Economic essence, goals and assessment of the financial condition of the enterprise. Analysis of profit from sales of commercial products, balance sheet profit. Methodology for analyzing and forecasting the financial condition of an organization based on financial reporting data.

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Introduction

Chapter 1. Theoretical basis analysis and forecasting financial condition enterprises

1.1 Economic essence, goals and assessment of the financial condition of the enterprise

1.2 Methodology for analyzing and forecasting the financial condition of an organization based on financial statements

Chapter 2. Analysis of the financial condition of Gezler LLC

2.1 a brief description of Limited Liability Company "Gezler"

2.2 Analysis of the organization's profit

2.3 Analysis of profit from sales of commercial products

2.4 Analysis of balance sheet profit

Chapter 3. Forecasting and analysis of reserves for improving the financial position of Gezler LLC

Conclusion

Bibliography

Vveating

In market relations, analysis of the financial condition of an enterprise is especially necessary and should be aimed at further economic development enterprise, its strengthening, increasing the efficiency of using economic potential.

With the advent of new economic relations Old concepts appeared in a new sense: competition, demand, supply, market conditions. The market is an economic system and, like every system, a market economy has its own laws. Their reflection is economic analysis. The analysis tells us about the profitability of products, reserves for reducing costs, the importance of factors influencing the production process, makes us think about the structure of the production cycle, competition, solvency of the organization, allows us to “see” the business activity of the enterprise, market structure, economic development potential, and most importantly allows management economic entity accept the right ones and timely decisions to improve financial economic activity organizations.

The independence of enterprises and their economic and legal responsibility are increasing. Values ​​increase sharply financial stability and business entities. All this significantly increases the role of analysis of their financial condition, availability, placement and use of funds. In these times of unstable economy, when there is a recession industrial production and investments in production are significantly reduced, for efficient work You must be able to analyze your past activities (in order not to repeat mistakes and use positive aspects) and plan future activities.

To assess the financial stability of an enterprise, an analysis of its financial condition is necessary. Financial condition is a set of indicators reflecting the availability, placement and use of financial resources, especially the analysis of profit and profitability.

Activity manufacturing enterprise carried out at the expense of profits. Therefore, in the system of economic analysis, the study of the patterns of formation of the main source of income of an enterprise - profit - is of great importance.

If compared with other cost indicators, profit is most suitable for assessing the production and economic activities of an enterprise, since it expresses the result of this activity in monetary form. When assessing profit, the growth in the volume of marketable products and products sold, the efficiency of the enterprise's use of basic production assets and other material, financial and labor resources.

The main goal of this work is to investigate the financial condition of the enterprise "GEZLER" LLC, to identify the main problems financial activities and provide recommendations on financial management.

Based on your goals, you can formulate tasks:

Characteristics of the enterprise's property: main and working capital and their turnover, identifying problems;

Characteristics of the enterprise’s sources of funds: own and borrowed;

Analysis of profit from sales of commercial products;

Analysis of balance sheet profit;

Financial stability assessment;

Development of measures to improve financial and economic activities.

Methodological basis for analyzing the financial condition of an enterprise.

To solve the above problems, the annual financial statements of GEZLER LLC for 2010 - 2014 were used, namely:

Balance sheet (Form No. 1 according to OKUD),

Appendix to the balance sheet (Form No. 5 according to OKUD)

Cash flow statement (Form No. 4 according to OKUD)

Profit and loss statement (Form No. 2 according to OKUD)

The object of the study is the limited liability company "GEZLER". The subject of analysis is the financial processes of the enterprise and the final production and economic results of its activities.

Chapter 1. Theoretical foundations of analysis and forecasting of the financial condition of an enterprise

1.1 Economic essence, goals and assessment of financialfinancial status of the enterprise

The assessment of the financial condition of an enterprise is determined primarily by the transition of our economy to market relations.

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

Assessment of financial condition is a way to reveal the financial well-being and dynamics of development of an economic entity.

An assessment of the financial condition of an enterprise is carried out in the following cases:

1. Reorganization, restructuring, liquidation of the company.

2. Concluding a transaction of purchase and sale or lease of a business (both individual parts and all property).

3. Revaluation of financial assets.

4. Obtaining various loans and investments.

5. Insurance of company property.

6. Bankruptcy procedure with forced sale of an enterprise or part of it.

The main goals of the financial condition of the enterprise are:

1. Assessment of the dynamics of movement and the state of the composition and structure of assets.

2. Assessment of the dynamics of movement, composition, condition and structure of sources of equity and borrowed capital.

3. Analysis of calculated and absolute indicators of the company’s financial stability, assessment of changes in level and identification of changing trends.

4. Analysis of the company’s solvency, the liquidity of its balance sheet assets.

The result of assessing the financial condition of the enterprise is:

1. Established indicators of financial position.

2. Identified changes in the financial condition of the company in space and time.

3. Identified main factors that cause changes in financial condition.

4. Conclusions and forecast on the main trends in changes in the financial condition of the company.

In the domestic literature, the following main groups of tasks of internal analysis of the financial condition of an enterprise are distinguished:

1. Identification of financial position.

2. Identification of changes in financial condition in space and time.

3. Identification of the main factors that caused changes in financial condition.

4. Timely identification and elimination of deficiencies in financial activities and the search for reserves for improving the financial condition of the enterprise and its solvency.

5. Forecasting possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources, developing models of financial condition for various options for using resources.

6. Development of specific activities aimed at more efficient use financial resources and strengthening the financial condition of the enterprise. The content of an external assessment of financial condition is largely determined by the sphere of economic interests of users.

The assessment of financial condition can be carried out using various types of models that allow structuring and identifying the relationships between the main indicators. There are three main types of models: descriptive, predicative and normative.

Predictive models are models of a predictive, predictive nature. They are used to forecast a company's income and its future financial condition. The most common of them are: calculating the point of critical sales volume, constructing predictive financial reports, dynamic analysis models (strictly determined factor models and regression models), situation analysis models.

Regulatory models allow you to compare the actual results of enterprises with the expected ones calculated according to the budget. These models are used primarily in internal financial analysis. Their essence boils down to the establishment of standards for each item of expenditure for technological processes, types of products, responsibility centers and to the analysis of deviations of actual data from these standards. The analysis is largely based on the use of strictly deterministic factor models.

Analysis of the financial stability of an enterprise includes two areas:

analysis of the availability and adequacy of real equity capital;

analysis of the provision of reserves with sources of their formation.

To assess the financial stability of joint stock companies, the main role is played by the indicator net assets, defined as the difference between the amount of assets accepted for calculation and the amount of liabilities accepted for calculation. Net assets coincide for joint stock companies with the indicator of real equity capital. In the course of analyzing the difference between real equity capital and authorized capital, the adequacy of real equity capital is established.

When analyzing the provision of reserves with sources of their formation, certain indicators are used:

availability of own working capital;

availability of long-term sources of reserve formation;

the total value of the main sources of reserve formation.

Three indicators of the availability of sources for the formation of reserves correspond to three indicators of the provision of reserves with sources of their formation, on the basis of which four types of financial situations are distinguished, a schematic representation of which is presented in Figure 1.

Along with absolute indicators, financial stability is also characterized by the financial ratios presented in Table 1.

Figure 1 - Algorithm for identifying the type of financial situation

Profitability indicators characterize the profitability of the organization and are calculated as the ratio of profit indicators to the average assets of the enterprise for the reporting period. Profit indicators can include gross profit, sales profit, profit before tax, profit from ordinary activities, and net profit.

table 2

Relative coefficients of financial stability of an enterprise

As an indicator of assets, the values ​​of all assets of the enterprise, non-current assets, current assets, individual components of non-current and current assets can be used. In the analysis of the profitability of an enterprise, carried out in the second chapter, the net profit of the enterprise is considered as an indicator of profit, and the average value of all assets of the enterprise, non-current and current assets, and net assets for the reporting period is considered as an indicator of assets.

The main purpose of an organization's financial activities is to decide how, where and when to use funds to ensure efficient production and maximum profits.

In conditions market economy, when the rights of an organization in the field of financial and economic activities are significantly expanded, the role of a qualitative analysis of the financial condition of the organization, assessment of its solvency, liquidity, creditworthiness and financial stability increases noticeably. It is important to objectively assess the financial condition of the organization, since no manager should miss the potential opportunities to increase the organization’s profits, which can only be identified on the basis of an analysis of the financial condition. A competent analysis of the financial condition of an organization, its solvency, liquidity, creditworthiness and financial stability is also necessary because the profitability of any organization and the size of its profit largely depend on its solvency.

1.2 Methodology for analyzing and forecasting the financial condition of an organization based on financial statements

There is a special technique for analyzing the financial condition of an enterprise. Its content is to forecast and evaluate the organization on a given problem in accordance with accounting and reporting data.

The financial condition of the enterprise in this case should be considered from the following positions:

It is necessary to evaluate the organization from the point of view of its economic content;

There should be regular forecasting of the company's condition;

Analysis and assessment of the financial condition of the enterprise should take place in two directions:

Internal analysis will necessarily be carried out by employees of this organization in accordance with the approved plan;

An audit (external analysis) should be determined by the interests of other users and conducted according to official accounting data.

The financial condition of an enterprise will be successful if it is able to exist, develop, and also maintain balance in its assets and liabilities in a situation of changing external and internal reality.

The fact is that even with high income, an organization may experience difficulties if it uses its financial resources irrationally. For example, if a decision was made to invest them in excess reserves or to allow a large debt on loans.

Among the positive factors of economic stability, one can highlight the presence of sources and reserves for the formation of cash reserves, and among the negative ones, their size.

In accordance with various economic characteristics, all reporting information is grouped into separate consolidated items, which in international practice are called elements of financial statements. The main elements of financial statements are assets, liabilities, equity, income, expenses, profit and loss. The first three elements characterize the enterprise's funds and the sources of these funds as of a certain date; the remaining elements reflect transactions and economic events that affected the financial position of the enterprise during the reporting period and caused changes in the first three elements. All elements of financial statements are reflected in reporting forms, the main ones being the Balance Sheet and the Profit and Loss Statement.

Among the main methods financial analysis the following can be distinguished:

1) preliminary reading of accounting (financial) statements;

2) horizontal analysis;

3) vertical analysis;

4) trend analysis;

5) method of financial ratios;

6) factor analysis;

7) comparative analysis;

8) calculation of cash flow;

9) specific analysis.

An initial familiarization with the company’s statements allows you to study the absolute values, draw conclusions about the main sources of raising funds, the directions of their investment, the main sources of profit received, the accounting methods used and changes in them, organizational structure enterprises and so on. The information obtained during the preliminary reading gives a general idea of ​​the financial condition of the enterprise, however, to make management decisions it's not enough.

Horizontal analysis - comparison of each reporting item with the previous period. This method allows you to identify trends in changes in reporting items or their groups and, based on this, calculate the basic growth rates. Horizontal and vertical analysis complement each other.

Vertical (time) analysis - determining the structure of the final financial indicators with identifying the impact of each reporting item on the result as a whole, that is, calculating the share of individual reporting items in the overall final indicator and assessing its impact.

Vertical analysis allows you to:

study the results of economic activity based on relative indicators that smooth out the influence of subjective external factors, which occurs when working with absolute indicators and makes it difficult to compare them over time;

conduct inter-farm comparisons of various organizations that differ in the amount of resources used and other volume indicators.

Trend analysis is a type horizontal analysis, it is used in cases where comparisons of indicators are made over more than three years. However, long-term comparisons are usually made using indices. Each reporting item is compared with a number of previous periods to determine the trend. Trend is the main tendency of the indicator. Calculating a series of index numbers requires choosing a base year for all indicators.

Analysis of relative indicators (coefficients) - calculation of relationships between reporting data, determination of the relationship between indicators. These coefficients are of great interest because, firstly, they allow us to determine the range of information that is important for users of financial statements from the point of view of decision-making; secondly, they provide an opportunity to more deeply assess the position of a given reporting unit in the economic system and trends in its change. The big advantage of coefficients is that they smooth out Negative influence inflation processes that can significantly distort the absolute indicators of financial statements and thereby complicate their comparison over time. This method is the most convenient due to its simplicity and efficiency. Its essence lies in comparing the coefficients calculated from reporting data with generally accepted standard coefficients, industry average norms or corresponding coefficients, and with numerical ones based on the data of the enterprise’s activities for previous years.

Comparative analysis is both an intra-company comparison of individual indicators of a company, subsidiaries, divisions, workshops, and an inter-company comparison of the indicators of a given company with the indicators of competitors, with industry averages and average general economic data.

The method of financial ratios is based on the existence of certain relationships between individual reporting items. The coefficients make it possible to determine the range of information that is important for users of information about the financial condition of the enterprise from the point of view of decision-making. The big advantage of the coefficients is that they smooth out the negative impact of inflation, which significantly distorts the absolute indicators of financial statements, thereby making it difficult to compare them over time.

Analysis of the financial condition of an enterprise is based on a system of financial ratios. The indicators most often used in analyzing the financial condition of an enterprise can be divided into four groups.

Factor analysis is used to study and measure the impact of factors on the value of the performance indicator. Factor analysis can be direct, when an effective indicator is divided into its component parts, and backward, when individual elements are combined into a common effective indicator.

An important tool of financial analysis is the calculation of cash flow. Presented in the form of an annual financial forecast, it shows how you are expected to receive cash each month and make monthly payments to pay off your debt. This calculation allows us to estimate the peak of the enterprise's need for additional funds and its ability to earn enough cash to pay off short-term debt during the operating cycle.

It can be noted that different authors include in the methodology for analyzing the financial condition of an enterprise, based on the data of its financial statements great amount various financial indicators. There is no universal analysis method.

Chapter 2.Finance analysisnew condition at Gez LLCler"

2.1 Brief description of the Limited Liability Company "Gezler"

The company was registered on November 22, 1999 by the registrar of the Inspectorate of the Ministry of Taxes and Taxes of Russia for the Pervomaisky district of Rostov-on-Don. The director of the organization is Nelya Petrovna Ivanchenko. The company "GEZLER" LLC is located at 344065, ROSTOV-ON-DON, ST. ORSKAYA, 31, MERCURY MARKET, STORE N 89, the main activity is “Retail trade in men's, women's and children's clothing.”

The company is also registered in such categories as: “Retail trade of hats”, “Retail trade of clothing accessories: gloves, ties, scarves, belts, suspenders, etc.” The main industry of the company is Retail Trade. The organization was assigned TIN 6166040471, OGRN 1036166003323. The company LIMITED LIABILITY COMPANY "GEZLER" was liquidated on December 31, 2012.

Organizational and legal form (OPF) - limited liability companies. Type of property - property of foreign citizens and stateless persons.

LIMITED LIABILITY COMPANY "GEZLER", Rostov-on-Don, Rostov region.

Legal address: 344065, ROSTOV-ON-DON, st. ORSKAYA, 31, MERCURY MARKET, STORE No. 89.

Founders of LLC "GEZLER"

The founders of the company according to Statregister data as of September 2006:

§ * CITIZENS;

The founders of the company according to Statregister data as of August 2012:

§ * CITIZENS OF TURKEY;

The founders of the company according to Statregister data as of October 2012:

§ * Citizens of Turkey;

The founders of the company according to the Unified State Register of Legal Entities as of February 2012:

§ * Gezler Forhat - (participation share - 100%);

Mini-extract from the Unified State Register of Legal Entities:

§ Initial registration

January 8, 2003

§ Registrar

Inspectorate of the Ministry of Taxes and Taxes of Russia for the PERVOMAISKY district of ROSTOV-ON-DON

§ Director

Ivanchenko Nelya Petrovna

§ Authorized capital

8,400 rub.

§ Organizational and legal form

Limited Liability Companies

§ Type of ownership

Property of foreign citizens and stateless persons

§ OGRN

1036166003323

§ INN

6166040471

§ Checkpoint

616601001

§ OKPO

51599323

§ OKATO

60401378000

Main activity:

* Retail trade of men's, women's and children's clothing;

Additional activities of the company:

* Retail trade of hats;

* Retail trade in clothing accessories (gloves, ties, scarves, belts, suspenders, etc.);

All-Russian classifier of products by type of economic activity:

* Services for retail trade in women's fur clothing;

* Retail trade services for women's underwear;

* Retail trade services for men's sportswear;

* Services for retail trade in children's hats;

* Services for retail trade in women's hosiery;

* Clothing retail services;

* Retail trade services for men's leather clothing;

* Retail trade services for men's hosiery;

The company GEZLER LLC carries out the following types of activities (in accordance with OKVED codes specified during registration):

§ Retail trade of clothing

§ Retail trade in men's, women's and children's clothing (Main activity)

· Retail trade, except trade in motor vehicles and motorcycles; repair of household products and personal items

o Other retail trade in specialized stores

§ Retail trade of clothing

§ Retail sale of hats (Additional activity)

· Retail trade, except trade in motor vehicles and motorcycles; repair of household products and personal items

o Other retail trade in specialized stores

§ Retail trade of clothing

§ Retail trade in clothing accessories: gloves, ties, scarves, belts, suspenders, etc. (Additional activity)

The company operates in the following industries (in accordance with the OKONKh classifier):

· Trade and catering

o Domestic trade

§ Retail trade

Retail turnover includes:

revenue from the sale of goods in retail trading network for cash and on credit;

· leave from enterprises Catering products own production and purchased goods;

· proceeds from the sale of clothes, shoes, hats, underwear from tailoring workshops for individual orders of consumers;

· proceeds from sales printed products(newspapers, magazines, books, posters) in the retail network and by subscription to the population, organizations, enterprises;

· proceeds of workshops for dry cleaning and dyeing of clothes;

· proceeds from the repair of clothing, shoes, hats, watches, television, video, radio equipment, furniture and other items made by consumer services enterprises;

revenue from repairs and Maintenance automobiles, motorcycles, including the cost of spare parts carried out by specialized enterprises;

· proceeds from the sale of fuel and lubricants, spare parts, and other care products for cars and motorcycles by gas stations;

Proceeds from the sale of agricultural products, livestock and poultry directly by agricultural enterprises, subsidiary plots;

Other revenue (for cutting fabrics during the sale, delivery of goods to your home, from the sale of relevant goods by trading organizations to rental centers, etc.).

The main tasks of “analysis of retail turnover can be reduced to the following:

· checking the implementation of plans (forecasts) of trade turnover, meeting consumer demand for individual products, development of long-term standards for indicators trading activities; identifying trends in economic and social development retailers; establishing the validity, tension, optimality of plans;

· study, quantitative measurement and generalization of the influence of factors on the implementation of the plan and the dynamics of retail turnover; comprehensive assessment of the trading activities of the enterprise;

· identifying ways, opportunities and reserves for increasing trade turnover, improving the quality of customer service, efficient use of the material and technical base of trade, commodity and labor resources;

· development of optimal, strategic and tactical management decisions for the development of retail turnover of a trading enterprise.

General Director - manages all activities of the enterprise. Organizes the work and effective interaction of production units, workshops and others structural divisions enterprises, directs their activities to achieve high rates of development and improve production; increasing labor productivity, production efficiency and product quality based on widespread implementation new technology, scientific organization of labor, production and management.

Table 3 shows the main performance indicators of GEZLER LLC for 2010-2014.

Table 3 - Main performance indicators of GEZLER LLC for 2010-2014

According to the table. 3 compared to 2010, in 2014 property decreased by 758 thousand rubles, and compared to 2011 by 2739 thousand rubles. The cost of fixed assets in 20 was 24 thousand rubles. which is 12 thousand rubles. less than in 2006, and by 17 thousand rubles. less than in 2012

The value of current assets also decreased in the analyzed period. If in 2010 their cost was 9,110 thousand rubles, then in 2014 it decreased to 8,364 thousand rubles. Compared to 2010, in 2014 the value of current assets decreased by 746 thousand rubles, and compared to 2012 by 2722 thousand rubles.

The company's equity capital tends to grow and amounted to 3514 thousand rubles in 2014, which is 1773 thousand rubles. more than in 2012. Short-term liabilities, on the contrary, decreased, which is assessed on the positive side.

Revenue from sales of products (works, services) in 2014 increased compared to 2010 by 20,706 thousand rubles, compared to 2012 by 4,907 thousand rubles. The cost of products (works, services) also tends to increase. In 2014, compared with 2010, the cost of production increased by 16,783 thousand rubles, and compared with 2012, by 3,524 thousand rubles.

In 2014, the company received a gross profit of 8,427 thousand rubles. The company's net profit tends to increase. Thus, in 2014, net profit amounted to 3173 thousand rubles, which is 1449 thousand rubles. more than in 2010 and by 666 thousand rubles. more than in 2012. The increase in net profit is due to the growth in sales volumes.

Table 4 - Analysis of the composition and movement of settlements with debtors in GEZLER LLC for 2014

According to Table 4, it can be seen that during 2014 there was a receivable in the amount of 1455 thousand rubles, while repaid receivables in the amount of 1568 thousand rubles. The balance at the end of 2008 was 25 thousand rubles. In the total amount of accounts receivable, overdue debt arose in 2014 in the amount of 101 thousand rubles. or 6.94%, 117 thousand rubles repaid. or 7.46%. Out of this, overdue debt lasting more than 3 months arose in the amount of 29 thousand rubles. or 2%, 32 thousand rubles repaid. or 2.04%.

Forecasting the financial condition of an enterprise is based on a whole system of indicators that characterize the structure of sources of capital formation and its placement, the balance between assets and sources of their formation, the efficiency and intensity of the use of capital, the solvency and creditworthiness of the enterprise, its investment attractiveness, etc. For this purpose, the dynamics of each indicator are studied. In some cases, a projected income statement is prepared.

2.2 Enterprise profit analysis

Profit and profitability are among the most important indicators characterizing the efficiency of the production and economic activities of an enterprise.

More than any other indicator, profit reflects the results of all aspects of the enterprise's activities. Its value is affected by the volume of products, its range, quality, cost level, fines, penalties and other factors.

Profit affects such a general indicator as profitability, the state of own working capital, solvency and the size of incentive funds.

Identification of reserves of growth and profitability can be established through a system of interrelated areas of economic analysis.

The task of economic analysis is to assess the total amount of profit and its composition, to check the validity of the plan and its implementation in terms of profit to the level of profitability, to reveal the influence of a number of factors on the deviation of the actual amount of profit from the planned one, to identify reserves for profit growth and profitability.

2.3 Analysis of profit from salescooked products

Profit from the sale of marketable products is the result of production activities and the circulation process and occupies the largest share in the balance sheet profit of the enterprise. Profit from the sale of products consists of two parts:

1. Profit from the sale of marketable products

2. Profit from other sales

It is defined as the difference between the proceeds from the sale of commercial products (excluding VAT) and the cost of commercial products.

To carry out the analysis, we will use the company's financial performance reports and compile the following analytical table 5.

From the analysis of the data given in the table, it follows that the profit from the sale of marketable products increased by 8291 thousand rubles.

The following factors could have influenced the change in profit:

Changes in prices for sold products;

change in the volume of products sold;

shifts in the structure and range of products sold;

· change in production cost of goods sold;

· changes in business expenses;

· increase in production costs and commercial expenses

Table 5

Indicators for analyzing profit from sales of commercial products

Let's consider the influence of each of these factors.

1. Change in profit prices

Ptsen = Qрф - Qрпф;

Ptsen140118-122759=17359 thousand. rub.

Due to the increase in prices for sold products, profit increased by 17,359 thousand. rub.

2. Change in sales volume of commercial products

(Sрпф: Sрп) - Пп;Пр = Пп

Por = 13427*(105747/101334)-13427=585 thousand rubles.

Due to the increase in sales volume in the reporting year, profit increased by 585 thousand. rub.

3. The impact of shifts in the structure and range of products sold.

(Qрпф/ Qрп - Sрпф/ Sрп); Pstr = Пп

Pstr = 13427*(122759/114761-105747/101334)=352 thousand rubles.

Due to the increase in the sales volume of the share of more profitable products, the profit at the enterprise increased by 352 thousand. rub.

4. Change in production cost of goods sold

Pps/s= Sрф- Sрпф

Pps/s = 112515-100843 = 11672 thousand rubles.

The increase in production costs in the reporting year due to increased prices for raw materials and supplies led to a decrease in profit by 11,672 thousand rubles.

5. Change in business expenses

Pkr = Sрф- Sрпф

Pkr = 5885-4904 = 981 thousand rubles.

Due to an increase in commercial expenses in the reporting year, compared to the previous year, profit decreased by 981 thousand rubles.

6. Increase in production costs due to structural changes.

Ppps = Sрпх Qрпф/ Qрп - Sрпф;

Ppps = 97005**122759/114761-100843=2923 thousand. rub.

An increase in the sales volume of the share of products for which production costs have decreased led to an increase in profit by 2923 thousand rubles.

7. Increase in commercial expenses due to structural changes.

Pppkr = Sрпх Qрпф/ Qрп - Sрпф;

Pppkr = 4329*122759/114761-4904=-273 thousand rubles.

Due to an increase in the volume of products sold, for which commercial expenses increased, profit decreased by 273 thousand rubles.

The total influence of all factors influencing the change in profit is equal to the deviation of profit from the sale of marketable products of two adjacent years.

PpkrPpps + Pkr + Pps/s + Pstr + Por + Ptsen + Ptot =

Total = 17359+585+352-11672-981+2923-273=8291 thousand rubles.

2.4 Balance sheet profit analysis

Balance sheet profit characterizes the final results of all production and economic activities and non-industrial economic facilities of the enterprise.

Business profit formula:

Pbal = P real + Ppr real + Posn f + VR

VR - non-operating results - fines, penalties, penalties received or paid by the enterprise in the reporting year.

An analysis of balance sheet profit compared to last year shows the impact of the cost of raw materials, materials, fuel and other material and technical resources, changes in prices for product sales and the methodology for calculating profit. In order to exclude this influence, it is necessary to bring the amount of profit into comparable conditions.

Tables are compiled for analysis. 6 and table 7.

The data in tables 6 and 7 show that in 2013, book profit exceeded profit from sales by 324 thousand. rub.; in 2014, profit from sales was 1041 thousand rubles more than the balance sheet. Such changes occurred as a result of income and losses received from non-operating activities. In 2013, these incomes amounted to 4,444 thousand rubles, and in 2014, 90 thousand. rubles, at the same time, losses in 2014 amounted to 1131 thousand. rub., and in the previous year 115 thousand rubles.

Reducing losses is one of the reserves for increasing the balance sheet profit of a joint-stock company.

Table 6

Table 7. Profits and losses of LLC for 2014

Table 8. Profits and losses of LLC for 2013

Chapter 3.Forecasting and analysis of reserves for improving the financial situationGezler LLC

Analyzing Gese LLC for 2008-2012, we can conclude that the company is not in dire financial condition. But there is still a need to improve the financial condition of the enterprise; for this it is necessary to implement certain measures.

Solving the problems of financial recovery of an enterprise is possible by using universal and standard measures to ensure its recovery from the financial crisis. Systems of these activities, implemented on the basis of appropriate scientific and methodological support and aimed at achieving certain goals, form mechanisms for ensuring financial sustainability. They are divided into internal mechanisms used by the enterprise itself, and external ones, implemented with the help of third-party legal entities or individuals.

The main types of internal mechanisms for the financial recovery of an enterprise are: operational, tactical and strategic. Their purpose and content are schematically presented in Table. 17.

Table 17

Internal mechanisms of financial recovery of the enterprise LLC "Business"

The operational mechanism for financial recovery includes measures aimed at reducing the size of current financial obligations enterprises in the short term and to increase the volume of monetary assets that ensure the urgent repayment of these obligations. The essence of this mechanism is to reduce the size of current financial needs and certain types of liquid assets. The main content of the operational mechanism of financial recovery is to ensure a balance of monetary assets and short-term financial liabilities of the enterprise.

The analytical work carried out to study the financial condition showed that this enterprise belongs to the category of financially unstable, there are negative aspects in the operation of the enterprise.

GEZLER LLC has considerable reserves for improving the implementation process, namely:

It is necessary to strive to improve the quality of products and reduce their costs, although this is not easy in the current situation;

It is necessary not to forget about such an important channel for selling products as selling to your employees, since people will be interested in producing quality products. And despite the fact that the selling price here will be low (lower than the market price), this is beneficial for the economy (money comes in immediately, high-quality products are easier to sell on the market and to the state, and selling prices here will rise in direct proportion to the quality).

To develop an enterprise strategy, it is necessary to conduct an in-depth analysis of both the external and internal environment of the enterprise, assessing the strengths and weak sides enterprises..

The strengths of the company are:

High level of remuneration, ensuring a constant supply of qualified personnel;

Highly educated, qualified and experienced personnel of the enterprise;

Developed production infrastructure of the enterprise;

Introduction of new technologies.

The current state of the enterprise can be represented by the following characteristics:

Stable composition of property;

The business activity of the enterprise is stable;

The financial situation is unstable;

Enterprise profitability indicators tending to decrease.

The main threats to the enterprise are:

General decline in the national economy;

Lack of experience government controlled market economy;

Weak and undeveloped legal regulation framework;

Excessive tax pressure.

TO the most important ways recovery can include:

Improving product quality;

Formation of economically rational production potential of the enterprise;

The current situation requires the development of measures to improve the financial condition of the enterprise. To improve the entire structure of property and funds of the enterprise a necessary condition is to find funds for this on the most favorable terms. The main such source is a positive result of activity - profit. The amount of profit received directly depends on the volume of sales, therefore, by increasing it, the financial result of the activity can also be increased.

To reduce accounts receivable, the following measures can be proposed:

Improve contract discipline;

Monitor among buyers the formation and timely repayment of accounts receivable;

Concluding a collection agreement with the bank on the acceptance form of settlements with buyer enterprises for obligatory deliveries, as well as concluding with the bank an agreement on the automatic calculation of a fine for each day of delay in the event of late payment for electricity services with issuing a payment request to the bank serving the buyer;

Conclude agreements with clients who are solvent and financially stable, for which it is advisable to form a financial service at the enterprise, whose responsibilities would include checking the solvency of clients and conducting marketing research;

Strengthen control over the status of accounts receivable settlements, that is, the use of spreadsheets Microsoft Excel, which allows you to analyze debt quality by applying aggregate formulas;

Having operational data on overdue debts, send notifications.

To reduce accounts payable, GEZLER LLC can offer the following:

Strengthen control over the status of accounts payable settlements;

It is necessary to repay the resulting debt to suppliers and contractors in a timely manner, for which the financial service of the enterprise needs to monitor financial flows and transfer money from the current account to the accounts of suppliers on time.

Table 9 - Forecast balance of GEZLER LLC for the coming year

Based on the compiled forecast balance, we can conclude that the total balance amount has not changed. Own capital increased by 2434 thousand rubles. by increasing profits.

Short-term liabilities decreased by the same amount due to the repayment of accounts payable, in particular debt to suppliers and contractors by 2,234 thousand rubles, debt to the organization’s personnel by 100 thousand rubles, debt to extra-budgetary funds by 30 thousand rubles. and debts on taxes and fees of 70 thousand rubles.

The proposed measures will help improve the financial condition and state of settlements at GEZLER LLC.

Conclusion

Now the company is achieving high quality in its work new level. The main goal of GEZLER LLC is to increase the socio-economic importance of retail trade and create the preconditions for a new Russian market civilized approach to the organization of retail distribution, adequate to the emerging economic conditions. Focus on the consumer and market needs, combined with the constant maintenance and expansion of the range of goods and services offered, is the main objective of the enterprise. GEZLER LLC establishes and maintains close ties with product manufacturers in different regions of the country. Establishing strong economic relations greatly facilitates the sale of goods and leads to a reduction in production costs for sales finished products. The company does a lot of work to stimulate product sales, study consumer demand and market conditions.

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

The main source of information about the financial activities of an enterprise is the financial statements, which have become public. In a market economy, accounting (financial) reporting of business entities becomes the main means of communication and the most important element of information support for financial analysis. When analyzing the financial condition, it is necessary to identify the reasons for the unstable position of the enterprise and outline ways to improve it.

The ratio of provision with current assets tends to decrease. Working capital ratios in production and accounting also decreased. Profitability working capital increased and amounted to 0.379 in 2014, and return on sales amounted to 0.06. Let's calculate the efficiency indicators for the use of non-working capital and investment activity of the organization.

In 2014, the amount of accounts payable amounted to 3,124 thousand rubles. After the events, accounts payable will decrease by only 2,434 thousand rubles. At the same time, debt to suppliers and contractors will decrease by 2,234 thousand rubles, debt to organization personnel by 100 thousand rubles, debt to extra-budgetary funds by 30 thousand rubles. and debt on taxes and fees of 70 thousand rubles.

Bibliography

1.Regulations on accounting. 3rd edition add. - Rostov n/d: publishing house "Phoenix", 2013. - 256 p.

2.Anti-crisis management. Theory and practice for university students studying economics and management / ed. V.Ya. Zakharova. - 2nd ed., revised. and additional - M.: UNITY-DANA, 2011 - 304 p.

3. Bakanov M.I., Sheremet A.D. Theory of economic analysis: textbook, M.: Finance and Statistics, 2011. - 398 p.

4. Accounting: Textbook / P.S. Bezrukikh, V.B. Ivashkevich, N.P. Kondrakov and others; Ed. P.S. Bezrukikh. - 3rd ed., revised. and additional - M.: Accounting, 2009. - 624 p.

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1.3 Methods for forecasting the financial condition of an enterprise

financial property profitability solvency

There are usually four methods for predicting the financial stability of a business entity:

Extrapolation;

Turnover timing method;

Budgeting method;

Method of preliminary (forecast) balances.

Extrapolation

When using the first method, it is assumed that there is a direct relationship between working capital and sales, which can be expressed using a simple coefficient (the ratio of net working capital to sales). Or using the coupling equation:

where a is the constant value of net working capital;

b - regression coefficient reflecting the degree of dependence of working capital on sales volume.

Knowing the value of these ratios and the projected sales volumes, it is possible to determine the need for net working capital (financial and operational need for working capital).

However, this method is quite simplified, since it takes into account the only factor - sales volume, while the level of need for short-term financing largely depends on the inventory turnover period, receivables and payables, etc. .

Turnover period method

The second method for determining net working capital is based on the study of the duration of the production and commercial cycle: the inventory turnover period plus the receivables turnover period minus the accounts payable turnover period multiplied by the one-day sales turnover.

However, this method has its drawbacks, since the turnover times are not standard, but change under the influence of various factors and therefore, in turn, require forecasting and clarification.

The budgeting method is based on planning the receipt and expenditure of funds, including from the main, investment and financial activities, described in detail by OF Efimova "Financial Analysis". The calculation of deviations between receipts and payments shows the planned change in cash and creates the basis for making appropriate management decisions. Forecasting cash flows allows you to determine the amount of excess and shortage of cash in the turnover of the enterprise. The reality of forecasts of receipt and expenditure of funds depends on the degree of their uncertainty.

Method of preliminary forecast balances

One of the methods financial forecasting is the preparation of a forecast profit and loss statement and a forecast balance sheet, most fully covered by D.A. Pankov “Accounting and Analysis in Foreign Countries”. Forecast reporting can be prepared at the end of each month, quarter, or year. It will allow you to establish and evaluate the changes that will occur in the assets of the enterprise and the sources of their formation as a result of business operations for the planned period of time.

The forecast balance can be drawn up on the basis of a system of planned calculations of all indicators of production and financial activity, as well as on the basis of the dynamics of individual balance sheet items and their relationships. Great assistance in developing forecast financial statements and models of the financial condition of an enterprise can be provided by: computer programs on financial modeling.

A comparison of the forecast values ​​of balance sheet items with the actual values ​​at the end of the reporting period will make it possible to determine what changes will occur in the financial condition of the enterprise, which will make it possible to make adjustments to its production and financial strategy.

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Assessment of financial analysis of OJSC "Magnit"

Analysis and forecasting of the financial condition of the enterprise

The main goal of the company is to maximize profits by ensuring competitiveness and operational efficiency. To achieve the main goal, OJSC Magnit is given the following tasks, the solution of which will allow us to achieve the desired result:

1) Security sustainable growth economic indicators company activities;

2) Expanding the range of services provided to the company’s clients in the main and other types of activities;

3) System formation corporate governance through unconditional respect for the rights of shareholders, ensuring maximum transparency and information openness of the company’s activities, organizing an effective system for monitoring and assessing the quality of company management;

4) Maintaining a positive image, forming constructive relationships and obtaining support from investors;

5) Ensuring reliability of supplies, increasing operational efficiency, and using technical potential.

An analysis of the property status of the enterprise showed that in the company in question, accounts receivable greatly exceed accounts payable. Accounts receivable can arise both in the event of shipment of finished products to customers (provision of services) to the customer without advance payment, and in the event of violation of delivery deadlines for advances paid to suppliers. Overdue receivables also mean an increased risk of non-payment of debts and reduced profits. Therefore, the company needs to reduce the repayment period of payments due to it.

You can speed up payments by improving calculations, timely execution of settlement documents, prepayment, and using the bill of exchange form of payment.

Based on the analysis and assessment of the risk of loss of liquidity of the company, we can conclude that, relative to the main balance sheet proportion, the Magnit company is not absolutely liquid, since the company's long-term liabilities exceed the value of slowly realizable assets and hard-to-realize assets are greater than stable liabilities, this indicates that that the most liquid working capital of the enterprise is not enough to cover the amount of accounts payable.

But regarding the liquidity ratio analysis, the company is completely absolutely liquid by all ratios, which means the company is able to pay off current liabilities at the expense of current assets. Thus, the company can pay off its obligations urgently. Even considering low probability the fact that all creditors of the enterprise will simultaneously present their debt claims to it

Analysis and assessment of financial stability showed that the company has absolute financial stability. This means that the company is independent from creditors and inventories and costs are fully covered by its own resources.

Based on the analysis of business activity, we can conclude that OJSC Magnit has high turnover and profitability ratios, which indicates a significant level of business activity.

To improve operational efficiency, you should:

Reduce accounts receivable. This will lead to an acceleration of the turnover of current assets, a reduction in the operating and, accordingly, financial cycle, as a result of which profitability will increase;

Monitor the status of settlements with customers for deferred (overdue) debts;

Monitor the ratio of accounts receivable and accounts payable. A significant predominance of receivables creates a threat to the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) funds;

Renew fixed assets, acquire new technologies;

Invest in profitable projects of other business entities in order to receive profitable interest;

Repay bank loans and other obligations ahead of schedule in order to reduce debt servicing costs.

First, let's predict the balance sheet of the enterprise in Table 12.

Table 12 - Forecast balance for 3 years

From this table 12 we can draw the following conclusion.

Non-current assets decreased, as did all of its sub-items, i.e. fixed assets and long-term financial investments.

Current assets increased due to all items except inventories; during the forecast period they had a negative trend.

In total, the value of assets over 3 years increased by 37,252,964 thousand rubles.

Table 13 - Forecast liquidity indicators of OJSC "Magnit" for 3 years

In this table, we can say that the absolute liquidity ratio has increased over the forecast period compared to 2014, as well as the quick liquidity ratio and the agility ratio.

Table 14 - Forecasting the financial stability coefficients of OJSC "Magnit" for 3 years

Table 14 shows a decreasing trend for all indicators. In particular, the financing ratio decreased; by 2017, the forecast showed negative values; this will not have the best effect on the enterprise.

Table 15 - Performance indicators of OJSC "Magnit" for 3 years

Table 15 shows how there was an increase in return on assets, as well as return on equity. As for the profitability of current assets and the profitability of products sold, they are declining in the same way as in 2013.

Bankruptcy is, as a rule, a consequence of the combined action of internal and external factors. IN developed countries with a market economy, a stable economic and political system, the ruin of business entities by 1/3 is associated with external factors and 2/3 with internal ones.

Let's consider one of the main approaches to forecasting the financial condition from the perspective of possible bankruptcy of an enterprise:

Thus, the Altman index is a function of certain indicators characterizing the economic potential of an enterprise and the results of its work over the past period. Table 16 displays the Altman model for the OJSC Magnit enterprise.

Table 16 - Altman model for the enterprise OJSC "Magnit" for 2012-2014 and forecasting for 3 years

This table 16 allows us to draw a boundary and make a judgment that the dynamics of the increase in this indicator is positive - Z>2.99.

Table 17 shows the Z-score values ​​and the probability of bankruptcy.

Table 17 - Degree of bankruptcy probability

Consequently, we can conclude that the financial condition of our enterprise at this stage is quite stable (Z = 43.047), i.e. There is no possibility of bankruptcy. The accuracy of the forecast for one year is 95%, for two - 83%. As for the forecast value, it also increases over 3 years, which is a positive effect for the activity of the enterprise.

And the final stage will be forecasting the number of stores of OJSC “Magnit” for 3 years in table 18.

Table 18 - Number of stores in OJSC "Magnit"

In Table 18 you can also observe a gradual trend of increase in all indicators, this means that the company is developing and every year stores different types More and more is opening up.

To further improve the financial and economic activities of OJSC Magnit, it is necessary to carry out the following measures:

a) Reduce the turnover of receivables, which can be achieved by improving settlements with buyers. It is necessary to find opportunities and take measures to recover a possible part of the receivables. In the future, it is necessary to prevent the possibility of overdue receivables, for which you can take an advance payment for services rendered, set fixed payment terms and develop a system of fines for their violation or a system of discounts for timely payment. In addition, the organization needs to continuously monitor the status of receivables, timely identify and eliminate negative trends. These measures will lead to an additional inflow of funds, through which the Company will be able to pay off its creditors. This will improve the financial stability of OJSC Magnit.

b) It is necessary to carry out all possible measures to reduce costs - the main source of increasing profits. A serious reserve for this is the expansion of production, an increase in the volume of gas supplies, and an increase in the range of services provided. Thus, with a larger production volume, other equal conditions, the greater the amount of profit received by the enterprise.

Compliance with the strictest austerity regime in all areas of the Company's production and economic activities is of paramount importance in the struggle to reduce the cost of production. OJSC “Magnit” needs to pay special attention to the range of its products, reduce the level of resource intensity, and, if possible, develop more favorable conditions for contractual relations with suppliers, since these factors have influenced the increase in costs.

c) Consistently implement a regime of saving all resources, reducing production and management maintenance costs.

Table 19 - rationale economic efficiency proposed recommendations

From this table we can draw the following conclusion:

The absolute liquidity ratio increased by 137% and amounted to 2.223. Thus, the company can pay off its obligations urgently. In this regard, taking into account the acceptability of the conditions prevailing at the enterprise, it can be considered liquid according to the forecast year 2015.

The quick liquidity ratio, as well as the current liquidity ratio, increased by 84% and amounted to 3.332. This indicator is of great interest to creditors of OJSC Magnit. This indicator also allows us to determine to what extent current assets cover short-term liabilities.

The agility coefficient increased by 23% and amounted to 0.462. This indicates the sufficiency of the enterprise's own funds in mobile form.

The independence coefficient decreased by 8% and amounted to 0.576. This characterizes the share of funds invested by the owners in the total value of the enterprise's property.

The financial stability coefficient decreases by 9% and amounts to 0.721. This change means that the enterprise’s risk is maximum; having sold property formed from its own funds, the enterprise will not repay its debt obligations.

The funding ratio decreased by 54%. The value of this indicator suggests a rather low financial stability of the enterprise and a high risk for its creditors.

Return on assets increased by 27%. This means that for every ruble invested in total assets, the company will receive a profit of 51% in the forecast year.

The return on current assets of the enterprise decreased by 34% and amounted to 68.693.

Return on investment, as well as equity, increased by 29%.

The profitability of products sold decreased by 56%. This means that for every ruble of products sold, the company will receive 11% of profit in the forecast year.

The probability of bankruptcy increased by 26%. This means that in the forecast year, the probability of bankruptcy decreased by another 26%.

The last indicator characterizing the total number of stores at the JSC enterprise"Magnit" increased by 28%. This means that in the forecast year the company will open 12,469 stores.

In general, we can say that in the next forecast periods, the enterprise will improve its financial condition and production.

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Introduction

1. Analysis of the financial condition of an economic entity

2.1 Analysis and models for assessing the property status of an enterprise

3. Assessment of the general financial condition of the enterprise using the example of Cameo LLC

3.3 Assessment of production activities

3.4 Business activity assessment

3.5 Financial stability assessment

Conclusion

List of used literature

Introduction

One of the purposes of financial analysis is to assess the financial condition of an enterprise. Since the financial condition of an enterprise is characterized by a set of indicators that reflect the process of formation and use of its financial resources, in a market economy it reflects the final results of the enterprise’s activities. Financial analysis is an indispensable element of both financial management at an enterprise and its economic relationships with partners, with the financial and credit system, with tax authorities, etc. This shows the importance of assessing the financial condition of an enterprise. And that this problem is the most pressing in our country, during the transition to a developed market economy, is obvious and indisputable.

The tasks posed in this work coincide with the tasks of financial analysis:

Identification of changes in indicators of the financial condition of the enterprise;

Identification of facts affecting the financial condition of the enterprise;

Assessment of quantitative and qualitative changes in the financial position of the enterprise;

Assessment of the financial position of the enterprise as of a certain date;

Determination of trends in changes in the financial condition of the enterprise.

The purpose of this work is to conduct a general assessment of the financial condition of a particular enterprise (in this case, Cameo LLC). Also give an assessment not only from a quantitative side, but also from an analytical point of view, i.e. characterize those quantitative changes that will be identified when making calculations for the period 2006-2007.

1.Analysis of the financial condition of a business entity

1.1 Concept, meaning of the financial condition of the enterprise

The financial condition of an enterprise (FSP) refers to the ability of an enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

Analysis of the financial condition of an enterprise is based on indicators characterizing the degree of liquidity of the enterprise, its business activity, the effectiveness of managing sources of funds, profitability and market activity of the company.

FSP can be stable, unstable and crisis. The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition. FSP depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, then this has a positive effect on the FSP, and, conversely, as a result of failure to fulfill the plan for the production and sale of products, its cost increases, revenue and the amount of profit decrease, therefore, the FSP and its solvency deteriorate.

A stable financial position, in turn, has a positive impact on the implementation production plans and providing the needs of production with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use. The main purpose of financial activity is to decide where, when and how to use financial resources for effective development production and maximizing profits.

To survive in a market economy and prevent an enterprise from going bankrupt, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be taken by own and borrowed funds. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an enterprise, profitability threshold, margin of financial stability (safety zone), degree of risk, the effect of financial leverage and others, as well as the methodology for their analysis. The main sources of information for the analysis of FSP are the reporting balance sheet (Form No. 1), profit and loss statement (Form No. 2), capital flow statement (Form No. 3) and other reporting forms, primary and analytical data accounting, which decipher and detail individual balance sheet items.

1.2 Goals and objectives of financial analysis of an enterprise

Financial analysis in the financial management system of an enterprise in its most general form is a method of accumulating, transforming and using financial information with the purpose of:

Assess the current and future property and financial condition of the enterprise;

Assess the possible and appropriate pace of development of the enterprise from the standpoint of their financial support;

Identify available sources of funds and assess the possibility and feasibility of their mobilization;

Predict the position of the enterprise in the capital market.

The purpose of such an analysis is to establish the possibility of a profitable investment in order to ensure maximum profit and eliminate the risk of loss.

The purpose of the analysis is not only to establish and evaluate the FSP, but also to constantly carry out work aimed at improving it. Analysis of the FSP shows in which areas this work should be carried out and makes it possible to identify the most important aspects and weakest positions in the FSP. In accordance with this, the results of the analysis answer the question of what are the most important ways to improve the FSP in a specific period of its activity. But the main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial support system and its solvency. To assess the stability of the FSP, a whole system of indicators characterizing changes is used:

capital structure of the enterprise according to its allocation to sources of education;

efficiency and intensity of its use;

solvency and creditworthiness of the enterprise;

reserve of its financial stability.

As part of financial analysis, the following tasks are solved:

Firstly, the degree of balance between the movement of material and financial resources is revealed, the flows of equity and borrowed capital are assessed in the process of economic circulation, aimed at extracting maximum or optimal profit, increasing financial stability, etc.;

Secondly, the correct use of funds to maintain effective structure capital;

Thirdly, it becomes possible to control the correctness of the organization’s financial flows, compliance with norms and standards for the expenditure of financial and material resources, feasibility of costs.

The components of diagnosing the financial condition of an enterprise are:

Collection and analytical processing of initial information for the period being assessed;

Justification of the system of indicators used and their classification;

Determining the type of financial stability of the enterprise.

Financial analysis is an essential element of financial management and auditing.

1.3 Methodology for analyzing financial condition

The methodology for analyzing the financial condition of an enterprise should consist of three large interconnected blocks:

Analysis of the economic potential of an economic entity, which includes an analysis of the property status: the composition and dynamics of the enterprise’s property and the sources of its formation (construction of an analytical balance sheet, vertical balance sheet analysis, horizontal analysis, study of qualitative changes in the property status);

Analysis of the financial position of an enterprise based on financial ratios, including assessment of performance (business activity and profitability), financial stability, liquidity, solvency and creditworthiness of the enterprise;

Development of possible prospects for the development of the enterprise.

There are various ways to conduct financial analysis (methods of reading financial statements), among which the most important are: 1. Horizontal analysis. 2.Vertical analysis. 3. Analysis of financial ratios. 4.Trend analysis. 5. Comparative analysis. 6.Factor analysis.

2. Methodology for assessing and analyzing the financial condition of an enterprise

2.1 Analysis and models for assessing property status

The financial condition of the enterprise is characterized by the effective placement and use of funds (assets), their sufficiency for current and future economic activities and the sources of their formation (equity and liabilities, i.e. liabilities). That's why preliminary estimate the financial position of the enterprise is carried out on the basis of the information presented in the balance sheet of the enterprise and its appendices.

At this stage of the analysis, an initial idea of ​​the activities of the economic entity is formed, changes in the composition of the property of the enterprise and their sources are identified, and relationships between indicators are established.

For a general assessment of the dynamics of the financial condition of the enterprise, balance sheet items should be grouped into separate specific groups based on liquidity (asset items) and urgency of liabilities (liability items). On the basis of the aggregated balance sheet, an analysis of the structure of the enterprise's property is carried out.

Analyzing the comparative balance, it is necessary to pay attention to the change in the share of the value of own working capital in the value of property, the ratio of the growth rates of equity and borrowed capital, as well as the ratio of the growth rates of receivables and payables. A study of the structure of the balance sheet liability allows us to establish one of possible reasons financial instability (sustainability) of the organization. For example, increasing the share of own funds from any source helps to strengthen the financial stability of the organization. At the same time, the presence of retained earnings can be considered as a source of replenishment of working capital and reduction of the level of short-term accounts payable.

In order to draw accurate conclusions about the reasons for changes in this proportion in the structure of assets, it is necessary to conduct a more detailed analysis of the sections and individual items of the balance sheet asset, in particular, to assess the state of the organization’s production potential, the efficiency of use of fixed assets and intangible assets, the turnover rate of current assets and etc.

In addition, a detailed analysis of the composition and movement of assets can be carried out using data from the appendix to the balance sheet (form No. 5).

The presence of intangible assets in the organization's assets (lines 110-112) indirectly characterizes the strategy chosen by the organization as innovative, since it invests in patents, licenses, and other intellectual property.

When studying the structure of inventories, it is advisable to focus on identifying trends in changes in such elements of current assets as raw materials, supplies and other similar assets, costs in work in progress, finished goods and goods for resale, and shipped goods.

An increase in the share of industrial inventories may indicate:

Increasing the production potential of the organization;

The desire, through investments in inventories, to protect the organization’s monetary assets from depreciation under the influence of inflation;

The irrationality of the chosen economic strategy, as a result of which a significant part of current assets is immobilized in inventories, whose liquidity may be low.

The stability of the financial position of an enterprise largely depends on the feasibility and correctness of investing financial resources in assets. During the operation of the enterprise, both the size of assets and their structure undergo constant changes. The most general idea of ​​the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

Vertical analysis shows the structure of the enterprise's funds and their sources. The criteria for changes in the property status of the enterprise that have taken place and the degree of their progress are indicators such as the share of the active part of fixed assets in the active part, the shelf life coefficient, the share of quickly salable assets, the share of leased fixed assets, the share of receivables.

The indicators characterizing the property status of the enterprise are:

The amount of economic assets owned and operated by the enterprise (NBV) gives a generalized value estimate of the size of the enterprise as a whole. This is an accounting assessment of assets listed on the balance sheet of an enterprise. The growth of this indicator indicates an increase in the property potential of the enterprise. When analyzing balances in an assessment, this indicator is calculated by subtracting regulatory items from the balance sheet total.

NBV=TA-LS-TS-OD, (1)

where NBV is the amount of economic assets owned and operated by the enterprise;

TA - total assets on the balance sheet;

LS-losses;

TS—own shares in the portfolio;

OD-debt of the founders for contributions to the authorized capital.

The share of the active part of fixed assets () is calculated according to the data in the “Appendix to accounting analysis” (as well as the three subsequent indicators). According to regulatory documents The active part of fixed assets means machinery, equipment and vehicles. The growth of this indicator in dynamics is regarded as a favorable trend.

Cost of the active part of the OS / cost of the OS (2)

The depreciation rate () characterizes the share of the cost of fixed assets written off as expenses in subsequent periods in the original (replacement) cost. Used in analysis as a characteristic of the state of fixed assets. Calculated using the formula:

Accumulated depreciation/initial (recovery) cost of OS (3)

Page 394 of the certificate for section 3, form No. 5/page 370, form No. 5 (4)

The renewal ratio () shows what portion of the fixed assets available at the end of the reporting period consists of new fixed assets.

Cost of received (new) OS for the period/cost

OS at the end of the period (5)

The disposal ratio () shows what part of the fixed assets with which the enterprise began operations in the reporting period was disposed of due to disrepair and other reasons.

Cost of retired (written off) fixed assets for the period/cost (6)

OS at the beginning of the period.

2.2 Analysis and models for assessing liquidity and solvency

The financial condition of an enterprise from a short-term perspective is assessed by indicators of liquidity and solvency, which in the most general form characterize whether it can timely and fully make payments on short-term obligations to counterparties.

The need to analyze balance sheet liquidity arises in market conditions due to increasing financial restrictions and the need to assess the solvency of an enterprise, that is, its ability to timely and fully pay all its obligations. Balance sheet liquidity is defined as the degree to which an enterprise's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of liabilities. The less time it takes to this type assets acquired monetary form, the higher its liquidity.

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

To determine the liquidity of the balance sheet, it is necessary to compare the results of the asset and liability groups. The balance is considered absolutely liquid if the following relationships exist:

A 1 P 1 , A 2 P 2 , A Z P Z , A 4 P 4 .

The fulfillment of the first three inequalities entails the fulfillment of the fourth inequality, so it is essential to compare the results of the first three groups by asset and liability. The fourth inequality is of a “balancing” nature; at the same time, it has a deep economic meaning, since its implementation testifies to the observance of the minimum condition for financial stability - the presence of the enterprise's own working capital.

In the case when one or more inequalities have a sign opposite to that fixed in optimal option, balance sheet liquidity differs to a greater or lesser extent from absolute. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, although compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones. Therefore, if one or more ratios do not correspond to absolute liquidity, then there is insufficient liquidity.

Table 1

Grouping of balance sheet items by degree of liquidity and maturity of liabilities

Comparison of the most liquid funds and quickly realizable assets with the most urgent obligations and short-term liabilities allows you to find out current liquidity. Comparison of slowly selling assets with long-term and medium-term liabilities reflects promising liquidity.

* current liquidity, which indicates the solvency (+) or insolvency (---) of the organization for the period of time closest to the moment in question:

TL \u003d (A1 + A2) - (P1 + P2); (7)

* prospective liquidity is a forecast of solvency based on a comparison of future receipts and payments:

PL = A3 - PZ. (8)

Comparison of the results of the first group by asset and liability, i.e. A 1 and P 1 (terms up to 3 months), reflect the ratio of current payments and receipts.

Comparison of the results of the second group by asset and liability, i.e. A 2 and P 2 (terms from 3 to 6 months), shows a trend of increasing or decreasing current liquidity in the near future. A comparison of the totals for assets and liabilities for the third and fourth groups reflects the ratio of payments and receipts in the relatively distant future. The analysis carried out according to this scheme fairly fully represents the financial situation from the point of view of the possibilities of timely settlements.

Thus, the analysis of balance sheet liquidity comes down to checking whether the liabilities in the liabilities side of the balance sheet are covered by assets whose conversion period into cash is equal to the maturity period of the liabilities.

The overall balance sheet liquidity ratio should be used to comprehensive assessment liquidity of the balance sheet as a whole. Using this indicator, changes in the financial situation in the organization are assessed from the point of view of liquidity. It shows the ratio of the sum of all liquid funds of an enterprise to the sum of all payment obligations (short-term, long-term and medium-term), provided that various groups of liquid funds and payment obligations are included in the specified amounts with weighting coefficients that take into account their significance from the point of view in terms of timing of receipt of funds and repayment of obligations. This indicator allows you to compare the balance sheets of an enterprise relating to different reporting periods, as well as the balance sheets of different enterprises and find out which balance is more liquid.

Column = (line 290-line 230)/(line 610+line 620+line 660) form No. 1 (9)

The absolute liquidity ratio is equal to the ratio of the value of the most liquid assets to the sum of the most urgent obligations and short-term liabilities. Under the most liquid assets, as when grouping balance sheet items to analyze balance sheet liquidity, the company's cash and short-term securities are meant. Short-term liabilities of an enterprise, represented by the sum of the most urgent liabilities and short-term liabilities, include: accounts payable and other liabilities; loans not repaid on time; short-term loans and borrowed funds.

Cal = (line 260+line 250-line 252)/(line 610+line 620+line 660) form No. 1 (10)

The absolute liquidity ratio characterizes the solvency of the enterprise as of the balance sheet date.

To calculate the critical liquidity ratio (another name is the intermediate coverage ratio), accounts receivable and other assets are included in the numerator of the relative indicator. It reflects the projected payment capabilities of the enterprise, subject to timely settlements with debtors.

K sl=(line 240+line 250+line 260)/(line 610+line 620+line 660) form No. 1 (11)

The critical liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables.

The level of the coverage ratio depends on the industry of production, the length of the production cycle, the structure of inventories and costs and a number of other factors.

The current liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of all current assets.

The current liquidity ratio allows you to determine the ratio of current assets to cover short-term liabilities. This is the main indicator of solvency. The normal value of this indicator is considered to be from 1 to 2.

table 2

Optimal values ​​of liquidity ratios

During the analysis, each of the coefficients given in Table 2 is calculated at the beginning and end of the period. If the actual value of the coefficient does not correspond to the normal limit, then it can be estimated by its dynamics (increase or decrease in value).

The signal indicator in which the financial condition is manifested is the solvency of the enterprise, which means its ability to timely and fully satisfy the payment requirements of suppliers of equipment and materials in accordance with business contracts, repay loans, pay staff, and make payments to the budget. The ability to repay debt obligations regularly and on time is ultimately determined by the company’s availability of funds, which depends on the extent to which the partners fulfill their obligations to the company. In addition, for a certain size of sources of funds, the enterprise has more money, the less other elements of assets. In the process of turnover of funds, money is either released or redirected as costs for replenishing non-current and current assets.

A deeper assessment of solvency is made using solvency ratios, which are relative values. One of the main indicators characterizing the solvency of an enterprise is the availability of its own working capital, which can be defined as the amount by which the total amount of working capital usually exceeds the amount of short-term liabilities.

A lack of own working capital can lead to bankruptcy of an enterprise, therefore changes in the amount of own working capital from one reporting period to another are analyzed with great attention.

The value of this indicator is determined by the equity ratio, which is calculated as the ratio of the difference between capital and reserves and the actual value of non-current assets to the actual value of current assets.

Since the concepts of solvency and liquidity of an enterprise are close in essence, the liquidity ratios discussed above also characterize the solvency of the analyzed enterprise.

If the current liquidity ratio at the end of the reporting period is less than 2, and the equity ratio at the end of the reporting period is less than 0.1, the analyzed enterprise is declared insolvent and the loss of solvency ratio is calculated for a period of 3 months.

Increasing the share of debt capital in the capital structure of an enterprise is considered risky. The enterprise is obliged to pay interest on loans on time and repay received loans in a timely manner. And this does not depend on the level of profit. The higher the ratio, the greater the enterprise's debt and the lower the assessment of the level of long-term solvency.

Creditworthiness, that is, the ability of an enterprise to repay loans on time, is assessed in general in the same way as solvency. It should be noted that creditworthiness is not only the ability of an enterprise to repay a loan, but also to pay interest on it. Therefore, to determine creditworthiness, a special system of indicators has been developed; for this, consider Table 3.

Table 3

Scheme for assessing the creditworthiness of an enterprise

1. The ratio of profit to net assets shows how effectively assets are used to create profit.

2. The ratio of profit to sales revenue. For this indicator, profit from sales is taken into account. This indicator is very important for assessing the possible increase in profits in the event of an increase in sales volume.

3. The ratio of sales volume to net assets. The growth of this indicator is favorable for the enterprise, but only on the condition that sales are not unprofitable.

4. The ratio of sales volume to the cost of fixed assets. This indicator evaluates the efficiency of use of buildings, structures, machinery, and equipment.

5. Ratio of sales proceeds to net current assets.

Net current assets are the current assets minus the company's short-term debts. Shows the efficiency of using current assets. A high level of this indicator favorably characterizes the creditworthiness of the enterprise. 6. The ratio of sales proceeds to equity capital (capital and reserves). This is the turnover of your own sources of funds.

7. Ratio of sales revenue to inventories. The indicator gives an approximate determination of the period for which reserves are needed (for example, its value equal to 4:1 on the annual balance sheet indicates a three-month inventory turnover). A high level of the indicator indicates rapid inventory turnover.

8. Ratio of fixed assets to asset value.

9. The ratio of stocks to net current assets. This is an assessment of the level of working capital associated with inventories, work in progress, and finished goods. An increase in the indicator may mean the accumulation of obsolete inventories or difficulties in marketing products.

10. The ratio of short-term debt to capital and reserves. If short-term debt is several times less than equity, then you can pay off all creditors in full.

11. The ratio of receivables to sales proceeds. This indicator gives an idea of ​​the average length of time it takes to collect money owed from customers. For example, a ratio of 1:4 means a three-month receivables maturity. The acceleration of accounts receivable turnover, i.e., a decrease in the indicator, can be considered as a sign of an increase in the creditworthiness of the enterprise, since customer debts are quickly converted into money.

12. The ratio of current assets to short-term debt. This indicator is the current ratio, which was discussed in detail above.

13. The ratio of liquid assets to short-term debt of the enterprise. Liquid assets refer to current assets minus inventories and other items that cannot be immediately converted into cash. This indicator is close in content to the general coverage ratio discussed above.

2.3 Analysis and models for assessing financial stability

An assessment of the financial condition of an organization will be incomplete without an analysis of financial stability. The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities

In order for the solvency condition to be met, it is necessary that cash and settlement funds, as well as tangible current assets, cover short-term liabilities. It is necessary to determine what absolute indicators reflect the essence of financial stability. The answer has to do with the balance sheet model from which the analysis is based. In market conditions, this model looks like this:

OS + ZZ + DS + U = SS + DK + KK + S + R P, (12)

where are the conditionals

OS - fixed assets and investments;

ZZ - inventories and costs;

DS cash, short-term financial investments, settlements (accounts receivable) and other assets;

SS - sources of own funds;

CC - short-term loans and borrowed funds;

DC - long-term loans and borrowed funds;

C - loans not repaid and term;

R P - settlements (accounts payable) and other liabilities.

The ratio of the cost of material working capital and the values ​​of own and borrowed sources of their formation determines the stability of the financial condition of the enterprise. The provision of reserves and costs with sources of formation is the essence of financial stability, while solvency is its external manifestation.

The most general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained in the form of the difference in the value of sources of funds and the value of reserves and costs. This refers to the provision of certain types of sources (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the totals of the asset and liability of the balance sheet.

To characterize the sources of reserves and costs, several indicators are used, reflecting different degrees of coverage of different types of sources:

Availability of own working capital, equal to the difference in the amount of sources of own funds and the amount of fixed assets and investments:

SOS = SS - OS - U (13)

Availability of own and long-term borrowed sources of formation of reserves and costs or operating capital obtained from the previous indicator by an increase in the amount of long-term loans and borrowed money:

FC = (SS + DK) - OS - U (14)

The total value of the main sources of formation of inventories and costs, equal to the sum of the previous indicator and the value of short-term loans and borrowed funds (which in this case do not include loans that are not repaid on time):

VI = (SS + DK) + KK- OS - U (15)

Each of the given indicators of the availability of sources for the formation of reserves and costs should be reduced by the amount of immobilization of working capital. Immobilization may be hidden in the composition of both inventories and debtors and other assets, but determining its value is possible only within the framework of internal analysis based on accounting data. The criterion here should be low liquidity or complete non-liquidity of the detected doubtful amounts.

Since long-term loans and borrowed funds are used mainly for capital investments and for the acquisition of fixed assets, in fact the availability indicator (SOS) reflects the adjusted amount of own working capital. Therefore, the name “availability of own and long-term borrowed sources” only indicates the fact that the initial value of own working capital (SOC) is increased by the amount of long-term loans and borrowed funds.

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

Excess (+) or shortage (-) of own working capital

± F S = SOS - ZZ (16)

Excess (+) or deficiency (-) of own and long-term borrowed sources of formation of reserves and costs

±F T = KF - ZZ (17)

Excess (+) or deficiency (-) of the total amount of the main sources for the formation of reserves and costs

±F O = VI - ZZ (18)

Calculation of three indicators of the provision of reserves and costs with sources of their formation allows us to classify financial situations according to the degree of their stability.

It is possible to distinguish four types of financial stability, which are reflected in Table 4:

Table 4

Indicators by type of financial stability

1) absolute stability of financial condition, which is rare and represents an extreme type of financial stability, i.e. three-component indicator of the type of financial situation: S = (1,1,1). It is given by the conditions

ZZ< СОС + КК; (19)

2) normal stability of the financial condition of the enterprise, guaranteeing its solvency, i.e. S = (0,1,1):

ZZ = SOS + KK ; (20)

3) an unstable financial condition associated with a violation of solvency, in which, nevertheless, it remains possible to restore balance by replenishing sources of own funds and increasing one’s own working capital, i.e. S = (0,0,1).

ZZ = SOS + KK + C°, (21)

where C° are sources that ease financial tension;

CC - bank loans against inventory items, taking into account the amounts offset by the bank when lending.

If the conditions are not met, then financial instability is considered abnormal and reflects a tendency towards a significant deterioration in financial condition.

4) a financial crisis in which the company is on the verge of bankruptcy, since in this situation the company’s cash, short-term securities and receivables do not even cover its accounts payable and overdue loans, i.e. S = (0,0,0).

ZZ SOS + KK. (22)

Sustainability can be restored through reasonable reductions in inventory levels and costs.

An essential characteristic of the stability of the financial condition is the maneuverability coefficient, equal to the ratio of the enterprise's own working capital to the total amount of sources of own funds. It shows what part of the enterprise’s own funds is in mobile form, allowing relatively free maneuvering of these funds. A high ratio value positively characterizes the financial condition.

The agility coefficient is complemented by the stock ratio of own working capital. It is determined at the beginning and at the end of the reporting period as the ratio of the amount of own working capital to the amount of the enterprise's reserves.

One of the most important characteristics the stability of the financial condition of the enterprise, its independence from borrowed sources of funds is the autonomy coefficient, equal to the share of sources of funds in the total balance sheet. The normal minimum value of the autonomy coefficient is estimated at 0.5. The normal limit Y 0.5 means that all the obligations of the enterprise can be covered by its own funds. Compliance with the restriction is important not only for the enterprise itself, but also for its creditors. An increase in the autonomy coefficient indicates an increase in the financial independence of the enterprise and a decrease in the risk of financial difficulties in the future. From the point of view of creditors, this trend increases the company’s guarantee of its obligations. The autonomy coefficient is determined at the beginning and at the end of the reporting period as the ratio of the amount of equity capital to the amount of the entire property of the enterprise.

The coefficient of financial dependence is the inverse indicator of the coefficient of concentration of equity capital (autonomy). The growth of this indicator in dynamics means an increase in the share of borrowed funds in the total amount of sources. If its value decreases to 1, this means that all financing is provided from own sources.

The financing ratio (the ratio of own and borrowed funds) gives the most general assessment of the financial stability of an enterprise. For example, its value at the level of 0.5 shows that for every ruble of own funds invested in the assets of the enterprise, there are 50 kopecks. borrowed sources. An increase in the indicator indicates an increase in the enterprise’s dependence on external financial sources, that is, in a certain sense, a decrease in its financial stability.

The financial stability coefficient is the ratio of the total value of own and long-term borrowed sources of funds with the total value of non-current and current assets. It shows what proportion of assets is financed from sustainable sources. In addition, it reflects the degree of independence (dependence) of the enterprise on short-term borrowed sources of coverage.

2.4 Analysis and models for assessing business activity

Traditionally, economic analysis deals with the comparison of actual data on the results of the production and economic activities of an enterprise with planned indicators, identifying and assessing deviations of the fact from the plan. Then the total amount of deviations was decomposed into individual amounts due to the influence of various factors. In a market economy, the most important measure of performance is efficiency. The most common performance characteristic is considered to be profit. Consideration of the essence of performance allows us to determine the main tasks of its analysis, which are to:

Determine the sufficiency of the achieved results for the market financial stability of the enterprise, reducing competitiveness;

To study the sources of occurrence and features of the impact of various factors on the performance;

Consider the main directions further development analyzed object.

Business activity in the financial aspect is manifested in the speed of turnover of funds. Analysis of business activity consists of studying the levels and dynamics of various ratios - turnover indicators, and:

The size of the annual turnover depends on the speed of funds turnover;

The size of the turnover, and, consequently, the turnover rate, is associated with the relative amount of semi-fixed expenses: the faster the turnover, the less these expenses per turnover;

The acceleration of turnover at one or another stage of the circulation of funds depends on how quickly the turnover occurs at other stages.

Quantitative assessment and analysis of business activity can be done in two directions:

Degree of plan implementation;

Resource efficiency level

To implement the first direction of analysis, it is necessary to take into account the comparative dynamics of the main indicators. So, the optimal ratio is:

Tpb > Tr > So > 100% (26) , where Tpb, Tr,

So - accordingly, the rate of change in profit, profitability, and advanced capital.

This dependency means that:

The economic potential of the enterprise increases;

Compared to the increase in economic potential, sales volume increases at a faster rate, i.e. enterprise resources are used more efficiently;

Profit is growing at a faster pace, which indicates a relative reduction in production and distribution costs.

The above ratio can be called the “golden rule of enterprise economics.” But deviations from this ideal dependence are possible, but they should not always be considered negative. Currently, this relationship is complicated by the distorting influence of inflation. / Sales revenue (line 010 f. No. 2). (23)

Accounts payable turnover (ACT) reflects the period from the moment the accounts payable arises until the moment they are repaid.

OKZ=[(line 621+622+623)*360]/ Cost of products sold (line 020 f. No. 2). (24)

Duration of inventory turnover (OZ) - characterizes the average storage and processing period:

OZ=[(line 210+220-215)*360]/ Cost of products sold (line 020 f. No. 2). (25)

Turnover period of finished products (FRP) - characterizes the average period of presence of finished products in warehouses

GGP=[(line 214)*360]/ Cost of products sold (line 020 form No. 2). (26)

Turnover of all current assets (TAC) characterizes the duration of the entire production and business cycle

OSR = [(line 290-230-244-252-246)*360]/ Sales revenue (line 010 f. No. 2) (27)

2.5 Analysis and models for assessing profitability

Return on capital indicators show how many rubles of profit are generated per 1 ruble. advanced (own) capital. When calculating, you can use the profit of the reporting period or net profit. The effectiveness and economic feasibility of the operation of the enterprise is measured by absolute and relative indicators, the calculation of which will be carried out based on net profit (“Profit and Loss Statement”) and data from the “Balance Sheet”:

Return on sales (sales) (RP) shows how much profit accrues per unit of products sold.

RP = PP/VP, (28)

where VP is sales revenue (line 010 form No. 2)

The profitability of the production and economic activities of an organization as a whole is calculated as the ratio of profit before tax to the amount of total income (RPFD):

RPFD=PN/(VP+str.070+090+100+120 f.No.2) (29)

The overall profitability of the reporting period (OR) reflects the final efficiency of the organization’s activities, i.e. the amount of net profit per one ruble of income received (OR):

OR=CP/(VP+str.070+090+100+120f.No.2). (thirty)

Return on equity (RCC) allows you to determine the efficiency of the use of equity, to compare with the possible income from investing these funds in other securities.

RSK=PE/SK, (31)

where SK is equity capital.

3. General assessment of the financial condition of the enterprise using the example of Cameo LLC

3.1 General characteristics of the enterprise Cameo LLC

Limited Liability Company "Kameya" was formed in accordance with Articles of Association as amended on April 05, 2001, for the purpose of carrying out independent economic activities and making a profit. Society is legal entity, owns separate property recorded on its separate balance sheet, can acquire and exercise property and personal non-property rights on its own behalf, incur obligations, be a plaintiff and defendant in court. The founders of the society are citizens Novoselov Vladimir Leonidovich, Novoselova Natalya Nasimovna, Novoselov Sergey Vladimirovich, Golubeva Nadezhda Valerievna.

The authorized capital is formed at the expense of participants' contributions in the amount of 64,048 (sixty-four thousand forty-eight) rubles, and consists of the nominal value of its participants' shares.

Participants have the following shares:

Novoselov V.L. RUB 20,495.36 32%;

Novoselova N.N. RUB 19,214.40 thirty%;

Novoselov S.V. 20495.36 rub. 32%;

Golubeva N.V. 3842.88 rub. 6%.

Legal address of the company: 452680, Russia, Republic of Bashkortostan, Neftekamsk, st. Industrial, 7.

The supreme body of the company is the general meeting of the company's participants. The general meeting of company participants may be regular or extraordinary.

Management current activities company is carried out by the sole executive body of the company, accountable general meeting members of the company, represented by General Director Novoselova V.L.

The main activity of Kameya LLC is the production and sale of garments for medical institutions. In addition to the main activity, the development and sale of new samples of sewing products (including the creation of design and technological documentation for the product and a prototype), wholesale and retail industrial goods accompanying the main type of activity.

LLC "Kameya" consists of the head enterprise and the Ufa branch "Kameya Plus", located in Ufa.

The structure of production and management is built on the principle of centralization and specialization of all structural divisions.

LLC "Kameya" is an enterprise with high production potential, the basis of which is a technical base equipped with modern production equipment and highly qualified industrial and production personnel.

3.2 Assessment of liquidity and solvency

The financial condition is characterized by a system of indicators that reflect the availability, placement and use of financial resources. This is a characteristic of the competitiveness of an enterprise, the fulfillment of obligations to the state and other enterprises. The financial condition reflects all aspects of the enterprise's activities.

The main indicators on the basis of which the analysis of the company’s activities is carried out.

1. Overall coverage or current ratio. This indicator allows you to evaluate how the company copes with current obligations.

This coefficient should be greater than 2, if less, then the company cannot cope with current obligations.

2. Intermediate (term) liquidity ratio. It is determined. The value of this indicator should be above 0.5.

3. Absolute liquidity ratio.

The optimal value of this indicator ranges from 0.15 and above.

4. Ratio of equity and borrowed funds.

The value of this coefficient must be at least 0.7.

5. Sales profitability.

Table 5

Grouping by degree of decreasing liquidity and degree of urgency

Table 6

Main indicators of the financial condition of the enterprise for 2007

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Ministry Agriculture RF

Buryat State Agricultural Academy

them. V.R. Filippova

Institute of Additional vocational education and innovation

Course work

By discipline:

Analysis of the financial and economic activities of the enterprise

Diagnostics and forecasting of the financial condition of the enterprise

Completed by: group student: 23-1-04

Starchukova O.V.

Ulan-Ude, 2013

Introduction

Chapter 1. Theoretical foundations of analysis and diagnostics of the financial and economic activities of an enterprise

1 Essence, concept of the financial condition of an enterprise

2 Methods of financial analysis

3 Methods for analyzing diagnostics and forecasting the financial condition of an enterprise

Chapter 2. Natural and economic conditions of the economy of JSC "Voskhod"

Chapter 3. Financial forecasting and diagnostics of bankruptcy

Conclusions and offers

References

Application

Introduction

Currently, Russia has moved to a new stage of the economy - market relations. Like nothing else, this economic reform affected financial relations between the state and the enterprise. The macroeconomics has completely changed, which immediately affected the functioning of all types of farms. Enterprises whose main source of financing were government subsidies very quickly found themselves on the verge of bankruptcy. The prospects for the development of ordinary enterprises now depended entirely on them.

With the advent of new economic relations, old concepts appeared in a new sense: competition, demand, supply, market conditions. The market is an economic system and, like every system, a market economy has its own laws. Their reflection is economic analysis. The analysis tells us about the profitability of products, reserves for reducing costs, the importance of factors influencing the production process, makes us think about the structure of the production cycle, competition, solvency of the organization, allows us to “see” the business activity of the enterprise, market structure, economic development potential, and most importantly allows the management of the economic subject to make correct and timely decisions to improve the financial and economic activities of the organization.

Today, more and more importance is being given to forecasting various financial situations. One of the most striking branches of analysis is forecasting the financial condition of an organization.

The purpose of the course work is to use the example of Voskhod OJSC to diagnose shortcomings in the organization’s financial activities, as well as to develop solutions to eliminate them. A separate goal of the work is to consider various methods for diagnosing and forecasting the financial and economic activities of an enterprise and developing the most suitable one for the modern stage of a market economy Russian Federation.

The goal sets the following tasks:

consideration of various methods for diagnosing and forecasting the financial activities of a farm;

identifying methods for diagnosing and forecasting the financial activities of an organization that is most suitable for the conditions of the Russian market.

The fulfillment of tasks involves the determination of the applied methods of analysis. IN course work the following methods are used:

comparisons;

methods of horizontal and vertical analysis of balance assessment;

index method;

method of linear analytical alignment;

1. Theoretical foundations of analysis and diagnostics of the financial and economic activities of an enterprise

1.1 Essence, concept of the financial condition of the enterprise

Results in any area of ​​business depend on the availability and efficient use of financial resources, which are equated to the “circulatory system” that ensures the life of the enterprise. Therefore, taking care of finances is the starting point and the end result of the activities of any business entity. In a market economy, these issues are of paramount importance.

Bringing to the fore the financial aspects of the activities of business entities and the increasing role of finance is a characteristic feature and trend throughout the world.

Professional management finance inevitably requires in-depth analysis, allowing a more accurate assessment of the uncertainty of the situation using modern quantitative methods research. In this regard, the priority and role of financial analysis are significantly increasing, the main content of which is a comprehensive systematic study of the financial condition of the enterprise and the factors of its formation in order to assess the degree of financial risks and predict the level of return on capital.

Introduction of a new Chart of Accounts, bringing accounting and reporting forms to greater compliance with requirements international standards necessitate the use of new methods of financial analysis that correspond to the conditions of a market economy. This technique is needed for an informed choice of a business partner, determining the degree of financial stability of the enterprise, assessing business activity and efficiency entrepreneurial activity. The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of an enterprise in a market economy is based on a generalization of financial accounting data and is an information link connecting the enterprise with society and business partners - users of information about its activities.

The subjects of analysis are both directly and indirectly interested in the activities of the enterprise information users. The first group of users includes owners of enterprise funds, lenders (banks, etc.), suppliers, clients (buyers), tax authorities, enterprise personnel and management.

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

The second group of users of financial information are the subjects of analysis, who, although not directly interested in the activities of the enterprise, must, by agreement, protect the interests of the first group of users. These are audit firms, consultants, stock exchanges, lawyers, the press, associations, trade unions.

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

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

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

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

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

Almost all authors-economists agree that the financial condition of an enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this has a positive effect on the financial position of the enterprise. Conversely, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is the result of competent, skillful management of the entire complex of factors that determine the results of the financial and economic activities of an enterprise.

1.2 Financial analysis methods

The methodology for analyzing and diagnosing the financial and economic activities of an enterprise includes a set of specific methods (techniques), methods for performing a technical and economic analysis.

The methodology of financial analysis is most fully covered by T.B. Berdnikova. She identifies the following methods for analyzing the financial and economic activities of an enterprise:

Expert method(expert assessments) is used in cases where the solution of the problem by parametric methods is impossible.

Expert analysis comes in many varieties. For example: method brainstorming based on the inclusion of experts in the active creative process. As a rule, an expert survey is conducted among employees, specialists, and managers. However, information obtained from sources external to the enterprise (competitors, subcontractors, suppliers and consumers, etc.) can be of great importance. This method is based on expert assessments and the use of computers.

Morphological methodrefers to promising methods that are widely used in practice. It allows you to systematize the resulting set of alternative solutions for all possible combinations of options and select from them first the acceptable ones, and then the most effective ones according to economic criteria. The sequence of searching for the best solution is as follows: the exact formulation of the problem is specified; individual stages (phases) of work are determined; a list of possible methods and means for performing each stage is compiled; records are made of the stages and possible ways of their implementation in the form of a matrix model of the so-called “morphological box”; The elements of the “morphological box” are connected in a sequential chain and the resulting options for achieving the final goal are analyzed from the point of view of possibility and economic feasibility.

rating methodis based on comparison with each other and arrangement in a certain order (ranking) of individual indicators for assessing the results of the financial and economic activities of the enterprise. It involves the compilation of ratings (ranked according to certain characteristics of the series) of indicators.

Factual methodbased on the study of all published, recorded facts characterizing the financial and economic condition of the enterprise.

Monitoring is a constant, systematic, detailed ongoing observation of the financial and economic condition of an enterprise.

The purpose of fundamental analysisand diagnostics of the financial and economic activities of an enterprise is to determine its internal value property complex as a general result of technical and economic activity. Fundamental Analysis is based on the following principle: any factor has a certain significance, which has a specific impact on the final result of the financial and economic activities of the enterprise.

Technical analysisaims to perform a detailed, comprehensive analysis of the dynamics of individual parameters and indicators of the financial and economic activity of the enterprise. It is based on the construction of charts and graphs, the study of indicators and the factors that determine them.

Factor analysisis based on a multidimensional statistical study of a number of factors that have both a negative and positive impact on the results of the financial and economic activities of the enterprise. The purpose of this method is to identify the general, main factors that determine the main results of the financial and economic activities of the analyzed enterprise. Distinguish between fixed and variable factors. Fixed factors include, for example, the required technology costs of raw materials, supplies, and electricity for the production of a certain type of product; variable factors may include wage costs and payment of auxiliary production costs.

Market analysisinvolves studying the current state of demand and supply of products (works, services) of the analyzed enterprise. It reflects the economic and production viability of a given enterprise, the efficiency of its financial and economic activities.

Mathematical analysisinvolves the use of mathematical techniques and methods for analyzing and diagnosing the financial and economic activities of an enterprise. The most commonly used calculations are arithmetic differences and percentages (simple and compound interest). As part of mathematical analysis, the following are used:

differential analysis;

logarithmic;

integral analysis;

cluster analysis.

Of particular importance at present is the widely used discounting (an operation aimed at taking into account the disparity of costs and results relating to different periods of time).

Statistical analysis, which is the basis for diagnosing the financial and economic activities of an enterprise, includes:

analysis of average and relative values;

grouping;

graphical analysis;

index method;

correlation analysis;

regression analysis;

analysis of variance;

extrapolation analysis;

principal component method;

The main techniques (methods) for analyzing and diagnosing the financial and economic activities of an enterprise, most often used in practice, according to Berdnikova, are:

analysis production structure economic system; production processes, including analysis of the system of division and cooperation of labor of workers to carry out production processes and all economic activities;

analysis of the structure of the control system, management processes;

comprehensive analysis of production management using various technical means for collecting, processing, storing and transmitting information necessary for operational; making decisions, accounting and monitoring the progress of production.

Important elements of analyzing the activities of an enterprise are structuring, grouping and classification of individual elements, studying quantitative and qualitative characteristics, establishing criteria and assessing the efficiency of the enterprise.

1.3 Methods for analyzing diagnostics and forecasting the financial condition of an enterprise

The importance of analyzing the forecasting of the financial condition of an organization has always been given great importance. During Soviet Union forecasting was mainly macroeconomic in nature. The economic activities of enterprises were planned, on the basis of which a national scale forecast was made for a number of years to come. Forecasting the same activity separate organization was carried out more as part of the implementation of the economic state plan-order, rather than to generate additional income. Even now, agricultural enterprises widely use the analysis of quarterly reports to calculate the provisional cost of production, expected revenue, and profit of the organization: Analysis of the financial condition of an agricultural enterprise is carried out monthly by studying the balance sheet, taking into account some of its features. As of October 1, enterprises after harvesting make calculations of the expected cost of production and financial results. This makes it possible, even before the end of the year, to analyze the results of economic activity, eliminate some of the identified shortcomings, and reasonably draw up a production and financial plan for the next year; the actual cost of agricultural products in most industries is determined at the end of the year. Methodology for current analysis of the state of financial and accounting discipline, availability of own working capital, implementation financial plan, accounts receivable and payable and the solvency of agricultural enterprises are basically the same as in the analysis of the final balance sheet... Special attention When analyzing quarterly balances, attention should be paid to the use of funds for their intended purpose.

To date, many methods have been developed for forecasting and assessing the potential of an enterprise.

Among the many tools for analyzing the market position of an enterprise, one of the most obvious is the development of a SWOT matrix. The essence of such an analysis is to assess the prospects for the financial and economic activities of the enterprise in two aspects. Speaking about the current situation of the enterprise, its advantages and disadvantages are determined, and a look at the future reveals opportunities for continuing further activities and threats to the successful implementation of plans. The results are summarized in a table, which provides visual material for planning further activities to overcome shortcomings and implement market advantages enterprises taking into account identified opportunities and threats. The method was developed by American economists and is called by its first letters English words, constituting the main content of the analysis (Strength - advantage, Weakness - disadvantage, Opportunities - opportunity, Threat - threat).

The calculation of various indicators characterizing the diverse areas of the financial and economic activities of an organization most fully reflects the picture of the functioning of the organization at the reporting date. The dynamics of indicators allows us to make a subjective forecast of the farm’s activities for the next period.

An economist can form his opinion about an economic entity based on the results of the rating assessment. Diversity, heterogeneity and multidirectionality in changes in financial ratios often characterize a situation in which the value of some indicators improves and others deteriorate. Thus, considering each indicator separately, it is difficult to get an overall picture of the financial condition of the enterprise.

Particular difficulties arise when conducting a comparative analysis with the results of other enterprises. A way out of this situation may be to use a methodology based on an integral rating assessment. The rating assessment should take into account all the most important indicators of both the production and financial activities of the enterprise. When selecting indicators, it is necessary to be guided by the rule that the growth of each of them should show an improvement in the performance of the enterprise; in this case, the number of indicators is not limited. For the rating assessment, several enterprises are taken, and their industry affiliation does not matter, since all indicators used for the assessment are relative. The value of the rating increases due to the fact that the analyst uses data that is not a commercial secret, i.e. mainly by public reporting data.

Most forecasting techniques are based on past performance.

Big role Marginal analysis plays a role in justifying management decisions and maximizing profits, the methodology of which is based on studying the relationship between three groups of the most important economic indicators: costs, volume of production (sales) of products and profit - and predicting the value of each of these indicators at a given value of the others. This method of management calculations is also called break-even or income assistance analysis.

This methodology is based on the division of production and sales costs depending on changes in production volume into variable and constant and the use of the category of marginal income.

Marginal income enterprises are revenue minus variable costs. The contribution margin per unit of production is the difference between the price of that unit and its variable costs. It includes not only fixed costs, but also profits.

Margin analysis allows you to study the dependence of profit on a small circle of the most important factors and on this basis manage the process of forming its value.

A very important indicator is the difference between the break-even (critical) sales volume and the planned (or actual) sales volume that can be achieved according to sales forecasts. This difference is called the financial stability margin, since it shows how much more goods the company can hope to sell in excess of the volume that ensures it achieves break-even. The smaller this stock, the more risky it is to undertake the production and sale of this product.

Break-even sales volume and the enterprise's safety zone are fundamental indicators when developing business plans, justifying management decisions, assessing the activities of enterprises, which every accountant, economist, and manager should be able to determine and analyze. The calculation of these indicators is based on the interaction “costs - sales volume - profit”. To determine their level, you can use graphical and analytical methods.

The analytical method of calculating the break-even sales volume and the enterprise safety zone is more convenient than the graphical one, since you do not need to draw a graph each time, which is quite labor-intensive. You can derive a number of formulas and use them to quickly calculate indicators.

Chapter 2. Natural and economic conditions of the economy of JSC "Voskhod"

OJSC "Voskhod" is a diversified agricultural enterprise with a highly developed crop and livestock sector. The total area of ​​the farm is 7497 hectares, of which the area of ​​agricultural land is 6758 hectares. The company employs 921 people.

Natural and climatic conditions and high-quality land resources make it possible to obtain good yields of grain and industrial crops, which in turn is the basis for the development of livestock farming.

In crop production, the main share is occupied by grain crops (winter wheat, barley, oats), followed by industrial crops (sugar beets, sunflower, soybeans). Forage crops play an important role, since the farm contains about 3,500 heads of cattle and up to 1,000 heads of pigs. The enterprise partially processes the grown products. For this, there is an oil mill, a mill, a sausage shop, a bakery.

To sell processed products, the farm maintains a network retail outlets both within and outside the territory.

From 1920 to 1987 the farm existed as a specialized state enterprise for breeding thoroughbred horses "Voskhod Stud Farm" No. 33. For success in the development of breeding horse breeding, the Voskhod stud farm was awarded the Order of the Red Banner of Labor in 1967. Economic reforms have changed the conditions for managing the economy. Since January 1988, the plant switched to self-sufficiency, then it was corporatized.The entire land area of ​​the farm was distributed into equal shares among the shareholders of the OJSC, without the right to sell it to persons who are not shareholders of the farm, 51% of the shares belong to the state.

At the moment, horse breeding is still one of the main branches of the enterprise. However, in Lately The organization is increasingly focused on growing crops and organizing livestock.

The scale of the farm allows us to determine its resources, which are reflected in Table 1 (Appendix 1).

When characterizing the resources of the economy, we should pay attention to the fact that during the period we are studying, the number of employees and the land area of ​​the enterprise practically did not change, as did the organization’s costs for main production. However, it should be noted that the amount of costs for agricultural products increased by 46.4%, which amounted to 76,363 thousand rubles in 2012, and the annual salary of an enterprise employee increased by 70.2%. The average annual cost of fixed assets increased by 11.6%, however, the size of production fixed assets of main activities decreased by 29.1%, i.e. by 18,041 thousand rubles, with a slight decrease in the energy capacity of the farm (by 4.1%), this indicates that the share of agricultural machinery in the fixed assets acquired by the organization recently is minimal.

A separate line should consider the increase in the amount of working capital of the economy per unit of fixed assets. This dynamic figure increased by 58.2% - undoubtedly a positive feature.

Analyzing the dynamics of the enterprise's animal population, it should be noted that there is an increase in the number of cattle (by 3.1%), pigs (by 0.8%) and a decrease in the number of horses (by 6.1%).

Table 2 (Note 2) will allow us to take a more specific look at the state of production of the enterprise. By studying the table indicators, we can say that the organization’s gross production has increased over the period under review. Thus, gross milk production increased by 2.4% (i.e. by 1146 c), live weight of cattle - by 3.1%, pigs - by 39.3% (i.e. by 246 c). The table shows that the main increase in production occurred in 2011, and in 2012 the production of milk and live weight of cattle decreased slightly. It should be assumed that the decrease in production in 2012 was caused by a spring flood, as a result of which one of the dairy farms farms.

Analyzing the gross harvest of the organization’s main crops, it should be noted that the dynamics of grain harvest increased by 39,728 c, i.e. by 22.4%, as well as sugar beets by 216,330 c, i.e. 2.4 times compared to the 2010 collection. However, it should also be noted that according to the results of the last three years, there has been a stable decrease in the gross harvest of corn for grain (by 94.1%, i.e. by 8239 c) and sunflower (by 28.2%, i.e. by 3178 c). However, given that these crops are not the main activity of the enterprise, it can be assumed that these reductions were planned by the organization, since the cultivation of these crops is carried out only to meet the internal needs of the enterprise. This assumption is confirmed by an analysis of the organization’s marketability levels. From Table 2 we see that the marketability levels of corn for grain, sugar beets and sunflowers are declining over time and in 2012 these figures were 37.1, 24.2 and 14.9%, i.e. the enterprise sells surplus products not used in its own production activities. The production of milk, and recently grain crops, is a priority for sales - in 2012, the farm sold 89.8 and 75.8% of these products, respectively. Moreover, the level of grain marketability during the period under review increased by 20.3 points. This is most likely due to improved efficiency in the use of the organization's land resources.

Speaking about the production activities of an enterprise, one cannot help but touch upon such concepts as yield and productivity. These categories are fundamental in obtaining the final quantity of products. The yield indicators of the main crops of the farm, as well as the productivity of the enterprise's livestock, are reflected in Table 3 (Note 3).

Looking at the data in the table, we can talk about the reasons that caused changes in the production indicators of the enterprise. Analyzing the data in Table 3, we see an increase in milk yield by 2.4% (by 104 kg) and an average daily increase in live weight of pigs by 38.2% (i.e. by 77.62 g). The average daily increase in live weight of cattle in 2012 compared to 2010 remained virtually unchanged. The table shows a noticeable increase in the yield of almost all crops. Thus, the organization’s grain yield increased by 20.8% and amounted to 67.3 c/ha in 2012, soybeans - by 41% (26.6 c/ha), sugar beets - by 85.9% (614.6 c/ha). ha). The only exception is corn, where the yield over the period we are considering decreased by 64.4% and amounted to 15.2 c/ha in 2012. Sunflower yields decreased slightly - by 1.9%.

Table 4 (Appendix 4) allows you to evaluate the results of the organization’s activities.

Looking at this table, it should be noted that the growth in gross output and cash revenue was significant in 2010 and insignificant in 2012. The gross output indicator for three years increased by 48.2% and amounted to 132,330 thousand rubles in 2012, including the indicators of gross output of crop production and livestock growing by 45.3 and 31.0%, respectively. By 33.2%, i.e. by 12,223 thousand rubles. Over the three-year period, the gross income of the enterprise also increased, and a significant increase also occurred in 2011 (by 11,524 thousand rubles). Accordingly, gross income from crop production (by 72.1%) and livestock production (by 40.5%) increased. The enterprise's cash revenue increased over three years by 32,494 thousand rubles, and it should be noted that the structural predominance in the total volume is revenue from crop products. As a result, we can say about an increase in profit from sales by 7641 thousand rubles. and profit of the reporting period of the enterprise by 4995 thousand rubles.

Table 5 (Appendix 5) allows you to analyze the efficiency of resource use. From this table it should be noted that almost all efficiency indicators increased during the period under review. Thus, the indicators of gross output, gross income and profit per average annual employee increased by 54.5, 33.5 and 20.1%, respectively, i.e. by 44.01, 13.36 and 5.48 thousand rubles. Indicators of the efficiency of land resource use behave similarly. Here, with an increase in gross output, gross income and profit of the enterprise, the size of agricultural land practically does not change. And therefore we see an increase in the considered indicators by 652.85, 187.63 and 78.63 thousand rubles, respectively. However, if the number of employees and the size of land did not change significantly during the period under review, the cost of fixed assets and the amount of expenses of the enterprise grew noticeably.

However, when studying the efficiency indicators for the use of fixed assets of the enterprise, it is necessary to note their increase by 34.9, 8.5 and 2.2 thousand rubles. respectively. Analyzing the return on costs, it should be noted that the amount of net profit of the enterprise per unit of cost over three years increased by 19.8%, i.e. by 5.1 thousand rubles, while gross income - by 33.2% (i.e. by 12.3 thousand rubles), gross output - by 48.1% (i.e. by 43.2 thousand rubles). Analyzing Table 5, you should pay attention to the decrease in cost recovery in 2012 compared to 2011. Undoubtedly, this is a negative feature, because the amount of profit per unit of cost for Last year decreased by 9.5%. In general, speaking about the efficiency of using the resources of the economy, it should be noted for the period we are considering an increase in the efficiency of the use of labor, land and production resources of the enterprise. However, when analyzing the cost recovery indicators, we see their decrease, which is a negative factor in the production activity of the enterprise.

Based on the data reviewed, it should be said that Voskhod OJSC is a medium-sized agricultural enterprise with a wide range of activities. Natural and climatic conditions and high-quality land resources make it possible to obtain good yields of grain and industrial crops, which in turn gives impetus to the development of livestock farming. Today, the financial condition of the economy can be assessed as unstable, because Recently, a slight decline in the production of the organization's main products has begun to be observed, while due to inflation and the lack of revaluation of fixed assets, information about the state of the economy is distorted. The decrease in cost recovery in 2012 is also an alarming factor in the organization’s activities.

At the moment, the management of the organization is reasonably faced with the question of the actual financial capabilities of the enterprise and the possibility of bankruptcy of the enterprise and its prevention.

capital solvency investment profitability

3. Forecasting financial condition and diagnosing bankruptcy

3.1 Financial forecasting

Forecasting the financial condition of an enterprise is based on a whole system of indicators that characterize the structure of sources of capital formation and its placement, the balance between assets and sources of their formation, the efficiency and intensity of the use of capital, the solvency and creditworthiness of the enterprise, its investment attractiveness, etc. For this purpose, the dynamics of each indicator are studied. In some cases, a projected income statement is prepared. We can trace the dynamics of profit and profitability of Voskhod OJSC by analyzing Table 6 (Appendix 6).

Analyzing Table 6, we see that the main part of the enterprise’s profit is profit from the main activities of the organization. After the introduction of the unified agricultural tax in 2012 (i.e., the practical abolition of all income tax benefits for agricultural enterprises), the share of net profit in the total balance sheet profit of the organization decreased by 8.15%. It should be noted that the growth rate of balance sheet profit remained virtually unchanged. This may indicate both the stability of growth of balance sheet profit, and may determine this growth by inflationary processes in the country. It is possible to determine the cause of growth by analyzing the profitability and efficiency of using enterprise resources. So we see that the level of product profitability in 2011 increased by 8.27%, then decreased in 2012 to 30.36%, thus increasing over the period under review by 5.02%.

The decrease in the levels of profitability of sales and total capital for the period under review indicates a decrease in the efficiency of the use of the enterprise's property. So the return on sales for the period under review decreased by 7.2%, and the return on total capital - by 5.2%.

As a negative point, one can consider the decrease in the profit of the enterprise in 2012 per employee, per ruble wages, per ruble of fixed assets, material costs, although over a three-year period the amount of profit per employee increased by 5.5 thousand rubles, per ruble of material costs - by 0.1 rubles.

The profit of the enterprise is the result of production activities and the process of selling the organization's products. Without analyzing the processes of production and sales of products, it is impossible to get a complete picture of the financial condition of the economy, and, therefore, it is impossible to make a real forecast of the organization's activities. The analysis of production and sales of products is reflected in Table 7 (Appendix 7).

Analyzing the indicators of table 7, we can talk about a decrease in the growth rate of the gross output of the enterprise. During the analyzed period, the indicator of the growth rate of gross output decreased by 111.8 points. Along with a decrease in the growth rate of the organization's sales by 28.5 points, this is an alarming factor in the production activity of the economy.

The level of capital productivity shows the amount of gross profit per ruble of the enterprise's fixed production assets. From the analysis of the indicators in Table 7, we see an increase in the efficiency of using the organization's fixed production assets. Over the three years under review, the level of capital productivity increased by 1.5 rubles.

A positive factor is the increase in average annual output per worker over the period under review. Over three years, the labor efficiency indicator increased by 46.9 thousand rubles. The reduction in material consumption can also be assessed positively. From the table we see a drop in the value of the indicator by 32.3 kopecks. in 2011 and its growth by 8.1 kopecks. in 2012, which resulted in a decrease of 24.2 kopecks over three years.

When forecasting the financial condition, a significant role is played by the relationship between the assets of the enterprise and the sources of their formation. The analysis of these indicators is given in Table 8 (Appendix 8).

An analysis of Table 8 indicates an increase in the organization’s own working capital for the period under review by 21,427 thousand rubles. - This is a positive aspect of the enterprise. However, a decrease in the share of equity capital in 2012 by 8.4% and, accordingly, an increase in the share of borrowed capital by the same amount indicates a decrease in the level of financial stability of the economy. Nevertheless, the positive aspects of the financial activity of the enterprise include an increase in the provision of the organization’s reserves with its own capital and an increase in the amount of accounts receivable per ruble of accounts payable. Thus, during the period under review, the value of the indicator of equity capital provision of the enterprise’s reserves increased by 26.2% and amounted to 119.5% in 2012, and the ratio of the enterprise’s receivables to accounts payable increased by 0.99 rubles. and amounted to 1.90 rubles in 2012.

An analysis of the enterprise's risks is of fundamental importance when forecasting the financial condition. The financial and production risks of the joint-stock company make it possible to analyze the data in Table 9 (Appendix 9).

The relationship between production volume, fixed and variable costs is expressed by the indicator of production (operating) leverage, the level of which determines the profit of the enterprise and its financial stability. As the level of technical equipment increases, the share of fixed costs and the level of production leverage. With the growth of the latter, the degree of risk of shortfall in revenue necessary to reimburse fixed costs increases.

The level of the financial leverage ratio shows how many times the growth rate of net profit exceeds the growth rate of gross profit. An increase in financial leverage is accompanied by an increase in the degree financial risk associated with a possible lack of funds to pay interest on loans and borrowings. Slight change in gross profit and profitability invested capital in conditions of high financial leverage can lead to a significant change in net profit, which is dangerous during a decline in production.

The effect of financial leverage shows how many units the amount of equity capital increases due to the attraction of borrowed funds into the turnover of the enterprise. A positive effect occurs in cases where the economic return on capital is higher than the loan interest rate. Under such conditions, it is beneficial to increase financial leverage, i.e. share of borrowed capital. In 2012, the enterprise we are considering attracted a significant amount of funds into circulation in the form of loans. Because the organization is agricultural, then in connection with the government program to support agricultural enterprises, the interest rate on the loan was 6%, which is significantly lower than the return on total capital (23.8%). This means that it is beneficial for a joint stock company to attract borrowed capital into circulation, thereby increasing the organization’s net profit. A negative phenomenon should be recognized as a decrease in the profitability of the total capital of the enterprise, which served to reduce the indicator of the effect of financial leverage for the period under review by 0.041 points.

Conclusions and offers

To summarize the above, it should be noted that the JSC Voskhod we are considering is currently a profitable enterprise. A slight decrease in the growth rate of balance sheet profit while simultaneously increasing its amount does not give cause for concern. In the sphere of production and sales of the organization's products, positive aspects include an increase in the profitability of the enterprise's products, the average annual output per employee of the organization, an increase in the level of capital productivity, and a decrease in material intensity indicators. At the same time, the decrease in the growth rate of gross output and sales volumes of the enterprise, as well as the decrease in the level of profitability of the organization’s total capital, makes one think.

The “advantages” of the financial activity of an enterprise include an increase in the amount of its own working capital, the percentage of recoupment of inventories with its own funds and an increase in accounts receivable per ruble of accounts payable.

An analysis of the organization’s risks showed that in the near future it would be beneficial for the joint-stock company to attract borrowed capital at an interest rate of no higher than 20%. The calculation of the production leverage ratio determined that at the moment the risk of the enterprise’s revenue not covering its fixed costs has decreased, which increases the financial stability of the organization. The dynamics of indicators of financial leverage and the effect of financial leverage determined the independence of the financial activities of the enterprise from the payment of interest on borrowed funds attracted into production. This undoubtedly indicates the stability of the organization’s financial activities in the future.

During the period under review, the enterprise's winter grain yield increased to 69.5 c/ha, sugar beet - to 614.6 c/ha, and soybeans - to 26.6 c/ha. The average daily increase in live weight of pigs increased to 281 g, milk yield per cow over the past year decreased by 433 kg, and amounted to 4475 kg in 2012, which is 103 kg more than in 2010.

Speaking about the results of the enterprise’s activities, it is worth noting the increase in the gross output of the economy, its gross income, revenue, and profit over the course of three years. So the amount of gross output for the period under consideration increased to 132,332 thousand rubles. (by 43,010 thousand rubles), gross income - up to 49,016 thousand rubles. (by 12,223 thousand rubles), cash revenue - up to 105,803 thousand rubles. (by 32,494 thousand rubles), net profit - up to 30,194 thousand rubles. (by 4995 thousand rubles)

Over the three years under review, the efficiency of using labor, land and production resources of the enterprise has increased. However, there was a decrease in cost recovery in 2012 compared to 2011, which is a negative factor in the production activities of the enterprise.

JSC "Voskhod" is an advanced agricultural enterprise with a developed accounting system. Accounting at the enterprise is decentralized: analytical accounting data is collected and partially processed by accounting departments at responsibility centers, and then in the form of production reports they are sent to the central accounting department, where synthetic accounting is maintained and reporting is prepared. The central accounting department is divided into the accounting department, archives, cash desk and operations department, where information is processed using a computer. Central accounting accounting is automated, which significantly speeds up the movement and processing of information.

The diagnosis of the bankruptcy of an open joint-stock company predetermined that the organization would not have a tendency toward insolvency in the near future.

increase production profitability through greater utilization production capacity enterprises, improving the quality and competitiveness of products, reducing their costs, rational use material, labor and financial resources, reducing unproductive costs and losses.

increase the level of financial stability by restructuring the organization’s borrowed funds with an increase in long-term liabilities, as well as through the accumulation of retained earnings;

accelerate the turnover of enterprise funds due to better organization and technologies of production, supply, sales and settlements, that is, reducing the time of production and circulation of products, works, services;

reduce the amount of overdue receivables and payables through timely payments and collections;

periodically conduct an analysis of the financial condition of the enterprise in order to timely identify deficiencies in the organization’s financial activities and promptly eliminate them;

carry out more intensive renewal of fixed assets through leasing, which does not require a full lump sum payment for the leased property and serves as one of the types of investment.

Bibliography

1.Federal Law of October 26, 2002 No. 127 Federal Law "On Insolvency (Bankruptcy)".

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Annex 1

Table 1

Resources of JSC "Voskhod"

Indicators2010.2011.2012.2012. by 2010 Average annual number of workers, people 92394592199,8 of which those employed in agriculture 775793794102,5 Total land area, hectares 76277624749798,3 including area of ​​agricultural land 68436758675898,8 of which arable land 654265316542 100.0 Average annual cost of fixed production assets, thousand rubles 839108801893636111 ,6 of which production fixed assets of main activity 64033676364599271.8 Costs of main production, thousand rubles 994128674899460100.0 including for agricultural products 521606834076363146.4 Annual wages per 1 employee, rub. 133402018022698170 ,1Accounts for working capital for 100 rubles. main, rub. 52,267,582,6158,2 Livestock: - cattle 339034063494103,1 - pigs 843891850100,8 - horses 33331331394,0 Availability of energy capacities, l. p.35674350393421495.9

Appendix 2

table 2

Results of production activities

Indicators 2010 2011 2012 2012 to 2010 Gross production, centners - milk 480865398949232102.4 - live weight of cattle 354042253649103.1 - pigs 626790872139.3 Gross harvest of main crops, centners - grains and legumes ov177267165293216995122.4 - corn for grain 875627205175.9 - sugar beet 147488156730363818 2.4 times - sunflower 17543139831436581.9 Marketability level,% - milk 91.589.289.8 X - live weight of cattle 102.777.977.4 X - pigs 121.9 31,036.4Х - grains and legumes 55,561,375.8Х - corn per grain-142,137.1X - sugar beet 26,025,524.2X - sunflower 24,515,014.9X

Appendix 3

Table 3

Livestock productivity and yield of major crops

Indicators 2010 2011 2012 2012 to 2010 Milk yield per 1 cow, kg 437149084475102.4 Average daily increase in live weight, g - cattle 286340 286100.0 - pigs 203243281138.2 Productivity, c/ha W turf and legumes 55,751,567, 3120.8 Winter grains 55.651.769.5125.0 Corn for grain 42.714.915.235.6 Soya 18.89.326.6141.5 Sugar beets 330.7327.9614.6185.8 Sunflower 32.229.231.698.1

Appendix 4

Table 4

Financial results of activities, thousand rubles.

Indicators 2010 2011 2012 2012 to 2010 Gross production at current prices 89322115611132332148.2 including - crop production 457765148766527145.3 - livestock production 339604743144497131.0 Gross income 367934831749016133.2, including - crop production 158871905227349172.1 - livestock production 140202099919695140.5 Cash revenue 7330992095105803144.3 including - crop production 387434134357714149.0 - livestock production 263093973035699135.7 Profit from sales of products 252312886332872130.3 Profit of the reporting period 251992915530 194119.8

Appendix 5

Table 5

Resource efficiency

Indicators2010.2011.2012.2012. by 2010. Gross output thousand rubles received: - per 1 average annual employee. 96.8122.3140.8145.5 - per 100 hectares of agricultural land 1305.31710.71958.2150.0 - per 100 rubles. fixed assets, rub. 106.4131.4141.3132.8 - per 100 rub. costs, rub. 89.9133.3133.1148.1 Gross income received thousand rubles: - per 1 average annual employee 39.951.153.2133.5 - per 100 hectares of agricultural land 537.7715.0725.3134.9 - per 100 rubles. fixed assets, rub. 43,854,952,3119.4 - per 100 rubles. costs, rub. 37,055,749,3133.2 Profit received, thousand rubles: - per 1 average annual employee 27,330,932,8120.1 - per 100 hectares of agricultural land 368,2431,4446,8121.3 - per 100 rubles. fixed assets, rub. 30,033,132,2107.4 - per 100 rubles. costs, rub. 25,333,630,4119.8

Appendix 6

Table 6

Profit and profitability of the enterprise

Indicators 2010 2011 2012 Deviation (+,-) 2012 to 2010 Amount of balance sheet profit, thousand rubles 2523128863328727641 Growth rate of balance sheet profit, % 114.2114.4113.9-0.3 Share of profit from core activities, % 98,599,199,61,1 Share of net profit in the total balance sheet profit, % 99,910091,9-8,0 Costs per ruble of gross output, kopecks 1,10,80,8-0,3 Profitability level, % of production 25,333,630 .45.1 sales (turnover) 154.7148.3147.5-7.2 total capital 29.027.723.8-5.2 Profit: per employee, thousand rubles 27.330.932.85.5 per ruble of wages, rub. 2.61 ,81.4-1.2 per ruble of material costs, rub. 0.40,70.50.1 per ruble of fixed assets, rub. 0.60,70.60

Appendix 7

Table 7

Production and sales of products

Indicators 2010 2011 2012 Deviation (+,-) 2012 to 2010 Gross output growth rate, % 2.7 times 129.41 14.5-111.8 Sales growth rate, % 143.4125 6114.9-28.5 Level of capital productivity, rub. 1.41.72.91.5 Average annual output per employee, thousand rubles 96.7122.3143.646.9 Total material intensity, kopecks 68.936.644.724.2

Appendix 8

Table 8

Correlation of assets and sources of their formation

Indicators 2010 2011 2012 Deviation (+,-) 2012 by 2010 Availability of own working capital (net current assets), thousand rubles 41328560736275521427 Share in the formation of current assets, %: equity capital 80,583,072.1-8.4 borrowed capital 19,517,027.98.4 Percentage of inventory coverage with equity capital, % 93,399, 9119.526.2 Ratio of accounts receivable and accounts payable 0.911.421.900.99

Appendix 8

Table 9

Enterprise risk assessment

Indicators 2010 2011 2012 Deviation (+,-) 2012 to 2010 Production leverage ratio 3.9141.1480.972-2.942 Financial leverage ratio 0.8510.9970.264-0.587 Financial leverage effect 2.4662, 4492.425-0.041 Production and financial leverage ratio 3.3311.1450.257-3.074

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