Assessment of the financial and economic activities of the enterprise. The main indicators used in the analysis and diagnostics of financial and economic activities of enterprises Analysis of the results of financial and economic activities

List of used literature ……………………………………… ..45

Appendix # 1

Introduction

Analysis of the financial and economic activities of the enterprise

Introduction

1. Calculation and analysis of indicators of the economic activity of the enterprise

1.1 Implementation of the plan and dynamics of commodity and products sold.

1.2 Implementation of the plan for the main nomenclature.

1.3. Fulfillment of the plan and growth rates of labor productivity per worker, per worker, per man / day worked and man / hour.

1.4 Ratio of growth rates of average wages and labor productivity.

1.5. Fulfillment of the plan for the cost of production.

1.6. Reducing the cost of critical items.

1.7. Losses from marriage.

2. Analysis of the financial condition of the enterprise

2.1 Significance, objectives and information base of financial analysis

2.2 The concept of the financial condition and financial stability of the enterprise

2.3 Characteristics of the content and structure of the balance sheet

2.4 Analysis of the dynamics of the composition and structure of the property of the enterprise by the balance sheet asset

2.5 Analysis of the dynamics of the composition and structure of sources of funds of the enterprise on the balance sheet liability

2.6 Analysis of financial stability and solvency by relative indicators

2.7 Analysis of the liquidity of the company by relative indicators

2.8 Analysis of financial stability, solvency and liquidity of the company in absolute terms

2.9 Analysis of balance sheet liquidity

2.10. Conclusion on the financial condition of the enterprise.

3. The concept of business activity of the enterprise

Main criteria

Analysis of the efficiency of resource use.

Analysis of the sustainability of economic growth

Conclusions on the financial and economic activities of the enterprise

Bibliography

1.1 Enterprise balance

Solvency analysis

Analysis financially economic activities enterprises (3)

Analysis financially economic activities enterprises (2)

Analysis financially- economic activities enterprises (3)

Analysis financially-economic activities enterprises (9)

Analysis financially-economic activities enterprises (10)

Introduction…………………………………………………………………………2

Chapter 1. Theoretical substantiation of AFHD of the enterprise.

The concept and principles of AFHD ……………… .. ……………………… 4

AFHD Methodology ………………………………………………… .6

Indicators …………………………………………………………… 8

Chapter 2. AFHD on the example of OJSC "Svyaznoy NN"

2.1 Brief description of the enterprise …………………………… ..13

2.2 Analysis of key indicators …………………………… .. ……… 14

2.3 Analysis of the financial condition of OJSC “Svyaznoy NN” …… .. …… ..17

2.4 Assessment of business activity and profitability …………………… .34

Chapter 3. Ways to improve the efficiency of FHD JSC "Svyaznoy NN"

3.1 General conclusions ……………………………………………………… ..40

3.2 Proposals for improving the FHD of OJSC "Svyaznoy NN" ………… ..41

Conclusion……………………………………………………………………...44

Appendix # 2

Analysis of financial and economic activities allows you to assess the economic viability of the enterprise at the current moment and foreseeable future. The value of the financial stability of business entities is sharply increasing. All this significantly increases the role of analyzing their financial condition: the availability, placement and use of funds.

Solvency and financial stability are the most important characteristics of the financial and economic activities of an enterprise in a market economy. If an enterprise is financially stable, solvent, it has an advantage over other enterprises of the same profile in attracting investments, in obtaining loans, in choosing suppliers and in the selection of qualified personnel. Finally, it does not come into conflict with the state and society, since it pays timely taxes to the budget, contributions to social funds, wages to workers and employees, dividends to shareholders, and guarantees to banks the return of loans and payment of interest on them. The higher the stability of an enterprise, the more it is independent of an unexpected change in market conditions and, consequently, the less the risk of being on the brink of bankruptcy.

The research object of this work is the Nizhny Novgorod branch of Svyaznoy NN OJSC.

The purpose of the course work study is the financial condition of the Nizhny Novgorod branch of OJSC "Svyaznoy NN" and the substantiation of ways to improve it.

Based on the goals set, you can form course objectives:

Study the theoretical foundations;

Give a description of the enterprise;

Determine the effectiveness of his work;

Develop measures to improve the financial and economic activities of the enterprise;

To solve the above tasks, the annual financial statements of the Nizhny Novgorod branch "Svyaznoy NN" for 2007 were used, namely:

balance sheet (form No. 1 according to OKUD);

profit and loss statement (form No. 2 according to OKUD);

Capital flow statement (form No. 3 according to OKUD);

cash flow statement (form No. 4 according to OKUD);

annex to the balance sheet (form No. 5 according to OKUD);

Chapter 1.Theoretical substantiation of the enterprise's AFHD.

1.1 Concept and principles of FCD analysis

The content and the main goal of financial analysis is to assess the financial condition and identify the possibility of increasing the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other business entities 1.

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by employees of the enterprise (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

Analysis of the financial condition of an enterprise has several goals:

determination of financial position;

identification of changes in the financial condition in the spatio-temporal context;

identification of the main factors causing changes in the financial condition;

forecast of the main trends in the financial condition.

Financial analysis is based on certain principles 2:

1. State approach. When assessing economic phenomena and processes, it is necessary to take into account their compliance with state economic, social, international policies and legislation.

2. Scientific character. The analysis should be based on the provisions of the dialectical theory of knowledge, take into account the requirements of the economic laws of the development of production.

3. Complexity. The analysis requires a comprehensive study of causal relationships in the economy of the enterprise.

4. Systems approach. The analysis should be based on understanding the object of research as a complex dynamic system with a structure of elements.

5. Objectivity and precision. The information used for the analysis must be reliable and objectively reflect the reality, and the analytical conclusions must be substantiated by accurate calculations.

6. Effectiveness. The analysis must be effective, that is, actively influence the course of production and its results.

7. Planning. For analytical activities to be effective, the analysis must be carried out systematically.

8. Efficiency. The effectiveness of the analysis increases greatly if it is carried out promptly and analytical information quickly influences the management decisions of managers.

9. Democracy. Assumes participation in the analysis of a wide range of workers and, consequently, a more complete identification of on-farm reserves.

10. Efficiency. The analysis must be effective, that is, the costs of its implementation must have a multiple effect.

1.2 AFHD technique

The method of analysis of financial and economic activity is a set of analytical procedures used to determine the financial and economic condition of an enterprise.

Experts in the field of analysis give different methods for determining the financial and economic condition of an enterprise. However, the basic principles and sequence of the procedural side of the analysis are practically the same with minor discrepancies. The detailing of the procedural side of the methodology for analyzing financial and economic activities depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, however, in all significant aspects, the procedural aspects are similar.

To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required on the established forms of financial statements, namely:

form No. 1 Balance sheet

Form No. 2 Profit and Loss Statement

Form No. 3 Statement of capital flows

Form No. 4 Cash flow statement

form No. 5 Appendix to the balance sheet

The analysis of the financial and economic activities of the enterprise is carried out in three stages 3.

At the first stage, a decision is made on the advisability of analyzing the financial statements and their readiness for reading is checked. The task of the expediency of the analysis allows you to solve the familiarization with the auditor's report. There are two main types of audit reports: standard and non-standard. The standard auditor's report is a unified summarized document containing a positive assessment of the audit firm on the reliability of the information presented in the report and its compliance with the applicable regulatory documents. In this case, the analysis is advisable and possible, since the reporting in all material aspects objectively reflects the financial and economic activities of the enterprise. A non-standard auditor's report is drawn up in cases where the audit firm is unable to draw up a standard auditor's report for a number of reasons, namely: some errors in the company's financial statements, various financial and organizational uncertainties, etc. In this case, the value of the analytical conclusions drawn up on these reports is reduced. Checking the readiness of reports for reading is of a technical nature and is associated with a visual check of the availability of the necessary reporting forms, details and signatures on them, as well as a simple counting check of subtotals and the balance sheet currency.

The purpose of the second stage is to familiarize yourself with the explanatory note to the balance sheet, this is necessary in order to assess the conditions for the functioning of the enterprise in this reporting period and to take into account the analysis of the factors whose impact led to changes in the property and financial position of the organization and which were reflected in the explanatory note. The third stage is the main one in the analysis of economic activity.

The purpose of this stage is to assess the results of economic activity and the financial condition of an economic entity. It should be noted that the degree of detail in the analysis of financial and economic activities may vary depending on the goals. At the beginning of the analysis, it is advisable to characterize the financial and economic activities of the enterprise, indicate the industry affiliation and other distinctive features.

The analysis of the financial and economic condition of the enterprise consists in general of the following main components:

Financial stability analysis

Analysis of liquidity and creditworthiness

Business analysis

Profitability analysis

1.3. AFHD indicators

The analysis of the liquidity of the enterprise is based on the calculation of the following indicators 4:

Maneuverability of functioning capital. It characterizes that part of own circulating assets, which is in the form of cash, i.e. funds with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. All other things being equal, the growth of the indicator in dynamics is regarded as a positive trend. An acceptable approximate value of the indicator is established by the enterprise independently and depends, for example, on how high the enterprise's daily need for free cash resources is.

Current liquidity ratio. Gives an overall assessment of the liquidity of assets, showing how many rubles of the current assets of the enterprise fall on one ruble of current liabilities. The logic of calculating this indicator is that the company pays off short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered as successful (at least in theory). The size of the excess is set by the current liquidity ratio. The value of the indicator can vary by industry and type of activity, and its reasonable growth over time is usually viewed as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator is given - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact standard value.

Quick ratio. By semantic purpose, the indicator is similar to the current liquidity ratio; however, it is calculated for a narrower range of current assets, when the least liquid part of them - production inventories - is excluded from the calculation. The logic of such an exclusion consists not only in a significantly lower liquidity of stocks, but, which is much more important, and in the fact that the money that can be raised in the event of the forced sale of production stocks may be significantly lower than the cost of acquiring them. In particular, in a market economy, a typical situation is when, upon liquidation of an enterprise, 40% or less of the book value of stocks is gained. Western literature provides an approximate lower value of the indicator - 1, but this estimate is also conditional. In addition, when analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change.

Absolute liquidity ratio (solvency). Is the most stringent criterion for the liquidity of an enterprise; shows what part of short-term debt obligations can be repaid immediately, if necessary. The recommended lower limit of the indicator given in the Western literature is 0.2. In domestic practice, the actual average values of the considered liquidity ratios, as a rule, are significantly lower than the values mentioned in Western literary sources. Since the development of sectoral standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it with a comparative analysis of the available data on enterprises with a similar orientation of their economic activities.

Share of own circulating assets in covering stocks. It characterizes that part of the cost of inventories that is covered by its own circulating assets. Traditionally it is of great importance in the analysis of the financial condition of trade enterprises; the recommended lower limit of the indicator in this case is 50%.

Inventory coverage ratio. It is calculated by correlating the value of "normal" sources of coverage of reserves and the amount of reserves. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

Financial stability in the long term is characterized, therefore, by the ratio of equity and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, in the world and domestic accounting and analytical practice, a system of indicators 5 has been developed:

Equity capital concentration ratio. It characterizes the share of enterprise owners in the total amount of funds advanced for its activities. The higher the value of this ratio, the more financially stable, stable and independent of external loans the company. An addition to this indicator is the concentration ratio of the attracted (borrowed) capital - their sum is equal to 1 (or 100%).

Financial dependence ratio. It is the inverse of the equity concentration ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value decreases to one (or 100%), this means that the owners are fully financing their enterprise.

Equity capital flexibility ratio. Shows what part of equity is used to finance current activities, that is, invested in working capital, and what part is capitalized. The value of this indicator can vary significantly depending on the capital structure and industry sector of the enterprise.

Long-term investment structure coefficient. The logic behind the calculation of this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The coefficient shows what part of fixed assets and other non-current assets is financed by external investors, that is, (in a sense) belongs to them, and not to the owners of the enterprise.

Equity to borrowed funds ratio. Like some of the above indicators, this ratio gives the most general assessment of the financial stability of the enterprise. It has a rather simple interpretation: its value equal to 0.25 means that for every ruble of own funds invested in the assets of the enterprise, there are 25 kopecks. borrowed money. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, that is, a slight decrease in financial stability, and vice versa.

Business activity group indicators characterize the results and efficiency of the current main production activity. The generalizing indicators for assessing the efficiency of using the resources of an enterprise and the dynamism of its development include the resource efficiency indicator and the coefficient of sustainability of economic growth 6:

Resource efficiency (the advance capital turnover ratio). It characterizes the volume of products sold per ruble of funds invested in the activities of the enterprise. The growth of the indicator in dynamics is considered as a favorable trend.

Economic growth sustainability coefficient. Shows the average rate at which an enterprise can develop in the future, without changing the already established relationship between various sources of funding, capital productivity, profitability of production, etc.

When analyzing profitability, the following main indicators are used that are used in countries with a market economy to characterize the profitability of investments in activities of a particular type:

1. Return on capital advanced and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit falls on one ruble of advanced (equity) capital. When calculating, you can use either the total profit of the reporting period, or net profit.

Chapter 2. AFHD on the example of OJSC "Svyaznoy NN"

2.1 Brief description of the enterprise.

"Svyaznoy" is a federal retail network specializing in the sale of services of cellular operators, personal communications equipment, accessories, portable digital audio and photographic equipment. The company is an official distributor of leading manufacturers of GSM and DECT telephones, as well as a dealer of the largest mobile operators 7.

This course work analyzes the financial condition of the Nizhny Novgorod branch of OJSC "Svyaznoy NN". The company was registered by the Inspectorate of the Ministry of Taxes and Duties of Russia in the Soviet District of Nizhny Novgorod on July 05, 2004. Legal address: 603105 Nizhny Novgorod region, N. Novgorod, st. Osharskaya, house 95. Actual location: 603000, Nizhny Novgorod region, N. Novgorod, st. Maxim Gorky, 117, office 805. The company has separate subdivisions in the cities of Nizhny Novgorod, Saratov, Penza, Kirov regions and in the cities of the Republics of Mordovia and KOMI.

The average headcount of Svyaznoy NN OJSC in 2007 amounted to 1080 people, which is 240 people more than in 2006. staff.

The main activities of the company are:

1. Trade and procurement activities, including:

Wholesale and retail trade in industrial goods, including technical products;

2. Organization and provision of services, including:

Mediation activities in various fields.

The authorized capital of the company is 1,500,000 rubles.

Currently "Svyaznoy" offers its customers the following products and services:

mobile communications and accessories;

DECT telephones, personal audio equipment and accessories;

digital voice recorders, photographic equipment and accessories;

connection to national and local cellular operators;

acceptance of payments for mobile communications (no commission);

acceptance of payments for payment of long-distance and international calls (no commission);

sale of express payment cards, IP-telephony, Internet access;

registration of compulsory auto insurance policies;

subscribing to satellite TV;

sale of mobile content 8.

2.2. Analysis of the main indicators.

The state of the financial and economic activity of an enterprise can be assessed on the basis of studying the financial results of its work, which depend on the set of conditions for the implementation of monetary circulation, the circulation of value, the movement of financial resources and financial relations in the economic process. The analysis of the financial results of the company's activities involves the study of the "Balance sheet of the enterprise" (form No. I), "Statement of financial results" (form No. 2), "Statement of capital flows" (form No. 3), "Statement of cash flows" (form No. 4) and primary reporting of the enterprise.

The main indicators of the financial results of the enterprise include revenue from the sale of products (work, services), net revenue (total revenue minus VAT, excise taxes and similar mandatory payments), balance sheet profit, net profit. The financial results of an enterprise depend on such indicators as the cost of selling products (works, services), commercial and administrative expenses, other operating income and expenses, non-operating income and expenses, the amount of diverted funds, and income tax. An example of the analysis of the dynamics of the financial results of the enterprise is given in table. # 1.

Indicators	At the beginning of the reporting period	at the end of the reporting period	Absolute change, thousand rubles



Proceeds from the sale of goods, products, works, services, thousand rubles
Cost of goods, products, works, services sold, thousand rubles
Specific cost (cost per one ruble of revenue), RUB / RUB
Gross profit (marginal income), thousand rubles
Gross profit (marginal income) per one ruble of revenue, RUB / RUB
Selling and administrative expenses, thousand rubles
Profit from sales, thousand rubles
Return on sales,%
Interest payable, thousand rubles
Income from participation in other organizations, thousand rubles
Other income, thousand rubles
Other income, thousand rubles
Other expenses, thousand rubles
Profit before tax, thousand rubles

As the data in the table show, compared to the beginning of the year, gross income increased by 589,863 thousand rubles, or 32.8%, with a simultaneous increase in the cost price by 488,164 thousand rubles, or 34.1%. Despite the increase in the revenue of the reporting period compared to the previous one, the main indicator for any enterprise - profit from sales - significantly decreased and amounted to a negative value. Selling expenses also increased by 217835 thousand rubles and amounted to 182% of the value at the beginning of the reporting period.

The cost per 1 ruble of revenue increased by 1 kopeck, which shows that to get 1 ruble of revenue, costs per 1 kop are required. more at the end of the year compared to the beginning. Marginal income increased by 27.6%, that is, the company has an increased ability to cover fixed costs and make a profit.

The marginal income per ruble of revenue decreased, which indicates a decrease in the dependence of an increase in profit on a decrease in variable costs. The profitability of sales decreased by 89.5%, which indicates a strong decrease in the efficiency of the enterprise.

Profit before tax also decreased significantly due to the increase in expenses for the reporting period.

2.3. Analysis of the financial condition of OJSC "Svyaznoy NN"

Analysis of the financial condition of the enterprise is based on the calculation of a number of indicators:

financial stability indicators (independence coefficient, share of borrowed funds, ratio of own and borrowed funds, share of accounts receivable, share of own and long-term borrowed funds);

solvency indicators (absolute liquidity ratio, overall coverage ratio, inventory liquidity ratio);

business activity indicators (general turnover ratio, inventory turnover, equity turnover, productivity).

It is advisable to analyze the financial condition of the enterprise in stages. It includes a sequential analysis of:

Indicators of solvency (liquidity), financial stability, business activity;

The creditworthiness of the enterprise and the liquidity of its balance sheet.

The general analysis and assessment of financial and economic activities is carried out according to the enlarged (aggregated) balance sheet of the enterprise (Table No. 2), which does not include the lines deciphering assets and liabilities following the words "including:".

In this regard, the consolidated balance sheet will include lines of the actual balance sheet of the enterprise, the numbers of which are multiples of 5.

Aggregated analytical balance sheet of Svyaznoy NN OJSC, thousand rubles






Total for river Ι			Total for river ΙΙΙ

			Total for river ΙV



Page 260 +270
Total for river ΙΙ			Total for R. V
Balance currency			Balance currency

The enlarged balance sheet is typical for a small enterprise, since it contains all the lines that usually make up the production potential of the enterprise: production equipment and intangible assets in the section of non-current assets and inventories in the section of current assets.

It is necessary to especially evaluate the dynamics of the balance sheet currency Wb. An increase in Wb indicates an expansion of the volume of economic activity, although the reasons for the growth may be different: revaluation of fixed assets, inflation, an increase in the terms of settlements with debtors and creditors. But for the purpose of an objective assessment of the financial condition, it is advisable to compare the changes over several reporting periods in the value of property Wb with changes in proceeds from sales B and profit from sales Pp.

For this, three coefficients are calculated, which are called growth rates (despite the fact that these coefficients may have a negative sign):

property growth rate:

Kv b = (Wbo - Wbb) * 100% / Wbb;

we find the growth rate of revenue using the indicators of form No. 2 "Profit and Loss Statement":

Kv = (Wo - Wb) * 100% / Wb;

we also find the growth rate of profit using the indicators f.№2:

Kp p = (Ppo - Ppb) * 100% / Ppb, where

Vbo, Vo, Ppo - respectively, the balance sheet currency, proceeds and profit from sales of the reporting period (as of December 31, 2007)

Vbb, Vb, Ppb - respectively the same indicators of the base period (as of 01.01.2007).

If the values of Kv and Kp n are higher than Kv b, this indicates a more rational use of the economic assets of the enterprise in comparison with the previous period. For the enterprise OJSC "Svyaznoy NN" the coefficients will be:

Kv b = (738620-569390) * 100% / 569390 = 29.7%

Kv = (2388895-1799032) / 1799032 * 100% = 32? 8%

Kp n = (13947-102189) / 102189 * 100% = - 86.4%

In this case, despite the increase in the balance sheet currency and proceeds, the enterprise failed to increase the profit from sales, on the contrary, its value became negative, therefore, undoubtedly, in the previous period, economic resources were used more rationally than in the previous one. To improve the state of the enterprise should significantly reduce costs.

2.3.1. Calculation of indicators of financial stability.

In market conditions, when the economic activity of an enterprise and its development is carried out at the expense of self-financing, and in case of insufficient own financial resources - at the expense of borrowed funds, an important analytical characteristic is the financial stability of the enterprise.

Financial stability- this is a certain state of the company's accounts, which guarantees its constant solvency. As a result of the implementation of any business transaction, the financial condition of the enterprise may remain unchanged, either improve or worsen. The flow of business transactions performed on a daily basis is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowing the marginal boundaries of changes in the sources of funds to cover capital investment in fixed assets or production stocks allows you to generate such flows of business transactions that lead to an improvement in the financial condition of an enterprise, to an increase in its stability.

The task of analyzing financial stability is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent the organization is from a financial point of view, whether the level of this independence is increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities.

In practice, they use different methods of analyzing financial stability. Let's analyze the financial stability of the enterprise using absolute indicators.

A generalizing indicator of financial stability is the surplus or lack of sources of funds for the formation of stocks and costs, which is determined as the difference between the size of sources of funds and the amount of stocks and costs.

The total amount of inventories and costs is equal to the sum of lines 210 and 220 of the balance sheet asset (ЗЗ).

To characterize the sources of formation of stocks and costs, several indicators are used that reflect different types of sources:

Availability of own circulating assets (line 490 - line 190);

Availability of own and long-term borrowed sources of formation of reserves and costs or functioning capital (line 490 + line 590 - line 190);

The total value of the main sources of formation of stocks and costs (line 490 + line 590 + line 610 - line 190). In view of the absence of short-term borrowed funds (line 610), this indicator is in total equal to the second.

The calculated indicators are shown in table 1.

From Table 11 it can be seen that none of the above sources is enough either at the beginning or at the end of the year.

Using these indicators, a three-component indicator of the type of financial situation is determined  9 

It is possible to distinguish 4 types of financial situations:

1. Absolute stability financial condition. This type of situation is extremely rare, represents an extreme type of financial stability and meets the following conditions: Фс  0; Фт  0; Фо 0; those. S = (1,1,1);

Table 1

Determination of the type of financial condition of the enterprise (thousand rubles)

Three indicators of the availability of sources of formation of stocks and costs correspond to three indicators of the availability of stocks and costs by sources of formation:

2. Normal stability financial condition, which guarantees solvency: FS

3. Unstable financial condition, associated with a violation of solvency, but in which it still remains possible to restore equilibrium by replenishing sources of own funds by reducing accounts receivable, accelerating inventory turnover: FS

4. Crisis financial condition, in which the enterprise is on the verge of bankruptcy, since in this situation cash, short-term securities and accounts receivable do not even cover its accounts payable: FS

In the Nizhny Novgorod branch "Svyaznoy NN" the three-component indicator of the financial situation S = (0; 0; 0). Thus, financial stability at the beginning and at the end of the reporting period can be considered critical.

Relative indicators were also used to analyze the financial stability of the Nizhny Novgorod branch of Svyaznoy NN. These coefficients are calculated in table 2.

Table # 2. Financial stability indicators.

	Name indicator	Calculation method		Explanation	For the beginning of the year	At the end of the year	Deviations of the year
	1. Coefficient of independence			Shows the share of own funds in the total funds of the company.
	2. Ratio of the ratio of own and borrowed funds			Shows how much borrowed funds the company attracted for 1 RUB. invested in assets of own funds
	3. Ratio of long-term borrowing			Shows how many long-term loans were raised to finance assets along with own funds
	4. Coefficient of maneuverability of own funds			Characterizes the degree of mobility of using own funds
	5. Equity ratio			Shows the share of SOS purchased using own funds
6. Coefficient of the real value of fixed assets and material circulating assets in the property of the enterprise			Shows the share of industrial property (real assets) in the total amount of the property of the enterprise.
7. Ratio of the real value of fixed assets in the property of the enterprise			Shows the specific weight of fixed assets in the property of the enterprise.

From the data in the table, one can draw conclusions about the state of each coefficient and about the financial stability of the enterprise as a whole.

Independence coefficient at the enterprise for 2007

The value of the ratio of the ratio of borrowed and own funds significantly exceeds the norm, which indicates that the enterprise OJSC "Svyaznoy NN" is very dependent on borrowed funds. In the future, the share of own funds should be increased.

The long-term borrowing ratio indicates that no long-term loans were attracted to finance the assets.

The ratio of the maneuverability of own funds and the ratio of the provision of own funds correspond to the norm. However, the value of the equity capital ratio at the end of the period decreases, which indicates a decrease in equity capital.

The coefficient of the real value of fixed and material circulating assets is less than the norm, but at the end of the period it increases.

The ratio of the real value of fixed assets at the end of the period is 0.05%, which indicates a shortage of fixed assets in the property of the enterprise.

2.3.2 Assessment of the solvency of OJSC "Svyaznoy NN"

In practice, the solvency of an enterprise is expressed through the liquidity of its balance sheet. The main task of the analyst in calculating the liquidity of the balance sheet is to establish the amount of coverage of the company's liabilities by its assets. At the same time, the period of transformation of assets into cash, ideally, should correspond to the maturity of obligations.

When analyzing the assets and liabilities of the balance sheet are grouped according to the degree of decreasing liquidity and the degree of urgency of payment of obligations, respectively. The grouping is convenient to carry out in the analytical table (see table. No. 3).

Grouping of assets and liabilities of the balance sheet when assessing liquidity

Assets	Symbol of the degree of liquidity	Passive	Symbol urgency of repayment of obligations

Most liquid assets: cash and short-term financial investments		The most urgent liabilities: debts to personnel, debts on taxes and fees, debts to extra-budgetary funds and other payables selectively
Quick-selling assets: short-term receivables		Short-term liabilities: other liabilities from section V of the balance sheet
Slow-realizing assets: inventories		Long-term liabilities: ΙV section of the balance sheet
Hard-to-sell assets: non-current assets		Permanent liabilities: capital and reserves - ΙΙΙ section of the balance sheet

The balance is considered absolutely liquid under the following conditions:

The first two inequalities characterize the current liquidity of the enterprise, and the last two - the perspective one.

The results of calculating the balance sheet liquidity are shown in table No. 4:

Table 4. The results of calculating the liquidity of the balance sheet of OJSC "Svyaznoy NN"

Assets	on 01.01.07	on 31.12.07	Passive	01.01.07	On 31.12.07	Payment surplus (+), Payment deficiency (-)

Analysis and assessment of the liquidity of the balance sheet of OJSC "Svyaznoy NN".

To determine the liquidity of the balance sheet, the total for each group of assets and liabilities should be compared.

At the beginning of the reporting period, the following ratios are met:

The ratios confirm the lack of current liquidity of the company at the beginning of the reporting period and the presence of promising liquidity. Whether such balance sheet liquidity is satisfactory for Svyaznoy NN OJSC will be shown by the analysis of relative liquidity ratios.

It can be argued that by the end of the reporting period, the above ratios acquired the following form:

The first ratio shows that the company cannot, in the near future, pay off all its most urgent obligations: to the personnel regarding wages, taxes and fees, etc. But at the same time, his accounts receivable are enough to pay off urgent obligations to suppliers and contractors. At the same time, the third ratio confirms that there are enough slowly sold assets to pay off urgent liabilities.

Finally, the fourth ratio indicates the presence of own working capital Co or own working capital (this indicator is sometimes called "net working capital"), since the non-current (immobilized) assets Av (A4) of the enterprise are much less than the value of its own capital Cc (P4).

Since own circulating assets by the end of the reporting period decreased (the penultimate lines in stb. 7 and 8 of Table No. 4), the liquidity of the balance sheet of Svyaznoy NN OJSC also decreased.

For a comprehensive study of the financial position of an enterprise, it is advisable to calculate several financial ratios. This will make it possible to assess the ratio of each type of current assets with short-term liabilities in terms of the possibility of their further repayment. The calculation is based on varying degrees of liquidity for each type of asset - from absolutely liquid cash to stocks. Since these indicators are constantly changing, they should be calculated several times within the reporting period, for example, at the end of each month or quarter. As a result, it becomes possible to construct time series for liquidity and solvency indicators. The calculation of financial ratios is recommended to be carried out in the analytical table (see table No. 5).

Calculation of financial ratios for assessing liquidity and solvency

Index	Formula

Absolute liquidity ratio	Cal = A1 / (P1 + P2), where A1 - cash and short-term financial investment; P1 + P2 - all short-term liabilities (V p. Balance, excluding lines 640 and 650)	Determines the part of short-term debt that the company can repay at the closest date of the balance sheet. The recommended value is from 0.15 to 0.2.
Current liquidity ratio	Ktl = (A1 + A2) / (P1 + P2), where A2 - short-term receivables of the enterprise	Shows the projected payment capacity of the enterprise, subject to timely settlements with debtors. The recommended value is in the range from 0.5 to 0.8.
Total liquidity ratio	Number = (A1 + A2 + A3) / (P1 + P2)	Indicates the sufficiency of the company's current assets to cover short-term liabilities. It characterizes the margin of financial strength as a result of the excess of current assets over short-term liabilities. The recommended value is in the range from 1 to 2.
Solvency ratio	Ksp = Co / (P1 + P2), where Co is the value of own working capital (net working capital)	Determines the share of own working capital in the company's short-term liabilities. The indicator is individual for each enterprise.

The sequence of calculations (table. No. 6):

1) Cal = A1 / (P1 + P2),

01.01.07: Cal = 89675 / (4641 + 459713) = 89675/464354 = 0.19

On 31.12.07: Cal = 150077 / (530730 + 101125) = 150077/631855 = 0.24

2) Ktl = (A1 + A2) / (P1 + P2),

01.01.07: Ktl = (89675 + 55879) / (4641 + 459713) = 145554/464354 = 0.31

On 31.01.07: Ktl = (150077 + 132166) / (530730 + 101125) = 282243/631855 = 0.45

3) Number = (A1 + A2 + A3) / (P1 + P2)

01.01.07: Quantity = 542410/464354 = 1.17

On 31.12.07: Qty = 697512/631855 = 1.10

4) Ksp = Co / (P1 + P2),

01.01.07: Ksp = 78056/464354 = 0.17

On 31.12.07: Ksp = 65657/631855 = 0.10

Let's enter the results obtained in table number 6:

Table 6. Calculation results of relative liquidity and solvency ratios

The following conclusions follow from the calculations.

The absolute liquidity ratio at the beginning of the reporting period reaches the recommended values and is 0.19, however, at the end of the analyzed period, this ratio is growing, that is, the solvency has increased by 0.4. This means that as of the next reporting date, the company can repay 24% of its short-term liabilities.

The current liquidity ratio during the reporting period is below the range of recommended values, which indicates a lack of payment capacity of the enterprise with timely settlements with debtors.

The value of the total liquidity ratio at the beginning and end of the reporting period is in the range of recommended values, which indicates the sufficiency of the working capital in general to cover short-term liabilities and the availability of a financial strength of the enterprise.

The self-financing ratio by the end of the reporting period is slightly decreasing (as is the liquidity of the balance sheet as a whole), but its values at the beginning and end of the period confirm the sufficiency of Svyaznoy's own circulating assets to reimburse short-term debts.

2.3.3. The creditworthiness of the enterprise.

In the event of a lack of funds to cover obligations, the company's management can contact the credit department of a commercial bank to meet the need for funds. Each loan agreement is fraught with the risk of non-repayment of the loan, non-payment of interest, violation of the terms of contractual obligations. The presence of risk due to many factors has led to a selective approach of banks to their customers, which is based on a system of indicators that assesses the ability of each customer to comply with the terms of the loan agreement.

The creditworthiness of an enterprise is its ability to timely and fully pay off its debt obligations to the bank.

Creditworthiness assessment is a comprehensive study of the financial condition, which makes it possible to reasonably resolve the issue of granting a loan or the inexpediency of continuing relations with the borrower.

To determine the creditworthiness of the client, the credit ratings of the borrower are used. Clients, depending on their creditworthiness, are divided into three classes (see table, No. 7). Criteria at the level of average values make it possible to classify the borrower in the second class, above average - in the first, below average - in the third.

Table 7. Grades of borrowers' creditworthiness

Odds	Classes
Odds
		0.15 to 0.2
		0.5 to 0.8

		0.5 to 0.6

For OJSC "Svyaznoy NN" the summary table of coefficients-indicators for determining the creditworthiness of the borrower looks like this (see table. No. 8)

Table No. 8

Summary table of indicators for calculating the creditworthiness of OJSC "Svyaznoy NN"

Let's draw conclusions.

The summary table shows that by the end of 2007 it is impossible to make an unambiguous conclusion about the belonging of Svyaznoy NN OJSC to a certain creditworthiness class.

By Feces and CFN the enterprise belongs to the first class, according to Ktl to the third and after Number to the second. This suggests that lending to OJSC Svyaznoy NN requires additional verification.

2.4 Assessment of business activity and profitability.

Calculation of the coefficients of business activity of the enterprise.

Index	Formula	Characteristic

Indicators of asset (property) turnover
Asset turnover ratio	Koa = B / Asr, where: B - net - the company's revenue (line 010 f. No. 2); A. - the cost of assets *	Shows the turnover rate of all assets of the enterprise for the reporting period (number of revolutions)
Duration of one turnover in days	Pd = D / Coa, where: D - number of calendar days ** in the reporting period	Shows the duration of one turnover in days
Accounts receivable turnover ratio (DZ)	Kodz = V / DZsr, where DZ - accounts receivable * for the reporting period (the sum of indicators p. 230 and 240 f. No. 1)	Shows the number of turnovers of receivables for the reporting period. With the acceleration of turnover, the indicator grows, which confirms the improvement in the state of settlements with debtors
Duration of one turnover of receivables in days	Pdz = D / Koz	It characterizes the duration of one turnover of receivables. The decrease in the indicator is a favorable trend.
Indicators of turnover of sources of funds (liabilities)
Equity capital turnover ratio	Kos c = B / Ussr where: Сс - the cost of equity * for the period - (line 490 f.№1)	Reflects the activity of using equity capital. The growth of the indicator indicates an increase in the efficiency of using equity capital
Duration of equity turnover in days	Ps s = D / Ss	It characterizes the rate of turnover of equity capital. A decrease in the indicator is a favorable trend
Accounts payable turnover ratio (KZ)	Kokz = V / KZsr, where: KZ - accounts payable * for the period - (the sum of indicators line 610, 620, 630, 660 f. No. 1)	Reflects the rate of turnover of accounts payable in the reporting period. Acceleration of turnover leads to a decrease in liquidity. If Cocks
Duration of one turnover of accounts payable in days	Pkz = D / Kokz	It characterizes the company's ability to cover urgent debts to creditors for the reporting period. Reducing the duration of the KZ turnover is always beneficial for the enterprise

** - the number of calendar days for the annual reporting period is, as a rule, 365.

1) Koa = B / Asr,

01.01.07: Koa = 1799032/569390 = 3.1

On 31.12.07: Koa = 2388895/738620 = 3.2

2) Pd = D / Coa,

01.01.07: Pd = 365 / 3.1 = 117.7

On 12/31/07: Pd = 365 / 3.2 = 114

3) Kodz = V / DZsr,

01.01.07: Kodz = 1799032/55879 = 32.2

On 31.12.07: Kodz = 2388895/132166 = 18

4) Pdz = D / Koz

01.01.07: Pdz = 365 / 32.2 = 11.3

On 31.12.07: Pdz = 365/18 = 20.3

5) Kos c = B / Ussr

01.01.07: Coss = 1799032/105036 = 17.1

On 12/31/07: Coss = 2388895/106765 = 22.4

6) Ps s = D / Ss

01.01.07: Pss = 365 / 17.1 = 21.3

On 12/31/07: Pss = 365 / 22.4 = 16.3

7) Kokz = V / KZsr,

01.01.07: Kokz = 1799032/464354 = 3.8

On 31.12.07: Kokz = 2388895/631855 = 3.7

8) Pkz = D / Kokz

01.01.07: Pcz = 365 / 3.8 = 96

On 31.12.07: Pcz = 365 / 3.7 = 98.6

Calculations of the considered indicators at the beginning and end of the analyzed period for OJSC "Svyaznoy NN" are presented in table No. 10

The results of calculating the coefficients of business activity of OJSC "Svyaznoy NN"

Index	01.01.07	On 31.12.07

Table 11. Calculation of indicators of profitability of the enterprise

Indicators	Payment	At the beginning of the period	At the end of the period

1.Revenue from the sale of goods, products, works, services (excluding VAT, excise taxes and similar mandatory payments)
2. Profit (loss) from sales
3. Balance sheet profit
4. Net profit	P. 140 - p. 150
Estimated indicators (%)
1. Profitability of all products sold.	page 050
2. Overall cost effectiveness.	p. 140
3. Return on sales based on net profit.	p. (140 - 150) page 010

Based on the calculations, the following conclusions can be drawn:

The overall profitability indicator at the end of the 2007 reporting year fell sharply from 0.5 to 0.004, that is, it decreased by 99%. This suggests that at the end of 2007, each ruble of sales began to bring 0.004 kopecks less profit from sales.

The return on sales by net income also fell sharply at the end of the reporting period from 0.04 to 0.0007. This suggests that the demand for products has dropped sharply. Thus, at the end of 2007, each ruble of products sold began to bring in 0.0007 kopecks less profit from sales.

The profitability of all products sold fell sharply. Its value suggests that at the end of 2007 the enterprise had 0.004 kopecks of net profit per 1 ruble of products sold.

As you can see from the above, all indicators of product profitability are very low.

Chapter 3. Ways to improve efficiencyfinancial and economic activities of OJSC "Svyaznoy".

3.1. General conclusions.

After analyzing all the calculations made about the financial and economic activities of OJSC "Svyaznoy NN", the following conclusions can be drawn.

Despite the increase in revenue by 589,863 thousand rubles, or 24.5%, the main indicator for any enterprise - profit from sales - significantly decreased and amounted to a negative value.

The balance sheet profit in the Nizhny Novgorod branch of the Svyaznoy NN branch on horses in 2007 significantly decreased in comparison with the beginning of 2007 by 79,152 thousand rubles, or 90%.

Its decrease was facilitated by an increase in the cost of goods sold by 488164 thousand rubles, selling expenses by 217835 thousand rubles or by 82% and other expenses by 3864 or 3.4 times.

Its increase was facilitated by the growth of other income by 77,094 thousand rubles or 97%.

Thus, the factors that increase the balance sheet profit in terms of the amount were significantly offset by the action of the factors decreasing it, which ultimately led to a 90% decrease in the balance sheet profit at the end of 2007 compared to the beginning of the year.

At the end of 2007, the enterprise received proceeds from the sale of products, works, services in the amount of 2,388,895 thousand rubles. The sales structure is as follows:

Wholesale trade - 1.22%,

Intermediary services - 0.55%,

Retail trade - 98.23%.

The amount of net assets at the end of 2007, according to the accounting data, amounted to RUR 106 765 thousand.

In 2007, the balance sheet total of the joint-stock company increased by 29.71% or 169,230 thousand rubles.

The structure of the balance sheet currency at the end of 2007 is as follows: 94.4% are mobile assets and 5.6% are immobilized.

Non-current assets for the year increased by 14,128 thousand rubles, due to the purchase of new fixed assets.

As part of working capital in 2007, investments in inventories increased by 17,892 thousand rubles, or by 9.82%. Analysis of the data indicates that stocks increased due to the purchase of raw materials and materials - by 2,032 thousand rubles and due to an increase in stocks of goods for resale in warehouses by 15,862 thousand rubles.

Accounts receivable increased by 74,814 thousand rubles.

In the structure of the balance sheet liabilities at the end of 2007, the share of borrowed capital is 85.72%.

In the structure of borrowed capital, accounts payable account for 89.12%.

3.2. Proposals to improve the financial condition of OJSC "Svyaznoy NN"

For more efficient financial and economic activities of OJSC "Svyaznoy NN", you can take the following measures:

Reducing the cost of production, namely:

Sales network. Expansion of the network of branded stores will increase the company's share in the local market and thus increase the volume of sales.
Search for new suppliers... Raw materials and materials are included in the cost price at the price of their purchase, taking into account the cost of transportation, therefore, the correct choice of suppliers of materials affects the cost of production.

Urgent reduction in selling expenses, namely:

sales organization costs (marketing operations)

expenses for containers and packaging of products in finished goods warehouses (wrapping paper, wood, twine, services of their auxiliary workshops for the production of containers and packaging, payment for packing, etc.)

delivery costs of products;

other costs associated with the sale of products (storage, part-time work, sorting, product analysis, etc.).

It is necessary to liquidate or at least reduce the accounts receivable of the enterprise, which will free up significant funds for the enterprise (76,287 thousand rubles).

Paying off accounts payable. Interest payments on loans.

Increase in profit from sales. In general terms, these activities can be of the following nature:

increase in production output;

improving product quality;

sale or lease of surplus equipment and other property;

reduction of production costs due to more rational use of material resources, production facilities and areas, labor force and working time;

expansion of the sales market, etc.

From this list of activities it follows that they are closely related to other activities at the enterprise aimed at reducing costs. In the conditions of market relations, an enterprise should strive not only to obtain maximum profit, but also to rational, optimal use of the profit already obtained. This will allow not only to maintain its position in the market, but also to ensure the dynamic development of its production in a competitive environment.

Conclusion.

In this paper, an analysis of the profitability of the Nizhny Novgorod branch of OJSC "Svyaznoy NN" was carried out.

In general, the financial condition of the enterprise for 12 months of 2007 was assessed using indicators of liquidity, financial stability and return on investment. Liquidity and financial stability are determined by the structure of the balance sheet: the composition of assets and sources of coverage. Profit and profitability analysis was carried out. Based on this analysis, the following conclusions were drawn.

The financial stability of the enterprise has deteriorated in a number of indicators. The enterprise needs a greater amount of working capital, because they constitute an insignificant share in the composition of the property. All indicators characterizing the solvency are at a level below the norm, which is mainly explained by the presence of a significant amount of accounts payable at the enterprise.

The balance sheet profit at the end of 2007 decreased by 90%. In addition, the company incurs a loss from sales due to increased costs, therefore, in the future period OJSC "Svyaznoy NN" should increase its profit from sales and reduce most of its costs.

To restore solvency and increase profitability

The Nizhny Novgorod branch of Svyaznoy NN needs to ensure break-even and a fairly high return on investment, as well as a positive profit from sales.

Profit should be used primarily to pay off accounts payable, primarily to the creditor CJSC Svyaznoy Logistika and pay wages to workers.

Bibliography.

Tax Code of the Russian Federation, parts 1 and 2, as amended and supplemented. - M .: "Prospect", 2007. - 788 p.

Bakanov M.I., Sheremet A.D. The theory of economic analysis: textbook. - M .: Finance and statistics, 2005 .- P.288

Berdnikova T.B. Analysis and diagnostics of the financial and economic activities of the enterprise: Textbook. Manual.- M .: INFRA-M, 2007.-215s.

Efimova 0. V. How to analyze the financial situation of the enterprise. - M .:, 2003

V.V. Kovalev Financial Analysis: Capital Management. Investment selection. Analysis of reporting. - M .: Finance and statistics, 2004. - S.432

Molyakov D.S. Finances of enterprises in the branches of the national economy. - M .: FiS, 2004

Savitskaya G.V. Analysis of the economic activity of the enterprise. - M: INFRA-M, 2008. - P.288.

Chetyrkin E.M. Methods of financial and commercial calculations. -M .: Phoenix, 2003.

Sheremet A.D., Saifulin R.S. Financial analysis technique. - M .: INFRA-M, 2005. - P.176

Methods of economic analysis of the activities of an industrial enterprise / Under. Ed. A.I.Buzhinsky, A.D.Sheremet - Moscow: Finance and Statistics, 2003.

Financial management: theory and practice / Ed. E.S. Stoyanova - M .: Perspective, 2005.

Website www.svyaznoy.ru

1 Berdnikova T.B. Analysis and diagnostics of the financial and economic activities of the enterprise: Textbook. Manual.- M .: INFRA-M, 2005. -p.24.

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Lysva Polytechnic College

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The value of the analysis of the economic activity of an enterprise in a market economy. Basic traditional methods of analysis.

The analysis of financial and economic activity is a science that studies the economic performance of an enterprise, in their integrated development in order to identify intra-production reserves. In a broad sense, analysis is understood as a way of cognizing objects and phenomena of the environment, based on dividing the whole into its component parts and studying them in all the variety of connections and dependencies.

The importance of the discipline for the training of specialists in the market conditions is that the knowledge of AFHD allows making decisions, finding production reserves and using them.

The method of science refers to the methods of researching one's subject. In the process of economic analysis, analytical processing of economic information, special methods and techniques are used, which depend on the task and the availability of an information base. They can be roughly divided into two groups: traditional and mathematical.

Traditional methods:

1. Use of absolute, relative and average values.

The analysis of indicators of economic phenomena, processes, situations begins with the use of absolute values. Absolute values in accounting and statistics are the main measures, while in AHD they are used as a basis for calculating average and relative values. Relative values are widely used in AHD. They characterize the phenomenon of the dynamics of indicators, i.e. calculated by comparing actual performance over several periods of time. When analyzing the structure of a population, the relative size of the structure is used. The calculation of these indicators over several periods of time makes it possible to analyze structural changes. The relative intensity values are analytical. Average values are also important in the analysis; they provide a generalizing characteristic of the phenomena and allow the transition from the singular to the general, from the random to the regular. Without them, it is impossible to compare the trait under study across different populations. In analytical calculations, various types of averages are used.

2. The leading method of AHD is the comparison method. The comparison can be made for three types of dynamics. It depends on the reporting period chosen for comparison:

Implementation of the plan, the actual value of the object under study in the reporting year is compared with its planned one.

Actual dynamics, the actual value of the object under study in the reporting year is compared with its actual value for the same period of the previous year.

Planned dynamics, the planned value of the studied object of the reporting year is compared with its actual value of the previous year.

Percentages and coefficients are the result of comparison in relative terms. A prerequisite for the application of this method is the comparability of the compared economic indicators. Comparisons can also be made in absolute terms. It is determined by the way the differences are. The result of this comparison is the difference between the actual indicator and the base one in the form of an absolute value with a "+" or "-" sign.

3. Grouping method.

Grouping is an integral part of any research. It allows you to study economic phenomena in their relationship and interdependence, and also allows you to identify the influence of the most significant factors. In the process of analysis, typological, structural and analytical groupings are used.

Typological groupings, they use the type of social or economic phenomena that underlie these groupings.

Structural groupings are used in studying the composition of the enterprises themselves, and it is also possible to analyze the structure of products.

Analytical groupings are designed to identify the relationship and interdependence, and the interaction between the studied phenomena and their indicators.

When constructing these groupings from two interrelated indicators, one is considered as a factor influencing the other, and the second as a result of the first - such a grouping makes it possible to identify the relationship: the higher the qualifications, the higher the wages.

It is based on relative indicators expressing the ratio of the level of a given phenomenon to its level in the past or to the level of a similar phenomenon, taken as a comparison base. Indices are individual and general (aggregate). Using index recalculations and building a time series characterizing a particular indicator, it is possible to analyze the phenomenon of dynamics.

5. Method of chain substitutions or ellimation.

It is used to calculate the influence of individual factors on the corresponding aggregate indicator. This method of analysis is used only when the relationship between the studied phenomena has a strictly functional character. This method consists in sequentially replacing planned indicators with actual ones, i.e. in each calculation (substitution) only one indicator or factor is replaced. The degree of influence of this or that indicator is revealed by successive subtraction of the first from the second calculation, the second from the third, etc. In the first calculation, all values are planned, in the last - actual. After determining the size of the factors, a balance of deviations is drawn up. If the balance of deviations is maintained, then all calculations are performed, correct. In the conclusion, conclusions are drawn and measures are outlined to improve the final indicators.

6. Balance method.

It is widely used in accounting, statistics, planning and AHD (where there is a strictly functional dependence of indicators). This method is based on the commodity balance, which can be expressed by the following formula:

Nzap "+ Np = Nр + Nout + Nzap" "

Nzap "- stocks at the beginning of the reporting period

Nп - receipt of goods

Nр - sale of goods

Nout - other disposal of goods

Nzap "" - stocks at the end of the reporting period

The very commodity (raw material) balance allows us to draw important analytical conclusions. Especially if it is compiled not only as a whole, but also for individual groups of raw materials, finished goods. On the basis of this balance and using the method of chain substitutions, the influence of each algebraic term on the desired exponent is revealed, i.e. factor a.

The comparison can be made for three types of dynamics. It depends on the reporting period chosen for comparison:

a) implementation of the plan - the actual value of the object under study in the accounting year is compared with its planned value.

b) actual dynamics - the actual value of the object under study in the accounting year is compared with its actual value for the same period of the previous year.

c) planned dynamics - the planned value of the studied object of the reporting year is compared with its actual value of the previous year.

The implementation of the plan and the dynamics of commodity and products sold can be represented in the form of a table.

Table 1.1.

Explanation of Table 1.1.

1.1.1. Calculation of% fulfillment of the plan for all indicators:

Volume of real products = = = 102.8%

Marketable products in pl. wholesale prices = = = 103.5%

1.1.2. Calculation of the actual dynamics for all indicators:

Volume of real products = = = 117%

Marketable products in pl. wholesale prices === 100.5%

1.1.3. Calculation of planned dynamics for all indicators:

Volume of real products = = = 113.8%

Marketable products in pl. wholesale prices === 97.2%

1.1.4. Calculation of the planned dynamics of the volume of products sold in wholesale prices:

PD = = = 113.8%

1.1.4. The actual volume of products sold amounted to 2.8% more than planned, including an increase in the volume of sales of products of the highest quality category by 14.3%, also exceeded the actual level of products of the last year by 17%, including the highest quality category by 46.7 %. The planned volume of products sold increased by 13.8% compared to last year, incl. the highest quality category by 28.3%. From this we can conclude that there is an increase in the volume of sales of products in comparison with the last year and with the plan due to products of the highest quality category.

The actual volume of marketable output in comparison with the plan increased by 3.5%, and compared to last year by 0.5%. The target TP decreased by 2.8% compared to the previous year.

There is an increase in marketable output, and a 2.8% decrease in the planned indicator relative to the last year's indicator suggests that the enterprise had reasons for a decrease in the volume of marketable output.

To ensure a more complete satisfaction of the needs of the population, it is necessary that the enterprise fulfills the plan not only in terms of the volume of products, but also in terms of assortment (nomenclature). Nomenclature is a list of product names and their personnel, established for the corresponding types of products in the All-Russian Classification of Industrial Products (OKPP).

An assortment is a list of product names with an indication of its production volume for each type. It can be complete, group and intragroup.

The analysis of the fulfillment of the plan for the assortment can be carried out by comparing the actually completed assortment with the planned one, and the evaluation of the fulfillment of the plan is carried out in the following ways:

1. by the method of the lowest percentage.

2. by the specific weight in the general list of product names for which the production plan has been fulfilled.

3. using the average percentage, which is calculated by dividing the total actual output within the plan by the total planned output.

Based on the data in Table 2, we determine the fulfillment of the plan for the assortment:

Table 1.2.

production	TP at wholesale prices rub.	implementation of a plan %	TP, credited in fulfilling the plan for the assortment rub.

pressure gauge

potentiometer
moisture meter

Explanation to table 1.2.

1.2.1. Calculation of marketable products at wholesale prices. It is determined by multiplying the wholesale price by the volume of production.

1.2.1.1 Calculation of marketable products of all types in wholesale prices according to the plan:

Man-r = 10,464 * 7.5 = 78,480 rubles.

Sensor = 16891 * 44 = 743204 rubles.

Potenz-p = 1817 * 350 = 635950 rubles.

Moisture meter = 125 * 1900 = 237500 rubles.

1.2.1.2 Calculation of marketable products of all types in wholesale prices according to actually:

Man-r = 10890 * 7.5 = 81,675 rubles.

Sensor = 18904 * 44 = 8318776 rub.

Potenz-tr = 1780 * 350 = 623000 rubles.

Moisture meter = 115 * 1900 = 218500 rubles.

1.2.2. Calculation of% fulfillment of the plan for all types of products. It is determined by comparing the actual value of the object under study in the accounting year with its planned value:

Manometer = = 104.7%

Sensor = = 111.9%

Potentiometer = = 98%

Moisture meter = = 92%

% issued pl. total = = 103.5%

1.2.3. The calculation of the fulfillment of the plan for the assortment is carried out according to the method of the lowest percentage.

% issued pl. assorted. = = 98.1%

1.2.4 The production plan was fulfilled in general by 103.5%. But according to the potentiometer, the plan is underfulfilled by 2%, and according to the moisture meter by 8%. The reasons for not fulfilling the plan can be external and internal. The external ones include: market conditions, changes in demand for certain types of products, the state of material and technical support, untimely commissioning of the production capacities of the enterprise for reasons beyond its control. Internal reasons: shortcomings in the organization of production, poor technical equipment, downtime, accidents, lack of electricity, low production culture, shortcomings in the management system and material incentives.

The calculation of the specified indicators can be carried out on the basis of the data in tables 1, 2, 3.

Table 1.3.

index	produces. labor	implementation of a plan %	growth rate (decline)%

1. Per 1 worker (thousand rubles)
2. Per 1 worker (thousand rubles)
3. For 1 work. (person / day, rub)
4. For 1 worker. (person / hour rub)

Explanation to table 1.3.

1.3.1 Calculation of the average annual output per 1 employee is determined by dividing the volume of TP and the average number of employees:

GVPL = = 12 thousand rubles

GVF = = 12.26 thousand rubles

GVPRESH.YEAR = = 12.3 thousand rubles

1.3.2. The calculation of the average annual output per 1 worker according to the plan, in fact, for the previous year, is determined by dividing the volume of TP and the average number of workers:

GVPL = = 16.3 thousand rubles

GVF = = 16.75 thousand rubles

GVPROSH.YEAR = = 16.7 thousand rubles

1.3.3. The calculation of the average annual output per 1 worked person / day according to the plan, in fact and for the previous year, is determined by dividing the volume of TP by the number of worked person / days produced by workers:

GVPL = = 71.06 rubles.

GVF = = 75.3 rubles.

GVPROSH.YEAR = = 73.48 rubles.

1.3.4. Calculation of the average annual output per 1 man / hour worked according to the plan, in fact, and for the previous year. It is determined by dividing the volume of TP and the number of man / hours worked by workers:

GVPL = = 8.73 rubles.

GVF = = 9.31 rubles.

GVPROSH.YEAR = = 9.34 rubles.

1.3.5. The calculation of the fulfillment of the plan for labor productivity is determined by dividing the actual and planned average annual output:

1.3.5.1 per 1 worker:

% issued pl. = = 102.2%

1.3.5.2. per 1 worker:

% issued pl. = = 102.8%

1.3.5.3. per 1 person worked / day:

% issued pl. = = 106%

1.3.5.4. per 1 person worked / hour:

% issued pl. = = 106.6%

1.3.6. The calculation of the rate of growth (decrease) in labor productivity is determined by dividing the actual average annual output by the output of the previous year:

1.3.6.1. labor productivity growth rate per 1 worker:

TR (C) = = 99.7%

1.3.6.2. growth rate of labor productivity per worker:

TR (C) = = 100.3%

1.3.6.3. labor productivity growth rate per 1 person worked / day:

TR (C) = = 102.5%

1.3.6.4. labor productivity growth rate per 1 person worked / hour:

TR (C) = = 99.7%

1.3.7. According to the calculations, we can conclude: the rate of decrease in labor productivity per 1 employee, which amounted to 99.7%, was influenced by an increase in the number of personnel management by 23 people in comparison with the plan and their share in the total number of employees was 2.7%. , while the number of workers during this period increased by only 12 people. The enterprise needs to revise the personnel structure, otherwise the production will not be profitable, since there are large expenses for the maintenance of the management apparatus.

There is an increase in labor productivity per 1 job. person / day, which happened due to work on weekends and holidays. Due to the decrease in labor productivity per 1 person worked / hour by 0.3%, one can say about the intra-shift downtime existing at the enterprise. The company needs to pay attention to the organization of work.

To determine this ratio, you must first find the average salary, and then the growth (decline) rate of the average salary. To do this, you need data on labor productivity, which are calculated in table 1.3., And also for this calculation you will need the data in table 3. from Appendix 2.

1.4.1. Calculation of the average salary of 1 worker actually and for the previous year. It is defined as the ratio of the wage fund to the number of employees:

ZPF = = 1805.37 rubles.

ZEPRED. YEAR == RUB 1,740.54

1.4.2. The calculation of the growth rate of the average salary of employees is determined as the ratio of the actual level of the average salary to the level of the average salary of the previous year:

TR (C) = = 103.7%

1.4.3. The rate of growth of labor productivity per 1 worker:

TR (C) = = 99.7%

1.4.4. Determination of the ratio of the growth rate of average wages to labor productivity per worker:

1.4.5. The ratio of the growth rates of the average wage and labor productivity was 1.04, which indicates that the enterprise does not comply with the basic economic law, when productivity there must grow faster than wages. The enterprise needs to revise its work, as this tendency may lead to unpromising production.

Based on the data in Table 10 in Appendix 2, it is possible to calculate the fulfillment of the plan at the full cost of production and external factors at the full cost according to the data in Table 5.

1.5.1. Calculation of the% of plan fulfillment at the full cost of production, is determined as the ratio of the actual and full planned cost of production:

% of output plan = = = 99.8%

In order to find out the effect of each cost item on the received% of the plan fulfillment, you need to find the absolute deviation for each cost item

Table 1.5.- Calculation of the absolute deviation by item of cost

Expenditures	actual manufactured products	absolute deviation
according to plan	as a matter of fact
raw materials and supplies
recyclable waste
purchased products, semi-finished products
fuel and energy for technological needs
wages of production workers:
the main
additional
social security contributions
losses from marriage
overhead costs
general running costs
other production
Non-production

1.5.3. As a result of the calculations made, it can be concluded that the underperformance of the plan at cost was significantly affected by general and general production costs, and 3 rates of costs had a negative impact: losses from rejects, fuel and energy for technological needs and other production costs.

For a deeper study of the reasons for the change in the cost price, the accounting estimates for individual products are analyzed, the actual level of costs is compared with the planned and with the data of previous years as a whole and by cost items, and the influence of factors is identified.

Based on the available data in Table 6 in Appendix 2, the reduction in the cost of the most important products can be determined by comparison, i.e. calculate% of plan fulfillment, actual and planned dynamics.

Table 1.6.

Explanation to Table 1.6.

1.6.1. Calculation of the% fulfillment of the plan for the cost of production of each type of the most important products. It is defined as the ratio of the reporting year to the actual plan of the reporting year.

1.6.1.1. Calculation of% fulfillment of the plan at the cost of production of the pressure gauge:

% issued pl. = = = 98.4%

1.6.1.2. Calculation of the% of plan fulfillment at the cost of sensor production:

% issued pl. = = = 99%

1.6.1.3. Calculation of% fulfillment of the plan at the cost of production potentiometer:

% issued pl. = = = 100.6%

1.6.1.4. Calculation of% fulfillment of the plan at the cost of moisture meter production:

% issued pl. = = = 99.4%

1.6.2. Calculation of the actual dynamics at the cost of the most important products. It is determined as the ratio of the actual cost of the reporting year to the actual cost of the previous year.

1.6.2.1. Calculation of the actual dynamics at the cost of production

manometer:

PD = = = 96.9%

1.6.2.2. Calculation of the actual dynamics at the cost of sensor production:

PD = = = 96.5%

1.6.2.3. Calculation of the actual dynamics of the potentiometer production cost:

PD = = = 99.4%

1.6.2.4. Calculation of the actual dynamics at the cost of the moisture product:

PD = = = 98.4%

1.6.3. Calculation of planned dynamics at the cost of each type of the most important products. It is defined as the ratio of the planned cost of the most important products of the reporting year to the actual cost of the previous year.

1.6.3.1. Calculation of the planned dynamics at the cost of the manometer production:

PD = = = 98.5%

1.6.3.2. Calculation of the planned dynamics at the cost of sensor production:

PD = = = 97.5%

1.6.3.3. Calculation of the planned dynamics at the production cost of the potentiometer:

PD = = = 98.7%

1.6.3.4. Calculation of the planned dynamics at the cost of the moisture meter product:

PD = = = 98.9%

1.6.4. you can determine the reduction in the cost of the most important products by the way of differences. Compare the actual cost with the planned and with the cost of the previous year, as well as the planned cost with the cost of the previous year.

Table 1.7

production	deviation of actual cost	deviation of the plan.web from the previous year
from plan.web	from yourself before the year
pressure gauge

potentiometer
moisture meter

1.6.5. According to the calculations made, it can be concluded that for each type of the most important products there is a tendency to reduce the cost, except for the potentiometer product, since for this type of product in the reporting year there was an increase in the cost compared to the planned indicator (+2). This situation is not associated with an increase in the volume of production for this type of product, because the plan is not fulfilled in terms of potentiometers (-2), therefore, the reasons for the increase in cost are different.

1.7.1. To determine the loss of marriage according to the available data, it is necessary to add the costs of correcting the marriage to the cost of the finally rejected products, subtract the cost of the marriage at the price of possible use, the amount of deductions from the perpetrators and the amount of penalties from suppliers for the supply of substandard materials:

Losses from marriage = 43 + 2-1-1-2 = 32 thousand rubles

1.7.2. The share of losses from rejects in the production cost of TP is determined by dividing the sum of losses from defects by the production cost of TP:

Share of losses from rejects = = = 0.001 or 0.1%

1.7.3. Losses from rejects amounted to 32 thousand rubles, which in the production cost of TP is 0.1%. This indicates the insignificant influence of this cost item on the production cost of manufactured products, since there is a tendency to reduce the total cost of TP, but despite this, the enterprise needs to reduce losses from rejects.

The functioning of an activity, regardless of the types of its activities and forms of ownership in market conditions, is determined by its ability to generate sufficient income or profit.

Profit is the end result of an enterprise's activities, which characterizes the absolute efficiency of its work. Profit is the most important factor in stimulating the production and entrepreneurial activity of the enterprise and creates a financial assessment basis for its expansion to meet the social and material needs of the workforce.

Income tax is becoming the main source of budget revenues. At the expense of profit, the company's debt obligations to banks and investors are paid off, therefore, profit is the most important generalizing indicator in the system of estimated indicators of the efficiency of production, commercial and financial activities of the enterprise.

The amount of profit is due to the volume of sales of products and their quality and competitiveness in domestic and foreign markets, assortment, level of costs, inflationary processes that are always present in market conditions.

The system of indicators of financial results includes an absolute indicator, i.e. profit and relative indicators: overall profitability of the enterprise, profitability of products and others.

Analysis tasks:

1) assessment of the dynamics of profit;

2) determination of the direction and size of identifying bleaching factors for the amount of profit and the level of profitability;

3) identification and assessment of possible reserves for profit growth and profitability;

4) analysis of the profit threshold (break-even point).

Sources of information:

a) Form No. 2 “Annual and quarterly reports, report on financial results”;

b) Form No. 1 “Balance Sheet”;

c) Form No. 5 “Appendix to the balance sheet”;

d) Financial plan data;

e) Data of analytical accounting by accounts: sales of products, sales and other disposal of fixed assets, sales of other assets, profits and losses.

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time.

In the process of supplying, production, marketing and financial activities, there is a continuous process of capital circulation, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, change.

The financial condition can be stable, unstable (pre-crisis) and crisis. The financial condition of the enterprise, its stability and stability depend on the results of its production, commercial and financial activities. Financial activity as an integral part of economic activity should be aimed at ensuring the planned receipt and expenditure of monetary resources, the implementation of the calculation discipline, the achievement of rational proportions of equity and borrowed capital and the most efficient use of them.

Financial stability is the ability of an enterprise to make payments in a timely manner, to finance its activities on an expanded basis.

The main goal of financial activity is reduced to one main task - to increase the assets of the enterprise. To do this, it must constantly maintain solvency and profitability, as well as the optimal structure of the asset and balance sheet liability.

The main tasks of the analysis:

1. Timely identification and elimination of shortcomings in financial activities, and the search for reserves to improve the financial condition of the enterprise and its solvency.

2. Forecasting possible financial results, economic profitability based on the real conditions of economic activity and the availability of own and borrowed resources, the development of models of financial condition with various options for the use of resources.

3. Development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

The main sources of information for analyzing the financial condition of an enterprise are the balance sheet, profit and loss statements, capital movements, cash flows and other forms of reporting, primary and analytical accounting data, which decipher and detail individual balance sheet items.

The balance sheet is a way of reflecting in the monetary value of the property of an enterprise according to the composition and sources of its financing at a certain date.

Assets give a certain idea of the economic potential of the enterprise, liabilities show the amount of funds received by the enterprise and their sources.

To carry out analytical studies and assessments of the structure of the asset and liability of the balance sheet, balance sheet items are subject to grouping.

The main feature of the grouping of asset items is the degree of their liquidity, i.e. the volume of converting them into cash. Depending on the degree of liquidity, assets are divided into 2 large groups:

Fixed assets

Current assets

Negotiable are more liquid than non-circulating.

Non-current assets include: fixed assets, non-profit assets, capital investments, long-term financial investments.

The composition of circulating (current) includes: cash, securities, accounts receivable, inventories and costs - they are constantly in circulation, turning into cash, i.e. they can be easily converted into cash, i.e. they are liquid.

But cash, certain securities, receivables, real receivables, are even more liquid.

The liabilities of the balance sheet reflect the sources of funds of the enterprise at a certain date. They are divided into sources of own funds (capital and reserves), long-term liabilities (loans and borrowings) and short-term liabilities (loans, borrowings, settlements and other liabilities).

Liabilities items are grouped according to 2 criteria:

Legal affiliation (own and borrowed)

Duration of use of funds (long-term and short-term)

The sources of own funds include: authorized capital, additional capital, reserve capital, accumulation and social funds, targeted financing and retained earnings of previous years. Borrowed funds include: long-term and short-term loans and borrowings, accounts payable, and other liabilities.

Based on the signs of the grouping of the assets and liabilities of the balance sheet, it is possible to draw up an analytical balance, with the help of which the analysis of the structure of the property of the enterprise and the sources of its financing is carried out.

When analyzing the structure of the balance sheet, the proportion of each group of assets and liabilities of the balance sheet in general, as a result, as well as the ratio between individual groups are identified and evaluated.

Cash, securities and real accounts receivable, i.e. easily realizable assets are a source of repayment of short-term liabilities, the maturity of which is less than 1 year, the rest of the liquid assets is used to repay long-term liabilities, the maturity of which is more than 1 year.

If, after paying off all external liabilities, the enterprise still has liquid assets, they will become the property of shareholders.

The use of natural working capital and other assets is considered similarly:

To pay off short-term liabilities

To pay off long-term obligations

The presence of communication functions between asset and liability groups determines that short-term borrowed sources are intended to replenish mobile assets, and long-term ones are directed to the acquisition of real estate and capital investments.

The analysis of the financial condition of the enterprise begins with a study of the composition and structure of the property of the enterprise according to the balance sheet data.

Analysis of the dynamics, composition and structure of property makes it possible to establish the size of the absolute and relative increase or decrease in the entire property of the enterprise and its individual types.

An increase (decrease) in an asset indicates an expansion (contraction) of the enterprise's activity, the curtailment of economic activity may be caused by a decrease in effective demand for the goods of this enterprise, a limitation of raw materials, materials, etc.

Changing the structure of property creates certain opportunities for core and financial activities and affects the turnover of total assets.

Indicators of the structure of dynamics reflect the share of participation of each type in the total, changes in total assets. Their analysis allows us to conclude in which assets the newly attracted financial resources are invested or which assets have decreased due to the outflow of financial resources. Let's make a table for analysis.

Table 2.1. - Analysis of the composition and structure of the property of the enterprise

Placement of property	For the beginning of the year	At the end of the year	Change over the year	% to the change in the total balance of the balance
					% by the beginning of the year
Immobilized funds (non-current assets) Fixed assets Construction in progress Long-term fin. attachments Other noncurrent assets Mobile assets (current assets) inventories and costs Accounts receivable Value added tax Short-term fin. attachments

Cash Other current assets

Explanation of Table 2.1.

As can be seen from the table, the total value of the property of the enterprise, including money and funds in the calculations, increased by 636 thousand rubles. or 2.6%.

In the structure of the property at the beginning of the reporting period, mobile working capital amounted to 8975 rubles. over the reporting period, they increased by 171 thousand rubles. or by 1.9%, but their share in the value of assets decreased by 0.23% and amounted to 36.65% at the end of the year, reserves increased most significantly by 334 thousand rubles. or 51.3% (the least mobile part of assets), at the end of the reporting period their share was 3.94% and increased by 1.26% compared to the beginning of the year.

Value added tax increased by 108 thousand rubles. or by 72%, their share increased by 0.43%.

Cash and the cost of securities decreased by 45 thousand rubles. or 39.1%, their share decreased by 0.22%.

Accounts receivable decreased over the reporting period by 226 thousand rubles. or 2.8%, their gorge weight decreased by 1.7%.

The immobilized funds increased over the reporting period by 465 thousand rubles. or 3.03%, and their share increased by 0.23%. The cost of fixed assets and capital investments decreased by 364 thousand rubles. or 2.4%, their share decreased by 3.1%. Construction in progress increased by 829 thousand rubles. or by 1%, their share increased by 3.3%. Intangible assets have not changed.

The increase in immobilized funds turned out to be 2.7 times higher than that of mobilized funds, which determines the trend towards a slowdown in the turnover of all assets of the enterprise and creates unfavorable conditions for the financial activities of the enterprise.

Analysis of structural dynamics indicators revealed an unfavorable trend: more than 2/3, i.e. 73.1% of the total increase in property was provided due to the increase in non-current assets, i.e. resources were invested in less liquid assets, which reduces the financial stability of the enterprise.

The reasons for the increase or decrease in the property of the enterprise are established by studying changes in the composition of the sources of its formation. Receipt, acquisition, creation of property can be carried out at the expense of

own and borrowed funds of capital, the characteristics of the ratio of which reveals the essence of the financial position of the enterprise. Assessment of the dynamics of the composition and structure of sources of own and borrowed funds is made according to the data of Form No. 1 - balance sheet in the table.

Table 2.2.- Analysis of the composition and structure of sources of funds of the enterprise

Sources of funds

For the beginning of the year

At the end of the year

Change over the year

% to the change in the total of the pass-va ball-sa

% by the beginning of the year

Equity (capital and reserves)

Authorized capital

Additional drop-l

Reserve capital

Accumulation funds

Social funds spheres

Targeted financing

Undestributed profits

Long-term loans

Short-term loans

Accounts payable

Dividend calculations

revenue of the future periods

Consumption funds

Reserves for pending expenses

Other short-term liabilities

Explanation of Table 2.2.

As can be seen from table 2.2. increase in the value of the property of the enterprise for the reporting period by 636 thousand rubles. or 2.6%, mainly due to the increase in equity by 295 thousand rubles. or 1.66%.

The growth of own funds was due to an increase in additional capital by 188 thousand rubles. or 1.07%. There was an increase in the accumulation fund by 107t.r. or 88.43% of the total amount of sources of funds.

In the structure of borrowed funds, accounts payable increased significantly by 1707 thousand rubles. or 33.15%, its share increased by 6.3%.

Structural analysis suggests that 86.3% of the total increase in funding was provided by an increase in own funds. Thus, a comparison of the dynamics of the structure

1. part of the increase in financial resources was aimed at increasing real estate, which reduced the level of mobility of own funds.

2. the greatest impact on the increase in property was made by the increase in own funds.

The financial stability of an enterprise is characterized by a system of absolute and relative indicators. It is determined by the ratio of the value of material circulating assets and the values of own and borrowed sources of funds for their formation, i.e. providing stocks and costs with sources of funds for their formation is the essence of the financial stability of the enterprise.

Relative indicators of financial stability.

Financial stability is characterized by a system of financial ratios. They are calculated as the ratio of the absolute indicators of the asset and the liability of the balance sheet. The analysis of these coefficients is in comparison with their standard values, as well as in the study of their dynamics for the reporting period and for several years.

Indicators for the last year, average industry indicators, indicators of the most promising enterprises can also be taken as basic values.

1. One of the most important indicators characterizing the independence of an enterprise from borrowed funds is the autonomy ratio, which is calculated by the formula:

B - balance currency, balance total

It shows the share of own funds in the total amount of all funds of the enterprise advanced by him for the implementation of statutory activities. The minimum threshold is estimated at 0.5.

2. The ratio of the ratio of borrowed and own funds, is calculated as the ratio of all liabilities of the enterprise to the amount of own funds.

K s / s = K T + K t + h r / I s,

where К Т - long-term liabilities

chr - accounts payable, including dividend payments and liabilities

It characterizes how much borrowed funds the company attracted for 1 ruble of its own funds invested in assets. Its normative value must be less than or equal to 1.

3. The coefficient of maneuverability is calculated as the ratio of the company's own circulating assets to the sum of the sources of its own and long-term borrowed funds.

Km = E s / I s + K T = I s + K T –F / I s + K T,

where F - immobilized funds (non-current assets)

EU - availability of its own working capital

It shows what share of your own funds is in mobile form, which allows you to more or less freely monitors with these funds. Its standard value must be greater than or equal to 0.5.

Along with the indicators characterizing the structure of the property, it is necessary to calculate and analyze the coefficients showing the share of debt in the sources of funds of the enterprise.

4. Ratio of long-term borrowed funds is defined as the ratio of the amount of long-term loans and borrowings to the amount of sources of own funds and long-term borrowed funds.

Kd = K T / I s + K T

This ratio allows you to estimate the share of funds in the financing of capital investments.

5. Ratio of short-term debt, expresses the share of short-term liabilities in the total amount of external liabilities.

K k = K t + h p / K T + K t + h p

6. The ratio of accounts payable and other liabilities characterizes the share of accounts payable and other liabilities in the total amount of external liabilities.

K kz = h p / K T + K t + h p

7. The coefficient of forecasting bankruptcy, characterizes the proportion of net working capital in the amount of the balance sheet asset.

K pb = R a - (K t + h p) / B,

where R a - mobile assets (current assets, current, real assets)

Table 2.3 - Analysis of indicators of financial stability

Indicators

We are the limits

At the beginning of the year, thousand rubles

At the end of the year, thousand rubles

Change for the period (+ ;-) tr.

Enterprise property

Equity (capital and reserves)

Borrowed funds, total

Long-term loans

Long term loans

Short-term loans

Short-term debt and other liabilities

Fixed assets

Construction in progress

Own working capital (page 2-page 4)

Inventories and costs

Cash, settlements and other assets

Autonomy ratio (p2 / p1)

Debt to equity ratio (line 3 / line 2)

Maneuverability coefficient (page 5 / page 2)

Long-term borrowing ratio

Short-term debt ratio (line 3 / line 3)

Accounts payable and other liabilities ratio (line 3 / line 3)

Bankruptcy forecast ratio (line 6 + line 7 - line 3 / line 1)

Explanation of table 2.3.

As can be seen from the table, there is a high financial dependence of the enterprise, this is confirmed by the coefficient of autonomy and own circulating assets. The maneuverability coefficient also decreased by 0.01.

Despite these positive aspects, we can say that the company is in financial difficulty, because the bankruptcy ratio, although it has a positive value, decreased by 0.013 relative to last year. To get out of the crisis and stabilize it, the enterprise needs to carry out economic and financial recovery.

Market conditions of management oblige the enterprise at any time to be able to urgently repay external liabilities (ie, be solvent). An enterprise is considered solvent if its total assets are greater than long-term and short-term liabilities.

To assess the change in the degree of solvency, it is necessary to compare the balance sheet indicators for various groups of assets and liabilities, on the basis of this comparison, analytical absolute and relative indicators are determined.

Solvency is measured using the solvency ratio, which shows the share of funds (capital) in total liabilities and is calculated as the ratio of equity to debt, usually expressed as a percentage.

Wed y (s / s) = I s / K T + K t + h p,

where Is - sources of own funds

K T - long-term liabilities

К t - short-term liabilities: loans and borrowings

hr - accounts payable, including dividend payments and liabilities.

Market conditions of management oblige the company at any time to be able to urgently repay short-term liabilities (ie, be liquid). An enterprise is considered liquid if its current assets are greater than current liabilities. It is important to take into account that cash is more important than profit for the successful financial management of an enterprise.

Relative liquidity indicators.

When analyzing the current financial position of an enterprise for the purpose of investing in it, relative liquidity indicators are used. The degree of conversion of current assets into cash is not the same, therefore, in domestic and world practice, 3 relative indicators of liquidity are calculated.

1. The ratio of absolute liquidity, it is calculated as the ratio of cash on hand, in bank accounts, as well as the cost of securities that can be sold on stock exchanges to the amount of short-term liabilities. Its regulatory limit is 0.2-0.25.

Cubs. face. = d / K t + h p

Where d - cash and short-term investments

2. Liquidity ratio 2, is calculated as the ratio of cash and real receivables to receipt, to the amount of short-term liabilities. Its normal limits are 0.7-0.8.

Click. 2 = d + ha / K t + hr

3. The current liquidity ratio or coverage ratio, it is calculated as the ratio of the amount of cash of real receivables and stocks, and costs, i.e. the value of all real assets to the amount of short-term debt. The standard value is 2.

Kp = d + ha + Z / Kt + chr = Ra / K t + chr

Z - stocks and costs

This indicator is the most generalizing and therefore in world practice it is accepted that for every ruble of investment, i.e. short-term debts, there should be 2 rubles of working capital, but under the influence of the forms of calculating the turnover of working capital and other features, a positive financial condition can be even with a lower coverage ratio, but always more than 1.

Table 2.4. - Analysis of liquidity indicators

Indicators

Limitations

At the beginning of the year, thousand rubles

At the end of the year, thousand rubles

Deviation (+ ;-)

Checking account

Foreign exchange accounts

Other cash

Short-term financial investments (securities)

Total cash and securities (∑p.1-5)

Receivables

Other current assets

Total cash, securities and receivables (∑p.6-8)

Inventories and costs less prepaid expenses

Total liquid funds (line 9 + line 10)

Short-term loans

Accounts payable

Dividend calculations

Other short-term liabilities

Total current liabilities (∑p. 12-16)

Absolute liquidity ratio (line 6 / line 17)

Liquidity ratio 2 (line 9 / line 17)

Coverage ratio or current liquidity (line 11 / line 17)

Explanation to table 2.4.

The data in the table indicate that the company is in a financial crisis, the liquidity ratio is significantly lower than the permissible value, and also a negative factor is that during the reporting period, the absolute liquidity ratio decreased by 0.012. And the coverage ratio for the reporting period also decreased by 0.4, but it still does not exceed the threshold. The company urgently needs to stop the decline in the coefficients, or at least stop their further decline.

The most generalizing absolute indicator of financial stability is the correspondence or inconsistency (surplus or shortage) of sources of funds for the formation of stocks and costs, i.e. the difference between the size of the sources of funds and the amount of reserves and costs. To characterize the sources of formation of stocks and costs, several indicators are used, reflecting the varying degrees of coverage of different types of sources:

1. Availability of own circulating assets, which is defined as the difference between the sum of sources of own funds and the value of fixed assets and non-current assets.

EC = Is - F

At the analyzed enterprise, the availability of its own funds at the beginning of the year amounted to 17,768 thousand rubles. and at the end of the year 18062 tr.

2. Availability of own circulating and long-term borrowed sources of funds for the formation of stocks and costs.

ЕТ = (И с + КТ) –F

At the analyzed enterprise ET = I s, since the company does not have long-term borrowed sources.

3. The total value of the main sources of funds for the formation of stocks and costs. It is equal to the sum of its own working capital, long-term and short-term loans and borrowings.

Е∑ = (Is + KT + Kt) - F

At the analyzed enterprise Е∑ = ЕТ, since the enterprise does not have

short-term loans and borrowings.

In world practice, to determine the solvency of an enterprise, an indicator is used - the excess of all assets over external liabilities. It represents the difference between all assets of an enterprise and long-term, short-term debt. If an enterprise is unable to fulfill its external obligations at the expense of all its assets, it may be declared insolvent.

Table 2.5. - Based on the asset and liability balance sheet, we will draw up a table.

Explanation of table 2.5.

An enterprise can fulfill its obligations from total assets both at the beginning of the year and at the end, i.e. is solvent. The amount of excess of all assets over external debts at the end of the reporting period increased by 294t.r. or only by 1.02 times, and should exceed at least 2 times, thus, there is a tendency to decrease in solvency.

For a more accurate assessment of the solvency of an enterprise in foreign and domestic practice, the value of net assets is calculated and their dynamics is analyzed. Net assets represent the excess of assets by liabilities taken into account. The assets involved in the calculation include the monetary and non-monetary property of the enterprise, with the exception of the founders' debts for their contributions to the Criminal Code, VAT, and losses. Liabilities involved in the calculation: targeted financing and receipts, lease obligations, external liabilities to banks and other individuals, accounts payable, reserves for future expenses and payments, and other liabilities.

Table 2.6. - Calculation of net assets

Indicator name

At the beginning of the year, thousand rubles

At the end of the year, thousand rubles

1.intangible assets

3. unfinished construction

4.Long-term financial investments

5. other non-current assets

6.inventory, MBE, SOE and goods

7 WIP and prepaid expenses

8.cash

9. receivables

10. short-term financial investments

11. other current assets

12.Value added tax

13.total assets (∑p1-11)

14. earmarked funding and receipts

15.bank loans

16.borrowed funds

17. accounts payable

18.provisions for future expenses and payments

19. other liabilities

20.total liabilities (∑p. 13-18)

21. cost of net assets (line 12 - line 19)

As a percentage of total assets

Explanation of Table 2.6.

The presented calculation shows that this company pays with net assets, the amount of which since the beginning of the year has decreased by 1,071 thousand rubles, or 5.6%, and their share has decreased by 5.02%. This confirms the previously made conclusion about the decrease in the company's solvency.

The liquidity of an enterprise means the liquidity of its balance sheet. The liquidity of assets and the maturity of liabilities can only be roughly determined from the balance sheet in the course of external analysis. An increase in the accuracy of assessing balance sheet liquidity occurs in the process of internal analysis based on accounting data. Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups:

The most liquid assets, these include all cash and short-term financial investments (securities) from the second section of the balance sheet asset, which means it can be written with the following formula:

Quickly realizable assets are accounts receivable and other assets from the II-nd section of the balance sheet asset.

Slowly realizable assets, these include items from the 2nd section of the balance sheet asset: stocks of raw materials, materials, IBE, SOE, goods and WIP costs, as well as the debts of participants in contributions to the charter capital and long-term financial investments from the 1st section of the asset.

Where FT is a long-term financial investment

RT - arrears of participants in contributions to the Criminal Code

Hard-to-sell assets are the articles of the 1st section of the asset: non-current assets, with the exception of the item included in the previous group.

Balance sheet liabilities are grouped according to the urgency of their payment:

The most urgent liabilities, these include accounts payable, dividend payments and other short-term liabilities from the short-term liabilities section.

Short-term liabilities, short-term loans and borrowed funds from the 5th section of the liability.

Long-term liabilities are long-term loans and borrowed funds from the long-term liabilities section.

Permanent liabilities are items of the division of capital and reserves, to maintain the balance of assets and liabilities, the total of this group is reduced by the amount under the item of deferred expenses (S f), to the resulting total of this group, items of deferred income (D), consumption funds (F ), reserves for future expenses and payments (p P) from the 5th section of the balance sheet liability.

A4 = I s - S f + D + F + r P

To determine the liquidity of the balance sheet, it is necessary to compare the results of the given groups by asset and liability, the balance is considered absolutely liquid if the following ratios are maintained:

A1 ≥ P1; A2 ≥ P2; A3 ≥ P3; A4 ≥ P4;

The fulfillment of the first three inequalities (equalities) in this system inevitably entails the fulfillment of the 4th inequality (equality), therefore, it is essential to compare the total in the first three groups for assets and liabilities, the 4th inequality (equality) has a balancing nature and at the same time there is a deep economic sense: its implementation indicates that the enterprise has its own circulating assets, i.e. minimum conditions for financial stability.

In the case when one or several inequalities (equalities) have a sign opposite to the optimal variant, the liquidity of the balance to a large extent differs from the absolute one. At the same time, the lack of funds for one group of assets is compensated by the surplus for another group, but only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

Table 2.7. - Analysis of balance sheet liquidity

	lo period thous.	at the end of the period thous.		lo period thous.	end of period thous.	payment surplus or deficiencies thousand rubles	in% to the total value of the balance liabilities group
lo period thous.	at the end of the period thous.	at the beginning of the period	end of the period
1. The most liquid assets A1 = d			1.Most urgent obligations P1 = hr
2.Quickly traded assets A2 = h a			2.Short term liabilities P2 = K t
3. Slowly traded assets A3 = Z + FT + RT			3.Long term liabilities P3 = KT
4. Hard-to-sell assets A4 = F-FT			4. Permanent liabilities P4 = Is-Sf + D + F + rP

Explanation of Table 2.7.

Characterizing the liquidity of the balance sheet according to the table, it should be noted that in the reporting period there is a very high payment shortage of the most liquid assets to cover the most urgent liabilities: at the beginning of the period 5149 thousand rubles. or 98% and at the end of 6856 thousand rubles. or 99% - these figures indicate that only 1% of the company's urgent liabilities at the beginning and at the end of the period were covered by the most liquid assets. As at the beginning, so

and at the end of the period, short-term and long-term loans and borrowed funds from the section long-term liabilities are not observed, they simply do not exist. Due to its low liquidity, the payment surplus cannot be used to cover short-term liabilities, thus the insufficient liquidity of the balance sheet confirms the previously made conclusion about the crisis financial condition of the enterprise.

The company is in a financial crisis, as evidenced by its low liquidity of current assets. Its total assets are much lower than short-term liabilities - this indicates the insolvency of the enterprise. The coverage ratio is significantly lower than the optimal one, which suggests that current liabilities exceed current assets - the financial position of the company is not entirely safe. For potential partners, this is a risk when making deals. The enterprise does not rationally regulate its assets, as evidenced by the decrease in sales. In order for the company to get out of the financial crisis, it is necessary to carry out a complete economic and financial recovery.

The stable financial position of an enterprise in a market economy is also conditioned to a large extent by its business activity. The main qualitative and quantitative criteria of the business activity of the enterprise:

The breadth of markets for products (including export supplies)

Enterprise reputation

The degree of fulfillment of the plan for the main indicators of economic activity (volume of sales of products, profit, the value of the company's assets, i.e. advanced capital)

Achievement of planned growth rates

The level of efficiency in the use of capital resources

Sustainable economic growth

Assessing the dynamics of the main indicators, it is necessary to compare the rates of their change. The optimal ratio is the following, based on their relationship:

TRB> TQp> TV> 100%

where, TRB - the rate of change in the balance sheet profit

ТQp - the rate of change in the volume of sales

TV - the rate of change in the amount of assets (capital)

This ratio means:

Profit increases at a higher rate than the volume of sales of products - this indicates a decrease in production and distribution costs

The volume of sales increases at a higher rate than the assets of the enterprise, which means that resources are used more efficiently

The economic potential of the enterprise is increasing in comparison with the previous period

The considered ratio in world practice is called the "golden rule of economics", but if the activity of an enterprise requires a significant investment of funds that can pay off and bring benefits only in the long term, then deviations from the "golden rule of economics" are possible and should not be considered negative phenomena. This can be when investing in the development of new processing technologies, storage of new products, modernization and reconstruction of existing enterprises.

To assess the efficiency of using the resources of an enterprise, various indicators are used that characterize the intensity of all resources (resource efficiency) and their types: basic, intangible and circulating assets.

Resource efficiency shows the volume of proceeds from the sale of products per 1 ruble of funds invested in the activities of the enterprise. In world practice, this indicator is called the capital turnover ratio.

where Q p - sales volume

B - the average annual amount of all funds (balance sheet)

When analyzing the dynamics of this indicator, a tendency of its change is revealed, if the indicator grows, this indicates an increase in the efficiency of using the economic potential. After calculating this indicator, private indicators of resource use are analyzed:

1. the efficiency of fixed assets is measured by indicators of capital productivity and capital intensity, which are closely related to productivity and capital-labor ratio, therefore, the relationship between these indicators is analyzed.

2. the analysis of economic efficiency from intangible assets is carried out using indicators characterizing the main and commercial activities of the enterprise, the growth in sales of products based on improving its quality and a corresponding premium in the price of goods, the competitiveness of products, expanding sales markets, increasing profits.

3. analysis of the efficiency of the use of working capital is carried out using indicators characterizing their intensity, the rate of their conversion into cash and minimization of advanced working capital, ensuring the highest possible performance. These are indicators of the turnover of working capital:

1) the duration of one turnover, in days

OB = CO * D / Q p,

Where СО is the average balance of working capital

D - the number of days in the period

Q p - sales turnover

2) the turnover ratio, it characterizes the number of revolutions made by circulating assets for the studied period

Kob = Q p / CO

3) the amount of working capital attributable to 1 ruble of products sold - the coefficient of securing, loading of working capital

Turnover indicators can be calculated for all current assets as a whole and separately for material and receivables.

In the course of the analysis, these indicators are compared with those of the previous period. If the turnover of working capital in days in the reporting year is less than last year's, then this indicates an acceleration in the turnover of working capital, which means about their more efficient use and vice versa.

The business activity of joint-stock enterprises is also characterized in world practice by the degree of sustainability of economic development or growth, which suggests that the enterprise is not threatened with bankruptcy. Therefore, the management of the enterprise and managers are faced with the task of ensuring sustainable rates of economic development of the enterprise.

The rate of economic development of the enterprise is determined by the rate of increase in the reinvested own funds of working capital. They depend on many factors reflecting the effectiveness of current and financial activities: profitability, equity turnover, dividend policy, financial strategy, optimal capital structure. In accounting and analytical practice, the ability of an enterprise to expand its core activities by reinvesting its own funds is determined using the growth sustainability coefficient, which is expressed as a percentage and is calculated by the formula:

Chur = Rch-D / Is * 100% = RRP / Is * 100%

Where RF is the net profit remaining at the disposal of the enterprise

D - dividends paid to shareholders

IS - equity (capital and reserves)

RRP - profit directed to the development of production (reinvested profit)

The coefficient of sustainability of economic growth shows the rate at which the economic potential of the enterprise increases on average.

The financial condition of the enterprise, its stability and stability depend on the results of its production, commercial and financial activities.

If the production and financial plans are successfully fulfilled, then this has a positive effect on the financial position of the company. Conversely, as a result of the failure to fulfill the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a rule, a deterioration in the financial condition of the enterprise and its solvency.

Consequently, a stable financial condition is not a fluke, but the result of a competent, skillful management of the entire complex of factors that determine the results of an enterprise's economic activity.

A stable financial position has a positive effect on the implementation of production plans and the provision of production needs with the necessary resources.

Therefore, financial activity as an integral part of economic activity should be aimed at ensuring the planned receipt and expenditure of monetary resources, the implementation of calculation discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

Even with good financial results, a high level of profitability, an enterprise may experience financial difficulties if it has misused its financial resources, investing them in excess production inventories or allowing large accounts receivable.

The financial crisis of an enterprise is a state in which the balance of payments equilibrium in a given situation is ensured by overdue payments for wages, bank loans, suppliers, the budget, etc. A sound financial condition can be restored by:

Acceleration of capital turnover in current assets, as a result of which there will be a relative decrease in turnover per ruble

Reasonable reduction of inventories and costs (up to the standard)

Replenishment of own working capital from internal and external sources.

1. M.I. Bakanov, A.D. Sheremed "Theory of Analysis" Moscow, 1995.

2. G.V. Savitskaya "AHD Enterprise" Minsk, Moscow 1998.

3. E.A. Markaryan, G.P. Gerosimenko "Financial Analysis" Moscow, 1997.

4. A.I. Kovalev, V.P. Privalov "Analysis of the financial condition of the enterprise", Moscow, 1997.

5. Materials of periodicals

6. Normative and legislative documents

7. G.V. Savitskaya "AHD of the enterprise" Minsk, 2000

8.S.A. Boronenkov "Management Analysis" Moscow, 2001

Evaluation of the effectiveness of production, economic, financial activity is reduced to the analysis of the profitability of a particular type of activity of the organization, that is, it is aimed at maximizing financial results.

The effectiveness of the financial and economic activities of the enterprise is assessed using absolute and relative indicators.

The performance of an enterprise can be assessed by several groups of indicators. The most often used indicators of profit and profitability, depending on the organization of the economic process, the efficiency of using certain types of property potential, that is, on the dynamics of financial and economic activities.

Business activity assessment is aimed at analyzing the results and effectiveness of current production activities.

An assessment of business activity at a qualitative level can be obtained by comparing the activities of a given enterprise and related enterprises. Such quality criteria are: breadth of product markets; availability of products for export; the reputation of the enterprise, expressed, in particular, in the awareness of customers using the services of the enterprise, etc. The quantitative assessment is done in two directions:

o the degree of fulfillment of the plan (established by the parent organization or independently) for the main indicators, ensuring the specified rates of their growth;
o the level of efficiency in the use of various resources of the enterprise.

To implement the first direction of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the following ratio is optimal:

T pb> T p> T ak> 100%, (1.4)

where T pb> T p -, T ak - respectively, the rate of change in profit, sales, advanced capital (Bd).

This dependence means that:

a) the economic potential of the enterprise increases;
b) in comparison with an increase in economic potential, the volume of sales increases at a higher rate, i.e. enterprise resources are used more efficiently;
c) profit grows at a faster pace, which, as a rule, indicates a relative decrease in production and circulation costs. 17, p. 44-48

At the same time, deviations from this ideal dependence are possible, and they should not always be considered negative, such reasons are: the development of new prospects for the direction of capital investment, reconstruction and modernization of existing production facilities, etc. This activity is always associated with significant investments of financial resources, which for the most part do not provide quick benefits, but in the long term they can fully pay off.

To implement the second direction, various indicators can be calculated that characterize the efficiency of use of material, labor and financial resources. The main ones are production, capital productivity, inventory turnover, operating cycle duration, and advance capital turnover.

When analyzing the turnover of working capital, special attention should be paid to inventories and accounts receivable. The less the financial resources in these assets are deadened, the more efficiently they are used, the faster they turn around, bring the company more and more profits. 18, p. 24-25

The turnover is assessed by comparing the indicators of the average balances of current assets and their turnover for the analyzed period. Turnovers in the assessment and analysis of turnover are:

o for inventories - the cost of manufacturing products sold;
o for accounts receivable - sales of products by bank transfer (since this indicator is not reflected in the reporting and can be identified according to accounting data, in practice it is often replaced by an indicator of sales proceeds).

The generalized characteristic of the duration of the mortification of financial resources in current assets is the indicator of the duration of the operating cycle, i.e. how many days on average elapse from the moment the funds are invested in the current production activity until the moment they are returned in the form of proceeds to the current account. This indicator largely depends on the nature of the production activity; its reduction is one of the main on-farm tasks of the enterprise. 20, p. 14-15.

The indicators of the efficiency of the use of certain types of resources are summarized in terms of the turnover of equity capital and the turnover of fixed capital, which characterize the return on investment in the enterprise, respectively: a) the owner's funds; b) all funds, including attracted. The difference between these ratios is due to the degree to which borrowed funds are attracted to finance production activities.

The generalizing indicators for assessing the efficiency of using the resources of an enterprise and the dynamism of its development include the indicator of resource efficiency and the coefficient of sustainability of economic growth.

Resource efficiency (or the advance capital turnover ratio). It characterizes the volume of products sold per ruble of funds invested in the activities of the enterprise. The growth of this indicator in dynamics is regarded as a favorable trend.

Economic growth sustainability coefficient. The coefficient shows the average rate at which an enterprise can develop in the future, without changing the already established relationship between various sources of financing, capital productivity, profitability of production, dividend policy, etc.

Profitability assessment

The main indicators of this block, used in countries with market economies to characterize the return on investment in activities of a particular type, are the return on capital advanced and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit falls on one ruble of advanced (equity) capital.

Assessment of the position on the securities market is carried out in companies registered on stock exchanges and listing their securities there. The analysis cannot be performed directly from the financial statements - more information is needed. Since the terminology for securities in our country has not yet finally developed, the given names of indicators are conditional.

Earnings per share. It is the ratio of net profit, reduced by the amount of dividends on preferred shares, to the total number of ordinary shares. It is this indicator that significantly affects the market price of shares. Its main drawback in analytical terms is its spatial incomparability due to the unequal market value of shares of different companies. 19, p. 64-95

Share value. Calculated as the quotient of the market price of a share divided by earnings per share. This indicator serves as an indicator of demand for the stock of a given company, as it shows how much investors are willing to pay at the moment for one ruble of earnings per share. The relatively high growth of this indicator over time indicates that investors expect a faster growth in the profits of this firm compared to others. This indicator can already be used in spatial (interfarm) comparisons. Companies that have a relatively high value of the coefficient of sustainability of economic growth, as a rule, also have a high value of the “value of a share” indicator.

Share dividend yield. Expressed as the ratio of the dividend paid per share to its market price. In companies that expand their operations by capitalizing most of their profits, the value of this indicator is relatively small. The dividend yield of a share characterizes the percentage of return on capital invested in the firm's shares. This is a direct effect. There is also an indirect (income or loss), expressed in a change in the market price of a given firm's shares.

Dividend yield. Calculated by dividing the dividend payable per share by earnings per share. The most obvious interpretation of this indicator is the share of net profit paid to shareholders in the form of dividends. The value of the coefficient depends on the investment policy of the firm. Closely related to this indicator is the profit reinvestment ratio, which characterizes its share directed to the development of production activities. The sum of the values of the dividend yield indicator and the profit reinvestment ratio is equal to one.

Stock quotes ratio. It is calculated by the ratio of the market price of a share to its book (book) price. The book price characterizes the share of equity per share. It consists of the par value (i.e. the value stated on the form of the share at which it is accounted for in the share capital), the share of the share premium (the accumulated difference between the market price of shares at the time of their sale and their par value) and the share of accumulated and invested in the development of the firm profit. A quote ratio value greater than one means that potential shareholders, purchasing a share, are ready to give a price for it that exceeds the accounting estimate of the real capital attributable to a share at the moment.

In the process of financial analysis, rigidly deterministic factor models can also be used, which make it possible to identify and give a comparative description of the main factors that influenced the change in a particular indicator.

The system is based on the following rigidly deterministic factor dependence:

where KFZ is the coefficient of financial dependence, VA is the sum of the assets of the enterprise, SK is the equity capital.

From the above-presented model, it can be seen that the return on equity depends on three factors: the profitability of economic activity, resource efficiency and the structure of the advanced capital. The significance of the identified factors is explained by the fact that in a certain sense they summarize all aspects of the financial and economic activities of the enterprise, in particular accounting (financial) statements: the first factor summarizes the Profit and Loss Statement form, the second is the balance sheet asset, the third is the balance sheet liability.

Determination of the unsatisfactory structure of the balance sheet of the enterprise.

Currently, the majority of Russian enterprises are in a difficult financial condition. Mutual non-payments between business entities, high tax and bank interest rates lead to the fact that enterprises are insolvent. An external sign of insolvency (bankruptcy) of an enterprise is the suspension of its current payments and the inability to satisfy the claims of creditors within three months from the date of their due date.

In this regard, the issue of assessing the structure of the balance sheet is of particular relevance, since decisions on the insolvency of an enterprise are made upon recognition of the unsatisfactory structure of the balance sheet.

The main purpose of the preliminary analysis of the financial condition of the enterprise is to substantiate the decision on recognizing the structure of the balance sheet as unsatisfactory, and the enterprise as solvent. The main sources of analysis are the balance sheet of the enterprise and the statement of financial results.

Analysis and assessment of the structure of the balance sheet of the enterprise is carried out on the basis of the following indicators: current liquidity ratio; equity ratio.

The basis for recognizing the structure of the company's balance sheet as unsatisfactory, and the company as insolvent, is one of the following conditions:

* if the current liquidity ratio at the end of the reporting period has

value less than 2; (K tl);

* if the equity ratio at the end of the reporting period is less than 0.1. (Coss).

The main indicator characterizing the presence of a real opportunity for an enterprise to restore (or lose) its solvency within a certain period is the coefficient of recovery (loss) of solvency.

If at least one of the coefficients is less than the standard (K tl<2, а К осс <0,1), то рассчитывается коэффициент восстановления платежеспособности за период, установленный равным шести месяцам.

If the current liquidity ratio is greater than or equal to 2, and the equity ratio is greater than or equal to 0.1, the ratio of loss of solvency is calculated for the period set equal to three months.

The coefficient of restoration of solvency K is determined as the ratio of the calculated coefficient of current liquidity to its standard.

The calculated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the period of restoration of solvency, set equal to six months:

where K ntl is the standard value of the current liquidity ratio,

K ntl = 2; 6 - period of restoration of solvency for 6 months;

T - reporting period, months.

The coefficient of restoring solvency, which takes a value greater than 1, indicates the existence of a real opportunity for the enterprise to restore its solvency.

The coefficient of restoring solvency, taking a value less than 1, indicates that the company has no real opportunity to restore its solvency in the next six months. 10, p. 34-50

The coefficient of loss of solvency K y is determined as the ratio of the calculated ratio of current liquidity to its established value. The calculated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the period of loss of solvency, set equal to three months:

where T y is the period of loss of the company's solvency, months.

The calculated coefficients are entered in table 1.1.

Table 1.1. Assessment of the structure of the balance sheet of the enterprise

Summarizing the theoretical aspects of studying the effectiveness of financial and economic activities, we will draw some conclusions.

Financial analysis, as a rule, is understood as external and internal analysis of the results and financial condition of the enterprise, as well as financial relationships, financial resources and their flows in the course of production and economic activities.

Analysis of the effectiveness of the financial and economic activities of the enterprise shows in what directions this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of an enterprise in a specific period of its activity. But the main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

The information base for financial analysis is accounting (financial) statements.

The results of financial analysis are used both by internal users (management, managers) and external (owners, creditors, suppliers and buyers, consultants, stock exchanges, lawyers, press).

Financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise, the expediency of their location and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The economic potential of the organization can be characterized in two ways: from the standpoint of the property status of the enterprise and from the standpoint of its financial position.

The financial results of the enterprise are determined, first of all, by the quality indicators of the products manufactured by the enterprise, the level of demand for these products, since, as a rule, the bulk of the financial results is profit (loss) from the sale of products (works, services).

Business Assessment aims to analyze the results and performance of the current core business.

Thus, financial analysis is a fairly flexible tool in the hands of the top management of an enterprise. The efficiency of the financial and economic activities of an enterprise is characterized by the placement and use of enterprise funds. This information is presented in the balance sheet of the surveyed enterprise.

The main factors that determine the efficiency of the financial and economic activities of the enterprise are, firstly, the fulfillment of the financial plan and replenishment, as the need arises, of its own working capital at the expense of profit and, secondly, the rate of turnover of working capital (assets).

Federal Agency for Education

State educational institution of higher professional education Samara State Aerospace University named after academician S. P. Korolev

Department: Organization of production

COURSE WORK

Topic: Analysis of the financial and economic activities of the enterprise

Completed by: Tuchina I.

Group: 444A

Received by: Shebunyaeva O. M.

Samara 2008

Explanatory note: 33 pages, 11 tables, 10 sources.

Liquidity, profitability, asset, liability, accounts receivable, balance sheet, profit, loss, financial stability

In this course work, an analysis of the financial and economic activities of the enterprise is carried out on the basis of the balance sheet, as well as the statement of financial results. The calculation of the financial indicators of the enterprise is carried out, conclusions are drawn about its work.

INTRODUCTION

1. Financial statements of the enterprise.

1.1 The balance of the enterprise.

1.2. Profits and Losses Report.

2. Analysis of the balance sheet of the enterprise.

2.1. Analysis of enterprise assets.

2.2. Analysis of the company's liabilities.

3. The main indicators of the financial and economic activities of the enterprise.

3.1. Analysis of the company's solvency.

3.2. Financial stability analysis.

3.3. Business activity analysis.

4. Analysis of profitability and profitability.

CONCLUSION.

LIST OF USED SOURCES.

INTRODUCTION

Financial condition is the most important characteristic of the financial and economic activities of an enterprise. It determines the competitiveness of an enterprise, its potential in business cooperation, is a guarantor of the effective implementation of the economic interests of all participants in financial relations: both the enterprise itself and its partners.

A stable financial position of the enterprise is achieved through qualified management of the entire set of production and economic factors that determine the results of the enterprise. Evaluation of the performance of any enterprise includes an analysis of its financial position.

Distinguish between internal and external analysis.

Internal analysis is carried out for the needs of enterprise management. Its results are used for planning, monitoring and forecasting the financial position. External analysis is performed on the basis of financial statements, the content of which is determined by the interests of the regulatory authorities, as well as the owners of financial resources. The main tasks of both internal and external analysis are:

- general assessment of the financial situation and factors of its change;

- determination of the rational allocation of financial resources and the efficiency of their use;

- establishing the position of an enterprise in the financial market and quantifying its financial competitiveness;

- compliance with financial, accounting and credit discipline;

- assessment of measures developed to eliminate the identified deficiencies and increase the return of financial resources;

- long-term and short-term forecasting of financial stability;

- identification of financial management problems.

Financial analysis is playing an increasingly important role in economic decision-making. It can be of interest to various users of financial data who pursue their own goals and have their own criteria for assessing the financial position.

Lenders use the analysis to assess the feasibility of disbursing a loan, strengthening guarantees of its return, assessing the trust in the company and the client.

Investors (owners) invest money in the equity capital of the enterprise. They need to determine the decrease or increase in the share of equity capital and assess the efficiency of the use of resources by the administration of the enterprise. These users are at great risk and therefore have a significant need for reliable information.

The management of the enterprise determines the need for financial, material and technical and labor resources according to the reporting data. Financial analysis is also necessary to develop the main directions of development of the enterprise, to determine the possibility of its reorganization. Having unlimited access to financial documents, management can correctly determine the financial condition of the enterprise, the profitability of its activities and future prospects.

The tax authorities and auditors, on the basis of the data provided, audit the activities of the enterprise and the correctness of calculations with the budget.

The objectives of financial analysis may be different for each group. It is necessary to accurately establish the subject of analysis (the scope of the enterprise). This can be an analysis of economic activities, analysis of asset management, analysis of profitability, liquidity, etc.

1.Financial statements of the enterprise

The most important means of presenting information characterizing the financial position of an enterprise are financial statements, which are represented by the following documents:

- balance sheet of the enterprise;

- income statement;

- statement of cash flows;

- data of current accounting.

The main document of the financial reporting package is the company's balance sheet - a detailed presentation of assets, liabilities and equity capital of the company at a specific point in time. It is cumulative in nature as it represents the financial performance of an enterprise since its inception.

The currently used balance sheet is close in its content to the conditions of a market economy and international standards, since assets are displayed in it as the value of property and debt rights held by the enterprise at the reporting date, and liabilities - as sources of financial resources and obligations of the enterprise for loans and accounts payable.

The balance sheet of the enterprise, the activities of which are analyzed in this course work, are given below.

Table 1. The balance sheet of the enterprise.

Application Appendix P1 To the order of the Ministry of Finance of the Russian Federation
BALANCE SHEET
Form No. 1 according to OKUDDate (day, month, year)			Codes
			0710001
			2007.12.31
			07546311
Organization Open Joint Stock Company "KlimTech"		by OKPO
Kind of activity Service		by OKONKH
Organizational and legal form OJSC		according to OKOPF
Units of measurement thousand roubles.		by OKEI
Address 443026 Samara st. S. Lazo 22.
Assets	Indicator code	For the beginning of the year	At the end of the year
1	2	3	4
ⅠFixed assets
Intangible assets	110	220	200
Fixed assets	120	8636	8690
Construction in progress	130	972	284
Long-term financial investments	140	400	200
Including: loans provided to organizations for a period of more than 12 months	144	400	200
Total for the sectionⅠ	190	10228	9374
ⅡCurrent assets
Stocks	210	4684	5272
Including: raw materials, materials and other similar values	211	2430	2828
low-value and wearing out items	213	686	666
work in progress costs	214	612	1094
finished goods and goods for resale	215	790	480
Future expenses	217	166	204
Value added tax on acquired assets	220	600	640
Accounts receivable (expected to be paid within 12 months after o.d.)	240	322	494
including: buyers and customers	241	142	258
advances issued	245	58	98
other debtors	246	122	138
Cash	260	230	298
including: settlement accounts	262	2	2
foreign currency accounts	263	228	296
Other current assets	270	238	244
Total for the sectionⅡ	290	6074	6948
BALANCE (code 190 + code 290)	300	16302	16322
Passive	Indicator code	For the beginning of the year	At the end of the year
1	2	3	4
ⅣCapital and reserves
Authorized capital	410	5600	5600
Extra capital	420	4000	4000
Reserve capital	430	600	400
Accumulation funds	440	1000	400
Social Sphere Fund	450	596	164
Retained earnings of previous years	470	400	-
Undisclosed reporting year profit	480	-	200
Total for the sectionⅣ	490	12196	10764
ⅤLong-term liabilities
Borrowed funds	510	600	400
including: bank loans due to be repaid more than 12 months after the reporting date	511	600	400
Total for the sectionⅤ	590	600	400
ⅥShort-term liabilities
Borrowed funds	610	1626	3434
including: bank loans	611	1274	2980
Accounts payable	620	1838	1688
including: suppliers and contractors	621	1416	1372
on wages	624	134	144
on social insurance and security	625	50	54
arrears to the budget	626	60	40
other creditors	628	178	78
Provisions for future expenses and payments	660	42	36
Total for the sectionⅥ	690	3506	5158
BALANCE (code 490 + code 590+ code 690)	700	16302	16322

An analysis of the financial statements of an enterprise makes it possible to identify the relationships and interdependencies between various indicators of its financial and economic activities included in the reporting. The results of the analysis allow stakeholders and organizations to make management decisions based on an assessment of the current financial position and activities of the enterprise in previous years and its potential for the coming years.

To analyze the financial condition of a commercial enterprise, a system of absolute and relative indicators is used, as well as financial ratios associated with their measurement. The most important of them are indicators that characterize:

Solvency - the ability of an enterprise to pay off its obligations;

Financial stability - the state of financial resources, their distribution and use, ensuring the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness in conditions of an acceptable level of risk;

Business activity - the efficiency of the enterprise's use of its funds;

Profitability (profitability) - the level of profit relative to the invested funds or costs of the enterprise;

Efficiency of using own (share) capital.

The calculation of financial ratios is based on the determination of the ratios between individual reporting items. The general methodology for such an analysis is to compare the calculated ratios with the industry average, generally accepted standard, ratios or similar performance data over a number of years.

Compilation of a comparative table for the last two years with the identification of absolute and relative (in percent) deviations for the main reporting indicators;

Calculation of relative indicators for several years as a percentage in relation to the base year;

Calculation of indicators for a number of years as a percentage of any final indicator (for example, to the balance sheet total, the volume of products sold);

Study and analysis of coefficients, the calculation of which is based on the existence of certain relationships between individual reporting items.

The wide distribution and use of the coefficients is of interest due to the fact that they eliminate the distorting effect on the reporting material of inflation, which is especially important when analyzing in a long-term aspect.

% of plan completion

actual dynamics

planned dynamics

rel. deviation by fact. dynamics

rel. rejected. according to plan. dynamics

relative deviation

1. The volume of products sold in wholesale prices

2. Commercial products at planned wholesale prices

in actual prices

The solvency indicator characterizes the company's ability to meet its debt obligations. The calculation and analysis of this indicator is of great importance for the enterprise, since its low potential may be the reason for the termination of its payments. The analysis examines the current and long-term solvency.

Current solvency can be determined from the balance sheet by comparing the amount of its means of payment with urgent liabilities. The best option is when the company always has free funds sufficient to pay off existing liabilities. But the company is solvent even in the case when it does not have enough free funds or they do not exist at all, but the company is able to quickly realize its assets and pay off its creditors.

The most means of payment include cash, short-term securities, part of receivables for which there is confidence in its receipt. Time liabilities include liabilities and debts to be repaid: short-term bank loans, payables for goods and services to the budget. The solvency of the enterprise is indicated by the ratio of means of payment to urgent obligations. If this ratio is less than 1, then there is a possibility that this company will not be able to pay off its short-term debt on time. This issue can be resolved in the process of analyzing additional information about the timing of payment of accounts payable, receipt of accounts receivable, etc.

The solvency of an enterprise is assessed by liquidity indicators. There are two known concepts of liquidity. According to one of them, liquidity is understood as the ability of an enterprise to pay its short-term obligations. In another concept, liquidity is the readiness and the speed with which current assets can be converted into cash. At the same time, one should take into account the degree of depreciation of current assets as a result of their rapid sale.

A low level of liquidity is the lack of freedom of action for the administration of the enterprise. The more serious consequences of low liquidity is the inability of the company to pay its current debts and obligations, which can lead to the forced sale of long-term financial investments and assets and, ultimately, to non-payments and bankruptcy.

Solvency is often determined by balance sheet liquidity. The analysis of balance sheet liquidity consists in comparing funds for an asset, grouped according to their degree of liquidity and arranged in descending order of liquidity, with liabilities for liabilities, combined by maturity and in ascending order of maturity.

Depending on the degree of liquidity, that is, the speed of transformation into cash, the assets of the enterprise are divided into the following groups:

And 1 are the most liquid ones. These include all cash (cash and in accounts) and short-term financial investments. Cash is absolutely liquid.

And 2 - quickly implemented. This includes accounts receivable and other current assets.

A 3 - slow to be realized. These include inventories, except for the items "Deferred expenses", as well as "Long-term financial investments".

And 4 are difficult to implement. These are intangible assets, fixed assets, construction in progress.

Liabilities are grouped according to the urgency of their payment.

P 1 - the most urgent. These include accounts payable and other short-term liabilities.

P 2 - short-term. These include borrowed funds from the "Short-term liabilities" section.

P 3 - long-term. This includes long-term debt and other long-term liabilities.

P 4 - permanent. They include the authorized capital and other items from the "Capital and reserves" section, as well as "Deferred income", "Consumption funds" and "Provisions for future income and expenses".

To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of "Deferred expenses" and value added tax.

The balance is considered absolutely liquid if A1? P1, A2? P2, A 3? P 3, A 4? P 4. In the case when one or several inequalities of the system have a sign opposite to that fixed in the optimal version, the liquidity of the balance is more or less different from the absolute. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group, although compensation in this case takes place only in value, since in a real payment situation less liquid assets cannot replace more liquid ones.

It is expedient to present the balance sheet items brought together in groups in the form of Table 6.

Such an assessment of liquidity is not final, since each liabilities group of the balance sheet may be provided with completely different asset values than those indicated in the comparable group.

For a more accurate assessment of the balance sheet liquidity, it is necessary to analyze the following liquidity indicators:

The current liquidity ratio is calculated as the ratio of current (circulating) assets to current liabilities:

Current assets include inventories net of prepaid expenses, cash, accounts receivable and short-term investments. Current liabilities include borrowed funds (section "Short-term liabilities") and payables.

The resulting indicator is compared with the average for groups of similar enterprises. It can be assumed that the higher this coefficient, the better the position of the enterprise. But, on the other hand, an overestimated coefficient may indicate an excessive diversion of the company's own funds into various types of its assets, excess production reserves.

Theoretically, the value of this indicator in the range of 2 ... 2.5 is considered sufficient, but depending on the forms of calculations, the rate of turnover of working capital, the duration of the production cycle, this value may be significantly lower, but they are evaluated positively if the value is greater than 1.

Table 6. Analysis of the liquidity of the enterprise

	For the beginning of the year	At the end of the year	For the beginning of the year	At the end of the year	Payment surplus or deficiency -A - P
Amount, thousand rubles		Amount, thousand rubles	Amount, thousand rubles		Amount, thousand rubles	For the beginning of the year	At the end of the year
А 1 - the most liquid
A 2 - quickly implemented
A 3 - slow to implement
And 4 - difficult to implement

The quick liquidity ratio determines the company's ability to fulfill its current obligations from quickly liquid assets:

It shows what part of short-term liabilities can be immediately repaid at the expense of cash, funds in short-term financial investments, as well as receipts from settlements with clients.

The optimal value is considered to be the value of this coefficient, equal to 0.8 ... 1. With an equal indicator of total liquidity, the financial position of two enterprises is more preferable for the one with a higher coefficient of urgent liquidity.

The absolute liquidity ratio is calculated as the ratio of cash, short-term financial investments to secant liabilities. It characterizes the ability of an enterprise to immediately pay off its short-term liabilities at the expense of cash and easily realizable short-term financial investments. Theoretically, this indicator is considered sufficient if this value is higher than 0.2 ... 0.25:

To assess current liquidity, net working capital is also used, representing the excess of current assets over current liabilities. The working capital deficit will be when current liabilities exceed current assets.

The calculation of liquidity indicators is the most critical stage of the analysis, therefore it is necessary to use information for a number of years, which will allow identifying trends in their change.

To assess the long-term solvency (more than one year), the most important is profit and the ability to earn, since these are the factors that are decisive for the financial health of the enterprise.

To assess the ability of the enterprise to constantly make a profit from its activities in the future, the KP cash adequacy ratio is calculated. It reflects the ability of an enterprise to earn cash to cover capital expenditures, increase working capital and pay dividends. The numerator and denominator use data for 3-5 years.

KP coefficient 1 equal to one means that the company is able to function without resorting to external financing.