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Financial analysis of an enterprise using the example of a travel agency

Introduction

1. Travel companies, their economic activities and financial analysis showing themAteli

1.1 Indicators of economic activity of a travel company

1.2 The role of economic analysis in increasing the efficiency of economic activitiesOtravel agency

2. Analysis of the financial condition of the travel company LLC "Satellite»

2.1 Indicators and types of services provided by the travel company LLC "Satellite»

2.2 Analysis of the property status and financial resources of the travel company LLC "Satellite»

2.3 Analysis of the financial condition of the travel company LLC "Satellite»

3. Development of measures to improve the financial condition of the travel company LLC "Satellite»

Conclusionse

List of used literature

Introduction

Russia has enormous potential both for the development of domestic tourism and for receiving foreign travelers. It has everything you need - a huge territory, a rich historical and cultural heritage, and in some regions - untouched, wild nature.

Currently, the tourism industry is one of the most dynamically developing forms of trade in services. In many countries of the world, tourism is developing as a system that provides every opportunity to get acquainted with the history, culture, customs, spiritual and religious values ​​of a given country and its people. There are also a lot of individuals and legal entities working in this area, one way or another connected with the provision of tourism services. In addition to being a significant source of income, tourism is also one of the powerful factors in enhancing the prestige of a country and increasing its importance in the eyes of the world community and ordinary citizens.

Analysis of the financial and economic activities of a tourism organization is one of the most effective tools for accounting and monitoring the level of use of material, labor and monetary resources, which is determined by the practical use of its results in production planning and assessing the efficiency and quality of work. Analysis of the financial and economic activities of a tourism organization is intended to characterize changes in the material and technical base of the organization and performance indicators, to provide a deep economic justification for decisions through which management functions are implemented. The analysis reveals the effectiveness of using the resources at the disposal of the tourism organization, reserves for further growth of labor productivity, reducing the cost of tourism products and increasing the profitability of activities. Nowadays, when a huge number of Russian tourism organizations are in a difficult financial situation, improving the financial condition of a tourism organization is of great importance.

It is the relevance of this problem that determines the choice of the topic of work. travel company financial condition

The objectives of the study are as follows:

1) consider the essence and legal regulation of the financial condition of a tourism organization;

2) consider the system of indicators characterizing the system of indicators of a tourism organization;

3) analyze the financial condition of the tourist organization under study, in particular, conduct a vertical and horizontal analysis of the balance sheet, calculate and analyze the coefficients of financial stability, business activity, liquidity and solvency, consider the likelihood of bankruptcy of the tourist organization;

4) develop ways to improve the activities of the tourist organization under study.

The object of the study is the limited liability company "Sputnik" (LLC "Sputnik").

The work consists of an introduction, three chapters, a conclusion, a list of references and applications.

1. Travel companies, their economic activities and financial analysis of their indicators

1.1 Indicators of economic activity of a travel company

One of the main requirements for the functioning of tourism organizations and their associations in a market economy is the break-even of economic and other activities, reimbursement of expenses with their own income and ensuring profitability and profitability of business in certain amounts. The main task of tourism organizations is economic activity aimed at making a profit to satisfy the social and economic interests of members of the workforce and the interests of the owner of the enterprise's property. The main indicators characterizing the results of commercial activities of tourism organizations are gross income, other income, distribution costs, profit and profitability.

The purpose of analyzing the volumetric indicators of the activities of tourism organizations is to identify, study and mobilize reserves for increasing income, profits, increasing profitability while improving the quality of customer service of tourism organizations. In the process of analysis, the degree of implementation of plans for income, costs, profits, profitability is checked, their dynamics are studied, the influence of factors on the results of commercial activities of tourism organizations is determined, and reserves for their growth are identified and mobilized, especially forecast ones. One of the main tasks of the analysis is also to study the economic feasibility and efficiency of the distribution and use of profits.

To achieve these goals, tourism organizations must solve the following tasks:

· evaluate the extent to which profit maximization was ensured;

· in cases of unprofitable work, identify the reasons for such management and determine ways out of the current situation;

· consider income based on their comparison with expenses and identify profit from sales;

· study trends in income changes in the main groups of tourism products and in general from the activities of a tourism organization;

· identify what part of the income is used to reimburse costs, taxes and generate profits;

· calculate the deviation of the amount of balance sheet profit compared to the amount of profit from sales and determine the reasons for these deviations;

· examine various profitability indicators for the reporting period and over time;

· identify reserves for increasing profits and increasing profitability and determine how and when it is possible to use these reserves;

· study the areas of use of profits and assess whether financing is provided from their own funds for the development of economic activities.

In practice, external and internal analysis is used.

External analysis is based on published reporting data and therefore contains a limited amount of information about the activities of tourism organizations. Its purpose is to assess the profitability of a tourism organization and the efficiency of capital use. The results of this assessment are taken into account in the relationship of the tourism organization with the founders, creditors, tax authorities and serve as the basis for determining the position of this enterprise in the market, in the industry and in the business world. Naturally, the published information does not affect all areas of the enterprise’s activity; it contains aggregated data, mainly about their financial activities of tourism organizations, and therefore has the ability to smooth out and veil the negative phenomena that occur in the activities of tourism organizations.

Internal analysis is of greatest importance in assessing the performance of tourism organizations and determining measures to increase profits and improve profitability. It is based on the use of the entire complex of economic information, primary documents and analytical, statistical, accounting and reporting data. The analyst has the opportunity to realistically assess the state of affairs at the enterprise. He can obtain from the primary source reliable information about the pricing policy of the enterprise and its income, about the formation of profit from sales, about the structure of costs and other expenses, to assess the position of the enterprise in the markets of tourism services, about gross (balance sheet) profit, etc.

An integrated approach to studying the final results of the commercial activities of tourism organizations allows one to make informed management decisions in the course of current activities and contributes to the selection of the best options for action in the future.

To analyze the production efficiency and financial condition of the enterprise, various methods and indicators are used. First of all, this is a system of indicators that characterizes the efficiency of resource use and their impact; profitability indicators.

Profitability is one of the general indicators characterizing the economic efficiency of the economic activities of any organization.

Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various areas of activity (entrepreneurial, investment), cost recovery, etc. They reflect the final results of business more fully than profit, because their value shows the ratio of the effect to cash or resources used. They are used to assess the performance of an enterprise and as a tool in investment policy and pricing.

Profitability indicators can be combined into several groups:

1) indicators characterizing the return on costs and investment projects,

2) indicators characterizing the profitability of sales,

3) indicators characterizing the profitability of capital and its parts.

All indicators can be calculated based on gross profit, sales profit and net profit.

Profitability is measured mainly by two indicators.

The first is determined by the ratio of profit from sales to the total commercial cost, expressed as a percentage. This indicator characterizes how much profit is generated per 1 ruble of sales, i.e. characterizes the recoupment of all current costs.

R3 = Prp / Zrp (1)

R3 = PE / Zrp (2)

It shows how much profit the company makes from each ruble spent on the sale of tourism products. It can be calculated for the enterprise as a whole, its individual divisions and types of goods (works, services).

The second profitability indicator characterizes the efficiency of use of funds. It is defined as the ratio of profit from sales to the average annual cost of fixed and working capital assets.

Rototal = Pb / (Oc + Ob) (3)

Thus, both profitability indicators (profitability level) characterize the payback of both current costs and all material resources.

Return on sales (turnover) is the ratio of profit from sales or net profit to the amount of revenue received:

R3 = Prp / V (4)

R3 = PE / V (5)

Рп = Profit / Sales volume (6)

Characterizes the efficiency of entrepreneurial activity: how much profit does the enterprise have per ruble of sales. This indicator is widely used in a market economy. It is calculated as a whole for the tourism organization and individual types of goods (works, services).

In addition, the return on fixed capital is calculated:

Rsk = Profit / Fixed capital (7)

And return on equity

Rsk = Profit / Equity (8)

Return on equity characterizes the efficiency of using capital invested in the economic activities of a tourism organization at the expense of its own sources of financing.

In the process of analysis, the dynamics of the listed profitability indicators, the implementation of the plan at their level are studied, and inter-farm comparisons are made with competing enterprises.

1.2 The role of economic analysis in increasing the efficiency of business activities of a travel company

Financial analysis is a method of understanding the financial mechanism of an enterprise, the processes of formation and use of financial resources for its operational and investment activities. The result of financial analysis is an assessment of the financial well-being of the enterprise, the state of its property - assets and liabilities of the balance sheet, the rate of turnover of all capital and its individual parts, the profitability of the funds used. From the standpoint of the financial activities of any commercial organization, there is an inherent need to solve two main problems:

1) maintaining the ability to meet current financial obligations;

2) provision of long-term financing in the desired volumes and the ability to painlessly maintain the existing or desired capital structure.

These tasks are formed in terms of characterizing the financial condition of the enterprise from the perspective of short-term and long-term prospects, respectively.

The fundamental concepts in this section of the analysis methodology are “liquidity” and “solvency”.

The level of liquidity of an enterprise is assessed using special indicators - liquidity ratios, based on a comparison of current assets and short-term liabilities.

Solvency means the availability of funds and their equivalents sufficient to pay accounts payable requiring immediate repayment. Thus, the main signs of solvency are: the presence of sufficient funds in the current account; absence of overdue accounts payable.

An analysis of the liquidity of a tourism organization is an analysis of the liquidity of the balance sheet and consists of comparing funds for assets, grouped by degree of liquidity and arranged in descending order, with liabilities for liabilities, combined according to their maturity dates in ascending order.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of a tourism organization are divided into the following groups:

The most liquid assets of A1:

amounts for all items of cash that can be used for settlements immediately (line 260);

(securities) (line 250)

A1 = line 260 + line 250 (9)

Quickly realizable assets A2 - assets that require a certain time to convert into cash -

accounts receivable (payments for which are expected within 12 months after the reporting date) (line 240);

other receivable assets (line 260):

A2 = line 240 + line 270 (10)

Slowly realizable assets A3 - nominal liquid assets -

· inventories, except for the line “Calculations for future periods” (line 210);

· value added tax on acquired values ​​(line 220);

· accounts receivable (payments for which are expected more than 12 months after the reporting date) (line 230);

· other inventories (line 217).

A3 = line 210 + line 220 + line 230 - line 217 (11)

Hard-to-sell assets A4 - all items of section 1 of the balance sheet “Non-current assets” (line 190):

A4 = line 190 (12)

These assets are intended to be used in business activities for a sufficiently long period of time.

The first three groups of assets can constantly change during the business period and relate to the current assets of the tourism organization. They are more liquid than the rest of the company's assets.

The organization's liabilities (balance sheet liability items) are also grouped into four groups and arranged according to the degree of urgency of their payment.

The most urgent obligations P1:

accounts payable (line 620);

· debt to participants (founders) for payment of income (line 630);

· other short-term liabilities (line 660);

P1 = line 620 + line 630 + line 660 (13)

Short-term liabilities P2 -

short-term loans and credits (line 610);

P2 = line 610 (14)

Long-term liabilities P3:

long-term loans and borrowings, items in section 4 of the balance sheet (line 590).

P3 = line 590 (15)

Constant liabilities P4:

articles in section 3 of the balance sheet “Capital and reserves” (line 490);

individual items of section 5 of the balance sheet “Current liabilities” that were not included in the previous groups (line 217);

deferred income (line 640);

reserves for future expenses (line 650).

To maintain the balance of assets and liabilities, the total of this group should be reduced by the amount under the item “Deferred expenses”.

P4 = line 490 + line 640 + line 650 - line 217 (16)

An organization is considered liquid if its current assets exceed its short-term liabilities. The actual degree of liquidity and its solvency can be determined on the basis of balance sheet liquidity.

At the first stage of analysis, these groups of assets and liabilities are compared in absolute terms. The balance sheet is considered liquid subject to the following ratios of groups of assets and liabilities:

If three conditions are met (A1 → P1, A2 → P2, A3 → P3), i.e. current assets exceed the organization's external liabilities, then the last condition is also satisfied: A4? P4 (it confirms that the organization has its own working capital and means compliance with the minimum condition of financial stability).

Failure to meet one of the first three inequalities indicates a violation of the liquidity of the balance sheet. At the same time, the lack of funds in one group of assets is not compensated by their surplus in another group, since compensation can only be based on cost; in a real payment situation, less liquid assets cannot replace more liquid ones.

Comparison of the most liquid and quickly realizable assets with the most urgent liabilities and short-term liabilities shows current liquidity, i.e. solvency or insolvency of the organization at the time closest to the time of analysis.

Comparison of slowly selling assets with long-term liabilities shows promising liquidity, i.e. forecast of the organization's solvency.

The above-described coefficients allow us to diagnose the results of the financial and economic activities of a tourism organization, establish and evaluate its financial position, understand why this situation arose, and develop ways to improve the efficiency, solvency and financial stability of the tourism organization.

2. Analysis of the financial condition of the travel company Sputnik LLC

2.1 Indicators and types of services provided by the travel company Sputnik LLC

The object of research in this work is the limited liability company “Sputnik”, which is based on private ownership and is an independent economic entity. The abbreviated corporate name is Sputnik LLC. Legal address of Sputnik LLC: Ryazan, st. Krasnoryadskaya, 1.

Sputnik LLC was created on January 31, 2000 and operates in accordance with current legislation, the charter and the constituent agreement.

From the moment of its registration, the company is a legal entity, has separate property, an independent balance sheet, current and other bank accounts, seals, stamps, forms with its name and other means of individualization.

The purpose of creating a company is to make profit. The main activity of Sputnik LLC is the organization of tourist and business trips, both in the Ryazan region and beyond. Sputnik LLC also provides intermediary services in purchasing vouchers offered by travel organizations. Thus, in addition to the functions of a tour operator (organizing trips, providing a certain set of tourist services), the company performs the functions of a travel agency - an intermediary between those wishing to purchase travel packages and its organizers.

Management of the current activities of the company is carried out by the sole executive body - the director of the company, who is accountable to the meeting of participants. The director of the company is elected for a term of two years.

The procedure for the activities of the sole executive body of the company and its decision-making is established by the internal documents of the company, as well as by an agreement concluded between the company and the person performing the functions of its executive body.

Let's consider the main technical and economic indicators of the financial and economic activities of Sputnik LLC for 2008-2009.

As can be seen from the data in Table 1, sales revenue from Sputnik LLC increased during the study period by 88.41%. At the same time, the growth rate of the cost of goods sold (work, services) is higher than the growth rate of sales revenue (the cost increased by 106.93%), which led to the fact that sales profit increased by only 25.82%.

The average annual cost of fixed assets of the enterprise increased during the study period by 136.69%. The expansion of the activities of Sputnik LLC led to an increase in the number of personnel of the enterprise by 96%. The capital-labor ratio during the period under study increased by 20.75%.

The cost of working capital of the enterprise during the period under study increased by 150.02%. The working capital turnover ratio decreased by 24.44%.

During the period under study, the number of personnel of the enterprise increased at a faster rate than sales revenue, therefore, the labor productivity of LLC employees decreased over the period under study by 3.87%. The average annual salary per worker increased by 61.02% during the study period.

Table 1 Main technical and economic indicators of the financial and economic activities of Sputnik LLC for 2008-2009.

Based on the results of the analysis of the main technical and economic indicators of the financial and economic activities of Sputnik LLC, it can be concluded that the tourist organization under study has increased the profitability of its activities.

2.2 Analysis of the property status and financial resources of the travel company Sputnik LLC

In the process of functioning of the organization, the values ​​of assets and their structure undergo structural changes. The most general idea of ​​the qualitative changes that have taken place in the structure of funds from their sources can be obtained using vertical and horizontal analysis of reporting.

The basis of the analysis is a system of indicators and analytical tables.

In Table 2, we consider the asset structure of the balance sheet of Sputnik LLC for 2008-2009. in dynamics.

Table 2 Analysis of asset items on the balance sheet of Sputnik LLC in dynamics in 2008-2009.

Judging by the balance sheet data, the value of non-current assets of the LLC, which includes only fixed assets, increased by 652 thousand rubles during the period under study. (or by 136.69%). The increase in the value of fixed assets was due to the purchase of premises to open a new sales office in the region.

The organization's working capital increased and amounted to 22,804 thousand rubles at the end of the year, which is 13,683 thousand rubles. (or 150.02%) more than in 2008. The LLC's receivables increased slightly - by 4.67% or 5 thousand rubles. At the same time, the debt of buyers and customers decreased by 52 thousand rubles. or by 55.32%. This happened due to the more precise work of the LLC’s legal service, which in 2009 more clearly monitored the debt of wholesale buyers.

The absolutely liquid part - the company's funds increased during the period under study - by 14 thousand rubles. or by 116.67%. In 2009, compared to 2007, the company’s funds decreased by 78 thousand rubles, which is associated with an increase in the purchase of goods for resale due to the planned expansion of trade.

Table 3 Analysis of the asset structure of the balance sheet of Sputnik LLC in dynamics in 2007-2009.

As can be seen from the data in Table 3, during the period under study, the share of fixed assets and non-current assets of the enterprise decreased by 0.25%.

The share of working capital in the structure of LLC assets increased by 0.25%. The share of inventories in the structure of LLC assets decreased by 5.29%.

The share of accounts receivable in the structure of the enterprise's assets decreased by 0.65%. This happened due to the fact that wholesale buyers and customers of the enterprise paid off their debt to the LLC.

The share of short-term financial investments in the structure of assets of Sputnik LLC increased by 6.21%.

The share of the enterprise's cash during the period under study decreased by 0.02%. This is due to a decrease in the company’s funds in the current account due to an increase in the purchase of inventory due to the planned expansion of trade.

The general direction of the analysis of changes in the structure of the balance sheet is based on the principle “from general to specific.” To understand the overall picture of changes in the structure of the liability balance sheet items of the enterprise or organization under study, indicators of the structural dynamics of the sections are very important. By comparing the structures of changes in liabilities, we can draw a conclusion about through which sources the influx of new funds mainly occurred.

As can be seen from the data in Table 4, the enterprise’s own sources during the period under study increased by 10,515 thousand rubles. (or by 113.72%). This is due to an increase in the amount of retained earnings - by 10,515 thousand rubles. (or by 113.72%). The amount of the authorized capital of the enterprise did not change during the period under study.

The company's borrowed funds also increased during the period under study - by 3,820 thousand rubles. (or by 1085.23%), which is associated with an increase in the company’s borrowed funds - by 2967 thousand rubles. or 89.9 times; accounts payable - by 853 thousand rubles. (or by 267.4%). The growth rate of borrowed funds is higher than the growth rate of the LLC's own funds, which indicates that the company is “living on debt.”

Table 4 Analysis of liability items on the balance sheet of Sputnik LLC in dynamics in 2008-2009.

As part of accounts payable for the period under study, arrears for wages increased (by 51 thousand rubles or 242.86%), debt to suppliers and contractors increased by 671 thousand rubles. (or by 286.75%). In 2009, a debt arose to state extra-budgetary funds in the amount of 13 thousand rubles.

During the period under study, the amount of the enterprise's debt for settlements with the budget decreased (by 22 thousand rubles or by 34.38%). This is due to the improvement of the payment discipline of the enterprise and timely payment of its debt to the budget.

Table 5 Analysis of the liability structure of the balance sheet of Sputnik LLC in dynamics in 2008-2009.

As part of the company’s sources of funds, the share of equity capital decreased by 13.76%. The share of authorized capital decreased by 0.05% by the end of the year. The share of retained earnings of the enterprise decreased during the study period by 13.71%.

During the period under study, the company's funds raised on a borrowed basis increased. Among them, short-term loans and credits should be highlighted, the share of which in the total structure of the enterprise's liabilities increased by 12.19%. The company's accounts payable increased by 1.57%. In its composition, only the share of debts on taxes and fees decreased (by 0.49%).

2.3 Analysis of the financial condition of the travel company Sputnik LLC

The main tasks of financial condition analysis are to determine the quality of the financial condition, study the reasons for its improvement or deterioration over the period, and prepare recommendations to improve the financial stability and solvency of the enterprise. These problems are solved by studying the dynamics of absolute and relative financial indicators.

The main basis for financial analysis is the financial statements presented by a business entity to external users, including investors.

A system of indicators on the property and financial position of an economic entity, as well as the financial results of its activities for the reporting period, is presented in the accounting (financial) statements of the organization. Financial statements are documents established by law that reflect the assets, real property of the company, and sources of their financing. Reporting is the information base for the analytical substantiation of financial decisions.

The main source of information when analyzing the financial stability of Sputnik LLC is the enterprise’s balance sheet.

When forming the balance sheet indicators for 2008-2009, the accountant of Sputnik LLC used the standard balance sheet form, which is given in Order of the Ministry of Finance of Russia dated July 22, 2008 N 67n.

An analysis of the liquidity of the balance sheet of Sputnik LLC for the period of time under study is reflected in Table 6.

Table 6 Analysis of liquidity of the balance sheet of Sputnik LLC for 2008-2009

The data in Table 6 indicates that in 2008-2009. the balance sheet of Sputnik LLC did not meet liquidity requirements. In 2009, liquidity indicators did not change compared to liquidity indicators in 2008.

Comparison of the most liquid and quickly realizable assets with the most urgent liabilities and short-term liabilities shows current liquidity, i.e. solvency or insolvency of the organization at the time closest to the time of analysis. In the period under study, the following three conditions were met: A1 ? P1; A2? P2; A3? P3, i.e. the current assets of the enterprise exceed its external liabilities.

Comparison of slowly selling assets with long-term liabilities shows promising liquidity, i.e. forecast of the organization's solvency. In the period under study, the last condition was not met: A4 ? P4, which does not confirm that the organization has its own working capital and means non-compliance with the minimum condition for financial stability.

As part of an in-depth analysis, in addition to absolute indicators, we will calculate a number of analytical indicators - liquidity ratios.

Table 7 Dynamics of liquidity ratios of Sputnik LLC for 2008-2009

Based on Table 7, the following conclusions can be drawn about the analysis of the possibility of bankruptcy of an organization. The current liquidity ratio at the end of 2009 was 5.47 with a standard of at least 2, which is 20.44 points or 78.89% less than the level at the beginning of the period.

It is obvious that the absolute liquidity ratio decreased to 0.006 by the end of the period. This indicates that the company will not be able to urgently repay all its debt obligations.

One of the most important characteristics of the financial condition of an organization from the point of view of assessing the likelihood of bankruptcy is the stability of its economic activities in the light of a long-term perspective. The stability of the activities of a large organization is associated with the general structure of capital, the degree of its dependence on creditors and investors. The fact is that many companies prefer to invest a minimum of their own funds into the business and finance it with borrowed money. Having a stable financial structure of its own funds, the company has the opportunity to attract investors.

Current financial stability, as in the long term, is characterized by the ratio of equity and borrowed funds. It should be noted that this indicator provides only a general assessment of financial stability. Therefore, we will analyze the financial stability of Sputnik LLC for 2008-2009. in table 8.

Table 8 Analysis of financial stability coefficients of Sputnik LLC for 2008-2009.

As can be seen from the data in Table 8, the value of the debt-to-equity ratio at the end of the period under study was much lower than the maximum permissible value of 1.0 and amounted to 0.21 by the end of 2009, which is 0.17 points more than the value at the beginning of the period. This indicates the financial stability of the organization. For every ruble of own funds there are 0.21 rubles. borrowed money. An organization can cover its requests from its own sources. By the end of the period under study, the organization’s financial dependence on attracted capital increases.

Rice. 1. Dynamics of financial stability ratios of Sputnik LLC for 2007-2009

The presence of financial dependence is characterized by the coefficients of autonomy and concentration of attracted capital, which indicate an unfavorable financial situation, i.e. at the beginning of the study period, the owners owned 96% of the value of the organization’s property. By the end of the study period, this value decreased to 83%, while the organization’s financial dependence on attracted capital increased to 17%. An increase in the concentration ratio of attracted capital means an increase in the share of borrowed funds in the financing of the organization, a decrease in financial stability and an increase in dependence on external creditors

The equity capital agility ratio characterizes the portion of equity capital used to finance current activities, i.e. invested in working capital. The remaining part reflects the amount of capitalized funds. The optimal value for the maneuverability coefficient is 0.5. At the end of the period under study, the coefficient value was higher than the permissible value. The decrease in the value of this indicator in 2009 indicates a decrease in the provision of current activities with own funds.

3. Development of measures to improve the financial condition of the travel company Sputnik LLC

The analysis of the current situation of the tourist organization under study should be supplemented by a forecast of the enterprise’s work, which should determine the prospects for its improvement or deterioration if:

· maintaining existing trends;

· probable changes in the external environment of the enterprise;

· minor adjustments to internal policies without the use of significant external sources of support;

· implementation of certain possible investment projects.

A forecast based on existing trends can be short- and medium-term; methods of such analysis require separate consideration. Such a forecast should show the degree of danger of the existing negative and, perhaps, not very noticeable trends, and the likely strengthening of the still barely noticeable positive trends.

The forecast of the external environment of a tourism organization from the point of view of the financial parameters of the enterprise should pose and solve the following problems:

· expected government measures in the field of taxation, budget, investment, etc.;

· expected dynamics of macroeconomic parameters that may affect the fate of certain industries, regions, enterprises;

· the expected strategy of competitors and its impact on the performance of the enterprise we are considering;

· expected results of scientific and technological progress, trends in the field of ecology, safety, quality, etc.

Subsequent forecasting actions should show the possibility and, conversely, impossibility, given the prevailing external trends and the potential of the enterprise, to count on the improvement of the enterprise by using only internal resources and without significant restructuring of the enterprise.

The logic of this forecast is as follows:

· based on the current dynamics of the balance sheet items of assets and liabilities in connection with the income and costs of the enterprise or on the basis of expert assessments, it is necessary to assess the expected efficiency of assets;

· comparison of the expected efficiency of assets with the expected value of liabilities will show the development potential of the enterprise, the dynamics of the market price of its shares;

· when unfavorable trends are detected, it is necessary to pay attention to the use of reserves not taken into account in balance sheets and reports - the presence of unrealized scientific and technical developments, rationalization proposals, special rights and privileges.

If it is impossible to recover through smooth reform and taking into account the presented options for the enterprise's strategy, the question is raised about possible financial recovery projects, including partial or complete repurposing of the enterprise's production.

Business plans for the financial recovery of a tourism organization are descriptions of the financial recovery strategy. Their task is to determine the main areas of work and the expected overall effectiveness. For potential investors, such business plans serve as guidelines when choosing investment objects, for corporations themselves - the basis for the development of more specific planning documents: marketing plans, production plans, work schedules, etc.

The development of business plans for the financial recovery of a tourism organization is similar to the well-known task of determining the strategy of an enterprise, but in specific conditions when negative trends were not revealed in a timely manner and neutralized in some way, as a result of which the corporation fell into a debt trap, and the negative aspects of various aspects of the enterprise’s activities turned out to be neglected.

Stabilizing the activities of a tourism organization during a crisis period is a necessary condition for its recovery from the crisis; at this stage it is necessary to localize and minimize the possible consequences of a risky borrowing policy, which led to the low quality of its financial condition. The stabilization process (Fig. 2) is a set of measures to reduce the credit burden.

As the analysis shows, the main reasons for the deterioration in the quality of the financial condition of a tourism organization are:

· uncontrolled growth of enterprise debts;

· deterioration in the quality of accounts receivable;

· incorrect assortment policy and lack of demand for sold tourism products and services;

· growth of enterprise costs, etc.

In accordance with the identified reasons influencing the deterioration in the quality of the financial condition of the enterprise, measures are taken to fix and minimize them. Let's consider these events in the order of the reasons given.

Rice. 2. The process of stabilizing the financial condition of the enterprise

In case of uncontrolled growth of debts of a tourism organization, measures are taken to close loan agreements, and debt restructuring is carried out under existing agreements using the following procedures:

· assignment of claims;

· re-registration of debts into bills of exchange with a fixed repayment date.

After applying these measures, the burden of servicing the company’s loans is reduced and extended over a longer period.

If the quality of accounts receivable deteriorates, the following measures can be used:

· factoring with the bank - the account holder of the enterprise - the debtor;

· obtaining rights to use the dealer and retail network of the debtor enterprise;

· re-registration of receivables into bills of exchange with the possibility of their subsequent transfer to the company’s creditors.

If a lack of demand for tourism products sold by a tourism organization is identified, various marketing moves can be used, as well as radical measures to reorient the assortment policy, however, such measures require costs, so their implementation requires a clear feasibility study.

An increase in the costs of a tourism organization often indicates poor organization of financial flows within the enterprise. One of the most acceptable ways to streamline financial flows within an enterprise is budgeting production processes.

Thus, the strategy for the financial recovery of a tourism organization includes both a plan for fundamental changes in the activities of the enterprise (partial or complete re-profiling) and a solution to the problem of accumulated debt obligations.

Conclusion

But today Russia’s tourism potential is not fully exploited. Over the past three years, annual income from international tourism has amounted to only 70-75 million dollars. Although under certain conditions, according to the most conservative estimates of experts, this figure can be up to 400-500 million dollars per year.

The main goal of the development of the tourism sector should be the formation of a modern competitive tourism complex that meets the needs of both Russian and foreign citizens, as well as creating conditions for the sustainable development of tourism in Russia. It is necessary to strive to create a sustainable, environmentally and socially oriented, highly profitable tourism industry that generates stable foreign exchange earnings and creates new jobs. To achieve this goal, it is necessary to solve the following tasks: to form a modern strategy for promoting the tourism product in the domestic and international markets, to create conditions for the development of domestic and inbound tourism, and, of course, to improve the quality of tourism services.

The purpose of the study was to analyze the financial and economic activities of a tourism organization and its financial condition, to develop measures to improve it in modern conditions.

In accordance with the set goal, the following tasks were solved:

1) the essence and basis of analysis of the financial condition of a tourism organization are considered;

2) a system of indicators characterizing the system of indicators of a tourism organization is considered;

3) the financial condition of the tourist organization under study was analyzed, in particular, a vertical and horizontal analysis of the balance sheet was carried out, coefficients of financial stability, business activity, liquidity and solvency of the tourism organization were calculated and analyzed;

4) ways to improve the activities of the tourist organization under study have been developed.

The object of research in this work is the limited liability company “Sputnik” (LLC “Sputnik”).

Sputnik LLC offers services for organizing excursions based on topics of interest to tourists, provides transportation services and catering services. The seasonality of the tourism business makes it necessary to develop other types of activities - servicing businessmen who need to organize travel; organization of so-called shopping tours.

Based on the results of the study, the following conclusions were drawn. Sales revenue of Sputnik LLC increased during the period under study by 88.41%. At the same time, the growth rate of the cost of goods sold (work, services) is higher than the growth rate of sales revenue (the cost increased by 106.93%), which led to the fact that sales profit increased by only 25.82%.

Summarizing the above analysis, we can say that at this enterprise during the period under study there was an increase in the property potential of the enterprise. To talk about the effectiveness of this potential, it is necessary to analyze this enterprise for liquidity and solvency and find out whether the enterprise can pay off all its short-term obligations without violating the repayment terms, and whether the enterprise has a sufficient amount of cash and cash equivalents sufficient to pay accounts payable requiring immediate repayment.

If we take into account the fact that the enterprise in question is capital-intensive and asset turnover increased during the reporting period, but if we take into account that the value of the absolute liquidity ratio indicator is very low at the end of the reporting period (0.006 at the end of 2009), we can say that this trend can lead an enterprise to the brink of bankruptcy if several large loans simultaneously require urgent repayment of debts.

The analysis of the current situation of the tourist organization under study should be supplemented by a forecast of the enterprise’s work, which should determine the prospects for its improvement.

List of used literature

2. Civil Code of the Russian Federation, Part 2, Federal Law of January 26, 1996 No. 14-03 (as amended on December 17, 2002 No. 213-FZ).

3. Tax Code of the Russian Federation, part one of July 31, 1998 N 146-FZ and part two of August 5, 2000 N 117-FZ (as amended on December 31, 2003).

4. Federal Law of October 26, 2002 N 127-FZ “On Insolvency (Bankruptcy)” (as amended on August 22, December 29, 31, 2008, October 24, 2007, July 18, December 18, 2009 , February 5, April 26, July 19, 2007)

5. Bakanov M.I. , Sheremet A.D. Theory of economic analysis. Textbook. - M.: Finance and Statistics, 2009.

6. Efimova O. V. Financial analysis - M.: Accounting, 2009.

7. Ionova A.F., Selezneva N.N. Methods of analysis in financial management. Part I. Assessment of the organization's property status. - M.: BINFA, 2007.

8. Kovalev V.V. Financial analysis: Capital management. Choice of investments. Reporting analysis. - M.: Finance and Statistics, 2009.

9. Kreinina M.N. Financial condition of the enterprise. Assessment methods. - M.: ICC Dis, 2009.

10. Kreinina M.N. Analysis of the financial condition and investment attractiveness of joint-stock companies in industry, construction and trade. - M.: AODIS, MVCentr, 2009.

11. Krylov E.I. Analysis of production efficiency, scientific and technological progress and economic mechanism. - M.: Finance and Statistics, 2009.

14. Sedova E.I., Pogorelova K.A. Preparing for the balance commission. Analysis of accounting (financial) statements using financial ratios // Accountant Consultant, No. 4, April 2007.

15. Solonenko A.A. Features of the methodology for financial analysis of insolvent organizations // Financial Bulletin: finance, taxes, insurance, accounting, No. 2, January 2007.

16. Directory of an enterprise financier. - M.: INFRA-M, 2009.

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Theoretical and methodological basis of the study Educational and scientific manuals and monographs, as well as publications of specialized periodical literature, served as reference for the problems of the course work.

Information and regulatory base The work consists of regulatory documents and statistical materials of Mir for You LLC.

Object of study is the Limited Liability Company "World for You" LLC.

Subject of research are the profit and profitability of Mir for You LLC.

The purpose of the course work is an analysis of the profit and profitability of the travel company LLC “World for You”

Research objectives are as follows:

Study theoretical principles about the features of the formation of the financial result of a tourism enterprise;

Explore the methodology for analyzing financial results;

Analyze the financial results using the example of the tourism enterprise LLC “World for You”.

In the process of working on the course work, we used methods of research and information processing: quantitative and qualitative assessment, method of comparative analysis, methods of economic analysis, etc.

1. FINANCIAL RESULT OF THE TOURIST ENTERPRISE AND METHODOLOGY FOR ITS EVALUATION

1.1. Formation of the financial result of a tourism enterprise

The financial result of production, economic and financial activities is usually called balance sheet profit.

The composition of balance sheet profit is determined by the areas of activity of the enterprise: current, operating and financial.

The final result of the activity of a tourism enterprise is characterized not by one, but by a group of indicators. Balance sheet profit includes profit from the sale of goods (products, works, services), the balance of other income and expenses (operating, non-operating and extraordinary income minus operating, non-operating and extraordinary expenses).

But among them, only profit reflects the excess of the result obtained from the sale of a tourism product and other activities over all its costs.

Enterprise income means an increase in economic benefits as a result of the receipt of cash, other property and (or) repayment of obligations, leading to an increase in capital.

An enterprise's expenses are recognized as a decrease in economic benefits as a result of the disposal of cash, other property and (or) the occurrence of liabilities, leading to a decrease in capital.

The income and expenses of enterprises, depending on their nature, the conditions for receiving them and the areas of their activities, are divided into:

a) income and expenses from ordinary activities;

b) other income and expenses (operating income and expenses and non-operating income and expenses).

Income and expenses specified in paragraphs. (b) are considered other, they also include extraordinary income and expenses (Table 1).

Table 1

Classification of income and expenses of an organization

Table 1 (end)

The main source of profit for a tourism enterprise is income (revenue) from the main production and economic activities of the tourism enterprise. The amount of profit in this case depends on: a) the specifics and characteristics of tourism products and services, their life cycle; b) sales volumes; c) market conditions, competitive conditions for the sale of their goods and services; d) structures for reducing production costs.

Income from sales of tour operators is determined based on the cost of selling tourist packages at the prices specified in the contract for the provision of tourist services. The income of a travel agent is the amount of commission received from the sale of tourism products generated by the tour operator.

Profit as an economic category reflects the income of a tourism enterprise from the sale of a tourism product or service created in productive activities by combining production factors (labor, capital, recreational resources). It has quantitative and qualitative expression. In the first case, profit is the difference between sales revenue and production costs of a tourism enterprise. In the second, it characterizes the effectiveness of its activities.

From an economic point of view, profit is the difference between cash receipts and cash payments. From an economic point of view, profit is the difference between the property status of the enterprise at the end and beginning of the reporting period.

The idea of ​​two interpretations of profit (accounting and economic) was developed thanks to David Solomon. He proceeded from the premise that the concept of profit is needed for three purposes: 1) calculating taxes; 2) protection of creditors; 3) choosing a reasonable investment policy. The accounting interpretation is acceptable only for achieving the first goal and is absolutely unacceptable for achieving the third.

D. Solomon developed a formula that determines the relationship between accounting and economic profit:

Accounting profit + Non-operating changes in the value (valuation) of assets during the reporting period - Non-operating changes in the value (valuation) of assets in previous (past) reporting periods + Non-operating changes in the value (valuation) of assets in future (upcoming) reporting periods = Economic profit

This approach involves quarterly calculation of the amount of “goodwill” and its fluctuations. The emergence of this category is associated with the economic interpretation of profit.

In modern accounting theory, primarily in English-speaking countries, a distinction is made between tax and economic concepts of profit. In this regard, two options are possible for calculating profit: in the first, accounting profit is equal to taxable profit, in the second, their amounts do not coincide. In the first case, the gaze of users of accounting information is directed to the past, in the second - to the future. The latter takes into account that financial reporting data influences the company's stock price. Therefore, the profit shown in the balance sheet and income statement should not be identical to the profit on which taxes are paid.

By examining scientific schools of interpretation of profit, we can formulate the following definition. Profit is part of the added value that is obtained as a result of the sale of products (goods), performance of work, and provision of services.

Sales of other assets, proceeds from non-operating operations and other proceeds form income. This approach requires a new concept of taxation, which consists of separate taxation of profit and income. However, the current tax system does not provide for such a division. All receipts of income are actually recognized as forming profit with the exception of expenses.

Profit is the excess of income over expenses:

Income - Expenses = Profit.

The reverse situation is called loss.

In a market economy, the recognition of income and expenses does not depend on the fact of receipt or payment of funds. Cash flows are separated from the movement and valuation of assets.

The economic interests of a tourist enterprise are satisfied at the expense of the profits remaining at its disposal (net profit). It is aimed at solving problems of a production and social nature.

1.2. Methodology for analyzing financial results and profitability

One of the most important forms of financial reporting is the “Profit and Loss Statement” of an enterprise.

It is of interest to almost all participants in the enterprise, since it contains information about the most important financial indicators of the enterprise, namely: sales revenue and production costs (cost), the difference of which represents the gross profit of the enterprise. The report also contains data on other cash income and expenses that occur in the process of transforming gross profit into net profit, allowing you to evaluate two intermediate profits: from sales and before tax.

The objectives of the analysis of the “Profit and Loss Statement” depend on the interests of the specific user of the statements. At the same time, his main task is to correctly formulate questions for the managers and specialists of the enterprise, who, having not only financial statements, but also the opportunity to obtain all the necessary information, can answer questions from external users who do not have access to the internal information of the enterprise with reasoning. . In general, analysis of the financial results of an enterprise involves comparing planned (basic) indicators with reported (actual) indicators, identifying the reasons for discrepancies, assessing their justification and, if possible, making adjustments to previously made decisions. The standard scheme for analyzing a profit and loss statement involves assessing absolute and relative changes (to plan or to the previous period) of the indicators contained in the report and how it includes:

Calculation of absolute deviations of indicators from their basic values;

Calculation of the rate of change of indicator values ​​in relation to the base;

Determination of the share (in the amount of revenue or gross profit) of the indicators included in the report;

Calculation of changes in the specific weights of the analyzed indicators.

The income statement focuses on the distribution of a business's gross profit as it transforms it into net profit. However, this is not always enough for external users to assess the real financial condition of the enterprise and its prospects. To obtain an objective assessment, it is important for them to analyze the process of distributing the enterprise’s revenue according to the areas of its use. This purpose is served by analyzing the influence of the components of the enterprise’s total costs on the formation of net profit. It makes it possible to obtain additional information necessary to assess the results of the enterprise’s economic activities and to analyze the element-by-element influence of various components of total costs on the formation of net profit. To do this, you need to supplement the data on the profit and loss report with information on the company’s expenses contained in the appendix to the balance sheet (form No. 5, section “Expenses for ordinary activities”).

The analysis includes two stages. At the first stage, intermediate financial results generated in the process of distributing the enterprise’s gross revenue are calculated, i.e. as a result of sequential subtraction of individual cost elements from it, and subsequent assessment of the impact of the subtracted elements on both intermediate financial results and the final one - the amount of net profit (Fig. 1).

Rice. 1. Formation of net profit

At the second, standard stage of comparative analysis, the indicators calculated at the first stage for the base and reporting periods are compared and an assessment is made of the changes that have occurred.

The starting point of the first stage of the analysis is data on total revenue, adjusted by adding the amount of VAT paid. It includes, in addition to revenue from core activities, income from all other operating activities of the enterprise and characterizes the total value of the enterprise’s products and services recognized by the market. The total revenue covers all its current expenses, and it also contains profit, i.e. that part of the newly created value that is considered the property of the owners of the enterprise.

A significant portion of the cost contained in total revenue comes from materials consumed and services from third parties, including some of the selling and administrative expenses specifically allocated in the income statement. The cost of these materials and services is created outside the enterprise and for this reason cannot be considered as the result of its activities. Therefore, in order to determine the amount of value directly created at the enterprise, the cost of materials and services consumed, including VAT, and, if necessary, rent must be subtracted from the total revenue. This value created by the enterprise is called added value. It shows the amount of value added by an enterprise to the cost of the material resources it consumes:

Added value = Total revenue, including VAT, - Cost of materials and services consumed, including VAT.

The greater the added value, the more efficient the use of resources in the enterprise. In order to exclude the influence of the size of the enterprise on the amount of added value when assessing efficiency, a relative indicator is used - the value added coefficient Kds. It shows the share of added value in the total revenue of the enterprise, i.e.

Kds = Value Added / Total Revenue (1)

Added value primarily characterizes the efficiency and productivity of employees of an enterprise. That is why the International Labor Organization recommends using it when assessing labor productivity and monitoring the relationship between productivity growth and wages.

Added value serves as the source of all payments of the enterprise, except for payment for materials and services. First of all, these are taxes paid to the state (value added tax, taxes and deductions included in production costs), as well as wages for workers.

The part of the added value remaining after these payments constitutes the gross result of the enterprise’s activities, the amount of which must be adjusted to the balance of non-operating income and expenses:

Gross result = Value added - Wages - Taxes, excluding income tax, + Balance of non-operating income and expenses.

Gross result is also called business income. It includes the value newly created at the enterprise plus depreciation charges, which represent the part of the capital owned by the owners of the enterprise transferred to the cost of manufactured products. In other words, gross income shows how much added value remains at the disposal of the owners of the enterprise.

In order to determine the newly created value remaining to the owners of the capital invested in the enterprise, it is necessary to subtract the amount of accrued depreciation (previously created value transferred during the production process to the cost of production) from gross income. The resulting balance forms the net (net) result of the enterprise’s activities, or profit before interest and tax. Thus,

Earnings before interest and tax (net result) = Gross result - Depreciation.

The owners of the enterprise owe part of this profit to the creditors who provided the enterprise with borrowed capital as payment (interest) for the right to use it. The amount remaining after this forms taxable profit (profit before tax), which, after paying the appropriate tax and taking into account extraordinary income and expenses, forms the final financial result of the enterprise - net profit: Net profit = Taxable profit - Income tax + Balance of extraordinary income and expenses

Net profit is the income of the owners of the enterprise who have ownership rights to the equity capital of the enterprise.

In addition to the absolute amount of profit, profitability is also an indicator of the enterprise’s efficiency. When making decisions related to managing profit generation processes, indicators of return on capital, costs, sales, etc. are used.

Profitability indicators are relative characteristics of the financial results and efficiency of an enterprise. They characterize the relative profitability of an enterprise, measured as a percentage of the cost of funds or capital from various positions.

Profitability indicators are the most important characteristics of the actual environment for generating profit and income of enterprises. For this reason, they are mandatory elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as a tool for investment policy and pricing.

To assess the profitability of an enterprise in this course work, the following indicators will be used:

1) Return on assets ratio:

Rai = (PE/SSA)*100, (2)

where Rai is the return on assets (property);

PE - profit at the disposal of the enterprise (form No. 2);

ACA - Average value of assets (according to balance sheet data).

2) Return on equity:

Rsk = (PE / SSK)*100, (3)

where Rsk is return on equity;

SSC - sources of own funds.

3) Product profitability:

Rp=(PR / SP)*100, (4)

where Рп - product profitability;

PR - profit (loss) from sales (PR);

SP - the full cost of goods, products, works, services sold.

2. ANALYSIS OF PROFIT AND PROFITABILITY OF THE TOURIST ENTERPRISE LLC “WORLD FOR YOU”

2.1. General characteristics of the enterprise

Limited Liability Company "The World for You" has been providing services in the tourism services market since 2002. LLC "The World for You" owns its own recreational complex, sells tourist tours, provides consulting services in the field of tourism, translation services, information services, as well as hotel services.

The activities of the enterprise are regulated by the following Federal laws and by-laws: Civil Code of the Russian Federation, Tax Code of the Russian Federation, Federal Law "On the Fundamentals of Tourism Activities", Federal Law "On the Procedure for Exiting and Entering the Russian Federation", Federal Law "On Licensing of Certain Types of Activities" , Federal Law "On the Protection of Consumer Rights", etc.

LLC "World for You" has the following structural divisions: departments for working with tour operators and travel agencies, sales department, accounting department, advertising department, operational printing department, sanatorium and hotel management department (Fig. 2.).

Rice. 2. Organizational structure of Mir for You LLC

LLC "World for You" provides tours both within the country and abroad. The company's clients are residents of Moscow and the region, as well as nearby regions. The travel company LLC "World for You" provides services for the sale of tours organized by tour operators in the Russian Federation and other countries.

From the point of view of specialization, the travel company “World for You” LLC is multi-profile, i.e. providing comprehensive services to all types of clients, including vacationers, business travelers and groups.

2.2. Analysis of financial results

Various aspects of the production, sales, supply and financial activities of the enterprise receive a complete monetary assessment in the system of financial performance indicators.

For general analysis, it is advisable to aggregate the “Profit and Loss Statement” of an enterprise, giving it a more compact form (Table 1). This form contains the calculation results needed to analyze the income statement presented in the main report form. The indicators of the previous year were taken as the basis for comparison.

Summarized, the most important indicators of the financial results of the enterprise according to reporting form No. 2 and their changes are presented in table. 2.

table 2

Elements of financial result and from changes

Table 2 (end)

The dynamics of the structure of financial results are presented in table. 3.

Table 3

Analysis of the structure of income and expenses of the enterprise

Table 3 (end)

An analysis of the structure of income and expenses allows us to conclude that the main source of profit for an enterprise is revenue. Cost is the main element of the enterprise's costs: its share in revenue is 92.9%.

An analysis of the dynamics of income and expense items is presented in table. 4.

Table 4

Analysis of the dynamics of enterprise income and expenses

Table 4 (end)

According to the table. 8. It can be seen that the average revenue growth rate for 2005 - 2007. amounted to 117.6% annually. The average annual cost growth rate was 116.3%. Thanks to this, gross profit increased annually by an average of 40.7%. The dynamics of changes in other income and expenses does not play a significant role in the financial results of the enterprise, because their share in total income is not large.

2.3. Cost-benefit analysis

The profit indicators of the tourist complex “World for You” LLC are quite high, but their size cannot be used to judge the level of efficiency of the enterprise. To this end, we will conduct a cost-benefit analysis.

To calculate profitability indicators, it is necessary to determine the average indicators, which are presented in table. 5.

Table 5

Average values

The main profitability indicators and their dynamics are presented in table. 6.

Table 6

Profitability indicators

According to the table. 10 shows that the return on assets in 2006 and 2007 was 0.17%. Return on equity increased from 1.57% to 1.79%. Product profitability was 5.38% in 2007 compared to 1.79% in 2006.

To assess the impact on the level of product costs, a two-factor profitability model is used. The analysis is clearly presented in Table 7.

Table 7

Initial information for assessing various factors influencing changes in product profitability

The change in sales volume due to changes in revenue from sales sales (∆R cp) is:

∆ R cp=
(5)

∆ R cp 2005 = (235965-195108)/ 195108 - (200670-195108)/195108 = 0.1809

∆ R cp 2006 =(277606 - 231911)/ 231911 - (235965-231911)/ 231911 = 0.1796

The change in profitability of sales volume due to changes in product costs (∆R cp) is equal to:

∆ R sp=
(6)

R sp 2005 = (235965-231911)/231911-(235965-195108)/195108 = -0.1919

R joint 2006 = (277606-263738)/ 263738-(277606-231911)/ 231911=-0.1444

The total change in profitability is:

∆ R 2005 = 0.1809--0.1919= -0.0110

∆ R 2006 = 0.1796-0.1444 = 0.0351

Based on the results of the factor analysis, it can be seen that the decrease in profitability occurred due to changes in cost.

CONCLUSION

The activities of a tourism enterprise are aimed at achieving the main goal - obtaining maximum profit, which is facilitated by managing the mechanism for generating profit and increasing the profitability of business. Analysis of financial results includes analyzing profits and profitability and identifying possible ways to increase them.

Profitability indicators are very practical, they meet the interests of all participants: enterprise managers - since they talk about the profitability of all capital; potential investors and creditors - as they show the return on invested capital; owners and founders are informed about the profitability of shares; entrepreneurs - because of the ability to judge from them the attractiveness of business in this area. In addition, they indicate the ability of a tourism enterprise to provide lenders, borrowers and shareholders with cash through the use of its existing production potential. And finally, a high and stable level of profitability ensures the company's victory in competition and contributes to its survival.

The dependence of profit on the influence of any factors can be more reliably determined using factor analysis. Recently, a profit analysis technique has often been used, which is based on gross margin and the division of current costs into variable and fixed. It shows the dependence of profit on a small range of the most important factors, which allows you to manage the process of its formation.

BIBLIOGRAPHY

Bystrov S.A. Financial management in tourism. - M.: "Gerda", 2006. - 239 p.

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Kabushkin N.I. Tourism management. - M.: "New Knowledge", 2006. - 408 p.

Kolchina N.V. and others. Finance of organizations (enterprises): Textbook for universities / ed. N.V. Kolchina. - M.: UNITY-DANA, 2006. - 368 p.

Lysikova O. V., Fomenko A. V. Operational management of tourism. - M.: "Flinta", 2006. - 117 p.

Samuelson P. E., Nordhaus V. D. Economics: Translation from English. - M.: "Williams", 2007. - 1358 p.

Soboleva E.A., Sobolev I.I. Financial and economic analysis of the activities of a travel agency. - M.: "Finance and Statistics", 2006. - 111 p.

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Tikhomirov E.F. Financial management: Enterprise financial management: a textbook for students. universities / E.F. Tikhomirov. - M.: Publishing center "Academy", 2006. - 384 p.

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Sheremet A.D., Ionova A.F. Enterprise finance: management and analysis. - M.: "INFRA-M", 2004. - 479 p.

A travel company, like any other enterprise, operates in a constantly changing external environment: the regulatory framework that defines the legislative framework; interaction with all subjects of economic relations; tax regulation; supply and demand for works and services; prices and tariffs for consumed raw materials, works and services, etc. Moreover, the management decisions made lead to changes in the organization itself: the technology it uses, the composition and number of clients, and much more. Ultimately, all external and internal changes in the operating conditions of tourism enterprises affect their performance. Increasing the performance of a functioning enterprise means that in constantly changing conditions, the company’s managers are able to find the right solutions leading to increased efficiency, that additional funds raised are used rationally, etc. Analysis of the results of the enterprise’s activities is of interest to a wide range of external and internal users: creditors with from the point of view of the ability to generate profits sufficient to pay off debt; investors to assess the capabilities of the management team, determine the development of the enterprise; enterprise managers to develop measures aimed at increasing efficiency.

The information base for analyzing the results of an enterprise’s activities is Form No. 2 of the financial statements “Profit and Loss Statement”. An in-depth analysis of this shape can be done using vertical and horizontal analysis.

The method of vertical and horizontal analysis can be applied to the data of Form No. 2 (see Appendix 3). Vertical analysis allows you to analyze the structure and dynamics of changes in all cost and profit items in total revenue (Table 4.1). The value of this analysis lies in the possibility of studying trends in changes in performance results in a temporal aspect.

Table 4.1. Vertical analysis of the "Profit and Loss Statement" of the travel agency "Nadezhda" for 1996-1998, %

Table 4.2. Horizontal analysis of the "Profit and Loss Statement" of the travel agency "Nadezhda" for 1996-1998.

Business performance is characterized by a whole group of profitability indicators. The growth of revenue and all types of profit in itself already characterizes the activity of any enterprise as quite successful. However, in order to answer the question of whether this increase is caused by simply an absolute expansion of the scale of activity or a reduction in costs, a more complete and rational use of the material and personnel potential of the enterprise, it is necessary to calculate profitability ratios that link the obtained financial results with the volume of resources used.

Some investors consider profitability indicators as fundamental when considering investment issues, as even more important than indicators of liquidity and financial strength. If profitability indicators improve over several years, this indicates the effectiveness of management and the ability of the enterprise to make a profit in the present and future.

The performance indicators of the enterprise can be divided into two large groups:
- performance indicators of current activities;
- indicators of the effectiveness of the use of enterprise resources.

4.2. Effectiveness of current activities

The goal of any commercial organization is to obtain maximum profit as a result of its activities. Hence, the main task of enterprise management is to ensure in the long term, taking into account technical progress and competition, conditions for stable profit growth. Increasing the efficiency of tourism enterprises, their expansion and technical re-equipment, improving the management system while increasing the range of products, works and services are necessary prerequisites for achieving this target.

Thus, the effectiveness of the current activities of a tourism enterprise can be measured by profitability indicators that link the amount of profit received in the reporting period with the amount of costs required for this. Before moving on to the description of individual profitability indicators, we will pay a little attention to the issue of reflecting profit in financial statements, especially since different types of profit can be used when calculating different profitability indicators. On the balance sheet, the financial result is represented by retained earnings, calculated as the difference between the value of the final financial result for the reporting period and the amount of taxes and other payments due from profits. Form No. 2 “Profit and Loss Statement”, illustrating the formation of the financial result, shows several types of profit, differing in the breadth of accounting when calculating various business transactions.

The receipt of revenue from the sale of products (works, services) is the basis for the formation of the financial result. Revenue minus production costs gives profit from core activities, and the difference between revenue and costs of producing products (works, services) gives profit from sales. Both of these indicators are widely used in calculating profitability ratios. When assessing the result of current activities, profit, as a rule, is attributed to the volume of either production costs (in this case, production profitability is determined) or revenue (calculation of product profitability).

Taking into account the above, the following formulas can be proposed for calculating profitability indicators:
profitability of production (based on profit from core activities):
production costs
Product profitability (based on profit from core activities):
Revenue Cost of sales
Revenue Ren. products
profitability of production (based on profit from sales):
Revenue Production costs(4.3)

Production costs, product profitability (based on sales profit): (4.4)
ren. products
Revenue Production costs Revenue

Along with profit from sales, the financial statements directly show the values ​​of profit from financial and economic activities, profit of the reporting period, and redistributed profit. In principle, profitability indicators can be calculated for each of these types of profit. However, in each specific case, a possible analytical assessment of their calculation must be further justified. It is advisable to calculate these coefficients in cases where other and non-operating income and expenses are either relatively small or significantly depend on the volume of core activities. In practice, indicators of profitability of production and products calculated based on net profit (i.e., the profit of the reporting period minus income tax and other taxes and fees attributable to the profit remaining at the disposal of the enterprise) are widely used. The popularity of these indicators is explained by the fact that net profit is the financial result that, along with depreciation, constitutes the enterprise’s own funds and which can be used relatively freely by it to implement its socio-economic development policy, dividend policy, etc.

An example of calculating profitability indicators is given in table. 4.3.

4.3. Efficiency in resource use

Table 4.3. Summary table of profitability indicators of the current activities of the travel agency "Nadezhda" for 1996-1998, %

In order to get an idea of ​​the effectiveness of using the enterprise's resources, a number of profitability indicators are calculated, linking the amount of profit received with the amount of material or financial resources used. The effectiveness of non-current and financial resources can be expressed in two ways: either as the share that is the annual volume of profit in the volume of the resource used (profitability ratios), or as the number of turnover (years) for which the resource in question can be reimbursed in value at the expense of profit ( turnover ratios or payback period indicators) Let's consider several of the ratios most commonly used in practice.

Profitability ratio of fixed capital use. It is calculated as the ratio of net profit (net profit of the reporting year minus income tax and other taxes and fees attributable to profit remaining at the disposal of the enterprise) to the average annual volume of all business assets used or all capital raised (half the sum of the balance sheet at the beginning and end period). This indicator is calculated using the formula

This coefficient shows how much profit is generated per 1 ruble. household resources used. It gives the most general idea of ​​the performance of the business under study, regardless of the sources of capital raised and other factors. Return on equity. This indicator somewhat specifies and complements the one discussed above. It is found as the ratio of net profit to the average annual volume of equity capital. To calculate it, the following formula can be recommended:

The return on equity ratio is of great interest to the owners of the company and potential investors, since it shows the effectiveness of the funds advanced by the owners and shareholders. This ratio, in the case of a significant amount of attracted capital, may differ significantly from the value of the return on fixed capital ratio, since when forming financial results in this case, the costs of paying interest on loans and borrowings are significant. It is this indicator that is most suitable as a criterion when deciding on participation in capital: a high return on equity capital, as a rule, ensures the ability to pay high dividends and thus attract if necessary, additional capital. Profitability of fixed assets. Determined by the ratio of net profit to the average annual volume of used fixed assets of the enterprise. This indicator characterizes the efficiency of that part of the economic assets that are embodied in the fixed assets of the enterprise. Return on long-term financial investments. It is determined by dividing the volume of interest received by the company from participation in the capital of other enterprises, etc. (data are given in form No. 2) by the average annual value of long-term financial investments (investments in affiliates, subsidiaries and other enterprises):

Net profit (4.7)

Comparison of this indicator with profitability indicators, for example, of fixed assets allows us to justify the effectiveness of using investments to expand the main business or, conversely, the advisability of diversifying activities.

Payback period of fixed capital. It is defined as the ratio of the average annual cost of a company's economic assets to net profit. The indicator reflects the rate at which the used production potential is recovered from net profit. The following formula can be recommended for calculation:

Payback period of equity capital. It is found by dividing the average annual value of equity capital by the net profit of the analyzed period:

It is important for owners and shareholders, since by assessing its value and dynamics, they, as a rule, draw conclusions about the effectiveness of managing their capital.

Payback period for fixed assets. Calculated using the following formula:

Expresses the effectiveness of fixed assets invested in the business under study.

For the conditional example under consideration, the results of calculating the profitability indicators for using enterprise resources are given in Table. 4.4.

Indicators of profitability of fixed assets, linking the performance of current activities (net or other type of profit) with available business assets or financial resources, reflect the performance of the entire business. These indicators are very often used by investors in the process of making decisions about investing their funds in a given one. company.

Table 4.4. Summary table of profitability indicators of the current activities of the travel agency "Nadezhda" for 1996-1998.

4.4. Analysis of the break-even level of a travel agency

The previously discussed methods and techniques for analyzing the financial and economic activities of commercial organizations were based, as a rule, on financial accounting data, i.e., on data from official financial reporting forms intended for external users. The degree of generalization and frequency of presentation of such information (mainly quarterly) are sufficient for financial authorities, state statistics bodies, and potential investors at the initial stage of familiarization with the object. The results of the analysis of financial statements can satisfy both the owners and can also be used by the company’s management when making strategic decisions and drawing up long-term development plans. However, this information is clearly not enough for management in current activities.

As already mentioned, in a market economy the role of economic factors in management activities has increased immeasurably. Despite the importance of the technical and technological aspects of production development, very often it is not they, but economic considerations that determine the choice of certain decisions, which necessitates the development of management accounting systems. Quite a lot of attention has been paid to the consideration of this issue in the economic literature. This is primarily due to the applied nature and enormous importance of research on this issue from the point of view of managing commercial organizations. Without dwelling on the review of the problem of management accounting, we only note that it is based on significantly more specific and detailed technical and economic information about the enterprise and its structural, functional and production divisions than the data provided within the framework of financial accounting. Decisions made on the basis of this information are aimed at increasing the efficiency of the current activities of enterprises.

We can say that when implementing management accounting, practitioners, managers and analysts operate with data that is an order of magnitude more detailed than the summary technical and economic information presented for the entire enterprise. This follows from the fact that one of the goals of management accounting is to allocate costs incurred in the process of production activities to responsibility centers and cost centers, which are, as a rule, separate structural divisions or areas of activity of the enterprise. This distribution of costs makes it possible to link the amount of resources consumed with the performance results of individual production units. If there are certain standards for resource consumption per unit of production (work) in one way or another, management accounting allows one to quite accurately localize those stages of the production process where unreasonably large costs of material, labor or other resources are observed. Measures to reduce resource consumption and increase production efficiency can also be specifically developed on this basis.

Naturally, for the most effective use of management accounting data, special techniques and methods of economic analysis are being developed. One of these methods, which is very widely used in modern practice of managing commercial organizations, is the analysis of the level of break-even activity of an enterprise.

Note that such an analysis is one of the standard techniques used in business planning when justifying the effectiveness of investment projects.

Let's consider the general scheme for analyzing the break-even of a travel agency. The break-even level of a travel agency is determined by the Minimum sales volume required to cover all costs. The calculation of this volume, or, as it is also called, the break-even point, is carried out on the basis of three indicators. These indicators are:
- profitability in terms of marginal profit,
- fixed costs,
- sales volume or revenue.

Variable costs are costs, the value of which increases with the growth of sales volume and decreases with their decrease (for the tourism industry, these can be costs associated with arranging tours, providing visa services, transportation, accommodation, food for one tourist or their group, depending on what is taken as a unit of calculation, payment for the services of accompanying and guide translators, costs of selling vouchers or tours, etc.).

Fixed costs are costs that remain unchanged regardless of the dynamics of sales volumes (advertising costs, administrative and management costs for the central office, depreciation costs, costs of purchasing and maintaining information databases, etc.).

Marginal profit is the difference between revenue from sales of products and variable costs of its production.

Marginal profit margin is the ratio of marginal profit to sales volume, multiplied by 100%, if profitability is expressed as a percentage.

The sales “break-even point” is an indicator of sales volume or revenue that ensures break-even operation. With this value of sales volume, the company operates both without profit and without loss. Over time, the break-even level changes, so it is necessary to constantly monitor the values ​​of this indicator.

Calculation of break-even sales can be carried out for various periods (day, week, month, etc.).

The break-even level is calculated as follows:
- The average price of one tour is 500 rubles.
- Variable costs for one tour are 300 rubles.
- Marginal profit 200 rub.

The profitability margin is determined as follows:

Marginal
Profitability of marginal profit of one tour
200/500X100%=40%

Profit of one round
Price for one tour

Thus, the share of marginal profit in revenue is 40%. This information is used to find the break-even point. It is defined as follows. Let us assume that the fixed costs of a travel agency for a certain period are equal to 1000 rubles. In this case, the revenue ensuring break-even production will be equal to the following value:
1000x100% 40%
Break-even point = 2500 rub.
Fixed costs x 100%
Profitability based on marginal profit of one tour

As can be seen from the above example, the scheme for calculating the level of break-even activity is relatively simple. However, its practical implementation requires quite a lot of experience and highly qualified expert analysts. The main problem in calculating the break-even level, as in many applied economic studies, is the classification of costs, dividing them into constant and variable, formulating reasonable assumptions and assumptions about their behavior and quantitative certainty, and determining the interval of production volume (work, services), within which assumptions made about costs can be considered appropriate.

Variables are the costs associated with the sale of finished products. However, in order to correctly take into account many types of costs that form commercial expenses, additional research is required on their nature in the technological process of production and sales of products.

Fixed costs include depreciation of fixed assets (using the linear calculation method), as well as many types of enterprise management costs. To clarify the nature of changes in management costs at the shop level with an increase in the scale of activity, special research is also required. It is quite difficult to attribute the cost of repairing fixed assets to one or another type of expense. If the costs associated with the consumption of material resources when performing routine repairs have a linear dependence on production volumes, then the remuneration of repair workers, depending on the adopted remuneration system for labor, can relate to both variable and fixed costs.

The convention of classifying costs as fixed and variable is well illustrated by the example of depreciation charges. In accordance with the Regulations on accounting and financial reporting introduced in the Russian Federation from the beginning of 1999, depreciation charges can, along with the linear method, in which depreciation costs are certainly considered constant, be charged in proportion to the volume of work performed, i.e. depreciation in in this case will be referred to as variable costs. As can be seen from this example, both the ratio of variable and fixed costs and the breakeven point are determined not only by the technological features of a particular production, but also by the adopted cost accounting policy.

Above we showed the calculation of the breakeven point for a rather rare case in the real economy, when an enterprise produces one type of product. If the enterprise produces two or more different types of products, then when determining the level of self-sufficiency it is necessary to make additional assumptions. For example, you can find the self-sufficiency point, i.e., the volume of output of each type of product at which the revenue received allows you to cover all costs, for a given ratio of individual types of products.

Calculating the breakeven point is of great importance when justifying the effectiveness of various investment projects. A project is considered good if the planned production volumes, provided by the effective demand of consumers, significantly exceed the level of self-sufficiency.

However, the division of costs into fixed and variable and their periodic recalculation also have independent significance. Based on their analysis, management decisions that are very important from the point of view of the efficiency of current production can be made.

In conditions of constantly changing market conditions and the price level for production resources, especially for a multi-product enterprise, it is important to choose a production program that ensures high efficiency of its (the enterprise’s) activities. To determine the product range that is most preferable under given conditions, specific (i.e. per unit of product) variable costs and marginal profit (in this case, the difference between the price per unit of product and specific variable costs) are calculated for each type of product.

The profitability of each type of product is determined by dividing the marginal profit by its price. Naturally, in conditions of limited production capabilities and sufficiently high demand, when forming a production program, preference should be given to the manufacture of the most profitable products. On the other hand, in unfavorable conditions, the product price acts as the upper limit of unit variable costs. If the product produces a non-zero contribution margin, the release of each additional unit generates additional financial resources to recoup fixed costs and reduce the amount of possible losses. Making a decision to continue producing a product whose variable production costs exceed its price is economically unprofitable and can be justified by the need to preserve the market, the hope of reducing variable costs in the future, etc.

Unlike industrialized countries, where determining the level has long become an integral part of technical and economic calculations in the justification and formation of short- and medium-term plans for the development of enterprises, in Russia such calculations are carried out only sporadically. Not even all business plans contain relevant sections with such calculations. However, it can be assumed that as the influence of market factors intensifies when choosing a development strategy, determining the breakeven point will become the same routine analytical procedure in our country.

ANNEX 1
BALANCE SHEET AND PROFIT AND LOSS REPORT.
Travel company "Nadezhda" 01/01/95-12/31/97

Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure (approved by the Federal Fund for Social Sciences on August 12, 1994, No. 31r).

Methodological recommendations on the procedure for organizing and conducting competitions for the placement of centralized investment resources (approved by the Ministry of Economy of Russia, the Ministry of Finance of Russia and the Ministry of Construction of Russia on December 20, 1994 No. ЕЯ152).

Regulations on accounting and reporting in the Russian Federation. Order of the Ministry of Finance of Russia dated December 29, 1994 No. 170.

Regulations on accounting and financial reporting. Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n (to be enforced from the beginning of 1999).

Bernstein L. A. Analysis of financial statements: theory, practice and interpretation. M.: Finance and Statistics, 1996. 624 p.

Van Horn J.K. Fundamentals of financial management. M.: Finance and Statistics, 1977. 800 p.

Dontsova L. V., Nikiforov N. A. Preparation and analysis of annual financial statements. M.: IKTs DIS, 1997. 144 p.

Kachalin V.V. Financial accounting and reporting in accordance with CAAR standards. M.: Delo, 1998. 432 p.

Kovalev V.V. Financial analysis: capital management, investment selection, reporting analysis. M.: Finance and Statistics, 1999.432 p.

Holt R. N. Fundamentals of financial management. M.: Delo, 1995.128 p.

Financial condition refers to the ability of a tourism enterprise to finance its activities. Financial condition is characterized by the availability of financial resources necessary for the normal functioning of a tourism enterprise, the feasibility of their placement and efficiency of use, solvency and financial stability. All these are indicators of its business activity and reliability, determining competitiveness, potential in business cooperation, guaranteeing the effectiveness of its own and partners’ activities.

The financial condition of organizations and its stability largely depend on the optimal structure of capital sources (the ratio of own and borrowed funds) and on the optimal structure of the organization’s assets and, first of all, on the ratio of fixed and working capital, as well as on the balance of the organization’s assets and liabilities on a functional basis.

Therefore, it is first necessary to analyze the structure of the organization’s sources and assess the degree of financial stability and financial risk. For this purpose, the following indicators are calculated:

• 1. coefficient of financial autonomy (or independence) - the share of equity capital in its total amount;
• 2. financial dependence ratio - the share of borrowed capital in the total balance sheet currency;
• 3. current debt ratio - the ratio of short-term financial liabilities to the total balance sheet currency;
• 4. coefficient of long-term financial independence (or coefficient of financial stability) - the ratio of own and long-term borrowed capital to the total balance sheet currency;
• 5. debt coverage ratio with equity capital (solvency ratio) - the ratio of equity capital to borrowed capital;
• 6. financial leverage ratio or financial risk ratio - the ratio of borrowed capital to equity.

The higher the level of the first, fourth and fifth indicators and the lower the second, third and sixth, the more stable the financial position of the organization.

In the process of analyzing the financial stability of an organization, an important area is the study of its business activity, which is manifested in the dynamic development of the organization, the achievement of its goals, and the effective use of economic potential.

In the process of analyzing the business activity of an organization, an important area is the assessment of relative indicators, which can be interpreted as:

• - indicators of liquidity and quality of assets, that is, the time and speed of their conversion into cash (for current assets) and indicators characterizing the period and speed of repayment of short-term debt obligations;
• - indicators of economic efficiency of the use of funds and sources of their formation, since when calculating them, the organization’s resources used are compared with the volume of activity

Let's consider the methodology for calculating business activity indicators.

The turnover of accounts receivable characterizes its liquidity, i.e., the speed of transformation into cash. When calculating this indicator, it is customary to include only sales by bank transfer in sales volume, since sales for cash do not lead to the formation of receivables.

The average value of the asset turnover ratio shows how many times in the analyzed period they are formed and repaid. A change in the dynamics of this indicator indicates a decrease or expansion of commercial credit provided to other business entities.

Inventory turnover ratios can, of course, also be classified as liquidity ratios in that they express the rate at which inventory of goods can be converted into cash. The slowdown in their turnover leads to additional involvement of funds into circulation, which could be used for other purposes.

When calculating the turnover of goods according to the balance sheet, their average balances are compared with the full cost of sales of goods, since inventories in Form 1 are shown not at the selling price, but at cost (purchase price plus distribution costs for the balance of goods). Data on the full cost of goods sold is contained in the “Profit and Loss Statement” (on lines 020, 030 and 040).

The methodology for calculating accounts payable turnover should be based on the tasks set during the analysis of the financial stability of the organization. If the turnover of accounts payable is calculated in order to compare the repayment periods of debt obligations by debtors and creditors, then it is advisable in this case to determine the indicators of turnover of funds in the calculations relative to the same value - sales volume, in order to achieve comparability of data and abstract from the influence of other factors.

If the purpose of the analysis of accounts payable is to accurately determine the timing of repayment of accounts payable and compare them over time or across organizations, then its average balances must be compared with the turnover of repayment of arrears for wages, suppliers, the budget, social insurance authorities, etc.

The stability of the financial condition of a business entity and its business activity is characterized by a comparison of the turnover of accounts receivable with the turnover of accounts payable. This approach allows you to compare the lending terms that the organization uses from other organizations with the lending terms that the organization provides to debtors. At the same time, it is important to comply with the most important requirement of financial stability: the conditions for attracting a loan must be more favorable than the conditions on which the business entity itself provides it. The longer the period of commodity turnover is serviced by the lender’s capital, the easier it is for the organization to ensure its solvency. Consequently, the length of the period during which the operating cycle is serviced by the lender's capital is the most important criterion for financial stability.

Indicators of an organization's business activity also include the duration of the commercial (operating) and financial cycles. The operating cycle characterizes the total time during which financial resources are immobilized in inventories and receivables, i.e. discloses the period from the moment funds are invested in current activities until they are returned in the form of revenue.

For equity capital, in the course of analyzing the business activity of a business entity, only its turnover ratio is calculated, which reveals the speed of its circulation or the amount of turnover per one ruble of invested own sources of covering the property of the business entity.

This indicator characterizes various aspects of the functioning of a business entity: from a commercial point of view, it reflects the growth of turnover, from a financial point of view, the rate of turnover of invested capital; from an economic perspective - the activity of funds that the owner risks. Its sharp growth means a faster growth in the volume of activity compared to the growth rate of the organization's equity capital due to the increased financial dependence on external sources of financing.

The methodology for analyzing the adequacy of invested capital is based on a comparison of permanent liabilities with various elements of the organization's assets, grouped by the degree of their liquidity (Table 1).

Balance sheet liquidity structure Table 1

Comparison of permanent capital with immobile, non-financial and illiquid assets allows us to draw a conclusion about the type of financial stability and security of business entities.

Currently, the set of relative indicators of capital structure used to analyze the financial stability of an organization has not been established and therefore lacks full systemic orderliness. Researchers often offer an excessive number of indicators for this group. At the same time, indicators calculated using the same method have different names. For example, the autonomy coefficient, defined as the ratio of equity capital to the balance sheet currency, is called the coefficient of independence, concentration of equity capital.

It is necessary to highlight some problems of assessing financial condition based on an analysis of the balance sheet structure.

The main share of the increase in equity capital is ensured through the revaluation of non-current assets, which is carried out on the basis of revaluation coefficients (indices) published by the state, built on the basis of a statistical assessment of the level of inflation in the market of relevant factors of production. As is known, in St. Petersburg, inflation in the market for industrial goods was significantly higher than in the market for consumer goods, so the growth rate of equity capital will be significantly higher than the growth rate of borrowed capital. At the same time, the replacement cost of non-current assets, calculated on the basis of their value at the time of acquisition and inflation rates, as a rule, does not correspond at all to their market value, since the demand for means of production (fixed assets) is constantly decreasing. The standard ratio for the coverage of overdue financial obligations with assets is also significantly overestimated, which is set at 0.5. It is obvious that the disposal of half of the assets will destroy the normal reproductive activities of the organization, which in turn will inevitably cause its financial destabilization.

Solvency and liquidity of business entities are external signs of absolute financial stability, in which both external and internal users of financial statements show interest.

The essence of liquidity is that sufficient funds are available or can be obtained to cover short-term obligations to prevent delays in payments. Solvency (in the narrow sense of the word) is the state of an organization when it currently has funds sufficient to pay obligations that require immediate repayment. If liquidity is the state of funds of business entities in which funds for repayment can be obtained, that is, repayment of obligations is allowed over a certain period of time, then solvency is the ability to repay one’s obligations immediately, and in this case the presence of a period of time is not allowed.

Thus, the solvency of an organization is the ability to pay off its debts immediately, and liquidity is the ability to pay off its obligations with a deferred payment. To assess the financial position of an organization in the domestic practice of analyzing the financial position of an organization, it is recommended to draw up a liquidity balance. Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity and arranged in ascending order.

To determine the liquidity of the balance sheet, you should compare the results of the given groups for assets and liabilities. The balance is considered liquid if the following ratios exist:

A1>P1; A2 > P2; A3 > P3; A4< П4

By comparing the most liquid assets with the most urgent liabilities, we can draw a conclusion about the ability to immediately make payments on obligations that are due in the near future. By comparing quickly realizable assets with short-term liabilities, it is possible to determine the trend of decrease or increase in current solvency, and the ratio of slowly realizable assets with long-term liabilities allows you to assess the degree of security or unsecurity of distant payments with remote receipts.

Using liquidity balance indicators, you can assess the type of current solvency of the organization, which can be determined by comparing individual elements of current (liquid) assets and short-term liabilities.

Classification of types of current solvency of an organization Table 2

An organization's liquidity balance expresses the organization's ability to make payments on all types of obligations - both immediate and remote. However, it is not sufficiently suitable for use in the methodology of external analysis of the financial stability of an organization, since its preparation requires extensive information that is not included in the financial statements. Therefore, to assess the solvency of an organization in domestic practice, three liquidity indicators are used, which differ in the set of liquid funds considered as covering short-term obligations. The purpose of their calculation is the need to assess the ratio of available assets intended for both direct sale and preliminary consumption. analysis business enterprise tourism

The last level of indicators for assessing the financial condition of an organization are profitability indicators, which from different perspectives reflect the effectiveness of the organization’s economic activities.

2.1 Indicators and types of services provided by the travel company Sputnik LLC

The object of research in this work is the limited liability company “Sputnik”, which is based on private ownership and is an independent economic entity. The abbreviated corporate name is Sputnik LLC. Legal address of Sputnik LLC: Ryazan, st. Krasnoryadskaya, 1.

Sputnik LLC was created on January 31, 2000 and operates in accordance with current legislation, the charter and the constituent agreement.

From the moment of its registration, the company is a legal entity, has separate property, an independent balance sheet, current and other bank accounts, seals, stamps, forms with its name and other means of individualization.

The purpose of creating a company is to make profit. The main activity of Sputnik LLC is the organization of tourist and business trips, both in the Ryazan region and beyond. Sputnik LLC also provides intermediary services in purchasing vouchers offered by travel organizations. Thus, in addition to the functions of a tour operator (organizing trips, providing a certain set of tourist services), the company performs the functions of a travel agency - an intermediary between those wishing to purchase travel packages and its organizers.

Sputnik LLC offers services for organizing excursions based on topics of interest to tourists, provides transportation services and catering services. The seasonality of the tourism business makes it necessary to develop other types of activities - servicing businessmen who need to organize travel; organization of so-called shopping tours.

Management of the current activities of the company is carried out by the sole executive body - the director of the company, who is accountable to the meeting of participants. The director of the company is elected for a term of two years.

The procedure for the activities of the sole executive body of the company and its decision-making is established by the internal documents of the company, as well as by an agreement concluded between the company and the person performing the functions of its executive body.

Let's consider the main technical and economic indicators of the financial and economic activities of Sputnik LLC for 2008-2009.

As can be seen from the data in Table 1, sales revenue from Sputnik LLC increased during the study period by 88.41%. At the same time, the growth rate of the cost of goods sold (work, services) is higher than the growth rate of sales revenue (the cost increased by 106.93%), which led to the fact that sales profit increased by only 25.82%.

The average annual cost of fixed assets of the enterprise increased during the study period by 136.69%. The expansion of the activities of Sputnik LLC led to an increase in the number of personnel of the enterprise by 96%. The capital-labor ratio during the period under study increased by 20.75%.

The cost of working capital of the enterprise during the period under study increased by 150.02%. The working capital turnover ratio decreased by 24.44%.

During the period under study, the number of personnel of the enterprise increased at a faster rate than sales revenue, therefore, the labor productivity of LLC employees decreased over the period under study by 3.87%. The average annual salary per worker increased by 61.02% during the study period.

Table 1 Main technical and economic indicators of the financial and economic activities of Sputnik LLC for 2008-2009.

Based on the results of the analysis of the main technical and economic indicators of the financial and economic activities of Sputnik LLC, it can be concluded that the tourist organization under study has increased the profitability of its activities.

2.2 Analysis of the property status and financial resources of the travel company Sputnik LLC

In the process of functioning of the organization, the values ​​of assets and their structure undergo structural changes. The most general idea of ​​the qualitative changes that have taken place in the structure of funds from their sources can be obtained using vertical and horizontal analysis of reporting.

The basis of the analysis is a system of indicators and analytical tables.

In Table 2, we consider the asset structure of the balance sheet of Sputnik LLC for 2008-2009. in dynamics.

Table 2 Analysis of asset items on the balance sheet of Sputnik LLC in dynamics in 2008-2009.

Judging by the balance sheet data, the value of non-current assets of the LLC, which includes only fixed assets, increased by 652 thousand rubles during the period under study. (or by 136.69%). The increase in the value of fixed assets was due to the purchase of premises to open a new sales office in the region.

The organization's working capital increased and amounted to 22,804 thousand rubles at the end of the year, which is 13,683 thousand rubles. (or 150.02%) more than in 2008. The LLC's receivables increased slightly – by 4.67% or 5 thousand rubles. At the same time, the debt of buyers and customers decreased by 52 thousand rubles. or by 55.32%. This happened due to the more precise work of the LLC’s legal service, which in 2009 more clearly monitored the debt of wholesale buyers.

The absolutely liquid part - the company's funds increased during the period under study - by 14 thousand rubles. or by 116.67%. In 2009, compared to 2007, the company’s funds decreased by 78 thousand rubles, which is associated with an increase in the purchase of goods for resale due to the planned expansion of trade.

Table 3 Analysis of the asset structure of the balance sheet of Sputnik LLC in dynamics in 2007-2009.

As can be seen from the data in Table 3, during the period under study, the share of fixed assets and non-current assets of the enterprise decreased by 0.25%.

The share of working capital in the structure of LLC assets increased by 0.25%. The share of inventories in the structure of LLC assets decreased by 5.29%.

The share of accounts receivable in the structure of the enterprise's assets decreased by 0.65%. This happened due to the fact that wholesale buyers and customers of the enterprise paid off their debt to the LLC.

The share of short-term financial investments in the structure of assets of Sputnik LLC increased by 6.21%.

The share of the enterprise's cash during the period under study decreased by 0.02%. This is due to a decrease in the company’s funds in the current account due to an increase in the purchase of inventory due to the planned expansion of trade.

The general direction of the analysis of changes in the structure of the balance sheet is based on the principle “from general to specific.” To understand the overall picture of changes in the structure of the liability balance sheet items of the enterprise or organization under study, indicators of the structural dynamics of the sections are very important. By comparing the structures of changes in liabilities, we can draw a conclusion about through which sources the influx of new funds mainly occurred.

As can be seen from the data in Table 4, the enterprise’s own sources during the period under study increased by 10,515 thousand rubles. (or by 113.72%). This is due to an increase in the amount of retained earnings - by 10,515 thousand rubles. (or by 113.72%). The amount of the authorized capital of the enterprise did not change during the period under study.

The company's borrowed funds also increased during the period under study - by 3,820 thousand rubles. (or by 1085.23%), which is associated with an increase in the company’s borrowed funds - by 2967 thousand rubles. or 89.9 times; accounts payable - by 853 thousand rubles. (or by 267.4%). The growth rate of borrowed funds is higher than the growth rate of the LLC's own funds, which indicates that the company is “living on debt.”

Table 4 Analysis of liability items on the balance sheet of Sputnik LLC in dynamics in 2008-2009.

As part of accounts payable for the period under study, arrears for wages increased (by 51 thousand rubles or 242.86%), debt to suppliers and contractors increased by 671 thousand rubles. (or by 286.75%). In 2009, a debt arose to state extra-budgetary funds in the amount of 13 thousand rubles.

During the period under study, the amount of the enterprise's debt for settlements with the budget decreased (by 22 thousand rubles or by 34.38%). This is due to the improvement of the payment discipline of the enterprise and timely payment of its debt to the budget.

Table 5 Analysis of the liability structure of the balance sheet of Sputnik LLC in dynamics in 2008-2009.

As part of the company’s sources of funds, the share of equity capital decreased by 13.76%. The share of authorized capital decreased by 0.05% by the end of the year. The share of retained earnings of the enterprise decreased during the study period by 13.71%.

During the period under study, the company's funds raised on a borrowed basis increased. Among them, short-term loans and credits should be highlighted, the share of which in the total structure of the enterprise's liabilities increased by 12.19%. The company's accounts payable increased by 1.57%. In its composition, only the share of debts on taxes and fees decreased (by 0.49%).

Summarizing the above analysis, we can say that at this enterprise during the period under study there was an increase in the property potential of the enterprise. To talk about the effectiveness of this potential, it is necessary to analyze this enterprise for liquidity and solvency and find out whether the enterprise can pay off all its short-term obligations without violating the repayment terms, and whether the enterprise has a sufficient amount of cash and cash equivalents sufficient to pay accounts payable requiring immediate repayment.