At present, in a market economy, the competitiveness of enterprises and the expediency of their activities in the future are based primarily on the efficiency of their functioning. The efficiency of financial activity serves as a guarantee of financial attractiveness for external investors, counterparties in financial and economic activities, as well as the owners of the organization. In this regard, it is of great importance to assess the financial performance of the organization in the present, past and future.

The purpose of the work is to show the methodology for a comprehensive analysis and evaluation of the effectiveness of financial activities carried out by external users according to Russian financial statements using standard software.

To achieve this goal, it was necessary to solve the following tasks:

• determine the purpose, information base, methods for conducting a comprehensive analysis of the effectiveness of financial activities;
• identify and disclose the stages of a comprehensive analysis of the effectiveness of financial activities;
• show the possibilities of its implementation using standard software tools.

The object of study in this paper is the financial activity of the organization as an integral part of economic activity in general.

The subject of the study is the effectiveness of the functioning of the organization as a result and the ultimate goal of financial and economic activities.

Due to the limitations in the volume provided for when writing a thesis, the methodology for analyzing the effectiveness of financial activity is disclosed in more detail in terms of profitability analysis and analysis of the turnover of the organization's funds. The paper does not consider the methodology for a comparative comprehensive rating assessment of enterprises, as well as the analysis of extensification and intensification of the use of organization resources, since the latter is part of management analysis activities, and therefore is not available to external analysts using external accounting data as an information base.

The methodology for analyzing the financial condition is considered in relation to a functioning enterprise, the activity of which will not be completely terminated in the foreseeable future. The main attention in the work is paid to the methodology of complex analysis and evaluation of the effectiveness of financial activities based on historical data.

1. Financial activity of the organization as an object of complex analysis

1.1. The concept and information base of a comprehensive analysis of the financial activities of an organization

In numerous works devoted to financial and economic analysis, the term "financial activity" is interpreted from two positions. In a narrower sense, the term "financial activity" can be considered from the point of view of presenting data in the "Cash Flow Statement", in which all the activities of the organization are divided into financial, investment and current. Financial activities here mean activities related to short-term financial investments: issuance of bonds and other short-term securities, disposal of previously acquired shares, bonds, etc. for up to 12 months. An investment activity is understood as an activity related to the capital investments of an organization in connection with the acquisition of land plots, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale, with the implementation of long-term financial investments in other organizations, the issuance of bonds and other valuable long-term securities, etc. The current activity is understood as the activity of the organization in accordance with the goals and objectives of its creation, which is reflected in the constituent documents. Current activities, as a rule, pursue profit-making as the main goal (manufacturing of industrial products, construction and installation works, trade, catering, leasing property, etc.), however, for non-profit organizations, current activities may, on the contrary, not associated with making a profit (educational institutions, cultural and sports institutions, procurement of agricultural products, etc.)

On the other hand, the term "financial activity" can be considered somewhat broader, bearing in mind the financial and economic activities of the organization as a whole. Thus, there is an integrated approach to understanding financial activities: all the activities of the organization are divided into financial and production. Of course, in comparison with the first option, such a division of activities cannot have a clear boundary. In particular, V.V. Kovalev singles out financial and economic activities and, as a result, proposes to distinguish between such components of economic analysis as financial analysis and analysis of economic activity.

So, financial activities is an activity related to the movement of financial resources of the organization. The latter represent cash income and receipts intended to fulfill the organization's financial obligations to employees, the state, counterparties, credit institutions and other economic entities; as well as for the implementation of costs in order to develop processes of expanded reproduction.

The circle of persons involved in the financial activities of the enterprise is heterogeneous, and therefore there is a need to study the economics of the enterprise from various positions. Suppliers and contractors, credit institutions are interested in the financial condition of the enterprise, and, in particular, its solvency; investors and owners are also interested in the financial condition of the enterprise, but first of all, the efficiency of operations: return on investment and dividends; managers - the competitiveness of products (works, services), profitability and turnover of funds; the state is the reliability of the enterprise as a taxpayer, its ability to provide new jobs.

Often, the interest of external users of information is expressed in the consideration of only one of the systems of indicators of the organization's performance. For example, the purpose of a bank that provides a company with a line of credit is to analyze liquidity ratios; a potential investor who is considering investing money in a company, analyzes profitability indicators and assesses the degree of investment risk. At the same time, the results of the analysis for certain specific purposes cannot reflect a complete picture of the activity of the organization under study. So, solvency depends on the quality and competitiveness of the goods (services) produced and the rate of asset turnover; profitability determined by the financial independence of the enterprise; profitability- efficiency of financial activity in general. For example, in the practice of financial analysis, the problem of reconciling the results of certain aspects of financial activity exists between liquidity and profitability, as an indicator of the effectiveness of financial activity. Investing in highly liquid assets is usually characterized by low returns, and, conversely, investing in less liquid assets associated with high risk will bring higher returns. Thus, we see that in order to assess the financial performance of an enterprise, a comprehensive analysis is necessary - an analysis of a system of indicators that allows a comprehensive assessment of the results of the organization's financial performance.

As you know, the goal of any commercial organization is to generate profits. However, for an external analyst, the amount of income received cannot answer the question: is the amount of profit received optimal for a given enterprise in this moment time, that is, absolute indicators cannot give a holistic picture of performance. It is known that the same results can be obtained by investing a different amount and quality of funds to achieve the goal, or in another way - by choosing more or less effective ways to achieve the goal. Accordingly, the effectiveness of achieving the goal can be interpreted as obtaining a better result at a lower cost. As mentioned above, the purpose of the organization, and, in particular, financial activities, is to make a profit; hence, financial efficiency can be defined as getting better profits. Qualitative profit means that profit, which, firstly, is more stable from the influence of other factors in relation to the main activity, that is, more predictable; secondly, the qualitative indicators of which have a positive trend.

So, for the purposes of this work, a comprehensive analysis of the effectiveness of financial activities is understood as a systematic comprehensive study of the financial condition, which allows a comprehensive assessment of the financial activities of the organization that meets the information needs of a wide range of users, in order to assess the quality of its activities. The complexity of the analysis implies the use of a certain set of indicators, which “compared to individual indicators ... is a qualitatively new formation and is always more significant than the sum of its individual parts, since in addition to information about the individual aspects of the described phenomenon, it carries certain information about the new that appears in the result of the interaction of these parties” [see. 23, page 90]. V.V. Kovalev identifies three main requirements that a system of indicators must satisfy: a) comprehensive coverage of the object under study by the indicators of the system, b) the relationship of these indicators, in) verifiability(i.e. verifiability) - the value of qualitative indicators arises when the information base of indicators and the calculation algorithm are clear.

A comprehensive analysis of financial activity can be carried out with varying degrees of detail. The depth and quality of the analysis depend on the volume and reliability of the information at the disposal of the analyst. In accordance with the possibilities of access to information resources, two levels of data are distinguished - external and internal. External Data contain publicly available information about the object of analysis and are presented to users in the form of accounting and statistical reporting, publications in the media; industry reviews; with a certain degree of conventionality, this also includes the materials of the meeting of shareholders, data from information and analytical agencies. Note that the latter source does not always provide reliable data, since it is more of a commercial nature (for example, analytical industry reviews of the RBC agency, which are commercial activities, but are positioned as analytical). Internal data are confidential information of an official nature circulating within the analyzed object. Internal sources of information include management (production) accounting data, accounting registers and analytical transcripts of financial accounting, economic and legal, technical, regulatory and planning documentation.

In some publications devoted to the issues of financial analysis, there is a simplified approach to understanding the information base of financial analysis, which implies the use of only financial (accounting) statements as such. Such a limitation of the information database reduces the quality of financial analysis, and does not allow obtaining an objective external assessment of the effectiveness of the organization's financial activities, since it does not take into account such important factors as the sectoral affiliation of an economic entity, the state of the external environment, including the market of material and financial resources, trends stock market (when analyzing enterprises created in the form of an open joint-stock company).

To analyze the activities of open joint-stock companies, the following external sources of information can be distinguished:

1. general economic and political information, which are necessary to predict the conditions of the external environment and their possible impact on financial activities;
2. industry information;
3. indicators of the stock market and the real estate market;
4. information on the state of the capital market;
5. information that characterizes the interests of the owners of an economic entity, from which it is possible to more accurately understand the goals of the organization's activities: long-term sustainable functioning or short-term profit;
6. information about top management;
7. information about key counterparties and competitors;
8. external audit report.

When analyzing the activities of a small enterprise, the list of sources of external information “disappears” blocks about quotations on the stock market, information about issuers and an external audit report; blocks about the external economic and political situation become less significant. In the method of indirect rating of closed 1 companies, developed by the St. Petersburg Chamber of Commerce and Industry in 2000, the following parameters are defined, according to which the effectiveness of their functioning is assessed [see 41]:

1. determination of the value of the authorized capital in comparison with the company's existing liabilities. The authorized capital should not be less than 25% of the company's liabilities. If, nevertheless, the authorized capital is less than 25%, then the enterprise in question, according to the methodology, is a risky partner in major transactions, since then it is likely that when fulfilling obligations under this transaction, the co-owners of the companies will not be liable for the obligations of the company;
2. information about the participation of these firms in prestigious exhibitions and fairs (especially international ones);
3. information about participation in tenders and winnings of major tenders;
4. availability of a reference on successfully completed orders;
5. the degree of willingness to voluntarily provide, at the request of counterparties, information on the financial condition (balance sheet, tax returns, etc.);
6. the enterprise has certificates according to the ISO-9001 standard, certifying compliance production processes and quality management systems to world standards;
7. information about the founders (if they are disclosed).

Since, due to objective and subjective reasons, there are restrictions for an external analyst in the amount of information available for analysis purposes (including for analyzing the effectiveness of financial activities), we consider external financial statements as the basis for analyzing the effectiveness of financial activities.

In 1998 In the Russian Federation, the Accounting Reform Program was adopted in accordance with International Financial Reporting Standards, approved by Decree of the Government of the Russian Federation dated March 6, 1998 No. 283, which provides for a set of measures to develop the accounting and reporting system in the Russian Federation in market conditions. The result of the ongoing reform was, for example, changes in the form of presentation of information in the Profit and Loss Statement, which became more informative when it included items of extraordinary income and expenses, as well as items of deferred tax assets and liabilities (PBU No. 18/02); the structure of the balance sheet was changed, in particular, section III “Losses” was excluded from the asset, information about which was transferred to section IV section “Capital and reserves”; since January 2002 enterprises are required to keep accounting records "on shipment", that is, the facts of financial and economic activities are reflected directly at the time of their commission, and not at the time of settlement of obligations, which complies with the requirements of IFRS; new PBUs have appeared, including those regulating the procedure for recording and recognizing expenses and income of an organization, disclosing information on discontinued operations and its individual segments, etc. It should be noted that the process of reforming accounting in our country has contributed to improving the quality of accounting reports, which have become more transparent and more analytical [see 6].

The information core of a comprehensive analysis of financial activity is the Balance Sheet (form No. 1) and the Profit and Loss Statement (form No. 2), although this does not detract from the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property condition of the organization in the past and make forecasts for the future; Profits and Losses Report is a breakdown of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to evaluate what activity (current, other or extraordinary) resulted in this or that financial result of the organization's activities; Statement of capital movements contains information that allows you to track changes in the capital of owners; Cash flow statement important in the analysis of liquidity, since this report contains information about the organization's free cash [see. 17, p. 48].

The analysis begins with the study of the information contained in the indicated reporting forms, however, in order to ensure the correctness and convenience of information processing, it is preceded by a preparatory stage for assessing and converting the initial data. The procedure for evaluating information is carried out in two directions: identifying the arithmetic consistency of data and logical control of their quality. The purpose of the first direction of information evaluation is to check the quantitative correlation of the indicators presented in the documents. The logical control of data consists in checking the information in terms of its reality and comparability of indicators for different periods of time.

The information at the disposal of the analyst (external) may be questioned by him due to the unreliability of the source of this information; in this case, it is necessary to turn to several sources and compare the values ​​of the indicators. Audited accounting information should be recognized as the most objective, since the meaning and purpose of the latter lies precisely in establishing and confirming the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. At the same time, attention should be paid to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditionally positive opinion is comparable to an unconditional positive opinion and, depending on the nature of the errors identified, may be acceptable. A negative audit report indicates the unreliability of the reporting data in all its material aspects, and therefore it is not advisable to conduct an analysis based on such reports, since the financial condition of the enterprise will be deliberately distorted.

As practice shows, to date, audit reports are not a 100% guarantee of the truthfulness of the data. After a number of recent high-profile accounting scandals that ended in the bankruptcy of large companies, in particular in the United States, more attention has been paid to the quality of financial reporting of companies. As follows from publications in the press, the essence of the distortion of reporting committed by the management of bankrupt companies was mainly to overestimate sales revenue and underestimate operating expenses (scandals are associated with companies that compiled their financial statements according to USA GAAP). The result of this practice was the bankruptcy of large companies and the termination of the business of one of the audit and consulting companies of the "big five" - ​​Artur Andersen (in connection with the bankruptcy of Enron) [see. 39].

The reliability of information is, although fundamental, but not the only factor taken into account by the analyst when conducting an analysis. Since when assessing the financial position of an enterprise, the analysis of indicators is carried out for a number of periods, it is important to ensure methodological comparability of the initial accounting data. In this regard, the analyst needs to familiarize himself with the accounting policy of the enterprise, which is disclosed in the explanatory note to the annual report. Obviously, a change in almost any item of the accounting policy in terms of asset valuation and cost formation will lead to structural changes in both the Balance Sheet and the Profit and Loss Statement, and, consequently, to a change in the dynamics of all indicators calculated on their basis. It should also be clarified whether there were any changes in the organizational structure of the enterprise during the analyzed period, since this can significantly affect the structure of its property and capital. The analyst should pay special attention to the issue of comparability of accounting data in terms of inflation. In IFRS, a separate standard IAS 29-90 “Financial reporting in hyperinflationary conditions” is devoted to this issue. The standard states that in a hyperinflationary environment, financial statements only make sense if they are expressed in units of measurement that were typical at the time the balance sheet was presented. The totals in the balance sheet are not always expressed in units of measure corresponding to the time of the report, and are refined by introducing a general price index [see. 17, p. 32].

The issue of data comparability is reflected in PBU No. 4, which states that if the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by accounting regulations [see. 2]. Each significant adjustment must be disclosed in the explanatory note to the Balance Sheet and the Profit and Loss Statement, together with an indication of the reasons for this adjustment.

Another component preparatory phase integrated analysis is the process of transforming the original data. We are talking about the preparation of the so-called analytical balance sheet and income statement. Evaluation of financial statements and identification of interrelations and interdependencies between various indicators of the financial activity of the enterprise allow you to get an idea of ​​​​its financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the functioning of the enterprise remains hidden from the eyes of the user. A deeper analysis of the financial condition is carried out with the involvement of additional non-reporting data, however, the circle of persons who have the opportunity to work with such information is very limited. As a result of using internal data, the negative impact of static reporting information is reduced; the study, along with quantitative (cost) characteristics, of the qualitative characteristics of the object under study (for example, according to the methodology of the St. Petersburg Chamber of Commerce and Industry, which we have already described above) improves the quality of the analyst's judgments about the economic well-being (ill-being) of the enterprise.

Good information support is the key to the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated in the analysis process. An important role in the interpretation of information is played by the competence of the person who conducts the analysis.

Comprehensive analysis and evaluation of the effectiveness of the organization's financial activities

1.2. Methodology for a comprehensive analysis of the effectiveness of the financial activities of an organization: techniques and methods

The purpose of the activities of enterprises during the transition of the Russian economy from the directive-planned to the market has changed dramatically. So, if earlier the goal of the organization's activity was to fulfill the state plan, and, therefore, the main indicator was quantitative performance, now the goal of the work of enterprises (most of which became private during privatization, in the early 90s of the 20th century) is to be competitive and efficient.

Undoubtedly, the market economy has given undeniable advantages for the development of entrepreneurship, and, first of all, for the development of small and medium-sized businesses. But, on the other hand, most enterprises did not have a guaranteed future in the event of the loss of state support (with the exception of facilities strategic purpose). Now, in the presence of serious competition, the assessment of the effectiveness of financial activity has become much more relevant than in the "gosplan times", and as a result, a fairly large circle of people needs to evaluate the effectiveness, which, first of all, includes strategic business partners and investors, owners, as well as credit departments of commercial banks, personnel, tax services and government agencies (the administrative apparatus uses management reporting data for greater information content).

At present, the analysis of small businesses according to external reporting data is not carried out as actively as the analysis of the activities of large enterprises and corporations: this is due to the fact that the costs of qualitative analysis high and out of proportion to the size of a small business.

However, let us present a situation where financial analysis is also relevant in a small business. If there is a large circle of enterprises in one market segment that are competitive with respect to each other, for example, the 1C franchisee network, which consists of more than 2,600 companies, an external partner, when investing, is interested in identifying the most efficient organization.

In order to get a fairly complete picture of the effectiveness of the financial activities of the enterprise, in the process of a comprehensive analysis, the analyst needs to get an answer to the following range of questions:

• what are the changes in the composition of property and the sources of its formation over the analyzed period of time, and what are the reasons for such changes?
• What income statement items can be used to predict financial results?
• what is the profitability of sales; own and borrowed capital; assets and including net assets?
• What is the organization's asset turnover?
• Can the business generate income? What is the efficiency of its financial activity?

To get answers to these questions, the analyst should solve a set of tasks that, in their systemic nature, represent the methodology of complex analysis “as a set of rules, techniques and methods for the expedient performance of any work” [see 14, p. 5]. The main components of the analysis methodology are the definition of goals and objectives of the analysis; circle of interested users of information; methods, techniques and methods for solving the tasks. One of the fundamental points in choosing a comprehensive analysis methodology, in our opinion, is the formation of a representative system of interrelated indicators, since initially incorrectly set parameters, despite the high quality of work, will not be able to give interested parties a full answer to the questions posed and, accordingly, work efficiency analytics will be reduced to zero.

So what indicators determine the effectiveness of the financial activities of the organization?

Before answering this question, it should be emphasized once again that in this paper we are considering the efficiency of financial, not economic activity. Note that the term "efficiency" is used by a number of Russian authors in connection with the assessment of financial and economic activities according to management reporting (A.D. Sheremet, L.T. Gilyarovskaya, A.N. Selezneva, E.V. Negashev, R. S. Saifulin, G.V. Savitskaya), while special attention in the course of a comprehensive economic analysis is focused on indicators and assessment of the intensification and extensification of financial and economic activities with factorial consideration of the impact of such production indicators as capital productivity, resource productivity, material productivity. Other authors, for example, O.V. Efimov and M.N. Kreinina consider the concept of "efficiency" in the context of financial analysis: the determining indicators here are profitability and turnover. V.V. Kovalev means under the assessment of the effectiveness of current activities business activity, as a combination of three components: assessment of the degree of implementation of the plan according to the main indicators and analysis of deviations; assessment and provision of acceptable rates of increasing the volume of financial and economic activities; assessment of the level of efficiency in the use of financial resources of a commercial organization; it also includes analysis of profit and profitability. And the very term “efficiency” by V.V. Kovalev is defined as "a relative indicator that measures the effect obtained with the costs or resources used to achieve the effect" [see. 23, p. 378]. The effect is understood as an absolute performance indicator, and for the enterprise this indicator is profit. In the translated literature, the term "efficiency" is defined by indicators of the value of total assets, the return on net assets and the return on invested capital [see. 33, pp. 62-76]. R. Kaplan, in his work “Balanced Scorecard”, generally criticizes the approach of determining the effectiveness of an organization’s activities only by financial indicators, and proposes to consider the organization’s activities according to four criteria: financial, customer relations, internal business processes, and training and development of personnel [see . 19, p. 12]. However, this implies an analysis of the entire activity of the company, so we will pay special attention to the “financial activity” block. With the efficiency of financial activity, Kaplan distinguishes two indicators: return on investment and added value of the company [see. 19, p. 90].

Considering the foregoing, let's say that, in our opinion, the indicators reflecting the effectiveness of the organization's activities are profitability and business activity, determined by turnover.

In the process of a comprehensive analysis, it is important to identify the relationship and interdependence of profitability indicators with other indicators that characterize various aspects of the organization's activities, such as: equity ratio, liquidity ratios, in particular current liquidity, financial leverage, and determine the ratio of riskiness and profitability of the company's activities. V.V. Kovalev, speaking about profitability, emphasizes that there are many indicators of profitability and that there is no single indicator of profitability. However, the key indicator of profitability as an indicator of the effectiveness of the organization should be. This indicator is the return on equity.

Traditionally, the authors of financial analysis methods as the first and second stages of a comprehensive analysis of the financial condition offer horizontal and vertical analysis of the balance sheet (and Profit and Loss Statement); the latter, for convenience, can be presented in an aggregated form, that is, with the selection of enlarged articles. The purpose of horizontal analysis is to assess the dynamics of the value of property, equity and liabilities over time. Horizontal analysis consists in the construction of analytical tables in which absolute indicators are supplemented by the relative rates of their growth / decline. In particular, when conducting a horizontal analysis of the balance sheet, the balance data are taken as 100% as a reference, then the dynamic series of articles and sections of the balance sheet as a percentage of the total is built. Vertical analysis is necessary to determine changes in the structure of assets and liabilities of the enterprise. As a result of studying the data obtained, a general idea of ​​the financial condition of the object under study is formed. For example, in a comprehensive analysis of efficiency, the analysis of the capital structure acts as a structural analysis: for example, in the study of the return on equity, a change in the structure towards an increase in borrowed capital reduces the share of equity, which is manifested in an increase in the level of profitability.

One of the following methods used in the process of a comprehensive analysis of the effectiveness of financial activity is the coefficient method, which involves the calculation of certain quantitative indicators that allow drawing conclusions about qualitative changes in the organization's activities. When analyzing profitability, it is necessary to take into account the change in the values ​​of the current liquidity ratio, which decreases with an increase in short-term liabilities, and the equity ratio. Thus, by replacing part of equity capital with borrowed capital, we thereby increase the return on equity, at the same time lowering the level of the current liquidity ratio (with the same level of current assets) with an increase in the value of short-term liabilities 2 . If an enterprise has a current liquidity ratio at a minimum level, then increasing profitability in this way (increasing the share of borrowed capital) is fraught with a loss of solvency in general. As if in continuation of this M.N. Kreinina says that “limiters in the form of the minimum required levels of current liquidity ratios and equity ratios…. do not always make it possible to increase the return on capital by increasing borrowed funds in the composition of liabilities” [see 24, p. 45]. It is also important to take into account the fee for using credit resources (interest on a loan + fines, penalties and forfeits are possible). So, if the cost of a loan exceeds the return on borrowed capital, then this is already a consequence of irrational and inefficient management. As a rule, it is believed that the ratio between debt and equity capital should be no more than 50%, however, in Western companies, borrowed funds prevail in the ratio of debt and equity capital (in contrast to the capital structure Russian companies). This can be explained by the fact that the cost of borrowed capital in the West is significantly lower than in the Russian economy. It is possible to increase profitability without changing the capital structure, that is, by increasing profits. The next way to increase the growth of profitability while maintaining the level of current liquidity is the simultaneous increase in borrowed capital in terms of short-term liabilities and current assets. However, all of the above ways to increase profitability can be used as an addition, with low profitability of sales and low capital turnover, high profitability of the latter cannot be achieved.

The indicator of profit is important in evaluating the effectiveness of activities, it directly affects the profitability of activities: the greater the profit, the more efficient the use of property and capital of the organization, all other things being equal. It should be noted that depending on the objectives of the analysis, the numerator of the profitability formula 3 can take various profit indicators: gross profit, profit before tax, profit from sales, profit from ordinary activities, profit or net profit 4 . For comparability of the analyzed profitability indicators, one should adhere to methodological unity when choosing the type of profit for various kinds profitability. It should also be taken into account that in the denominator of the profitability indicator, the numerical values ​​of the data can be taken on a specific date, for example, at the end of the reporting period or as an arithmetic mean; the comparability of the analyzed data should be ensured. Thus, the analyst can use any method of calculating profitability indicators, the main thing is to ensure the comparability of the calculated indicators, otherwise, from a methodological point of view, the results of the profitability analysis as a private analysis of efficiency will be incorrect.

In the process of profitability analysis, it is necessary to pay special attention to the quality of the "net profit" indicator: it is important to determine the composition and structure of income and expenses and analyze them from the point of view of stability and compliance with the nature of the organization's activities. Items of income and expenses not related to current activities are usually classified into: normal, that is, repetitive, ordinary and extraordinary 5 . Due to limited information, an external analyst has difficulty in separating rare and extraordinary items from the composition of income and expenses. Perhaps a certain useful information for himself, the analyst can find in Form No. 5 and in the explanatory note, but only for large enterprises. For small enterprises, the use of these forms in external reporting is not provided.

The next of the indicators for evaluating the effectiveness of activities is the indicator of return on borrowed capital. When studying the profitability of borrowed capital from the point of view of the lender, the numerator of the coefficient is the amount of payment (interest for using the loan, fines, penalties, forfeits) for the provided borrowed funds, and from the point of view of the credited enterprise, the amount of borrowed capital is taken as the numerator. The methodology for calculating this indicator will be discussed in more detail in the first part of the second chapter. The general indicator of the first two is the indicator of return on total capital, which can be interpreted as an indicator of the overall "profitability" of the enterprise and the efficiency of using its resources, respectively.

The return on sales, in contrast to the return on equity, on the contrary, decreases with an increase in the amount of borrowed funds and, accordingly, fees for them. It should also be borne in mind that the dynamics of the ratio of income and expenses as part of revenue depends on the accounting policy used by the enterprise. So, the organization can increase or decrease the amount of profit due to: 1) the choice of the method of accrual of depreciation of fixed assets; 2) choice of material evaluation method; 3) establishing the useful life of non-current assets; 4) determination of the procedure for attributing overhead costs to the cost of goods sold (works, services) [see. one].

The next method used in the process of a comprehensive analysis of performance is the factorial method. The concept of this method is widely presented in the scientific works of A.D. Sheremet. The essence of the method lies in the quantitative characterization of interrelated phenomena, which is carried out with the help of indicators. The signs that characterize the cause are called factorial (independent, exogenous); the signs characterizing the consequence are called effective (dependent). The totality of factorial and effective features connected by one causal relationship is a factor system. In the practical application of this method, it is important that all factors presented in the model are real and have a causal relationship with the final indicator. So, if we consider the return on assets, then, as one of the options, it can be represented as three interrelated indicators: expenses to revenue, profit to expenses and revenue to assets. That is, the profit of the enterprise received from each ruble invested in assets depends on the profitability of the expenses incurred, the ratio of expenses and sales proceeds and the turnover of capital placed in assets. From total number factor models return on equity the most widely used model of the company «DuPont». In this model, the return on equity is determined by three indicators: return on sales, asset turnover, and the structure of sources of funds advanced to the enterprise. The significance of the identified factors from the position of current management is summarized by almost all aspects of the financial and economic activities of the organization: the first factor summarizes the Profit and Loss Statement; the second factor is the assets of the balance, the third is the liability of the balance.

Functional relationships in factor models can be divided into four groups, that is, they can be expressed by 4 different models: additive, multiplicative, multiple and mixed relationships.

The additive relationship is represented as an algebraic sum of factorial indicators:

As an example, let's use the Profit and Loss Statement to calculate the amount of net profit, which is an algebraic sum of 6: (+) Income from ordinary activities, (-) expenses from ordinary activities, (+) operating income, (-) operating expenses, (+) non-operating income, (-) non-operating expenses, (-) income tax and other obligatory payments, (+) extraordinary income, (-) extraordinary expenses. In this case, we considered an aggregated model for calculating net profit: for example, expenses from ordinary activities can be detailed into the cost of goods and services sold, selling and administrative expenses. The degree of detail of the factor model is determined by the analyst in each specific case, depending on the tasks being solved.

The multiplicative relationship is expressed as the impact on the performance indicator of the product of factor indicators:

As an example, consider the return on assets, the factor indicators of which can be represented as the product of asset turnover and return on sales.

A multiple relationship is presented as a quotient of the division of factor indicators:

y=x1/x2

For example, you can take almost any ratio as the ratio of two comparable indicators: for example, return on equity as the ratio of profit and equity; equity turnover as the ratio of revenue to the amount of equity capital.

The combined relationship is different variations of the first three models:

y = (a + c) x b; y = (a + c) / b; y = b / (a ​​+ c + d x e)

An example of a combined relationship is the return on total capital, which is the ratio of the amount of net profit and payment for loans provided to the enterprise to the amount of short-term, long-term liabilities and equity.

To model the above factor systems, there are such techniques as: dismemberment, lengthening, expansion and reduction of the original models. The most common example of an extension approach is the DuPont model, which we have already discussed above. To measure the influence of factors on the performance indicator, various methods of factor calculations are used as a method of deterministic analysis: chain substitutions, the method of absolute and relative differences, index and integral methods, the method of proportional division.

As one of the examples of factor calculations, we will solve a four-factor model of return on equity by the method of absolute differences:

Return on equity

Rsk = R/SK = P/N N/A A/ZK ZK/SK = x y z q

F (x) = x y0 z0 x q0 = P/N N/A 0 A/ZK 0 ZK/SK 0
F (y) = y x1 z0 q0 = N/A P/N1 A/ZK 0 ZK/SK 0
F (z) = z x1 y1 q0 = A/ZK P/N1 N/A 1 ZK/SK 0
F (q) = q x1 y1 z1 = ZK/SK P/N1 N/A 1 A/ZK1

Balance of deviations

F = F (x) + F (y) + F (z) + F (q)

As can be seen from the model, the return on equity depends on the return on sales, asset turnover, the ratio of assets and borrowed capital and the level of financial leverage. However, a high value of profitability does not yet mean a high return on the capital used, just as the insignificance of net profit in relation to capital or to assets (part of capital or part of assets) does not mean a low profitability of investments in the organization's assets. The next defining moment of efficiency is the rate of turnover of assets and capital of the enterprise.

Turnover as an indicator of performance in factor models is influencing the level of profitability. In a comprehensive analysis of turnover, indicators such as:

• turnover ratio as the ratio of revenue to the analyzed indicator;
• an indicator of the average turnover period in days, as the ratio of the analyzed period in days to the turnover ratio;
• release (involvement) of additional funds in circulation.

Speaking about the turnover ratio as the ratio of revenue to the analyzed indicator, it should be noted the use of alternative turnover indicators, in which the revenue indicator is replaced by clarifying indicators: for example, with inventory turnover and accounts payable, as a clarifying indicator, you can take the cost of goods sold, works, services; in the analysis of receivables - turnover on repayment of receivables; when analyzing the turnover of cash and short-term financial investments - the turnover of the disposal of cash and short-term financial investments [see. 31, p. 113].

When analyzing the turnover, the analyzed indicators should be divided into two enlarged groups: 1) indicators of the turnover of the enterprise's assets and 2) indicators of the turnover of the enterprise's capital.

In the group of asset turnover indicators, of course, the greatest emphasis should be placed on the turnover of working capital, that is, current assets. So, we single out the main elements of the turnover of current assets: the turnover of inventories, the turnover of receivables, the turnover of short-term financial investments and the turnover of cash. Inventory turnover characterizes the speed of movement of material assets and their replenishment and, as a result, how the company's capital is successfully used. An increase in this indicator can be interpreted as an irrationally chosen management strategy: part of the current assets is immobilized in stocks, the liquidity of which is low, and funds are also diverted from circulation, which can lead to an increase in receivables. On the other hand, an increase in inventory turnover may be disclosed as an investment in the operating stock of the enterprise's cash assets during a period of high inflation. If an enterprise in the analyzed period increases production volumes, then the production volume and, as a result, the sales volumes and revenues, do not yet have time to reach the level of increase in stocks. Upon receipt from the marketing department of information about the expected increase in prices for raw materials and materials (as part of stocks) from suppliers, the managers of the enterprise may decide to increase the purchase of raw materials and materials in the current period at lower prices. To obtain more detailed information, a detailed analysis of inventory turnover is important: raw materials and materials, finished products and goods shipped, costs in work in progress, due to the fact that changes in finished products and, for example, in raw materials are interpreted in different positions. 7

The increase in the turnover of receivables may be the result of an improvement in the payment discipline of the enterprise and a tightening of the policy for obtaining overdue receivables; also, an increase in turnover may be associated with an absolute decrease in receivables with a decrease in the enterprise's turnover and difficulties in selling products (in the event that the current one decreases). When analyzing the turnover of receivables, it is very important to detail the receivables by the terms of return and separate the overdue from the current one. It should be noted that the longer the period of repayment of receivables, the higher the risk of non-payment. Among analysts and accountants, the ratio of the absolute value and indicators of the turnover of accounts payable and receivable is interpreted from different positions. So, if it exceeds the receivable, then, according to analysts, the company is rationally using funds; the point of view of accountants is that accounts payable should be paid off regardless of the amount of receivables.

A decrease in the turnover of cash and short-term financial investments may signal an analyst about a slowdown in the use of highly liquid assets and, as a result, inefficiency in financial activity. An exception in this case may be deposits that are part of short-term financial investments, while the slowdown in the turnover of deposits is compensated high income and, consequently, the growth of their profitability.

When analyzing the indicators of the organization's capital turnover, it is possible to single out the turnover of accounts payable and loans and borrowings. An increase in the turnover of accounts payable may reflect an improvement in the payment discipline of an enterprise in relation to the budget, suppliers, extra-budgetary funds, and personnel. The decrease in this indicator can be caused by the opposite reasons - as a decrease in payment discipline due to a lack of funds. However, an increase in the turnover of accounts payable with a decrease in the absolute value of accounts payable may mean a deterioration in relations with suppliers (if we consider a separate element of accounts payable) and, as a result, a reduction in the terms and volume of commercial loans provided to the analyzed enterprise. The turnover ratio of credits and loans serves as an indicator of changes in the payment discipline of the enterprise already in relation to banks and other lenders. If the average turnover period in days of short-term loans and borrowings is more than a year, then we can say that either the organization mistakenly underestimated the amount of debt on long-term loans and borrowings, or the organization repays short-term loans and loans extremely unevenly, which causes additional costs in the form of fines and pay the bank. In our opinion, it is reasonable to compare the absolute values ​​of short-term credits and loans with accounts payable and their turnover ratios: usually, accounts payable currently replaces short-term bank loans and loans.

The next step after calculating and analyzing the turnover ratio and the turnover indicator in days should be to identify the involvement or release of the company's funds in relation to the previous period. This is how absolute and relative release are distinguished. With the turnover of working capital, when the actual balances of working capital are less than the standard or the balances of the previous period, with a reduction or excess of the volume of sales for the period under study, there is an absolute release. Relative release takes place in those cases when, in the presence of current assets, within the limits of their need, an accelerated growth in the production of products, works, and services is ensured.

The method of comprehensive analysis of the effectiveness of financial activity considered by us above allows the analyst, according to external reporting, to evaluate the effectiveness and riskiness of enterprise management based on profitability and turnover indicators. Thus, financial risk and efficiency exist in constant interdependence: obtaining the maximum return on capital and a high level of profitability requires the enterprise to use not only its own, but also borrowed funds; attracting borrowed funds causes the emergence of financial risk for the enterprise. An increase in the absolute value of accounts payable and, as a result, a decrease in its turnover, on the one hand, may affect the overall solvency of the enterprise, on the other hand, with effective management, short-term liabilities in the form of loans and borrowings can be replaced by “free” accounts payable.

2. Evaluation of the effectiveness of the organization's activities in a comprehensive analysis

2.1. Profitability and profitability as indicators of the financial performance of the organization

Profitability indicators as one of the main performance indicators of financial activity make it possible to collectively reflect the "quality" of the financial condition of the organization and the prospects for its development. The wording: “profitability indicators increased by x% in organization Y compared to the reporting period” is insufficient when interpreting the results of the analysis, therefore, when analyzing profitability, it is important not only to directly calculate profitability indicators and use the dynamic method, determining changes in the profitability indicator over time, but and pay attention to the following points: 1) the "quality" of profitability indicators; 2) the correct grouping of profitability indicators into enlarged groups in order to identify a tendency to change not individual disparate indicators, but its impact on the group of indicators as a whole.

When determining the qualitative side of profitability indicators, we will consider in detail the set of elements that represent the numerator and denominator of these indicators. For the purposes of grouping profitability indicators, we will proceed from the concept of financial activity, which we gave in the first chapter of this work: financial activity is a part of the financial and economic activities of an organization, expressed through financial indicators, with a conditional division of all activities into financial and production.

The structure of profitability indicators in general is the ratio of profit (as an economic effect of activity) to resources or costs, i.e. in any considered indicator of profitability, profit acts as one of the constituent factors. Based on this, in order to determine the “quality” of profitability indicators, it is necessary to investigate the “quality” of profit as a quantitative indicator that directly affects profitability, determining through what (main or other) activity this profit was received.

The profit of the organization and the factors that form it: income and expenses - are reflected in the financial statements form No. 2 "Profit and Loss Statement". Based on the goals of interpreting the “profit” indicator, the following concepts are distinguished in the financial and economic literature: economic and accounting profit. Economic profit (loss) 8 is the increase or decrease in the capital of owners in the reporting period. If we consider the situation that in the reporting period, independent appraisers determined an increase in the organization's business reputation by +10,000 thousand rubles, then, subject to the principle of continuing operations, this amount cannot be accepted for accounting, because. according to PBU 14/2000 “Accounting for intangible assets”, goodwill is subject to accounting only when selling an organization as a whole and is defined as “the difference between the purchase price of an organization (as an acquired property complex as a whole) and the value of all its assets and liabilities according to accounting balance." The definition of profit within the framework of the accounting approach can be formulated based on the definition of income and expenses in accordance with PBU 9/99 “Income of the organization” and PBU 10/99 “Expenses of the organization”, as a positive difference between income recognized as an increase in economic benefits as a result of the receipt of assets or repayment of liabilities, leading to an increase in the capital of this organization, and expenses recognized as a decrease in economic benefits as a result of the disposal of assets or the emergence of liabilities, leading to a decrease in the capital of this organization (when recognizing income and expenses, contributions by decision of the owners of property are not taken into account). So, the above allows us to say that in quantitative terms, the indicators "economic profit" and "accounting profit" do not match. The reason for this is that when determining accounting profit, they proceed from the principle of conservatism, which does not take into account forecasted income, and when calculating economic profit, future income is taken into account. According to PBU 9/99 and 10/99, the organization's income and expenses are divided into: income (expenses) from ordinary activities, operating, non-operating and extraordinary income (expenses). Income and expenses other than ordinary activities, according to PBU 9/99 and 10/99, are considered other income (expenses), extraordinary income (expenses) is also included in other income (expenses). The types of activities that the organization has the right to engage in are indicated in its constituent documents. Practice shows that today the majority of organizations in the Charter have an open list of activities, because the wording is included that the organization can engage in all types of activities that do not contradict the laws of the Russian Federation. In such a situation, the distinction between income and expenses from ordinary and other activities is somewhat difficult. In this case, when analyzing, it is recommended to resort to the principle of materiality, and if the amount of operating income "significantly affects the assessment of the financial position and financial performance of the organization, cash flow, then these receipts should form revenue, and not operating income [see 10, p. 94]. Of course, a similar approach should be used when determining the types of expenses: if, as a result of the expenses incurred, income was received attributable to the ordinary activities of the organization, then the amount of the expense refers to current expenses.

The final financial result of the organization's activities is the indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages in Form No. 2 "Profit and Loss Statement". Initially, gross profit is determined as the difference between the proceeds from the sale and the cost of goods sold, products, works, services. When analyzing gross profit, it is important to identify the impact of the dynamics of the share of cost in revenue. Then the profit (loss) from sales is determined as the difference between gross profit and the sum of selling and administrative expenses. This type profit is involved in the calculation of the profitability of sales. At the next stage, profit (loss) before tax is calculated as the difference between the sum of operating and non-operating income and expenses. Further, based on the amount of profit (loss) before taxation, taking into account the costs of income tax and other similar obligatory payments, profit (loss) from ordinary activities is determined. Extraordinary income and expenses are highlighted separately in the Profit and Loss Statement (section 4). From an economic point of view, the separation of this information into a separate section allows you to “clear” the final financial result from extraordinary and rarely recurring business transactions that do not allow you to correctly reflect the dynamics of the development of the financial and economic activities of the organization. Net profit (loss), formed taking into account the influence of all the above indicators, is calculated as the sum of profit (loss) from ordinary activities and extraordinary income minus extraordinary expenses.

In the process of analysis, it is important to determine how certain types of income and expenses influenced the formation of net profit (loss). Suppose that in the analyzed period, compared with the previous period, the growth in net profit in the organization was associated with a significant increase in extraordinary income. In this situation, however, the increase in net profit should not be considered as a positive moment in assessing the effectiveness of financial activities, because. in the future, the organization may not receive such income.

When evaluating the effectiveness of the financial activities of a group of organizations, the results of which are presented in the consolidated financial statements, it is also important to analyze the impact of income and expenses on the formation of the net profit (loss) indicator in the context of individual operating and geographical segments in order to determine the profitability of individual business lines. This information is disclosed in accordance with the requirements of PBU 12/2000 "Information by segments".

Having determined the “quality” of profit and the procedure for its formation, we will consider the second point in determining profitability indicators - an enlarged grouping of profitability indicators.

V.V. Kovalev distinguishes between two groups of profitability indicators: 1) profitability as an indicator of the ratio of profit and resources; 2) profitability as the ratio of profit and total income in the form of proceeds from the sale of goods, works, services. The first group includes indicators of return on capital: total, own, borrowed; in the second - the profitability of sales [see. 23, p. 378].

O.V. Efimova presents a grouping of profitability indicators in accordance with the types of activities of the organization: current, investment and financial. Also, one generalizing indicator is singled out, which most fully characterizes the effectiveness of the organization's activities - this is the indicator of return on equity. The indicators, which are distinguished by the author in accordance with the types of activities, are considered from the point of view of their influence on the generalizing indicator. In current activities, such indicators as: return on assets, return on current assets, return on sales and return on expenses are distinguished. In investment activity, the return on investment, the profitability of owning an investment instrument and the internal rate of return on investment are distinguished. Indicators of profitability of total capital investments, prices of borrowed capital and the effect of financial leverage (the ratio of borrowed capital to equity capital) make up the third group of indicators - the profitability of financial activities. [cm. 18, pp. 363-389].

HELL. Sheremet allocates return on assets with details on non-current, current and net assets and return on sales [see. 31, pp. 89-94].

J.K. Van Horn says that “there are only two types of profitability measures. Thanks to indicators of the first type, they evaluate profitability in relation to sales, and indicators of the second type - in relation to investments "and, accordingly, highlights indicators of return on sales and return on investment [see. 13, pp. 155-157].

Based on the definition of financial activity given in the first chapter of this work, we propose the following grouping of profitability indicators:

• profitability of net and total assets as one of the main indicators of the effectiveness of the financial and economic activities of the organization
• return on current assets
• return on total capital
• return on sales
• cost-effectiveness

Let's consider the first group of analyzed indicators - return on assets. The return on total assets is determined by the formula:

When calculating the return on assets, the final financial result - net profit - is taken as an indicator of profit. This ratio shows the effectiveness of the organization's asset management through the return of each ruble invested in assets and characterizes the generation of income by this company. Also, this indicator is another characteristic of resource productivity, but not through the volume of sales, but through profit before tax. [cm. 23, p. 382]. Analysis of the profitability of assets includes the analysis of the profitability of current assets and the analysis of the profitability of net assets. Indicators of profitability of current and net assets are determined similarly to the profitability of total assets, in the denominator of the formula, the average value of current and net assets, respectively, is taken. Let's consider these coefficients in more detail.

Return on net assets - the ratio of net profit to the arithmetic mean of net assets at the beginning and end of the reporting period. Net assets are assets cleared of liabilities, or in other words, this is real equity. When calculating net assets 9 in Russian practice, there are adjusting items both in assets accepted for the calculation of net assets and in liabilities accepted for the calculation of net assets. The amount of net assets is calculated as the difference between the assets, minus the participants' debt on contributions to the authorized capital and the amount of shares bought back from shareholders, and borrowed capital, minus deferred income. Separately, it should be said about the article "Targeted financing and receipts" in the section "Capital and reserves". If these funds are used for production purposes, this item is deducted from the amount of assets when calculating net assets; if this article is aimed at the social sphere, then net assets are not adjusted for the value of this article. However, considering net assets as a residual value, we cannot say that this is the amount of funds that the owners would have received in the event of the liquidation of the company. The fact is that the calculation of net assets is carried out on the basis of the book value, which may not coincide with their market value.

The return on net assets shows the rationality of managing the capital structure, the ability of the organization to increase capital through the return of each ruble invested by the owners. The owners of the company are primarily interested in increasing the return on net assets, since the net profit per unit of the owners' deposits shows the overall profitability of the business chosen as an investment object, as well as the level of dividend payments and affects the growth of share prices on the stock exchange.

We will conduct a dynamic and factor analysis of the return on net assets. A dynamic analysis of the return on net assets will be less affected by inflation than if we compared the quantitative value of net assets over time. Thus, it is proposed to study the return on net assets in the following models:

1. to check the effect of the components of profit on the change in the value of net assets. To do this, the numerator of the formula takes the indicator of net profit (according to the analytical balance sheet) as the sum of revenue, cost with a "-" sign, management and commercial expenses with a "-" sign, operating, non-operating, extraordinary income and expenses, income tax and other similar obligatory payments;
2. create a multiplicative model of return on net assets as the product of return on sales, working capital turnover, current liquidity ratio, the ratio of short-term liabilities to accounts receivable, the ratio of accounts receivable to accounts payable, the ratio of accounts payable to borrowed capital and an indicator that characterizes the financial stability of the organization, as a ratio debt capital to net assets. The model does not randomly select indicators of current liquidity and financial stability. According to the logic, with an increase in efficiency and profitability, the riskiness of the business increases, so it is necessary to monitor certain trends, for example, that an increase in profitability does not entail a decrease in the current liquidity ratio to an unacceptable level and that the organization does not lose its financial stability.

In general, the increase in the return on net assets can be characterized as positive, while changes in the ratio between debt and equity should be taken into account. So, with an increase in the share of borrowed capital in total liabilities, an increase in the rate of return on net assets is not always acceptable, because. in the long term, this will affect the financial stability and current solvency (current liquidity ratio) of the organization. A decrease in the return on net assets may indicate the inefficient use of capital and the “dead” part of the capital that is not used and does not make a profit. To identify the structure of debt and equity, the effect of financial leverage should be calculated as the ratio of debt to equity.

The next indicator we are considering is the return on current assets.

Return on current assets shows the return of each ruble invested in current assets. This is one of the main performance indicators, because it is known that current assets directly create the profit of the organization, while non-current assets create the conditions for the formation of this profit. According to the optimal structure of the organization's assets, the share of current assets should exceed the share of non-current assets, but here it is important to take into account the industry specifics of the analyzed organization. An increase in the profitability of current assets with a constant net profit may indicate a decrease in the share of current assets, which is considered as a negative trend. However, if the decrease in the share of current assets was caused by such factors as: a decrease in stocks in terms of finished products, more rational management of stocks of raw materials and materials, we can say that this is a positive trend, if maintained in the future, we can expect an increase in the net profit of the organization. The outstripping growth rate of net profit compared to the growth of current assets in the reporting period indicates an increase in the efficiency of current assets. It should be emphasized once again about the importance of determining the "quality" of net profit.

The following models are offered for factor modeling:

1. trace the change in the profitability of current assets due to changes in the structure of current assets, while the denominator of the formula is an enlarged grouping of current assets by the following elements: stocks, including the amount of VAT (balance on the VAT account), receivables, short-term financial investments and cash, and in the numerator - the amount of net profit. So, if the decrease in the profitability of current assets was caused by an increase in the absolute value of stocks, then this trend, on the one hand, can be characterized as a decrease in the sales market segment, which leads to an increase in the share of finished products in stocks; on the other hand, it is possible that at the moment the organization was prudently accumulating inventories in anticipation of an increase in the level of prices for them. Therefore, with this trend, one should take into account the dynamics of the turnover of the organization's most liquid assets, cash, and receivables. For a more accurate assessment of the causes and consequences of changes in the profitability of current assets, an in-depth analysis of the current assets of the organization should be carried out;
2. if, when studying the “quality” of profit in the return on net assets, no significant deviations were noted in relation to the reporting period, then it is not recommended to consider this model in relation to current assets. However, if there have been significant changes in the structure of net profit, this model should also be analyzed. This factorial model can be solved by the method of chain substitutions, as a result of which the quantitative influence of each element of profit on the overall profitability of current assets is determined 10 . According to the level of significance of the elements that generate profit, the following indicators can be distinguished in descending order: revenue, cost, commercial and administrative expenses; operating and non-operating income; extraordinary income and expenses;
3. analysis of changes in the profitability of current assets under the influence of profitability of sales and turnover of current assets or analysis of changes in the profitability of current assets under the influence of profitability of sales, turnover of equity capital and the ratio of equity and current assets.

Return on Current Assets = P/N N/CK CK/ОA , where (2.3)

P - net profit;
N - revenue;
CK - equity;
OA - the average value of current assets.

When analyzing the profitability of current assets on the example of a particular organization, it is important to take those indicators whose data are essential for interpreting the results of the analysis.

In general, after analyzing the trends in the change in the profitability of total assets, the profitability of current and net assets, it is possible to assess the effectiveness of the organization's management in terms of the placement of funds.

In the process of analyzing the next group of profitability - return on capital - they study the indicators of profitability of total, borrowed and equity capital.

When analyzing the return on equity, it is necessary to identify trends in the quantitative change in the components of equity capital: authorized capital, reserve capital, additional capital, net profit and reserves. You should also compare the value of net assets and authorized capital. So, if net assets are less than the authorized capital, then the authorized capital of the organization must be reduced to the actual value of net assets; in the event that the value of net assets is less than the minimum value of the authorized capital established by law, the organization is subject to liquidation. As invested capital, one can consider not only the capital of owners, but also organizations. At this approach it is understood that the organization can manage long-term liabilities as well as equity due to the long-term nature of the former. Based on this indicator, the return on investment indicator is calculated as the ratio of net profit to the average value of the amount of equity and long-term borrowed capital.

When modeling the return on equity, we propose to use the model that has already become a classic, developed by Dupont analysts, in which the return on equity is directly proportional to the return on sales, asset turnover and the financial independence ratio as the ratio of equity to assets in a net assessment. It should be taken into account that the factor of return on sales, being a productive indicator of the reporting period, does not make it possible to determine the planned and long-term effect. The third factor affecting the return on equity, the coefficient of financial independence, on the contrary, expresses the trends in the strategy of financial management of borrowed capital. Thus, the value of this indicator less than 0.5 indicates a rather high level of risk, which implies a focus on high profitability of activities, and vice versa, if the value of the indicator of financial independence is higher than 0.5, this indicates a conservative strategy.

You can also analyze the impact on the change in the return on equity of such a factor as borrowed capital. To do this, consider the following model:

Return on equity = P/N N/SC SC/SC (2.6)

When calculating the return on borrowed capital, it should be taken into account that we consider borrowed capital from the position of the borrower, and not the lender, therefore, the return on borrowed capital is determined by the formula:

If we are a creditor, then the return on borrowed capital is defined as:

At the same time, information on the amount of payment for the use of borrowed capital can be obtained from form No. 4 “Cash flow statement”, line 230 “for paying loans”.

According to PBU 9/99, operating income includes interest received for the use of the organization's funds, while if the amount of income received exceeds 5% of the total income of the organization, then this income item is shown in the Profit and Loss Statement in the context of operating income separately . Therefore, if this income item is not shown in a separate line, and there were incomes from borrowed capital, then the price of borrowed capital did not exceed 5% of operating income.

When analyzing the profitability of sales of profit in the numerator of the formula, several types of profit can be considered. So, when the ratio of sales profit to revenue is taken, we get the "purity of the analytical experiment", which consists in the fact that this indicator should not be influenced by elements that are not related to sales, for example, other income and expenses. This indicator allows you to evaluate the effectiveness of sales management in the process of core business. When considering the ratio of gross profit 11 to revenue, we estimate the share of each ruble received from the sale of products that can be used to cover selling and management expenses. The ratio of profit before tax to revenue reveals the impact of non-operating and operational factors. The stronger the influence of operating and non-operating income and expenses, the lower the “quality” of the final financial result of the organization’s activities, respectively. The ratio of profit from ordinary activities reveals the impact of the tax factor. And, finally, the ratio of net profit to revenue is the final indicator in the system of indicators of profitability of sales and reflects the impact of the totality of income and expenses.

No less important in the analysis of profitability are indicators of profitability of expenses. Thus, it is advisable to analyze the ratio of expenses from ordinary activities to sales proceeds. Expenses from ordinary activities are understood as the total cost of goods, works and services produced, administrative and commercial expenses. For a more detailed analysis, it is recommended to consider the following indicators: the ratio of cost to revenue, the ratio of administrative expenses to revenue and the ratio of commercial expenses to revenue, on the basis of which conclusions are drawn about the effectiveness of cost management. Increasing ROI may signal problems with cost control. For an external analyst, a deeper analysis of the impact of certain costs on the effectiveness of sales management, unfortunately, is not available due to the limited amount of information; the internal analyst in the process of such an analysis should identify reserves for cost reduction.

2.2 Turnover of property and liabilities as a component of the efficiency of the organization's financial activities

The efficiency of the financial activity of the organization to a large extent depends on the speed of turnover of funds: the faster the turnover, the more opportunities for increasing the income of the organization, ceteris paribus, and therefore the efficiency of financial activity is higher.

The turnover rate of individual groups of assets and their total turnover, as well as the turnover of accounts payable and liabilities, differ significantly depending on the scope of the organization (production, supply and marketing, intermediary, etc.), their industry affiliation (there is no doubt that the turnover of working capital at a shipyard and an airline will be objectively different), scale (as a rule, in small enterprises, the turnover of funds is much higher than in large ones) and other parameters. The general economic situation in the country, the level of development of its individual regions, the established system of non-cash payments and the related business conditions of enterprises have no less impact on the turnover of assets and liabilities.

At the same time, the duration of the funds in circulation is largely determined by the internal conditions of the organization's activities, and primarily by the effectiveness of the asset management strategy (or lack of it). So, management can choose different models of the financial management strategy for working capital:

• aggressive, in which the formation of assets necessary for the implementation of economic activities occurs mainly due to short-term accounts payable and liabilities. From the position of performance efficiency, this is a very risky strategy, since maintaining the efficiency of the organization involves a high turnover of assets.
• conservative, which involves the use of predominantly long-term sources of financing current assets (this model, however, in our opinion, is somewhat unrealistic). Since the timing of the return of borrowed capital is significantly remote in time, the turnover of assets, therefore, can be relatively low.
• compromise, which combines both of these sources of funding.

By changing the chosen behavior model (this, of course, does not happen randomly, and the chosen strategy is applied consistently over a certain period of time), financial managers can influence the volume, structure and turnover of the organization's assets and liabilities, and, consequently, affect the efficiency of its activities.

It should be noted that for an internal analyst, the financial policy of an enterprise is an object of close attention and serves as a starting point in the analysis of financial and economic activities. According to the reporting data, an external analyst can only form an approximate idea of ​​​​the financial policy of an enterprise, more precisely, about its individual moments lying on the surface, but even such information should be used by him when studying the effectiveness of the organization's financial activities (of course, while the analyst in his actions should be guided by the precautionary principle). Regarding the turnover of assets and liabilities, we are talking about the fact that an external analyst, using reporting for a number of years and, having identified trends in the dynamics of turnover indicators, can assume with some degree of conditionality that the company will continue to adhere to the same strategy, and in accordance with this cost forecast for the future.

In the process of analyzing turnover, the analyst uses dynamic, coefficient and factorial methods for studying turnover indicators. The dynamic research method allows you to identify a temporary change in turnover rates. The coefficient method of analysis of turnover involves the calculation of indicators of turnover and the duration of one turnover. With the factorial method, we identify the impact of other factors on the effective turnover indicator.

The logic of calculating the indicators of turnover of assets and liabilities lies in the ratio of the indicator of proceeds from the sale of goods, products, works, services (hereinafter referred to as proceeds) and the average value of assets and liabilities for the period. In this case, the average value can be calculated in several ways, as:

• average

  For example,
  average amount of accounts payable \u003d (KZ n.g. + KZ k.g.) / 2 , (2.9)
  where KZ n.g., KZ k.g. - respectively, the amount of accounts payable at the beginning and end of the period.

• chronological average

  For example,
  average amount of accounts payable

1 Under closed companies, according to world practice, most often mean small and medium-sized businesses

2 It is assumed that part of equity is replaced by short-term borrowed capital

3 Profitability is defined as the ratio of profit to assets or capital (to a part of assets or part of capital), revenue, etc. For example, the return on net assets is defined as the ratio of net profit to the value of net assets.

4 In the practice of analysis, profitability indicators that use other than net profit indicators are called intermediate levels of profitability.

5 Extraordinary income/expenses are income/expenses that simultaneously meet two criteria:

- unusual, when the income and expenses of the organization are characterized by a high degree of abnormality and are of a nature that is clearly not related or associated only incidentally with normal activities

– infrequent, when, based on reasonable grounds, a recurrence of these incomes and expenses can hardly be expected in the foreseeable future

6 Under the algebraic sum in this context is also understood the difference of indicators as the sum with the sign "-"

7 In more detail, we will consider the analysis of inventory turnover and other components of assets and liabilities in the second part of the second chapter 8 Loss can be interpreted as profit with a “-” sign

9 Order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated January 29, 2003 No. 10n, 03-6 / pz “On Approval of the Procedure for Estimating the Net Assets of Joint-Stock Companies”

10 Detailed calculations of factor models will be presented on a separate example in the third chapter of the work.

11 J.K. Van Horn considers this indicator as the final indicator of return on sales [see. 13, p. 155].

The main task of analyzing the financial activity of an organization is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the organization and its solvency. In this case, it is necessary:

) based on the study of the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the financial condition of the organization;

) predict possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources and developed models of financial condition with a variety of options for using resources;

) develop specific activities aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the assigned tasks listed types activities are successfully implemented, this has a positive effect on financial position organizations. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease, and as a result, the financial condition of the organization worsens. Thus, the stable financial condition of the organization is the result of competent and rational management of the whole complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the main methods for its implementation.

Horizontal (temporal) analysis - comparing each reporting position with the corresponding position of the previous period, consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in the total. An obligatory element of the analysis is the dynamic series of these values, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators.

Trend analysis - comparing each reporting position with the positions of a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective, predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship of indicators.

comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as a comparison of the organization's financial indicators with those of competing organizations, industry average and average general economic data.

factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator. Factor analysis can be direct (analysis proper), i.e. splitting the performance indicator into its constituent parts, and the reverse (synthesis), when its individual elements are combined into a common performance indicator.

As a tool for analyzing the financial condition entrepreneurial firm financial ratios are widely used - relative indicators of the financial condition of the organization, which express the relationship of some absolute financial indicators to others. Financial ratios are used:

To compare the indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry averages;

Ministry of Education of the Russian Federation

NOU VPO Surgut Institute of World Economy and Business "Planet

COURSE WORK

subject: “Financial management”

topic: Evaluation of the financial activity of an enterprise

Completed by: Zenkevich S.R.

Group: Finances and credit 5k. s/o

Checked by: Shirinkina E.V.

Grade___________

Surgut 2010

INTRODUCTION 3

1. Theoretical part

1.1 Economic essence, purpose and significance of financial analysis

in modern conditions 5

1.2 Types of financial analysis 11

1.3 Classification of methods and techniques of financial analysis 13

1.4 The system of indicators characterizing the financial condition

enterprises 20

CONCLUSION 28

LITERATURE 29

2. Practical part

2.1 Assessment of the property status of the enterprise 30 2.2 Liquidity analysis 33

2.3 Assessing the viability of an enterprise 35

2.4 Indicator business activity 36

2.5 Estimating the capital structure 38

3. Measures to improve the financial condition of the enterprise 39

B E D E N I E

The market economy in the Russian Federation is gaining momentum. In modern economic conditions the activity of each economic entity is the subject of attention of a wide range of participants in market relations interested in the results of its functioning.

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 existing potential competitors.

Financial condition is the most important characteristic of the economic activity of an enterprise. It determines the competitiveness, potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed financially and in production.

In these conditions, the financial manager becomes one of the key figures in the enterprise. He is responsible for setting financial problems, analyzing the feasibility of using one or another method of solving the decision taken by the management of the enterprise, and proposing the most appropriate course of action.

The purpose of this term paper consists in studying the methods of financial analysis as tools for making managerial decisions and developing, on this basis, practical recommendations and conclusions.

The main tasks set to achieve the goal of the course work can be considered:

The study of the theoretical and methodological foundations for the implementation of financial analysis of the activities of enterprises. As part of solving this problem, it is necessary to consider the conceptual apparatus of financial analysis; tools for financial analysis, implying a set of methods, techniques and methods for analyzing the financial condition of an enterprise, as well as a set of basic economic indicators that make it possible to describe the current and prospective financial condition of an enterprise.

Conducting a financial analysis of the company's activities on the basis of financial statements.

The object of the study is the general construction organization "Stroybytenergo"

The subject of the study is the very methodology for analyzing financial activity and the practice of applying it in management activities.

1. Theoretical part

1.1 Economic essence, purpose and significance of financial analysis in modern conditions

Financial analysis in its traditional sense is a research method by dividing complex phenomena into its component parts. In a broad scientific sense, financial analysis is a method scientific research(cognition) and evaluation of phenomena and processes, which is based on the study of the constituent parts, elements of the system under study. The economic essence of financial analysis is best reflected in the following definition: "Financial analysis is an assessment of the financial and economic activities of the company in the past, present and future."

In the economy, an integral element of which is finance, analysis is used to identify the essence, patterns, trends and evaluate economic and social processes, study financial and economic activities at all levels and in different areas of reproduction.

In this paper, we will focus on the definition of financial analysis of the activities of a particular enterprise.

From this point of view, the purpose of financial analysis is to determine the state of the financial health of the enterprise, identify weaknesses, potential sources of problems in its further work and detect strengths on which the company can bet.

The goals of financial analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational and informational capabilities of the analysis.

If we consider financial analysis as a process of assessing the financial condition of an enterprise based on the study of its financial statements, then we can single out the following as its main goals:

1) Tracking the current state of the enterprise;

2) Analysis of the enterprise's ability to finance investment projects;

3) Analysis of the ability to repay loans;

4) Bankruptcy warning;

5) Formation of forecasts of the financial activity of the enterprise;

6) Estimation of the value of the enterprise in case of its sale or merger;

7) Tracking the dynamics of the financial condition.

When assessing the financial position of an enterprise, financial analysis is used by various economic entities interested in obtaining the most complete information about his activities. These include:

1) Internal - management, shareholders, founders, liquidation or audit commission.

2) External - government agencies, creditors, investors, auditors.

The purpose of financial analysis, the initiative of which does not belong to the enterprise, may be to determine and evaluate the creditworthiness and investment opportunities of the enterprise. So, a bank representative may be interested in the question of the liquidity or solvency of the enterprise. A potential investor wants to know how profitable the enterprise is and what is the degree of risk of losing the deposit when investing it. There is a technique that allows, with the help of financial and reporting documentation and analysis of various financial indicators, to predict the possibility of bankruptcy of an enterprise or to make sure of its stability.

Financial analysis is part of the overall economic analysis of the organization, as well as part of a general, complete analysis of economic activity, which consists of two closely related sections: external financial analysis and intra-economic management analysis. An approximate scheme of financial analysis is as follows (see Figure 1.)

Figure 1. Approximate scheme of financial analysis.

The division of analysis into financial and managerial is due to the division of the enterprise-wide accounting system into financial accounting and management accounting that has developed in practice. This division is somewhat arbitrary, because internal analysis can be seen as a continuation of external analysis, and vice versa. In the interests of business, both types of analysis complement each other with information.

Internal financial analysis - an analysis that is necessary to meet the company's own needs - is aimed at determining the liquidity of the company or at a strict assessment of its results in the last reporting period, in the case, for example, when the company's management and its financial analyst want to know whether the company can afford to allocate funds for the planned production expansion (expansion of production) and how additional costs will affect it.

External financial analysis is carried out by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise.

There are two main differences between them:

1. The breadth and availability of the involved information support;

2. The degree of formalizability of analytical procedures and algorithms.

As part of the internal analysis, it is possible to involve almost any necessary information, including non-public, in particular for external analysts.

Methods of external analysis are based on the assumption of a certain informational limitation of the analysis.

Regardless of what caused the need for analysis, its methods are essentially always the same. Its main tool is the derivation and interpretation of various financial ratios. The correct application of these techniques allows you to answer many questions regarding the financial health of the enterprise.

There are three main points to keep in mind when starting your analysis:

• It is necessary to draw up a fairly clear analysis program, including the development of models of analytical tables, algorithms for calculating the main indicators and the information and regulatory support required for their calculation and comparative assessment.
• The scheme of analysis should be built on the principle of "from the general to the particular".
• Any deviations from the normative or planned values ​​of indicators, even if they are positive, should be carefully analyzed.

In the process of complex financial analysis, the potential of a commercial organization is determined. There are two sides of the economic potential: the property status of a commercial organization and its financial position.

The property position is characterized by the size, composition and condition of long-term assets owned and disposed by a commercial organization to achieve its goal.

The financial situation can be characterized both in the short term and in the long term. In the first case, they talk about the liquidity and solvency of a commercial organization, in the second case, about its financial stability.

Both sides of the economic potential of a commercial organization are interconnected.

Analytical calculations are performed either as part of an express analysis or an in-depth analysis.

The purpose of the express analysis is a clear and simple implementation of algorithms in terms of time and complexity, an assessment of the financial well-being and dynamics of the development of a commercial organization.

An in-depth analysis specifies, expands or supplements individual express analysis procedures.

The vast majority of coefficients are calculated according to the balance sheet and income statement; moreover, the calculation can be performed either directly according to the reporting data, or using a compacted balance sheet.

So, financial analysis makes it possible to evaluate:

The property condition of the enterprise;

The degree of entrepreneurial risk;

Capital adequacy for current activities and long-term investments;

The need for additional sources of funding;

Ability to increase capital;

Rationality of attraction of borrowed funds;

Validity of the policy of distribution and use of profits.

Financial analysis of the company's activities includes:

Analysis of the financial condition;

Analysis of financial stability;

Analysis of financial ratios:

Balance liquidity analysis;

Analysis of financial results, profitability ratios and business

activity.

The life of an enterprise is made up of constantly changing situations and complex problems. To organize reliable financial management, it is necessary to understand the real movement of affairs in an enterprise, to know what it does, to have information about its markets, customers, suppliers, competitors, the quality of its products, further goals, etc. One of the means of coordinating the work of the enterprise and controlling its funds is financial analysis. It allows you to answer many questions regarding the movement of funds in the company, the quality of their management and the market position that the company acquires as a result of its activities.

Thus, financial analysis for the management personnel of enterprises, financial and accounting workers and analysts is the most important tool for determining the financial condition of an enterprise, identifying reserves for profitability growth, improving all financial and economic activities and increasing its efficiency. It serves as the starting point for forecasting, planning and managing economic objects.

1.2 Types of financial analysis

Prospective (predictive, preliminary) analysis,

operational analysis,

Current (retrospective)

Analysis based on the results of activities for a particular period.

Figure 2. Classification of types of financial analysis

The current (retrospective) analysis is based on accounting and static reporting and allows you to evaluate the work of associations, enterprises and their divisions for the month, quarter and year on an accrual basis.

The main task of the current analysis is an objective assessment of the results of commercial activities, a comprehensive identification of existing reserves, their mobilization, and the achievement of full compliance with material and moral incentives based on the results of work and the quality of work.

The current analysis is carried out during the debriefing of economic activity, the results are used to solve management problems.

The peculiarity of the methodology of the current analysis is that the actual performance results are evaluated in comparison with the plan and data of the previous analytical period. There is a significant drawback in this type of analysis - the identified reserves are forever lost opportunities for increasing production efficiency, since they refer to the past period.

The current analysis is the most complete analysis of financial activity, incorporating the results of operational analysis and serving as the basis for prospective analysis.

Operational analysis is close in time to the time of business transactions. It is based on primary (accounting and static) accounting data.

Operational analysis is a system of daily study of the fulfillment of planned targets in order to quickly intervene in the production process and ensure the efficiency of the enterprise.

Operational analysis is usually carried out according to the following groups of indicators:

Shipment and sale of products;

use of labor force,

Usage production equipment and material resources;

Cost price;

Profit and profitability;

Solvency.

During operational analysis, a study of natural indicators is carried out, relative inaccuracies are allowed in the calculations, since there is no completed process.

Prospective analysis is the analysis of the results of economic activity in order to determine their possible values ​​in the future.

By revealing a picture of the future, perspective analysis provides the manager with a solution to the problems of strategic management.

In practical methods and research, the tasks of prospective analysis are specified by: objects of analysis; performance indicators; the best justification for long-term plans.

Prospective analysis as intelligence of the future and the scientific-analytical basis of a long-term plan is closely related to forecasting, and such an analysis is called forecasting.

1.3 Classification of methods and techniques

financial analysis

The basis of any science is its subject and method.

The method of financial analysis is understood as a dialectical approach to the study of the financial condition and financial processes in their formation and development.

The characteristic features of the method include: the use of a system of indicators, the identification and change of the relationship between them.

In the process of financial analysis, a number of special ways, techniques, and certain tools are used.

Methods of applying the methods of financial analysis can be divided into two groups: traditional and mathematical (quantitative).

The dominant methods used for financial and economic analysis are the use of quantitative methods. Their classification can be presented as follows:

Statistical methods, including:

The method of statistical observation is the recording of information according to certain principles and for certain purposes,

The method of absolute and relative indicators (coefficients),

Method for calculating averages - arithmetic averages, simple, weighted, geometric,

Time series method - determination of absolute growth, relative growth, growth rates, growth rates,

The method of summarizing and grouping economic indicators according to certain characteristics,

Method of comparison - with competitors, with standards, in dynamics,

Index method - the influence of factors on the compared indicators,

detailing method,

Graphic methods.

The simplest method is comparison, when the financial indicators of the reporting period are compared either with planned indicators or with indicators for the previous period (basic). When comparing indicators for different periods, it is necessary to achieve their comparability, i.e. indicators should be recalculated taking into account the homogeneity of constituent elements, inflationary processes in the economy, assessment methods, etc.

The next method is grouping, when indicators are grouped and tabulated. This makes it possible to carry out analytical calculations, identify trends in the development of individual phenomena and their relationship, factors that affect the change in indicators.

The chain substitution or elimination method consists in replacing a single reporting indicator with a base one. At the same time, all other indicators remain unchanged. This method allows you to determine the impact of individual factors on the total financial indicator.

Accounting methods, including:

double entry method,

balance sheet method,

Other methods.

Economic and mathematical methods, including:

Methods of elementary mathematics,

Classical methods of mathematical analysis - differentiation, integration, calculus of variations,

Methods of mathematical statistics - the study of one-dimensional and multidimensional statistical sets,

Econometric methods - statistical estimation of the parameters of economic dependencies,

Methods of mathematical programming - optimization, linear, quadratic and non-linear programming, block and dynamic programming,

Operations research methods - game theory, scheduling theory, methods of economic cybernetics,

heuristic methods,

Methods of economic-mathematical modeling and factor analysis.

Most often, when conducting financial analysis, statistical and accounting methods are used. AT recent times factor analysis of the financial and economic indicators of an enterprise based on the use of economic and mathematical methods has become widespread.

Many mathematical methods: correlation analysis, regression analysis, and others entered the circle of analytical developments much later.

The methods of economic cybernetics and optimal programming, economic methods, methods of operations research and decision theory, of course, can be directly applied in the framework of financial analysis (see Figure 3.).

Traditional methods include the main methods of analyzing financial statements:

horizontal analysis,

vertical analysis,

trendy,

method of financial ratios,

comparative analysis,

factor analysis.

Horizontal (temporal) analysis - comparison of each reporting position for the current period with the previous period.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole.

Trend analysis - comparing each reporting position with a number of previous periods and determining the trend. With the help of the trend, possible values ​​of indicators in the future are formed, and, therefore, a prospective analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of relations between individual positions of the report or positions of different reporting forms, determination of the relationship of indicators.

Comparative analysis is both an on-farm analysis of the summary indicators of divisions, workshops, subsidiaries, etc., and an inter-farm analysis of an enterprise in comparison with competitor data, with average industry and average general economic data.

Factor analysis - analysis of the influence and individual factors (reasons) on the performance indicator using deterministic and stochastic research methods. Factor analysis can be both direct and reverse, i.e. synthesis is the combination of individual elements into a common performance indicator.

As a tool for financial analysis, financial ratios are widely used - relative indicators of the financial condition of an enterprise, which express the relationship of some absolute financial indicators to others. Financial ratios are used to compare the indicators of the financial condition of a particular enterprise with similar indicators of other enterprises or industry averages; to identify the dynamics of development of indicators and trends in the financial condition of the enterprise; to define normal limits and criteria

Figure 3. Classification of financial analysis methods

various aspects of the financial situation. Such criteria are: current liquidity ratio, equity ratio, solvency recovery (loss) ratio.

Their normal limits are determined, i.e. limit sizes. The financial analysis of an enterprise is performed using certain algorithms and formulas.

All of the above methods of analysis are formalized methods of analysis. However, there are also non-formalized methods: expert assessments, scenarios, psychological, morphological, etc., they are based on the description of analytical procedures at the logical level. At present, it is practically impossible to isolate the techniques and methods of any science as inherent exclusively to it. Similarly, in financial analysis, various methods and techniques not previously used in it.

However, despite the variety of methods of financial analysis (see Figure 3.), the process of financial analysis is carried out on the basis of general principles, the application of which is an important prerequisite for ensuring its high level.

The general principles of financial analysis are:

Subsequence;

Complexity;

Comparison of indicators;

Use of the scientific apparatus (toolkit);

Consistency.[, p.10]

The sequence of analysis involves the use of two methods: deductive and inductive.

Deduction is one of the principles of analysis, meaning the sequence of its implementation from the general to the particular. In the process of analysis, first general indicators are sequentially identified, then private ones.

Induction is the principle of analysis, meaning the sequence of its implementation from the particular to the general, from causes to effects.

The complexity of the analysis involves the implementation of financial analysis in the relationship of all financial processes (comprehensive analysis).

Comparison of indicators is a way to study the dynamics of financial indicators. Comparison allows you to evaluate any financial indicator for the actual (reporting) period in relation to the base period or another enterprise, or a set of enterprises.

However, it should be noted that not all of the listed methods of economic analysis can be used in all cases of financial analysis, since their application largely depends on the analyst.

1.4 The system of indicators characterizing the financial condition of the enterprise

Financial activity is the working language of business, and it is almost impossible to analyze the operations or results of an enterprise other than through financial indicators.

Financial indicators characterize the proportions between various reporting items. The advantages of financial ratios are the simplicity of calculations and the elimination of the influence of inflation.

It is believed that if the level of actual financial ratios is worse than the comparison base, then this indicates the most painful places in the enterprise's activities that require additional analysis. True, an additional analysis may not confirm a negative assessment due to the specificity of specific conditions and features of the business policy of the enterprise. Financial ratios do not capture differences in accounting methods, do not reflect the quality of the constituent components. Finally, they are static in nature. It is necessary to understand the limitations that their use imposes and treat them as an analysis tool.

For a financial manager, financial ratios are of particular importance, since they are the basis for evaluating his performance by external users of reporting, shareholders and creditors. The targets of the financial analysis being carried out depend on who conducts it: managers, tax authorities, owners (shareholders) of the enterprise or its creditors.

It is important for the tax authority to answer the question of whether the enterprise is capable of paying taxes. Therefore, from the point of view of the tax authorities, the financial situation is characterized by the following indicators:

– balance sheet profit;

– return on assets = book profit as a percentage of the value of assets

- profitability of sales = balance sheet profit as a percentage of revenue from

implementation;

- balance sheet profit per 1 ruble means for wages.

Based on these indicators, the tax authorities can also determine the receipt of payments to the budget in the future.

Banks should receive an answer to the question about the solvency of the enterprise, that is, about its readiness to return borrowed funds, liquidate its assets.

Enterprise managers are primarily interested in resource efficiency and enterprise profitability.

Analysis of the financial and economic condition of the enterprise can be divided into three main components:

Assessment of the property status of the organization

Assessment of the financial position of the organization

· Evaluation of the effectiveness of financial and economic activities of the organization.

It should be noted that these components are closely interconnected and their differentiation is necessary only for a clearer separation and understanding of the conclusions on the analytical procedures for analyzing the financial and economic activities of the organization as a whole.

Property assessment consists of the following components:

Analysis of the integrated compacted balance sheet - net

Estimates of property dynamics

Analysis of formalized indicators of property status

Property indicators include:

1. "The amount of economic assets at the disposal of enterprises" is an indicator of the generalized value of the valuation of assets on the balance sheet of the enterprise.

2. "The share of the active part of fixed assets." According to regulatory documents, the active part of fixed assets means machinery, equipment and vehicles. The growth of this indicator is estimated positively.

3. "Depreciation coefficient" - is usually used in the analysis as a characteristic of the state of fixed assets. Complementing this indicator to 100% (or one) is the "expiration factor".

4. "Renewal factor" - shows what part of the fixed assets available at the end of the reporting period are new fixed assets.

5. "Retirement rate" - shows what part of the fixed assets retired due to dilapidation and other reasons.

The analysis of the integrated compacted balance sheet - net is based on the construction of a simplified balance sheet model, in which absolute and relative (structural) indicators of items are integrated. This achieves the integration of "horizontal" and "vertical" analysis of the balance sheet, which allows you to more fully trace the dynamics of the balance sheet items. Many experts propose to carry out "vertical" and "horizontal" analysis separately. However, some of them recognize the expediency of conducting such an integrated analysis of balance sheet items.

When assessing the dynamics of property, the state of all property is traced as part of immobilized assets (I section of the balance sheet) and mobile assets (II section of the balance sheet - stocks, receivables, other current assets) at the beginning and end of the analyzed period, as well as the structure of their growth (decrease).

The assessment of the financial position consists of two main components:

Analysis of liquidity and solvency of the company

Analysis of financial stability.

To assess the liquidity and solvency of the company, the following indicators are used:

1. "The value of own working capital" - characterizes that part of the company's own capital, which is the source of coverage of current assets. The value of own working capital is numerically equal to the excess of current assets over current liabilities.

2. "The maneuverability of functioning capital" - characterizes that part of own working capital, which is in the form of cash. For the normal functioning of the enterprise, this indicator varies from 0 to 1.

3. "Coverage ratio" (general) - gives an overall assessment of the liquidity of assets, showing how many rubles of current assets of the enterprise account for one ruble of current liabilities, this is considered as successfully functioning.

4. The "quick liquidity ratio" is similar in meaning to the "coverage ratio", however, inventories are excluded from the calculation. In Western literature, it is tentatively taken below 1, but this is conditional.

5. "Absolute liquidity ratio" (solvency) - shows what part of short-term debt obligations can be repaid immediately.

6. In international practice, it is believed that its value should be greater than or equal to 0.2 - 0.25

7. "The share of own working capital in the coverage of stocks" - characterizes that part of the cost of stocks, which is covered by own working capital, the lower limit of 50% is recommended.

8. "Reserve coverage ratio" - is calculated by the ratio of the values ​​of "normal" sources of coverage of reserves, and the amount of reserves. If the indicator value< 1, то текущее финансовое состояние неустойчивое.

To assess the financial stability of the company, the following indicators are used:

1. "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 the enterprise.

2. "Coefficient of financial dependence" - is the inverse of the ratio of concentration of equity capital. The growth of this indicator in dynamics means borrowed funds.

3. "Equity capital flexibility ratio" - shows what part of equity capital is used to finance current activities, i.e. invested in working capital.

4. “Coefficient of the structure of long-term investments” - the coefficient shows what part of fixed assets and other non-current assets are financed by external investors.

5. "The coefficient of long-term attraction of borrowed funds" - characterizes the capital structure. The higher the indicator in dynamics, the more the company depends on external investors.

6. "The coefficient of the ratio of own and borrowed funds" - it gives an overall assessment of the financial stability of the enterprise. The growth of the indicator indicates an increase in dependence on external investors.

It must be said that there are no uniform normative criteria for the considered indicators. They depend on many factors: industry affiliation, lending principles, the current structure of sources of funds, etc.

Therefore, the acceptability of the values ​​of these indicators is better to be compiled by groups of related enterprises. The only rule that "works" is the owners of the enterprise (investors and other persons who have made contributions to authorized capital) prefer reasonable growth in the dynamics of borrowed funds, and lenders prefer enterprises with a high share of equity capital, with greater financial autonomy.

Business activity analysis characterizes the results and effectiveness of the current main production activities firms. Generalizing indicators for evaluating the efficiency of the use of enterprise resources and the dynamism of its development include the following indicators:

- "Resource return (turnover ratio of advanced capital)" - characterizes the volume of sales per ruble of funds invested in the activities of the enterprise.

- “Coefficient of sustainability of economic growth” - shows what average pace the enterprise can develop.

Qualitative criteria for the analysis of business activity are: the breadth of product sales markets, the reputation of the enterprise, etc. The quantitative assessment is given in two areas:

The degree of implementation of the plan for the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

In particular, the following ratio is optimal:

Tnb > Tr > So > 100%;

Where Tnb, Tr, So, respectively, the rate of change in financial profit, sales, advanced capital.

This dependency means that:

a) economic potential increases;

b) the volume of sales increases at a higher rate;

c) profit increases at a faster pace.

This is the golden rule of business economics.

The most important part of the overall analysis of the financial and economic activities of the enterprise is the analysis of profitability. The main indicators of this block include the return on advanced capital and the return on equity. Other similar indicators can also be calculated.

The analysis of the financial condition of enterprises is carried out mainly on the basis of annual and quarterly financial statements and, first of all, on the basis of balance sheet data.

The analysis of the financial condition of the enterprise is completed by its comprehensive assessment. When analyzing the financial condition of their enterprise, after a comprehensive assessment, they develop measures to improve the financial condition, paying special attention to the development of the financial strategy of the enterprise for the future and in the coming periods.

Thus, in this chapter, the theoretical foundations of financial analysis were considered, that is, the types, techniques and methods of financial analysis, the methodology for analyzing the financial condition, that is, the main indicators for assessing the financial condition, their structure and coefficients that determine them, as well as the factors on which they depend these indicators.

CONCLUSION

In this paper, the mechanism for conducting a financial analysis of the activities of an enterprise and its significance in modern economic conditions was shown. The main theoretical methods for conducting a financial analysis of an enterprise's activity are considered, the economic essence of the coefficients used in the analysis of the financial condition of an enterprise is disclosed.

Literature

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4. Vakhrin P.I. Financial analysis in commercial and non-profit organizations: Tutorial. - M.: IKTs "Marketing", 2001. - 320 p.

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2. Practical part

FINANCIAL ANALYSIS OF THE ACTIVITIES OF OOO STROYBYTENERGO

2.1 Assessment of the property status of the enterprise

Aggregate balance sheet

Indicators		At the beginning of the reporting year		At the end of the reporting year		Abs. Deviation t.r.	Deviations in beats. weight
		t.rub.	% to total	t.rub.	% to total		%
1	2	3	4	5	6	7	8
ASSETS
1. Non-current assets
fixed assets	120	1121	111 0	0.18	0.17	-11	-0.01
Section 1 Total	190	2721	2711	0.44	0.42	-10	-0.02
2. Current assets
stocks, including		1415	24488	0.23	3.79	+23078	+3.56
Value added tax on acquired valuables	220	17892	27933	2.92	4.32	+10041	+1.4
Accounts receivable (payments during the year)	240	475665	830048	77.77	128.35	+354383	+50.58
Short-term financial investments	250	102667	19667	16.78	3.04	-83000	-13.74
Cash	260	11268	258173	1.84	39.92	+246905	+38.08
Section 2 total	290	608909	643964	99.55	99.58	+35055	+0.03
BALANCE (190+290)	300	611630	646674	+35044
LIABILITY
3. Capital and reserves
Authorized capital	410	445400	445400	73.41	71.74	0	-1.94
Undestributed profits	470	161428	113395	26.60	18.17	-48033	-8.43
490	283972	332005	46.80	53.28	+48033	+6.48
4. Long-term liabilities
Accounts payable	620	322648	291025	53.18	46.70	-31623	-6.48
Section 5 total	690	322648	291025	53.18	46.70	-31623	-6.48
BALANCE (490+590+690)	700	606685	623112	+16427

Findings.

Non-current assets remained unchanged. The entity has not made any purchases of equipment, machinery or other types of OS. Maximal growth Ob.Akt. occurred in accounts receivable for 354,383 tr, this indicates an imprudent policy and may aggravate the financial position of the enterprise. Decreased short-term financial investments by 83,000, which indicates the lack of free funds. Cash increased by 246,905. The structure of property shows that the largest share is occupied by current assets. Total amount Ob.Akt. increased by 35,055 tr due to the increase in money. by 246,905 tr, I can assume that the company received payments on receivables for the past year, but receivables increased at the end of the reporting period, work in this area most likely was not carried out. The main contribution to the formation of Ob.Akt was made by receivables, such a structure indicates problems associated with paying for the services of an enterprise, and the non-monetary nature of settlements. The company has a surplus. The enterprise provides a commercial loan in an amount exceeding the funds received in the form of deferred payments to commercial creditors.

The main source of formation of total assets are own funds. The share of borrowed funds has decreased, which may indicate an increase in financial independence. The increase in reserves and capital may be the result of the efficient operation of the enterprise. The structure of borrowed capital is dominated by suppliers and contractors, taxes and other creditors, by 104503t.r 108599t.r 106743t.r respectively. Long-term liabilities increased by 17t.r. The predominance of short-term liabilities in the borrowed structure is a negative fact that characterizes the deterioration of the balance sheet structure and increased risk of financial stability, but short-term debts decreased by 31,623, which indicates ongoing work in this area and some improvement in financial stability.

The share of borrowed funds in the total amount of capital is.

At the beginning of the period 46.8% at the end of the period 53.3% abs change = -6.5%, which is a negative fact, the share of borrowed capital > 50% is a negative point, because penalties are charged, percent. the stakes are quite high. Increases the likelihood of being matched. 3. Bankruptcy law. There is a need for an additional analysis of accounting.

2.2 Liquidity analysis

ASSETS	For the beginning of the year	At the end of the year	deviations	LIABILITY	For the beginning of the year	At the end of the year	deviations
1	2	3	4	5	6	7	8
1.A1	113935	277840	-208713	1. P1	322648	291025	-13185
2. A2	475665	830048	+475665	2. P2	0	0	+830048
3. A3	0.03	0.08	-64.7	3. P3	65	82	-81.92
4. A4	2721	2711	-281251	4. P4	283972	332005	-329294
BALANCE	611630	646674	+4945	BALANCE	606685	623112	+23564

A1= 250+ 260 A3=210+220/290 P1=620+660 P3=590

A2= 230+240+270 A4=190 P2= 630+610 P4= 490

Starting year model A1< П1, А2>P2, A3< П3, А4 <П4

Model con.g A1<П1, А2 >P2, A3<П3, А4 <П4

The liquidity model of the balance sheet indicates that the company at the beginning of the year is not absolutely liquid. All inequalities are violated except for the 2nd one. At the end of the year, the situation has not changed.

Absolute liquidity ratio - shows what part of short-term debt obligations can be repaid immediately at the expense of highly liquid assets.

K ab.l.n = A1/P1 = 0.35

K ab.l.k = A1/P1 = 0.95

Intermediate critical liquidity ratio - shows whether the company will be able to pay off its short-term debt obligations on time.

K sp.l.n \u003d A1 + A2 / P1 + P2 \u003d 1.83

K pr.l.k \u003d A1 + A2 / P1 + P2 \u003d 0.68

The current liquidity ratio is practically the calculation of the entire amount of current assets per ruble of short-term debt. This indicator is adopted as the official criterion for the insolvency of an enterprise (organization). Its advantage over other indicators of solvency is that it is generalizing, taking into account the entire value of current assets.

K t.l.n = A1+A2+A3/P1+P2 = 1.82

K t.l.k \u003d A1 + A2 + A3 / P1 + P2 \u003d 3.80

To assess the liquidity of the balance sheet, the following relative coefficients are used:

1) Cab.l > or = 0.2

Shows the ability of the enterprise to quickly liquidate the obligation, the term of which has already come.

K ab.l k = 0.95 >0. 2. => the company is able to quickly liquidate the obligation, the term of which has already come.

2) To pr.l. > or =1.

Shows the possibility of quickly realizable assets to repay the existing short-term debt.

K ex.l = 0.68< 1 =>the enterprise is not able to repay short-term debt with the available marketable assets. Another negative point is that the situation has worsened over the period under review.

3) K t.l\u003e either \u003d 2

Shows that the enterprise has all the Assets should be sufficient not only to cover short-term liabilities, but also to carry out business activities.

K t.l = 3.80 > 2 => the company has enough current assets to cover all short-term liabilities and continue to engage in economic activities. On the positive side, the situation has improved over the period under review. The company has acquired current liquidity, which indicates the restoration of the financial condition of the enterprise.

2.3 Assessment of the solvency of the enterprise

An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. The financial stability of an enterprise is characterized by the state of financial resources that ensure an uninterrupted process of production and sale of products (services) based on real profit growth.

To assess the insolvency, 2 indicators are calculated Kt.l and Ksos

Ksos \u003d own equipment av.va (290-690) / Ob.act (290) \u003d 0.1 (normative)

The coefficient of provision with own obor.sr. shows the share of own funds in the total amount of current assets.

Kt.l \u003d total act (290) / cr. average obligatory (690) = 2 (normative)

If at least one of the indicators takes a value less than the norm, then it is determined whether the enterprise has the opportunity to restore its solvency.

Ksos.n = 0.47 > 0.1 above the standard.

Ksos.k = 0.55 > 0.1 above the standard. the share of own funds in the total amount of current assets increased over the period.

Ct.l.n = 1.89< 2 ниже норматива.

K t.l.k = 2.21 > 2 above the standard. => the company is wealthy and has the ability to repay its obligations on time. I would like to note that during the reporting period the company has increased its performance, but there is a threat to lose solvency.

2.4 Business performance

Allows you to analyze how effectively the company uses its own funds. Business activity indicators are of great importance for assessing the financial position of the enterprise.

The inventory turnover ratio shows how many turnovers per year make inventory.

K o.z \u003d Ex. From sales (010) / stocks (210) (number of turns)

Kt of the duration of the turnover of stocks

Pz \u003d Days of the period 360 / Ko.z (days)

Accounts receivable turnover

Kob.dz. = Ext. From. Real(010)/Deb.set(230+240)

Debt repayment period

P dz. = days 360/Kob.dz

Kt turnover of accounts payable.

To ob.k.z \u003d cost price pr. (020) / Credit. ass (620)

Accounts payable turnover period.

P k.z \u003d Days 360 / K ob.k.z (days)

A generalizing indicator of the business activity of an enterprise is the duration of the financial cycle - this is the time during which funds are diverted from circulation.

FC \u003d Pz + Pdz + Pk.z

The shorter the financial cycle, the less business activity.

The financial cycle at the enterprise increased by 454.71 days, which indicates a deterioration in the business activity of the enterprise and a high decrease in cash turnover, this decrease in turnover was strongly influenced by an increase in the repayment period for accounts receivable, accounts payable and inventory turnover.

2.5 Estimating the capital structure

1) To autonomy = own capital (art. 490) / total ∑ of capital (art. 700)> 0.5 (50%)

2) K of borrowed capital \u003d borrowed capital (st. 590 + 690) / total ∑ capital (700)<0,5

3) To financial dependence \u003d borrowed capital (art. 590 + 690) / equity capital (art. 490)<1

4) To immobilization \u003d sbt.

At the end of the year, the share of equity was 53%, which indicates a low financial autonomy of the enterprise, but it is positive that there was an increase in equity by 7% over the reporting period.

Kfz=0.88 corresponds to the standard. A positive fact, decreased by 26%, which means that work is underway to stabilize the financial situation of the enterprise.

Kz.k< 0.5 соответствует нормативу, положительно, что произошло снижение показателя на 7%.

It can be concluded that, although not significant, but nevertheless, the financial situation has become more stable.

3. Measures to improve the financial condition of the enterprise.

The main goal of a commercial enterprise in modern conditions is to maximize profits, which is impossible without effective capital management. The search for reserves to increase the profitability of the enterprise is the main task of the manager.

Obviously, the result of the enterprise as a whole depends entirely on the effectiveness of managing financial resources and the enterprise. If the business goes by itself, and the style of management in the new market conditions does not change, then the struggle for survival becomes continuous.

The performed calculations of the turnover of the current assets elements led to the conclusion that the management of the enterprise does not control the factors affecting the turnover indicators, which leads to a decrease in the latter and affects the business activity of the enterprise. The financial cycle at the enterprise increased by 454.71 days, which indicates a deterioration in the business activity of the enterprise and a high decrease in the turnover of funds.

There is a tendency to reduce the financial stability of the company. Therefore, to stabilize the financial condition of the enterprise, it is proposed to carry out the following measures:

First of all, it is necessary to change the attitude towards production management,

Learn new management methods and techniques

Improve the management structure

Improve and train staff

Improve personnel policy

Think over and carefully plan pricing policy,

Look for reserves to reduce production costs,

Actively engage in planning and forecasting enterprise finance management.

Financial activity of the enterprise

Before proceeding directly to the topic of the article, it is necessary to understand the essence of the concept of the financial activity of an enterprise.

Financial activity in the enterprise- this is financial planning and budgeting, financial analysis, management of financial relations and monetary funds, determination and implementation of investment policy, organization of relations with budgets, banks, etc.

Financial activity solves such problems as:

• providing the enterprise with the necessary financial resources for funding its production and marketing activities, as well as for the implementation of investment policy;
• use of opportunities to improve efficiency enterprise activities;
• ensure timely repayment current and long-term liabilities;
• determination of optimal credit conditions to expand the volume of sales (deferment, installment plan, etc.), as well as the collection of formed receivables;
• traffic control and redistribution financial resources within the enterprise.

Analysis Feature

Financial indicators allow you to measure the effectiveness of work in the above areas. For example, liquidity ratios allow you to determine the ability to timely repay short-term obligations, while financial stability ratios, which are the ratio of equity and debt capital, allow you to understand the ability to meet obligations in the long term. The financial stability ratios of another group, which show the adequacy of working capital, make it possible to understand the availability of financial resources to finance activities.

Indicators of profitability and business activity (turnover) show how the company uses the available opportunities to improve work efficiency. Analysis of receivables and payables allows you to understand the credit policy. Considering that profit is formed under the influence of all factors, it can be argued that the analysis of financial results and analysis of profitability allows us to obtain a cumulative assessment of the quality of the financial activity of an enterprise.

The effectiveness of financial activity can be judged by two aspects:

1. results financial activities;
2. Financial condition enterprises.

The first is expressed by how effectively the company can use the assets it has, and most importantly, whether it is able to generate profit and to what extent. The higher the financial result for each ruble of invested resources, the better the result of financial activity. However, profitability and turnover are not the only indicators of a company's financial performance. The opposite and related category is the level of financial risk.

The current financial condition of the enterprise just means how sustainable is the economic system. If the company is able to meet its obligations in the short and long term, ensure the continuity of the production and marketing process, and also reproduce the resources expended, then it can be assumed that, while maintaining the current market conditions, the enterprise will continue to work. In this case, the financial condition can be considered acceptable.

If the company is able to generate high profits in the short and long term, then we can talk about efficient financial performance.

In the process of analyzing the financial activities of an enterprise, both in the analysis of financial results and in the process of assessing the state, the following methods should be used:

• horizontal analysis - analysis speakers financial result, as well as assets and sources of their financing, will determine the general trends in the development of the enterprise. As a result, one can understand the medium and long term of his work;
• vertical analysis - assessment of the formed structures assets, liabilities and financial results will reveal imbalances or make sure the current performance of the company is stable;
• comparison method - comparison data with competitors and industry averages will allow you to determine the effectiveness of the company's financial activities. If the enterprise demonstrates higher profitability, then we can talk about high-quality work in this direction;
• coefficient method - in the case of studying the financial activities of an enterprise, this method is important, since its use will allow you to get a set indicators, which characterize both the ability to demonstrate high results and the ability to maintain stability.
• factor analysis - allows you to determine the main factors that influenced the current financial position and financial performance of the company.

Analysis of the financial results of the enterprise

Investors are interested in profitability, as it allows you to evaluate the effectiveness of management activities and the use of capital that was provided by the latter for the purpose of making a profit. Other participants in financial relationships, such as creditors, employees, suppliers and customers are also interested in understanding the profitability of the company, as this allows you to estimate how smoothly the company will operate in the market.

Therefore, the analysis of profitability allows you to understand how effectively the management implements the company's strategy for the formation of financial results. Given the large number of tools that are in the hands of an analyst when evaluating profitability, it is important to use a combination of different methods and approaches in the process.

Although firms report net income, the overall financial result is considered more important, as a measure that better shows the profitability of a company's shares. There are two main alternative approaches to assessing profitability.

First approach provides for consideration of various transformations of the financial result. Second approach– indicators of profitability and profitability. In the case of the first approach, such indicators as the profitability of the company's shares, horizontal and vertical analysis, assessment of the growth of indicators, consideration of various financial results (gross profit, profit before tax, and others) are used. In the case of the second approach, the return on assets and return on equity indicators are used, which provide for obtaining information from the balance sheet and the income statement.

These two metrics can be broken down into profit margin, leverage, and turnover to better understand how a company generates wealth for its shareholders. In addition, margin, turnover and leverage figures can be analyzed in more detail and broken down into different lines from the financial statements.

Analysis of financial performance of the enterprise

It is worth noting that the most important method is the method of indicators, it is also the method of relative indicators. Table 1 presents groups of financial ratios that are best suited for performance analysis.

Table 1 - The main groups of indicators that are used in the process of assessing the financial result of the company

It is worth considering each of the groups in more detail.

Turnover indicators (indicators of business activity)

Table 2 presents the most commonly used business activity ratios. It shows the numerator and denominator of each coefficient.

Table 2 - Turnover indicators

Indicator of business activity (turnover)	Numerator	Denominator
	Cost price	Average inventory value
	Number of days in the period (for example, 365 days if using yearly data)	inventory turnover
		Average value of accounts receivable
	Number of days in the period	Accounts receivable turnover
	Cost price	Average value of accounts payable
	Number of days in the period	Accounts payable turnover
Working capital turnover		Average cost of working capital
		Average cost of fixed assets
		Average asset value

Interpretation of turnover indicators

Inventory turnover and one turnover period . Inventory turnover is the backbone of operations for many organizations. The indicator indicates the resources (money) that are in the form of stocks. Therefore, such a ratio can be used to indicate the effectiveness of inventory management. The higher the inventory turnover ratio, the shorter the period of inventory in the warehouse and in production. In general, the inventory turnover and the period of one inventory turnover should be estimated according to industry standards.

Tall Inventory turnover ratios compared to industry norms can indicate high inventory management efficiency. However, it is also possible that this turnover ratio (and a low one-period turnover rate) could indicate that the company is not building up adequate inventory, which could hurt earnings.

To assess which explanation is more likely, an analyst can compare a company's earnings growth with industry growth. Slower growth combined with higher inventory turnover may indicate insufficient inventory levels. Revenue growth at or above industry growth supports the interpretation that high turnover reflects greater efficiency in inventory management.

Short an inventory turnover ratio (and correspondingly high turnover period) relative to the industry as a whole can be an indicator of slow inventory movement in the operating process, perhaps due to technological obsolescence or a change in fashion. Again, by comparing a company's sales growth with the industry's, one can get a gist of the current trends.

The turnover of receivables and the period of one turnover of receivables . The receivables turnover period represents the time elapsed between sale and collection, which reflects how quickly the company collects cash from customers to whom it offers credit.

Although it is more correct to use credit sales as the numerator, information on credit sales is not always available to analysts. Therefore, revenue reported in the income statement is generally used as the numerator.

A relatively high receivables turnover ratio may indicate a high efficiency in lending to and collecting money from customers. On the other hand, a high receivables turnover ratio may indicate that credit or debt collection terms are too tight, indicating a possible loss of sales to competitors who offer softer terms.

Relatively low receivables turnover tends to raise questions about the effectiveness of credit and collection procedures. As with inventory management, comparing a company's sales growth to an industry can help an analyst assess whether sales are being lost due to a strict credit policy.

In addition, by comparing uncollectible receivables and actual loan losses with past experience and peers, it can be assessed whether low turnover reflects a problem in managing commercial lending to clients. Companies sometimes provide information about the line of receivables. This data can be used in conjunction with turnover rates to draw more accurate conclusions.

Accounts payable turnover and accounts payable turnover period . The accounts payable turnover period reflects the average number of days a company spends paying its suppliers. The accounts payable turnover ratio indicates how many times a year a company conditionally covers debts to its creditors.

For the purposes of calculating these indicators, it is assumed that the company makes all its purchases with the help of a commodity (commercial) loan. If the volume of goods purchased is not available to the analyst, then the cost of goods sold indicator can be used in the calculation process.

Tall the accounts payable turnover ratio (low period of one turnover) in relation to the industry may indicate that the company does not fully use the available credit funds. On the other hand, this may mean that the company uses a system of discounts for earlier payments.

Too low the turnover ratio may indicate problems with the timely payment of debts to suppliers or the active use of soft credit conditions for the supplier. This is another example of when other metrics should be looked at to form weighted conclusions.

If the liquidity indicators indicate that the company has sufficient cash and other short-term assets to pay liabilities, and yet the accounts payable turnover period is high, then this will indicate the supplier's lenient credit conditions.

Working capital turnover . Working capital is defined as current assets minus current liabilities. Working capital turnover indicates how efficiently a company generates income from working capital. For example, a working capital ratio of 4 indicates that the company generates $4 of revenue for every $1 of working capital.

A high value of the indicator indicates greater efficiency (i.e., the company generates a high level of income relative to a smaller amount of working capital raised). For some companies, the amount of working capital may be close to zero or negative, which makes this indicator difficult to interpret. The next two coefficients will be useful in these circumstances.

Turnover of fixed assets (capital productivity) . This metric measures how efficiently a company generates returns on its fixed investment. As a rule, more tall the turnover ratio of fixed assets shows a more efficient use of fixed assets in generating income.

Low a value may indicate inefficiency, capital intensity of the business, or that the business is not operating at full capacity. In addition, the turnover of fixed assets can be formed under the influence of other factors not related to business efficiency.

The rate of return on assets will be lower for companies whose assets are newer (and therefore less depreciated, which is reflected in the financial statements by a higher carrying value) compared to companies with older assets (which are more depreciated and therefore are reflected at a lower book value).

The rate of return on assets can be unstable, since incomes can have steady growth rates, and the increase in fixed assets is jerky; therefore, each annual change in the indicator does not necessarily indicate important changes in the company's performance.

Asset turnover . The total asset turnover ratio measures the overall ability of a company to generate income with a given level of assets. A ratio of 1.20 would mean that the company generates 1.2 rubles of income for every 1 ruble of assets. A higher ratio indicates a greater efficiency of the company.

Since this ratio includes both fixed assets and working capital, poor management of working capital can distort the overall interpretation. Therefore, it is useful to analyze working capital and return on assets separately.

Short the asset turnover ratio may indicate unsatisfactory performance or a relatively high level of capital intensity of the business. The indicator also reflects strategic management decisions: for example, the decision to take a more labor-intensive (and less capital-intensive) approach to your business (and vice versa).

The second important group of indicators are profitability and profitability ratios. These include the following ratios:

Table 3 - Indicators of profitability and profitability

Indicator of profitability and profitability	Numerator	Denominator
	Net profit	Average asset value
	Net profit
Gross margin	Gross profit
	Sales profit
	Net profit
	Average asset value	Net profit
	Average cost of equity	Net profit

Profitability indicator assets shows how much profit or loss the company receives for each ruble of invested assets. A high value of the indicator indicates the effective financial activity of the enterprise.

Return on equity is a more important indicator for the owners of the enterprise, since this ratio is used when evaluating investment alternatives. If the value of the indicator is higher than in alternative investment instruments, then we can talk about the quality of the financial activity of the enterprise.

Margin metrics provide insight into sales performance. Gross margin shows how much resources are left in the company for management and marketing expenses, interest expenses, etc. Operating margin demonstrates the effectiveness of the organization's operational process. This indicator allows you to understand how much operating profit will increase with an increase in sales by one ruble. net margin takes into account the influence of all factors.

Return on assets and equity allows you to determine how much time it takes for the company to pay off the funds raised.

Analysis of the financial condition of the enterprise

The financial condition, as mentioned above, means the stability of the current financial and economic system of the enterprise. To study this aspect, the following groups of indicators can be used.

Table 4 - Groups of indicators that are used in the process of assessing the state

Liquidity ratios (liquidity ratios)

Liquidity analysis, which focuses on cash flow, measures a company's ability to meet its short-term obligations. The main indicators of this group are a measure of how quickly assets turn into cash. In day-to-day operations, liquidity management is usually achieved through the efficient use of assets.

The level of liquidity must be considered depending on the industry in which the company operates. The liquidity position of a particular company may also vary depending on the anticipated need for funds at any given time.

The assessment of liquidity adequacy requires an analysis of the company's historical funding needs, current liquidity position, expected future funding needs, and options to reduce funding requirements or raise additional funds (including actual and potential sources of such funding).

Large companies tend to have better control over the level and composition of their liabilities than smaller companies. Thus, they may have more potential sources of funding, including owner equity and credit market funds. Access to capital markets also reduces the required liquidity buffer compared to companies without such access.

Contingent liabilities such as letters of credit or financial guarantees may also be relevant in assessing liquidity. The importance of contingent liabilities varies for the non-banking and banking sectors. In the non-banking sector, contingent liabilities (usually disclosed in a company's financial statements) represent a potential cash outflow and should be included in an assessment of a company's liquidity.

Calculation of liquidity ratios

The main liquidity ratios are presented in table 5. These liquidity ratios reflect the position of the company at a certain point in time and, therefore, use data at the end of the balance sheet date, and not average balance sheet values. Indicators of current, quick and absolute liquidity reflect the company's ability to pay current obligations. Each of them uses a progressively stricter definition of liquid assets.

Measures how long a company can pay its daily cash costs using only existing liquid assets, without additional cash flows. The numerator of this ratio includes the same liquid assets used in quick liquidity, and the denominator is an estimate of daily cash costs.

To obtain daily cash costs, the total cash costs for the period are divided by the number of days in the period. Therefore, in order to obtain cash expenses for the period, it is necessary to summarize all expenses in the income statement, including such as: cost; marketing and administrative expenses; other expenses. However, the amount of expenses should not include non-cash expenses, for example, the amount of depreciation.

Table 5 - Liquidity ratios

Liquidity indicators	Numerator	Denominator
	current assets	Current responsibility
	Current assets - stocks	Current responsibility
	Short-term investments and cash and cash equivalents	Current responsibility
Guard interval indicator	Current assets - stocks	Daily expenses
	Inventory turnover period + Accounts receivable turnover period – Accounts payable turnover period

The financial cycle is a metric that is not calculated in the form of a ratio. It measures the length of time it takes for an enterprise to go from investing money (invested in activities) to receiving cash (as a result of activities). During this period of time, the company must finance its investment activities from other sources (ie debt or equity).

Interpretation of liquidity ratios

Current liquidity . This measure reflects current assets (assets that are expected to be consumed or converted into cash within one year) per ruble of current liabilities (obligations due within one year).

More tall the ratio indicates a higher level of liquidity (i.e. a greater ability to meet short-term liabilities). A current ratio of 1.0 would mean that the carrying amount of current assets is exactly equal to the carrying amount of all current liabilities.

More low the value of the indicator indicates less liquidity, which implies a greater dependence on operating cash flow and external financing to meet short-term liabilities. Liquidity affects a company's ability to borrow money. The current ratio is based on the assumption that inventories and receivables are liquid (if inventories and receivables are low, this is not the case).

Quick liquidity ratio . The quick ratio is more conservative than the current ratio as it only includes the most liquid current assets (sometimes called "quick assets"). Like the current ratio, a higher quick ratio indicates the ability to meet debts.

This indicator also reflects the fact that inventories cannot be easily and quickly converted into cash, and in addition, the company will not be able to sell its entire inventory of raw materials, materials, goods, etc. for an amount equal to its book value, especially if this inventory needs to be sold quickly. In situations where inventories are illiquid (for example, if inventory turnover ratios are low), quick liquidity may be a better indicator of liquidity than current ratio.

Absolute liquidity . The ratio of cash to current liabilities is usually a reliable measure of the liquidity of an individual enterprise in a crisis. Only highly liquid short-term investments and cash are included in this indicator. However, it should be taken into account that during a crisis, the fair value of liquid securities can significantly decrease as a result of market factors, and in this case it is advisable to use only cash and cash equivalents in the process of calculating absolute liquidity.

Guard interval indicator . This ratio measures how long a company can continue to pay its expenses from existing liquid assets without receiving any additional cash inflows.

A guard margin of 50 would mean that the company could continue to pay its operating expenses for 50 days from fast assets without any additional cash inflows.

The higher the guard interval, the higher the liquidity. If a company's guard interval score is very low compared to peers or compared to the company's own history, the analyst needs to clarify whether there is sufficient cash inflow for the company to meet its obligations.

financial cycle . This indicator indicates the amount of time that elapses from the moment a company invests money in other forms of assets to the moment it collects money from customers. A typical operating process is to receive inventories on a deferred basis, which creates accounts payable. The company then also sells these inventories on credit, which results in an increase in receivables. After that, the company pays its bills for the delivered goods and services, and also receives payment from customers.

The time between spending money and collecting money is called the financial cycle. More short cycle indicates greater liquidity. It means that the company only has to fund its inventory and receivables for a short period of time.

More long cycle indicates lower liquidity; this means that the company must finance its inventory and receivables over a longer period of time, which may result in the need to raise additional funds to build working capital.

Indicators of financial stability and solvency

Solvency ratios are basically of two types. Debt ratios (the first type) focus on the balance sheet and measure the amount of debt capital in relation to equity or the total amount of a company's funding sources.

Coverage ratios (the second type of metric) focus on the income statement and measure a company's ability to meet its debt payments. All of these indicators can be used in assessing a company's creditworthiness and therefore in assessing the quality of a company's bonds and other debt obligations.

Table 6 - Indicators of financial stability

Indicators	Numerator	Denominator
	Total liabilities (long-term + short-term liabilities)	Total liabilities
	Equity	Total liabilities
Debt to Equity	Total liabilities	Equity
financial leverage		Equity
Interest coverage ratio	Profit before taxes and interest	Percentage to be paid
Fixed payment coverage ratio	Profit before taxes and interest + lease payments + rent	Interest payable + lease payments + rent

In general, these indicators are most often calculated in the manner shown in Table 6.

Solvency Ratios Interpretation

Indicator of financial dependence . This ratio measures the percentage of total assets financed by debt. For example, a debt-to-asset ratio of 0.40 or 40 percent indicates that 40 percent of a company's assets are funded by debt. Generally, a higher share of debt means higher financial risk and thus weaker solvency.

Indicator of financial autonomy . The indicator measures the percentage of a company's equity (debt and equity) represented by equity. Unlike the previous ratio, a higher value usually means lower financial risk and thus indicates strong solvency.

Debt to equity ratio . The debt-to-equity ratio measures the amount of debt capital in relation to equity. The interpretation is similar to the first indicator (i.e. a higher ratio indicates poor solvency). A ratio of 1.0 would indicate equal amounts of debt and equity, which is equivalent to a debt-to-liability ratio of 50 percent. Alternative definitions of this ratio use the market value of shareholders' equity rather than its book value.

financial leverage . This ratio (often referred to simply as the leverage ratio) measures the amount of total assets supported by each currency unit of equity. For example, a value of 3 for this indicator means that every 1 ruble of capital supports 3 rubles of total assets.

The higher the leverage ratio, the more borrowed funds a company has to use debt and other liabilities to fund assets. This ratio is often defined in terms of average total assets and average total equity and plays an important role in the expansion of return on equity in the DuPont methodology.

Interest coverage ratio . This metric measures how many times a company can cover its interest payments from pre-tax earnings and interest payments. A higher interest coverage ratio indicates stronger solvency and solvency, providing creditors with high confidence that the company can service its debt (i.e. banking sector debt, bonds, bills, debt of other enterprises) from operating income.

Fixed payment coverage ratio . This metric takes into account fixed expenses or liabilities that result in a stable cash outflow for the company. It measures the number of times a company's earnings (before interest, taxes, rent, and leases) can cover interest and lease payments.

Like the interest coverage ratio, a higher fixed payment ratio implies strong solvency, meaning that the business can service its debt through core business. The indicator is sometimes used to determine the quality and probability of receiving dividends on preferred shares. If the value of the indicator is higher, then this indicates a high probability of receiving dividends.

Analysis of the financial activity of the enterprise on the example of PJSC "Aeroflot"

The process of analyzing financial activity can be demonstrated using the well-known company PJSC Aeroflot as an example.

Table 6 – Dynamics of assets of PJSC Aeroflot in 2013-2015, million rubles

Indicators				Absolute deviation, +,-		Relative deviation, %
Intangible assets
Research and development results
fixed assets
Long-term financial investments
Deferred tax assets
Other noncurrent assets
NON-CURRENT ASSETS TOTAL
Value added tax on acquired valuables
Receivables
Short-term financial investments
Cash and cash equivalents
Other current assets
CURRENT ASSETS TOTAL

As can be judged from the data in Table 6, during 2013-2015 there is an increase in the value of assets - by 69.19% due to the growth of current and non-current assets (Table 6). In general, the company is able to effectively manage working resources, because in the conditions of sales growth by 77.58%, the amount of current assets increased only by 60.65%. The credit policy of the enterprise is of high quality: in the context of a significant increase in revenue, the amount of receivables, the basis of which was the debt of buyers and customers, increased only by 45.29%.

The amount of cash and cash equivalents is growing from year to year and amounted to about 29 billion rubles. Given the value of the absolute liquidity ratio, it can be argued that this indicator is too high - if the absolute liquidity of the largest competitor UTair is only 19.99, then in PJSC Aeroflot this indicator was 24.95%. Money is the least productive part of the assets, so if there are free funds, they should be directed, for example, to short-term investment instruments. This will provide additional financial income.

Due to the depreciation of the ruble, the cost of inventories increased significantly due to an increase in the cost of components, spare parts, materials, as well as due to an increase in the cost of jet fuel despite the decline in oil prices. Therefore, stocks grow faster than sales volume.

The main factor behind the growth of non-current assets is the increase in accounts receivable, payments on which are expected more than 12 months after the date of the report. The basis of this indicator is advance payments for the supply of A-320/321 aircraft, which will be received by the company in 2017-2018. In general, this trend is positive, as it allows the company to ensure the development and increase of competitiveness.

The enterprise financing policy is as follows:

Table 7 - Dynamics of the sources of financial resources of Aeroflot PJSC in 2013-2015, million rubles

Indicators				Absolute deviation, +,-		Relative deviation, %
Authorized capital (share capital, authorized fund, contributions of comrades)
Own shares repurchased into shareholders
Revaluation of non-current assets
Reserve capital
Retained earnings (uncovered loss)
OWN CAPITAL AND RESERVES
Long-term borrowings
Deferred tax liabilities
Provisions for contingent liabilities
LONG-TERM LIABILITIES TOTAL
Short-term borrowings
Accounts payable
revenue of the future periods
Reserves for future expenses and payments
SHORT-TERM LIABILITIES TOTAL

A clearly negative trend is the reduction in the amount of equity by 13.4 for the study period due to a significant net loss in 2015 (Table 7). This means that the wealth of investors has significantly decreased, and the level of financial risks has increased due to the need to raise additional funds to finance the growing volume of assets.

As a result, the amount of long-term liabilities increased by 46%, and the amount of current liabilities - by 199.31%, which led to a catastrophic decline in solvency and liquidity indicators. A significant increase in borrowed funds leads to an increase in financial costs for debt servicing.

Table 8 - Dynamics of PJSC Aeroflot's financial results in 2013-2015, million rubles

Indicators				Absolute deviation, +,-		Relative deviation, %
Cost of sales
Gross profit (loss)
Selling expenses
Management expenses
Profit (loss) from sales
Income from participation in other organizations
Interest receivable
Percentage to be paid
Other income
other expenses
Profit (loss) before tax
Current income tax
Change in deferred tax liabilities
Change in deferred tax assets
Net income (loss)

In general, the process of forming the financial result was inefficient due to an increase in interest payable and other expenses by 270.85%, as well as due to an increase in other expenses by 416.08% (Table 8). The write-off of PJSC Aeroflot's share in the authorized capital of LLC Dobrolet resulted in a significant increase in the latter indicator due to the termination of operations. Although this is a significant loss of funds, it is not a permanent expense, so it does not say anything bad about the ability to carry out uninterrupted operations. However, other reasons for the growth of other expenses may threaten the stable operation of the company. In addition to the write-off of part of the shares, other expenses also increased due to leasing expenses, expenses from hedging transactions, as well as due to the formation of significant reserves. All this indicates ineffective risk management in the framework of financial activities.

Indicators

Absolute deviation, +,-

Current liquidity ratio

Quick liquidity ratio

Absolute liquidity ratio

The ratio of short-term receivables and payables

Liquidity indicators indicate serious solvency problems already in the short term (Table 9). As mentioned earlier, absolute liquidity is excessive, which leads to incomplete use of the financial potential of the enterprise.

On the other hand, the current ratio is significantly below the norm. If in UTair, the company's direct competitor, the indicator was 2.66, then in Aeroflot PJSC it was only 0.95. This means that the company may experience problems with the timely repayment of current liabilities.

Table 10 – Financial stability indicators of PJSC Aeroflot in 2013-2015

Indicators				Absolute deviation, +,-
Own working capital, million rubles
Coefficient of current assets provision with own funds
Maneuverability of own working capital
Coefficient of provision with own working capital stocks
Financial autonomy ratio
Financial dependency ratio
Financial leverage ratio
Equity maneuverability ratio
Short-term debt ratio
Financial stability ratio (investment coverage)
Asset mobility ratio	Financial autonomy also dropped significantly to 26% in 2015 from 52% in 2013. This indicates a lower level of creditor protection and a high level of financial risks. The indicators of liquidity and financial stability made it possible to understand that the state of the company is unsatisfactory. Consider also the company's ability to generate a positive financial result. Table 11 – Business activity indicators of Aeroflot PJSC (turnover indicators) in 2014-2015 Indicators Absolute deviation, +,- Equity turnover Asset turnover, transformation ratio return on assets Working capital turnover ratio (turnover) Period of one turnover of working capital (days) Inventory turnover ratio (turns) Period of one inventory turnover (days) Accounts receivable turnover ratio (turnover) Receivables repayment period (days) Accounts payable turnover ratio (turnover) Payables repayment period (days) Lead time (days) Operating cycle period (days) Financial cycle period (days) In general, the turnover of the main elements of assets, as well as equity, increased (Table 11). However, it is worth noting that the reason for this trend is the growth of the national currency, which led to a significant increase in ticket prices. It is also worth noting that the asset turnover is significantly higher than that of UTair's direct competitor. Therefore, it can be argued that, in general, the operating process in the company is effective. Table 12 - Profitability (loss ratio) of PJSC Aeroflot Indicators Absolute deviation, +,- Profitability (liabilities) of assets, % Return on equity, % Profitability of production assets, % Profitability of sold products by profit from sales, % Profitability of sold products in terms of net profit, % Reinvestment ratio, % Coefficient of sustainability of economic growth, % Payback period of assets, year Payback period of equity, year The company was unable to generate profit in 2015 (Table 12), which led to a significant deterioration in the financial result. For each attracted ruble of assets, the company received 11.18 kopecks of net loss. In addition, the owners received 32.19 kopecks of net loss for each ruble of invested funds. Therefore, it is obvious that the financial performance of the company is unsatisfactory. 2. Thomas R. Robinson, International financial statement analysis / Wiley, 2008, 188 pp. 3. site - Online program for calculating financial indicators // URL: https://www.site/ru/

Graduate work

Topic of the thesis:

Analysis and evaluation of the financial activities of the organization (on the example of Prospekt LLC)

Introduction

1. Theoretical foundations for the analysis and evaluation of the financial activities of the organization

1.1 The value and information support of the analysis of the financial activities of the organization

1.2 The tasks of analyzing and evaluating the financial activities of the organization

1.3 Profitability and profit as performance indicators of the organization

2. Analysis and evaluation of the financial activities of Prospekt LLC

2.1 Organizational and economic characteristics of Prospekt LLC

2.2 Analysis of the financial performance of the organization

2.3 Evaluation of the financial performance of the organization

3. Improving the financial activities of Prospekt LLC

3.1 Ways of financial recovery of the organization

Conclusion

Bibliography

AT conducting

Today, the stage of rapid development of the market is practically passed, and a new stage of economic relations is beginning, when the success of the organization largely depends on the art of managing it.

An important role in the implementation of this task is assigned to the analysis and diagnostics of the financial and economic activities of organizations. With their help, a strategy and tactics for the development of the organization are developed, plans and management decisions are substantiated, control over their implementation is carried out, reserves for increasing production efficiency are identified, and the performance of the organization, its divisions and employees is evaluated. A modern leader must know well not only the general patterns and trends in the development of the economy in the transition to market relations, but also subtly understand the manifestations of general, specific and particular economic laws in the practice of his organization, timely notice trends and opportunities to improve production efficiency. He must be proficient in modern methods of economic research, methods of systematic, comprehensive economic analysis, the skill of accurate, timely, comprehensive analysis of the results of economic activity.

Management of an organization based on the analysis of financial activity is possible if the management of the organization really knows its capabilities, and this is possible only after the analysis of production and economic activities, since it helps to substantiate plans and management decisions, identify reserves for increasing production efficiency and, as a result, develop a strategy and organization development tactics. In this regard, the study of the fundamentals of the analysis of financial activity is particularly relevant today.

The relevance of the chosen topic is also confirmed by the fact that the overwhelming majority of directors of domestic organizations have higher education in the field of "technical" sciences, where they are specialists whose qualifications are many times higher than the world level. At the same time, in the field of economics, namely in the field of managing an organization in a market economy, they do not have the necessary theoretical or practical base.

Analysis of financial and economic activity is the link between accounting and management decision-making. In the process, its accounting information is subject to analytical processing: a comparison is made of the achieved results of activities with data for past periods of time, with indicators of other organizations and industry averages; the influence of various factors on the results of economic activity is determined; shortcomings, mistakes, unused opportunities, prospects, etc. are identified. Through the analysis of the organization's activities, comprehension and understanding of information is achieved. Based on the results of the analysis, management decisions are developed and justified. Economic analysis precedes decisions and actions, justifies them and is the basis of scientific production management, increases its efficiency.

Therefore, economic analysis can be viewed as an activity for the preparation of data necessary for the scientific substantiation and optimization of management decisions.

A large role is given to analysis in determining the use of reserves to improve the efficiency of the organization. It promotes rationalization, economical use of resources, identification and implementation of best practices, scientific organization of labor, new equipment and production technology, prevention of unnecessary costs, shortcomings in work, etc. As a result, the economy of the organization is strengthened, the efficiency of its activities is increased.

Consequently, the analysis of the financial and economic activities of the organization is not only to evaluate the implementation of plans and establish the results achieved, but also to identify internal reserves and find ways to better use them.

On the other hand, when analyzing an organization, the financial results of the organization's activities are taken into account, which are characterized by the amount of profit received and the level of profitability. The greater the amount of profit and the higher the level of profitability, the more efficiently the organization functions, the more stable its financial condition. Therefore, the search for reserves to increase profits and profitability is one of the main tasks in any business area. Great importance in the process of managing financial results is given to economic analysis.

The purpose of the final qualification work is to study the existing theoretical methods for analyzing the financial activities of an organization, presenting a clear and understandable methodology for analyzing the management of an organization based on an analysis of financial activities, as well as developing measures and practical recommendations for optimizing the financial condition and improving financial results, with respect to a specific organization that can serve as both a methodological and practical basis for managing an organization.

This goal of the work is defined objectively: it is of particular importance for Russia. Indeed, if we do not touch upon the analysis of the internal political situation of our state, we can say that the Russian Federation is potentially one of the richest countries in the world. Practice says that one of the determining factors hindering the economic development of the country is the insufficiently high level of qualification of managerial employees of domestic organizations in the field of economics.

In the current economic conditions, the modern head of the organization must have the skills not only to manage a team, not only to manage production, but also to be a specialist in the field of financial management of the organization.

The main objectives of this work are as follows:

To reveal the meaning and information support of the analysis of the financial activities of the organization;

To reveal the tasks of analysis and evaluation of the financial activities of the organization;

To characterize the concepts of profitability and profit as the main indicators of the effectiveness of the organization;

Conduct an analysis of the financial activities of Prospekt LLC;

Conduct an assessment of the financial activities of the organization;

Develop ways of financial recovery of the organization;

Outline the prospects for the financial activities of the organization.

The object of study in this paper is the trade organization Prospekt LLC.

The subject of the study is the financial aspects (financial condition and financial results) of the organization's activities for the reporting period from 2006 to 2007.

1. Theoretical foundations for the analysis and evaluation of the financial activities of the organization

1.1 The value and information support of the analysis of the financial activities of the organization

Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of organizations use the methods of financial analysis to make decisions on optimizing their interests.

The owners analyze the financial statements to increase the return on capital, ensure the stability of the firm's improvement. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical justification of the decision.

In recent years, a lot of serious and relevant publications on financial analysis have appeared. Foreign experience in financial analysis and management of organizations, banks, insurance organizations, etc. is being actively mastered. At the same time, it should be noted that the presence of a large number of interesting and original publications on various aspects of financial analysis does not reduce the need and demand for special methodological literature, in which a complex logically coherent procedure of financial analysis would be reproduced step by step.

Bringing the forms of financial statements in line with the requirements of international standards necessitates the use of a new method of financial analysis that meets the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an organization, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of organizations in a market economy is based on a generalization of financial accounting data and is an information link that connects organizations with society and business partners, users of information about the organization's activities.

The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the organization.

The first group of users includes the owners of the organization's funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, organization personnel and management.

Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the organization; creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of placing their capital in the organization.

It should be noted that only the management (administration) of the organization can deepen the analysis of reporting using production accounting data as part of the management analysis carried out for management purposes.

The second group of users of financial statements are the subjects of analysis, which, although they are not directly interested in the activities of the organization, are contractually required to protect the first group of users of statements. These are audit firms, consultants, legal exchanges, the press, associations, trade unions.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The methodology of financial analysis consists of three interrelated blocks:

Analysis of the financial performance of the organization;

Analysis of the financial condition;

Analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the organization's balance sheet (Form No. 1 of annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 of the annual reporting).

In accordance with the Methodological recommendations on the procedure for the formation of indicators of the financial statements of an organization, approved by order of the Ministry of Finance of the Russian Federation of June 20, 2000, No. 60n, the financial statements should include the data necessary for the formation of a reliable and complete presentation; on the financial position of the organization, the financial results of its activities and changes in its financial position. In the event that insufficient data is revealed to form a complete picture of the organization's financial position, the organization's financial statements include appropriate additional indicators and explanations. At the same time, the neutrality of the information contained in the financial statements must be ensured, i.e. unilateral satisfaction of the interests of some groups of interested users of financial statements in front of others is excluded. The data of the financial statements of the organization should include the performance indicators of all branches, representative offices and other divisions. The consistency and complexity of the information contained in the financial statements is a consequence of the following requirements for its preparation:

Completeness of reflection in accounting for the reporting year of all business transactions carried out in the current year;

The correctness of attributing income and expenses to the reporting period in accordance with the chart of accounts and the Regulation on accounting and financial reporting in the Russian Federation;

Identity of analytical accounting data to turnovers and balances of synthetic accounting accounts as of the date of the annual inventory;

Compliance with the adopted accounting policy during the reporting year.

The financial statements of the organization is the main source of information about its activities. A careful study of accounting reports reveals the reasons for the successes achieved, as well as shortcomings in the work of the organization, helps to identify ways to improve its activities.

The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it must be borne in mind that the organization’s periodic accounting or financial statements are only “raw information” prepared in the course of accounting procedures in the organization.

In order to make management decisions in the areas of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. from the general to the particular, but it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The market economy contributes not only to strengthening, but also to a qualitative change in the role of financial analysis, which turns into the main method for assessing the financial condition of an organization. It allows you to identify the efficiency of resource use, assess the profitability and financial stability of an economic entity, establish its position in the market, and also quantify the degree of riskiness of activities and competitiveness.

The main task of analyzing the financial activity of an organization is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the organization and its solvency. In this case, it is necessary:

1) on the basis of studying the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the financial condition of the organization;

2) predict possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources and developed models of financial condition with a variety of options for using resources;

3) develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the tasks set in the listed activities are successfully implemented, this has a positive effect on the financial position of the organization. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease, and as a result, the financial condition of the organization worsens. Thus, the stable financial condition of the organization is the result of competent and rational management of the whole complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the main methods for its implementation.

Horizontal (temporal) analysis - comparing each reporting position with the corresponding position of the previous period, consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in the total. An obligatory element of the analysis is the dynamic series of these values, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators.

Trend analysis - comparing each reporting position with the positions of a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective, predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship of indicators.

Comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as a comparison of the organization's financial indicators with those of competing organizations, industry average and average general economic data.

Factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator. Factor analysis can be direct (analysis itself), i.e. splitting the performance indicator into its constituent parts, and the reverse (synthesis), when its individual elements are combined into a common performance indicator.

As a tool for analyzing the financial condition of an entrepreneurial firm, financial ratios are widely used - relative indicators of the financial condition of an organization that express the relationship of some absolute financial indicators to others. Financial ratios are used:

To compare the indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry averages;

Identification of the dynamics of development of indicators and trends in the financial condition of the company;

Definitions of the normal limit and criteria for various aspects of the financial condition of an entrepreneurial firm.

Theoretically substantiated or obtained as a result of expert surveys are used as basic values, which characterize the optimal or critical values ​​of financial ratios from the point of view of the stability of the financial position of the organization. In addition, the comparison can be based on the time-series averaged values ​​of the indicators of a given organization related to financially favorable periods, industry average values ​​of indicators, and indicator values ​​calculated from the reporting data of similar organizations. Such basic values ​​actually play the role of standards for the coefficients calculated in the course of the analysis of the financial condition.

The financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

The balance sheet asset contains information about the placement of capital at the disposal of the organization. Each type of allocated capital corresponds to a separate balance sheet item.

For analysis, indicators are calculated that characterize the structure (shares, shares) and dynamics (growth and growth rates) of property (assets) and sources of financing (liabilities).

The placement of the organization's funds is very important in financial activities and improving its efficiency.

The financial condition of the organization is characterized by a system of indicators reflecting the availability, placement and use of its financial resources. The calculation and analysis of such indicators is carried out according to the balance sheet of the organization in a certain sequence.

The basis of the financial stability of the organization is its security with its own funds (own capital).

The most general indicator of financial stability is the surplus (+) or lack (-) of sources of funds for the formation of reserves and costs, obtained as the difference between the value of sources and the value of reserves and costs.

In general, we can say that financial stability is a complex concept that has external forms of manifestation, which is formed in the process of all financial and economic activities, which is influenced by many different factors.

To characterize the sources of formation of reserves, three main indicators are determined:

1. The presence of own working capital (SOS), as the difference between equity (III section of the balance sheet liability) and non-current assets (I section of the balance sheet asset). This indicator characterizes net working capital. In a formalized form, the presence of own working capital can be written as:

SOS = SK (p. 490) - VA (p. 190), (1)

where: SC - equity,

VA - non-current assets.

2. Availability of own and long-term borrowed sources of reserves formation (SD), determined by increasing the previous indicator by the amount of long-term liabilities:

SD = SOS (p. 490 - p. 190) + TO (p. 590), (2)

Where: DO - Long-term liabilities

3. The total value of the main sources of formation of reserves (OI), determined by increasing the previous indicator by the amount of short-term borrowed funds:

OR = SOS (p. 490 - p. 190) + DO (p. 590) + GS (p. 610), (3)

Where: AP - borrowed funds.

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

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

ΔSOS= SOS - 3, (4)

where Z - stocks

2. Surplus (+) or shortage (-) of own and long-term sources of reserves formation (ΔSD):

ΔSD = SD - 3 (5)

3. Surplus (+) or deficiency (-) of the total value of the main sources of reserves formation (ΔOI):

ΔOI \u003d OI - Z (6)

To characterize the financial situation in the organization, there are four types of financial stability.

The absolute stability of the financial condition, which is rare in modern Russian practice, is an extreme type of financial stability. It is given by a system of conditions:

1a. surplus (+) own working capital or equality of own working capital and stocks.

W< СОС (7)

Normal stability, which is guaranteed by its solvency:

2a. lack (-) own working capital,

2b. surplus (+) of long-term sources of formation of stocks or equality of values ​​of long-term sources and stocks.

Z = SOS + ZS (8)

Unstable financial condition, associated with a violation of solvency, in which, nevertheless, the possibility of restoring balance by replenishing real equity capital and increasing own working capital remains:

3a. lack (-) own working capital,

3b. lack of (-) long-term sources of reserves formation,

3c. surplus (+) of the total value of the main sources of formation of reserves or equality of the values ​​of the main sources and reserves.

Z \u003d SOS + ZS + OI, (9)

where IO is the part of equity intended to service other short-term liabilities, which restrains financial tension.

Financial instability is considered normal if the value of short-term loans and borrowed funds attracted for the formation of stocks and costs does not exceed the total cost of inventories and finished products, i.e. the following conditions are met.

Z 1 + Z 4 > ZS - [ + IO] (10)

Z 2 + Z 3 ≤ ΔSD, (11)

where Z 1 - inventories;

Z 2 - work in progress;

Z 3 - deferred expenses;

Z 4 - finished products;

ZS - [ + IO] - part of short-term loans and borrowings involved in the formation of reserves and costs

Crisis financial condition in which the organization is on the verge of bankruptcy, because in this situation, cash, short-term financial investments, receivables of the organization and other current assets do not even cover its accounts payable and other short-term liabilities:

4a. lack of (-) own working capital;

4b. lack of (-) long-term sources of reserves formation;

4c. lack (-) of the total value of the main sources of reserves formation.

Z > SOS+ZS (12)

For a more complete analysis of the financial stability of an organization in world and domestic practice, a special system of indicators and coefficients has been developed.

1. One of the most important characteristics of the stability of the financial position of the organization, its independence from borrowed sources of funds is the coefficient of autonomy or the coefficient of financial independence , which is defined as the ratio of equity to the value of all assets of the organization.

K 1 \u003d SK / B, (13)

where, SC - equity;

B - the value of the organization's assets.

It characterizes the level of overall financial independence, i.e. the degree of independence of the organization from borrowed sources of financing. Thus, this ratio shows the share of equity in total liabilities.

2. Financial leverage (leverage) K 2:

K 2= KZ/SK, (14)

where KZ - borrowed funds attracted by organizations.

The relationship between the autonomy coefficient and financial leverage is expressed by the formula:

K 2 \u003d 1 / K 1 -1, (15)

whence it follows that the normal constraint on the debt-to-equity ratio is K 2< 1.

3. The coefficient of security of current assets with own funds of financing (K 3) shows what part of current assets is financed from own sources:

K 3 \u003d (SK + VA) / OA, (16)

where, VA - non-current assets;

OA - current assets.

This ratio characterizes the availability of the entrepreneurial firm's own working capital necessary for its financial stability. The normal limit for this ratio, derived from business statistics, is K 3 > 0,6 - 0,8.

4. The coefficient of maneuverability - another essential characteristic of the stability of the financial condition - is equal to the ratio of the company's own working capital to the total amount of own funds:

K 4 =(SK - VA)/SK (17)

It shows how much of the organization's own funds are in a mobile form, allowing for relatively free maneuvering of these funds. Sometimes in the literature as the optimal value of K 4 = 0.5.

5. The investment coverage ratio (financial stability ratio) characterizes the share of equity and long-term liabilities in the total assets of the organization:

K 5 \u003d (SK + DZ) / V, (18)

where DZ - long-term loans.

This is a softer indicator compared to the autonomy coefficient. In world practice, it is considered normal K 5 = 0.9, critical - reduction to 0.75.

The solvency of an organization is the availability of funds and cash equivalents sufficient for settlements of accounts payable requiring immediate repayment. The main features of solvency are:

absence of overdue accounts payable;

availability of sufficient funds in the current account.

The liquidity of the organization - the availability of working capital in the organization in an amount sufficient to repay short-term obligations, or the potential ability of the organization to pay off its obligations in the future.

The main features of solvency are:

Absence of overdue accounts payable;

Availability of sufficient funds in the current account.

Analysis of the liquidity and solvency of the organization is carried out in two stages:

Stage 1 - grouping the assets of the balance according to the timing of their transformation into cash, and liabilities - according to the degree of urgency of their payment;

2nd stage - calculation of a number of liquidity indicators of the organization.

The first stage is the grouping of balance sheet items.

So, depending on the degree of liquidity, the assets of the organization are divided into 4 groups:

The most liquid assets - these include all items of the organization's cash and short-term financial investments (securities). This group is calculated as follows:

A 1 \u003d Cash (260) + Short-term financial investments (250).

Marketable assets are receivables that are expected to pay within 12 months after the reporting date.

A 2 = Short-term accounts receivable (240).

Slow-moving assets are items in section II of the balance sheet asset, including inventories, VAT, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets.

A 3 = Inventories (210) + Long-term accounts receivable (230) + VAT (220) + Other current assets (270)

Difficult-to-sell assets - items in section I of the balance sheet asset - non-current assets.

A 4 \u003d Non-current assets (190)

Grouping the assets of the balance according to the terms of their transformation into cash and liabilities according to the degree of urgency of their payment.

The most urgent liabilities are accounts payable.

P 1 = Accounts payable (620)

Short-term liabilities are short-term borrowings, debts to participants for the payment of income and other short-term liabilities.

P 2 = Short-term borrowings (610) + Debts to participants for the payment of income (630) + Other short-term liabilities (660).

Long-term liabilities are balance sheet items related to sections V and VI, i.e. long-term loans and borrowings, as well as deferred income, reserves for future expenses and payments.

P 3 \u003d Long-term liabilities (590) + Deferred income (640) + Reserves for future expenses and payments (650).

Permanent liabilities or stable ones are articles III of the balance sheet section “Capital and reserves”.

P 4 = Capital and reserves (490).

The balance sheet is liquid if the following ratios (inequalities) are observed:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4. (nineteen)

The first three inequalities mean the need to comply with the invariable liquidity rule - the excess of assets over liabilities.

In domestic and foreign practice, various liquidity ratios of current assets and their elements are calculated. Let us name the most important liquidity indicators in terms of economic essence and relevance in practice.

1. The current liquidity ratio, which shows what part of the organization's short-term liabilities can be repaid if all working capital is mobilized. Values ​​corresponding to the standard from 1 to 2. Calculated by the formula:

K tl \u003d (A 1 + A 2 + A 3) / (P 1 + P 2). (20)

2. Quick liquidity ratio, or "critical assessment" ratio , shows how liquid funds of the organization cover its short-term debt. The recommended value of this indicator is from 07-08 to 1.5.

K bl \u003d (A 1 + A 2) / (P 1 + P 2). (21)

3. The ratio of absolute liquidity is the ratio of funds that the organization has in bank accounts and on hand to short-term liabilities. The value of this coefficient for the period under review corresponds to the normative 0.2 to 0.4.

K al \u003d A 1 / (P 1 + P 2) (22)

4. The overall indicator of liquidity of the balance, shows the ratio of the sum of all liquid funds of the organization to the sum of all payment obligations, provided that various groups liquid funds and payment obligations are included in the indicated amounts with certain weighting coefficients. The value of this coefficient should be < 1.

K ol = A 1 +0.5 A 2 +0.3 A 3 (23)

P 1 +0.5 P 2 +0.3 P 3

The indicators characterizing business activity include turnover and profitability ratios.

To do this, six indicators of turnover are calculated, which give the most general idea of ​​the economic activity of the organization.

1. The asset turnover ratio shows how many times a full cycle of production and circulation takes place during the period, bringing the corresponding income. This coefficient can be determined by the formula:

K ooa \u003d B p / A, (24)

where is the proceeds from the sale;

A is the value of all assets.

2. The turnover ratio of fixed assets is a return on assets, that is, it characterizes the efficiency of using the organization's fixed assets for the period. It is calculated by dividing the volume of net sales proceeds by the average value of fixed assets for the period:

F o \u003d V p / OS, (25)

where Вр - proceeds from sales,

OS - fixed assets.

3. An important indicator for analysis is the turnover ratio of inventories, that is, the speed of their implementation. The coefficient is calculated according to the formula:

K oms \u003d V p / MPZ, (26)

where, inventory - the value of inventories and costs (p. 210).

4. The turnover ratio of working capital shows the rate of turnover of material and monetary resources of the organization for the period and is calculated by the formula:

K ook \u003d B p / OK (27)

where OK is the value of working capital.

5. The equity turnover ratio is calculated by the formula:

K osc \u003d V p / SK (28)

where SC is the amount of equity capital (p. 490).

6. The turnover ratio of short-term receivables is calculated as the ratio of the volume of income (revenue) from the sale of products (works, services) to receivables according to the formula:

K od \u003d V p / DZ, (29)

where DZ - short-term receivables (p. 240).

Thus, the main sources of reserves for increasing the level of profitability are: an increase in the amount of profit from the sale of products and a decrease in its cost.

The volume of sales, the amount of profit, the levels of profitability, liquidity, solvency depend on the production, supply, marketing and financial activities of the organization, in other words, these indicators characterize all aspects of management. The total financial result of the organization's activities is the balance sheet profit.

The balance sheet profit includes financial results from the sale of products, works and services, from other sales, income and expenses from non-sales operations. The analysis of balance sheet profit begins with determining its composition, structure and studying its dynamics over the analyzed period, which allows you to find out due to which components the changes occurred and how they affect the total amount of balance sheet profit.

Net profit is that part of the profit that remains at the disposal of the organization after paying all taxes and other obligatory payments. If the share of net profit is growing, then this indicates the optimal amount of taxes paid, the organization's interest in working conditions and efficient management.

Profit from the sale of products (works, services) is the financial result received from the main activities of the organization. It is defined as the difference between the proceeds from the sale of products without VAT and excises and the costs of production and sales, included in the cost of production.

The most important indicator reflecting the final financial results of the organization's activities is profitability, which characterizes the profit received from each ruble of funds invested in the organization. This indicator characterizes the profitability of various activities of the organization, cost recovery, that is, the effectiveness of the organization as a whole. It characterizes the final results of management more fully than profit, because their value shows the ratio of the effect to the cash or resources used. Profitability indicators are used to assess the activities of the organization as a tool in investment policy and pricing.

In practice, the dynamics of the following profitability indicators is calculated and analyzed:

Return on sales:

where N p - proceeds from the sale of products (works, services);

P p - profit from the sale of products (works, services).

Return on total capital of the firm:

where Вср is the average total of the balance for the period,

both balance sheet profit (P b) and profit from sales (P p) can act as P;

Profitability of fixed assets and other non-current assets:

where F cf - the average for the period the value of fixed assets and other non-current assets on the balance sheet;

Return on equity

where I is the average for the period the value of the sources of the organization's own funds according to the balance sheet.

In addition, the following dynamics of profitability indicators are used:

General (balance sheet) profitability (Ptotal) - shows the total weight of profit in the volume of work performed and is determined by the ratio of balance sheet profit to the estimated cost of work performed:

Ptot = Pb / Ssmr × 100%,

where Pb - balance sheet profit;

Ssm - the estimated cost of the completed construction and installation work.

Return on sales (RRP) - shows all the profits remaining at the disposal of the organization in the amount of work performed and is determined by the ratio of net profit to the estimated cost of work performed:

Prp \u003d P h / Ssmr × 100%,

where P h - net profit.

Since the level of profitability depends on the efficiency of contract work, the efficiency of auxiliary and auxiliary production and the rationality of other activities of the organization, a change in any of these components will cause a change in the overall level of profitability (general and completed work).

Profitability of the main activity (Рсмр) - shows how much profit from sales falls on each ruble of costs and is calculated by the ratio of profit from the sale of work to the cost of goods sold:

Psmr \u003d Preal / SSf × 100%,

where Preal - profit from the implementation of work;

CSF - cost of goods sold.

It should be noted that a change in the volume of construction and installation works does not affect the change in the level of profitability of construction and installation works, since it represents the same value in the composition of profit (divisible) and in the composition of the base (divisor). Structural changes in the composition of the scope of work performed can have a significant impact on the level of profitability, since it includes different profitable types of work.

Profitability of production assets (Ra) - reflects the efficiency of the organization's use of production assets and is determined by the ratio of the profit remaining at the disposal of the organization to the average annual cost of fixed assets and working capital:

Ra \u003d Pch / (Sos + Sob) × 100%,

where Sos is the average annual cost of fixed assets;

Sob - the average annual cost of working capital.

This indicator depends not only on the size of production assets, but also on their rational exploitation. The more efficiently the production assets are used, the higher the capital productivity of fixed assets and the turnover of working capital, the higher the level of profitability as an indicator of the ratio of profit to funds.

To analyze these factors when the level of profitability changes, the above formula can be presented in the following form:

Pch / (Sos + Sob) \u003d (Pch / Ssmr) / (Sos / Ssmr + Sob / Ssmr) == (Pch / Ssmr) / (1 / (Ssmr / Sos) + 1 (Ssmr / Sob),

In this form, the formula establishes a relationship between profitability and three arguments:

Profitability of products - the amount of profit per 1 ruble of sold products (P h / S smr);

Intensity of capital (Sos / Csmr) or capital productivity (Csmr / Sos), characterizing the efficiency of the use of fixed production assets;

Coefficient of fixing working capital (Sob/Ssmr) or the number of turnovers of working capital (Ssmr/Sob).

The profitability of fixed assets and other non-current assets (Rvneob.a) shows how much profit the organization receives from each ruble invested in fixed capital and is determined by the ratio of net profit to the average value of non-current assets for the period:

P extrab.a. \u003d Pch / Sneob.a: × 100%,

where Sneb a - the value of non-current assets.

Profitability of current assets (P current.a) - shows what profit the organization receives from each ruble invested in current assets and is determined by the ratio of the profit remaining at the disposal of the organization to the average value of current assets for the period:

Rtec.a \u003d Pch / Sob Yu0%,

where Sb. - the value of current assets.

From the point of view of shareholders, the best assessment of the results of economic activity of the organization is the presence of a return on invested capital.

Return on equity (Р sk) - shows what profit each ruble of capital invested by the owners gives and is defined as the ratio of the profit remaining at the disposal of the organization to the average source of equity for the period:

Rsk \u003d Pch / SK × 100%,

where SC is the average source of equity for the period.

This indicator depends on three factors:

Product profitability;

Resource return;

Structures of advanced capital (coefficient of financial dependence).

This dependence can be represented in the following three-factor model:

Рck \u003d (Pch / Ssmr) × (Ssmr / WB) × (WB / SK),

The significance of the identified factors is explained by the fact that they summarize all aspects of the financial and economic activities of the organization.

The amount of own working capital (SOS)12 is determined either as the difference between current assets (TA) (the result of section 2 of the balance sheet asset) and current liabilities (TO) (the result of section 5 of the balance sheet liability), or from the amount of equity capital (Кsob) (total section 3 of the balance sheet liability) subtract the amount of losses (Y) (the sum of lines 465 and 475 of the balance sheet liabilities) and the amount of non-current assets (VA) (the result of section 1 of the balance sheet asset):

SOS \u003d TA-TO \u003d Ksob-U-V A,

When analyzing, it is also important to establish how the organization during the analyzed period retained its own working capital available at the beginning of the analyzed period, replenished them or they decreased.

Analysis of the provision of the organization with sources of funds to cover stocks, receivables from buyers and customers for work, services is based on the fact that all organizations can be conditionally divided into four types according to the criterion of financial stability.

The analysis is based on a comparison of the actual value of reserves and costs (33) with the actual value of own working capital (SOS) and normal sources of financing. The amount of stocks and costs is calculated as the sum of balance lines 210 "Stocks" and 220 "VAT on acquired values". The value of normal sources of financing (IFZ) is calculated by subtracting lines 190 “Non-current assets”, 465 “Uncovered loss of past years” and 475 “Uncovered loss of the reporting year” from the sum of balance lines 490 “Capital and reserves” and 590 “Long-term liabilities”.

Thus, based on the results of the financial analysis, an assessment of the organization's activities as a whole is carried out, specific factors that have had a positive and negative impact on its results are established, and options are developed for making optimal management decisions both for the company's management and for its business partners.

Prospekt Limited Liability Company (Prospekt LLC) was established in 2006. It is a multidisciplinary organization successfully engaged in retail trade.

Organizational and legal form of ownership is a limited liability company. The founders are 100% natural persons.

Prospekt LLC is a legal entity, that is, it is an organization that owns, manages or manages separate property and is liable for its obligations. The rights and obligations of a legal entity correspond to the objectives of the activity provided for in its constituent documents. The founding document of Prospekt LLC is the Charter.

The organization has its own current account in the Sberbank of the Russian Federation in Penza. The sources of formation of the property of the organization are cash and profits received from the sale of goods.

The main objectives of LLC "Prospekt" are: making a profit for the further development of the organization; sale of goods that meet the needs and demand of buyers; provision of various basic and additional services to serve customers; study of the needs and requirements of consumers; study of suppliers and others.

The sales method is self-service.

The economic activities of Prospekt LLC are influenced by the following environmental factors of direct impact: consumers, suppliers, competitors, government agencies.

According to the functional division of labor in the Prospect store, there are the following categories of personnel:

1. Management personnel - manages the trade, technological and labor process. This is the director of the store, his deputies, managers.

Director shopping center carries out general management, manages planning and economic work, selects personnel, organizes the improvement of their qualifications, ensures labor protection, safety and fire safety.

Deputy directors of the shopping center manage commercial activities, organization of technological operations and economic services.

2. The main staff - busy serving customers on the trading floor. These are sellers and cashiers-controllers, whose positions in the Prospect store are combined into one.

Sellers-cashiers prepare goods for sale, serve customers, perform settlement transactions with customers, etc.

3. Accounting. Here, accounting and tax accounting of the economic activities of the store is maintained, as well as accounting reports are prepared for submission to the tax authorities and interested users.

4. Department of purchases and sales. Here the search for profitable partners for the supply of goods for the store is carried out. Sales managers are preparing measures to increase the turnover of the store.

5. support staff performs the functions of maintaining the store in proper sanitary and hygienic condition. These are cleaners and auxiliary transport workers.

Prospekt is a self-service retail store, divided into departments, offering food products and a limited range of non-food products and building its trade policy on a significant volume of sales.

The range of goods sold includes about 12,000 assortment items. In order to make it easier for customers to navigate the trading floor, the goods in the supermarket are divided into groups.

The most important task of the organization is to provide the population with food products High Quality and in the right assortment, prompt response to changes in consumer demand.

The organizational structure of the supermarket looks like:

Fig.1. Organizational structure

Each of the listed departments has a manager and workers involved in replenishing the display of goods.

The trade department is engaged in the conclusion of contracts for the supply of goods with organizations of the city, region, constantly monitors the state of the sale of goods, studies the structure of commodity stocks, and coordinates transport activities.

The marketing department is engaged in studying the demand for food products sold, responding in a timely manner to changes caused by market conditions and the demand of buyers to replace the range of goods. In order to attract buyers more widely in a competitive environment, the marketing department organizes trade advertising of incoming food products, exhibitions - sales of products of its own production, and surveys buyers.

Thus, the main tasks of the marketing department are to study market opportunities, forecast consumer demand, plan the range of products sold, and promote sales through advertising, exhibitions, and fairs.

In the analyzed trade organization distinguish the following main stages: the study and formation of consumer demand; development of applications and orders in accordance with demand forecasts; transportation of goods, warehousing and creation of optimal stocks, finalization of goods (including sorting, packaging, packaging): sale of goods.

Supermarket "Prospekt" carries out retail trade in all groups of food products. The main share in the sale of food products falls on socially important goods: bread, milk, meat, sausages, butter, cheese, fish, etc.

The marketing department, studying and forecasting consumer demand, compiles market reviews and other materials used in the formation of applications and orders to suppliers.

Specialists of the trade department are directly involved in the conclusion of contracts and contracts for the supply of goods.

Direct economic relations with food producers are widely used in the organization. When selecting and concluding contracts with such suppliers, the sales department takes into account many factors. This is, first of all, the assortment of food products produced by the organization, the territorial location of the organization, the possibility of rhythmic delivery of goods from the supplier's warehouse to stores according to the established schedule and the agreed assortment, the economic feasibility of direct contractual relations, taking into account the procedure for paying for goods, from the turnover document, the costs of transportation, unloading , storage.

Direct contact between the manufacturer and the consumer contributes to the delivery of goods to the consumer directly, bypassing intermediaries, which has a positive effect on reducing the costs of distribution.

Through a single-level distribution channel (manufacturer-shop-buyer), more than 50% of the company's food products are sold.

The main suppliers of products are located in the city of Zarechny and the region. Direct contractual relations with them are cost-effective and contribute to the most complete satisfaction of consumer demand.

With the help of a two-level distribution channel (supplier - wholesale base - store - buyer), 50% of all food is sold. Among the bases, the Nadezhda base occupies the largest share. The bases supply a wide range of groceries, meat and dairy products, cheeses and other products. Issues of assortment replacement are promptly resolved with wholesale depots, goods of increased demand are received.

To ensure the availability of an assortment list of necessary goods in the distribution network, procurement is carried out from decentralized sources (JSC, LLC, PE.). Thus, the purchase of primarily vegetables, fruits, and meat takes place.

At the first stage of the analysis of the financial activities of the organization, we will analyze the balance sheet.

The balance sheet asset contains information about the placement of capital at the disposal of the organization, i.e. about investments in specific property and material values, on the expenses of the organization for the production and sale of products and on the balance of free cash. Each type of allocated capital corresponds to a separate balance sheet item.

The main feature of the grouping of assets of the balance sheet is the degree of their liquidity (the speed of conversion into cash). On this basis, all balance sheet assets are divided into long-term, or fixed assets (I section of the balance sheet asset), and current (current) assets (II section of the balance sheet asset).

The organization's funds can be used in its internal circulation and beyond (accounts receivable, purchase of securities, shares, bonds of other organizations).

The placement of the organization's funds is very important in financial activities and improving its efficiency. From what funds are invested in fixed and working capital, how many of them are in the sphere of production and in the sphere of circulation, in monetary and material form, how optimal their ratio is, the results of production and financial activities largely depend on the financial condition of the organization. In this regard, in the process of analyzing the assets of the organization, first of all, it is necessary to study changes in their composition, structure and give them estimates.

If the assets of the balance reflect the funds of the organization, then the liabilities - the sources of their formation.

The financial condition of the organization largely depends on what funds it has at its disposal and where they are invested.

According to the degree of ownership, the used capital is divided into own (IV section of the balance sheet) and borrowed (V and VI sections of the balance sheet).

According to the duration of use, capital is distinguished as long-term permanent (permanent) - IV and V sections of the balance sheet and short-term - VI section of the balance sheet.

The need for equity capital is due to the requirements of self-financing organizations. Equity is the basis of an organization's independence. However, it should be borne in mind that financing the activities of an organization only at its own expense is not always beneficial for it, especially in cases where production is seasonal. Then, in certain periods, large funds will be accumulated in bank accounts, and in other periods they will be lacking. In addition, it should be borne in mind that if the prices of financial resources are low, and the organization can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can increase the return on equity.

At the same time, if the organization's funds are created mainly from short-term liabilities, then its financial position will be unstable, since short-term capital needs constant operational work aimed at monitoring their timely return and attracting other capital into circulation for a short time. .

Consequently, the financial position of the organization largely depends on how optimal the ratio of equity and debt capital is.

In the process of analyzing the liabilities of the organization, first of all, it is necessary to study changes in their composition, structure and evaluate them.

Table 2 shows the dynamics and structure of the balance sheet.

Table 2 Dynamics and structure of the balance sheet

Balance sheet items	as of 01.01.2007		as of 01.01.2008		Change
	thousand roubles.	% to total	thousand roubles.	% to total	thousand roubles.	in specific gravity	growth rate, %
1	2	3	2	3	6	7	8
ASSETS
1. Non-current assets
fixed assets
Construction in progress
2. Current assets, including:	3655	100,00	8505	100,00	4850	0,00	232,69
Stocks	1486	40,66	7522	88,44	6036	47,79	506,19
VAT on purchased goods and materials
Receivables	2103	57,54	974	11,45	-1129	-46,09	46,31
Cash	66	1,81	9	0,11	-57	-1,70	13,64
BALANCE	3655	100	8505	100	4850	0,00	232,69
LIABILITY
3.Equity	2860	78,25	7717	90,73	4857	12,49	269,83
Authorized capital	250	6,84	250	2,94	0	-3,90	100,00
Extra capital
Undistributed profit	2610	71,41	7467	87,80	4857	16,39	286,09
4.Long-term obligations
5. Current liabilities	795	21,75	788	9,27	-7	-12,49	99,12
Loans and credits
Accounts payable	795	21,75	788	9,27	-7	-12,49	99,12
BALANCE	3655	100,00	8505	100,00	4850	0,00	232,69

As can be seen from the data in Table 2, during the analyzed period there was an increase in the balance, in 2007 the organization's assets increased by 4850 thousand rubles, or by 132.69%.

The organization has no fixed assets. All assets are current.

During the analyzed period, current assets increased by 4850 thousand rubles, or by 132.69%. This increase occurred as a result of an increase in inventories by 6,036 thousand rubles, or by 406.19%, a decrease in accounts receivable by 1,129 thousand rubles, or by 53.69% and a decrease in cash by 57 thousand rubles, or by 86.36%.

In the structure of the organization's assets, the largest share is accounts receivable (57.54% at the beginning of the analyzed period), but by the end of 2007 the share of accounts receivable decreased to 11.45%. The reduction in receivables indicates a reduction in the shipment of goods without prepayment and by barter, and is a positive development.

The share of reserves at the beginning of the analyzed period was 40.66%, and at the end it increased by 47.79 percentage points and amounted to 88.44%. A large amount of money has been diverted into finished products. There is a need to improve commercial activities and financial management, a tightened system of control and analysis of the use of organization resources.

The organization has no long-term liabilities, short-term loans and borrowings.

Accounts payable for the analyzed period decreased by 7 thousand rubles, or 0.88%. The share of accounts payable decreased over the analyzed period from 21.75% to 9.27%. Such a reduction indicates a decrease in debt to suppliers, to the organization's personnel.

Analyzing the structure of the balance sheet, it should be noted the excess of accounts receivable over accounts payable.

To maintain the financial stability of an organization, net working capital (working capital) is necessary, since the excess of working capital over short-term liabilities means that the organization not only can pay off its obligations, but also has financial resources to expand its activities in the future.

Table 3 Analysis of net working capital

Net working capital is working capital that is necessary to maintain the financial stability of an organization, since the excess of working capital over short-term liabilities means that the organization not only can pay its obligations, but also has financial resources for expanding activities in the future.

Fig.1. Dynamics of net working capital (thousand rubles)

Current assets exceed short-term liabilities, as a result of which the organization has net working capital. This means that the organization can pay off its obligations. Significant dynamics of net working capital did not occur, which also indicates the stable financial well-being of the organization. Such dynamics is regarded as positive, the company can pay off its short-term debts at any time. The solvency of the organization increases.

The key to survival and the basis for the stability of the organization is its liquidity and financial stability.

Analysis of the liquidity of the balance sheet consists in comparing the funds for the asset, grouped by the degree of decreasing liquidity (Table 4), with short-term liabilities for liabilities, which are grouped by the degree of urgency of their repayment.

The first group (A 1) includes absolutely liquid assets, such as cash and short-term financial investments.

The second group (A 2) is quickly realizable assets: finished products, goods shipped and receivables. The liquidity of this group of current assets depends on the timeliness of the shipment of products, the execution of bank documents, the speed of payment documents in banks, the demand for products, their competitiveness, the solvency of buyers, forms of payment, etc.

The third group (A 3) is slow-moving assets (inventory, work in progress, deferred expenses). A much longer period will be needed to turn them into finished products, and then into cash.

The fourth group (A 4) is hard-to-sell assets: fixed assets, intangible assets, long-term financial investments, construction in progress.

Accordingly, the obligations of the organization are divided into four groups:

P 1 - the most urgent obligations that must be repaid within a month (accounts payable and bank loans, the maturity of which has come, overdue payments);

P 2 - medium-term liabilities with a maturity of up to one year (short-term bank loans);

P 3 - long-term bank loans and loans;

P 4 - own (share) capital, which is constantly at the disposal of the organization.

The balance is considered absolutely liquid if:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4.

The study of the ratios of these groups of assets and liabilities over several periods will make it possible to establish trends in the structure of the balance sheet and its liquidity.

Table 3 Estimated data for the analysis of balance liquidity (thousand rubles)

ASSETS	as of 01.01.07	as of 01.01.08	LIABILITY	as of 01.01.07	as of 01.01.08
						1. The most liquid assets (cash + short-term financial investments) (A1)	66	9	1. The most urgent liabilities (credit debt + dividend settlements + other short-term liabilities + loans not repaid on time) (P1)	795	788
2. Marketable assets (accounts receivable up to 12 months + other current assets) (А2)	2103	974	2. Short-term liabilities (short-term loans + other loans up to 12 months) (P2)	-	-
3. Slowly sold assets (stocks + accounts receivable for more than 12 months + VAT (A3)	1486	7522	3.Long-term liabilities (long-term loans + other debt liabilities) (P3)	-	-
4. Hard-to-sell assets (Non-current assets) (A4)	-	-	4. Permanent liabilities (III section of the balance sheet + income of the weekday period + consumption funds + reserves of future expenses and payments (P4)	2860	7717
Balance	3655	8505	Balance	3655	8505

The calculation results are shown in Figure 2.

Fig.2. The ratio of groups of assets and liabilities

In the analyzed organization, the ratio of groups of assets and liabilities was:

For the beginning of the year:

A 1< П 1: 66 < 795

A 2 > P 2: 2103 > 0

A 3 > P 3: 1486 > 0

A 4< П 4: 0 < 2860

At the end of the year:

A 1< П 1: 9 < 788

A 2 > P 2: 974 > 0

A 3 > P 3: 7522 > 0

A 4< П 4: 0 < 7717

Comparison of absolutely liquid and fast-moving assets with term and short-term liabilities shows that the first condition of absolute liquidity of the balance sheet is not met for the analyzed organization. This indicates the solvency of the organization.

Table 4 shows the values ​​of solvency indicators.

Table 4 Solvency indicators

The current liquidity ratio shows the ratio of the actual value of the working capital available to the organization in the form of inventories, receivables, cash and other current assets to the most urgent liabilities of the organization. It characterizes the general security of the organization with working capital for conducting production and economic activities and timely repayment of urgent obligations of the organization. As can be seen from the table, at the end of the year there was an increase in this indicator, which indicates that the organization has sufficient working capital.

The quick (intermediate) liquidity ratio helps to assess the ability of the organization to repay short-term obligations in the event of a critical situation, when it will not be possible to sell reserves. As can be seen from the table, this coefficient is above the recommended range of values.

The absolute liquidity ratio is the most stringent criterion of solvency and shows what part of the short-term debt the organization can repay in the near future. The table shows that this coefficient does not exceed the minimum allowable value.

It can be concluded that the organization is solvent.

The financial results of the organization's activities are characterized by the amount of profit received and the level of profitability. The organization receives profit mainly from the sale of products, as well as from other activities.

The volume of sales and the amount of profit, the level of profitability depend on the production, supply, marketing and financial activities of the organization, in other words, these indicators characterize all aspects of management.

Table 5 Dynamics of financial performance of the organization

The calculation results are shown in Figure 3.

Fig.3. Dynamics of the financial results of the organization's activities (thousand rubles)

The proceeds from the sale of products increased by 13465 thousand rubles, or by 71.90%. The cost of sales increased by 10838, or 70.12%. The growth rate of proceeds from the sale of products is higher than the growth rate of the cost of production, as a result of which the profit from the sale of products for the analyzed period increased by 2627 thousand rubles, or by 44.54%.

The economic efficiency of the organization's activities can be assessed by profitability indicators: The profitability ratio of all capital - (the ratio of net profit earned over the period to the Balance Total) - indicates the organization's ability to earn additional money, increase its capital.

Table 6 Profitability ratios

Economic indicators	2006	2007	Absolute deviation	Growth rate
Sales proceeds, thousand rubles	18728	32193	13465	71,90
Production cost, thousand rubles	15457	26295	10838	70,12
Profit from sales, thousand rubles	3271	5898	2627	-80,31
Balance sheet profit, thousand rubles	2610	4856	2246	-86,05
Net profit, thousand rubles	2610	4856	2246	-86,05
Average annual value of assets, thousand rubles	3655	8505	4850	132,69
Average annual value of current assets, thousand rubles	3655	8505	4850	132,69
Average annual cost of own capital, thousand rubles	2860	7717	4857	169,83
Return on assets, %	71,41	57,10	-14,31	20,04
Return on current assets, %	71,41	57,10	-14,31	20,04
Return on sales, %	21,16	22,43	1,27	-5,99
Return on equity, %	91,26	62,93	-28,33	-31,05

The return on assets of an organization shows how much net profit falls on 1 ruble of all assets. In the reporting period, the return on assets amounted to 57.10%. Given value very little and testifies to the high profitability of the organization, although compared to last year, this figure decreased by 14.31 kopecks. Similar changes took place with the return on current assets. The return on equity shows how much net profit falls on 1 ruble of sources of equity, in our case it is 62.93%. The use of own funds also brings high profits.

This table allows you to following conclusions. The organization effectively uses its property.

As for the profitability of sales, in 2007, for each ruble of sold products, the organization received 1.27 kopecks. more profit than in 2006. The return on equity is also high.

It is possible to draw a conclusion about the effective activity of the organization.

3. With improvement of the financial activities of OOO Prospekt

3.1. Ways of financial recovery of the organization

In the previous section of this work, the financial and economic activities of Prospekt LLC were analyzed. Based on the results obtained in this section, recommendations are developed and measures are proposed to improve the management of Prospekt LLC.

Evidence of whether the organization worked well or badly is the profit received by the organization for the analyzed period.

It is known that the profit of the organization is formed as the difference between the organization's revenue for goods sold and the cost of purchasing and selling goods. So, in order to increase the level of profit, Prospekt LLC needs to reduce or optimize the cost of purchasing goods. In this case, it is necessary to develop a methodology to reduce costs.

Revise the terms of purchase prices and the terms of contracts for the supply of goods with major suppliers in order to identify the maximum benefit for the organization. Establish direct contacts with product manufacturers in order to optimize the level of purchase prices and conditions for concluding transactions.

Create a marketing service at Prospekt LLC, conduct appropriate research in the field of the product supplier market and, based on the results of work, develop the marketing policy of the organization. The marketing service, based on the results of the organization's work for the next year, develops the document "Marketing policy of the organization".

Develop strategic plans for business diversification. In particular, use the free space of the organization for the confectionery shop. This will reduce costs and reduce the cost of production.

Put into operation equipment that allows you to work with discount cards.

In order to increase the turnover and expand the range, it is proposed to take a loan from a bank.

When choosing suppliers of goods, give preference to suppliers with the most favorable conditions for the delivery of goods for the trade organization. Establish direct contacts with product manufacturers;

The main objectives of this marketing strategy will be:

Analysis of purchase prices for goods purchased for further resale;

Marketing research of the market of suppliers of goods;

Holding marketing research assessing the demand for goods sold by Prospekt LLC, identifying the advantages and disadvantages of trade in comparison with competitors, studying the activities of competitors.

Yes, for the implementation of the entire complex of marketing research, the organization will incur significant costs, but they are more likely to be compensated by optimizing the price level for purchased goods. Identification of the positive and negative aspects of the services offered to buyers will allow developing other trading strategies that are most effective and allow increasing the profit of the trading organization.

It is necessary to take measures that contribute to cost reduction (here, in this case, we mean the purchase price of the goods):

improvement of rationing and remuneration of labor;

improvement of the organization of production and labor in order to prevent overtime work;

improving occupational health and safety;

systematic professional development of managers and salespeople;

reducing the labor intensity of work through the use of small-scale mechanization (conveyors, Cars, etc.);

motivation and stimulation of personnel (application of the bonus system of remuneration).

Significant reserves for cost reduction lie in the reduction of costs and losses included in the item “Other overheads”, which include fines, penalties, forfeits paid by the organization for non-compliance with any contractual terms.

One of the important and relevant strategies is the diversification of activities.

By diversification we mean any change (increase, decrease) in the number of activities. A change in the type of activity can either be aimed at increasing the potential of the company, or be the result of negative results of its functioning. There is reason to believe that diversification as a means of overcoming the crisis is more often resorted to by dysfunctional organizations, trying to ensure the inflow of "live" money by switching activities to another area of ​​activity. At the same time, organizations with a stable financial and economic position are expanding their area of ​​interest, mastering new types of activities as the material basis for business stability. It is worth noting that the financial position of Prospekt LLC fits these two conclusions.

One of the main features of small business (and Prospekt LLC is a very bright representative of small business in Zarechny Penza region) is the ability to quickly adapt to changes in market conditions, leaving disadvantageous and occupying new, promising market niches. This is due to the relatively limited amount of resources of the organization, the simplified structure of intra-company management, the direct dependence of the income of employees on the successful sale of goods. However, in a developed market economy, a particular organization, as a rule, maneuvers within the boundaries of its chosen specialization, improving quality, changing the range.

It is proposed to choose one of the directions of the diversification activity of the organization - the development of the production of confectionery products (pizza, pies with various fillings, cakes) on the premises of Prospekt LLC. It is assumed that the produced confectionery products will be sold here. Confectionery products produced on our own premises will have a fairly low cost due to the absence of transportation costs and VAT (since the transfer of products is carried out within the same organization).

The price factor largely affects the financial stability of the organization. Free prices are set by the organization itself, depending on the competitiveness of the product, supply and demand in the market. Obviously, the price level is determined primarily by the quality of goods sold and manufactured products (confectionery). In this case, it is proposed to consider reducing the cost of manufactured confectionery products at the expense of internal resources. It should be taken into account here that the costs associated with the production of confectionery products can be reduced by purchasing ingredients (flour, butter, sugar, etc.) directly from manufacturers.

The implementation of the plan for the sale of confectionery products and the increase in profits of OOO Prospekt largely depends on the financial condition of the organization.

The stability of the financial condition can be restored by accelerating the turnover of capital in current assets, a reasonable reduction in inventories (to the standard), replenishment of own working capital from external and internal sources. The lack of own funds can be temporarily filled with accounts payable, bank loans.

The most important source of covering the lack of working capital is the acceleration of their turnover. The main factors influencing the acceleration of the turnover of working capital are: improvement of the organization and technology of production, introduction and full use of new equipment, improvement of material and technical supply.

It is necessary in the future to increase the amount of real equity capital by distributing profits to accumulation funds, subject to the growth of a part of these funds that are not invested in non-current assets. This will contribute to the growth of own working capital and increase the financial stability of the organization. The main source of replenishment of equity capital is profit, so the increase in net profit is a reserve for the accumulation of real equity capital.

3.2 Financial outlook for the organization

Retail trade involves the conclusion of a transaction for the sale of goods between the seller (retail organization or individual entrepreneur) and buyers (the population).

At the same time, like any other field of activity, retail trade has specific features of accounting for trade transactions. Moreover, these features may differ depending on the types of retail trade, the volume of trade operations, types of outlets, etc.

The main objectives of Prospekt LLC as a trading company are as follows:

1) obtaining the planned amount of profit;

2) increase in trade turnover, market share, retail space and headcount;

3) creation of financial reserves to guarantee independence;

4) achieving independence from various creditors.

To achieve these goals, practice has developed recommendations, the skillful application of which allows you to achieve real savings in money. They are as follows:

reduction of commodity stocks and, as a result, reduction of costs for their acquisition and storage;

increase in turnover, contributing to the reduction of commodity stocks;

purchase of goods at a lower purchase price;

increase in the selling price of goods.

Prospekt LLC should identify the most stressful financial areas and take appropriate measures to reduce their costs and increase turnover.

Prospekt's business is growing as sales volume increases. In 2007 significant progress was made in the trading business. At the same time, in 2008 the organization is taking steps to diversify its business, i. opens a shop for the production of confectionery. In order to continue to move forward, the leaders of the organization began to think about the further development of the business. In this regard, it is proposed to implement the following measures aimed at increasing the turnover of a trade organization.

1. In order to increase the turnover, Prospekt LLC has developed a marketing policy for 2009. In order to implement this marketing policy, Prospekt LLC produced and successfully distributed discount cards.

2. Any growing company sets itself the goal of not only systematically making a profit from its activities, but also constantly increasing this very profit. Therefore, trading companies seek to increase turnover by retaining old and attracting new customers. An effective tool in the fight for the buyer are discounts.

From January 1, 2006, paragraph 1 of Art. 265 of the Tax Code of the Russian Federation was supplemented by new paragraphs. 19.1, which makes it possible to take into account, for the purposes of profit taxation, costs in the form of a premium (discount) paid (provided) by the seller to the buyer as a result of the fulfillment of certain conditions of the contract, in particular the volume of purchases.

All discounts can be conditionally divided into two groups:

1) associated with a change in the price of a unit of goods;

2) not related to a change in the price of a unit of goods.

This division is due to different accounting and tax accounting of discounts.

Providing a discount that does not entail a change in the price of a unit of goods can be carried out in several ways:

In the form of a cash bonus payment to the buyer;

By reviewing the amount of his debt;

In the form of additionally shipped goods.

Thus, the purchasing power of the population increases and the turnover increases.

3. It is proposed to take a loan to expand the range and increase turnover, open a new outlet in the city of Zarechny. To do this, the head of Prospekt LLC negotiated with several banks and settled on one proposal, where the percentage of using the loan was minimal. A loan agreement was concluded with VTB 24 Bank. The specialist of the credit department agreed to provide Prospekt LLC with 3,500,000 rubles at 18 percent per annum, for a period of one year. It is proposed to use borrowed funds to buy new equipment and products in order to sell them with a mark-up equal to 22 percent of the purchase price. Given that the proceeds in 2007, according to the Profit and Loss Statement, amounted to 32,193 thousand rubles. the projected trade turnover in 2008 will amount to 36,500 thousand rubles. (100 thousand rubles per day - revenue plan).

General expenses, including wages, utility bills, etc., will amount to 430 thousand rubles. per month. For the planned year, the profit from sales will be 36,500 - 430 * 12 = 31,340 thousand rubles.

Taking into account the payment of the loan (3500 * 1.18 = 4130 thousand rubles), the profit of the organization will be 27,210 thousand rubles.

The investment project of opening a new outlet is profitable, the payback period of the project will be approximately 4 months.

4. When choosing suppliers of goods, suppliers with the most favorable conditions for the delivery of goods for the trade organization are determined. So, suppliers of goods offer three options for selling wholesale prices and calculations:

export of goods by the transport of a trade organization and settlements for goods at the supplier's "free warehouse" prices;

delivery of goods by the supplier's transport and settlements separately for goods at the supplier's selling prices and transport;

delivery of goods by the supplier's transport and settlements for the goods at the supplier's selling prices, including the costs of delivery of the goods.

The third option of prices and calculations is most preferable, since it allows you to refuse to maintain your own transport and does not require accounting for transport costs.

5. Implement a management accounting system in Prospekt LLC and provide for such subsystems as forecasting and planning. Their task is to determine the range of goods for each trading section based on the study of consumer demand, its changes by season, purchase volumes by varieties, models, sizes of goods. Subject to these conditions, contracts for the supply of goods are concluded with suppliers.

6. On the basis of management accounting data, business plans are developed for each trading section.

Business plans contain the following indicators: the main ones - the volume of sales of goods (turnover), the number of employees, gross income, expenses, profit; derivatives - the volume of sales of goods (turnover) per 1 m2 of retail space, per employee of the sales department, section.

In accordance with business plans, decisions are made on the inappropriateness of having unprofitable divisions.

Draft business plans are developed taking into account the changed working conditions of the trading sections compared to the previous year: changes in the range of goods, purchase and sale prices, costs, retail space, etc. Management accounting helps to choose the best solutions to increase income and reduce costs.

7. The analysis of actual income and expenses according to the established indicators of business plans is carried out using correction factors for the prices of goods, the complexity of servicing customers, the location of retail space and a number of other features of the work of trade departments and sections. Thus, the commensurability of the calculated indicators of the work of trade departments and sections is achieved.

8. In order to increase the turnover, organize an exhibition and sale of products from various manufacturers in the trading floor with a drawing of prizes for participants. Free prizes for some visitors are at the same time an advertising cost to the organization and are subject to the corresponding tax. These costs are included in distribution costs in the amount of 1% of the net trade margin (the difference between the purchase and sale prices without VAT).

9. Depending on the season, change retail prices in order to improve the organization of retail trade throughout the year.

Thus, the implementation of the proposed measures opens up new opportunities for trade and increase in turnover in Prospekt LLC.

W conclusion

As a function of management, the analysis of the financial activity of the organization is closely related to the planning and forecasting of production, since without in-depth analysis, it is impossible to carry out these functions.

An important role belongs to analysis in preparing information for planning, assessing the quality and validity of planned indicators, in checking and objectively assessing the implementation of plans. The approval of plans for the enterprise, in essence, also represents the adoption of decisions that ensure the development of production in the future planned period of time. At the same time, the results of the implementation of previous plans are taken into account, the development trends of the enterprise are studied, and additional production reserves are sought and taken into account. Planning begins and ends with an analysis of the results of the organization's activities, which allows you to increase the level of planning, make it scientifically sound.

Within the framework of this work, the financial activity of the organization Prospekt LLC was analyzed, recommendations were developed for improving and optimizing the financial condition and increasing the financial results of the trading organization Prospekt LLC.

The role of economic analysis in the field of trade is to study the economic processes of trade in order to develop optimal solutions, identify opportunities, means and ways to increase their competitiveness, financial stability, and financial results. It is possible to assess the possibilities of development and ensuring the financial stability of economic structures only on the basis of economic analysis, which determines its importance in this industry.

Retail is currently developing in two directions; on the one hand, the creation of large supermarkets, in which the product range is not limited, and on the other hand, the approach of retail trade to the population through a network of small convenience stores, with the most necessary list of goods.

The faster the product is sold, the faster the new one will be purchased, with an increase in the turnover of goods, the inventory, thereby restructuring the trading network.

The efficiency of the economic activity of the organization is characterized by a relatively small range of indicators: the amount of work performed, the cost of finished products, profit, profitability, indicators of financial condition. Each such indicator is influenced by a whole system of factors, due to the rational use of all resources available to the organization: labor, material, financial.

In the course of the analysis, for the period from 2007 to 2008, the performance indicators of the organization Prospekt LLC, profit and profitability were affected; receivables and payables; solvency and liquidity ratios.

The goal of any organization is to make a profit, and in order to obtain a greater amount of profit, it is necessary to reduce the cost of production.

In the course of the analysis, it was revealed that the organization does not have fixed assets. All assets are current.

In the structure of the organization's assets, the largest share is accounts receivable. The reduction in receivables indicates a reduction in the shipment of goods without prepayment and by barter, and is a positive development.

The share of reserves in the structure of the organization's assets is more than 40%, and during the analyzed period their share increases. A large amount of money has been diverted into finished products. There is a need to improve commercial activities and financial management, a tightened system of control and analysis of the use of organization resources.

In the structure of liabilities, the largest share is equity capital, and its share increased from 78.25% to 90.73%. The increase in equity capital is associated with the growth of retained earnings of the organization. This increase is positive and indicates an increase in the independence of the organization from external sources.

The share of accounts payable is insignificant, and it is reduced from 21.75% to 9.27%. Such a reduction indicates a decrease in debt to suppliers, to the organization's personnel.

Comparison of absolutely liquid and marketable assets with urgent and short-term liabilities shows that the conditions of absolute liquidity of the balance sheet are not met for the analyzed organization. This indicates the solvency of the organization.

Analysis of solvency indicators showed that the organization is solvent.

The proceeds from the sale of products for the analyzed period increased by 13465 thousand rubles, or by 71.90%. The cost of sales increased by 10838, or 70.12%. The growth rate of proceeds from the sale of products is higher than the growth rate of the cost of production, as a result of which the profit from the sale of products for the analyzed period increased by 2627 thousand rubles, or by 44.54%.

The calculated profitability indicators showed that the organization's activities are effective.

Profit maximization is the main goal of any trading organization. Its achievement is impossible without determining the optimal volume of trade, ensuring the achievement of the greatest profit. For trade organizations, it is necessary to achieve such a volume of retail turnover that can provide the maximum possible profit, subject to high-quality customer service.

Given the above facts, in order to improve the efficiency of decisions made to optimize the activities of Prospekt LLC, based on an analysis of financial results, the following measures are proposed:

Revise the terms of purchase prices and the terms of contracts for the supply of goods with major suppliers in order to identify the maximum benefit for the enterprise. Establish direct contacts with product manufacturers in order to optimize the level of purchase prices and conditions for concluding transactions.

Create a marketing service at Prospekt LLC, conduct appropriate research in the field of the product supplier market and, based on the results of the work, develop a marketing policy for the enterprise. The marketing service, based on the results of the organization's work for the next year, develops the document "Marketing policy of the organization".

Develop strategic plans for business diversification;

To attract customers, introduce a system of various discounts. For example, introduce a system of cumulative discounts.

To put into operation equipment that allows you to work with discount cards;

In order to increase turnover, expand the range and open a new outlet, it is proposed to take a loan from a bank;

When choosing suppliers of goods, give preference to suppliers with the most favorable conditions for the delivery of goods for the trading company. Establish direct contacts with product manufacturers;

In order to increase the turnover, organize an exhibition and sale of products from various manufacturers in the trading floor with a drawing of prizes for participants;

Change retail prices depending on the season in order to improve the organization of retail trade throughout the year.

Thus, information on the results of a regularly conducted analysis of financial activity will allow the head of a trade organization to make timely management decisions. This is necessary to obtain satisfactory financial results, prevent negative phenomena in commercial activities, identify intra-production reserves and their effective use, and ensure the financial stability of the organization.

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