the amount of short-term liabilities, accounts payable and other short-term liabilities of the organization and shows what part of current liabilities can be repaid by mobilizing all working capital enterprises:

K tl = (p. 240 + p. 250 + p. 260) (form No. 1):

: (p. 690 - p. 640) (form No. 1).

Liquidity indicators have a normative value and, depending on the value, characterize the degree of financial stability of the organization:

1st class - enterprises with a good margin of financial stability, guaranteeing the repayment of borrowed funds;

Class 2 - enterprises with a low level of risk of non-repayment of debts to creditors;

3rd class - enterprises with a high level of bankruptcy risk, characterized by the immunity of preventive measures for financial recovery;

Grade 4 - the presence of pronounced signs of bankruptcy;

Grade 5 - actual bankrupt.

A necessary element of analysis is research of results of financial activity and directions of use of the received profit. The initial information for analysis is contained in . form No. 2 attached to the balance sheet of the enterprise.

The structure of the financial result, the share of net profit, the dynamics of the financial result compared to the previous period can be analyzed.

In the event that the enterprise is unprofitable, it can be concluded that there is no source of replenishment of its own funds for its normal economic activity.

The results of the analysis are the rationale for making managerial decisions by the managers of the organization.