Assessment of the financial and economic state of the enterprise. Preparation of an opinion on the financial condition of the company based on the interpretation of the processed data. The development of the theme. The problem of analyzing the financial and economic state of an enterprise has been considered in many ways.

MINISTRY OF EDUCATION AND SCIENCE OF THE REPUBLIC OF KAZAKHSTAN.

KAZAKH AUTOMOBILE AND ROAD INSTITUTE IM. L. B. GONCHAROV.

DEPARTMENT "ECONOMY"

GRADUATE WORK

THEME OF THE THESIS:

Analysis and assessment of the financial and economic condition of the enterprise

Completed by student Orlova V.S.

Head Associate Professor Sabirova M.Kh.

Norm control Art. Lecturer Shepteva Z.M.

Head Department of "Economics" Ph.D., Assoc. Ekeyeva Z.Zh.

Almaty 2010

INTRODUCTION

The relevance of the chosen topic of this work is due to the need to study theoretical and methodological aspects analysis of the financial condition, in order to improve the efficiency of business entities

A huge role, both in the structure itself market relations, and in the mechanism of their regulation finance plays. They are an integral part of market relations and at the same time an important tool for implementing economic policy. That is why today, more than ever, it is important to know the nature of finance well, to deeply understand the features of their functioning, to see ways to use them to the fullest in the interests of effective development enterprises. Bringing to the fore the financial aspects of the activities of business entities, the increasing role of finance is a characteristic feature and trend throughout the world.

Professional financial management inevitably requires in-depth analysis, allowing the most accurate assessment of the uncertainty of the situation with the help of modern methods research. In this regard, the priority and role of financial analysis significantly increases, the main content of which is a comprehensive systematic study of the financial condition of the enterprise.

Analysis is a way of knowing objects and phenomena environment, based on the division of the whole into its constituent parts and the study of them in all the variety of connections and dependencies. The content of the analysis follows from the functions. One of these functions is the study of the nature of the action of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise. Next function analysis - monitoring the implementation of plans and management decisions for the economical use of resources.

The central function of the analysis is to search for reserves to improve production efficiency based on the study of best practices and achievements of science and practice. Also, another analysis function is to evaluate the results of the enterprise's activities in fulfilling plans, the level of economic development achieved, and the use of available opportunities.

Given the above, the topic of this work is relevant and is of interest for further research.

Management of current costs that form the cost of products today is a priority in obtaining competitive advantage Kazakh enterprises in the process of globalization of the world economy.

The purpose of the thesis is to analyze and evaluate the financial and economic condition of the enterprise, including the analysis and planning of costs using modern methods on the example of the studied enterprise LLP "ExLine".

The purpose of the analysis of the financial and economic condition of the enterprise is to assess their actual value for the reporting period in comparison with their planned indicators in dynamics, to identify reserves for cost savings and cost reduction per unit of production and to determine specific measures for the use of these reserves in current activities and in the future.

Based on the goal, the following tasks were set:

· study of the value and structure of total costs for the reporting period and the rate of its change in comparison with the planned data, in dynamics and with the rate of change in the volume of sales of products;

analysis of the actual production and full cost with planned indicators and in dynamics and the influence of the main factors on the deviation of these indicators;

study of fixed and variable costs, determination of the break-even point of the stock financial strength and operating leverage for the main types of products and for the enterprise as a whole;

Establishing the validity of the choice of distribution base various kinds costs (general production, general business, non-production)

Forecasting current costs by different methods;

substantiation of proposals for the effective management of the current costs of the enterprise

To solve the problem of reducing production costs and selling products in the thesis, a concept is proposed that depends on the specifics of the enterprise, the current state and prospects for its development. When planning company costs, the following methods can be used: direct calculation method, normative method, factorial method, cost planning in standard costing and direct costing systems, planning taking into account marginal costs.

In the thesis work, new cost management methods were also considered - classic standard costing, target costing, kaizen costing, which have proven their effectiveness in practice and are used in the largest corporations in the world.

The information base was the works of domestic and foreign scientists on the management and analysis of current costs, financial condition, working capital, financial management, as well as the financial statements of the enterprise under study.

I VALUE OF ASSESSING THE FINANCIAL STATE OF THE ENTERPRISE AT THE PRESENT STAGE OF DEVELOPMENT OF THE MARKET ECONOMY

1.1 Methodology for assessing the financial condition of an enterprise

Any the financial analysis it is better to start with the financial monitoring of the enterprise. In order to identify the main financial characteristics of the enterprise for the past certain period, their trend. At the same time, the trend is more important than the value of the indicators themselves, since it characterizes the direction, speed of movement and thus shows the ability or inability to achieve the intended results. The tasks of financial monitoring include the determination of financial indicators: stability, liquidity and other characteristics for a certain period and their trend. These and other indicators are the language of communication in the world of business and investment, so knowing and understanding them is essential. An analysis of the results obtained, conclusions and suggestions are also required.

To conduct financial monitoring, the following documents are required: balance sheet (Appendix No. 28), reduced to a more simplified form by combining some items for clarity overall structure balance; profit and loss statement (Appendix No. 29) on a non-cumulative basis in order to be able to monitor; cash flow statement (Appendix No. 30) on a non-cumulative basis.

For a deeper analysis, additional documents will be required. financial statements. The minimum period for which financial monitoring of the enterprise should be carried out is one year. The analyzed period, into which the analyzed period is divided, should not exceed a quarter.

On this stage the analysis of parameters can be carried out without taking into account the fact that the actual cash flow consists of barter and netting

The accuracy of the analysis corresponds to the accuracy of the reflection of data in accounting accounting documents (Appendix No. 28,29,30). However, even if the accuracy in the reporting documents does not correspond to the true state of affairs in the enterprise, the trend still corresponds to it, and this is the purpose of the financial monitoring of the enterprise.

One of essential conditions successful management the finance of the enterprise is the analysis of its financial condition. The financial condition of an enterprise is a complex concept characterized by a system of indicators reflecting the availability, distribution and use of financial resources, which is the result of the interaction of all elements of the system of financial relations of an enterprise, determined by the totality of production and economic factors.

In a market economy, the financial condition of an enterprise reflects the final results of its activities. The final results of the enterprise's activities are of interest not only to the employees of the enterprise itself, but also to its partners in economic activity, state, financial, tax authorities, etc. All this predetermines the importance of analyzing the financial condition of the enterprise and increases the role of such analysis in the economic process. Financial analysis is a variable element of both financial management at an enterprise and its economic relations with partners, the financial and credit system.

Financial analysis is necessary for the following groups of its consumers:

Managers of enterprises and, first of all, financial managers. It is impossible to manage an enterprise and make economic decisions without knowing its financial condition. For managers, it is important to evaluate the effectiveness of the decisions used in economic activity resources and financial results obtained;

Owners, including shareholders. It is important for them to know what will be the return on investment in the enterprise, the profitability of the enterprise, as well as the level of economic risk and the possibility of losing their capital;

Lenders and investors. They are interested in what is the possibility of returning loans, as well as the ability of the enterprise to implement an investment program;

Suppliers. For them, it is important to assess the payment for the delivered products, work performed and services.

Thus, all participants in the economic process need financial analysis. Currently economic analysis and as an integral part of it, financial analysis is considered as one of the functions of managing the activities of an enterprise.

Planning is an important function in the production management system at the enterprise. With its help, the direction and content of the enterprise's activity, its structural divisions and individual workers. The main task planning is to ensure the planned development of the economy of the enterprise, determining ways to achieve the best final results of production.

To manage the enterprise, you need to have complete and truthful information about the current activities of the enterprise, the progress of the plans. Therefore, one of the management functions is accounting. It ensures the constant collection, systematization and generalization of the data necessary for managing and monitoring the progress of the plans and activities of the enterprise.

However, to manage an enterprise, it is necessary to have an idea not only about the progress of the plan, the results of economic activity, but also about the trends and nature of the ongoing changes in the economy of the enterprise. Comprehension, understanding of information is achieved with the help of economic analysis and, as an integral part of it, the analysis of the financial condition of the enterprise. In the process of analysis, primary information undergoes analytical processing: a comparison of the achieved results with data for past periods of time, with indicators of other enterprises is carried out, the influence of various factors on the magnitude of performance indicators is determined, shortcomings, errors, unused opportunities, prospects, etc. are identified.

Based on the results of the analysis, management decisions are developed and justified. Financial analysis precedes decisions and actions, justifies them and is the basis scientific management enterprise, ensures its efficiency and objectivity.

The purpose of financial analysis is to assess the past performance and position of the enterprise on this moment, as well as an assessment of the future potential of the enterprise.

The objectives of the economic analysis of the financial condition of the enterprise are: an objective assessment of the use of financial resources in the enterprise, the identification of on-farm reserves to strengthen the financial position, as well as the improvement of relations between the enterprise and external financial, credit authorities, etc.

The purpose of studying the financial condition of the enterprise is to find additional funds of funds for the most rational and economic management of business activities. A good financial condition is a stable payment readiness, sufficient security of own working capital and their effective use with economic expediency, a clear organization of settlements, and the presence of a stable financial base. The unsatisfactory financial condition is characterized by inefficient allocation of funds, their immobilization, poor payment readiness, overdue debts to the budget, suppliers and the bank, insufficiently stable real and potential financial base due to unfavorable trends in production.

The study of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and persons interested in its financial condition, information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in the enterprise.

The financial condition of the enterprise is the most important characteristic of its business activity and reliability. It determines the competitiveness of the enterprise and its potential in business cooperation, is a guarantor in the effective implementation of the economic interests of all participants in economic activity, both the enterprise itself and its partners.

The stable financial position of the enterprise is the result of skillful and calculated management of the entire set of production and economic factors that determine the results of the enterprise. This internal factors, visual results, the effects of which are the state of assets and their turnover, the composition and ratio of financial resources. The financial well-being of the firm is also influenced by the external environment or external factors, among which are the state policy of taxes and expenditures, the position in the market (including financial), unemployment and inflation, average labor productivity, average profit, etc. From this point of view, sustainability is the process of the firm's resistance to negative external circumstances. For a market economy, stability is important, which is based on management according to the principle feedback, i.e. active response of management to changes in external and internal factors.

From the point of view of company management, the reasons for insolvency can be reduced to two main ones: insufficient consideration of market requirements (in terms of the offered range, product quality, price, etc.) and poor financial management of the enterprise, when it incorrectly takes into account risks, makes serious mistakes, and is excessively burdened with obligations. In the first case, they talk about the disease of business, in the second - about the disease of financial management.

In modern conditions, serious analytical work at the enterprise associated with the study and forecasting of its financial condition is of particular importance. Timely and complete identification of the "pain points" of the company's finances allows for a set of proactive measures to prevent its possible bankruptcy.

The choice of business partners should be based on an assessment of the financial viability of enterprises and organizations. That is why it is so important for each business entity to systematically monitor their own "health", having objective criteria for assessing the financial condition. Therefore, the analysis of the financial condition is very an important part all economic work, necessary condition competent enterprise management, an objective prerequisite for sound planning and rational use of financial resources.

Quantitative and qualitative parameters of the financial condition of the enterprise determine its place in the market and the ability to function in the economic space. All this has led to an increase in the role of financial management in the overall process of managing the economy.

Financial management - financial management, i.e. the process of managing cash flow, the formation and use of financial resources of the enterprise. It is also a system of forms, methods and techniques by which the management of money circulation and financial resources is carried out. Financial management as a science has a complex structure. An integral part of it is financial analysis based on data accounting and probabilistic estimates of future factors of economic life. The connection between financial analysis and management has been noted for a long time. To manage means to make decisions. But conscious and justified decisions can only be made on the basis of reliable information and analytical calculations.

Financial management is based on several basic concepts: time value monetary resources, cash flows, entrepreneurial and financial risk, cost of capital, efficient market, etc. Time value is an objectively existing characteristic of monetary resources. For financial management in an enterprise, this concept is of particular importance, since in analytical calculations it is necessary to compare cash flows generated in different periods of time.

The basis of business activity is building up the economic potential of the enterprise. By investing capital in any investment project, the entrepreneur believes that after a certain period of time, not only to reimburse the capital put into circulation, but also to receive a certain profit. The valuation of this profit, i.e. the solution to the dilemma of whether or not the project is profitable is based on projections of future investment returns.

Any investment decision is based on:

Assessing the company's own financial condition and the feasibility of participating in investment activities;

Assessing the size of investments and sources of financing;

Estimating future income from project implementation.

The concept of business and financial risk decision-making depends on various factors, including the accuracy of the predicted cash flow dynamics, the price of sources of funds, the possibility of obtaining them, etc. Such assessments are based on statistical data, analytical calculations and analysis.

The process of functioning of any enterprise is cyclical. Within one cycle, the following is carried out: attracting the necessary resources, combining them into manufacturing process, sale of manufactured products and obtaining final financial results. In a market economy, there is a shift in priorities in the objects and targets of the management system of the economic object. Enlarged and relatively independent economic objects that make up the scope of application of general management functions are cash and objects of labor. In a centrally planned economy, the priorities in the management of these objects, as a rule, were not placed.

The total planning, centralization, and limited resources inherent in this type of economy provided for the introduction of their rigid funding. Freedom in the manipulation of resources and their mutual substitution was very limited. Enterprises were placed in a rigid financial framework and could not choose the most rational (in their subjective opinion) structure of all resources used.

In a market economy, these restrictions are largely removed (limits are canceled, the role of centralized supply is reduced, etc.), and effective management involves optimizing the resource potential of an enterprise. In this situation, the importance effective management financial resources and the role of financial analysis for decision making. On how efficiently and expediently financial resources are transformed into fixed and working capital, as well as incentives work force depends on the financial well-being of the enterprise as a whole, its owners and employees. Thus, financial management, as one of the main functions of the management apparatus, acquires a key role in a market economy.

The transition to a market economy required new approaches to financial management, contributed to the birth of a new specialty in the field of management - a financial manager. In a market economy, the financial manager becomes one of the key figures in the enterprise. He is responsible for setting financial problems, analyzing the feasibility of using methods to solve them. The financial manager carries out operational financial activities and is part of the top management personnel of the company. At the enterprise, the scope of tasks of the financial manager includes: general financial analysis and planning; providing the enterprise with financial resources (management of sources of funds); allocation of financial resources (investment policy and asset management).

The effectiveness of enterprise management is largely determined by the level of its organization and quality. information support. In the information support system, accounting data is of particular importance, and reporting becomes the main means of communication that provides a reliable presentation of information about the financial condition of the enterprise. To ensure the survival of an enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of both their enterprise and its existing and potential counterparties. For this you need:

Own the methodology for assessing the financial condition of the enterprise;

Have appropriate information support;

Have qualified personnel capable of implementing this technique in practice.

In an effort to obtain a qualified assessment of the financial situation, business leaders are increasingly resorting to this technique.

It is possible to identify the main requirements for analyzing the financial condition of the enterprise. It must contain the data necessary for:

Making informed management decisions in the field of investment policy;

Assessment of the dynamics and prospects for changes in the profit of the enterprise;

Estimates of the resources available to the enterprise, the changes taking place in them and the effectiveness of their use.

Financial analysis is closely related to planning and forecasting, since without deep analysis it is impossible to carry out these functions. The important role of analyzing the financial condition of an enterprise in preparing information for planning, assessing the quality and validity of planned indicators, in checking and objectively assessing the implementation of plans. Financial analysis is not only a means of substantiating plans, but also monitoring their implementation. Planning begins and ends with an analysis of the results of the enterprise. It allows you to increase the level of planning, to make it scientifically sound.

A large role is given to financial analysis in determining and using reserves to improve the efficiency of the enterprise. It promotes the economical use of resources, the scientific organization of labor, the prevention of unnecessary costs, various shortcomings in work, etc. As a result, the economy of the enterprise is strengthened, the efficiency of its activities is increased.

Thus, the analysis of financial condition is important element in the management system of the enterprise, a means of identifying on-farm reserves, the basis for the development of scientifically based plans and management decisions. The role of analysis as a means of managing activities in an enterprise is increasing every year. This is due to various circumstances: the departure from the command-administrative management system and the gradual transition to market relations, the creation of new forms of management in connection with the denationalization of the economy, the privatization of enterprises and other measures of economic reform.

Under these conditions, the head of the enterprise cannot rely only on his intuition. Management decisions and actions today should be based on accurate calculations, deep and comprehensive financial analysis. They must be reasonable, motivated, optimal.

Underestimation of the role of analysis of the financial condition of the enterprise, errors in plans and management actions in modern conditions bring sensitive losses. Conversely, those enterprises that take financial analysis seriously have good results, high economic efficiency.

Assessment of the financial condition of the enterprise includes:

General assessment of changes in balance sheet items;

financial stability;

Liquidity;

Profitability.

The general change in the trend of balance sheet items over periods can give one of the most accurate characteristics of the enterprise. Comparison of final indicators is best done on one chart: balance sheet, non-current assets, current assets, own sources of financing, long-term liabilities, short-term liabilities. The change in the main sections of the balance, as a rule, has a pronounced trend.

Purpose of analysis financial stability enterprises - to assess the ability of the enterprise to repay its obligations and retain the rights of ownership of the enterprise in the long term.

Liquidity analysis is aimed at assessing the ability of the enterprise to fulfill short-term obligations in a timely manner and in full at the expense of current assets.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to successfully function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, to constantly maintain its solvency and investment attractiveness within the limits of an acceptable risk level indicates its stable financial condition, and vice versa.

If solvency is an external manifestation of the financial condition, then financial stability is its internal side, reflecting the balance of cash and commodity flows, income and expenses, means and sources of their formation.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for normal functioning.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial position of the enterprise. On the contrary, as a result of a decline in production and sales of products and an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is not a game of chance, but the result of skillful management of the entire complex of factors that determine the results of the financial and economic activities of an enterprise.

A stable financial condition, in turn, has a positive effect on the volume of core activities, providing the needs of production with the necessary resources. That's why financial activities How component economic activity should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The analysis of the financial condition is divided into internal and external, the goals and content of which are different.

Internal analysis is a study of the mechanism for the formation, placement and use of capital in order to search for reserves to strengthen the financial condition, increase profitability and increase equity business entity.

External financial analysis is a study of the financial condition of a business entity in order to predict the degree of risk of investing capital and the level of its profitability.

The analysis of the financial condition of the enterprise is based mainly on relative indicators, since the absolute balance sheet indicators in terms of inflation are very difficult to bring into a comparable form.

1.2 Assessment of the composition and dynamics of the property of the enterprise and the sources of its formation

The financial condition of the enterprise, its stability largely depend on optimal structure sources of capital (ratio of own and borrowed funds) and on the optimality of the structure of the enterprise's assets, primarily on the ratio of fixed and working capital, as well as on the balance certain types assets and liabilities of the enterprise.

Indicators of financial stability, characterizing the constant solvency of the enterprise, are closely related to indicators of solvency (liquidity). The essence of financial stability is the provision of enterprise assets with appropriate sources of their formation, and solvency acts as an external manifestation of financial stability.

The objective of the analysis of financial stability is to assess the degree of independence of the organization from borrowed sources of financing and the optimality of the structure of the assets and liabilities of the organization.

The main financial stability ratios used in the analysis of the financial condition of an organization are the following: autonomy ratio, financial dependence ratio, financial stability ratio, ratio of borrowed and own funds, maneuverability ratio, current asset security ratio with own working capital.

The procedure for calculating financial stability indicators based on the financial statements of the enterprise:

1. Coefficient of autonomy (financial independence), reflects the share of assets covered by equity;

2. The coefficient of financial dependence, reflects the increase in total assets over the amount of equity capital;

3. Financial stability ratio, reflects the share of assets covered by permanent (own and long-term borrowed) capital);

4. Ratio of borrowed and own funds (financial activity ratio, leverage financial leverage) - , reflects the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the organization;

5. The concentration ratio of attracted capital, reflects the share of borrowed capital in the total amount of the organization's property;

6. Equity flexibility ratio reflects the part of equity used to finance current activities, i.е. invested in working capital;

7. The coefficient of security of current assets with own working capital, establishes the security of the organization with its own funds to replenish working capital and conduct business;

8. Permanent asset index reflects the share of real estate (non-current assets) in the sources of own funds.

One of the indicators characterizing the financial position of an enterprise is its solvency, i.e. the ability to timely repay their payment obligations in cash.

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of the liquidity of current assets, which is determined by the time required to convert them into cash. The less time it takes to collect a given asset, the higher its liquidity. The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the company's debt obligations by its assets, the period of conversion of which into cash corresponds to the maturity of payment obligations. It depends on the extent to which the amount of available means of payment corresponds to the amount of short-term debt obligations.

The liquidity of a company is general concept than the liquidity of the balance sheet. The liquidity of the balance sheet involves finding means of payment from the outside, if it has an appropriate image in the business world and a sufficiently high level of investment attractiveness.

The concepts of liquidity and solvency are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An entity may be solvent at the balance sheet date but have adverse future opportunities, and vice versa.

The concept of liquidity can be considered from different points of view. So, we can talk about the liquidity of the balance sheet of the enterprise, which is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations. The liquidity of assets is the reciprocal of the liquidity of the balance sheet by the time the assets are converted into cash: the less time is required for this type of asset to acquire a monetary form, the higher its liquidity.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of terms.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into four groups:

A1 - the most liquid assets: the company's cash and short-term financial investments;

A2 - quickly realizable assets - accounts receivable and other assets;

A3 - slow-moving assets: stocks and costs, as well as long-term financial investments;

A4 - hard-to-sell assets: non-current assets, with the exception of long-term financial investments.

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

P1 - the most urgent liabilities: accounts payable and loans not repaid on time;

P2 - short-term liabilities: short-term credits and loans;

P3 - long-term liabilities: long-term credits and loans;

P4 - permanent liabilities: the company's own capital.

To determine the liquidity of the balance sheet, a reclassified aggregate balance sheet should be drawn up by regrouping the assets and liabilities of the organization in accordance with the above classification, after which it is necessary to compare the results of the received groups of assets and liabilities in pairs (for example, by subtracting the value of the corresponding group of liabilities from the corresponding group of assets, as a result of which a payment surplus or deficiency will be obtained).

The balance is considered to be absolutely liquid if the following ratios take place simultaneously:

Fulfillment entails the fulfillment of the fourth inequality, so in practice it is essential to compare the results of the first three groups. The fourth inequality has a deep economic meaning, since its fulfillment testifies to the observance of the minimum condition for financial stability - the presence of the enterprise's own working capital.

If the liquidity of the balance sheet differs from absolute, it can be considered normal if the following relations are observed:

In addition, several different ratios can be calculated for liquidity analysis

Absolute liquidity ratio (quick liquidity, or absolute solvency), showing what part of the short-term debt the company will be able to repay in the near future,

Critical liquidity ratio (intermediate coverage ratio), which characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables:

Current liquidity ratio (general liquidity ratio, or total coverage ratio), showing the payment capabilities of the enterprise for a period equal to the average duration of one turnover of all working capital.

The grounds for recognizing the balance sheet structure as unsatisfactory, and the enterprise as insolvent according to this method, is the fulfillment of one of the following conditions:

The current liquidity ratio at the end of the reporting period is less than 2;

Equity ratio at the end of the reporting period is less than 0.1. If the results of the financial analysis carried out indicate the insolvency of the enterprise, it is necessary to assess the possibility of restoring its solvency.

If the company is currently quite solvent, it is necessary to assess the probability of loss of solvency in the coming period. This can be done using a special recovery / loss of solvency ratio, which characterizes the presence of a real opportunity for the enterprise to restore (or, conversely, lose) its solvency within a certain period.

1. Absolute liquidity ratio, reflects the availability of the most liquid assets to pay off current short-term liabilities;

2. Ratio of intermediate (critical) liquidity, reflects the availability of liquid assets to pay off current short-term liabilities;

3. Current liquidity ratio (KTL), reflects the availability of current assets to repay short-term liabilities;

4. The coefficient of security of own assets with working capital, establishes the security of the organization with its own funds to replenish working capital and conduct business;

5. Solvency recovery ratio (KTL(kg)+6/12(KTL(kg)-KTL(ng)) 2, determines the ability of the organization to restore its solvency within 6 months if K>1;

6. The coefficient of loss of solvency, determines the possibility of the organization losing its solvency within 3 months, if K>1.

In the system of indicators characterizing the financial condition and efficiency of the enterprise, the leading place is occupied by indicators of profitability and business activity.

Profitability reflects the ability of an enterprise to generate a return on invested equity capital and assets available to the organization. An analysis of profitability indicators makes it possible to evaluate current economic activity, reveal reserves for increasing its efficiency and develop a system of measures for the use of these reserves. Thus, profitability indicators are the most generalized characteristic of the efficiency of economic activity.

The calculation of profitability indicators is based on the correlation of the amount of profit received with the amount of revenue, assets, equity and other indicators. Based on this, there are such types of profitability as:

Profitability of sales;

Profitability of production;

Return on assets;

Return on equity.

Since both net profit and profit before tax can be used to calculate indicators, a distinction is made between net and total profitability. In addition, profit from sales can also be used in determining the profitability of sales. In each specific case, the choice of the type of profit taken into account in the calculation of the profitability indicator depends on the goals of the analysis.

The procedure for calculating profitability indicators based on the financial statements of the organization:

1. The total return on equity for profit before tax reflects the amount of the organization's balance sheet profit attributable to each ruble of equity;

2. Return on equity in terms of net profit reflects the amount of net profit attributable to each ruble of equity;

3. Return on sales in terms of net profit reflects the amount of net profit attributable to each ruble of equity;

4. Return on sales in terms of profit from sales reflects the amount of net profit attributable to each ruble of equity;

5. The profitability of the full cost of selling products reflects the amount of profit attributable to each ruble of equity;

6. The return on total assets in terms of net profit reflects the amount of net profit attributable to each ruble of equity;

7. The return on total assets for profit before tax reflects the amount of accounting profit attributable to each ruble of equity.

The information basis for the analysis of profitability and turnover is primarily the financial statements of the organization: Form No. 2 "Profit and Loss Statement" and Form No. 1 "Balance Sheet", on the basis of which various indicators are calculated. The most effective is the consideration of profitability indicators in dynamics for 3-5 years. There are no uniform standards for all enterprises, since profitability (profitability) depends primarily on the scope of the enterprise. Nevertheless, it is possible to evaluate profitability indicators based on research and their dynamics. The upward trend in profitability indicators is considered positive, indicating an increase in the efficiency (profitability) of the organization's activities, as the return on equity, on the total capital invested in the assets of the organization, on each ruble of turnover, etc. increases.

The indicators of business activity (turnover) are considered in a similar way, since the turnover rate depends primarily on the industry characteristics of the organization. The study of the dynamics of turnover indicators allows us to conclude that the efficiency of using the company's assets is increasing or decreasing. Positive tendencies are considered to be an increase in turnover ratios, expressed in the number of turnovers made by the assets under consideration during the study period, as well as a decrease in turnover ratios, expressed in days. Thus, the production strategy of the enterprise should be based on reducing the duration of one turnover of assets in days and increasing the turnover of assets in turnover. As a rule, the acceleration of turnover is a consequence of the implementation of a successful production and marketing policy of the enterprise.

Studying the turnover of assets, one can single out the turnover outside of current assets and the turnover of working capital, which in turn can be considered as a set of indicators of the turnover of certain types of working capital. The turnover, expressed in the number of revolutions, in fact, is an indicator of capital productivity, and the inverse indicator to it is capital intensity.

1.3 Assessment of the financial situation

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

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

Speaking about the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if they do not meet the maturity dates stipulated by contracts.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) the absence of overdue accounts payable.

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios can characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if there is a significant specific gravity accounts for illiquid assets and overdue receivables. Here are the main indicators to assess the liquidity and solvency of the enterprise.

The amount of own working capital. It characterizes that part of the company's own capital, which is the source of coverage of its current assets (ie, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator is of particular importance for enterprises engaged in commercial activities and other intermediaries. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The main and constant source of increasing own funds is profit. It is necessary to distinguish between "working capital" and "own working capital". The first indicator characterizes the assets of the enterprise, the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of coverage of current assets. The value of own working capital is numerically equal to the excess of current assets over current liabilities. A situation is possible when the value of current liabilities exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; immediate action is required to correct it.

Maneuverability of functioning capital. It characterizes that part of own working capital, 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. Ceteris paribus, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is set by the enterprise independently and depends, for example, on how high its daily need for free cash resources is.

Current liquidity ratio. Gives a general assessment of the liquidity of assets, showing how many tenge of current assets account for one tenge of current liabilities. The logic of calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered as successfully functioning (at least theoretically). The value of the indicator can vary by industry and type of activity, and its reasonable growth in dynamics is usually regarded as a favorable trend. In Western accounting and analytical practice, the lower critical value of the indicator is given - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact normative value.

The current (total) liquidity ratio is defined as the ratio of the actual value of current assets (funds) in stock, including inventories, finished products, cash, receivables, work in progress, etc. to short-term liabilities (liabilities).

FactorTechLik = _____________

Brief Passive

Quick liquidity ratio. The indicator is similar to the current liquidity ratio; however, it is calculated on a narrower range of current assets. The least liquid part of them - production stocks - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised if inventories are forced to be sold may be substantially lower than the cost of acquiring them.

It is calculated according to the company's balance sheet as the quotient of dividing the amount of cash, short-term investments and receivables by current liabilities. It characterizes the company's ability to meet its current obligations using the most liquid (tradable in money) assets.

Calculation formula:

Approximate lower value of the indicator - 1; however, this assessment is also conditional. Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change. So, if the growth of the quick liquidity ratio was associated mainly with growth. unjustified receivables, this cannot characterize the activity of the enterprise on the positive side.

The absolute liquidity ratio (solvency) is the most stringent criterion for the liquidity of an enterprise and shows what part of short-term debt obligations can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. Since the development of industry 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 available data on enterprises that have a similar orientation of their economic activity. The formula for calculating the absolute liquidity ratio looks like this:

Where, DS - Cash, KP - short-term liabilities

The share of own working capital in covering stocks. Characterizes that part of the cost of inventories, which is covered by own working capital. 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. 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 as unstable.

The indicator characterizes at what expense the stocks and costs of the enterprise were acquired: its positive value indicates that the stocks and costs are provided by "normal" sources of coverage, while its negative value indicates that part of the stocks and costs - in percentage terms, was acquired at the expense of short-term accounts payable.

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 general financial structure enterprises, the degree of its dependence on creditors and investors.

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

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

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Financial analysis is the study of the main indicators of the financial condition and financial performance of the organization in order to make management, investment and other decisions by interested parties. Financial analysis is part of broader terms: analysis of the financial and economic activities of an enterprise and economic analysis.

During the analysis of financial and economic activities, both quantitative calculations of various indicators, ratios, coefficients, as well as their qualitative assessment and description, comparison with similar indicators of other enterprises are made. Financial analysis includes an analysis of the assets and liabilities of the organization, its solvency, liquidity, financial results and financial stability, analysis of asset turnover (business activity). Financial analysis allows you to identify such important aspects as the possible likelihood of bankruptcy. Financial analysis is an integral part of the activities of such professionals as auditors, appraisers. Banks are actively using financial analysis when deciding whether to issue loans to organizations, accountants in the course of preparing explanatory note to the annual accounts and other specialists.
The main reporting forms are “Balance Sheet”, “Report on financial results”, “Statement of Equity” and “Statement of Cash Flows” - make it possible to calculate all the main financial indicators and ratios.

Let's calculate the financial and economic indicators of PJSC "DonERM" for 2013-2014.

Calculation of financial indicators

Table 3.1

Name of indicator			Deviation
1. Calculation of the financial stability of the enterprise
1.1 Financial autonomy ratio	0,638	0,639	0,001
1.2 Financial dependency ratio	1,5667	1,5641	-0,0026
1.3 Financial risk ratio	0,5667	0,5641	-0,0026
1.4 Equity flexibility ratio	-0,224	-0,229	-0,005
2. Liquidity calculation
2.1 Total liquidity ratio	0,70985	0,70175	-0,0081
2.2 Quick ratio	0,3020	0,2907	-0,0113
2.3 Absolute liquidity ratio	0,0005	0,0008	0,0003
3. Calculation of the profitability of the enterprise
3.1 Return on total capital
3.2 Return on equity	0,02		-0,2
3.3 Gross margin of sales	0,12	0,1	-0,02

Continuation of table 3.1

Analysis of the financial stability of the enterprise

The coefficient of financial autonomy coefficient characterizes the share of the company's own funds (own capital) in the total amount of funds advanced in its activities. The calculation of the financial stability ratio is carried out according to the formula:

K aut \u003d Equity / Total sources of funds

2013 62155/97381=0.638
2014 60460/94570=0.639

The higher the value of this ratio, the more financially stable, stable and more independent of external creditors the enterprise. In practice, it has been established that the total amount of debt should not exceed the amount of own sources of financing, that is, the sources of financing of the enterprise (the total amount of capital) must be at least half formed at the expense of own funds. Thus, the critical value of the autonomy coefficient is 0.5.

The indicators are above the critical value, which indicates sufficient financial autonomy.

The financial dependency ratio is the inverse of the independence ratio.

K head \u003d Total sources of funds / Equity capital

201397381/62155=1.5667
201494570/60460=1.5641

The critical value of the coefficient of financial dependence is 2.

The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise, and, consequently, the loss of financial independence. If its value decreases to one, then this means that the owners fully finance their enterprise. The indicator is below the critical value, which means that the enterprise has more of its own funds than borrowed ones.

The financial risk ratio shows the ratio of attracted funds and equity.

To financial risk = Funds raised / Equity

2013 35226/62155=0.5667
2014 34110/60460=0.5641

This ratio gives the most general assessment of financial stability. It has a fairly simple interpretation: it shows how many units of borrowed funds account for each unit of own funds. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, that is, a decrease in financial stability, and vice versa. The optimal value of this coefficient<0,5. Критическое значение – 1. Показатели входят в допустимые пределы, что говорит о достаточной финансовой устойчивости предприятия.

Equity agility ratio shows which part of own working capital is in circulation, that is, in the form that allows you to freely maneuver these funds, and which is capitalized. The ratio should be high enough to allow flexibility in the use of the enterprise's own funds.

K man. = Own working capital / Equity capital;

2013 (62155-76116)/62155=-0.224
2014(60460-74335)/60460=-0.229

This indicator can vary significantly depending on the capital structure and sectoral affiliation of the enterprise. A situation is considered normal in which the coefficient of maneuverability in dynamics slightly increases. A sharp increase in this ratio cannot indicate the normal operation of the enterprise. This is due to the fact that an increase in this indicator is possible either with an increase in own working capital, or with a decrease in own sources of financing. In this regard, a sharp increase in this indicator will automatically cause a decrease in other indicators, for example, the coefficient of financial autonomy, which will lead to an increase in the company's dependence on creditors. Since the value of this indicator should be greater than 0, this means that the company is financially dependent and has a high risk of insolvency.

Financial stability of the enterprise

Table 3.2

Liquidity analysis

The overall liquidity ratio shows to what extent the current assets are sufficient to meet current liabilities:

General liquidity ratio \u003d Current assets / Value of liabilities;
2013 (97381-76116)/(2019+4843+29095)=0.70985
2014 (94570-74335)/(2230+22280+4325)=0.70175

The optimal value of this coefficient is 1.0-2.0. Current assets are not enough to pay off current liabilities.

The quick liquidity ratio is a tough test for liquidity, since the calculation does not take into account the least liquid part of current assets - slow-moving assets:

Quick liquidity ratio \u003d Quickly realizable current assets / Value of liabilities;

2013 (21265-7450-0-4765-0)/(23095+4843+2019)=0.3020
2014 (20235-6710-0-5142-0)/(22280+4325+2230)=0.2907
The optimal value of this coefficient is 0.7 - 0.8. The indicators showed an insufficient level of urgent liquidity.

Absolute liquidity ratio = Most liquid current assets / Value of liabilities;

2013 (0+151+0)/(23095+4843+2019)=0.0005
2014 (0+24+0)/(22280+4325+2230)=0.0008
The optimal value of this coefficient is 0.2-0.35. The company does not achieve the desired level of absolute liquidity.

Enterprise liquidity

Table 3.3

Enterprise profitability analysis

Return on total capital.

This ratio is calculated as follows:

Rsk cap = Profit before tax / Total sources of funds

2013 0\96649=0

2014 0\99952=0

The return on total capital is of interest primarily to investors.

Return on equity is calculated by the formula:

R property cap = net profit / equity

2013 1328\55494=0.02

2014 0\61796=0

This indicator is of interest to existing and potential owners and shareholders. The return on equity shows how much profit each unit of money invested by the owners of capital brings. It is the main indicator used to characterize the effectiveness of investments in activities of a particular type.

Profitability of sales.

When assessing the profitability of sales on the basis of profit and sales proceeds, profitability ratios are calculated for all products as a whole or for its individual types. Most often, gross, operating or net income is used. Accordingly, three indicators of return on sales are calculated.

Gross margin of sales:

R real \u003d Gross profit / Net income from sales;

2013 9215\75659=0.12

2014 7976\76657=0.1

The gross profit ratio shows the efficiency of the enterprise's production activities, as well as the effectiveness of the pricing policy.

Operating profitability of products sold:

R net \u003d Net profit / Net income from sales

2013 0\75659=0

2014 0\76657=0

Operating profit is the profit remaining after deducting administrative expenses, distribution costs and other operating expenses from gross profit. This ratio shows the profitability of the enterprise after deducting the costs of production and marketing of goods.

Net profit margin on sales.

The indicator of net profitability of production shows how many monetary units of net profit fall on one monetary unit of sold products.

R net \u003d Net profit / Net income from sales;

2013 1328\75659=0.02

2014 0\76657=0

Since almost all profitability indicators are equal to 0, it can be concluded from this that the complexity of the use of various resources at the plant is very low.

Profitability of the enterprise

Table 3.4

Business activity analysis

With the help of the asset turnover ratio, the effectiveness of the use of all available resources by the enterprise, regardless of the sources of their attraction, is assessed. The calculation of this coefficient is made according to the formula:

The coefficient shows how many monetary units of sold products each monetary unit of assets brought. It can be concluded that the company's productivity increased by 1% per year.

Consumers pay off their debts faster if the ratio is high. This is beneficial for the development of the plant.

Accounts payable turnover ratio

The ratio shows how many turnovers the company needs to pay the existing debt.

Inventory turnover ratio

To calculate the inventory turnover ratio, it is necessary to divide the cost of goods sold by the average annual cost of the company's inventory:

The coefficient shows how many turnovers per year the stocks made, that is, how many times they transferred their value to finished products. a fairly good inventory turnover ratio.

Business activity

Table 3.5

Marketing activities are a set of measures to attract customers and increase sales. The main types of marketing activities are presentations, exhibitions, sales, promotions.

The concept of a marketing event is much broader than just an advertising campaign. It also includes the process of research and entering a new market segment, raising or lowering prices, rebranding, etc. It must be remembered that the process of managing the promotion of goods necessarily includes marketing activities that are aimed at reaching contact with the target audience.

The main goal of organizing marketing enterprises is to combine time, place and atmosphere into a single event so that an uninterested and busy potential consumer pays attention and appreciates information about a product or service intended for him.

The process of developing marketing activities includes several stages. This is the output:

the main marketing strategy of the enterprise (determination and development of the image and mission of the enterprise);

commodity policy (what goods and with what characteristics to produce);

pricing policy (determination of the optimal balance of sales prices for the manufacturer and consumer);

marketing policy (how, where, with whose help to sell manufactured products);

Analysis of competitors (who, how and why works better);

Market analysis (determining the needs of buyers).

A set of marketing activities is a series of absolutely specific measures by which a company influences the market. The marketing mix consists of a product, pricing and sales policy, as well as a product promotion policy.

The program of marketing activities is a set of variables offered to the buyer and influencing him. These variables include the product, its price, availability, and image. The program of marketing activities must necessarily be adapted to market needs.

The complex of marketing activities to promote products consists of advertising, propaganda and sales promotion. In order to successfully implement marketing activities, you need to have a lot of data. The main way to obtain this information is marketing research. The implementation of marketing activities implies the presence in the enterprise of an established scheme for planning and organizing marketing, as well as its control.

Conducting an analysis of the effectiveness of marketing activities is a mandatory element. The effectiveness of these measures represents the achievement of the set goals or, at a minimum, the highest possible results. At the same time, costs should be kept to a minimum. The effectiveness of a marketing event is achieved if the target ratings turned out to be those that exceed the planned ones. The main indicators in this case are sales volumes. An example of an effective marketing event: a series of presentations and promotions, after which the sales of this product increased significantly.

A marketing strategy, in essence, is a general plan of marketing activities with which the company expects to achieve its marketing goals. It involves setting specific goals for each individual product, type of market for a certain period of time. A strategy is formed within the framework of the general production and commercial activities according to the individual capabilities of a particular enterprise and the characteristics of the market situation.

After developing a general strategic plan, the company can move on to work on more specific tactical plans (marketing plans).

The main sections of a marketing plan include: an analysis of the current marketing situation, a SWOT analysis, a list of tasks and existing problems, a list of obvious dangers and potential opportunities, a presentation of marketing strategies, an action program, budgets, and certain control procedures.

The marketing strategy of the company begins its existence with the development of a specific program, setting goals and formulating tasks for all future marketing activities.

As a rule, the planning of marketing activities of the company is carried out after the development of the annual budget of the company.

Implementation of the marketing plan: implementation of marketing activities. After discussing the marketing plan and budget with management, making the necessary adjustments, then proceed with the implementation of the planned plan. Most likely, there will be a preparatory stage before the start of the marketing activities themselves. In the process of implementing the marketing plan, it is necessary to control all work, and, if necessary, promptly adjust plans. And also - we constantly keep in touch with the authorities, so that the authorities are always in the know. Upon completion of all marketing activities, we necessarily evaluate the effectiveness. Any marketing activity must produce results, and it must be measured. That is why it is necessary to re-measure the indicators determined at the beginning of the project. They will show whether they have achieved their goal, whether they have completed all the tasks.

The marketing strategy is chosen individually for a particular company in accordance with the peculiarities of its current affairs and the development tasks of future periods. The main marketing strategies are: penetration into a new market, development of an existing market, development of a new product, diversification.

Based on the general marketing strategy, private programs of marketing events are formed. Programs can be guided by the achievement of such effects from the implementation of activities: the maximum effect regardless of the risk, the minimum risk without counting on a large effect, various combinations of these two approaches.

A marketing strategy is developed based on market requirements, competitive advantages, company shortcomings, consumer requests and some other factors. The formation of a marketing strategy is influenced by trends in the state of the external marketing environment and demand, the distribution system, consumer requests, the characteristics and state of the competitive environment, the individual capabilities of the company and its management resources, the main concept of the future development of the company, its tasks and goals.

The key subsystem of the corporate marketing strategy is the product marketing strategy of a commercial organization. It is aimed at the analysis, development of the most important strategic decisions on the range, nomenclature, volume and quality of manufactured products, issues of product sales on the market.

Product marketing strategy is the main strategy for the survival, economic growth, quiet existence and commercial success of the company. Its main component is the optimization of the product program for the current year.

Thus, a marketing strategy is created in relation to a specific target market, selected as a result of advanced marketing research on the state of the market. Strategic planning is built on its basis and with its help the competitive advantages of the company are provided for the future. It is the result of a rational and logical construction of long-term success plans, on the basis of which the movement towards the progressive development of production and sales is carried out.

On the basis of the developed strategy, a detailed program of specific activities is created for the entire marketing mix, responsible executors are assigned, future costs are determined, and deadlines are set.

We will conduct a SWOT analysis of PJSC "DonERM". On such market, one of the main tasks of marketing research is the analysis and selection of suppliers of raw materials, the possible replacement of purchased raw materials with similar products - substitutes.

A comprehensive analysis of the external and internal environment of PJSC "DonERM" is carried out by constructing a SWOT matrix and allows you to identify the most promising and most dangerous pair combinations of opportunities / threats and strengths / weaknesses in order to determine the main strategic concept for the development of PJSC "DonERM"

SWOT - The matrix of threats and opportunities, strengths and weaknesses of the enterprise providing a qualitatively new level of PJSC "DonERM" functioning in the market is given in the following table 4.1

SWOT-analysis of PJSC "DonERM"

Table 4.1

Continuation of table 4.1

The results of the operational diagnostic analysis of PJSC "DonERM" and its environment allow us to simulate situations and draw the following conclusions:

WT field - "weaknesses / threats" At present, the enterprise is experiencing difficulties due to the lack of free financial resources, lack of own working capital, low level of market research and partial obsolescence of equipment, which makes it vulnerable to competition, as well as insufficiently protected in the face of insolvency of consumers and instability of the national currency.

WO field - "weakness/opportunity" The impact of these threats can be reduced by attracting foreign investment, creating unique selling propositions, using the growth trends of the global market for commercial products and introducing technological and managerial innovations,

SO field - "strength / opportunities" The basis for the implementation of external opportunities is a strong and active management aimed at the strategic development of PJSC "DonERM" in the field of technical re-equipment and the introduction of new promising technologies, efficient organization of production, flexible pricing policy, strict adherence to timing and terms of supply to counterparties, high qualification of technical specialists and management personnel, which generally leads to the strengthening of the competitive status of PJSC "DonERM" in the engineering market .

The ST field is "strength / threats". Based on the existing competitive advantages of PJSC "DonERM", as well as future ones, based on superiority in quality and price characteristics of the main competitors, as a result of the ongoing restructuring and those re-equipment of PJSC "DonERM" it is expedient to use strategic management. External threats and opportunities of the enterprise, the search for a strategy for developing the potential of PJSC "DonERM" and the subsequent gaining a leading position in certain segments of international markets and markets countries.

In conditions of market saturation and increased competition, the main task of a product strategy is to create new products. The product is the subject of many entrepreneurial decisions. It is created, with the support of various marketing tools, introduced to the market, modified if necessary, and, if economically feasible, removed from production and sale.

Consider possible ways to improve marketing activities at PJSC "DonERM":

Creation of new products. Promising products may be sections for tower cranes and overhead cranes. Since the basis of these products is metal structures, a slight modernization of production will be required. Although at first glance it may seem that new goods are undesirable for production, since they worsen its economic performance in the short term, increase costs, disrupt the stability of the organization of production, and do not allow full use of the resources of existing goods. At the same time, the logic of the modern market is such that it is the ability to create new products that distinguishes a prosperous enterprise and is a sign of a marketing-oriented company.

Conducting an effective product policy of the company is associated with two major problems. First, the firm must rationally organize work within the existing product range, taking into account the stages of the life cycle; secondly, advance the development of new products to replace products that are to be phased out and withdrawn from the market.

Thus, the company needs to have and constantly improve the product strategy, which will allow it to provide a stable assortment structure, constant sales and stable profits.

Innovation in existing theory and practice is synonymous with the concepts of "innovation" and "innovation". It can be represented by a new product or service, a method of their production and marketing, an innovation in organizational, financial, research, marketing and other areas of activity. Innovations are classified according to the degree of their novelty for the firm; according to the degree of novelty for the market and the consumer (innovation intensity); by the nature of the idea with which the emergence of innovation is associated (technological or marketing) . It has been established that a small part of innovations (10%) has global novelty, and most innovations (70%) are associated with updating, expanding, modifying the existing range of products.

Product differentiation is the process of developing a set of significant modifications to a product that make it different from competing products.

The purpose of product differentiation is to increase its competitiveness, increase the attractiveness of the product by taking into account the characteristics of individual markets or market segments, consumer preferences.

To set prices taking into account demand, it is necessary to constantly study the market, investigate the relationship between prices and demand in the form of functions of demand for price and coefficients of elasticity of demand for price, analyze data from previous periods, the results of an experiment with different prices, study the expected situations for buying goods on the market or intentions to buy them.

In conditions of strong competition, the firm's reaction to changes in competitors' prices should be prompt. For these purposes, the company must have a pre-prepared program.

The loss of a major client will directly lead to loss of profit. To avoid such losses, the following measures should be taken:

1. Training and education of sales personnel.

2. Acquisition of more complete knowledge of the existing markets in which the enterprise operates.

3. Study and analysis of potential markets.

4. Conduct consumer surveys quarterly.

2. Search for new suppliers in Russia. Cost optimization always brings benefits to the company, so it is important to know what are the main costs it incurs. And this can be facilitated by the choice of those suppliers that will best meet the needs of the company. When concluding business relations with suppliers, it is necessary to correctly consider the interests of both parties and try to fully take into account the agreed conditions in the contract. Many entrepreneurs prefer to single out strategic organizations and establish work with them on key production positions, establish individual long-term relationships, taking into account all aspects of cooperation.

That is why this issue needs to be approached more carefully and spare no time. After all, the work of the enterprise depends on the timely receipt of goods.

Often the customer's decision depends on the ability and ability of the supplier to satisfy the required quality, size, terms of delivery, price and service. And supplier selection is always based on risk. When placing an order with an unknown supplier, the risk increases, and this is due to the fact that there is uncertainty in the financial capabilities of the supplier, whether reliable information will be provided, timely fulfillment or non-fulfillment of obligations, and since the conclusion of the contract with suppliers is focused on a long period of work, these aspects play a major role, while it is necessary to take into account future needs that may have arisen and the ability of the selected supplier to satisfy them, so as not to look for new ones in the future.

Firms that already have "their" suppliers have slightly different difficulties when making changes to the product range or introducing small changes. It is more convenient for them to maintain existing connections, making only minor changes with new requirements, unless of course there is an opportunity and the supplier agrees to the new conditions. But, if it turns out otherwise, then you should turn to the choice of a new one, immediately presenting increased requirements. After all, it is much more difficult to find a new supplier than to lose one.

Possible candidates:

LLC "METKOM";
JSC "Tenth Bearing Plant";
LLC "Instal"

Search for clients in Russia. Expansion of the sales market is one of the directions of the organization of sales of products in any company. Ideally, each company seeks to dominate the market, and for this, among other activities, it is necessary to work to find and attract new customers, expand demand for its products, find new ways to consume it, and fight competitors.

Expansion of the sales market implies both finding new markets for the manufactured goods and covering new segments of the existing market. In the first case, the expansion of the sales market can be carried out by entering markets of other levels - regional, national, international. In the second case, the expansion of the sales market is carried out by releasing upgraded versions of the product, which are focused on specific consumer groups.

Market expansion involves the use of various marketing strategies. The strategic tasks in expanding the sales market are:

1) Attract new customers. A product or service produced by a company always has the potential to attract new customers and customers who, for whatever reason, did not yet know about the product (service) or did not have the necessary information about their properties, or postponed the purchase of the product due to its high price. The expansion of the sales market in this situation can be carried out by applying a market penetration strategy (informing the target audience about a product or service, sampling, spraying, advertising), a strategy for creating a new market, during which new consumer groups are informed about a product that was not previously considered necessary by this group and its useful properties, as well as a geographic expansion strategy by exporting a product, and so on.

2) Finding new ways to use the company's products. Even one new way of using a product can significantly expand the market. And if such methods are regularly found, then the company is guaranteed high sales volumes and huge profits. However, often consumers themselves open up new possibilities for using familiar products.

3) Expansion of the sales market due to the intensification of the use of manufactured goods. This strategy includes influencing the psychology of the consumer, who is convinced that increasing the consumption of the product increases the benefits that the product brings and increases its effectiveness.

Possible clients:

Mine "Obukhovskaya";
Mine "Far";

Mine No. 410;

Mine "Obukhovskaya";

Mine "Far";

Mine No. 410.

Creation of a product catalog. Creating a product catalog is an effective way to expand your customer base and expose customers to all the unique products your company has to offer. The catalog provides an opportunity to get acquainted with your products to those customers who will never visit your store. The sooner you know what to include in your catalog and how to present it in a convenient and presentable way, the sooner you can turn it into an effective promotional tool for your products.

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FINANCIAL MANAGEMENT

(workshop)

And the calculation of the cash flows of the enterprise

Moscow, UCHEBA Publishing House, 2010

Introduction
1. Task 1. Analysis of the financial and economic condition of the enterprise
1.1. Theoretical prerequisites and initial data for calculation
1.2. Problem 1 solution
1.2.1. Further balance sheet aggregation
1.2.2. Determining the type of financial situation in years 01 and 02
1.2.3. Determination of the company's need for cash
2. Task 2. Diagnostics of the financial stability and solvency of the enterprise using financial ratios
2.1. Theoretical prerequisites and initial data for calculation
2.2. Problem 2 solution
2.2.1. Financial stability assessment
2.2.2. Liquidity assessment
3. Task 3. Assessment of the influence of factors on the return on equity using the DuPont methodology
3.1. Theoretical background and initial data
3.2. Problem 3 solution
4. Task 4. Analysis of sources and directions of use of funds
4.1. Theoretical background and initial data
4.2. Problem 4 solution
4.2.1. Sources of funds
4.2.2. Directions for the use of funds
4.2.3. Net increase/decrease in cash
4.2.4. Cash at the end of the period
5. Task 5. Calculation of cash flow by direct method
5.1. Theoretical background and initial data
5.2. Problem 5 solution
5.2.1. Calculation of cash flow from operating activities
5.2.2. Calculation of cash flows from investing and financing activities
6. Calculation of cash flow by the indirect method and construction of the analytical balance sheet of the company
6.1. Theoretical background and initial data
6.2. Problem 6 solution
7. Task 7. Determining the free cash flow available to investors
7.1. Theoretical background and initial data
7.2. Problem 7 solution
7.2.1. Calculation of cash flow from assets according to the first scheme
7.2.2. Calculation of cash flow from assets according to the second scheme

Introduction

The purpose of the proposed workshop is to acquire competence in the field of analysis of the financial and economic condition of the enterprise and the calculation of cash flows. In the first case, we are talking about the following competencies:

Assessment of the financial condition of the enterprise and determination of the need for funds;

Diagnostics of the financial stability and solvency of the enterprise using financial ratios;

Estimates of the influence of factors on the return on equity and the use of the methodology of DuPont firms for this purpose.

In the second case, competencies are acquired:

Analysis of sources and directions of use of funds;

Calculation of the flow from the main activity by direct and indirect methods, as well as flows from investment and financial activities in order to assess the minimum required amount of external financing;

Definitions of free cash flow of the enterprise (flow to investors).

1. Task 1. Analysis of the financial and economic state of the enterprise. .

1.1. Theoretical background and initial data for calculation.

Before performing calculations, it is necessary to master the following paragraphs of the book:

Variables that characterize the sources of formation of reserves and costs (pp. 21-23);

Current financial needs of the enterprise (pp. 23-24);

Diagnostics of the provision of funding for reserves and costs (pp. 59-61).

Consider a test that allows, depending on the provision of the enterprise with sources of formation, to evaluate the degree of financial stability of the enterprise, indicating one of the five areas in which the enterprise is located:

Absolute stability;

Normal stability;

unstable state;

critical condition;

Crisis state.

Let's introduce the designations of the main components of the aggregated balance sheet:

F– fixed assets and other non-current assets;

Z- reserves and costs;

Ra- cash, short-term financial investments, receivables

AND c - sources of own funds;

– long-term and medium-term credits and loans;

Kt– short-term credits and loans;

Rp- accounts payable.

In these notations, the main balance ratio, meaning the equality of the sums of the elements of the asset and liability, has the form: (1.1)

Taking into account that long-term loans and borrowings are used mainly for the acquisition of fixed assets and capital investments, we rewrite the original balance formula (1.1) as follows

If we assume that i.e. accounts receivable is greater than or equal to the accounts payable of the enterprise, then the ratio must be satisfied those. the value of reserves and costs should be limited to the value

The three sources of inventories and costs are recorded as follows:

1. Own working capital (1.3)

2. Own working capital and long-term borrowed sources of reserves and costs (1.4)

3. The total value of the formation of sources of reserves and costs:

29-2. Funding for reserves and costs

Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs with sources of their formation:

1. Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves and costs (1.6)

2. Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves and costs (1.7)

3. Surplus (+) or shortage (-) of the total value of the main sources of formation of reserves and costs (1.8)

Based on the indicators, one three-dimensional indicator is formed

The five types of financial situations listed above are defined as follows:

1) The absolute stability of the financial condition corresponds to the conditions:

The situation is extremely rare and represents an extreme type of financial stability.

2) Normal resistance:

The amount of stocks and costs are minimal

3) Unstable financial condition:

There is a slight excess inventory and costs

4) Critical financial condition:

Stocks and costs are excessive. The condition is associated with a violation of solvency, but nevertheless, it remains possible to restore balance by replenishing sources of own funds, increasing own working capital, as well as additional attraction of long-term loans and borrowed funds.

5) Crisis state:

The enterprise is on the verge of bankruptcy, because in this situation, cash, short-term financial investments and accounts receivable of the enterprise do not even cover its accounts payable. In this case, there are excessive amounts of fixed and sedentary loans, as well as overstocking of finished products due to a decrease in demand.

The initial data for the calculation are presented in table. 1. The same data will be used later in tasks 2 and 3.

Table 1. Balance sheet, revenue and profit of the enterprise.

Annual balance of the enterprise, thousand rubles
ASSETS	year 01	year 02	Change, thousand rubles
Total non-current assets, F	219 257	286 369	67 112
stocks, Z	125 599	150 599	25 000
Accounts receivable,	526 966	161 945	- 365 021
Cash,	26 975	15 792	- 11 183
Short-term financial investments,	5 493	6 420
Other working capital	43 422	37 766	- 2 342
Balance, B	947 712	658 891	- 288 821
LIABILITY
total own funds,	161 721	196 174	34 453
long-term debt,	354 162	288 141	- 66 021
accounts payable to suppliers,	139 256	130 712	- 8 544
Debts to budgets and funds,	2 342		- 2 342
short-term loans,	290 219	43 799	- 246 420
Other current liabilities,
Balance, B	947 712	658 891	- 288 821
Revenue and net profit, thousand rubles
Revenue, VR	313 871	1 479 672	1 165 801
Net profit,	- 49	97 247	97 296

Solution of problem 1.

Problem 2 solution.

Liquidity assessment.

Absolute liquidity ratio (limit value 0.2-0.25):

Absolute liquidity is below the standard.

Intermediate coverage ratio (theoretically sufficient value of 0.7-0.8).

The intermediate coverage ratio satisfies the specified requirements.

Overall coverage ratio (reference value > 2).

Overall liquidity in 01 was unsatisfactory. In 02, it exceeded the normative value.

Conclusions:

Thus, the financial stability of the enterprise, as well as the absolute and intermediate liquidity of its assets are insufficient. To improve financial stability, it is recommended to increase the sources of own funds, which will simultaneously reduce short-term bank debt and increase the liquidity (solvency) of the company's assets.

Solution of problem 3.

Formulas and results of solving the problem are given in Table. 2.

Table 2. Results of solving problem 3.

years
Revenue, VR, thousand rubles/year	313 871	1 479 672
Balance currency, IN, thousand roubles.	947 712	658 891
Asset turnover ratio, , turnover/year	0,331	2,245
Net profit, , thousand rubles/year	– 49	97 247
return on sales,	– 0,016%	6,572%
return on assets,	– 0,0053%	14,75%
The ratio of borrowed and own funds,	4,86	2,36
financial dependency ratio,	5,86	3,36
Return on equity, , %	– 0,031 %	49,56%

The solution of the problem is reduced to the calculation of the corresponding indicators according to formulas (1) - (3) for 01 and 02 years and comparison of their values.

Conclusions:

1. Return on equity of the enterprise for the analyzed period increased from -0.031 to 49.56%.

2. This growth was due to a change in the asset turnover ratio from 0.331 to 2.245 rpm; an increase in the profitability of sales from -0.016 to 6.572%, as well as a decrease in the financial dependence ratio from 5.86 to 3.36.

Solution of problem 4.

4.2.1. Sources of funds (Table 3).

Table 3. Structure of sources of funds.

From the above data it follows that the main sources of funds are their release due to a decrease in accounts receivable (90.09%), as well as an increase in the company's own funds (8.50%).

Table 4. Use of funds

Direction of use	Amount, thousand rubles	Share, %
Reducing long-term debt,	66 021	15,86
Reduction of accounts payable,	8 544	2,05
Reducing debt to the budget and funds,	2 342	0,56
Reduction of short-term debt,	246 420	59,18
Increase in non-current assets,	67 112	16,12
Inventory increase,	25 000	6,01
Increase in short-term financial investments,		0,22
Total used	416 366

Thus, the main directions of the use of funds were the reduction of long-term debt (15.86%), the reduction of short-term borrowings (59.18%), the increase in non-current assets of the enterprise (16.12%).

Solution of problem 5.

Solution of problem 6.

The results of calculating the flow by the indirect method are presented in Table. 12.

As a result of the calculation, it turned out that the value of the flow determined by the indirect method coincides with a similar characteristic found by the direct method and is equal to 14060 rubles.

Table 12. Determination of cash flow from the main activity by the indirect method, thousand rubles.

No. p / p	Index	Amount, thousand rubles	Note

	Net profit		Report, paragraph 13
	+ Cushioning		Report, paragraph 5
	– Increase in receivables		Balance, p. 2
	– Increase in inventory		Balance, p. 3
	+ Increase in accounts payable		Balance, p. 14
	+ Increased interest payable		Balance, p. 12
	+ Increase in reserves for future payments		Balance, p. 16
	+ Increasing tax arrears		Balance, p. 15
	Cash flow from operating activities		Calculation

The calculations performed in § 5 and 6 make it possible to draw up an analytical balance sheet of the company's cash flows (Table 13), with which you can determine the minimum required amount of external financing.

Table 13. Analytical balance of cash flows of the company, thousand rubles.

This amount is determined from the relation

14060 - 20860 \u003d 1000 - 7800 \u003d - 6800 thousand rubles.

Thus, the lack of cash from operating activities for investment should be compensated by borrowed funds, the source of which is the financial activity of the enterprise.

7. Task 7. Determining the free cash flow available to investors.

7.1. Theoretical background and initial data.

The presentation, as before, is carried out in accordance with. These materials require preliminary study before performing calculations.

Under consideration free cash flow he is - cash flow from assets. It is understood as the post-tax cash flow of the firm from its operations minus investments in fixed and working capital. The scheme of its formation has next view(Fig. 1).

Figure 7. 1. The first way to generate cash flow from assets.

In turn, changing demand for net assets, as well as the change in the need for working capital is calculated as follows:

Figure 7.2. Change in the need for net assets and working capital.

On fig. 2, the following designations are used:

* - except for long-term financial investments;

** – without short-term financial investments;

*** – without short-term loans.

There is also a second scheme for calculating the cash flow from assets in the form of a flow available to investors, equal to the sum of flows to creditors and owners (Fig. 3).

Figure 7.3. The second way to calculate cash flow from assets.

In turn, these streams are defined as follows:

Cash flow to lenders = Interest received – Difference between repaid and new loans.

Cash Flow to Owners = Dividends Paid – Net Changes in Equity (New Issues – Buybacks own shares, shares, shares).

The calculation uses the following data (Table 14)

Table 14. Balance sheet of the enterprise, million rubles

Indicators	Beginning of period	End of period	Change
ASSETS
Cash			– 10
Accounts receivable			– 4
Inventory
Long term assets
including depreciation
Total assets
LIABILITY
Accounts payable			– 27
Short term loans
Long term loans
Ordinary shares
Extra capital
retained earnings
total liability

Table 15. Profit and loss statement for the period under review, million rubles

Solution of problem 7.

Literature

1. Larionova I.A., Rozhkov I.M., Pyatetskaya A.V. Diagnostics of the enterprise using integral indicators and optimization models: Textbook for universities. - M.: "MISiS", 2007 - 248 p.

2. Lukasevich I.Ya. Financial management / I.Ya. Lukasevich - M .: Eksmo, 2007 - 768 p. – (higher economic education).

FINANCIAL MANAGEMENT

(workshop)

Sections: analysis of the financial and economic state

, analysis of liquidity and solvency of the Rassvet store. The movement of cash and equity of the enterprise according to reporting. Using automated accounting for retail management.

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FINAL QUALIFICATION WORK

Analysis of the financial and economic state of the enterprise (on the example of Rassvet LLC)

INTRODUCTION

Chapter 1. THEORETICAL ASPECTS OF ASSESSING THE FINANCIAL STATE OF THE ENTERPRISE

1.2 Analysis of the liquidity and solvency of the enterprise

1.4 Assessment of the insolvency (insolvency) of the organization

1.6 Business activity assessment

1.7 Analysis of profitability indicators

1.9 Cash flow analysis

Chapter 2

2.2 Analysis of the financial condition according to the balance sheet structure

2.3 Analysis of liquidity and solvency of the store "Rassvet"

2.4 Analysis of the financial stability of the store "Rassvet"

2.5 Evaluation of business performance

2.6 Analysis of the cash flow of the store "Dawn"

2.7 Analysis of the movement of equity capital according to reporting data

2.8 Analysis of distribution costs of the Rassvet store

Chapter 3

3.2 Automated accounting as one of the powerful levers of control retail

3.3 Organization of the trading process according to the self-service method. Introduction of bar coding of goods

CONCLUSION

BIBLIOGRAPHY

APPLICATION

INTRODUCTION

Relevance of the topic. The economic reform in Russia (the processes of denationalization, demonopolization, privatization) led to the emergence of new relations in the sphere of economic activity of enterprises. One of the main objectives of the reform is the transition to enterprise resource management based on an analysis of its financial and economic activities.

The financial condition is characterized by a system of indicators reflecting the real and potential financial capabilities of the company as a business object, capital investment object, taxpayer. A good financial condition is the efficient use of resources, the ability to respond fully and on time to its obligations, the sufficiency of own funds to eliminate high risk, good prospects for making a profit, etc. A poor financial situation is expressed in unsatisfactory payment readiness, low efficiency in the use of resources, inefficient allocation of funds, their immobilization. The limit of the poor financial condition of the enterprise is the state of bankruptcy, i.e., the inability of the enterprise to meet its obligations.

The main purpose of the analysis is to identify and evaluate trends in the development of financial processes in the enterprise. The manager needs this information to develop adequate management decisions to reduce the risk and increase the profitability of the financial and economic activities of the enterprise, the investor - to resolve the issue of the feasibility of investing, banks - to determine the conditions for lending to the company.

The development of the theme. The problem of analyzing the financial and economic state of an enterprise has been considered by many modern scientists and economists; a number of books and manuals have been written on this topic.

So, for example, in study guide "Financial management firm" edited by Professor Terekhin V.I. considers a complex system of methods and procedures for managing the financial relations of firms, which provides an analysis of alternative solutions and the choice of optimal results from the standpoint of managers, investors, business partners.

M.N. Kreinina in her work "The financial condition of an enterprise" considers methods for assessing the solvency and financial stability of an enterprise, as well as the main methods for planning the balance sheet structure and solvency indicators of an enterprise, taking into account changes in sales volume, cost and profit in the planning period compared to the previous one.

In the textbook "Trade Business: Economics and Organization" edited by the team of authors of the Department of Trade and Logistics of the Russian Academy of Economics. G.V. Plekhanov considers issues related to the economy and organization of economic activity of trade enterprises in the conditions of the formation of market relations, attention is paid to the study economic content, methods of analysis and assessment of the state of the main indicators of the work of retail enterprises: turnover, inventory, distribution costs, gross income, etc.

Bykadorov V.L. and Alekseev P.D. in the practical manual "Financial and economic condition of the enterprise" give a complete three-dimensional idea of the analysis of the financial and economic condition - from the initial reading of financial information to the adoption of sound management decisions.

However, in spite of the fact that this problem found its reflection in the economic literature, the analysis of the financial condition of the enterprise remains relevant due to the topicality of the problem of survival in market conditions.

Purpose and objectives of the study. The purpose of this work is to study the analysis of the financial and economic state on the example of the store "Rassvet" in 2008-2009.

The following tasks were set during the study:

The study of the main indicators characterizing the financial condition of the enterprise in market conditions.

Analysis of the financial condition of the store "Rassvet" for 2008-2009.

Development of proposals for improving the financial and economic activities of the store "Rassvet".

Research methods. When writing this work, the following research methods were used:

Analysis of scientific literature.

Conversations with experts.

Calculation of financial indicators.

Practical significance. The results obtained as a result of this study can be used in planning financial policy and training of leaders.

Approbation of work. The management of the Rassvet store was acquainted with the results of the work.

CHAPTER 1. THEORETICAL ASPECTS OF ASSESSING THE FINANCIAL STATE OF THE ENTERPRISE

1.1 Key indicators of the financial condition of the enterprise

According to the current regulatory documents, the balance sheet is currently compiled in net valuation. The result of the balance sheet gives an approximate estimate of the amount of funds at the disposal of the enterprise. This estimate is accounting and does not reflect the real amount of money that can be obtained for property, for example, in the event of liquidation of the enterprise. The current "price" of assets is determined by market conditions and can deviate in any direction from the accounting one, especially towards inflation.

Balance analysis is carried out using one of the following methods:

Analysis directly on the balance sheet without first changing the composition of balance sheet items;

Construction of a compacted comparative analytical balance sheet by aggregating some elements of balance sheet items that are homogeneous in composition;

Carrying out an additional adjustment of the balance sheet for the inflation index with subsequent aggregation of items in the required analytical sections.

Analysis directly on the balance sheet is a rather laborious and inefficient business, because too many calculated indicators do not allow to identify the main trends in the financial condition of the organization.

One of the creators of balance science, N.A. Blatov, recommended to study the structure and dynamics of the financial condition of an enterprise using a comparative analytical balance sheet. A comparative analytical balance sheet can be obtained from the original balance sheet by condensing individual items and supplementing it with structure indicators; dynamics and structural dynamics.

When analyzing the comparative balance, it is necessary to pay attention to the change in the share of equity in the value of property, to the ratio of the growth rates of receivables and payables. With stable financial stability, the organization should increase in dynamics the share of its own working capital, the growth rate of borrowed capital, and the growth rates of receivables and payables should balance each other.

Of great importance in assessing the financial condition is a vertical analysis of the asset and liability of the balance sheet, which gives the presentation of the financial report in the form of relative indicators. The purpose of vertical analysis is to calculate the share of individual items in the balance sheet and evaluate its changes. With the help of vertical analysis, it is possible to conduct inter-farm comparisons of enterprises, and relative indicators smooth out Negative influence inflation processes.

Horizontal analysis consists in building one or more analytical tables in which relative balance sheet indicators are supplemented by relative growth (decrease) rates. The value of the results of horizontal analysis is significantly reduced in terms of inflation, but these data can be used in inter-farm comparisons. The purpose of horizontal analysis is to identify the absolute and relative changes in the values of various balance sheet items for a certain period, to evaluate these changes.

horizontal and vertical analyzes complement each other. Therefore, in practice, it is possible to build analytical tables that characterize both the reporting structure and the dynamics of its individual indicators.

Analysis of the dynamics of the balance sheet, the structure of assets and liabilities of the organization allows us to draw a number of important conclusions necessary both for the implementation of current financial and economic activities, and for making managerial decisions in the future.

1.2 Analysis of liquidity and solvency of the enterprise

In conditions of mass insolvency and the application of bankruptcy procedures (declaration of insolvency) to many enterprises, an objective and accurate assessment of the financial and economic state is of paramount importance. The main criterion for such an assessment is the indicators of solvency and the degree of liquidity of the enterprise. The solvency of an enterprise is determined by its ability and ability to simultaneously and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature.

Liquidity p / p is determined by the presence of liquid funds, which include cash, cash in bank accounts and easily realizable elements of working capital. Liquidity reflects the ability of a payer to make the necessary expenses at any time.

The following basic techniques can be used to assess solvency and liquidity (Fig. 1.1)

Rice. 1.1. Methods for assessing solvency and liquidity

The liquidity analysis of the balance sheet consists in comparing assets, grouped by their degree of liquidity, with liabilities for liabilities, grouped by their maturity. The calculation and analysis of liquidity ratios makes it possible to identify the degree of provision of current liabilities with liquid funds. The main goal of the cash flow analysis is to assess the ability of the cash flow to generate cash in the amount and within the time frame necessary to carry out the planned expenses and payments.

The task of assessing the balance sheet is to determine the amount of coverage of obligations p / p by its assets, the period of conversion of which into cash (liquidity) corresponds to the maturity of obligations (urgency of return).

For analysis, the asset and liability of the balance sheet is grouped (Fig. 1.2) according to the following criteria:

By the degree of decreasing liquidity (asset);

By the degree of urgency of payment (passive).

liquidity solvency capital accounting

Rice. 1.2. Grouping of asset and liability items for balance sheet liquidity analysis

And 1 - the most liquid assets. These include cash assets of enterprises and short-term financial investments (p. 260+p. 250).

A 2 - fast-selling assets. Accounts receivable and other assets (line 240+line 270).

And 3 - slow-moving assets. These include articles from II balance sheet "Current assets" (p. 210 + p. 220-p. 217) and the article "Long-term financial investments" from section. I balance "Non-current assets" (p. 140).

And 4 - hard-to-sell assets. These are the articles. I balance "Non-current assets" (p. 110 + p. 120-p. 140).

Liabilities are grouped according to the degree of urgency of their return:

P 1 - the most short-term liabilities. These include the items "Accounts payable" and "Other short-term liabilities" (p. 620 + p. 670).

P 2 - short-term liabilities. Articles "Borrowed funds" and other articles of Sec. III balance "Short-term liabilities" (line 610 + line 630 + line 640 + line 650 + line 660).

P 3 - long-term liabilities. Long-term loans and borrowings (line 510+line 520).

P 4 - permanent liabilities. Articles of section IV of the balance sheet "Capital and reserves" (p. 490-p. 217).

When determining the liquidity of the balance sheet, asset and liability groups are compared with each other (Fig. 1.2).

Absolute balance liquidity conditions:

A necessary condition for the absolute liquidity of the balance sheet is the fulfillment of the first three inequalities, the fourth inequality is of the so-called balancing nature: its fulfillment indicates that the enterprise has its own working capital. If any of the inequalities has a sign opposite to that fixed in the best option, then the liquidity of the balance sheet differs from the absolute one.

At the same time, the lack of funds in one group of assets is compensated by the surplus in another, but in practice, less liquid funds cannot replace more liquid ones.

Comparison of liquid funds and liabilities allows you to calculate current liquidity indicators that indicate the solvency (+) or insolvency (-) of the organization.

1.3 Assessment of relative liquidity and solvency indicators

For a qualitative assessment of the solvency and liquidity p / n, in addition to the analysis of the liquidity of the balance sheet, it is necessary to calculate liquidity ratios (Table 1.1).

The purpose of the calculation is to assess the ratio of existing assets, both intended for direct sale and those involved in technological process, for the purpose of their subsequent implementation and reimbursement of invested funds and existing liabilities that must be repaid by the enterprise in the coming period.

Table 1. 1 Calculation and assessment of solvency using financial ratios

Indicator name	Calculation method	normal limit	Explanations
General liquidity ratio
Absolute liquidity ratio			Shows what part of the short-term debt the organization can repay in the near future at the expense of den. funds
Coefficient of "critical evaluation"		Permissible 0.70.8, desirable 1.5	Shows how much of the organization's short-term liabilities can be immediately repaid from funds in various accounts, in securities, as well as income from settlements
Current liquidity ratio		The required value is 1, the optimal value is at least 2.0	Shows what part of current liabilities on loans and settlements can be repaid by mobilizing all working capital
Factor of maneuverability of the functioning capital		A decrease in the indicator in dynamics is a positive fact	Shows how much of the functioning capital is immobilized in inventories and long-term receivables
Share of working capital in assets		Depends on the industry affiliation of the organization
Equity ratio		Not less than 0.1	Characterizes the availability of own working capital of the organization necessary for its financial stability
Organization's solvency recovery ratio		Not less than 1.0	It is calculated if at least one of the coefficients L4 or L7 takes on the value< критериального
The coefficient of loss of solvency of the organization		Not less than 1.0	It is calculated if both coefficients L4 or L7 take a value less than the criterion

1.4 Assessment of insolvency (insolvency of organizations)

The system of criteria for assessing the satisfaction of the organization's balance sheet structure was determined by the Federal Law of the Russian Federation No. 6-FZ of January 8, 1998 "On the Insolvency (Bankruptcy) of Enterprises", adopted by the State Duma on December 10, 1997.

In accordance with this law, the Federal Office for Insolvency (Bankruptcy) approved the Methodological Regulations for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure.

According to this Methodological provision, the analysis and assessment of the organization's balance sheet structure is carried out on the basis of indicators:

current liquidity ratio;

Equity ratio;

Coefficients of restoration (loss) of solvency.

For an organization to be recognized as solvent, the values of these coefficients must comply with the normative ones.

According to article 1 of the law of the Russian Federation "On the insolvency (bankruptcy) of enterprises", outward sign insolvency is the suspension of current payments, the inability to repay obligations to creditors within 3 months from the date of their due date.

According to the Methodological Provisions, if at least one of the indicators is less than the normative value, then the solvency recovery ratio is calculated for a period of 6 months. It is defined as the ratio of the calculated coefficient that does not comply with the standard to its established value, or:

where: L 4f - the actual value (at the end of the reporting period) of the current liquidity ratio;

t - reporting period in months;

L 4 - absolute deviation of the current ratio, equal to the difference between its value at the end and at the beginning of the reporting period;

L 4norms - normative value of the current liquidity ratio (L 4 norms = 2).

It should be noted that the solvency recovery ratio, which takes a value greater than 1, calculated for a period of 6 months, indicates that the organization has a real opportunity to restore its solvency.

1.5 Determining the nature of the organization's financial soundness

One of the main tasks of the analysis of the financial and economic state is the study of indicators characterizing the financial stability of the enterprise.

The financial stability of an enterprise is determined by the degree of provision of reserves and costs by own and borrowed sources of their formation, the ratio of the volume of own and borrowed funds and is characterized by a system of absolute and relative indicators.

In the course of production activities, there is a constant formation (replenishment) of stocks of inventory items at the substation. For this, both own working capital and borrowed funds are used. Analyzing the compliance or non-compliance of funds for the formation of reserves and costs, absolute indicators of financial stability are determined (Fig. 1.3).

Rice. 1.3. Definition absolute indicators financial stability

To fully reflect different types of sources in the formation of reserves and costs, the following indicators are used:

1. Availability of own working capital:

E c \u003d U c - F \u003d capital and reserves - non-current assets.

2. Availability of own working capital and long-term borrowed sources for the formation of reserves and costs:

E t \u003d E c + K t \u003d (U c + K t) - F \u003d (capital and reserves + long-term liabilities) - non-current assets.

3. The total value of the main sources of funds for the formation of reserves and costs:

E \u003d E t + K t \u003d (U c + K t + K t) - F \u003d (capital and reserves + long-term liabilities + long-term liabilities + short-term loans and borrowings) - non-current assets.

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

1. Surplus (+) or shortage (-) of own working capital:

E c \u003d E c - Z

2. Surplus (+) or shortage (-) of own circulating long-term borrowed sources of reserves and costs:

E t \u003d E t - Z \u003d (E s + K t) - Z

3. Surplus (+) or shortage (-) of the total value of the main sources for the formation of reserves and costs:

E \u003d E - Z \u003d (E c + K t + K t) - Z

With these, we can define a three-component indicator of the type of financial situation:

It is possible to allocate 4 types of financial stability p / p.

1. Absolute stability of the financial condition.

Determined by the conditions:

3D indicator.

The absolute stability of the financial condition shows that stocks and costs are fully covered by their own working capital. The company is practically independent of loans. This situation belongs to the extreme type of financial stability and is quite rare in practice. However, it cannot be considered as ideal, since the enterprise does not use external sources of financing in its business activities.

2. Normal financial stability.

Determined by the conditions:

The company also makes optimal use of credit resources. Current assets exceed accounts payable.

3D indicator.

3. Unstable financial condition.

Determined by the conditions:

3D indicator.

The unstable financial situation is characterized by a violation of solvency: the company is forced to attract additional sources to cover reserves and costs, there is a decrease in the profitability of production. However, there is still room for improvement.

4. Crisis (critical) financial condition.

Determined by the conditions:

3D indicator.

A financial crisis is the brink of bankruptcy: the presence of overdue accounts payable and receivables and the inability to repay them on time. In a market economy, with repeated repetition of such a situation, the enterprise is threatened with declaring bankruptcy.

However, in addition to absolute indicators, financial stability is also characterized by relative coefficients (Table 1.2).

Table 1.2. Market Sustainability Indicators

Name of indicator	Calculation method	normal limit	Explanations
Capitalization ratio			Indicates how much borrowed funds the organization has attracted for 1 rub. own funds invested in assets
Coverage ratio with own sources of financing			Shows what part of current assets is financed from own sources
Financial Independence Ratio
Funding ratio			Shows the share of own funds in the total amount of funding sources
Financial stability ratio			Shows how much of an asset is financed from sustainable sources
Financial independence ratio in terms of reserves formation

The level of overall financial independence is characterized by the coefficient of financial independence i.e. is determined by the proportion of the organization's own capital in its total value. U 3 reflects the degree of independence of the organization from borrowed sources.

The establishment of a critical point at the level of 50% is rather conditional and is the result of the following reasoning: if at a certain moment the bank, creditors present all debts for collection, then the organization will be able to pay them off by selling half of its property formed from its own sources, even if the second half of the property turns out to be illiquid for some reason.

Considering the variety of financial processes, the plurality of indicators of financial stability, the difference in the level of their critical assessments, the emerging degree of deviation from them of the actual values of the coefficients and the resulting difficulties in the overall assessment of the financial stability of organizations, many domestic and foreign analysts recommend making an integral assessment of financial stability.

The essence of the methodology lies in the classification of organizations according to the level of risk, i.e. any analyzed organization can be assigned to a certain class depending on the "scored" number of points, based on the actual values of sustainability indicators (tables 1.3 and 1.4).

Table 1.3. Criteria for assessing the indicators of the financial stability of the organization

Financial condition indicators	Criterion	Criterion reduction conditions

	0.5 and above - 20 points	Less than 0.1 - 0 points	For every 0.1 points down from 0.5, 4 points are deducted
	1.5 and above - 18 points	Less than 1 - 0 points	For every 0.1 points down from 1.5, 3 points are deducted
	2 and above - 16.5 points	Less than 1 - 0 points	For every 0.1 points down from 2, 1.5 points are deducted
	0.6 and above - 17 points	Less than 0.4 - 0 points	For every 0.01 points down from 0.6, 0.8 points are deducted
	0.5 and above - 15 points	Less than 0.1 - 0 points	For every 0.1 points down from 0.5, 3 points are deducted
	1 and above - 13.5 points	Less than 0.5 - 0 points	For every 0.1 points down from 1, 2.5 points are deducted

Table 1.4. Grouping organizations according to the criteria for assessing the financial condition

Financial condition indicators	Class boundaries according to criteria

Absolute liquidity ratio (L 2)	0.5 and above - 20 points	0.4 and above - 16 points	0.3 12 points	0.2 = 8 points	0.1 = 4 points	Less than 0.1 - 0 points
Critical evaluation coefficient (L 3)	1.5 and above - 18 points	1.4 = 15 points	1.3 = 12 points	1.2-1.1 = 9-6 points	1.0 = 3 points	Less than 1 - 0 points
Current liquidity ratio (L 4)	2 and above - 16.5 points	1.9-1.7 = 15-12 points	1.6-1.4 = 10.5-7.5 points	1.3-1.1 = 6-3 points	1 = 1.5 points	Less than 1 - 0 points
Financial independence ratio (U 3)	0.6 and above - 17 points	0.59-0.54 = 16.2-12.2 points	0.53-0.43 = 11.4-7.4 points	0.47-0.41 = 6.6-1.8 points	1 = 1.5 points	Less than 0.4 - 0 points
The coefficient of provision with own sources of financing (U 2)	0.5 and above - 15 points	0.4 = 12 points	0.3 = 9 points	0.2 = 6 points	0.1 = 3 points	Less than 0.1 - 0 points
The coefficient of financial independence in terms of the formation of reserves and costs (U 6)	1 and above - 13.5 points	0.9 = 11 points	0.8 = 8.5 points	0.7-0.6 = 6-3.5 points	0.5 = 1 point	Less than 0.5 - 0 points
Minimum border value

All organizations according to the criteria for assessing the financial condition are divided into five classes:

Class I - organizations whose loans and obligations are supported by information that allows you to be sure of the return of loans and the fulfillment of other obligations in accordance with contracts with a good margin for possible error.

Class II - organizations that demonstrate a certain level of risk in terms of debt and liabilities and reveal a certain weakness in financial performance and creditworthiness. These organizations are not yet considered risky.

III class - these are problem organizations. It is unlikely that there is a threat of loss of funds, but the full receipt of interest, the fulfillment of obligations seems doubtful.

IV class - these are organizations special attention, because there is a risk in dealing with them. Organizations that may lose funds and interest even after taking measures to improve the business.

V class - organizations of the highest risk, practically insolvent.

Traditional economic analysis was largely concerned with comparing actual data on the results of the production and economic activities of organizations with planned indicators, identifying and evaluating deviations of the "fact" from the "plan". Then the total amount of deviations was decomposed into separate amounts due to the influence of various factors, both positive (favorable) and negative (unfavorable), and proposals were developed on how to strengthen the influence of positive factors and weaken or eliminate the influence of negative factors.

1.6 Business Activity Assessment

An analysis of the business activity of a payment order allows you to identify how efficiently it uses its funds.

Business activity p / p can be represented as a system of qualitative and quantitative criteria.

Qualitative criteria are the breadth of sales markets, the reputation of the payment order, competitiveness, the presence of stable suppliers and consumers, etc.

Quantitative criteria for business activity are determined by absolute and relative indicators. Among the absolute indicators, one should single out the volume of sales of manufactured products (works, services), profit, the amount of advanced capital (assets p / p). It is advisable to take into account the comparative dynamics of these indicators.

Optimal ratio:

T p > T in > T ak > 100%

where Tp is the rate of change in profit;

TV - the rate of change in revenue from the sale of products (works, services);

So - the rate of change of assets (property) p / p.

The above ratio has been called the "golden rule of the p / p economy": profits should increase by more than rapidly than the volume of sales and property p / p. This means the following: the costs of production and distribution should be reduced, and the resources of the p/n should be used more efficiently. However, in practice, even a consistently profitable p / p in some cases may deviate from this ratio. The reasons may be different: large investments, development of new technologies, reorganization of the management and production structure, modernization and reconstruction. These activities are often caused by the influence of the external environment and require significant financial investments that will pay off and bring benefits in the future.

Relative indicators of business activity characterize the level of efficiency in the use of resources (material, labor and financial). The proposed system of indicators of business activity (Table 1.5.) is based on the data of financial statements p / p. This circumstance allows, according to the calculation of indicators, to control changes in the financial condition of the p / p.

Table 1.5. System of indicators of business activity of the enterprise

Index	Calculation formula	A comment
Sales revenue (V)
Net profit (P r)	Reporting profit of the year minus income tax (f. No. 2, 140-150)	Net profit is the profit remaining at the disposal of the enterprise after settlements with the budget for income tax
Labor productivity (P T)		The growth of the indicator indicates an increase in the efficiency of the use of labor resources. Number of employees - f. No. 5, sec. 8 (p. 850)
Return on assets of production assets (F)		Reflects the efficiency of the use of fixed assets and other non-current assets. Shows how much for 1 rub. value of non-current assets sold products
Total capital turnover ratio (O to)	About to \u003d V / V cf	Shows the rate of turnover of all funds of the enterprise
The turnover ratio of working capital (about about)	About vol \u003d V / R asr	Reflects the rate of turnover of the material and monetary resources of the enterprise for the analyzed period, or how many rubles of turnover (revenue) account for each ruble of this type of asset
Inventory turnover ratio (O m.sr)	About m.av =V/Zav	Inventory and cost turnover rate, i.e. the number of turnovers for the reporting period, during which the material turnover of funds is converted into cash
Average period of turnover of receivables (from d / z)	C d / s \u003d 365 / O d / s	The indicator characterizes the duration of one turnover of receivables in days. The decrease in the indicator is a favorable trend
Accounts receivable turnover ratio (O d / s)	About d / s \u003d V / r asr	Shows the number for the period of commercial credit provided to businesses. With the acceleration of turnover, the value of the indicator decreases, which indicates an improvement in the settlement with debtors
Average turnover period of material assets (С m.sr)	With m.sr = 365 / About m.sr	The duration of the turnover of material resources for the reporting period
Accounts payable turnover ratio (O q/z)	About k / s \u003d V / r r.sr	Shows the company's debt turnover rate. Acceleration unfavorably adds up to the liquidity of the enterprise; if O to / z<О д/з возможен остаток денежных средств у предприятия
The duration of the turnover of accounts payable (C to / c)	With to / z \u003d 365 / O to / z	Shows the period for which the company covers urgent debt. Turnover slowdown, i.e. an increase in the period is characterized as a favorable trend
Equity turnover ratio (O sk)	About ck \u003d V / And ssr	Reflects the activity of own funds or the activity of funds at risk of shareholders or owners of the enterprise. Growth in dynamics means an increase in the efficiency of used equity capital.
The duration of the operating cycle (C 0)	C 0 \u003d C d / s + C m.sr	Characterizes the total time during which financial resources are in the material assets and receivables. It is necessary to strive to reduce the value of this indicator.
The duration of the financial cycle (Cf)	C f \u003d C 0 -C to / s	The time during which financial resources are diverted from circulation. The goal of working capital management is to reduce the financial cycle, i.e. reduction of the operating cycle and slowing down the period of turnover of accounts payable to an acceptable level
Coefficient of sustainability of economic growth (Кur)	K ur \u003d (P s -D) / I ssr 100% \u003d R r / I ssr 100%	It characterizes the stability and prospects for the economic development of the enterprise. Determines the ability of the enterprise to expand its core business through the reinvestment of its own funds. Shows the pace at which the economic potential of the enterprise is increasing on average

1.7 Analysis of profitability indicators

The analysis of each component of the enterprise's profit is not abstract, but quite specific, because it allows the founders and shareholders, the administration to choose the most important directions for revitalizing the organization.

Analysis of the financial performance of the organization includes:

1. Study of changes in each indicator for the current analyzed period (horizontal analysis);

2. Study of the structure of the relevant indicators and their changes (vertical analysis);

3. Studying the dynamics of changes in indicators for a number of reporting periods (trend analysis);

4. Study of the influence of factors on profit (factorial analysis).

During the analysis, the following indicators are calculated:

1. Absolute deviation:

where P 0 - profit of the base period; P 1 - profit of the reporting period; P - change in profit.

2. Growth rate

Growth rate = P 1 / P 0 * 100%.

3. Level of each indicator to sales proceeds (in %)

The level of each indicator to sales proceeds = P i / V * 100%.

The indicators are calculated in the base and reporting period.

4. Changing the structure

Y \u003d UP 1 - UP 0;

(the level of the reporting period is the level of the base period).

5. We carry out factor analysis.

In addition to the above profitability ratios, there are profitability of all capital, equity, production assets, financial investments, permanent assets (table 1.6).

Table 1.6. Indicators characterizing profitability (profitability)

Name of indicator	Calculation method	Explanations
Profitability of sales		Shows how much profit falls on a unit of product sold
Total profitability of the reporting period
Return on equity		Shows the effectiveness of the use of equity capital. Dynamics of R 3 influences the level of stock quotation
Economic profitability		Shows the effectiveness of the use of all property of the organization
return on investment		Shows the effectiveness of the use of fixed assets and other non-current assets
Profitability of core business		Shows how much profit from the sale falls on 1 rub. costs
Return on permanent capital		Shows the effectiveness of the use of capital invested in the activities of the organization for a long time
Economic Growth Sustainability Ratio		Shows the pace at which equity capital is increasing due to financial and economic activities
Payback period of equity		Shows the number of years it takes to fully pay off the investment in this organization

It should be noted that in countries with developed market relations, information on "normal" values of profitability indicators is usually published annually by the chamber of commerce, industry associations or the government. Comparison of their indicators with their allowable values allows us to draw a conclusion about the state of the financial position of the enterprise. In Russia, this practice is not yet available, so a single basis for comparison is information on the value of indicators in previous years.

Return on sales (R 1) reflects the share of profit in each ruble of sales proceeds. In foreign practice, this indicator is called the profit margin (commercial margin).

Of particular interest for an external assessment of the performance of an organization's financial and economic activities is the analysis of non-traditional profitability indicators such as return on assets (R 5), which shows the efficiency of using fixed assets, and profitability of core activities (R 6), which shows how much profit from sales falls on 1 ruble of costs. More informative is the analysis of return on assets (R 4) and return on equity (R 3).

In order to assess the performance of the organization as a whole and analyze its strengths and weaknesses, it is necessary to synthesize indicators, and in such a way as to identify causal relationships that affect the financial position and its components.

One of the synthetic indicators of the economic activity of the organization as a whole is the return on assets (R 4), which is commonly called economic profitability. This is the most general indicator that answers the question of how much profit an organization receives per ruble of its property. The amount of dividends on shares in joint-stock companies, in particular, depends on its level.

In the indicator of return on assets (R 4), the result of the current activity of the analyzed period (profit) is compared with the organization's fixed and current assets (assets). With the help of the same assets, the organization will make a profit in subsequent periods of activity. Profit is mainly (almost 98%) the result of the sale of products (works, services). Sales proceeds is an indicator directly related to the value of assets: it consists of the natural volume and sales prices, and the natural volume of production and sales is determined by the value of the property.

If we convert the formula for the return on assets by entering the multiplier sales revenue = B, sales revenue B, then it will take the following form:

R 4 \u003d profit of the reporting period X sales revenue X 100 \u003d sales revenue cf. value of assets = [return on sales] x [turnover of assets]

Thus, we can say that the return on assets is an indicator derived from revenue and sales.

The return on assets can increase if the return on sales remains unchanged and the volume of sales grows faster than the increase in the value of assets, i.e. acceleration of asset turnover (resource return). And, conversely, with a constant resource efficiency, the return on assets can grow due to an increase in the profitability of sales.

The possibilities of increasing the profitability of sales and increasing the volume of sales are not the same for different enterprises. Therefore, it is very important due to what factors the profitability of the company's assets increases or decreases.

Profitability of sales can be increased by increasing prices or reducing costs. However, these methods are temporary and not reliable enough in the current conditions. The most consistent policy of the organization, which meets the goals of strengthening the financial condition, is to increase the production and sale of those products (works, services), the need for which is determined by improving the market situation.

The theory of financial analysis contains an assessment of the turnover and profitability of assets by its individual components: the turnover and profitability of tangible working capital, funds in settlements, own and borrowed sources of funds. However, in our opinion, these indicators by themselves are not very informative. Purely arithmetically, as a result of reducing the denominators in the calculation of these indicators compared to the denominator of the profitability or turnover of all assets, we have a higher profitability and turnover of individual elements of capital.

When analyzing economic profitability, of course, it is necessary to take into account the role of its individual elements. But dependence, in our opinion, should be built not through the turnover of elements, but through an assessment of the structure of capital in conjunction with the dynamics of its turnover and profitability. The return on equity (R 3) allows you to establish the relationship between the amount of invested own resources and the amount of profit received from their use.

It should be noted that the factors in terms of the level of values and the trend of change are characterized by industry specifics, which should not be forgotten when conducting an analysis. So, the resource return indicator (d 1) can have a relatively low value with high capital intensity. The indicator of return on sales (R 1) in this case will be high. A relatively low value of the financial independence ratio (U 3) can only be in organizations that have a stable and predictable cash flow for their products (works, services). The same applies to organizations with a significant share of liquid assets.

Thus, depending on the industry specifics, as well as financial and economic conditions, the organization can rely on one or another factor to increase the return on equity.

Analyzing profitability in the space-time aspect, it is necessary to take into account three key features of this indicator.

The first is related to the problem of choosing a strategy for managing the financial and economic activities of an organization. If you choose a strategy with high risk, then you need to get high profits. Or vice versa - a small profit, but almost no risk. One of the indicators of business riskiness is the coefficient of financial independence. And this provision weakens the financial stability of the organization.

The second feature is related to the problem of assessing the profitability index. The numerator and denominator of return on equity are expressed in monetary units of different purchasing power. The numerator, i.e. profit, is dynamic. It reflects the results of activities and the prevailing level of prices for goods and services, mainly for the past period. The denominator, that is, the cost of equity, is added up over a number of years. It is expressed, as a rule, in an accounting estimate, which may differ significantly from the current estimate.

Therefore, a high value of R 3 may not be equivalent to a high return on invested equity capital.

And, finally, the third feature is connected with the temporal aspect of the activity of the analyzed object. The return on sales ratio (R 1), which affects the return on equity, is determined by the performance of the reporting period, and it does not reflect the future effect of long-term investments. If an organization plans to transition to new technologies or other activities that require large investments, then the return on capital may decrease. However, if the costs are paid off in the future, then the decrease in profitability (R 3) cannot be considered as a negative characteristic of current activities.

1.8 Studying the movement of capital

To study the state and movement of equity capital, organizations compile an analytical table based on the data of Form No. 3 "Capital Movement Statement".

The table calculates the indicators of the movement of capital.

1. The coefficient of receipt of own capital:

2. Equity retirement ratio:

Analyzing equity capital, it is necessary to pay attention to the ratio of inflow and outflow rates. If the values of the coefficients of receipt exceed the values of the coefficients of retirement, then the organization is in the process of increasing its own capital, and vice versa.

1. 9 Cash flow analysis

The cash flow statement (Form No. 4) was introduced into the Russian financial statements in 1996. This analytical document on changes in financial position is based on the cash flow study method.

The main purpose of the cash flow analysis is to assess the ability of the cash flow to generate cash in the amount and within the timeframe necessary to carry out the planned expenses. Solvency and liquidity p / p often depend on the real money turnover p / p in the form of a flow of cash payments passing through the accounts of an economic entity. Cash flow analysis significantly complements the methodology for assessing liquidity and solvency and makes it possible to more objectively assess the financial well-being of an enterprise.

The cash flow statement is recognized in world practice as the main source of data for analyzing the financial and economic condition of the p / p.

The report includes three main sections according to the nature of the movement (receipt and expenditure of funds):

-Current activity;

-investment activities;

-financial activities.

Cash flow analysis can be carried out by direct and indirect methods. The principle of compiling a report by these methods is the same - it is necessary to highlight, if possible, all transactions affecting the movement of funds. But it is also necessary to take into account certain differences between these methods. The cash flow statement in the financial statements is prepared using the direct method.

Cash flow analysis makes it possible to evaluate:

In what volume and from what sources the received funds were received, what are the directions of their use;

Is the organization's own funds sufficient for investment activities;

Is the organization able to pay off its current obligations;

Is the profit received enough to service current activities;

What explains the discrepancy between the amount of profit received and the availability of funds.

CHAPTER 2

2.1 General characteristics of the activity of the store "Rassvet" for 2009

Shop "Dawn" is a retail enterprise. Legal address: Chita, KSK, st. Cosmonauts, 4. Since 1999, it has been subordinate to a private entrepreneur Kolesnikova Irina Nikolaevna.

The main type of production activity of the "Dawn" store is retail trade, this is the sale of goods to the final consumer, which is the final link in the movement of goods in the sphere of circulation.

The main function of the store is the sale (realization) of goods to consumers, which is accompanied by the transformation of the commodity form of value into money.

To implement the main function, the Rassvet store performs many related functions, studies consumer demand, concludes contracts for the supply of goods, organizes the delivery of goods from their places of production to places of consumption, provides storage of goods, forms a product range, etc.

The enterprise has separate property in economic management, is liable for its obligations with its property, can acquire and exercise property and personal non-property rights on its own behalf, acquire at the expense of private income the property that remains at the disposal of the enterprise after paying taxes and other payments, property that is the property of the enterprise.

The sources of formation of the property of the Rassvet store, including financial resources, are the profit received from the sale of products.

Enterprises build their relations with other enterprises and citizens on the basis of contracts, while taking into account the interests of consumers, their requirements for product quality. Shop "Rassvet" has 5 departments: dairy; deli; groceries; alcoholic products; vegetables and fruits. The number of workers is 15 people. The highest official is PE Kolesnikova I.N. (director). The chief accountant and economist work in the accounting department. The sales department employs 13 people, including 10 salespeople and 2 handymen. Vendors work in shifts.

The store has mainly modern equipment for displaying and demonstrating goods, refrigeration equipment (low-temperature display cases). The store has a wide range of products. A store with an average price level, which contributes to the growth of turnover and, accordingly, the profit of the enterprise.

Grouping balance sheet items	Absolute values (at the end of the reporting period	Relative values (at the end of the reporting period)	Changes
2010	2011	2012	2010	2011	2012	in absolute terms	in structure	in % of the value at the end of 2010
Enterprise property								-	52,64
current assets				94,46	97,72	97,36		2,90	57,37
Stocks				58,22	7,57	8,02	-136980	-50,20	-78,33
Accounts receivable				31,15	47,69	72,28		41,13	265,11
Cash				10,63	44,74	19,70		9,07	191,68
Sources of property formation									52,64
Equity				47,52	35,83	46,42		-1,10	49,11
Borrowed capital				52,48	64,17	53,58		1,10	55,85
Own working capital				-	-	-		-	59,20