Before they can trigger insolvency proceedings (liquidation, receivership, Backup), financial indicators can prevent creditors (including banks) find themselves managing a highly sensitive situation ...
ratios and indicators mentioned in this article are obviously not to be analyzed individually and without any context (well-capitalized holding company can not be assessed in the same way that a company operating well capitalized, for example). Similarly the numerical standards do not take into account their absolute value!
1 Indicators of financial structure
-A debt is very important -> Debt Net financial (short and medium term, taking into account the availability) / FP> 1.
-One Small Cap Ratio PS / Total assets. Are there blocked the CSF to strengthen the FP?
Remember: The company have a high debt proper and related to capitalization?
2 Activity and profitability
- A large variation in activity (change in turnover> 25% or <15%). Une entreprise dont le développement est trop fort aura des besoins d’exploitation élevés. Le recours à de l’endettement financier risque par le biais des charges financières de grever la rentabilité courante, la CAF de l’entreprise et in fine provoquer une impasse de trésorerie.
Conversely a decrease in activity important and recurring may impact the profitability. Indeed, some number of operating expenses are slightly compressible (rents and personnel expenses for example).
- An absence or a negative operating profitability (EBITDA / Sales <0) et récurrente.
- A heavy weight of expenses: Interest expense / EBITAD> 40%
Remember: The company releases t it recursively profitability and positive enough?
3 The Functional Assessment
- A negative working capital
- A significant change in working capital (> 5 days)
- Delays in relation to major customers as possible suppliers. The company Does it happen to get paid quickly enough avoid deadlock cash?
Remember: The financial balances are respected? A sufficient level of stable and controlled operating needs (level of customer and supplier delays, weight stocks) can generate a net cash position.
4 A communication breakdown company
- Delay in publication of accounts and consolidated
- No disclosure or delay in the communication of intermediate situations.
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