Currently under conditions market economy the competitiveness of enterprises and the expediency of their activity in the future is based, first of all, on the efficiency of their functioning. The efficiency of financial activity serves as a guarantee of financial attractiveness for external investors, counterparties for financial and economic activity and 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 complex analysis and evaluating the effectiveness of financial activities conducted 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 final goal financial and economic activities.

Due to the limitations in the scope provided for when writing thesis, the methodology for analyzing the effectiveness of financial activities 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 the management analysis of 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 activity here refers to activities related to short-term financial investments: the issuance of bonds and other valuable papers of a short-term nature, 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. The current activity, as a rule, pursues the extraction of profit as the main goal (production of industrial products, construction and installation works, trade, catering, renting out property, etc.), however, for non-profit organizations, on the contrary, their current activities may not be related to 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 a movement related activity. financial resources organizations. The latter represent cash income and receipts intended to fulfill the financial obligations of the organization 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 a higher return. 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 purpose 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 at a given time, that is, absolute indicators cannot give a complete 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; Consequently, 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 system indicators, 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 mass 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 can be distinguished external sources information:

1. general economic and political information that is necessary to predict environmental conditions 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 big deals, since then there is a possibility 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 Russian Federation The Program for Accounting Reform in accordance with International Financial Reporting Standards was adopted, 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 information presentation 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; Report about incomes and material losses 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. The most objective should be recognized as accounting information that has passed audit, 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 series of recent high-profile accounting scandals that ended in bankruptcy large companies In particular, in the US, 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 RAS 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 regulations on accounting[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 of the preparatory stage of complex analysis is the process of converting the source data. We are talking about the preparation of the so-called analytical balance sheet and income statement. Evaluation of financial statements and identification of relationships and interdependencies between various indicators of the financial activity of the enterprise allow you to get an idea of ​​​​its financial position on a certain date - at the beginning and end of the reporting period - while evolutionary nature functioning of the enterprise remains hidden from the user's eyes. 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 the use of internal data, the Negative influence static reporting information; 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 serves as a guarantee of 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 purpose of the organization was to fulfill 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 if they lost state support(excluding objects 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 bodies(The management 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 franchisee network of the 1C company, which consists of more than 2600 companies, the 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, 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 complex analysis methodology, in our opinion, is the formation of a representative system of interrelated indicators, since initially incorrectly set parameters, despite high quality jobs, can't give interested persons a full answer to the questions posed and, accordingly, the effectiveness of the analyst's work 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 rather than 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 to 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 assessing the effectiveness of activities, it directly affects the profitability of activities: the greater the profit, the more equal conditions, higher efficiency of use of property and capital of the organization. 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 as of 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 in terms 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 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 scientific papers HELL. 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 company's profit received from each ruble invested in assets depends on the profitability of expenses incurred, the ratio of expenses and sales proceeds and the turnover of capital placed in assets. From total number factor models of 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 current management summarize 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. AT this case we considered an aggregated model for calculating net profit: for example, expenses from ordinary activities can be detailed by 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 company'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. Increase 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 alleged 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, finished products and goods shipped, costs in work in progress, due to the fact that the change in finished goods and, for example, in raw materials are interpreted in different positions. 7

An 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 company's payment discipline in relation to the budget, suppliers, off-budget funds, staff. 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 expedient 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 turnover 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, occurs 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 there may be a replacement of short-term liabilities in the form of loans and borrowings "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% compared to the reporting period in organization Y” 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 is given by us in the first chapter of this work: financial activity is a part of the financial and economic activity 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 the increase in the business reputation of the organization by +10,000 thousand rubles was determined, then, subject to the principle of ongoing activity, this amount cannot be accepted for accounting, because. according to PBU 14/2000 "Accounting for intangible assets" business reputation is subject to reflection in accounting only when the organization is sold as a whole and is defined as “the difference between the purchase price of the organization (as an acquired property complex as a whole) and the value of all its assets and liabilities according to the balance sheet”. 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 obligations, 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 must be used when determining the types of expenses: if, as a result of the expenses incurred, income is 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 tax, taking into account the cost 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 financial leverage(the ratio of borrowed capital to equity) 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 the 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, while the denominator of the formula is taken as the average value of current and net assets, respectively. 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 calculation of net assets, and in liabilities, accepted for calculation of net assets. The amount of net assets is found 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 social sphere- then net assets are not adjusted by the value of this item. 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.

Let's carry out dynamic and factor analysis 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, while maintaining which 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 were 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. This approach implies 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 suggest using 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 coefficient financial independence as the ratio of equity to assets in net valuation. 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 fairly high level of risk, which implies a focus on high profitability of activities, and vice versa, if the value of the financial independence indicator 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 organization's financial activity to a large extent depends on the speed of the 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 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 its 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 throughout certain period time), financial managers can affect the volume, structure and turnover of the assets and liabilities of the organization, 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 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 indicators profits 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].

Introduction

1.2 Classification of business performance factors

1.3 The system of performance indicators of the enterprise

2. Methodology for calculating and analyzing performance indicators of an enterprise using the example of CJSC "Kaustik"

2.1 a brief description of CJSC "Caustic"

2.2 Calculation and analysis of performance indicators

2.3 Suggestions for solving identified problems

Conclusion

Bibliographic list of references

Applications

Introduction

In modern economic conditions, the activities of each business entity is the subject of attention of a wide range of participants market relations(organizations and persons) interested in the results of its functioning. On the basis of available reporting and accounting information, these persons seek to assess the financial position of the enterprise. The main tool for this is financial analysis, with the help of which it is possible to objectively assess the internal and external relations of the analyzed object: to characterize its solvency, efficiency and profitability of activities, development prospects, and then, based on its results, make informed decisions.

As you know, the efficiency of any enterprise depends on its ability to generate the necessary profit. This ability can be assessed by analyzing the effectiveness of the enterprise, during which you should get answers to the following questions:

How stable are the incomes received;

What forms of accounting reports can be used in the analysis of the effectiveness of the enterprise to predict future results;

How productive are the costs incurred;

What is the efficiency of capital investment in this enterprise;

How effective is the management of the enterprise.

The important role of the analysis of performance indicators of the organization in the preparation of information for planning, assessment of the quality and validity of planned indicators, in the verification and objective assessment of the implementation of plans. The analysis of indicators is a means not only of substantiating plans, but also of monitoring their implementation. Planning begins and ends with the analysis of performance indicators of the enterprise. Analysis of indicators allows you to increase the level of planning, make it accurate in detail. An important role is given to analysis in the determination and use of reserves for increasing the efficiency of production. It promotes the economical use of resources, the introduction of new equipment and production technology, and the prevention of excess costs. All this determines the choice and relevance this thesis topic.

Efficiency analysis is carried out primarily on the basis of information from the “Profit and Loss Statement” form No. 2, as well as the “Balance Sheet” form No. 1, the “Capital Flow Statement” form No. 3, the “Cash Flow Statement” form No. 4 , "Appendix to the balance sheet" form No. 5. "Profit and loss statement" reflects the step-by-step procedure for the formation of the final financial result of the organization's activities in the reporting year - net profit. In this form, the principle of balancing the income and expenses of the organization for the reporting year is observed.

The analysis of financial results is carried out in two directions: analysis of the receipt of funds and their expenditure. An organization is considered profitable if its income exceeds the expenses aimed at obtaining these incomes.

The analysis uses the method of comparative evaluation of financial indicators as the most effective. To complete the assessment of financial indicators, the reasons for the change in values ​​in the direction of their increase or decrease are analyzed, and an analysis is made of the influence of various factors on the indicator under study.

With the introduction of a new chart of accounts of accounting, bringing the forms of financial statements into greater compliance with the requirements international standards there is a need to use a new methodology for analyzing financial results, corresponding to the conditions of a market economy. It is needed for a reasonable choice of a business partner, determining the degree of financial stability of an enterprise, assessing business activity and efficiency entrepreneurial activity. Such a technique will give a concrete conclusion about the sufficiency of means of payment, the normal ratio of equity and borrowed capital, the rate of capital turnover and the reasons for its change, the types of financing of certain types of activities.

An analysis of the profitability of an enterprise makes it possible to draw up a general conclusion regarding the effectiveness of its activities: the profitability of capital investments and the optimality of the costs incurred. This work reveals a system of profitability indicators, which makes it possible to comprehensively assess the effectiveness of asset management and the profitability of activities.

Currently, there is no consensus on which method is preferable for analysis. Many experts in this field believe that among the methods existing and used in our country, there is no one that would fully meet all the requirements presented to it by the subjects of financial analysis.

Target thesis work is to analyze the performance indicators of CJSC "Kaustik", determine the prospects for further economic development of the enterprise based on the data of the analysis of indicators.

The set goal determines the solution of the following tasks:

Consider the goals and objectives of the efficiency of economic activity in enterprise management; identify the central tasks of management in a market economy

Classify the efficiency factors of economic activity and systematize the performance indicators of the enterprise

Carry out calculations and analysis of performance indicators of CJSC "Kaustik"

Due to the fact that this work is of an educational and methodological nature, comparable reporting data of 2000 are taken and reporting data of 1999 are taken as a base.

To write the thesis, a large regulatory and legislative framework, scientific literature of domestic authors was used.

1. Analysis of the effectiveness of economic activity in enterprise management

1.1 Goals and objectives of the analysis of the effectiveness of the enterprise

Analysis and evaluation of the effectiveness of an enterprise is the final stage in the analysis of the financial activity of an enterprise at which the effectiveness or inefficiency of private management decisions related to determining the price of a product, the size of a batch of purchases of raw materials or product deliveries, the replacement of equipment or technology and other decisions must be evaluated in terms of the overall success of the firm, the nature of its economic growth, and the growth in overall efficiency. The main objectives of the analysis of performance indicators, the activities of the enterprise are:

Assessment of the economic situation;

Identification of factors and causes that determined the current state;

Identification and mobilization of reserves to improve the efficiency of economic activity;

Preparation and justification of the adopted management decisions.

The results of the analysis contribute to the growth of awareness of the enterprise administration and other users of economic information - the subjects of analysis - about the state of the objects of interest to them. The goals of the subjects of analysis can be very different, but the main goal of analyzing the effectiveness of economic activity is to obtain a small number of key parameters that allow an accurate assessment of both the current state of the object and the expected prospects for its development.

Analysis of the effectiveness of economic activity is included in the content of both external financial and internal management accounting, but its organization, objects and methods for solving problems of financial and management accounting have their own specifics.

As can be seen from the diagram, the palette of managerial analysis is much wider and richer than external financial analysis. This is due to the fact that the management of the enterprise can deepen the analysis, using not only reporting data, but also data from the entire system. business accounting. Management analysis"includes in its system not only production, but also financial analysis, without which the management of the enterprise cannot implement its financial strategy. Moreover, the possibilities of management in matters of financial analysis are again wider than those of external users of information.

The central task of management in a market economy is to minimize the risk of entrepreneurial activity based on the assessment of each economic decision taken from the point of view of the possibility of extracting economic benefits. In the process of transition to the market, the need to increase the analyticity of accounting clearly manifests itself, the role of economic analysis in substantiating the effectiveness of each management decision increases.

The economic mechanism, guided by market signals, creates objective prerequisites for the development and growth of the importance of economic analysis. The role of economic analysis in the management of an enterprise in a market economy is its focus on the development perspective, on the justification economic efficiency taken management decisions and business operations. And this, in turn, requires the modernization of the domestic methodology of economic analysis, including on the basis of the study and use of analytical techniques and methods that have emerged in a developed market economy.

Analysis of the effectiveness of the enterprise begins with the calculation and comparative assessment (with data from previous periods, planned data, data from other similar companies, industry average values) profitability ratios that characterize the efficiency of the enterprise, the main of which are:

Return on sales = Profit from sales / Total cost (cost of sales, selling and administrative expenses)

Return on sales = Profit from sales / Revenue

Rate of return = Net profit / Revenue

Profitability of products and profitability of sales characterize the efficiency of current activities, and the rate of return - of the entire financial and economic activities of the enterprise.

Return on assets \u003d Net profit / Average amount of the balance sheet

Return on Equity = Net Income / Average Equity

Return on Debt = Net Income / Average Debt

Return on invested capital = Net income / Average sum of long-term liabilities and equity

Return on current assets \u003d Profit from sales / Average amount of current assets

Return on non-current assets = Net profit / Average amount of non-current assets

These ratios characterize the effectiveness of the use of assets, equity capital, borrowed and invested capital, current and non-current assets, respectively.

These factor models are multiplicative, so the calculation of the influence of factors on the deviation of the return on assets and return on equity can be performed using the method of absolute differences.

When analyzing the deviation of the profitability of assets (ΔРа), first, the effect of a change in the asset turnover ratio (ΔРа (Оа)) is calculated, and then - changes in the rate of return (ΔРа (Нpr)), denoting the basic data with the sign "0", and the actual data with the sign "1" data, we get:

Pa (Oa) \u003d (Oa1 - Oa0) * Npr0

Pa (Npr) \u003d Oa1 * (Npr1 - Npr0)

Let's check the correctness of the calculations by comparing the deviation of the effective indicator (return on assets) with the sum of the influences of the factors determining it. There should be an approximate equality between them:

ΔRa = Ra1 - Ra0 = ΔRa(Oa) + ΔRa(Npr)

Based on the results of the calculations, a conclusion is made about the impact on the deviation of the profitability of assets of changes in the factors that determine it: the asset turnover ratio and the rate of return.

The deviation of the return on equity (ΔRsk) is first calculated by the effect of changes in the financial dependence coefficient (ΔRsk (Kfz)), then - changes in the asset turnover ratio (ΔRsk (Oa)) and lastly - changes in the rate of return (ΔRsk (Npr)), denoting the sign "0" is the basic data, and the sign "1" is the actual data:

Rsk (Kfz) \u003d (Kfz1 - Kfz0) * Oa0 * Npr0

Rsk (Oa) \u003d Kfz1 * (Oa1 - Oa0) * Npr0

Rsk (Npr) \u003d Kfz1 * Oa1 * (Npr1 - Npr0)

Let's check the correctness of the calculations by comparing the deviation of the effective indicator (return on equity) with the sum of the influences of the factors determining it. There should be an approximate equality between them:

ΔRsk = Rsk1 - Rsk0 = ΔRsk(Kfz) + ΔRsk(Oa) + ΔRsk(Npr)

Based on the results of the calculations, a conclusion is made about the impact on the deviation of the return on equity of changes in the factors determining it: the coefficient of financial dependence, the asset turnover ratio and the rate of return.

If necessary, based on the results of the analysis of profitability indicators, recommendations can be formulated aimed at improving the efficiency of activities and the use of enterprise resources.

An example of an analysis of the effectiveness of activities and the use of enterprise resources

Consider a specific example of performance analysis and the use of enterprise resources according to the data of the reclassified balance sheet and according to the data from the report on financial results (Tables 2, 3).

Table 2. Reclassified balance sheet

Name of indicator	At the end of the reporting year, thousand rubles	At the end of the previous year, thousand rubles	At the beginning of the previous year, thousand rubles
Assets
Fixed assets	1 510	1 385	1 320
current assets	1 440	1 285	1 160
Balance	2 950	2 670	2 480
Passive
Equity	2 300	2 140	1 940
long term duties	100	100	100
Short-term liabilities	550	430	440
Balance	2 950	2 670	2 480

Table 3. Statement of financial results

First, let's study the main profitability ratios that characterize the efficiency of the enterprise (Table 4).

Table 4. Analysis of the main profitability ratios characterizing the efficiency of the enterprise

Thus, it should be noted that in the reporting year, compared to the previous year, the efficiency of the company's current activities and the increase in the efficiency of all its financial and economic activities, which is due, apparently, to the excess of the growth in the efficiency of other business operations over the decrease in the efficiency of current business operations.

Then we calculate and analyze the main profitability ratios that characterize the efficiency of the use of enterprise resources (Table 5).

Table 5. Analysis of the main profitability ratios characterizing the efficiency of the use of enterprise resources

Index	Reporting year	Last year	Change
1. Profit from sales, thousand rubles.	425	365	60
2. Net profit, thousand rubles.	330	200	130
3. Average balance sheet currency (the sum of all assets), thousand rubles.	2 810	2 575	235
4. Average amount of own capital, thousand rubles.	2 220	2 040	180
5. Average amount of borrowed capital, thousand rubles.	590	535	55
6. Average amount of invested capital, thousand rubles.	2 320	2 140	180
7. Average amount of current assets, thousand rubles.	1 363	1 223	140
8. Average amount of non-current assets, thousand rubles.	1 448	1 353	95
9. Return on assets	0,117	0,078	0,040
10. Return on equity	0,149	0,098	0,051
11. Return on borrowed capital	0,559	0,374	0,185
12. Return on invested capital	0,142	0,093	0,049
13. Return on current assets	0,312	0,299	0,013
14. Profitability of non-current assets	0,228	0,148	0,080

The calculation results show that the efficiency of the use of assets, equity capital, borrowed capital, invested capital, current assets and non-current assets in the reporting year increased compared to last year, which certainly deserves a positive assessment.

Next, using the method of chain substitutions, we will calculate the influence of factors on the deviation of the profitability of sales as the most significant indicator of assessing the effectiveness of the current activities of the enterprise in comparison with the data of the previous year (Table 6).

Table 6. Calculation of the influence of factors on the deviation of sales profitability

Substitution sequence	Determining Factors		Profitability of sales	The value of the influence of the factor on the deviation of the effective indicator	Factor name
	Sales revenue	Revenue from sales
Base	3 500,0	365,0	0,104	-	-
1	4 500,0	365,0	0,081	-0,023	Change in revenue
2	4 500,0	425,0	0,094	0,013	Change in sales profit

We will check the correctness of the calculation of the influence of factors by adding up the results of the calculations (-0.023 + 0.013 = -0.010) and comparing the resulting amount with the deviation of the effective indicator (0.094 - 0.104 = -0.010). It can be seen that they are equal to each other. Therefore, the calculation of the influence on the deviation of the profitability of sales of changes in the factors determining it - revenue (net) from sales and profit from sales - was performed correctly. This allows us to formulate a conclusion based on the results of the calculations.

Thus, in the reporting year, compared with the data of the previous year, due to an increase in revenue from 3,500 thousand to 4,500 thousand rubles, i.e. by 1,000 thousand rubles, the profitability of sales decreased by 0.023, however, due to the growth in profit from sales from 365 thousand to 425 thousand rubles, i.e. by 60 thousand rubles, the profitability of sales increased by 0.013 points. In general, the combined effect of these factors led to a decrease in sales profitability by 0.010.

At the next stage of our analysis, we will perform a factor analysis of the return on assets and return on equity (Tables 7.8), using the factor models and methods for calculating the influence of factors discussed above.

Table 7. Analysis of the influence of factors on the deviation of the profitability of assets

Index	Reporting year	Last year	Deviation
1. Revenue	4 500	3 500	1 000
2. Net profit	330	200	130
	2 810	2 575	235
4. Return on assets	0,117	0,078	0,040
5. Rate of return	0,073	0,057	0,016
6. Asset turnover ratio	1,601	1,359	0,242
7. Influence of factors on the absolute deviation of the return on assets:			0,040
			0,014
- profit margins			0,026

Table 8. Analysis of the influence of factors on the deviation of the return on equity (according to the three-factor model)

Index	Reporting year	Last year	Deviation
1. Revenue	4 500	3 500	1 000
2. Net profit	330	200	130
3. Average sum of all assets	2 810	2 575	235
4. Average amount of equity	2 220	2 040	180
5. Return on equity	0,149	0,098	0,051
6. Rate of return	0,073	0,057	0,016
7. Asset turnover ratio	1,601	1,359	0,242
8. Coefficient of financial dependence	1,266	1,262	0,004
9. Influence of factors on the absolute deviation of the return on equity:			0,0506
- coefficient of financial dependence			0,0003
- asset turnover ratio			0,0175
- profit margins			0,0328

Calculation results show that in the reporting year, compared with the previous year, due to an increase in the asset turnover ratio by 0.242 turnover, their profitability increased by 0.014, and due to an increase in the rate of return by 0.016, the profitability of assets increased by 0.026. In general, the combined influence of these factors led to an increase in the return on assets by 0.040.

As for the return on equity, in the reporting year, compared to the previous year, due to an increase in the financial dependency ratio by 0.004, it increased by 0.0003, due to an increase in the asset turnover ratio by 0.242, the return on equity increased by 0.0175, and the increase in the rate of profit by 0.016 also led to its increase by 0.0328. In general, the combined influence of these factors led to an increase in the return on equity by 0.0506. The discrepancy between the deviation of the return on equity (0.051) and the sum of the results of calculating the influence of factors (0.0506) occurred due to rounding. The calculation of the influence of factors and the return on equity index up to four decimal places is caused by a small value of the influence of the financial dependence coefficient.

An example of an analysis of the effectiveness of an enterprise(download xlsx file)

So, based on the results of the analysis of profitability indicators, we can formulate the following recommendation - to ensure an increase in the efficiency of the current activities of the enterprise at least to the level of the previous year by reducing, first of all, the cost of sales, as well as management expenses and commercial expenses.

Bibliography:

1. Analysis in the management of the financial state of the enterprise / N.N. Ilysheva, S.I. Krylov. M.: Finance and statistics; INFRA-M, 2008. 240 p.: ill.
2. Ilysheva N.N., Krylov S.I. Analysis of financial statements: Textbook. M.: Finance and statistics; INFRA-M, 2011. 480 p.: ill.
3. Krylov S.I. Improving the methodology of analysis in the management system of the financial condition of the enterprise: Monograph. Ekaterinburg: GOU VPO UGTU-UPI, 2007. 357 p.

Introduction

1.3 The system of performance indicators of the enterprise

2. Methodology for calculating and analyzing performance indicators of an enterprise using the example of CJSC "Kaustik"

2.1 Brief description of CJSC "Kaustik"

Conclusion

Applications

Introduction

In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of participants in market relations (organizations and individuals) interested in the results of its functioning. On the basis of available reporting and accounting information, these persons seek to assess the financial position of the enterprise. The main tool for this is financial analysis, with the help of which it is possible to objectively assess the internal and external relations of the analyzed object: to characterize its solvency, efficiency and profitability of activities, development prospects, and then, based on its results, make informed decisions.

As you know, the efficiency of any enterprise depends on its ability to generate the necessary profit. This ability can be assessed by analyzing the effectiveness of the enterprise, during which you should get answers to the following questions:

How stable are the incomes received;

What forms of accounting reports can be used in the analysis of the effectiveness of the enterprise to predict future results;

How productive are the costs incurred;

What is the efficiency of capital investment in this enterprise;

How effective is the management of the enterprise.

The important role of the analysis of performance indicators of the organization in the preparation of information for planning, assessment of the quality and validity of planned indicators, in the verification and objective assessment of the implementation of plans. The analysis of indicators is a means not only of substantiating plans, but also of monitoring their implementation. Planning begins and ends with the analysis of performance indicators of the enterprise. Analysis of indicators allows you to increase the level of planning, make it accurate in detail. An important role is given to analysis in the determination and use of reserves for increasing the efficiency of production. It promotes the economical use of resources, the introduction of new equipment and production technology, and the prevention of excess costs. All this determines the choice and relevance this thesis topic.

Efficiency analysis is carried out primarily on the basis of information from the “Profit and Loss Statement” form No. 2, as well as the “Balance Sheet” form No. 1, the “Capital Flow Statement” form No. 3, the “Cash Flow Statement” form No. 4 , "Appendix to the balance sheet" form No. 5. "Profit and loss statement" reflects the step-by-step procedure for the formation of the final financial result of the organization's activities in the reporting year - net profit. In this form, the principle of balancing the income and expenses of the organization for the reporting year is observed.

The analysis of financial results is carried out in two directions: analysis of the receipt of funds and their expenditure. An organization is considered profitable if its income exceeds the expenses aimed at obtaining these incomes.

The analysis uses the method of comparative evaluation of financial indicators as the most effective. To complete the assessment of financial indicators, the reasons for the change in values ​​in the direction of their increase or decrease are analyzed, and an analysis is made of the influence of various factors on the indicator under study.

With the introduction of a new chart of accounts of accounting, bringing the forms of financial statements into greater compliance with the requirements of international standards, there is a need to use a new methodology for analyzing financial results that meets the conditions of a market economy. It is needed for a reasonable choice of a business partner, determining the degree of financial stability of an enterprise, assessing business activity and the effectiveness of entrepreneurial activity. Such a technique will give a concrete conclusion about the sufficiency of means of payment, the normal ratio of equity and borrowed capital, the rate of capital turnover and the reasons for its change, the types of financing of certain types of activities.

An analysis of the profitability of an enterprise makes it possible to draw up a general conclusion regarding the effectiveness of its activities: the profitability of capital investments and the optimality of the costs incurred. This work reveals a system of profitability indicators, which makes it possible to comprehensively assess the effectiveness of asset management and the profitability of activities.

Currently, there is no consensus on which method is preferable for analysis. Many experts in this field believe that among the methods existing and used in our country, there is no one that would fully meet all the requirements presented to it by the subjects of financial analysis.

Target thesis work is to analyze the performance indicators of CJSC "Kaustik", determine the prospects for further economic development of the enterprise based on the data of the analysis of indicators.

The set goal determines the solution of the following tasks :

Consider the goals and objectives of the efficiency of economic activity in enterprise management; identify the central tasks of management in a market economy

Classify the efficiency factors of economic activity and systematize the performance indicators of the enterprise

Carry out calculations and analysis of performance indicators of CJSC "Kaustik"

Due to the fact that this work is of an educational and methodological nature, comparable reporting data of 2000 were taken and reporting data of 1999 were taken as a base.

To write the thesis, a large regulatory and legislative framework, scientific literature of domestic authors was used.

1. Analysis of the effectiveness of economic activity in enterprise management

1.1 Goals and objectives of the analysis of the effectiveness of the enterprise

Analysis and evaluation of the effectiveness of an enterprise is the final stage in the analysis of the financial activity of an enterprise at which the effectiveness or inefficiency of private management decisions related to determining the price of a product, the size of a batch of purchases of raw materials or product deliveries, the replacement of equipment or technology and other decisions must be evaluated in terms of the overall success of the firm, the nature of its economic growth, and the growth in overall efficiency. The main objectives of the analysis of performance indicators, the activities of the enterprise are:

Assessment of the economic situation;

Identification of factors and causes that determined the current state;

Identification and mobilization of reserves to improve the efficiency of economic activity;

Preparation and justification of the adopted management decisions.

The results of the analysis contribute to the growth of awareness of the enterprise administration and other users of economic information - the subjects of analysis - about the state of the objects of interest to them. The goals of the subjects of analysis can be very different, but the main goal of analyzing the effectiveness of economic activity is to obtain a small number of key parameters that allow an accurate assessment of both the current state of the object and the expected prospects for its development.

Analysis of the effectiveness of economic activity is included in the content of both external financial and internal management accounting, but its organization, objects and methods for solving problems of financial and management accounting have their own specifics.

As can be seen from the diagram, the palette of managerial analysis is much wider and richer than external financial analysis. This is due to the fact that the management of the enterprise can deepen the analysis, using not only reporting data, but also data from the entire economic accounting system. Management analysis "includes in its system not only production, but also financial analysis, without which the management of the enterprise cannot implement its financial strategy. Moreover, the possibilities of management in matters of financial analysis are again wider than those of external users of information.

The central task of management in a market economy is to minimize the risk of entrepreneurial activity based on the assessment of each economic decision taken from the point of view of the possibility of extracting economic benefits. In the process of transition to the market, the need to increase the analyticity of accounting clearly manifests itself, the role of economic analysis in substantiating the effectiveness of each management decision increases.

The economic mechanism, guided by market signals, creates objective prerequisites for the development and growth of the importance of economic analysis. The role of economic analysis in the management of an enterprise in a market economy is its focus on the development perspective, on the justification of the economic efficiency of managerial decisions and business operations. And this, in turn, requires the modernization of the domestic methodology of economic analysis, including on the basis of the study and use of analytical techniques and methods that have emerged in a developed market economy.

1.2 Classification of business performance factors

Based on the objectives of performance analysis, the classification of factors is of great importance (Appendix 2). Their division into internal (which, in turn, are divided into main and non-main) and external. Factors of efficiency of economic activity are elements, causes that affect a given indicator or a number of performance indicators. In this understanding, economic factors, as well as economic categories reflected by indicators, are objective.

Factors in economic analysis can be classified according to various criteria. So, the factors can be general, i.e. affecting a number of indicators, or private, specific for this indicator.

The generalizing nature of many factors is explained by the relationship and mutual conditionality that exist between individual indicators.

“Internal main factors are called the factors that determine the results of the enterprise”.

Internal non-main factors, although they determine the work of the production team, are not directly related to the essence of the indicator under consideration: these are structural shifts in the composition of products, violations of economic and technological discipline. External factors do not depend on the activities of the production team, but quantitatively determine the level of use of the production and financial resources of a given enterprise.

The classification of factors and the improvement of the methodology for their analysis allow us to solve an important problem - to clear the main indicators from the influence of external and side factors so that the indicators adopted to assess the effectiveness of an enterprise and determine the level of material incentives better reflect the own achievements of the labor collectives of enterprises.

1.3 The system of performance indicators of the enterprise

Assessment of property status. Assessment of property status is carried out in order to preliminarily determine the financial condition of the enterprise using the forms of financial statements and the calculation of certain indicators.

The amount of economic assets at the disposal of the enterprise (XS). This indicator gives a generalized valuation of the activity of assets on the balance sheet of the enterprise. This is an accounting estimate that does not match the total market value of the company's assets. The growth of this indicator indicates an increase in the property potential of the enterprise. When analyzing balances in gross valuation, this indicator is calculated by subtracting regulatory items from the balance sheet total.

XC \u003d B B "-U-Z yk -A c, (l)

where B B "- the total (currency) of the balance sheet, rubles;

Y - the amount of losses, rubles;

З uk - debt on contributions to the authorized capital, rub.;

And c - the cost of own shares, rub,

Particular attention is paid to the study of the state, dynamics and structure of fixed assets, as they occupy a large share in the long-term assets of the enterprise.

The share of fixed assets in assets (DOS).

ΔOC = OS/XC, (2)

where, OS is the cost of fixed assets, rub.

The share of the active part of fixed assets (ΔOS A). According to regulatory documents, the active part of fixed assets is understood as machinery, equipment and vehicles. The growth of this indicator in dynamics is usually regarded as a favorable trend.

ΔOS A \u003d OS A / OS P, (Z)

where OS A is the cost of the active part of fixed assets, rubles.

OS P - the cost of production fixed assets, rub.

Depreciation coefficient of fixed assets (K IZ os) - characterizes the share of the cost of fixed assets remaining to be written off to costs in subsequent periods. It is usually used in the analysis as a characteristic of the state of fixed assets. The addition of this indicator to 100% (or one) is the shelf life coefficient.

TO FROM OS \u003d OS from / OS n, (4)

where OS from - the amount of depreciation of fixed assets, rub.

Depreciation coefficient of the active part of fixed assets (K from wasp).

K from wasp \u003d OS from a / OS A, (5)

where OS from A is the depreciation of the active part of fixed assets, rub.

The renewal ratio (To update) shows what part of the fixed assets available at the end of the reporting period are new fixed assets.

To update = OS vv / OS nt , (6)

where OS cc - the initial cost of the received (put into operation) fixed assets, rubles;

OC nt - the initial cost of fixed assets at the end of the year, rub.

The retirement rate (K vyb.) Shows what part of the fixed assets with which the company began operations in the reporting period, retired due to dilapidation and other reasons.

To select =OS sel. /O nt, (7)

where OS is selected. - the initial cost of fixed assets retired during the reporting period, rubles;

OS nt - the initial cost of production fixed assets at the beginning of the reporting period, rub.

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

“Speaking of the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if with a violation of the maturity dates provided by counterparties. Solvency means that the enterprise has cash and their equivalents sufficient for settlements on accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) the absence of overdue accounts payable ".

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables.

The value of own working capital (TA c) characterizes that part of the company's own capital, which is the source of coverage of the company's current assets (ie, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator is of particular importance for enterprises engaged in commercial activities and other intermediary operations.

Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The value of own working capital is numerically equal to the excess of current assets over current liabilities.

TA with =SK+DP-VA-U or TA-KP, (8)

where SC - equity, rub.;

DP - long-term liabilities, rub.;

VA - non-current assets, rub.;

TA - current (current) assets, rub.;

The maneuverability of functioning capital (MC) characterizes that part of own working capital, which is in the form of cash with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. Ceteris paribus, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is set by the enterprise independently and depends, for example, on how high the daily need of the enterprise for free cash resources is.

MS = DS7 TA s, (9)

where DS - cash, rub.

The current liquidity ratio (K tl) gives an overall assessment of the liquidity of assets, showing how many rubles of the company's current assets are per one ruble of current liabilities. The logic of calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered as successfully functioning (at least in theory). The amount of excess and is set by the current liquidity ratio.

K tl \u003d TA / KP, (10)

KP - short-term liabilities, rub.

The quick liquidity ratio (K bl) is similar in meaning to the current liquidity ratio; however, it is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised if inventories are forced to be sold may be substantially lower than the cost of acquiring them.

K bl \u003d (TA-Z) / KP, (11)

where 3 is the cost of reserves, rub.

The ratio of absolute liquidity (solvency) (To abs.l) is the most stringent criterion for the liquidity of the enterprise. It shows how much of the short-term borrowings can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. In domestic practice, the actual average values ​​of the considered liquidity ratios, as a rule, are significantly lower than the values ​​mentioned in Western literary sources. Since the development of industry standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it comparative analysis available data on enterprises with a similar orientation of economic activity.

K abs.l \u003d DS / KP, (12)

“The financial condition, liquidity and solvency of the organization to a greater extent depend on the level of business activity, the optimal use of working capital, the assessment of its size and structure. In connection with the fact that one hundred working capital form the bulk of the liquid assets of the company, their value should be sufficient to ensure the rhythmic and uniform work of the organization and, as a result, profit. The use of working capital in economic activity should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and acquisition of new working capital. The need for financing proportionally depends on the rate of turnover of assets.

The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities. Thus, the indicators of working capital turnover are closely related to the solvency and liquidity of the balance sheet structure.

The share of working capital in assets (ΔTA xc)

ΔTA xs \u003d TA / XS, (1Z)

where TA - current (current) assets, rub.;

XC - economic means, rub.

The share of own working capital in current assets (ΔTA and s)

ΔTA ta s = TA s /TA, (14)

TA - the total value of current assets, rub.

The share of stocks in current assets (Δ 3)

ΔЗ=3/ТА, (15)

where 3 is the cost of reserves, rub.;

TA - current (current) assets, rub.

The share of own working capital in the coverage of stocks (ΔTA with s) characterizes that part of the cost of stocks, which is covered by own working capital. Traditionally, it is of great importance in the analysis of the financial condition of trade enterprises;

ΔTA with s \u003d TA with / Z (16)

where TA c - own working capital, rub.;

3 - cost of stocks, rub.

The reserve coverage ratio (K C n) is calculated by correlating the value of "normal" sources of reserve coverage and. stock amounts. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered as unstable.

K Z n \u003d IP n / s, (17)

where IP n - "normal" sources of coverage, rub.;

3 - cost of stocks, rub.

“Assessment of financial stability. The structure of sources of formation of assets (funds) is represented by the main components: equity capital and borrowed (attracted) funds. Their analysis is necessary for internal and external users of financial statements, as it shows: the degree of provision of the organization with its own capital for carrying out continuous activities, guaranteed protection of creditors' funds and covering obligations to them, distribution of the amount of profit received among shareholders; the degree of financial dependence of the organization, the types and conditions for raising borrowed funds, the direction of their use, the risk of possible bankruptcy of the company in the event of claims from creditors for the return of the amount of debts.

The results of the analysis are used to assess the current financial stability of the company and its long-term forecasting.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is associated with general financial structure enterprises, the degree of its dependence on creditors and investors. So, many businessmen, including representatives of the public sector of the economy, prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the structure "equity - borrowed funds" is significantly skewed towards debt, the enterprise may go bankrupt if several creditors simultaneously demand their money back at an "inconvenient" time.

Financial stability- this is the state of the company's accounts, guaranteeing its constant solvency.

As a result of any business transaction, the financial condition of the enterprise may remain unchanged, improve or worsen. Knowledge of the limiting boundaries of changes in the sources of funds to cover capital investments in fixed assets or inventories allows you to generate such flows of business transactions that lead to an improvement in the financial condition of the enterprise, to increase its sustainability.

The coefficient of financial dependence (K fz) is the inverse of the coefficient of concentration of equity capital. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.

K fz \u003d XS / SK, (18)

where XC is the value of the cost of economic assets, rubles;

Equity maneuverability coefficient (K s m) shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can significantly vary depending on the structure of capital and the sectoral affiliation of the enterprise.

K sk m \u003d TA s / SK, (19)

where TA c - the value of own working capital, rub.;

SC - the amount of equity capital, rub.

Debt capital concentration ratio (К 3к к)

K 3k k \u003d ZK / XS, (20)

Debt capital structure ratio (К зк STR)

K zk str \u003d DP / ZK, (21)

where DP is the value of long-term liabilities, rub.;

ZK - the amount of borrowed capital, rub.

Permanent asset index (J wa)

J VA \u003d VA / SK, (22)

where VA is the value of non-current assets, rubles;

SC - the amount of equity capital, rub.

Absolute financial stability is characterized by inequality:

PZ< ТА с, (23)

where TA c - own working capital, rub. (equity capital + long-term liabilities - non-current assets).

ПЗ - fixed reserves, rub.

This ratio shows that all stocks are fully covered by own working capital, i.e. the company is not dependent on external creditors.

“This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds to finance core activities. In particular, a situation has traditionally developed in domestic trade when, for the majority of normally functioning enterprises, the share of own working capital in commodity stocks is slightly above 50%.

Normal financial stability is characterized by inequality:

TA with< ПЗ < ИФЗ, (24)

where IFZ - normal sources of inventory formation (TA c + Bank loans and loans used to cover inventories + Settlements with creditors for commodity transactions)

The above ratio corresponds to the situation when a successfully functioning enterprise uses various "normal" sources of funds - its own and borrowed ones - to cover its reserves.

An unstable financial situation is characterized by inequality:

PZ > IPE, (25)

This ratio corresponds to the situation when an enterprise, in order to cover part of its reserves, is forced to attract additional sources of coverage that are not “normal” in a certain sense, i.e. justified.

A critical financial situation is characterized by a situation where, in addition to the previous inequality, an enterprise has loans and loans that are not repaid on time, as well as overdue accounts payable and receivable. This situation means that the company cannot pay its creditors on time. In a market economy, with a chronic repetition of the situation, the enterprise must be declared bankrupt.

income indicators. When planning and evaluating the financial and economic activities of the enterprise, the distribution of profits remaining at the disposal of the enterprise, specific profit indicators are used. A capacious informative indicator is the balance sheet profit. The balance sheet profit as the final financial result is revealed on the basis of the accounting of all business operations of the enterprise and the assessment of balance sheet items. The final financial result of the enterprise is reflected in its balance sheet, compiled according to the results of the quarter, year (balance sheet profit, loss).

The balance sheet profit includes three enlarged elements: profit (loss) from the sale of products, performance of work, provision of services;

profit (loss) from the sale of fixed assets, their other disposal, the sale of other property of the enterprise; financial results from non-operating transactions.

The profit remaining at the disposal of the enterprise after paying taxes and other obligatory payments, - net profit.

The distribution of net profit by the enterprise reflects the process of formation of funds and reserves of the enterprise to finance the needs of production and the development of the social sphere.

The main indicators of the efficiency of economic activity are indicators of profitability. The profitability of an enterprise reflects the degree of profitability of its activities - the profitability or profitability of its capital, resources or products.

“The financial performance of the organization is evaluated in absolute and relative terms. Net profit (retained earnings (loss) of the reporting period) is the main absolute indicator of the break-even functioning of the organization.

The performance of the organization for a number of years characterizes the relative indicator of profitability (profitability), which can be calculated and analyzed in dynamics.

From the point of view of economic release, the presence of profit in the balance sheet of the organization is less important than the presence of a sufficient amount of cash to carry out current activities and pay off obligations to creditors. This indicator has a different economic content than the solvency indicator, and differs in approaches to its assessment.

Profitability refers to the viability of the organization in the long run, but not its ability to repay debts. An organization can be profitable but insolvent, and vice versa.

However, the study of the profit indicator in conjunction with the indicators of sales proceeds, costs, assets, own share (authorized) capital provides an opportunity to assess the effectiveness of the organization, attracting additional capital and borrowed funds. Indicators of profitability (profitability) evaluate the amount of profit received from each ruble of funds invested in the assets and activities of the organization.

The analysis of business activity and profitability is to study the levels and dynamics of various financial turnover and profitability ratios, which are relative indicators financial results of the enterprise. It should be borne in mind that the formulas, being the simplest to calculate (based on accounting data), only to some extent characterize the duration of the passage of funds through the stages of the production and commercial cycle.

Consider the most important financial ratios profitability and business activity:

Profitability of sales (K tsrod.) is a coefficient showing how much profit falls on a unit of sold products. It is calculated according to the formula

To crod. = Р p /N, (26)

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

It characterizes the effectiveness of entrepreneurial activity: how much profit the company has from the ruble of sales. This indicator is widely used in a market economy. It is calculated as a whole for the enterprise and for individual types of products.

The profitability of the entire capital of the company (K cap.) is a coefficient showing the efficiency of using the entire property of the enterprise. It is calculated according to the formula

To cap. \u003d P / V cf, (27)

where B cf is the average net balance total for the period, and P can be both balance sheet profit (P b) and profit from sales (P p).

Return on equity (To sob.k.) is a coefficient showing the efficiency of using equity. It is calculated according to the formula

To sob.k. = R/I with cf, (28)

Return on invested capital (K in.k.) is a coefficient that reflects the efficiency of using capital invested in the activities of the company for a long time (both own and borrowed). It is calculated according to the formula

K in.k. = P / I with cf + K t cf, (29)

where K t cf is the average value of long-term credits and loans for the period.

Coefficient total turnover capital (k about k) reflects the rate of turnover (in the number of turnovers for the period) of the entire capital of the enterprise. It is calculated according to the formula

k about to \u003d N / V cf, (30)

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

B - the average balance total for the period.

The turnover ratio of mobile assets (K about m.s.) shows the turnover rate of all mobile (both tangible and intangible) assets of the enterprise. It is calculated according to the formula

To about m.s. \u003d N / Z cf + R a cf, (31)

where Z cf is the average value of stocks and costs for the period according to the balance sheet;

R and cf - the average value of cash, settlements and other assets for the period.

The turnover ratio of inventories (K about mat.s.) reflects the number of turnovers of stocks and costs of the enterprise for the analyzed period. It is calculated by the formula:

To about mat.s. =N/Z cf, (32)

The turnover ratio of finished products (K about g) shows the rate of turnover of finished products. It is calculated according to the formula

K about g \u003d N / Z g cf (33)

where Z g cf - the average value of the finished product for the period.

The level of solvency and financial stability of the organization depends on the turnover rate of receivables and payables, which characterizes the efficiency of the organization.

“Analysis of the turnover of receivables and payables allows us to draw conclusions about: the rationality of the size of the annual turnover of funds in the calculations. The efficiency of the settlement and payment system accelerates the process of cash turnover in settlements, contributes to the inflow of other assets of the organization and the repayment of accounts payable; reducing the cost of products (works, services). With an increase in the number of revolutions, the share of fixed costs, attributable to the cost indicator, decreases; possible acceleration of turnover at other stages of the production process and the sale of products (works, services). Reducing the turnover of receivables and payables will lead to an acceleration in the turnover of cash, stocks and liabilities of the organization.

The main purpose of the analysis should be to determine the speed and time of debt turnover and reserves for its acceleration at different stages of the company's business.

The accounts receivable turnover ratio (K about dz) shows the expansion or decrease in commercial credit provided by the enterprise. It is calculated according to the formula

To about d.z. = N / g.c. cf, (34)

where d.z. cp - average receivables for the period.

The average period of turnover of receivables (K cf d.z.) characterizes the average maturity of receivables. This coefficient is calculated by the formula

K Wed d.z. \u003d 365 / K about d.z. , (З5)

The turnover ratio of accounts payable (K about kz) characterizes the number of turnovers of accounts payable for the reporting year. An increase in the turnover of accounts payable indicates an acceleration in the repayment of the organization's current obligations to creditors. It is calculated according to the formula

K about k.z. \u003d N / g k.z. Wed (W6)

where g k.z. cf - average accounts payable for the period.

The average period of turnover of accounts payable (Kav. k.z.) reflects the average period of repayment of the company's debts (with the exception of obligations to the bank and other loans). This coefficient is calculated by the formula

By Wed k.z. \u003d 365 / K about short circuit , (37)

The turnover ratio of own capital (K about s.k.) shows the rate of turnover of equity capital, which for joint-stock companies means the activity of funds that shareholders risk. It is calculated according to the formula

K about s.k. =N/I with cf, (38)

where And with cf - the average for the period the value of the sources of own funds of the enterprise according to the balance sheet.

The state of settlement and payment discipline in an organization has a significant impact on its solvency and financial stability.

The presence of accounts receivable in the balance sheet and classifying it as the most liquid assets does not guarantee the receipt of funds from the debtors of the organization. Moreover, receivables may be written off as debts that have expired or other debts that are uncollectible. In the event that the organization has assessed in advance the reality and reliability of repayment of such debt and reserved amounts for its write-off, these consequences may not affect the rhythm of the company's functioning and its solvency. On the contrary, the unforeseen situation of the possible repayment of receivables, the loss of significant cash in circulation will create serious problems with current solvency and disrupt the production process. In addition, this will affect the formation of financial results, a decrease in the amount of net profit and the profitability of the organization.

In turn, accounts payable relate to short-term liabilities, and its balances by groups of creditors characterize their pre-emptive right to the property of the organization. This means that at any time creditors can demand repayment of debts. With an unsatisfactory structure of the balance sheet asset, manifested in an increase in the share of doubtful receivables, a situation is possible when the organization will be unable to meet its obligations, which may lead to bankruptcy.

On the other hand, accounts payable can be assessed as a source of short-term attraction of funds. The strategy of the organization in this case should provide for the possibility of their early involvement in circulation in order to rationally invest in the most liquid types of assets that bring the greatest income.

The indicators characterizing the efficiency of the use of fixed assets are:

Return on assets (f) - This is a general indicator of the efficiency of the use of fixed assets. It shows how much production falls on the unit cost of funds. At industrial enterprises, capital productivity is determined by the volume of output per 1 ruble. average annual cost of fixed assets. The value and dynamics of capital productivity is influenced by many factors that depend and are not dependent on the enterprise, however, reserves for increasing capital productivity, best use technology is available in every company. The intensive way of managing the economy involves a systematic increase in capital productivity by increasing the productivity of machines, mechanisms and equipment, reducing their downtime, optimal loading of equipment, and technical improvement of the main production assets. Calculated according to the formula:

where, F cp - the average annual cost of fixed assets and other assets, rub.

Capital intensity is an inverse indicator of capital productivity and shows how much invested financial resources are used per unit cost of funds. Calculated according to the formula:

f = F f / N (40)

where, F cp - average annual cost of fixed assets, rub;

N- proceeds from the sale of products, rub.

The lower the rate of capital intensity (the higher the rate of return on assets), the more efficiently fixed assets are used.

- this is a coefficient reflecting the efficiency of the use of fixed assets and other non-current assets, measured by the amount of profit per unit cost of funds. It is calculated according to the formula

To o.s. =Р/F cp , (41)

where F cp - the average value of fixed assets and other non-current assets for the period.

The use of fixed assets is recognized as effective if the relative increase in the physical volume of production or profit exceeds the relative increase in the value of fixed assets for the reporting period.

The indicators of the efficiency of the reproduction and placement of fixed assets is the outpacing of the growth rates of the productivity of new equipment in comparison with the growth rates of its cost compared to those being replaced. Indicators of the efficiency of the use of fixed assets is also an increase in the time of their work, by reducing downtime, increasing the shift ratio, etc.

World practice has developed the so-called Golden Rule economics of the enterprise - the rule of analysis and evaluation of its business activity by comparing the rate of change in the main indicators of its economic activity. The optimal ratio is the following, based on their relationship:

T RB.>T QR.>T B >100%, (42)

where T RB, T QR, T B - respectively, the rate of change in balance sheet profit, sales volume, the amount of assets (capital).

This ratio means:

First, profits are growing at a faster rate than the volume of sales of products, which indicates a relative decrease in production and distribution costs;

Secondly, the volume of sales increases at a faster rate than the assets (capital) of the enterprise, i.e. enterprise resources are used more efficiently;

Thirdly, the economic potential of the enterprise increases in comparison with the previous period.

Analysis of the use of labor resources of the enterprise.

The labor resources include that part of the population that has the necessary physical data, knowledge and labor skills in the relevant industry. Sufficient provision of enterprises with the necessary labor resources, their rational use, high levels of labor productivity are of great importance to increase production volumes and improve production efficiency. In part, the volume and timeliness of all work, the efficiency of the use of equipment, machines, mechanisms and, as a result, the volume of production, its cost, profit and a number of other economic indicators depend on the provision of the enterprise with labor resources and the efficiency of their use.

The main tasks of the analysis are:

Study and assessment of the security of the enterprise and its structural divisions labor resources in general, as well as by categories and professions;

Definition and study of staff turnover indicators;

Identification of reserves of labor resources, their fuller and more efficient use.

The sources of information for analysis are the labor plan, statistical reporting, personnel records and personnel department data.

“Provision of an enterprise with labor resources is determined by comparing the actual number of employees by categories and professions with the planned need. Particular attention is paid to the analysis of the staffing of the enterprise with the most important professions. It is also necessary to analyze the qualitative composition of labor resources by qualification.

To assess the compliance of the qualifications of workers with the complexity of the work performed, the average tariff categories of work and workers are compared, calculated by the weighted arithmetic average:

(43)

where Тр – tariff category;

CH - the number of workers.

If the actual average wage category of workers is lower than planned and lower than the average wage category of work, then this may lead to the release of lower quality products. If the average rank of workers is higher than the average wage rank of work, then the workers must be paid extra for employing them in less skilled work.

Administratively - management staff it is necessary to check for compliance with the actual level of education of each employee of the position held and study issues related to the selection of personnel, their training and advanced training.

The qualification level of employees largely depends on their age, work experience, education, etc. Therefore, in the process of analysis, changes in the composition of workers by age, length of service, and education are studied. Since they occur as a result of the movement of the labor force, much attention is paid to this issue in the analysis.

To characterize the movement of the labor force, the dynamics of the following indicators is calculated and analyzed:

The turnover ratio for the reception of workers (K pr):

Retirement turnover ratio (K in):

Staff turnover rate (K t):

It is necessary to study the reasons for the dismissal of employees (of their own free will, staff reductions, due to violations of labor discipline).

The tension in providing the enterprise with labor resources can be somewhat relieved through a more complete use of the available labor force, growth in labor productivity, intensification of production and automation of production processes. In the process of analysis, reserves should be identified to reduce the need for labor resources as a result of the above activities.

If an enterprise expands its activities, increases production capacity, creates jobs, then it is necessary to determine the additional need for labor resources by category and profession and the sources of their attraction.

It should be noted that if the activity of an enterprise requires a significant investment of funds (capital), which can pay off and bring benefits only in a more or less long term, then deviations from this “golden rule” are likely. Then these deviations should not be considered as negative. The reason for the occurrence of such deviations is the investment of capital in the development of new production technologies, processing, storage of products, modernization and reconstruction of existing enterprises.

The efficiency of the economic activity of the enterprise is the ability of the enterprise to make a profit. There are some ratios of indicators necessary for the normal functioning of the enterprise. So, the cost of production should be in a satisfactory ratio to the volume of sales, revenue - in an acceptable ratio to the invested capital, etc. This largely determines the main criteria for a profitable enterprise. Based on an analysis of the current state of such criteria and the emerging trends in their change, measures are developed that are necessary to stabilize favorable trends or, conversely, to eliminate unfavorable ones.

2. Methodology for calculating and analyzing performance indicators of an enterprise using the example of CJSC Caustic »

2.1 Brief description of CJSC Caustic

Sterlitamak Closed Joint Stock Company "Kaustik" - one of the largest chemical enterprises in Bashkortostan - is a diversified chemical giant with advanced technology, high-quality products that are in demand not only in many regions of our country but also abroad. Unique production facilities have been built here, which have no analogues, for example, synthetic glycerin, aluminum chloride. In recent years, in terms of volume industrial production The association is on a par with largest enterprises cities - JSC "Soda", the plant of CJSC "Kaustik".

The subject of the company's activity is:

Production of chemical products that meet the requirements and interests of consumers, for example: liquid nitrogen, allyl chloride, aluminum chloride, vinyl chloride, synthetic technical dichloroethane glycerin, synthetic hydrochloric acid, PVC plastic compounds, caustic soda and much more;

Implementation of research, development and design work;

Production of consumer goods, for example: linoleum, tablecloths, curtains, oilcloth, film, frame profile, "whiteness", various cleaning products, buckets, mugs, funnels, etc.

Production of construction, installation and repair work; trade and purchasing activities;

Foreign economic activity;

Technical examination and diagnostics of chemical equipment, pipelines and building structures of buildings and structures.

The Company independently manages its financial and production activities, develops a production program and a program for the reconstruction and development of the team. The financial and production activities of the company are carried out on the basis of self-financing and self-sufficiency, independently set prices, wages, and use of profits. The authorized capital of the company is 108684700 (one hundred eight million six hundred and eighty four thousand seven hundred) rubles as of December 31, 2001.

The association not only manufactures and sells products, but also builds housing for its employees, has a powerful social sphere: kindergartens, a palace of culture, a dispensary, a children's health Camp, sports complex, etc. More than 8,000 people work at the enterprise.

The organizational structure of the enterprise is multilevel. The board of directors is the supreme governing body between meetings of shareholders; it appoints CEO, which has deputies for technological, commercial, personnel issues, who, in turn, through the departments of chief specialists, carry out the duties assigned to them. Since the manufactured products are diverse (more than two hundred types), the technological workshops are combined into production facilities on the basis of the uniformity of the products produced. Repair, transport, economic workshops are centralized and serve all production. Detailed scheme organizational structure and its description are given. (Annex 3)

2.2 Calculation and analysis of performance indicators

The property condition of the enterprise. The balance sheet serves as an indicator for assessing the financial condition of the enterprise / total balance is called the balance sheet and gives an approximate amount of funds at the disposal of the enterprise, since the price of the enterprise as a whole is usually higher than the total assessment of its assets. This difference characterizes the amount of goodwill. A preliminary assessment of the financial condition of the enterprise can be made on the basis of identifying "sick" balance sheet items, which can be conditionally divided into two groups:

Evidence of the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial situation: “Uncovered losses of past years”, “Losses of the reporting period” - the balance sheet does not have such items, both for the reporting period and for the same period last year ;

Evidence of certain shortcomings in the work of the enterprise, which can be identified according to analytical accounting data: “Accounts receivable”, “Other assets”, “Accounts payable” (overdue) - these articles exist, which for the period of the reporting year, which for the same period of the last year, we will consider these balance sheet items in detail in the analysis of receivables and payables. In general, judging only by the data of the balance sheet of the analyzed enterprise, which is given in the Appendix, it can be seen that the enterprise approached the beginning of the reporting year with a satisfactory financial position and with good financial stability.

Let's start the analysis of the enterprise with an assessment of the property status at the beginning and end of the year, as well as changes occurring during the reporting period.

In order to assess this, we will compile Table 1, “The structure of the property of an enterprise and the sources of its formation”, and then analyze it (Appendix 4).

As can be seen from the table data. During the reporting period, the company's assets increased by 347,366.4 thousand rubles, or 19%, including due to an increase in the volume of long-term assets by 161,606.5 thousand rubles, and an increase in working capital by 185,759.9 thousand rubles. In other words, the property mass increased mainly due to the growth of current assets. The foregoing is confirmed by data on changes in the composition of the property of the enterprise. So, if at the beginning of the analyzed period the structure of assets was characterized by an excess of non-expendable property (69.2%) over its other types, then by the end of the year the share of long-term assets decreased to 65.6%. Accordingly, the volume of working capital increased, the share of which increased from 30.7% to 34.3%.

The increase in current assets was associated primarily with an increase in accounts receivable (by 155823.2 thousand rubles), also with an increase in inventories (by 3590.9 thousand rubles) and with a slight increase in cash and short-term financial investments (by 9428.3 thousand rubles), but it is worth noting that if in monetary terms the production reserves increased, but their share in current assets decreased by the end of the year (by 2.1%). Thus, changes in the composition of working capital are characterized by a significant increase in receivables, cash and short-term financial investments, the share of which increased by 5.9% by the end of the year. From the above indicators, we can say that the company is not pursuing an effective policy of increasing current assets, mainly due to the growth of receivables.

Analysis of the passive part of the balance allows us to note that the additional inflow of funds in the reporting period in the amount of 347,366.4 thousand rubles. was associated with an increase in borrowed sources (by 4386.9 thousand rubles) and an increase in accounts payable by 376355.4 thousand rubles. In other words, the increase in the volume of financing of the enterprise's activities was secured by 1.2% with borrowed funds and by 108% with accounts payable. At the same time, the share of own funds and other liabilities decreased by 9.6%. The structure of sources of economic assets of the enterprise was characterized by the prevailing share of accounts payable and its share increased at the end of the year from 31.8% to 44.1%.

Changes during the reporting period suffered the composition of borrowed funds. Thus, the share of short-term bank loans decreased by 0.3%. As a result, the total amount of borrowed funds decreased by a small percentage from 2.9% to 2.6%, i.е. by the same share (0.3%).

It should also be noted that the amount of accounts payable and specific gravity, and in terms of growth in absolute terms, it significantly exceeds the amount of lending that the company provided to its customers (the amount of receivables). The fact that accounts receivable for this year increased by 155,823.2 thousand rubles, and accounts payable - by 376,355.4 thousand rubles, allows us to say that one of the financing items of the enterprise is supplier enterprises providing commercial credit ( or in fact - mutual non-payments, and the analyzed enterprise prefers not to pay suppliers' bills).

Summarizing the above, we can draw the following conclusions.

1. During the year, the company's policy regarding the formation of property was not effective. The increase in current assets was mainly due to high accounts receivable and a slight increase in cash and inventories.

2. Attention is drawn to the extremely low share of cash (less than 1%) in the total volume of working capital, which indicates their serious shortage.

3. The structure of liabilities is characterized by a significant excess of accounts payable over other sources of funds. There was a significant decrease in the share of equity capital (by 11.7%).

These changes may seriously worsen the financial position of the enterprise in the future. To clarify their causes, an analysis of financial indicators (ratios) is carried out.

We present the calculation of these indicators. and give an assessment of the property status based on these indicators. (Annex 5)

The amount of economic assets at the disposal of the enterprise (CS) is found by the formula (1).

XC bases \u003d 1824224.3 - 0 \u003d 1824224.3 thousand rubles;

XC otch \u003d 2171590.7 - 7926.3 \u003d 2163664.4 thousand rubles;

In dynamics:

% resp. - (2163664.4 -1824224.3)/ 1824224.3 100=18.6;

The company is increasing its property potential.

The share of fixed assets (ΔDOS) is calculated by formula (2).

ΔOS bas. = 1125935.4 /.1824224.3 = 0.617 or 61.7%;

ΔOS otch. = 1331304.6 / 2163664.4 = 0.615 or 61.5%;

There was a slight change in the share of fixed assets of the enterprise by the reporting year, their share decreased (by 0.2%).

The share of the active part of fixed assets (ΔOS A) is calculated by formula (3).

ΔOS A (basic) = (832252.8 + 54244.2) / 3026746.3 = 0.292 or 29.2%;

ΔOS A (otch.) \u003d (906668 + 63211.1) / 3254051.1 \u003d 0.298 or 29.8%;

There is a noticeable increase in the indicator (by 0.6%), a favorable trend.

The depreciation coefficient of fixed assets (K from os) is found by the formula (4)

K from wasps (base) = 2112219.5 / 3026746.3 = 0.698 or 69.8%;

K isos (otch.) \u003d 2144858.7 / 3254051.1 - 0.659 or 65.9%;

The share of the cost of fixed assets remaining to be written off as expenses increased (by 3.9%), which indicates the commissioning of new equipment at the enterprise.

The wear coefficient of the active part of fixed assets (K from wasp) is found by the formula (5).

K from wasp (base) = 638443.1 / (832252.8 + 54244.2) == 0.72 or 72%;

K from wasp (otch.) - 648308.7 / (906668 + 63211.1) = 0.668 or 66.8%;

The depreciation coefficient of the active part of fixed assets decreased by 5.2%, the company introduces new equipment.

The renewal coefficient (K update) is calculated by formula (6).

To update (otch.) \u003d 262404.6 / 3254051.1 \u003d 0.08 or 8%;

New, from existing fixed assets at the end of the reporting period amounted to 8%.

The retirement rate (K vyb) is calculated by the formula (7).

K vyb. (otch.) \u003d 35099.9 / 3026746.3 \u003d 0.011 or 1.1%;

In the reporting period, fixed assets at the enterprise retired 1.1%.

Let's summarize the results of the calculations.

We can say that the company is increasing its property potential. There was a significant increase in economic assets in the reporting year (by 18.6%) due to an increase in current assets (stocks, cash and accounts receivable for the most part). The share of the active part of fixed assets increased (by 0.6%), which is a favorable trend, the company is increasing its production capacity. Depreciation of fixed assets is very high, and it is mainly the active part that has worn out, which indicates that the enterprise does not replace equipment or does not have time to replace it in sufficient quantity. The percentage of the introduction of fixed assets, although it is 8%, is not enough to solve the problems of reproduction. In the reporting year, equipment is retired with a fairly high percentage of 1.1%. If the enterprise does not solve the issues of financing and reproduction of fixed assets, with such a percentage of depreciation and the rate of disposal, then the enterprise will be left without the main factor of production in the not distant future. In addition, the analysis of the property status shows that 65% of fixed assets lie in non-current assets (fixed assets and intangible assets), and, as we can see, fixed assets are worn out by more than 60%. From which it can already be judged as a little stable position.

Liquidity and solvency of the enterprise . After the assessment of the property status is calculated and made, let's move on to the consideration of indicators of liquidity and solvency of the enterprise. To characterize liquidity, we will calculate the following indicators:

The value of own working capital (TA c) is calculated by the formula (8).

TA s (base) = 560982.6 - 26834.5 - 640881.4 = -106733.3 thousand rubles;

TA s (otch.) \u003d 746742.5 - 7926.3 - 1017312 \u003d -278495.8 thousand rubles;

We see that the value of TA is numerically equal to the excess of current liabilities on current assets, both in the base year and in the reporting year, and even tends to increase compared to the base year (by -171,762.5 thousand rubles).

The maneuverability of functioning capital (MC) is calculated by formula (9).

MS (base) = 1667.9 / (-106733.3) = -0.015 or -1.5%;

MS (otk.) \u003d 3169.9 / (-278495.8) \u003d -0.011 or -1.1%;

The current liquidity ratio (K tl) is calculated by formula (10).

K t (base) \u003d (560982.6 - 26834.5) / 640881.4 \u003d 0.83;

K tl (otch.) \u003d (746742.5 -7926.3) / 1017312 \u003d 0.73;

In the reporting year, it decreased (by 0.1), which is an unfavorable trend. From these values ​​of the current liquidity ratio, it can be seen that the company cannot repay all short-term liabilities at the expense of current assets.

The quick liquidity ratio (K bl) is calculated by the formula (11).

K bl (base) \u003d (560982.6 - 259218.8 - 86935.7 - 26834.5) / 640881.4 \u003d 0.293 or 29.3%;

K bl (otk.) \u003d (746742.5 - 7926.3 - 262809.7 - 130622.5) / 1017312 \u003d 0.339 or 33.9%;

There is an increase in the quick liquidity ratio, in dynamics it amounted to 4.6%, but judging by the balance sheet of the enterprise, its growth was mainly due to the growth of unjustified receivables, which hardly characterizes the activity of the enterprise on the positive side.

The absolute liquidity ratio (K abs.l) is calculated by the formula (12).

K abs.l (base) = 1667.9 / 640881.4 = 0.0026 or 0.26%;

To abs.l (otch.) \u003d 3169.9 / 1017312 \u003d 0.0031 or 0.31%;

The coefficients for both the base year and the reporting year are rather low; there is a slight increase in the reporting year (by 0.05%). It can be seen that the company will not be able to repay, if necessary, some significant part of short-term debt obligations, which is an unfavorable trend.

Characterizing solvency, we calculate and consider the following indicators:

The share of working capital in assets (ΔTA xc) is calculated by the formula (13).

ΔTA xc (base) = (560982.6 - 26834.5) / 1824224.3 = 0.292 or 29.2%;

ΔTA xc (otch.) \u003d (746742.5 - 7926.3) / (2171590.7 - 7926.3) \u003d 0.341 or 34.1%;

The share of working capital in assets increased during the reporting year (by 4.9%), which is a favorable trend if it grows at the expense of own funds.

The share of own working capital in current assets (ΔTA and s) is calculated by the formula (14).

ΔTA and s (basic) = (560982.6 - 26834.5 - 640881.4) / (560982.6 - 26834.5) = -0.199 or -19.9% ​​;.

ΔTA and s (otch.) \u003d (746742.5 - 7926.3 - 1017312) / (746742.5 - 7926.3) \u003d - 0.376

The security of own current assets is negative and tends to increase. the negative coefficient increased (by 17.7%). This is bad growth.

The share of stocks in current assets (ΔЗ) is calculated by the formula (15).

ΔZ (base) \u003d (259218.8 + 86935.7) / (560982.6 - 26834.5) \u003d 0.648 or 64.8%;

ΔZ (otch.) \u003d (262809.7 + 130622.5) / 746742.5 \u003d - 0.527 or 52.7%;

From the calculation data, it can be seen that current assets are mainly formed at the expense of inventories, but for the reporting year it can be seen that their share has decreased (by 12.1%).

The share of working capital in the coverage of reserves (ΔЗТА with з) is calculated by the formula (16).

ΔZTA with s(base) = (- 106733.3) / (259218.8 + 86935.7) = - 0.308;

ΔZTA with s (otch.) \u003d (- 278495.7) / (262809.7 + 130622.5) \u003d - 0.707;

From the calculation data, it can be seen that the reserves are not covered by own working capital, that in the base year, that in the reporting year this indicator was negative and it can be seen how it has grown catastrophically.

The reserve coverage ratio (К з n) is calculated by the formula (17).

K s n (base) == (1183343 - 1263241.7 - 26834.5 + 53466.9 + 467355.7 + 25281.8) / 346154.5 = 1.27 or 127%;

K z n (otch.) \u003d (1154278.8 - 7926.3 - 1424848.2 + 57853.8 + 659150.5 + + 54289.6) / 393432.2 \u003d 1.25 or 125%;

The inventory coverage ratio is very high both in the base year and in the reporting year (>1), which characterizes the financial condition of the enterprise as stable, although its slight decrease in the reporting year (by 2%) is noticeable.

Consider a system of indicators that will help us determine the state of the company's accounts, which guarantees its constant solvency, i.e. financial stability.

The coefficient of financial dependence (K fz) is calculated by the formula (18).

K fz (base) \u003d 1824224.3 / 1183343 \u003d 1.54;

K fz (otch.) \u003d (2171590.7 - 7926.3) / (1154278.8 - 7926.3) \u003d 1.89;

From the calculations of this indicator, it can be seen that the company increased the share of borrowed funds in the financing of the reporting year and quite significantly (by "35 kopecks), which indicates that the company widely uses credit.

The coefficient of maneuverability of own capital (K sk m) is calculated by the formula (19).

K sk m (base) = (560982.6 - 26834.5 - 640881.4) / 1183343 == - 0.09;

K sk m (otch.) \u003d (746742.5 - 7926.3 - 1017312) / 1146352.5 \u003d -0.24;

It can be seen from the indicators that equity capital is not used for current activities, but is all capitalized.

The concentration ratio of borrowed capital (К зк к) is calculated by the formula (20).

K zk k (base) \u003d 640881.4 / 1824224.3 \u003d 0.35;

K zk k (otch.) \u003d 1017312 / (2171590.7 - 7926.3) \u003d 0.47;

Judging by the growth of this coefficient (by 0.12), it increases borrowed capital, which can be considered as an unfavorable trend.

Debt capital structure ratio is not calculated. there are no long-term accounts payable, it can also be said that all borrowed capital is short-term.

The permanent asset index (J VA) is calculated using the formula (22).

J VA (base) = 1263241.7 / 1183343 == 1.06;

J VA (otch.) \u003d 1424848.2 / 1146352.5 \u003d 1.24;

Summarizing all the data calculated above, we can say the following. (Annex 6)

In the reporting year, the value of own current assets decreased, which already indicates a deterioration in financial stability. As can be seen from the table, the quick liquidity and absolute liquidity ratios have increased, but current assets are also not enough to cover short-term accounts payable. At the same time, the current liquidity ratio decreased at the end of the year. The share of working capital in the coverage of stocks and the coverage ratio of stocks is decreasing. The coefficient of financial dependence is growing and by the end of the reporting year, the ruble of own funds already accounts for 85 kopecks. attracted, the coefficient of maneuverability of equity capital falls. From all of the above, it can be seen that the company worsened its financial position in the reporting year.

In conclusion, we will calculate the indicators (for the base and reporting years) - TA s (own working capital), PZ (permanent, reserves), IPF (normal sources of stock formation) and then reduce them into an inequality that will help us determine what kind of financial stability for the enterprise in question - absolute, normal or unstable,

TA s (base) = 560982.6 - 26834.5 - 640881.4 = -106733.3 thousand rubles; (24)

TA s (otch.) \u003d 746742.5 - 7926.3 - 1017312 \u003d - 278495.8 thousand rubles;

PZ base) \u003d 259218.8 + 86935.7 \u003d 346154.5 thousand rubles;

P3 (return) = 262809.7 + 130622.5 = 393432.2 thousand rubles;

IFZ (base) = 1183343 - 1263241.7 - 26834.5 + 53466.9 + 467355.7 + +25281.8 = 439371.2 thousand rubles;

IFZ (reported) \u003d 1154278.8 - 7926.3 - 1424848.2 + 57853.8 + 659150.5 + +54289.6 \u003d 492798.2 thousand rubles;

Base year financial strength:

106733,3 < 346154,5 < 439371,2

Based on this inequality, it can be seen that the financial stability of the enterprise is normal, its successful functioning lies in the fact that the enterprise uses mainly borrowed funds to cover the reserves.

Financial stability of the reporting year:

278495,8 < 393432,2 < 492798,2

We see that little has changed compared to the base year, the company only increased its dependence on borrowed funds in dynamics (by 12%). The company should review the management policy for inventory, receivables and payables.

Enterprise income indicators.

Now let's look at income figures. A capacious, informative indicator is the balance sheet profit (loss) as the final financial result. As we can see, in the base year, in the reporting years, the enterprise worked profitably. In 1999 profit amounted to 1824224.3 thousand rubles, and in 2000. - 2171590.7 thousand rubles, which can be seen from the data of the balance sheet, in dynamics compared to the previous year, the company increased its profit by 19%.

To determine the degree of profitability and return on capital, resources or products of an enterprise, we first calculate and summarize these indicators in Table 4, and then consider the most important financial indicators of profitability and business activity. The calculation will be carried out taking into account three indicators: for the base year; for the reporting year and the average m / s for the period for the base and reporting years. This will help us to more clearly show the changes in these indicators and make it possible to more accurately assess them, (Appendix 7)

Return on sales (K prod) is calculated using the formula 26.

To prod. (basic) \u003d (788328.6 - 763570.2) / 788328.6 100 \u003d 3.2%;

To prod. (otch.) \u003d (1209434.6 - 1086033.3) / 1209434.6 100 \u003d 10.2%;

There is an increase in the coefficient, it shows that the profit per unit of production has increased (by 7%), which means that the demand for the company's products has increased and the company is operating successfully.

The profitability of the entire capital of the company (K cap.) Calculates according to the formula 27.

K cap. (base) \u003d 24758.3 / 1824224.3 \u003d 0.01 or 1%;

K cap. (otch.) \u003d 123401.2 / 2163664.5 \u003d 0.057 or 5.7%;

K cap. (average) = 123401.2 / ((2163664.5 + 1824224.3) / 2) = 0.06 or 6%;

Return on equity (K cob.k) is calculated using the formula 28.

K sob.k (base) \u003d 24758.3 / 1183343 \u003d 0.02 or 2%;

K sob.k (otch.) \u003d 123401.2 / II 54278.8 \u003d 0.1 or 10%;

K sob.k (av.) = 123401.2 / ((1183343 + 1154278.8) / 2) = 0.05 or 5%;

The total capital turnover ratio (K about k) is calculated using the formula (30).

K ob to (base) \u003d 788328.6 / 1824224.3 \u003d 0.43;

To about to (otch.) \u003d 1209434.6 / 2163664.5 \u003d 0.55;

K ob to (av) \u003d 1209434.6 / ((2163664.5 + 1824224.3) / 2) \u003d 0.6;

The turnover ratio of mobile facilities (K about m.s.) is calculated by the formula (31).

To about m.s (base) \u003d 788328.6 / (259218.8 + 86935.7 + 55.4 + 1667.9) \u003d 2.26;

To about m.s (otch.) \u003d 1209434.6 / (262809.7 + 130622.5 + 434.6 + 3169.9) \u003d 3.04;

To about m.s (average) \u003d 1209434.6 / ((262809.7 + 259218.8 + 130622.5 + 86935.7 + +434.6 + 55.4 + 1667.9 + 3169.9) / 2) = 3.2;

The turnover ratio of inventories (K about mat.s) is calculated by the formula (32).

K about mat.s (base) \u003d 788328.6 / (259218.8 + 86935.7) \u003d 2.27;

K about mat.s (otch.) \u003d 1209434.6 / (262809.7 + 130622.5) \u003d 3.07;

K about mat.s (average) \u003d 1209434.6 / ((259218.8 + 262809.7 + 86935.7 + 130622.5) / 2) \u003d 3.27;

The turnover ratio of finished products (K about r) is calculated by the formula (33).

K about r (base) \u003d 788328.6 / 88339.7 \u003d 8.9;

K about r (otch.) \u003d\u003d 1209434.6 / 67638.3 \u003d 17.8;

K about r (average) \u003d 120943.4.6 / ((88339.7 + 67638.3) / 2) \u003d 15.5;

The turnover ratio of receivables (K about dz) calculates according to the formula (34).

K about d.z. (base) \u003d 788328.6 / (26834.5 + 186320.1) \u003d 3.69;

K about d.z. (otch.) \u003d 1209434.6 / 342143.2 \u003d 3.53;

K about d.z. (average) \u003d 1209434.6 / ((26834.5 + 186320.1 + 342143.2) / 2) \u003d 4.3;

The average period of turnover of receivables (K cf d.z.) is calculated by the formula (35).

K avg d.z (bas.) \u003d 365 / 3.69 \u003d 98.9 days;

To wed d.z (report.) \u003d 365 / 3.53 \u003d 103.3 days;

To wed d.z (av.) \u003d 365 / 4.3 \u003d 84.8 days;

The turnover ratio of accounts payable (K about q.z.) is calculated by the formula (36)

K about k.z. (base) = 788328.6 / 640881.4 = 1.23

K about k.z . (otch.) \u003d 1209434.6 / 1017312 \u003d 1.18

K about k.z. ( avg.)= 1209434.6 /((640881.4 + 1017312) / 2) = 1.45

The average period of turnover of accounts payable (K cf k.z.) is calculated by the formula (37).

By cf.c. (bas.) = 365 / 1.23 = 296.7 days;

By cf.c. (otch.) \u003d 365 / 1.18 \u003d 309.3 days;

By wed k.z. (av.) \u003d 365 / 1.45 \u003d 251.7 days;

The turnover ratio of own capital (K about s.k.) is calculated by the formula (38).

K about s.k (base) \u003d 788328.6 / 1183343 \u003d 0.66;

K about s.k (otch.) \u003d 1209434.6 / 1154278.8 \u003d 1.04;

K about s.k (av.) \u003d 1209434.6 / ((1183343 + 1154278.8) / 2) \u003d 1.03;

Return on assets (f) is calculated by the formula (39).

f (cp.) \u003d 1209434.6 / ((1125935.4 + 1331304.6) / 2) \u003d 0.98;

Capital intensity \u003d ((1125935.4 + 1331304.6) / 2) / 1209434.6 \u003d 1.01; (40)

Profitability of fixed assets and other non-current assets (K o.s.)

K o.s. (average) = 123401.2 / ((1125935.4+ 1331304.6) / 2) = 0.1 or 10%; (41)

Having summarized all the data in the table "Income Indicators", we see the following:

In general, for the enterprise, the profitability of all cost items is growing and approaches the proper level, but at the same time, as we see from the table, with an increase in K o k (capital turnover ratio) by 0.12, the coefficients K o d.z (receivables turnover) and To about k.z (turnover of accounts payable) fall by 0.16 and 0.05, respectively, which affects the average terms of turnover of debts. increased by 4.4 days, and K sr k.z. increased by 12.6 days. Although, as we see from the table, these coefficients tended to increase during the period of m / y in the base and reporting years, their terms decreased accordingly, which indicates that the enterprise worked very efficiently during this period;

· the capital intensity is very low, and the return on assets is high, this can be regarded as a favorable trend;

· When evaluating all indicators in the aggregate, we see that the growth of profitability indicators is not due to an increase in sales, but due to an increase in inflationary growth in prices for finished products.

The Golden Rule of Business Economics

(T RB > T QP > T B > 100%) (42)

We determine the rate of change: balance sheet profit T RB; sales volume Т QP ; the amount of assets T V.

T RB = 123401.2 / 24758.3 = 4.98 or 498%;

T QP \u003d 1209434.6 / 788328.6 \u003d 1.53 or 153%;

T B \u003d 2171590.7 / 1824224.3 \u003d 1.19 or 119%;

Having defined, we reduce them to an inequality.

498 > 153 > 119> 100%

Analysis of the use of labor resources.

Table 1

Analysis of the effectiveness of the use of labor resources

The absolute deviation in the number of employees is 501 people. those. surplus (over the base). Calculate the relative deviation in the number, for this we will adjust the base number by % of the plan for output and the adjusted number and compare it with the actual one.

Relative savings: 9387 - 17647 = -8260 people.

From this ratio it can be seen that profit increases at a higher rate than sales, which indicates a relative decrease in production and distribution costs. It can also be seen that the volume of sales is growing at a faster rate than the assets of the enterprise, i.e. enterprise resources are used more efficiently. And at the end, the economic potential of the enterprise increases compared to the previous period.

2.3 Suggestions for solving identified problems

The analysis of the performance indicators of the enterprise, CJSC "Caustic" revealed that the enterprise generally works satisfactorily and its work as a whole makes a profit, but some of its indicators are unsatisfactory and tend to decrease. Looking at these indicators (the depreciation rate of the active part of fixed assets, the retirement rate of fixed assets, the value of own working capital, the absolute liquidity ratio, the coefficient of equity capital flexibility), it can be seen that the main problems at the enterprise are:

Growth of receivables;

Growth of accounts payable;

Shortage of funds;

reproduction problem.

From these problems it can be seen that the company needs to change its policy in the field of financing and accumulation of reserves, reproduction.

AT modern conditions, in conditions of economic instability it is very difficult for an enterprise to accept right decisions which would allow the enterprise to get rid of the problems that have arisen. After all, for a long period in our country the concept of production, not sales, dominated. Optimization of the volume of output was considered as an estimate in the "pre-market" period; accordingly, a methodology for optimizing the volume of production was built, aimed at increasing output. At present, the approach to calculating the optimal output of products has changed and the starting point for drawing up the optimal plan is not production capacity, but the market demand for manufactured products.

In modern conditions for enterprises, in addition to limited demand, there are other restrictions: the maximum prices prevailing at the beginning of the reporting period, taking into account the growth of inflation, at which products can be sold, which leads to non-payment of buyers;

costs of production and sale of products, consisting of fixed and variable costs, where variable costs calculated according to consumption rates: raw materials, materials, wages of the main production workers, fuel and energy for technological purposes, etc., which leads the company to unjustified credit loans.

The current economic situation in the country requires a change in the planning and forecasting of the economic activity of the enterprise.

Conclusion

Analysis of performance indicators of the enterprise in modern conditions becomes a control element. This is practically the only tool for assessing the reliability of a potential partner (buyer or supplier) and a borrower, since, taken in isolation from one another, accounting data does not allow a complete picture of the financial position of the enterprise, which is the most important characteristic of the business activity and reliability of the enterprise. The financial position of the enterprise helps to determine the competitiveness and potential in business cooperation, is the guarantor of the effective implementation of the economic interests of all participants in the activities of both the enterprise itself and its partners. And the results of the analysis allow us to identify vulnerabilities that require special attention. It often turns out to be sufficient to find these places in order to develop measures for their elimination.

In a market economy, the interest of participants has significantly increased economic process to subjective and reliable information about the financial condition and business activity of the enterprise. All subjects of market relations - owners (shareholders), investors, banks, stock exchanges, suppliers, buyers, customers, Insurance companies, advertising agencies are interested in an unambiguous assessment of the competitiveness and reliability of their partners.

The calculation and analysis of the performance indicators of the enterprise using the example of CJSC Caustic showed that the enterprise is in a satisfactory financial position and growth prospects are possible if some of the difficulties identified by the analysis that the enterprise faces are overcome.

The calculation and analysis was carried out according to the following scheme:

Firstly, the property condition of the enterprise was assessed according to the balance sheet data and by calculating some indicators. From which it was determined that the policy of the enterprise in terms of the formation of property was not effective, although the property potential increased. Basically, the increase in current assets was due to high accounts receivable. Attention is drawn to the low share of funds, one can even say about their deficit. Depreciation of fixed assets is high, the enterprise does not have time to renew them sufficiently. The structure of liabilities is characterized by a significant excess of accounts payable over other sources of funds.

Secondly, an analysis was made of the indicators of liquidity and solvency of the enterprise. The value of own current assets decreased, quick liquidity and absolute liquidity ratios increased, but current assets are not enough to cover short-term accounts payable. The inventory coverage ratio is very high, but the financial dependency ratio is increasing, and the equity capital agility ratio is falling, which indicates that the company is increasingly using borrowed funds. This conclusion also suggests itself from the general inequality that determines the financial stability of an enterprise as normal, but it is also clear that it is dependent on borrowed funds.

Thirdly, an analysis of the profitability of the enterprise was carried out, which made it possible to draw up a general conclusion regarding the performance indicators of its activities: the profitability of capital investment and the optimality of the costs incurred. This section has revealed a system of profitability indicators that allow for a comprehensive assessment of the effectiveness of asset management and the profitability of activities. In general, the profitability of all cost items has increased for the enterprise, and the capital turnover ratio has also increased, which is undoubtedly a good indicator. The turnover ratios of accounts payable and receivable tended to increase over the period m / y in the base and reporting years, which indicates effective work enterprises. The capital intensity indicator is very low, and the return on assets is high, which indicates that the enterprise worked effectively in the reporting year.

At the end of all calculations, the rates of change were determined: balance sheet profit; the volume of sales and the amount of assets, and then summarized in the "golden rule of the economy", from which it was clear that the profit at the enterprise increases at a higher rate than sales, which also indicates a relative decrease in production and distribution costs. The volume of sales increased at a higher rate than the assets of the enterprise, i.e. enterprise resources are used more efficiently. Finally, from this inequality, we saw that the economic potential of the enterprise increased compared to the previous year.

However, it cannot be said with certainty that our analysis is complete, due to the imperfection of the methods used. To make economic decisions, it is necessary to involve additional data of managerial and production accounting and then draw final conclusions.

The following policy will help the company win the trust of consumers, increase sales:

1. Providing discounts to customers from the contractual price, subject to a reduction in the payment term, discounts can be provided in different sizes for different terms that satisfy the seller and the buyer, which will allow the company to quickly receive their money for goods and services, and also reduce losses from inflation.

2. Focus on increasing the number of customers - will reduce the risk of non-payment by the monopoly.

3. Control the state of settlements on overdue debts, and expand the scheme of advance payments, which will reduce the risk in terms of inflation to receive only a part of the cost of completed orders.

4. Provide for in contracts, subject to the release of products without prepayment, the presence of a pledge for the shipped products, the subject of which may be property, including things and property rights, as a result, the risk of non-payment by the customer will decrease, since in case the buyer fails to fulfill its obligations to pay for the products, the recovery may be subject to bail. Exclude the fulfillment of orders for the supply of products without contracts or under contracts that do not comply with the requirements of the Civil Code of the Russian Federation - reducing the risk of non-payment and increasing claims and lawsuits in court. Introduce the practice of transferring receivables in offsets to third-party enterprises and organizations, which will reduce your debt to creditors

5. Reduce the share of intermediaries in supply and marketing activities, which will reduce the risk of accounts payable through direct contracts. Develop a quarterly schedule for repayment of accounts payable, agreed on realistic possibilities. Develop a mechanism for the mutual exchange of shares with technologically related enterprises, which will lead to the creation of mutual interest and the repayment of debts.

6. Based on the inventory of property, consider the effectiveness of its use and decide on its further use (renting, selling), as a result - the receipt of additional funds.

7. To ensure the formation of an accumulation fund and its use for the purpose of modernization and technical re-equipment, which will make it possible to solve the problem of reproduction. Unused production areas, administrative premises to be loaded with new production facilities or leased - attraction of additional funds Attraction of additional funds.

8. Attraction of investment funds both at the expense of small non-consolidated investors and large strategic investors: - participation in investment competitions; the creation of subsidiaries of closed joint stock companies and small businesses, all this will lead to an increase in cash.

The presented material can be used as a basis for further study and analysis of the financial condition, financial results, profitability indicators. Calculate economical effect from the measures proposed in the third part, to eliminate the problems identified by the calculation data, and it may even be possible to introduce some of them into enterprises.

Bibliographic list of references

Regulations

1. Law of the Russian Federation "On Accounting" dated November 22, 1996

2. Regulations on accounting and financial reporting in the Russian Federation. Approved by order of the Ministry of Finance of the Russian Federation of July 29, 1998 No. №34n

3. Regulation on accounting "Accounting policy of the organization". (PBU 1/98). Approved by order of the Ministry of Finance of the Russian Federation dated 09.12.98 No. 60n

4. Directive of the Central Bank of the Russian Federation dated 07.10.98 No. 375-U. On establishing a certain amount of cash in the Russian Federation between legal entities.

Scientific literature

5. Analysis of economic activity in industry / Ed. - IN AND. Strazhev. - Minsk: "Higher School", 2001.

6. Artemenko V.G., Bellendir M.F. The financial analysis. M: DIS, 2000.

7. Afanasiev M., Kuznetsov P., Isaeva P. Crisis of payments in Russia: What is really happening?// Questions of Economics. - 1997. - No. 8.-S.3-10

8. Barngolts S.B., Sukharev A. Current assets industrial enterprises. -M.: Gospolitizdat, 1999.

9. Balabanov I.T. Collection of tasks on finance and financial management. M., 1998.

10. Dontsova L.V., Nikiforova N.A. Preparation and analysis of annual financial statements. M., 1997.

11. Efimova O.V. How to analyze the financial position of the company. - M.: BS "Intel-sintez", 1999.

12. Efimova O.V. Analysis of the turnover of funds of a commercial enterprise // Accounting. - 1998. - No. 10.

13. Efimova O.V. The financial analysis. - M.: Accounting, 2000.

14. Zhukov V.N. Formation of accounting policies of the organization // Accounting. - 2002. - No. 1.

16. Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2000.

17. Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis / 2nd ed., revised. And extra. M., 2001.

18. Makarova A.S., Mizikovsky E.A. Assessment of the balance structure // Accounting, 1996, No. 3.

19. Nikolaeva S.A. Features of cost accounting in market conditions: direct costing system. - M.: Finance and statistics, 1993.

20. Parushina N.V. Analysis of non-current and current assets in financial statements // Accounting. - 2002. - No. 2. - p. 52.

21. Parushina N.V. Analysis of equity and borrowed capital in financial statements // Accounting. - 2002. - No. 3. - p. 72.

22. Parushina N.V. Analysis of receivables and payables// Accounting. - 2002. - No. 4. - p. 46

23. Parushina N.V. Analysis of financial results according to financial statements // Accounting. - 2002. - No. 2. - p. 68.

25. Panina T.G. Preparation and provision of information in financial statements // Accounting, 1998, No. 4.

26. Rodioova V.M., Fedotova M.D. Financial stability of the enterprise in the conditions of inflation. - M.: Prospect, 1995.

27. Savitskaya G.V. Analysis of the economic activity of the enterprise. - Minsk: LLC "New Knowledge", 2001.

28. Hedderwick K. Financial and economic analysis of the activities of enterprises. M., 1998.

29. Sheremet A.D. Comprehensive economic analysis of the enterprise. - M.: Economics, 2001.

1. Deputy General Directors, heads of departments, services, subordinate to the General Director:

1.1 First Deputy General Director (for Economics and Finance);

1.2 Chief engineer;

1.3 Deputy General Director for Commercial Affairs;

1.4 Deputy General Director for Human Resources;

1.5 Deputy General Director for Investments and Repairs;

1.6 Chief accountant;

1.7 Head of the legal department;

1.8 Head of 1.2 departments and civil defense;

4.2.2 Marketing department;

4.3 Transport Authority;

4.3.1 Transport Bureau;

4.3.2 Shop of railway transport of loading and unloading operations and economic works;

4.3.3 Motor transport shop.

5. Departments and subdivisions subordinate to the Deputy General Director for Human Resources:

5.1 Social and cultural and community development;

5.1.2 Cultural and recreational, children's institutions, canteens;

5.2 Department of labor organization and wages;

5.3 Human resources department;

5.4 Administrative and economic department;

5.5 Paramilitary security unit;

5.6 Subsistence agriculture.

6. Departments and sections subordinate to the Deputy General Director for Investments and Repairs:

6.1 Investment department;

6.1.1 Construction and installation site No. 57;

6.2 Chief mechanic - head of department;

6.3 Chief power engineer - head of department;

6.4 Chief metrologist - head of department;

6.5 Chief Architect;

6.6 Certification point.

7. Subdivisions subordinate to the chief accountant:

7.1 Accounting.

8. Subdivisions subordinate to the Deputy Chief Engineer for Production:

8.1 Production and technical department;

8.2 Production No. 1,2,3 with subdivisions - functionally.

9. Subdivisions subordinate to the Deputy Chief Engineer for Quality:

9.1 Department of technical control.

10. Subdivisions subordinate to the Deputy Chief Engineer for Production Control and Labor Protection:

10.1 Occupational Safety and Health Department;

10.2 Paramilitary gas rescue squad;

11. Subdivisions subordinate to the Deputy Chief Engineer for Nature Protection:

11.1 Department of Nature Protection;

11.2 Shop for neutralization and wastewater treatment.

12. Subdivisions subordinate to the chief mechanic;

12.1 Department of chief mechanic;

12.2 Department of technical supervision;

12.3 Workshops No. 27,32,35,58.

13. Subdivisions subordinate to the chief power engineer:

13.1 Department of Chief Power Engineer;

13.2 Shop of power supply and communication;

13.3 Steam supply and sewerage shop.

14. subdivisions subordinate to the chief metrologist:

14.1 Department of the chief metrologist;

14.2 Instrumentation shop;

14.3 Department of ACS.

15. Subdivisions subordinate to the chief architect:

15.1 Department of the chief architect;

At the end of the year Deviation (+; -) Dynamics in % Amount thousand rubles % Amount thousand rubles % Amount of economic assets 1824224,3 100 2163664,5 100 +339440,2 +18,6 Share of fixed assets (DOS) - 61,7 - 61,5 - 0,2 The share of the active part of fixed assets (DOS a) - 29,2 - 29,8 - +0,6 Wear coefficient (K of os) - 69,8 - 65,9 - -3,9 Wear coefficient of the active part (K from os) - 72 - 66,8 - -5,2 Renewal factor (K refr.) - - - 8 - - Retirement rate (K vyb) - - - 1,1 - -

Appendix 6

Liquidity and solvency of the enterprise

Indicators	Prior year,		Reporting year,		Changes
	Thousand rub.	Coeff.	Thousand rub.	Coeff.
The amount of own working capital (TA s)	-106733,3	-278495,8	-171762,5
The maneuverability of functioning capital (MC)	-0,015	-0,011	+0,004
Current liquidity ratio (K tl)	0,83	0,73	-0,1
Quick liquidity ratio (K bl)	0,293	0,339	+0,046
Absolute liquidity ratio (K abs.l)	0,0026	0,0031	+0,0005
Share of working capital in assets (DTA хс)	0,292	0,341	+0,049
Share of own funds in current assets (DTA and s)	-0,199	-0,376	-0,177
The share of stocks in current assets (DZ)	0,648	0,527	-0,121
The share of own working capital in the coverage of reserves (DTA with s)	-0,308	-0,707	-0,399
Inventory coverage ratio (K s p)	1,27	1,25	-0,02
Coefficient of financial dependence (K fz)	1,54	1,89	+0,35
Equity maneuverability ratio (K sk m)	-0,09	-0,24	-0,15
Debt capital concentration ratio (K zk k)	0,35	0,47	+0,12
Permanent asset index (J wa)	1,06	1,24	+0,18

Appendix 7

Income figures

Indicators	Base year	Reporting year	Change	Average indicator for the reporting period from 01.01. to 21.12.00
Return on sales (To prod.), %	3,2	10,2	+7	-
Return on the total capital of the company (K cap),%	1	5,7	+4,7	6
Return on equity (K op.k),%	2	10	+8	5
Total capital turnover ratio (K o k)	0,43	0,55	+0,12	0,6
Mobile assets turnover ratio (K about m.s.)	2,26	3,04	+0,78	3,2
Inventory turnover ratio (K about mat.s.)	2,27	3,07	+0,8	3,27
Turnover ratio of finished products (K about g)	8,9	17,8	+8,9	15,5
Accounts receivable turnover ratio (K about d.z.)	3,69	,53	+0,16	4,3
Average period of receivables turnover (Kavg.d.z.), days	98,9	103,3	+4,4	84,8
Accounts payable ratio (K about q.z.)	1,23	1,18	-0,05	1,45
Average period of turnover of accounts payable (K avg. k.z.), days	296,7	309,3	12,6	251,7
Equity turnover ratio (K about s.k.)	0,66	1,04	+0,38	1,03
return on assets	-	0,98	-	-
capital intensity	-	1,01	-	-
Profitability of fixed working capital and other non-current assets (K O.S.) %	-	-	-	10

2.2.1 Profit analysis

Let's determine the size of net profit and its dynamics for the last two years in table 11.

Table 11. Size and dynamics of net profit

During the reporting period, the company's net profit increased by 431.14 thousand rubles. by increasing output and reducing production costs.

Let's analyze the implementation of the plan for profit and its structure in table 12.

Table 12. - Implementation of the profit plan and its structure

The composition of the balance sheet profit	Last year		Reporting year			Deviation from last year
			according to business plan	according to the report	business plan deviations
balance sheet profit
Including:
sales profit
income from participation in other organizations
the difference in interest earned and paid
difference between operating income and expenses
other non-operating financial results

The main share in the balance sheet profit of the enterprise is profit from the sale of products, which increased by 2355 thousand rubles. compared to the base period and also exceeded the level of the business plan by 68 thousand rubles.

Imagine the formation of profit from the sale of products in table 13.

Table 13. - Profit from the sale of products

	Indicators	Prior year	Reporting year	Deviations
				in absolute terms
	Revenue (net) from product sales
	Cost of sales
	Selling expenses
	Management expenses
	Profit from product sales (p.1-p.2-p.3-p.4)

In the reporting period, the profit from the sale of products increased by 2353.5 thousand rubles, due to the growth in revenue from the sale of products by 16077 thousand rubles, but at the same time the cost of sales increased by 13723.5 thousand rubles. outstripping growth of proceeds from sales of products over the cost of sales was reflected in the growth of profits. The dynamics of revenue and profit is shown in the figure.

Figure 2. - Dynamics of revenue and profit from product sales

2.2.2. Analysis of profitability indicators

Profitability indicators characterize the efficiency of the enterprise as a whole, as well as the profitability of various activities, show the cost recovery.

The calculation of profitability indicators is made in table 14.

Table 14. Profitability indicators

	Indicators	for the beginning of the year	at the end of the year	change
	Balance sheet profit, thousand rubles (P)
	Net profit, thousand rubles
	Production costs, thousand rubles
	Proceeds from the sale of goods, products, thousand rubles. (AT)
	Invested capital
	Profitability of production activities
	by book profit
	by net profit
	Return on sales (P)
	by book profit
	by net profit
	Return on equity
	by book profit
	by net profit

Thus, during the reporting period, the profitability of production activities at the enterprise increased by 7.8%, the profitability of sales by 7.1% and the return on equity by 5.4%, mainly due to the outstripping growth of balance sheet profit and net profit.

Let's carry out the factorial analysis using the logarithm method for the P=B*R model.

= 1004.538656 thousand rubles

= 1345.961344 thousand rubles

= 2350.5 thousand rubles.

= 2350.5 thousand rubles.

The analysis showed that in the analyzed period, the balance sheet profit increased by +2350.5 thousand rubles, including due to revenue by +1004.538656 thousand rubles, profitability of sales by +1345.961344 thousand rubles.

2.2.3. Analysis of turnover indicators

Based on materials annual report Table 15 shows the data needed to calculate the company's capital turnover ratio. Table 15. - Data required to calculate the company's capital turnover indicators

The name of indicators	The number of the form (line) of the annual report, as well as the calculation formula	The absolute value of the indicator
1. Net sales
2. Average annual value of assets
3. Average annual cost of equity
4. Average annual cost of equity and long-term liabilities
5. Average annual value of real assets
6. Average annual value of real estate
7. Average annual value of current assets

Based on the data in the table, indicators characterizing the turnover of capital were calculated (table 16).

Table 16. - Indicators characterizing the turnover of capital

The name of indicators	Calculation formula	Indicator value
	Net sales / Average annual asset value
	Net sales / Average annual cost of equity
	Net sales / Average annual value of equity and long-term liabilities
	Net sales / Average annual value of real assets
	Net sales / Average annual value of real estate
	Net sales / Average annual value of current assets

The calculation of the coefficients characterizing the turnover of capital in dynamics is performed as follows (table 17): net sales for the last year are divided by the value of the asset at the beginning of the current year; net sales for the current year divided by the value of the asset at the end of the current year.

Table 17. - Coefficients characterizing the turnover of capital in dynamics

The name of indicators	indicator value in the current period	the value of the indicator in the previous period	deviation
1. Asset turnover ratio
2. Equity turnover ratio
3. Invested capital turnover ratio
4. The turnover ratio of capital goods
5. Turnover ratio of fixed assets
6. Turnover ratio of current assets (working capital)

Thus, in the current period, all indicators of the turnover of the company's assets have improved compared to the previous period. During the period under review, the largest growth occurred in the turnover ratio of current assets from 1.1082 to 1.9341 due to the largest outpacing of the growth rate of net sales over the growth rate of current assets, which indicates an improvement in the efficiency of the use of the company's working capital.

The calculation of the indicator of the duration of the turnover of the capital of the enterprise and its dynamics are shown in table 18.

Table 18. Duration and dynamics of the capital turnover of an enterprise

	Indicators	Prior year	Reporting year	Deviations
	Net sales
	Average annual value of current assets
	Turnover of current assets (p.1:p.2)
	Duration of turnover of current assets in days (360:p.3)

Thus, the duration of the turnover of current assets for the period under review decreased by 139 days.

The calculation of indicators of inventory turnover is made in table 19.

Table 19. - Inventory turnover indicators

	Indicators	Prior year	Reporting year	Deviations
	Inventory cost
	including
	productive reserves
	finished products
	Cost of goods sold
	Inventory turnover (times) (p.2: p.1)
	productive reserves
	finished products

Thus, the turnover of inventories in the reporting period increased by 0.6782 times compared to the base, including for inventories by 1.2563 times, for finished products by 0.6537 times.

The calculation of the turnover of accounts receivable for the period under review is shown in the following table 20.

Table 20. - Turnover of receivables

The turnover of accounts receivable decreased by 0.4 times due to the decrease in the share of accounts receivable in the volume of sales from 0.74 in the previous period to 0.36 in the reporting period.

The calculation of the need for own working capital of the enterprise at the end of the year is made in table 21.

Table 21. - The need of the enterprise for its own working capital

The name of indicators	amount, thousand rubles
1. Average inventory
2. Average leftovers of finished products
3. Average work in progress
4. Average value of advances issued by suppliers
5. Average amount of accounts receivable
6. The average value of receivables for finished products and services rendered minus the profit contained in it (15.6%)
7. Average value of capital invested in current assets (line 1+line 2+line 3+line 4+line 5+line 6)
8. Average balances of accounts payable
9. Advances received from buyers
10. Working capital requirement - total (p.7-p.8-p.9)

As a result of the acceleration of capital turnover, the economic effect is expressed in the relative release of funds from circulation, as well as an increase in the amount of revenue and the amount of profit.

P about - change in the turnover period.

Consequently, the economic effect of reducing the duration of the turnover of current assets by 139 days amounted to +5461 thousand rubles.

The main ways to accelerate the turnover of capital:

reduction of the production cycle;

improving the organization of material and technical supply;

acceleration of the processes of shipment and execution of settlement documents;

reducing the duration of funds in receivables;

promotion marketing activities enterprises, i.e. accelerate the movement of goods from producer to consumer.

To analyze changes in the qualitative composition of working capital, assets are grouped according to their content, functional role in the production process, sources of formation, degree of liquidity and a number of other features. On this basis, the qualitative composition of working capital is assessed at the beginning and end of the year (Table 22).

Table 22. - Assessment of the qualitative composition of working capital

	Signs of classification of current assets	Classification groups	Name certain types current assets or relevant sections and items of the balance sheet	for the beginning of the year		at the end of the year
				thousand roubles.		thousand roubles.
	depending on the functional role in the production process	a) working capital	raw materials, materials, fuel, work in progress, semi-finished products of own production, deferred expenses
		b) circulation funds	finished products, goods shipped, cash on the current account, funds in settlements with other enterprises and organizations
	depending on the sources of working capital formation	a) own working capital
		b) borrowed funds	bank loans, creditors' debt
	depending on liquidity (speed of conversion into cash)	a) completely liquid funds	all types of cash and short-term financial investments
		b) quick realizable working capital	accounts receivable, payments on which are expected within 12 months after the reporting date and other current assets
		c) slow-moving working capital	stocks of raw materials, materials, IBE, work in progress, receivables, payments on which are expected more than 12 months after the reporting date, other stocks and costs
	depending on the risk of capital investment	a) capital minimal risk attachments	cash, short-term investments
		b) capital with low investment risks	receivables, except for doubtful, inventories less stale, finished products less not in demand
		c) capital with an average investment risk
		d) capital with a high investment risk	work-in-progress, IBE, RBP, doubtful receivables, stale inventories, non-demand products

During the analyzed period, in the structure of current assets, depending on the functional role in the production process, the share of circulation funds increased to 61.8% of all assets; the ratio between own working capital and borrowed funds has practically not changed; the share of absolutely liquid funds increased from 7% to 14% by the end of the year, while the share of slow-moving working capital decreased; the share of capital with a high investment risk decreased to 18%, while maintaining the main group of capital with an average investment risk of about 69%.

The calculation of business activity ratios is made in table 23.

Table 23. Business activity ratios

	Indicators	for the beginning of the year	at the end of the year	change
	Revenue from product sales
	for the last year
	for the reporting year
	Balance currency
	The value of reserves and costs according to the balance sheet
	Cash, settlements and other assets
	Accounts receivable
	Accounts payable
	Fixed assets and other non-current assets
	The value of the sources of own funds of the enterprise
	Total capital turnover ratio (line 1: line 2)
	Mobile asset turnover ratio [(p.1) / (p.3+p.4)]
	Inventory turnover ratio (p.1 / p.3)
	Accounts receivable turnover ratio (line 1 / line 5)
	Term of turnover of receivables (365 / line 12)
	Accounts payable turnover ratio (line 1 / line 6)
	Turnover period of accounts payable (365 / line 14)
	Return on assets of fixed assets and other non-current assets (p. 1 / p. 7)
	Equity turnover ratio (line 1 / line 8)

The analyzed period can be characterized by an improvement in all calculated indicators of business activity, which indicates a stable economic development of the enterprise: the turnover of capital, mobile assets, inventories, receivables, accounts payable, equity increased, the return on assets increased, the duration of the turnover of accounts receivable and accounts payable decreased. debt.

The calculation of the level of product profitability and production profitability is made in table 24.

Table 24. - The level of profitability of products and profitability of production

	Indicators	for the beginning of the year	at the end of the year	change
	Balance sheet profit, thousand rubles
	The volume of sales of products without VAT, thousand rubles.
	Average annual cost of fixed assets, thousand rubles
	Average annual balances of circulating assets, thousand rubles
	The average annual cost of production assets, thousand rubles. (p.3 + p.4)
	The coefficient of capital intensity of production, kop. (page 3 / page 2)
	Coefficient of fixing working capital, kop. (p.4 \ p.2)
	Product profitability level, % (p.1 / p.2 *100%)
	Production profitability level, % (p.1 / p.5 *100%)

An analysis of the level of profitability showed that during the reporting period, the profitability of products increased by 6% due to an increase in balance sheet profit by 2350.5 thousand rubles; profitability of production increased by 6.5%, also mainly due to the outstripping growth of balance sheet profit.

Conclusions on section 2.2.

During the analyzed period, the balance sheet profit increased by 592.8 thousand rubles, the net profit of the enterprise increased by 431.1 thousand rubles. the main share of the balance sheet profit of the enterprise is profit from the sale of products, the value of which in the reporting period increased by 2355 thousand rubles. compared to the previous period. The growth of profit from sales of products is associated with an increase in revenue from sales of products by 16,077 thousand rubles. or 213.9%. During the reporting period, the company increased the profitability of production activities by 7.8%, the profitability of sales by 7.1% and the profitability of capital by 5.4%. The coefficients characterizing the turnover of capital increased in the reporting period, the duration of the turnover of current assets for the period under review decreased by 139 days. The company's need for its own working capital amounted to 13,108.5 thousand rubles. As a result of the acceleration of capital turnover, the economic effect amounted to 5460.5 thousand rubles. The analyzed period can be characterized by an improvement in business activity indicators, which indicates a stable economic development of the enterprise: the turnover of capital, mobile assets, inventories, receivables, accounts payable, equity increased, the return on assets increased, and the duration of the turnover of receivables and payables decreased.