Analysis and diagnostics of financial and economic activity of the enterprise. Express analysis of the financial and economic activities of the enterprise

Analysis of financial and economic activities- this is a systematic, comprehensive study, measurement and generalization of the influence of factors on the results of an enterprise by processing certain sources of information (indicators of the plan, accounting, reporting). The components of the analysis of financial and economic activities are financial and managerial analyses.

The content of the analysis of financial and economic activities- a deep and comprehensive study of economic information and the functionality of the analyzed business object in order to make optimal management decisions to ensure the implementation of the enterprise's production programs, assess the level of their implementation, identify weaknesses and intra-economic reserves.

The role of AFHD. Based on the results of the analysis, management decisions are developed and justified. AFCD precedes decisions and actions, substantiates them and is the basis of scientific production management, ensures its objectivity and efficiency. An important role is given to analysis in the determination and use of reserves for increasing the efficiency of production.

Meaning. AFHD promotes the economical use of resources, the identification and implementation of best practices, the scientific organization of labor, new equipment and production technology, and the prevention of unnecessary costs.

When analyzing financial statements, you can use various methods (both logical and formalized). But the most commonly used methods of financial analysis include:

1) the method of absolute, relative and average values.

Absolute value method characterize the number, volume (size) of the process under study. Absolute values ​​always have some unit of measurement: natural, conditionally natural, cost (monetary).

Natural units of measurement are used in cases where the unit of measurement corresponds to the consumer properties of the product. For example, textile production is measured in meters, agricultural production - in centners and tons, what concerns electrical energy is measured in kilowatts.

The calculated absolute indicator, for example, is the absolute deviation. This is the difference between two absolute indicators of the same name:

±ΔP = P1 – P0

Where P1 is the value of the absolute indicator in the reporting period, P0 is the value of the absolute indicator in the base period, ΔP is the absolute deviation (change) of the indicator.

Relative value is calculated as the ratio of the actual value of the indicator to the base of comparison, i.e. by dividing one quantity by another. The relative value is calculated in fractions of a unit, coefficients.

You can compare indicators of the same name related to different periods, different objects or different territories. The result of such a comparison is represented by a coefficient (the comparison base is taken as one) expressed as a percentage and shows how many times or by how many percent the compared indicator is more (less) than the base one.

2) Comparison method- the most ancient, logical method of analysis. The question of comparison is decided on the principle of "better or worse", "more or less". This is largely due to the peculiarities of the psychology of a person who compares objects in pairs. When comparing, they use different techniques, for example, scales.

3) Vertical analysis– presentation of the financial report in the form of relative indicators. This representation allows you to see the share of each balance sheet item in its total. Mandatory elements of the analysis are the time series of these values, through which you can track and predict structural changes in the composition of assets and their sources of coverage.

Main features of vertical analysis:

The transition to relative indicators allows for a comparative analysis of enterprises, taking into account industry specifics and other characteristics;

Relative indicators smooth out the negative impact of inflationary processes, which significantly distort the absolute indicators of financial statements and thus make it difficult to compare them in dynamics.

4) Horizontal analysis balance is to build one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates. The degree of aggregation of indicators is determined by the analyst. As a rule, the basic growth rates are taken for a number of years (adjacent periods), which makes it possible to analyze the change in individual balance sheet items, as well as to predict their value.

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

5) Trend analysis is a part of prospective analysis, it is necessary in management for financial forecasting. The trend is the way of development. The trend is determined based on the analysis of time series as follows: a graph of the possible development of the main indicators of the organization is constructed, the average annual growth rate is determined, and the forecast value of the indicator is calculated. This is the easiest way to financial forecasting. Now, at the level of an individual organization, the settlement time period is a month or a quarter.

6) Factor analysis is a method of complex and systematic study and measurement of the impact of factors on the value of effective indicators.

To create a factor system means to present the phenomenon under study as an algebraic sum, a quotient or a product of several factors that affect the magnitude of this phenomenon, and is functionally dependent on it.

7) Financial ratios are used to analyze the financial condition of an enterprise and represent relative indicators determined from the data of financial reports, mainly from the data of the balance sheet and income statement.

The criteria for assessing the financial condition of an enterprise using financial ratios are usually divided into the following groups:

Solvency;

Profitability, or profitability;

Efficiency in the use of assets;

Financial (market) stability;

Business activity.

Methods of complex analysis of financial and economic activity.

a set of analytical methods and rules for studying the economy of an enterprise,

next steps.

1) the objects, purpose and tasks of the analysis are specified, a plan of analytical work is drawn up.

2) a system of synthetic and analytical indicators is developed, with the help of which the object of analysis is characterized.

3) the necessary information is collected and prepared for analysis (its accuracy is checked, it is brought into a comparable form, etc.).

4) a comparison is made of the actual results of management with the indicators of the plan of the reporting year, the actual data of previous years, with the achievements of leading enterprises, the industry as a whole, etc.

5) factor analysis is performed: factors are identified and their influence on the result is determined.

6) unused and promising reserves for increasing production efficiency are identified.

7) there is an assessment of the results of management, taking into account the action of various factors and the identified unused reserves, measures are being developed for their use.

Elements, techniques, and methods of analysis that are used at various stages of the study to:

Primary processing of the collected information (verification, grouping, systematization);

Studying the state and patterns of development of the objects under study;

Determining the influence of factors on the performance of enterprises;

calculation of unused and prospective reserves for increasing production efficiency;

Summarizing the results of the analysis and comprehensive assessment of the activities of enterprises;

Substantiation of plans for economic and social development, management decisions, various events.

The concept and classification of economic reserves.

Economic reserves are constantly emerging opportunities to improve the efficiency of activities. Reserves are considered to be reserves of resources (raw materials, materials, equipment, fuel, etc.) that are necessary for the smooth operation of the enterprise. They are created in case of additional need for them.

1) On a spatial basis: on-farm, sectoral, regional, nationwide

2) On the basis of time:

Unused reserves are lost opportunities to improve production efficiency relative to the plan or the achievements of science and best practices over the past periods of time.

Under the current reserves understand the possibility of improving the results of economic activity, which can be implemented over the near future (month, quarter, year).

Prospective reserves are usually calculated for a long time. Their use is associated with significant investments, the introduction of the latest achievements of scientific and technical progress, the restructuring of production, a change in production technology, specialization, etc.

3) According to the stages of the product life cycle:

pre-production stage. Here, reserves for increasing production efficiency can be identified by improving the design of the product, improving the technology of its production, using cheaper raw materials, etc. It is at this stage that objectively contains the largest reserves for reducing the cost of production.

At the production stage, new products, new technologies are mastered, and then mass production is carried out. At this stage, the amount of reserves is reduced due to the fact that work has already been done to create production facilities, purchase the necessary equipment and tools, and establish the production process. These are reserves associated with improving the organization of labor, increasing its intensity, reducing equipment downtime, saving and rational use of raw materials and materials.

The operational stage is divided into the warranty period, during which the contractor is obliged to eliminate the problems identified by the consumer, and the post-warranty period. At the stage of operation of the facility, the reserves for its more productive use and cost reduction (saving electricity, fuel, spare parts, etc.) depend mainly on the quality of the work performed in the first two stages.

Reserves at the disposal stage are opportunities to generate income as a result of the reuse of disposal materials and reduce the cost of disposing of the product after its life cycle ends.

4) by stages of the reproduction process:

In the field of production - the main reserves - increasing the efficiency of resource use

In the sphere of circulation - the prevention of various losses of products on the way from the producer to the consumer, as well as the reduction of costs associated with the storage, transportation and sale of finished products).

5) by the nature of production: in the main production, in auxiliary production, in service production

6) by type of activity: in operating activities, investment activities, financial activities

7) by economic nature: extensive, intensive

8) by sources of education:

Internal - which can be mastered by the forces and means of the enterprise itself

External - this is technical, technological or financial assistance to a business entity from the state, higher authorities, sponsors, etc.

9) by detection methods:

Explicit - reserves that are easy to identify based on accounting and reporting materials.

Hidden - reserves that are associated with the implementation of the achievements of scientific and technical progress and best practices and which were not provided for by the plan.

The content of the analysis of the financial and economic activities of the enterprise is a deep and comprehensive study of economic information about the functioning of the analyzed business entity in order to make optimal management decisions to ensure the implementation of the enterprise's production programs, assess the level of their implementation, identify weaknesses and on-farm reserves.

The analysis should be a comprehensive study of the effect of external and internal, market and production factors on the quantity and quality of products manufactured by the enterprise, the financial performance of the enterprise, and indicate possible prospects for the development of further production activities of the enterprise in the selected area of ​​management.

The main direction of the analysis: from a complex complex - to its constituent elements, from the result - to conclusions about how such a result was achieved and what it will lead to in the future. The scheme of analysis should be built on the principle of "from the general to the particular". First, a description is given of the most general, key characteristics of the analyzed object or phenomenon, and only then proceed to the analysis of individual particulars.

The success of the analysis is determined by various factors. First, before starting to perform any analytical procedures, it is necessary to draw up a fairly clear analysis program, including the development of models of analytical tables, algorithms for calculating the main indicators and the sources of information and regulatory support required for their calculation and comparative assessment.

Secondly, when carrying out analytical procedures, the performance of an enterprise is always compared with something. Comparisons can be made with the previous period, with the plan and with industry averages. Any deviations from the normative or planned values ​​of indicators, even if they are positive, should be carefully analyzed. The meaning of such an analysis is, on the one hand, to identify the main factors that caused the recorded deviations from the given benchmarks, and on the other hand, to once again check the validity of the adopted planning system, and, if necessary, make changes to it.

Thirdly, the completeness and integrity of any analysis that has an economic focus is largely determined by the validity of the set of criteria used. As a rule, this set includes qualitative and quantitative assessments, and its basis is usually calculated indicators that have a clear interpretation and, if possible, some guidelines (limits, standards, trends). When selecting indicators, it is necessary to formulate the logic of their combination into a given set in order to make the role of each of them visible, and not give the impression that some aspect has remained uncovered or, on the contrary, does not fit into the scheme under consideration. In other words, the set of indicators, which in this case is quite possible to interpret as a system, must have some inner core, some basis that explains the logic of its construction.

Fourth, when performing an analysis, one should not unnecessarily chase after the accuracy of estimates; as a rule, the greatest value is the identification of trends and patterns.

The main purpose of the analysis is to increase the efficiency of the functioning of economic entities and to search for reserves for such an increase. To achieve this goal, the following is carried out: evaluation of the results of work for the past periods; development of operational control procedures for production activities; development of measures to prevent negative phenomena in the activities of the enterprise and in its financial results; revealing reserves to improve performance; development of sound plans and standards.

In the process of achieving the main goal of the analysis, the following tasks are solved:

Determination of basic indicators for the development of production plans and programs for the coming period;

Increasing the scientific and economic validity of plans and standards;

Objective and comprehensive study of the implementation of established plans and compliance with standards for the quantity, structure and quality of products, works and services;

Determining the economic efficiency of the use of material, labor and financial resources;

Forecasting business results;

Preparation of analytical materials for the selection of optimal management decisions related to the adjustment of current activities and the development of strategic plans.

In specific conditions, other local goals can be set, which will determine the content of the procedures for analyzing financial and economic activities. Thus, the general content of analytical procedures can be determined both by the specifics of the enterprise and by the type of analysis chosen.

Statement and clarification of specific tasks of analysis;

Establishment of causal relationships;

Definition of indicators and methods for their evaluation;

Identification and evaluation of factors affecting the results, selection of the most significant ones;

Development of ways to eliminate the influence of negative factors and stimulate positive ones.

The analysis of financial and economic activities should be carried out, guided by certain principles (Table 6).

Table 6

Basic principles for analyzing the financial and economic activities of an enterprise

concreteness	The analysis is based on specific data, its results receive a specific quantitative expression
Complexity	A comprehensive study of an economic phenomenon or process with the aim of its objective assessment
Consistency	The study of economic phenomena in relation to each other, and not in isolation
Regularity	Analysis should be carried out continuously at predetermined intervals and not on a case-by-case basis.
Objectivity	Critical and impartial study of economic phenomena, development of sound conclusions
Effectiveness	Suitability of the analysis results for practical use, to improve the performance of production activities
Economy	The costs associated with the analysis should be significantly less than the economic effect that will be obtained as a result of its implementation.
Comparability	The data and results of the analysis should be easily comparable with each other, and with regular analytical procedures, the continuity of the results should be observed.
Scientific	Analysis should be guided by evidence-based methods and procedures

The financial and economic activity of an enterprise can be represented as a continuous process of attracting various kinds of resources, combining them in the production process to obtain some financial result. Based on this, three enlarged areas of application of the analysis can be distinguished: resources, production process, financial results. Any of these objects can be, firstly, detailed and, secondly, subjected to various types of analytical processing.

The method of analysis of financial and economic activity as a way of knowing an economic entity consists of a series of sequential actions (stages, stages):

Observation of the subject, measurement and calculation of absolute and relative indicators, bringing them into a comparable form, etc.;

Systematization and comparison, grouping and detailing of factors, study of their influence on the performance of the subject;

Generalization - construction of final and forecast tables, preparation of conclusions and recommendations for making managerial decisions.

Method of analysis of financial and economic activities is a system of epistemological categories, scientific tools and regulatory principles for studying the processes of functioning of economic entities.

There are various classifications of methods and techniques for analyzing the financial and economic activities of an economic entity. All classifications are based on different features. One of the most informative is the division of techniques and methods according to the degree of their formalizability, i.e. by whether and to what extent it is possible to describe this method with the help of some formalized (primarily mathematical) procedures. Following this logic, all analytical methods can be divided into informal and formalized. The classification of methods and techniques of analysis is shown in fig. thirteen.

Rice. 13. Classification of methods and techniques used in the analysis of the financial and economic activities of the enterprise

informal methods(probably, it is more correct to call them difficult to formalize) are based on the description of procedures at the logical level, without the help of strict analytical dependencies. The experience and intuition of the analyst play a large role in the application of these methods. Formalized Methods(sometimes they are also called mathematical) are based on predefined strict dependencies and rules. Not all of them are equal in terms of the complexity of the mathematical apparatus used, the possibility of implementation in practice and the degree of prevalence in the work of analytical services at enterprises and special consulting firms.

Development of a system of indicators. An analysis of the financial and economic activities of an enterprise is very often in its form an analysis of indicators, i.e. characteristics of the economic activity of the economic unit. The term "scorecard" is widely used in economic research. The analyst, in accordance with certain criteria, selects indicators, forms a system from them, and analyzes it. The complexity of the analysis requires the use of entire systems, rather than individual indicators.

Compared with individual indicators or some set of them, the system is a qualitatively new formation and is always more significant than the sum of its individual parts, since in addition to information about the parts, it carries certain information about the new that appears as a result of their interaction, i.e. information about the development of the system as a whole.

The construction of a detailed system of indicators that characterize any process or phenomenon is based on a clear understanding of two points: what is the system and what basic requirements it must meet. Under scorecard, characterizing a certain economic entity or phenomenon, is understood as a set of interrelated values ​​that comprehensively reflect the state and development of this entity or phenomenon.

comparison method. Comparison is an action by which the similarity and difference between the phenomena of objective reality are established. This method solves the following main tasks:

Identification of causal relationships between phenomena;

Conducting evidence or rebuttals;

Classification and systematization of phenomena.

The comparison can be qualitative ("it was warmer yesterday") or quantitative ("20 is always more than 10").

The comparison procedure in the analysis of the financial and economic activities of an enterprise includes several stages: the choice of objects to be compared; selection of the type of comparison (dynamic, spatial, in relation to planned values); the choice of comparison scales and the degree of significance of differences; the choice of the number of features by which the comparison should be made; the choice of the type of features, as well as the definition of criteria for their materiality and insignificance; choice of base of comparison.

Method for constructing analytical tables. The construction of analytical tables is one of the most important methods for analyzing financial and economic activities. An analytical table is a form of the most rational, visual and systematized presentation of the initial data, the simplest algorithms for their processing and the results obtained. It is a combination of horizontal rows and vertical graphs (columns, columns). A table skeleton that has a text portion but no numeric data is called a table layout.

Analytical tables are used at all stages of the analysis of financial and economic activities.

Thus, the tables used in the analysis of the financial and economic activities of the enterprise are used to systematize the initial data, conduct analytical calculations and formalize the results of the analysis.

Receiving details. Detailing is one of the most common methods of analysis in many fields of science, including the analysis of the financial and economic activities of economic entities. When combined with other techniques, detailing makes it possible to comprehensively evaluate the phenomena under study and reveal the causes of the situation. Depending on the complexity of the phenomenon, the indicators describing it are broken down by time, by the place of business transactions, by centers of responsibility or by components (terms or factors).

Analysis of indicators, detailed by chronological periods, reveals the dynamics and rhythm of the flow of economic phenomena. Detailing by time allows you to set the periods (months, days) in which the best or worst results fall.

The decomposition of data by the place of business transactions allows you to identify the most and least efficient divisions of the enterprise, as well as regions that are the best or, conversely, unsuccessful for the sale of products.

Method of expert assessments. Delphi method – generalization of expert assessments concerning the prospects for the development of a particular economic entity. The peculiarity of the method is a consistent, individual anonymous survey of experts. Such a technique excludes the direct contact of experts among themselves and, consequently, the group influence that arises during joint work and consists in adapting to the opinion of the majority.

Analysis using the Delphi method is carried out in several stages, the results are processed by statistical methods. The prevailing opinions of experts are revealed, their points of view are converging. All experts are introduced to the arguments of those whose judgments are strongly out of the mainstream. After that, all experts can change their minds, and the procedure is repeated.

Morphological analysis is an expert method for a systematic review of all possible options for the development of individual elements of the system under study, based on complete and strict classifications of objects and phenomena, their properties and parameters. It is used in forecasting complex processes when scenarios are written by different groups of experts and compared with each other to obtain a comprehensive picture of future development.

Method of situational analysis and forecasting. This method is based on models designed to study functional or rigidly determined relationships, when each value of a factor attribute corresponds to a well-defined non-random value of the resultant attribute. As an example, we can cite the dependencies implemented in the framework of the well-known factor analysis model of the DuPont company. Using this model and substituting into it the forecast values ​​of various factors, for example, sales proceeds, asset turnover, the degree of financial dependence, etc., it is possible to calculate the forecast value of one of the main performance indicators - the return on equity ratio.

balance method. This method is used when studying the ratio of two groups of interrelated indicators, the results of which should be equal to each other. It owes its name to the balance sheet, which was one of the first historical examples of linking a large number of economic indicators with two equal totals. The use of the method is especially widespread in the analysis of the correct placement and use of economic assets and sources of their formation. The method of balance linking is also used in the study of functional additive relationships, in particular, in the analysis of the commodity balance, as well as to verify the completeness and correctness of the calculations made in factor analysis: the total change in the effective indicator should be equal to the sum of changes due to individual factors.

Factor analysis based on rigidly determined models. In economic research, a factor is understood as the conditions necessary for carrying out a given economic process, as well as the reason, the driving force of this process, which determines its nature or one of the main features. The results of economic activity are influenced by many factors that are interconnected, dependent and conditional.

Methods of chain substitutions and arithmetic differences. The method of chain substitutions is also called the method of sequential (gradual) isolation of factors. This method is designed to measure the impact of a change in factor characteristics on a change in the effective indicator when studying functional dependencies. The validity of the application of the method was substantiated by K. Marx when studying the influence of three factors on the relative price of labor power: duration, productive power and intensity of labor. He proposed to sequentially consider each factor as a variable, fixing all the others, and so on in turn.

integral method. The advantages of the integral method should be recognized as the complete decomposition of the factors and the absence of the need to establish the order of the factors.

The method also has significant drawbacks. These include the significant complexity of calculations even using the above formulas, as well as the existence of a fundamental contradiction between the mathematical basis of the method and the nature of economic phenomena. The fact is that most of the phenomena and quantities in the economy are of a discrete nature, so it is pointless to consider infinitesimal increments, as required by the application of the integral method.

Forecasting based on proportional dependencies. The basis of this method is the thesis that it is possible to identify a certain indicator that is the most important from the standpoint of the characteristics of the company's activities, which, thanks to this property, could be used as a base for determining the forecast values ​​of other indicators in the sense that they are "tied" to the base indicator using the simplest proportional dependencies. As a base indicator, either sales proceeds or the cost of sold (manufactured) products are most often used. The validity of this choice is quite easily explained from the standpoint of logic and, moreover, finds confirmation in the study of the dynamics and relationships of other indicators that describe certain aspects of the company's activities.

The method is based on the assumption that: a) the values ​​of most balance sheet and income statement items change in direct proportion to sales volume; b) the levels of proportionally changing balance sheet items that have developed in the company and the ratios between them are optimal (meaning that, for example, the level of inventories at the time of analysis and forecasting is optimal).

Method of averages. In any set of economic phenomena or subjects, there are differences between the individual units of this set. Simultaneously with these differences, there is something in common that unites the totality and allows us to attribute all the subjects and phenomena under consideration to one class. For example, all workers of the same shop, performing the same work, perform it in different ways, with different productivity. However, despite some individual differences, it is possible to determine the average output, or average productivity, per worker in the shop. It is possible to average the profitability of an enterprise over several consecutive quarters, obtaining the value of the average profitability, and so on.

The role of averages, therefore, is to generalize, i.e. replacing the set of individual values ​​of a feature with an average value characterizing the entire set of phenomena. The average value generalizes qualitatively homogeneous values ​​of a trait and, therefore, is a typical characteristic of a trait in a given population. For example, the average turnover per worker is a typical characteristic of a city's trading network.

Of course, the average value is not fixed once and for all: the average output per employee of a normally functioning enterprise is constantly growing. The average cost per unit of output tends to fall as output increases. Thus, not only the average values ​​themselves, but also the trends in their change can be considered as indicators of the position of the enterprise in the market and the success of its financial and economic activities in this industry.

Data grouping method. Grouping is the division of a data set into groups in order to study its structure or relationships between components. In the process of grouping, the units of the population are distributed into groups in accordance with the following principle: the difference between units assigned to the same group should be less than the difference between units assigned to different groups. The most important issue in conducting this kind of research is the choice of the grouping interval.

The basic rule for grouping is the following: there should be no empty or sparsely filled intervals.

In the analysis of financial and economic activity, two types of groupings are mainly used: structural and analytical.

Structural groupings are designed to study the structure and composition of the population, the shifts occurring in it relative to the selected variable feature. Analytical groupings are designed to study the relationship between two or more indicators that characterize the studied population. One of the indicators is considered as effective, and the rest - as factorial. Analytical grouping can be used to calculate the strength of the relationship between factors.

Elementary Methods for Processing Calculated Data. When studying the totality of values ​​of the studied quantities, in addition to the averages, other characteristics are also used. When analyzing large data arrays, two aspects are usually of interest: first, the quantities that characterize a series of values ​​as a whole, i.e. characteristics of the community, and secondly, the quantities that describe the differences between the members of the population, i.e. characteristics of spread (variation) of values.

In addition, the following values ​​are used as indicators of generality: the middle of the interval, mode, and median.

The following quantities are most often used as indicators of the range and intensity of the variation of indicators: the range of variation, the average linear deviation, the standard deviation, the variance and the coefficient of variation.

Index Method. Index – it is a statistical indicator representing the ratio of two states of a feature. With the help of indices, comparisons are made with the plan, in dynamics, in space. The index is called simple(synonyms: particular, individual), if the feature under study is taken without taking into account its connection with other features of the phenomena being studied. A simple index looks like

where P1 and P0 are the compared feature states.

The index is called analytical(synonyms: general, aggregate), if the trait under study is taken not in isolation, but in connection with other traits. An analytical index always consists of two components: an indexed feature R(the one whose dynamics is being studied) and the weight attribute q. With the help of signs-weights, the dynamics of a complex economic phenomenon is measured, the individual elements of which are incommensurable. Simple and analytical indices complement each other

where q 0 or q 1 - weight sign.

With the help of indices in the analysis of financial and economic activity, the following main tasks are solved:

Evaluation of the change in the level of the phenomenon (or the relative change in the indicator);

Identification of the role of individual factors in changing the effective feature;

Evaluation of the impact of changes in the structure of the population on the dynamics.

Correlation analysis. Correlation analysis is a method of establishing a relationship and measuring its tightness between observations that can be considered random and selected from a population distributed according to a multivariate normal law.

A correlation is a statistical relationship in which different values ​​of one variable correspond to different mean values ​​of another. Correlations can arise in several ways. The most important of them is the causal dependence of the variation of the resultant attribute on the change in the factorial one. In addition, this kind of connection can be observed between two effects of the same cause. The main feature of correlation analysis should be recognized that it establishes only the fact of the existence of a relationship and the degree of its closeness, without revealing its causes.

Regression analysis. Regression analysis is a method of establishing an analytical expression of a stochastic relationship between the studied features. The regression equation shows how, on average, changes at when changing any of xi, and looks like

y= f(x1, x2, …, xn)

where y - dependent variable (it is always one);

xi– independent variable factors - there may be several of them.

If there is only one independent variable, this is a simple regression analysis. If there are several P 2), then such an analysis is called multivariate.

Regression analysis is used mainly for planning, as well as for the development of a regulatory framework.

cluster analysis. Cluster analysis is one of the methods of multivariate analysis, designed for grouping (clustering) a population, the elements of which are characterized by many features. The values ​​of each of the features serve as the coordinates of each unit of the studied population in the multidimensional space of features. Each observation, characterized by the values ​​of several indicators, can be represented as a point in the space of these indicators, the values ​​of which are considered as coordinates in a multidimensional space.

Analysis of variance. Analysis of variance is a statistical method that allows you to confirm or refute the hypothesis that two data samples belong to the same general population. With regard to the analysis of the activities of an enterprise, we can say that analysis of variance allows you to determine whether groups of different observations belong to the same set of data or not.

Analysis of variance is often used in conjunction with grouping methods. The task of conducting it in these cases is to assess the significance of differences between groups. To do this, determine the group dispersions σ12 and σ 22, and then statistically Student's or Fisher's test is used to check the significance of differences between groups.

Decision tree construction method. This method is included in the system of situational analysis methods and is used in cases where the predicted situation can be structured in such a way that key points are highlighted in which either a decision must be made with a certain probability (the role of an analyst or manager is active), or also with a certain probability some event (the role of an analyst or manager is passive, but some circumstances that do not depend on his actions are significant).

Linear programming. The linear programming method, the most common in applied economic research due to its fairly clear interpretation, allows an economic entity to justify the best (in terms of formal features) solution under more or less severe restrictions regarding the resources available to the enterprise. With the help of linear programming in the analysis of financial and economic activity, a number of problems are solved, primarily related to the activity planning process, which it allows to find the optimal output parameters and ways to make the best use of available resources.

Sensitivity analysis. Under conditions of uncertainty, it is never possible to determine in advance exactly what the actual values ​​of a given quantity will be after a certain time. However, for successful planning of production activities, it is necessary to provide for changes that may occur in future prices for raw materials and final products of the enterprise, for a possible decrease or increase in demand for goods produced by the enterprise. To do this, an analytical procedure called sensitivity analysis is performed. Very often this method is used in the analysis of investment projects, as well as in forecasting the value of the net profit of the enterprise.

Sensitivity analysis is to determine what will happen if one or more factors change their value. It is practically impossible to perform the analysis of simultaneous changes in several factors manually; for this, a computer should be used. We will consider the sensitivity of net profit to a change in only one factor (for example, sales volume) with all the others unchanged.

Methods of financial calculations. Financial calculations based on the concept of the time value of money are one of the cornerstones of financial analysis and are used in its various sections.

Accretion and discount operations. The simplest type of financial transaction is a one-time loan of a certain amount PV with the condition that after some time t large amount will be refunded F.V. The effectiveness of such a transaction can be characterized in two ways: either with the help of an absolute indicator - growth (FV– PV), or by calculating some relative indicator. Absolute indicators are most often not suitable for such an assessment due to their incompatibility in the spatio-temporal aspect. Therefore, they use a special coefficient - the rate. This indicator is calculated as the ratio of the increment of the initial amount to the base value, which, obviously, can be taken either PV, or F.V. Thus, the rate is calculated according to one of two formulas

In financial calculations, the first indicator also has names: "interest rate", "percentage", "growth", "rate of interest", "rate of return", "yield"; and the second is "discount rate", "discount rate", "discount". It is obvious that both rates are interconnected, i.e., knowing one indicator, you can calculate another

Both indicators can be expressed either in fractions of a unit or as a percentage. It's obvious that
rt > dt, and the degree of discrepancy depends on the level of interest rates prevailing at a particular point in time. So if rt= 8%, dt= 7.4%, the discrepancy is relatively small; if
rt= 80%, then dt= 44.4%, i.e. rates vary significantly.

Introduction

Characteristics of the financial and economic activities of Rusimport-Irkutsk Trading House LLC

3. Measures to improve the financial condition of the enterprise LLC "Trading House" Rusimport-Irkutsk "

Conclusion

List of sources

Applications

Introduction

In a market economy, economists, managers, accountants, auditors must master the latest methods of economic analysis, correctly use economic information in the analysis; apply analysis tools more effectively in practice; comprehend the very methodology of analysis of financial and economic activities; correctly assess the financial stability and solvency of the organization.

The financial position of the enterprise must be analyzed from the standpoint of both short-term and long-term prospects, since the criteria for its assessment may be different. The state of the finances of an enterprise is characterized by the placement of its funds and the sources of their formation, the analysis of the financial condition is carried out in order to establish how effectively the financial resources at the disposal of the enterprise are used. The financial efficiency of the enterprise is reflected by: the availability of own working capital and their safety, the state of standardized stocks of inventory items, the state and dynamics of receivables and payables, the turnover of working capital, material support of bank loans, solvency.

For normal functioning, ensuring the timeliness of settlements with suppliers, buyers, other business entities, the financial system, banks and employees, the enterprise has certain financial resources. The financial potential of the enterprise is formed in such a way as to ensure a steady increase in output, turnover, income, profits, and other indicators of economic activity while improving the quality and efficiency of management.

Consequently, the financial position of the enterprise must be studied simultaneously with the analysis of the implementation of plans, forecasts, the dynamics of the main indicators of its economic and social development.

The purpose of the practice report is to analyze the financial stability and solvency of the enterprise and develop measures to improve the financial results of Rusimport-Irkutsk Trading House LLC.

In the framework of this work, it seems appropriate to consider the following list of logically interconnected tasks:

1.Conduct an analysis of the management of the financial condition of the enterprise LLC "Trading House" Rusimport-Irkutsk ";

2.To develop the main directions for optimizing the financial condition of Rusimport-Irkutsk Trading House LLC.

The subject of the study is the management of the financial condition of the enterprise.

The object of the study is the analysis of the management of the financial condition of the enterprise OOO Trading House Rusimport-Irkutsk.

The information base for the analysis of the financial and economic activities of the enterprise was made up of the accounting financial statements of Rusimport-Irkutsk Trading House LLC for the period 2010-2012.

1. Characteristics of the financial and economic activities of Rusimport-Irkutsk Trading House LLC

Limited Liability Company "Trading House "Rusimport-Irkutsk" currently specializes in the wholesale and retail sale of alcoholic and tobacco products.

According to the charter, the main goal of Rusimport-Irkutsk Trading House LLC is to satisfy consumer needs, which implies constant updating of the assortment, maintaining a stable, relatively low price, and making a profit.

The main objectives of the LLC "Trading House "Rusimport-Irkutsk" are:

-study of requests and needs for goods with a focus on purchasing power;

-definition of assortment policy;

-creation of economic relations;

-formation and regulation of the processes of supply, storage, preparation for sale and sale of goods in conjunction with the goals of the enterprise;

-ensuring the specified turnover of material and labor resources.

The commercial activities of Rusimport-Irkutsk Trading House LLC are based on commodity market research: analysis of market processes, study of supply and demand for goods, cause-and-effect relationships, the nature and prerequisites for the development of target markets. The first task is to assess the market environment: the state of the real market situation, competitive strategy and commercial conditions, the second task is to identify the structure of supply and demand, their combinations and balance, the third is to develop alternative solutions for the surveyed objects and their use in the forecast period.

In accordance with the objectives of its activities, Rusimport-Irkutsk Trading House LLC cooperates with legal entities and individuals. On a contractual basis, determines the relationship with suppliers and buyers, as well as independently plans and carries out economic activities. The property of the company belongs to him on the right of ownership, and was formed from the contributions of the founders to the authorized capital. The founders have the right once a year to make a decision on the distribution of their net profit received by the Company after paying taxes and other obligatory payments to state non-budgetary funds among the participants, the formation of the Company's funds. The decision to determine the part of the profit divided between its participants is made by the General Meeting of Participants. The property owned by the Company is recorded on its balance sheet in accordance with the accounting rules. The authorized capital determines the minimum amount of the Company's property that guarantees the interests of its creditors.

The Company has complete economic independence in matters of determining the form of management, the structure of the Company, making business decisions, marketing, setting prices, wages, and distributing net profit. Transactions in which there is an interest of the director of the company, as well as major transactions, are made only with the consent of the LLC participant. The enterprise provides, guaranteed by law, the minimum wage, working conditions and social protection measures for employees. The Company keeps records of the results of its activities, maintains the established accounting and statistical reporting and is responsible for their reliability. The liquidation of the company will be carried out by the liquidation commission, which is formed by decision of the general meeting of the Company's participants.

2. Analysis of the financial and economic activities of the enterprise

1 Organizational structure of enterprise management

The enterprise has highly qualified specialists in the field of trade, sales and contracting; necessary equipment, stimulation at the point of sale, high quality of service, all this contributes to satisfying the most demanding requirements of potential buyers.

The existing organizational structure for managing the organization LLC Trading House Rusimport-Irkutsk is shown in Figure 2.1.

Rice. 2.1 Organizational management structure of Rusimport-Irkutsk Trading House LLC

The management structure of Rusimport-Irkutsk Trading House LLC is linear-functional. With this type of organizational structure of the enterprise, the line manager, who reports directly to the director, is assisted by subordinate employees of the department in developing specific issues and preparing appropriate decisions, programs and plans.

The organization is headed by the General Director, who is subordinate to the employees of the organization and administrative and managerial personnel.

The General Director is the sole executive body of the company. The competence of the General Director includes all issues of managing the current activities of the company, with the exception of issues related to the exclusive competence of the general meeting of participants. The General Director organizes the implementation of the decisions of the general meeting of participants. Functional divisions carry out all the technical preparation of production, prepare options for solving issues related to the management of trade processes, partially relieve line managers from planning financial calculations, logistics of production and other issues. The commercial department of Rusimport-Irkutsk Trading House LLC consists of the procurement department and the sales department. There is no marketing department. The organization of procurement of material resources is centralized, since the employees of the department report directly to the management of the department. The heads of the purchasing and sales department are responsible for the efficiency of the procurement process, outline the main sources of material support, coordinate the activities of their subordinate employees, link purchase and sales plans with the activities of other functional units, and select personnel.

Operational and supply work at the enterprise is carried out by employees of the department: a forwarder, a merchandiser-storekeeper, a commercial purchasing agent. Forwarder and commercial agent are looking for suppliers; together with the commercial director conclude contracts with them, draw up documentation for the acquisition of material resources, order transport for transportation (if necessary). Accompany goods on the way and ensure their safety.

The merchandiser-storekeeper determines the requirements for the products necessary for trade.

2.2 Financial analysis of the enterprise

According to the financial statements, an analytical balance sheet is built and an overall assessment of the financial position of the organization is given, as well as the condition and use of the organization's property is assessed.

Analysis of the financial position and performance of Rusimport-Irkutsk Trading House LLC was carried out for the period 01/01/2011-12/31/2012 (2 years). A qualitative assessment of the values ​​of the organization's financial indicators was carried out taking into account the industry specifics of the organization's activities (industry - Wholesale trade in alcoholic and other drinks, OKVED code 51.34).

1 The structure of property and sources of its formation

IndicatorValue of the indicatorChange for the analyzed period in thousand rubles in % of the balance sheet thousand rub. (column 4-column 2)± % ((column 4-column 2) : gr.2) 12/31/201012/31/201112/31/2012 at the beginning of the analyzed period (12/31/2010) at the end of the analyzed period (12/31/2012) Active1. Non-current assets3 6234 8525 68612.217.8+2,063+56.9 including: fixed assets3 0784 1925 01610.415.7+1,938+63 intangible assets -------2. Current, total25 98519 91726 29787.882.2+312+1.2 including: inventories6 0357 1487 33420.422.9+1 299+21.5 accounts receivable18 74111 48012 95563.340.5-5 786-30.9 cash and short-term financial investments3,591,095,0251.215.7+4,666+14 times Liabilities1. Own capital2 5736 1879 5058.729.7+6,932+3.7 times rub. (column 4-column 2)± % ((column 4-column 2) : gr.2) 12/31/201012/31/201112/31/2012 at the beginning of the analyzed period (12/31/2010) at the end of the analyzed period (12/31/2012) Active1. Non-current assets3 6234 8525 68612.217.8+2,063+56.92. Long-term liabilities, total - 2,0162,061-6.4+2,061 - including: borrowed funds - 2,0002,000-6.3+2,000-3. Short-term liabilities*, total27 03516 56620 41791.363.8-6 618-24.5 including: borrowed funds7 476--25.2--7 476-100 Balance currency29 60824 76931 983100100+2 375+8 * Excluding deferred income included in equity

Assets on the last day of the analyzed period are characterized by the ratio: 17.8% of non-current assets and 82.2% of current ones. The assets of the organization for the entire analyzed period increased by 2,375 thousand rubles. (by 8%). Noting the increase in assets, it should be taken into account that equity increased even more - 3.7 times. The leading increase in equity relative to the total change in assets is a positive factor.

The ratio of the main groups of the organization's assets is clearly shown below in the diagram of Figure 2.2.

Rice. 2.2 The ratio of the main groups of assets of the organization

The growth in the value of the organization's assets is associated, first of all, with the growth of the following positions of the balance sheet asset (in parentheses is the share of the change in the item in the total amount of all positively changed items):

-short-term financial investments (excluding cash equivalents) - 3,921 thousand rubles. (48%);

-fixed assets - 1,938 thousand rubles. (23.7%);

-reserves - 1,299 thousand rubles. (15.9%);

-cash and cash equivalents - 745 thousand rubles. (9.1%).

At the same time, in the liabilities side of the balance sheet, the largest increase is observed in the lines:

-retained earnings (uncovered loss) - 6,932 thousand rubles. (70.1%);

-long-term borrowed funds - 2,000 thousand rubles. (20.2%);

-estimated liabilities - 645 thousand rubles. (6.5%).

Among the negatively changed balance sheet items, one can single out “accounts receivable” in assets and “short-term borrowings” in liabilities (-5,786 thousand rubles and -7,476 thousand rubles, respectively).

During the analyzed period, a very significant event took place - from 2,573.0 thousand rubles. up to RUB 9,505.0 thousand (3.7 times) - increase in own capital.

Table 2.2 Estimating the value of the organization's net assets

IndicatorValue of the indicatorChange in thousand rubles in % to the balance sheet thousandths. rub. (column 4-column 2)± % ((column 4-column 2) : gr.2) 12/31/201012/31/201112/31/2012 at the beginning of the analyzed period (12/31/2010) at the end of the analyzed period (12/31/2012) one. Net assets2 5736 1879 5058.729.7+6,932+3.7 times2. Authorized capital1501501500.50.5--3. Excess of net assets over authorized capital (line 1-line 2)2 4236 0379 3558.229.2+6,932+3.9 times

The net assets of the organization on the last day of the analyzed period (December 31, 2012) are much (63.4 times) higher than the authorized capital. This positively characterizes the financial position, fully meeting the requirements of regulations for the value of the organization's net assets.

Rice. 2.3 Dynamics of net assets

Moreover, having determined the current state of the indicator, one should note an increase in net assets by 3.7 times during the analyzed period. The excess of net assets over the authorized capital and at the same time their increase over the period indicates a good financial position of the organization on this basis.

2.3 Analysis of the solvency and financial stability of the enterprise LLC "Trading House" Rusimport-Irkutsk "

The financial stability of Trading House Rusimport-Irkutsk LLC characterizes its financial position from the standpoint of the adequacy and efficiency of the use of equity capital. The indicators of financial stability together with the liquidity indicators characterize the reliability of Rusimport-Irkutsk Trading House LLC. The main indicators of the financial stability of the organization are presented in table 2.3.

Table 2.3 The main indicators of the financial stability of the organization

IndicatorIndicator valueIndicator change (column 4-column 2)Description of the indicator and its normative value31.12.201031.12.201131.12.20121. Autonomy coefficient 0.090.250.3+0.21 Ratio of equity to total capital. Normal value for this industry: 0.4 or more (optimal 0.5-0.7).2. Financial leverage ratio10.5132.36-8.15 Debt to equity ratio. Normal value for this industry: 1.5 or less (optimum 0.43-1).3. The coefficient of provision with own working capital-0.040.070.15+0.19 The ratio of own working capital to current assets. Normal value: 0.1 or more.4. Permanent asset index 1,410,780.6-0.81 The ratio of the value of non-current assets to the value of the organization's own capital.5. Investment coverage ratio0.090.330.36+0.27 The ratio of equity and long-term liabilities to total capital. Normal value: 0.7 or more.6. Equity capital flexibility ratio-0.410.220.4+0.81 Ratio of own working capital to sources of own funds. Normal value for this industry: 0.15 or more.7. Property mobility coefficient 0.880.80.82-0.06 The ratio of working capital to the value of all property. Characterizes the industry specifics of the organization.8. Mobility coefficient of working capital 0.010.010.19+0.18 The ratio of the most mobile part of working capital (cash and financial investments) to the total value of current assets.9. Inventory coverage ratio-0.170.190.52+0.69 The ratio of own working capital to the value of inventories. Normal value: 0.5 or more.10. Short-term debt ratio10.890.91-0.09Ratio of short-term debt to total debt.

The organization's autonomy coefficient as of December 31, 2012 was 0.3. The obtained value shows that due to the lack of equity capital (30% of total capital), the organization is largely dependent on creditors. During the analyzed period, a very strong, by 0.21, increase in the autonomy coefficient was noted.

The ratio of own working capital on the last day of the analyzed period was 0.15, but on December 31, 2010, the ratio of own working capital was much less - -0.04 (ie there was a change of +0.19). On the last day of the analyzed period, the coefficient is quite within the norm. Despite the fact that at the beginning of the period under review, the value of the ratio of own working capital did not correspond to the norm, later it took on a normal value.

The capital structure of the organization is clearly shown below in the diagram of Figure 2.4.

The investment coverage ratio for two years increased sharply by 0.27 and amounted to 0.36. The value of the coefficient on the last day of the analyzed period is significantly lower than the allowable value.

As of December 31, 2012, the inventories ratio was 0.52. For the entire period under review, there was a rapid, by 0.69, increase in the ratio of material reserves. Despite the fact that at the beginning of the analyzed period the value of the coefficient did not correspond to the norm, later it took on a normal value. As of December 31, 2012, the inventory ratio is quite within the norm.

The coefficient of short-term debt shows that the amount of short-term accounts payable of the organization significantly exceeds the amount of long-term debt (90.8% and 9.2%, respectively). At the same time, for the entire period under review, the share of long-term debt increased by 9.2%.

The dynamics of the main indicators of the financial stability of the organization is presented in the following graph of Figure 2.5.

Rice. 2.5 Dynamics of financial stability indicators

Table 2.4 Analysis of financial stability by the amount of surplus (shortage) of own working capital

Indicator of own working capital (SOS) The value of the indicator Surplus (shortage) * at the beginning of the analyzed period (12/31/2010) at the end of the analyzed period (12/31/2012) as of 12/31/2010 as of 12/31/2011 as of 12/31/2012 SOS1 (calculated without taking into account long-term and short-term liabilities) -1 0503 819-7 085-5 813-3 515СОК2 (calculated taking into account long-term liabilities; actually equals net working capital, Net Working Capital) and short-term debt on credits and loans)6 4265 880+391-3 797-1 454 * Surplus (deficiency) SOS is calculated as the difference between own working capital and the amount of stocks and costs.

Rice. 2.6 Own working capital

Since as of December 31, 2012 there is a shortage of own working capital calculated for all three options, the financial position of the organization on this basis can be characterized as unsatisfactory. It should be noted that, despite the unsatisfactory financial stability, two of the three indicators of the coverage of inventories by own working capital improved their values ​​during the analyzed period.

Table 2.5 Liquidity ratios of Rusimport-Irkutsk Trading House LLC

Liquidity indicatorIndicator valueChange in the indicator (column 4 - gr.2) Calculation, recommended value31.12.201031.12.201131.12.20121. Current (total) liquidity ratio0.961.21.29+0.33Ratio of current assets to short-term liabilities. Normal value: 2 or more.2. Quick (intermediate) liquidity ratio 0.710.70.88+0.17Ratio of liquid assets to short-term liabilities. Normal value: 1 or more.3. Absolute liquidity ratio0.010.010.25+0.24Ratio of highly liquid assets to short-term liabilities. Normal value: not less than 0.2.

On the last day of the analyzed period, the current liquidity ratio is below the norm (1.29 against the standard value of 2). At the same time, the positive dynamics that took place should be noted - over the past two years, the coefficient increased by 0.33.

For the quick liquidity ratio, the normative value is 1. In this case, its value was 0.88. This means that Rusimport-Irkutsk Trading House LLC does not have enough assets that can be converted into cash in a short time to pay off short-term accounts payable. During the entire period, the quick liquidity ratio remained at a value that did not meet the standard. At a rate of 0.2, the value of the absolute liquidity ratio was 0.25. For the entire analyzed period, the coefficient increased by 0.24.

Rice. 2.7 Dynamics of liquidity ratios

Table 2.6 Analysis of the ratio of assets by liquidity and liabilities by maturity

Assets by degree of liquidity At the end of the reporting period, thousand rubles Growth for the analysis period, %Norm. Ratio Liabilities by maturity At the end of the reporting period, thousand rubles Growth for analysis. period, %surplus/ shortfall payment. Funds thousand rubles, (column 2 - gr.6) A1. Highly liquid assets (money + short-term financial investments)5,025+14 times?P1. The most urgent liabilities (borrowed funds) (current credit debt)17,078+1.4-12,053А2. Marketable assets (short-term debit debt)12,955-30.9?P2. Medium-term liabilities (short-term liabilities other than current credit debt)3 339-67.3+9 616А3. Slowly sold assets (other current assets)8 317+20.8?P3. Long-term liabilities2 061-+6 256А4. Hard-to-sell assets (non-current assets)5,686+56.9?P4. Permanent liabilities (equity)9,505+3.7 times-3,819

Of the four ratios that characterize the presence of liquid assets in an organization, all but one are met. Rusimport-Irkutsk Trading House LLC does not have enough cash and short-term financial investments (highly liquid assets) to pay off the most urgent liabilities (the difference is 12,053 thousand rubles). In accordance with the principles of the optimal structure of assets by the degree of liquidity, short-term receivables should be sufficient to cover medium-term liabilities (short-term debt minus current accounts payable). In this case, this ratio is fulfilled (quickly realizable assets exceed medium-term liabilities by 3.9 times).

2.4 Analysis of the financial performance of the organization

The financial results of the activities of Rusimport-Irkutsk Trading House LLC also characterize the indicators of revenue (gross income) from product sales, value added tax.

The proceeds from the sale of products characterizes the completion of the production cycle at the enterprise, the return of the enterprise's funds advanced for production into cash and the beginning of a new round in the circulation of funds.

The main financial results of Rusimport-Irkutsk Trading House LLC during the analyzed period are shown in Table 2.7 below.

Table 2.7 Main financial results of activity of Rusimport-Irkutsk Trading House LLC

IndicatorValue of the indicator, thousand rubles Change in the indicatorAverage annual value, thousand rubles 2011 2012 thousand rub. (group 3 - group 2) ± % ((3-2) : 2)1. Revenue116 894119 772+2 878+2.5118 3332. Expenses for ordinary activities111 518115 082+3 564+3.2113 3003. Profit (loss) from sales (1-2)5 3764 690-686-12.85 0334. Other income and expenses, except for interest payable34897-251-72,12235. EBIT (earnings before interest and taxes) (3+4)5 7244 787-937-16.45 2566. Interest payable603105-498-82.63547. Change in tax assets and liabilities, income tax and other -1,606-1,335+271?-1,4718. Net profit (loss) (5-6+7)3,5153,347-168-4.83,431 period3 5153 347-168-4.83 431Change for the period of retained earnings (uncovered loss) according to the balance sheet (changed on line 1370)3 6143 318xxx

In 2012, the value of revenue amounted to 119,772 thousand rubles, which is only 2,878 thousand rubles, or 2.5% more than in 2011.

Sales profit for 2012 amounted to 4,690 thousand rubles. For the entire analyzed period, the financial result from sales clearly decreased (-686 thousand rubles). Paying attention to line 2220 of form No. 2, it can be noted that the organization took into account general business (management) expenses as conditionally fixed, attributing them at the end of the reporting period to goods sold (works, services). The change in revenue is clearly shown below in the graph of Figure 2.8.

Rice. 2.8 Dynamics of revenue and net profit

For the period 01.01-31.12.2012 the organization received a profit both from sales and in general from financial and economic activities, which led to the positive values ​​of all three profitability indicators presented in the table.

Table 2.8 Profitability Analysis

Profitability indicatorsIndicator values ​​(in %, or in kopecks from the ruble)Change in the indicator in 20112012 kop. Profitability of sales (the amount of profit from sales in each ruble of revenue). Normal value for this industry: 4% or more.4.63.9-0.7-14.92. EBIT return on sales (the amount of profit from sales before interest and taxes in each ruble of revenue) 4.94-0.9-18.43. Return on sales in terms of net profit (the amount of net profit in each ruble of revenue). 32.8-0.2-7.1 0.7-15.5 Interest payable coverage ratio (ICR), coefficient Normal value: 1.5 or more. 9.545.6 + 36.1 + 4.8 times

Profit from sales in the analyzed period is 3.9% of the proceeds received. However, there is a negative trend in the profitability of ordinary activities compared to this indicator for the period from 01/01/2011 to 12/31/2011 (-0.7%).

The profitability indicator, calculated as the ratio of profit before interest payable and taxation (EBIT) to the organization's revenue, for the period from 01/01/2012 to 12/31/2012 amounted to 4%. That is, each ruble of the organization's revenue contained 4 kopecks. profit before tax and interest payable.

Rice. 2.9 Dynamics of profitability indicators

The return on the use of capital invested in entrepreneurial activity is presented in the following table 2.9.

Table 2.9 Indicators of profitability of the organization

Profitability indicatorIndicator value, %Change in indicator (column 3 - gr.2)Calculation of the indicator20112012Return on equity (ROE)80.342.5-37.8Ratio of net profit to the average value of equity capital. Normal value for this industry: 18% or more. Return on assets (ROA) 12,911.8-1.1 The ratio of net profit to the average value of assets. Normal value for this industry: 6% or more. Return on invested capital (ROCE)106,248.3-57.9 The ratio of earnings before interest and taxes (EBIT) to equity and long-term liabilities. Return on capital assets52,639.5-13 .1 The ratio of profit from sales to the average cost of fixed assets and inventories. For reference: Return on assets, coefficient 32.225.9-6.2 The ratio of revenue to the average cost of fixed assets.

Over the past year, each ruble of equity capital of Rusimport-Irkutsk Trading House LLC brought a net profit of 0.425 rubles. During the analyzed period, the decrease in the return on equity amounted to 37.8%. In 2012, the return on equity demonstrates quite a normal value. Return on assets for the last year amounted to 11.8%, which is 1.1% lower than the value of return on assets in 2011. The next graph in Figure 2.10 clearly shows the dynamics of the main indicators of the return on assets and capital of the organization for the entire analyzed period.

Rice. 2.10 Dynamics of the main indicators of return on assets and capital of the organization

Further in the table, the turnover indicators of a number of assets are calculated, characterizing the rate of return of funds advanced for business activities, as well as the turnover rate of accounts payable in settlements with suppliers and contractors.

Table 2.10 Asset turnover indicators

Turnover indicatorValue in daysFact. 2011 2012 Change, days (column 3 - gr. 2) 2011 2012 Working capital turnover (the ratio of the average value of current assets to the average daily revenue *; normal value for this industry: no more than 101 days) 72715.15.2-1 Inventory turnover (the ratio of the average Inventory value to average daily revenue; normal value for this industry: 46 days or less) 212217.716.5+1 Accounts receivable turnover (ratio of average receivables to average daily revenue; normal value for this industry: 30 days or less) 47377 .79.8-10Turnover of accounts payable (the ratio of the average value of accounts payable to the average daily revenue) 47467.87.9-1 Turnover of assets (the ratio of the average value of assets to the average daily revenue) 85874.34.2+2 to average daily revenue)142426.715.2+10 * The indicator is calculated in days. The value of the coefficient is equal to the ratio of 365 to the value of the indicator in days.

Asset turnover on average for the entire period under review shows that the organization receives revenue equal to the sum of all available assets for 86 calendar days. At the same time, on average, it takes 21 days to receive revenue equal to the average annual balance of inventories.

Below, as one of the indicators reflecting the efficiency of the use of labor resources, labor productivity is presented (the ratio of sales proceeds to the average number of employees).

Rice. 2.11 Dynamics of labor productivity

In 2012, the value of labor productivity amounted to 4,607 thousand rubles/person, while in 2011 labor productivity was less - 4,329 thousand rubles/person. (i.e. growth amounted to 278 thousand rubles/person).

Table 2.11 below calculates the indicators contained in the methodology of the Federal Office for Insolvency (Bankruptcy) (Decree N 31-r dated 12.08.1994).

Table 2.11 Enterprise insolvency indicators

IndicatorIndicator value Change (column 3-column 2) Normative value Correspondence of the actual value with the normative one at the end of the period at the beginning of the period (31.12.2011) at the end of the period (31.12.2012)1. Current liquidity ratio1.51.54+0.04 no less than 2 does not correspond2. Equity ratio 0.070.15+0.08 not less than 0.1corresponds to 3. Solvency recovery ratiox0.78xnot less than 1does not correspond

Analysis of the balance sheet structure was performed for the period from the beginning of 2012 to December 31, 2012.

Since one of the first two ratios (current liquidity ratio) as of December 31, 2012 turned out to be less than the standard value, the solvency recovery ratio was calculated as the third indicator. This coefficient serves to assess the prospects for restoring the normal structure of the balance sheet (solvency) by the enterprise within six months, while maintaining the trend of change in current liquidity and equity that took place in the analyzed period. The value of the coefficient of solvency restoration (0.78) indicates the absence of a real opportunity to restore normal solvency in the near future.

Below is an analysis of the creditworthiness of Rusimport-Irkutsk Trading House LLC according to the methodology of Sberbank of Russia (approved by the Sberbank of Russia Committee for the provision of loans and investments dated June 30, 2006 N 285-5-r).

Table 2.12 Analysis of the creditworthiness of Rusimport-Irkutsk Trading House LLC

Indicator Actual valueCategoryWeight of the indicatorCalculation of the sum of points For reference: indicator categories1 category2 category3 category Absolute liquidity ratio 0.0620.050.10.1 and above 0.05-0.1 less than 0.05 Intermediate (quick) liquidity ratio 1.0510.10.10.8 and above 0.5- 0.8 less than 0.5 Current liquidity ratio 1.5410.40.41.5 and above 1.0-1.5 less than 1.0 Equity ratio 0.410.20.20.25 and above 0.15-0.25 less than 0.15 Product profitability0 ,0420.150.30.1 and above less than 0.1 unprofitable.

In accordance with the methodology of Sberbank, borrowers are divided into three classes depending on the amount of points received:

-first-class - lending which is not in doubt (the sum of points up to 1.25);

-second class - lending requires a balanced approach (over 1.25 but less than 2.35);

-third class - lending is associated with increased risk (2.35 and above).

In this case, the score is 1.3. Therefore, the organization can count on obtaining a bank loan.

As one of the indicators of the probability of bankruptcy of an organization, Altman’s Z-score is calculated below (for Rusimport-Irkutsk Trading House LLC, a 4-factor model for private non-production companies was taken): Z-score = 6.56T1 + 3.26T2 + 6, 72T3+1.05T4

Table 2.13 Probability of bankruptcy of an organization

Coefficient Calculation Value as of December 31, 2012 Multiplier Product (column 3 x colum 4)T1Ratio of working capital to the value of all assets0,186,561.21T2Ratio of retained earnings to the value of all assets0,293,260.95T3Ratio of EBIT to the value of all assets0,156,721.01T4Ratio of equity to debt0 .421,050.44Z-Altman score: 3.61

The implied probability of bankruptcy, depending on the value of Altman's Z-score, is:

-1.1 and less - high probability of bankruptcy;

-from 1.1 to 2.6 - the average probability of bankruptcy;

-from 2.6 and above - low probability of bankruptcy.

For Rusimport-Irkutsk Trading House LLC, the Z-score value as of December 31, 2012 was 3.61. Such a value of the indicator indicates an insignificant probability of bankruptcy of Rusimport-Irkutsk Trading House LLC.

According to the results of the analysis, the financial position of Rusimport-Irkutsk Trading House LLC (Appendix B) was assessed on a point system at -0.17, which corresponds to the B rating (satisfactory position). The financial performance of the organization for the last two years is estimated at +1.17, which corresponds to the rating A (good results). It should be noted that the final estimates were obtained taking into account both the values ​​of the indicators at the end of the analyzed period and the dynamics of the indicators, including their predicted values ​​for the next year. The final score of the financial condition, which combines the analysis of the financial position and the results of the organization's activities, is +0.37 - according to the rating scale, this is a normal state (BB).

The 'BB' rating reflects the financial condition of the organization, in which the bulk of the indicators fit into the normative values. Entities with this rating can be considered as partners with whom a prudent approach to risk management is required. An organization may qualify for loans, but the decision largely depends on the analysis of additional factors (neutral creditworthiness).

3. Measures to improve the financial condition of the enterprise LLC "Trading House" Rusimport-Irkutsk "

Measures to overcome the crisis and pre-crisis (such a situation has developed at Rusimport-Irkutsk Trading House LLC) situations at the enterprise can be operational and strategic, which, in turn, are divided into various methods that are proposed in Figure 3.1.

Rice. 3.1 Measures to overcome the crisis of a small business

The stabilization program should include a set of measures aimed at restoring the solvency of the enterprise. The terms of its implementation for an enterprise located in the zone of "near" bankruptcy are extremely limited, since, as a rule, it no longer has reserve funds.

When an enterprise enters a crisis state in the short term, the criterion becomes maximization, or saving money. At the same time, the maximization of funds can and should be carried out by measures that are not acceptable from the standpoint of conventional management. Anti-crisis management allows for any losses (including future losses), at the cost of which it is possible to restore the solvency of the enterprise today.

The essence of the stabilization program lies in the maneuvering of funds to fill the gap between their spending and receipt. The maneuver is carried out both by means already received and materialized in the assets of the enterprise, and by those that can be obtained if the enterprise survives the crisis. Filling the "crisis pit" can be carried out by increasing the flow of funds (maximization), and reducing the current need for working capital (savings). The increase in cash is based on the transfer of the company's assets into cash. The sale of receivables is obvious and is currently being undertaken by many businesses. Selling stocks of finished products is more difficult - firstly, it involves selling at a loss, and secondly, it leads to complications with the tax authorities. However, as already noted, the essence of the stabilization program lies in the maneuvering of monetary resources. Losses in this case represent a donation of part of the money received in the past, and problems with paying taxes in such a sale are closed by a decrease in possible future receipts.

Reducing current financial needs. In practice, it is feasible only through some form of debt restructuring, which depends on the goodwill of the company's creditors. By itself, debt restructuring is not a specific tool of anti-crisis management, as it can be used even in a relatively prosperous state of the debtor enterprise. However, the crisis situation, on the one hand, somewhat facilitates the restructuring of debts, on the other hand, it justifies such forms of anti-crisis management, which are unsatisfactory in the normal state.

Buying back debt at a discount is one of the most desirable measures. The crisis state of the enterprise - the debtor devalues ​​its debts, and therefore there is an opportunity to buy them at a significant discount. The subtlety of this decision within the framework of the stabilization program lies in the conditions under which the buyout can be carried out.

An analysis of the experience of Russian enterprises in difficult financial condition shows that most of them have a similar structure of current liabilities, in particular:

-liabilities for settlements with various debtors and creditors - 60.4%;

-liabilities for taxes and deductions - 11.6%.

The most important task of financial recovery is to minimize current costs, primarily utility bills. These measures are aimed at reducing liability flows and cash deficits.

Financial recovery measures aimed at restructuring the company's accounts payable, including overdue ones, may include the following procedures:

-deferrals and installment payments;

-offset of mutual payment claims (mutual offset);

-debt renewal in the form of a loan;

-sale of debt obligations;

-conversion of short-term liabilities into long-term ones.

Development of a strategy and program of action. The development of a strategy and an action program for its implementation means a transition from a reactive form of management (making managerial decisions as a reaction to current problems, to negative results obtained - “lag behind events”) to management based on analysis and forecast. The development of the strategy is carried out on the basis of forecasts for the development of markets for manufactured products, assessment of potential risks, analysis of the financial and economic condition and management efficiency, analysis of the strengths and weaknesses of the enterprise.

The company's strategy includes:

Market behavior strategy (selection of areas of influence, occupied market share, consumer groups, choice of activity strategy - competition, market expansion; pricing strategy - cost leadership, differentiation, niche, etc.).

In accordance with the strategy of market behavior, a system of actions (or policies) is determined:

-supply and marketing;

Price;

Financial;

-personnel and personnel management;

-a program of measures is being developed to ensure its implementation.

In accordance with the main directions of activity and the chosen strategy, it is determined how the organizational and managerial structure should be changed. When developing a strategy and action program, the goals and ways to achieve them are specified, a deeper analysis and a more thorough assessment of the effectiveness and degree of risk of activities are made.

Conclusion

Before this work, the goal was to analyze the financial stability of Rusimport-Irkutsk Trading House LLC, identify the main problems of creditworthiness, and also develop ways to improve the financial condition of the company. Based on the results of the analysis, the following conclusions were drawn:

On the negative side, the financial position and performance of the organization are characterized by the following indicators of Rusimport-Irkutsk Trading House LLC:

-low equity relative to total assets (30%);

-the current (total) liquidity ratio is below the normal value;

-below the normal value of the quick (intermediate) liquidity ratio;

-a significant drop in the profitability of sales (-0.7 percentage points from the profitability for 2011 equal to 4.6%);

-a significant drop in profit before interest payable and taxation (EBIT) per ruble of revenue of Rusimport-Irkutsk Trading House LLC (-0.9 kopecks from the same profitability indicator for 2011).

The analysis revealed the following positive indicators of the financial position and performance of the organization:

-the coefficient of provision with own working capital is quite within the norm (0.15);

-the absolute liquidity ratio corresponds to the normal value;

-for the period from 01/01/2012 to 12/31/2012, profit from sales was received (4,690 thousand rubles), although its negative dynamics was observed compared to the previous year (-686 thousand rubles);

-profit from financial and economic activities for the last year amounted to 3,347 thousand rubles.

From an exceptionally good side, the financial position and performance of the organization are characterized by the following indicators:

-net assets exceed the authorized capital, while during the analyzed period there was an increase in net assets;

-excellent return on assets (11.8% last year);

-a positive change in equity relative to the total change in the organization's assets.

Indicators of the financial position of the organization that are critical:

-the investment coverage ratio is significantly below the norm (the share of equity and long-term liabilities in the total capital of the organization is 36% (normal value: 70% or more);

-critical financial situation in terms of own working capital.

An indicator that is important at the boundary of the norm is the following - the normal ratio of assets in terms of liquidity and liabilities in terms of maturity is not fully observed.

According to the results of the analysis, the financial position of Rusimport-Irkutsk Trading House LLC was assessed by a point system at -0.17, which corresponds to a B rating (satisfactory position). The financial performance of the organization for the last two years is estimated at +1.17, which corresponds to the rating A (good results). It should be noted that the final estimates were obtained taking into account both the values ​​of the indicators at the end of the analyzed period and the dynamics of the indicators, including their predicted values ​​for the next year. The final score of the financial condition, which combines the analysis of the financial position and the results of the organization's activities, is +0.37 - according to the rating scale, this is a normal state (BB).

In the third part of the work, proposals are made to improve the efficiency of the activities of Rusimport-Irkutsk Trading House LLC, namely:

1. Measures have been developed to increase the cash flow to Rusimport-Irkutsk Trading House LLC (short-term and long-term);
2. Recommendations are given to reduce accounts payable;
3. Proposals have been developed for a new policy for granting loans and managing receivables;
4. Given in the calculation form ways to improve solvency indicators, which are at a level below the norm;
5. The role of financial leverage for increasing the profitability of own funds is considered.

In general, based on the analysis, conclusions were drawn that testify to the problems associated primarily with the current operational management of finances at Rusimport-Irkutsk Trading House LLC. Financial management does not play a big role in the enterprise. In essence, financial management occurs at the level of the accounting service and the head of the enterprise. Therefore, it is necessary to organize a financial management service and take a number of measures to improve the financial condition in accordance with these recommendations.

solvency analysis company solvency

List of sources

1.Abryutina M.S., Grachev A.V. Analysis of the financial and economic activities of the enterprise [Text]: Educational and practical guide. M.: Business and Service, 2009. - 432 p.

.Analysis of the financial and economic activities of the enterprise [Text]: Proc. manual for universities / Ed. prof. N.P. Lyubushina - M.: UNITY-DANA, 2009. - 471s.

.Vinokurov M.A. Economics [Text] / M.A. Vinokurov, A.P. Sukhodolov. Irkutsk: IGEA (BGUEP), 2009. Vol. 1-3.

4.Galaziy G.I. Prices and production costs [Text] / G.I. Galazy. - M.: Knowledge, 2005. - 48 p.

.Galkina V.I. Problems of pricing and cost accounting [Text] / V.I. Galkin. - Irkutsk: Vost.-Sib. book. publishing house, 2009. - 45 p.

6.Garshina N.N. On the issue of staff wages [Text]: Tourist Firms / N.N. Garshina SPb., "Nevsky Fund", 2008. -224 p.

7.Goldstein G.Ya. Economics of the enterprise [Text]: textbook. allowance / Goldstein G.Ya. - Irkutsk: IGEA (BGUEP), 2009. -224 p.

8.Grushko Ya.M. New aspects of pricing [Text] / Ya.M. Grushko. - Irkutsk: Vost.-Sib. book. publishing house, 2007. - 252 p.

9.Gulyaev V.G. Organization of labor and wages. [Text]: studies. allowance / V.G. Gulyaev - M.: KNOWLEDGE, 2011. - 200s.

10.Gurulev S.A. New aspects of pricing [Text] / S.A. Gurulev. - Irkutsk: IGEA (BSUEP), 2009. - 200p.

11.Dabaev V.Ts. Methods for calculating the price of a new product (Guide) [Text] / V.Ts. Dabaev. St. Petersburg: "Norma", 2009. - 172 p.

12.Durovich A.P. Management at the enterprise [Text]: textbook. allowance / A.P. Durovich. - M.: BSEU, 2007 - 192p.

13.Durovich A.P. Enterprise development management [Text]: textbook. allowance / A.P. Durovich - 2nd ed., revised. and additional -Mn.: New edition, 2001. -

14.Efremova M.V. Fundamentals of business technology [Text]: Proc. allowance / M.V. Efremov. St. Petersburg: "Norma", 2009. - 172 p.

15.Ilyina E.N. Finance [Text]: textbook. allowance, Strategy and Finance / E.N. Ilyin. St. Petersburg: "Norma", 2009. - 172 p.

APPENDIX A

Financial results for the period 01.01.11-31.12.12 Financial position as of 31.12.2012 AAA AA A BBB BB B CCC CC C D Excellent (AAA) Very good (AA) Good (A) V Positive (BBB) Normal (BB) Satisfactory (B) Unsatisfactory (CCC) Bad (CC) Very bad (C) Critical (D) final rating of the financial condition of Rusimport-Irkutsk Trading House LLC: BB (normal)

IndicatorWeight of the indicatorScoreAverage score (group 3 x 0.25 + group 4 x 0.6 + group 5 x 0.15) The assessment taking into account the weight (group 2 x group 6) has passed to the present futureI. Indicators of the financial position of the organization Autonomy ratio 0.25-1-1+1-0.7-0.175 Ratio of net assets and authorized capital 0.1+2+2+2+2+0.2 Working capital ratio 0.15-1+1+ 2+0.65+0.098Current (total) liquidity ratio0.15-1-1-1-1-0.15Quick (intermediate) liquidity ratio0.2-1-1-1-1-0.2Absolute liquidity ratio0.15 -2+1+2+0.4+0.06Total1Final grade (total group 7: group 2): -0.167II. Performance indicators (financial results) of the organization's activities Return on equity 0.3+2+2-1+1.55+0.465 Return on assets 0.2+2+2+2+2+0.4 0.5-0.1Dynamics of revenue0.100000Turnover of working capital0.1+2+2+2+2+0.2Ratio of profit from other operations and proceeds from core activities0.1+2+2+2+2+0.2Total1Final assessment (total group 7: group 2): +1.165

Introduction…………………………………………………………………………2

Chapter 1. Theoretical substantiation of the enterprise AFHD

The concept and principles of AFHD………………..………………………4

AFHD Methodology…………………………………………………….6

Indicators……………………………………………………………8

Chapter 2. AFHD on the example of Svyaznoy NN

2.1 Brief description of the enterprise……………………………..13

2.2 Analysis of key indicators……………………………..………14

2.3 Analysis of the financial condition of Svyaznoy NN OJSC……..……..17

2.4 Assessment of business activity and profitability…………………….34

Chapter 3

3.1 General conclusions………………………………………………………..40

3.2 Proposals for improving the FCD of Svyaznoy NN OJSC…………..41

Conclusion……………………………………………………………………...44

List of used literature………………………………………..45

Application No. 1

Application №2

Introduction

The analysis of financial and economic activity allows assessing the economic viability of the enterprise at the current moment and the foreseeable future. The importance of the financial stability of business entities is sharply increasing. All this significantly increases the role of the analysis of their financial condition: the availability, placement and use of funds.

Solvency and financial stability are the most important characteristics of the financial and economic activity of an enterprise in a market economy. If an enterprise is financially stable and solvent, it has an advantage over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel. Finally, it does not come into conflict with the state and society, because it pays timely taxes to the budget, contributions to social funds, wages to workers and employees, dividends to shareholders, and banks guarantee the return of loans and the payment of interest on them. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

The object of study of this work is the Nizhny Novgorod branch of OAO Svyaznoy NN.

The purpose of the study of the course work is the financial condition of the Nizhny Novgorod branch of OAO Svyaznoy NN and the rationale for ways to improve it.

Based on the set goals, it is possible to form coursework tasks:

To study the theoretical foundations;

Describe the company;

Determine the effectiveness of his work;

Develop measures to improve the financial and economic activities of the enterprise;

To solve the above problems, the annual financial statements of the Nizhny Novgorod branch "Svyaznoy NN" for 2007 were used, namely:

balance sheet (form No. 1 according to OKUD);

profit and loss statement (form No. 2 according to OKUD);

Capital flow statement (form No. 3 according to OKUD);

cash flow statement (form No. 4 according to OKUD);

appendix to the balance sheet (form No. 5 according to OKUD);

Chapter 1.Theoretical substantiation of AFHD of the enterprise.

1.1 Concept and principles of PCD analysis

The content and the main target of financial analysis is the assessment of the financial condition and the identification of the possibility of improving the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities 1 .

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by employees of the enterprise (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

Analysis of the financial condition of the enterprise has several goals:

determination of the financial position;

identification of changes in the financial condition in the spatio-temporal context;

identification of the main factors causing changes in the financial condition;

forecast of the main trends in financial condition.

Analysis of the financial condition is based on certain principles 2:

1. state approach. When evaluating economic phenomena and processes, it is necessary to take into account their compliance with state economic, social, international policies and legislation.

2. scientific character. The analysis should be based on the provisions of the dialectical theory of knowledge, taking into account the requirements of the economic laws of the development of production.

3. Complexity. The analysis requires a comprehensive study of causal relationships in the economy of the enterprise.

4. Systems approach. The analysis should be based on understanding the object of study as a complex dynamic system with a structure of elements.

5. objectivity and accuracy. The information used for analysis must be reliable and objectively reflect reality, and analytical conclusions must be substantiated by accurate calculations.

6. Effectiveness. The analysis must be effective, that is, actively influence the course of production and its results.

7. Planning. For the effectiveness of analytical activities, the analysis must be carried out systematically.

8. Efficiency. The effectiveness of the analysis greatly increases if it is carried out promptly and analytical information quickly affects the managerial decisions of managers.

9. Democracy. It involves participation in the analysis of a wide range of workers and, consequently, a more complete identification of on-farm reserves.

10. Efficiency. The analysis must be effective, i.e., the costs of its implementation must have a multiple effect.

1.2 AFCD technique

The methodology for analyzing financial and economic activities is a set of analytical procedures used to determine the financial and economic condition of an enterprise.

Experts in the field of analysis give different methods for determining the financial and economic condition of an enterprise. However, the basic principles and sequence of the procedural side of the analysis are almost the same with slight differences. Detailing the procedural side of the methodology for analyzing financial and economic activities depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, however, in all significant aspects, the procedural aspects are similar.

To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required according to the established forms of financial statements, namely:

form No. 1 Balance sheet

form No. 2 Profit and loss statement

form No. 3 Statement of capital flows

form No. 4 Statement of cash flows

form No. 5 Appendix to the balance sheet

Analysis of the financial and economic activities of the enterprise is carried out in three stages 3 .

At the first stage, a decision is made on the appropriateness of the analysis of financial statements and its readiness for reading is checked. The problem of the appropriateness of the analysis allows you to solve the familiarization with the audit report. There are two main types of audit reports: standard and non-standard. A standard audit report is a unified summary document containing a positive assessment of the audit firm on the reliability of the information presented in the report and its compliance with current regulations. In this case, the analysis is expedient and possible, since the reporting in all significant aspects objectively reflects the financial and economic activities of the enterprise. A non-standard audit report is drawn up in cases where the audit firm cannot draw up a standard audit report for a number of reasons, namely: some errors in the company's financial statements, various uncertainties of a financial and organizational nature, etc. In this case, the value of the analytical conclusions drawn up on the basis of these statements is reduced. Checking the readiness of statements for reading is of a technical nature and is associated with a visual check of the availability of the necessary reporting forms, details and signatures on them, as well as the simplest accounting check of subtotals and balance sheet currency.

The purpose of the second stage is to get acquainted with the explanatory note to the balance sheet, this is necessary in order to assess the conditions for the functioning of the enterprise in this reporting period and take into account the analysis of the factors whose impact led to changes in the property and financial position of the organization and which are reflected in the explanatory note. The third stage is the main one in the analysis of economic activity.

The purpose of this stage is to evaluate the results of economic activity and the financial condition of an economic entity. It should be noted that the degree of detail of the analysis of financial and economic activities may vary depending on the goals. At the beginning of the analysis, it is advisable to characterize the financial and economic activities of the enterprise, indicate industry affiliation and other distinguishing features.

The analysis of the financial and economic condition of the enterprise consists in general of the following main components:

Financial stability analysis

Liquidity and creditworthiness analysis

Business activity analysis

Profitability analysis

1.3. AFHD indicators

Analysis of the liquidity of the enterprise is based on the calculation of the following indicators 4:

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

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

Quick liquidity ratio. By semantic purpose, the indicator is similar to the current liquidity ratio; however, it is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised in the event of a forced sale of inventories can be significantly lower than the cost of acquiring them. In particular, in a market economy, a typical situation is when, during the liquidation of an enterprise, they receive 40% or less of the book value of inventories. In Western literature, an approximate lower value of the indicator is given - 1, however, this estimate is also conditional. In addition, when analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change.

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

The share of own working capital in covering stocks. Characterizes that part of the cost of inventories, which is covered by own working capital. Traditionally, it is of great importance in the analysis of the financial condition of trade enterprises; the recommended lower limit of the indicator in this case is 50%.

Inventory coverage ratio. Calculated by correlating the value of "normal" sources of coverage of reserves and the amount of reserves. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered as unstable.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors.

Financial stability in the long term is characterized, therefore, by the ratio of own and borrowed funds. However, this indicator gives only a general assessment of financial stability. Therefore, in the world and domestic accounting and analytical practice, a system of indicators 5 has been developed:

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

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

The coefficient of maneuverability of equity capital. Shows what part of equity is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can significantly vary depending on the capital structure and industry sector of the enterprise.

Coefficient of structure of long-term investments. The logic for calculating this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The coefficient shows what part of fixed assets and other non-current assets is financed by external investors, i.e. (in a sense) belongs to them, and not to the owners of the enterprise.

The ratio of own and borrowed funds. Like some of the above indicators, this ratio gives the most general assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value of 0.25 means that for every ruble of own funds invested in the assets of the enterprise, there are 25 kopecks. borrowed money. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e., a slight decrease in financial stability, and vice versa.

• The indicators of the business activity group characterize the results and efficiency of the current main production activity. The generalizing indicators for assessing the efficiency of the use of enterprise resources and the dynamism of its development include the indicator of resource efficiency and the coefficient of sustainability of economic growth 6:

Resource productivity (turnover ratio of advanced capital). It characterizes the volume of sold products per ruble of funds invested in the activities of the enterprise. The growth of the indicator in dynamics is considered as a favorable trend.

Coefficient of sustainability of economic growth. Shows the average rate at which an enterprise can develop in the future, without changing the existing ratio between various sources of financing, capital productivity, production profitability, etc.

• When analyzing profitability, the following main indicators are used, which are used in countries with market economies to characterize the profitability of investments in activities of a particular type:

1. Return on advanced capital and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit fall on one ruble of advanced (own) capital. When calculating, you can use either the total profit of the reporting period, or net profit.

Chapter 2. AFHD on the example of Svyaznoy NN

2.1 Brief description of the enterprise.

Svyaznoy is a federal retail chain specializing in the sale of mobile operator services, personal communications equipment, accessories, and portable digital audio and photographic equipment. The company is the official distributor of the leading manufacturers of GSM-phones and DECT phones, as well as a dealer of the largest mobile operators 7 .

This course work analyzes the financial condition of the Nizhny Novgorod branch of OAO Svyaznoy NN. The company was registered by the Ministry of Taxes and Taxes of Russia for the Sovetsky District of Nizhny Novgorod on July 05, 2004. Legal address: 603105 Nizhny Novgorod region, Nizhny Novgorod, st. Osharskaya, house 95. Actual location: 603000, Nizhny Novgorod region, Nizhny Novgorod, st. Maxim Gorky, 117, office 805. The Company has separate divisions in the cities of Nizhny Novgorod, Saratov, Penza, Kirov regions and in the cities of the Republics of Mordovia and Komi.

The average headcount of OAO Svyaznoy NN in 2007 amounted to 1,080 people, which is 240 people more than in 2006. The increase in the average headcount is due to the further expansion of the activities of OAO Svyaznoy NN and the increase in separate divisions, in which a new one was recruited staff.

The main activities of the company are:

1. Trading and purchasing activities, including:

Wholesale and retail trade in industrial goods, including technical products;

2. Organization and provision of services, including:

Intermediary activities in various fields.

The authorized capital of the company is 1,500,000 rubles.

Svyaznoy currently offers its customers the following products and services:

mobile communications and accessories;

DECT telephones, personal audio equipment and accessories;

digital voice recorders, photographic equipment and accessories;

connection to national and local mobile operators;

accepting payments for mobile communications (no commission);

acceptance of payments for long-distance and international calls (no commission);

sale of express payment cards, IP-telephony, Internet access;

registration of compulsory auto insurance policies;

registration of a subscription to satellite TV;

sale of mobile content 8 .

2.2. Analysis of key indicators.

The state of the financial and economic activity of an enterprise can be assessed on the basis of a study of the financial results of its work, which depend on the totality of the conditions for the implementation of cash flow, the circulation of value, the movement of financial resources and financial relations in the economic process. Analysis of the financial performance of the enterprise involves the study of the "Balance sheet of the enterprise" (form No. I), "Statement of financial results" (form No. 2), "Statement of capital flows" (form No. 3), "Statement of cash flows" (form No. 4) and primary reporting of the enterprise.

The main indicators of the financial performance of the enterprise include revenue from the sale of products (works, services), net revenue (total revenue minus VAT, excises and similar obligatory payments), balance sheet profit, net profit. The financial performance of the enterprise depends on such indicators as the cost of sales of products (works, services), commercial and administrative expenses, other operating income and expenses, non-operating income and expenses, the amount of diverted funds, income tax. An example of the analysis of the dynamics of the financial results of the enterprise is given in Table. No. 1.

	Indicators	At the beginning of the reporting period	at the end of the reporting period	Absolute change, thousand rubles
	Proceeds from the sale of goods, products, works, services, thousand rubles.
	Cost of sold goods, products, works, services, thousand rubles
	Unit cost (cost per one ruble of revenue), RUB/RUB
	Gross profit (marginal income), thousand rubles
	Gross profit (marginal income) per one ruble of revenue, rub / rub.
	Selling and administrative expenses, thousand rubles
	Profit from sales, thousand rubles
	Return on sales, %
	Interest payable, thousand rubles
	Income from participation in other organizations, thousand rubles
	Other income, thousand rubles
	Other expenses, thousand rubles
	Profit before taxation, thousand rubles

As the data in the table show, compared with the beginning of the year, gross income increased by 589,863 thousand rubles, or 32.8%, while the cost increased by 488,164 thousand rubles, or 34.1%. Despite the increase in revenue of the reporting period compared to the previous one, the main indicator for any enterprise - profit from sales - significantly decreased and amounted to a negative value. Commercial expenses also increased by 217,835 thousand rubles and amounted to 182% of the value at the beginning of the reporting period.

The cost per 1 ruble of revenue increased by 1 kopeck, which shows that in order to obtain 1 ruble of revenue, 1 kopeck is required. more at the end of the year than at the beginning. Marginal income increased by 27.6%, that is, the company's ability to cover fixed costs and make a profit has increased.

Marginal income per 1 ruble of revenue decreased, which indicates a decrease in the dependence of the increase in profit on the reduction of variable costs. The profitability of sales decreased by 89.5%, which indicates a strong decrease in the efficiency of the enterprise.

Profit before tax also decreased significantly due to the growth of expenses in the reporting period.

2.3. Analysis of the financial condition of OJSC Svyaznoy NN

Analysis of the financial condition of the enterprise is based on the calculation of a number of indicators:

indicators of financial stability (independence ratio, share of borrowed funds, ratio of own and borrowed funds, share of receivables, share of own and long-term borrowed funds);

solvency indicators (absolute liquidity ratio, total coverage ratio, inventory liquidity ratio);

indicators of business activity (general turnover ratio, inventory turnover, equity turnover, productivity).

It is expedient to carry out the analysis of the financial condition of the enterprise in stages. It includes sequential analysis:

Indicators of solvency (liquidity), financial stability, business activity;

The creditworthiness of the enterprise and the liquidity of its balance sheet.

A general analysis and assessment of financial and economic activities is carried out according to the consolidated (aggregated) balance sheet of the enterprise (Table No. 2), which does not include deciphering assets and liabilities of the lines following the words "including:".

In this regard, the consolidated balance sheet will include lines of the actual balance sheet of the enterprise, the numbers of which are a multiple of 5.

Aggregate analytical balance sheet of OJSC Svyaznoy NN, thousand rubles

Total for r.Ι			Total for r.ΙΙΙ
			Total for r.ΙV
Page 260 +270
Total for r.ΙΙ			Total for river V
Balance currency			Balance currency

An enlarged balance sheet is typical for a small enterprise, since it presents all the lines that usually make up the production potential of an enterprise: production equipment and intangible assets in the non-current assets section and inventories in the current assets section.

We should especially appreciate the dynamics of the balance sheet currency of the World Bank. An increase in WB indicates an expansion in the volume of economic activity, although the reasons for growth may be different: revaluation of fixed assets, inflation, an increase in the terms of settlements with debtors and creditors. But for the purpose of an objective assessment of the financial condition, it is advisable to compare changes in the value of Wb property over several reporting periods with changes in sales proceeds B and profits from sales Pp.

For this, three coefficients are calculated, which are called growth coefficients (despite the fact that these coefficients may have a negative sign):

property growth rate:

Kv b \u003d (Vbo -Vbb) * 100% / Vbb;

we find the revenue growth rate using the indicators of Form No. 2 "Profit and Loss Statement":

Kv \u003d (In - Wb) * 100% / Wb;

we also find the profit growth rate using the indicators f. No. 2:

Kp p \u003d (Ppo - Ppb) * 100% / Ppb, where

Wbo, Vo, Ppo – balance sheet currency, revenue and profit from sales of the reporting period, respectively (as of December 31, 2007)

Wbb, Wb, Pbb - respectively, the same indicators of the base period (as of 01.01.2007).

If the values ​​of Kv and Kp p are higher than Kv b, this indicates a more rational use of the economic assets of the enterprise compared to the previous period. For the enterprise OJSC Svyaznoy NN, the coefficients will be equal to:

Kv b \u003d (738620-569390) * 100% / 569390 \u003d 29.7%

Kv \u003d (2388895-1799032) / 1799032 * 100% \u003d 32? 8%

Kp p \u003d (13947-102189) / 102189 * 100% \u003d - 86.4%

In this case, despite the increase in the balance sheet and revenue, the enterprise failed to increase the profit from sales, on the contrary, its value became negative, therefore, in the previous period, economic funds were undoubtedly used more rationally than in the previous one. To improve the state of the enterprise should significantly reduce costs.

2.3.1. Calculation of indicators of financial stability.

In market conditions, when the economic activity of the enterprise and its development is carried out at the expense of self-financing, and in case of insufficiency of own financial resources - at the expense of borrowed funds, an important analytical characteristic is the financial stability of the enterprise.

Financial stability- this is a certain state of the company's accounts, guaranteeing its constant solvency. As a result of the implementation of any business transaction, the financial condition of the enterprise may remain unchanged, either improve or worsen. The flow of daily business transactions is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowing the limiting boundaries of changes in sources of funds to cover capital investment in fixed assets or inventories allows you to generate such flows of business transactions that lead to an improvement in the financial condition of the enterprise, to increase its sustainability.

The 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 growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities.

In practice, different methods of financial stability analysis are used. Let's analyze the financial stability of the enterprise using absolute indicators.

A general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference in the value of sources of funds and the value of reserves and costs.

The total amount of stocks and costs is equal to the sum of lines 210 and 220 of the asset balance (ZZ).

To characterize the sources of formation of reserves and costs, several indicators are used that reflect different types of sources:

Availability of own working capital (line 490 - line 190);

Availability of own and long-term borrowed sources for the formation of reserves and costs or functioning capital (line 490 + line 590 - line 190);

The total value of the main sources of formation of reserves and costs (line 490 + line 590 + line 610 - line 190). In view of the lack of short-term borrowed funds (line 610), this indicator is equal to the second in total.

The calculated indicators are shown in Table 1.

Table 11 shows that none of the above sources is enough either at the beginning or at the end of the year.

With the help of these indicators, a three-component indicator of the type of financial situation is determined  9 

It is possible to distinguish 4 types of financial situations:

1. Absolute stability financial condition. This type of situation is extremely rare, represents an extreme type of financial stability and meets the following conditions: Фс  0; Ft  0; Fo 0; those. S = (1,1,1);

Table 1

Determination of the type of financial condition of the enterprise (thousand rubles)

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

2. Normal stability financial condition, which guarantees solvency: Fs

3. unstable financial condition, associated with a violation of solvency, but which still retains the possibility of restoring balance by replenishing sources of own funds by reducing accounts receivable, accelerating inventory turnover: Fs

4. financial crisis, in which the enterprise is on the verge of bankruptcy, since in this situation, cash, short-term securities and receivables do not even cover its accounts payable: Fs

In the Nizhny Novgorod branch of Svyaznoy NN, the three-component indicator of the financial situation is S = (0; 0; 0). Thus, financial stability at the beginning and at the end of the reporting period can be considered critical.

Relative indicators were also used to analyze the financial stability of the Nizhny Novgorod branch of Svyaznoy NN. These coefficients are calculated in Table 2.

Table number 2. Indicators of financial stability.

	Name indicator		Calculation method				Explanation		For the beginning of the year		At the end of the year		Year deviations
	1. Coefficient of independence						Shows the share of own funds in the total amount of the company's funds.
	2. Ratio of own and borrowed funds						Shows how much borrowed funds attracted the company for 1 rub. own funds invested in assets
	3. Long-term leverage ratio						Shows how many long-term loans are attracted to finance assets along with own funds
	4. The coefficient of maneuverability of own funds						Characterizes the degree of mobility of the use of own funds
	5. Equity collateral ratio						Shows the proportion of SOS purchased with own funds
6. The coefficient of the real value of fixed assets and inventories in the property of the enterprise						Shows the share of industrial property (real assets) in the total amount of property of the enterprise.
7. The coefficient of the real value of fixed assets in the property of the enterprise						Shows the proportion of fixed assets in the property of the enterprise.

From the data in the table, conclusions can be drawn about the state of each coefficient and the financial stability of the enterprise as a whole.

Independence coefficient at the enterprise for 2007

The value of the ratio of borrowed and own funds significantly exceeds the norm, which indicates that the company OJSC "Svyaznoy NN" is very dependent on borrowed funds. In the future, the share of own funds should be increased.

The long-term borrowing ratio indicates that no long-term loans were raised to finance assets.

The coefficient of maneuverability of own funds and the coefficient of provision with own funds correspond to the norm. However, the value of the equity ratio decreases at the end of the period, which indicates a decrease in own working capital.

The coefficient of the real value of fixed and tangible current assets is less than the norm, but at the end of the period it increases.

The ratio of the real value of fixed assets at the end of the period is 0.05%, which indicates a lack of fixed assets in the property of the enterprise.

2.3.2 Assessment of the solvency of OJSC Svyaznoy NN

In practice, the solvency of an enterprise is expressed through the liquidity of its balance sheet. The main task of the analyst in calculating the liquidity of the balance sheet is to establish the amount of coverage of the obligations of the enterprise by its assets. At the same time, the term for the conversion of assets into cash should ideally correspond to the maturity of liabilities.

In the analysis, the assets and liabilities of the balance sheet are grouped according to the degree of decrease in liquidity and the degree of urgency of payment of obligations, respectively. Grouping is conveniently carried out in an analytical table (see Table No. 3).

Grouping of assets and liabilities of the balance when assessing liquidity

Assets	Symbol for the degree of liquidity	Passive	Symbol maturity of liabilities
Most liquid assets: cash and short-term financial investments		The most urgent liabilities: debts to personnel, debts on taxes and fees, debts to off-budget funds and other payables selectively
Marketable assets: short-term receivables		Short-term liabilities: other liabilities from section V of the balance sheet
Slow-moving assets: inventories		Long-term liabilities: ΙV balance sheet
Hard-to-sell assets: non-current assets		Permanent liabilities: capital and reserves - ΙΙΙ section of the balance sheet

The balance is considered absolutely liquid under the following conditions:

The first two inequalities characterize the current liquidity of the enterprise, and the last two - perspective.

The results of calculating the liquidity of the balance sheet are given in Table No. 4:

Table number 4. The results of the liquidity calculation of the balance sheet of OJSC Svyaznoy NN

Assets	as of 01.01.07	on 31.12.07	Passive	As of 01.01.07	On 31.12.07	Payment surplus (+), Payment deficiency (-)

Analysis and assessment of the liquidity of the balance sheet of OAO Svyaznoy NN.

To determine the liquidity of the balance sheet, the total for each group of assets and liabilities should be compared.

At the beginning of the reporting period, the following ratios are fulfilled:

The ratios confirm the absence of current liquidity from the enterprise at the beginning of the reporting period and the presence of prospective liquidity. Whether such balance sheet liquidity is satisfactory for OAO Svyaznoy NN will be shown by an analysis of relative liquidity ratios.

It can be argued that by the end of the reporting period, the above ratios took the form:

The first ratio shows that the enterprise cannot pay off all its most urgent obligations in the near future: to personnel for wages, taxes and fees, etc. But at the same time, his receivables are enough to pay off urgent obligations to suppliers and contractors. At the same time, the third ratio confirms that slow-moving assets are enough to pay off urgent obligations.

Finally, the fourth ratio indicates the presence of own working capital Co or own working capital (this indicator is sometimes called "net working capital"), since the non-current (immobilized) assets Av (A4) of the enterprise are much less than the value of its own capital Cs (P4).

Since own current assets decreased by the end of the reporting period (the penultimate lines in columns 7 and 8 of Table No. 4), the liquidity of the balance sheet of OAO Svyaznoy NN decreased.

For a comprehensive study of the financial position of the enterprise, it is advisable to calculate several financial ratios. This will allow us to evaluate the ratio of each type of current assets with short-term liabilities in terms of the possibility of their further repayment. The calculation is based on varying degrees of liquidity for each type of asset, from perfectly liquid cash to inventory. Since these figures are constantly changing, they should be calculated several times within the reporting period, for example, at the end of each month or quarter. As a result, it becomes possible to build time series in terms of liquidity and solvency. The calculation of financial ratios is recommended to be carried out in the analytical table (see table No. 5).

Calculation of financial ratios to assess liquidity and solvency

Indicator	Formula
Absolute liquidity ratio	Kal \u003d A1 / (P1 + P2), where A1 - cash and short-term financial investments; P1 + P2 - all short-term liabilities (V balance sheet, except for lines 640 and 650)	Determines the proportion of short-term debt that the company can repay at the next balance sheet date. The recommended value is from 0.15 to 0.2.
Current liquidity ratio	Ktl \u003d (A1 + A2) / (P1 + P2), where A2 is the short-term receivables of the enterprise	Shows the predicted solvency of the enterprise, subject to timely settlements with debtors. The recommended value is in the range from 0.5 to 0.8.
Total liquidity ratio	Number = (A1 + A2 + A3) / (P1 + P2)	Indicates the adequacy of the company's working capital to cover short-term liabilities. It characterizes the margin of financial strength as a result of the excess of current assets over short-term liabilities. The recommended value is between 1 and 2.
Solvency ratio	Ksp \u003d Co / (P1 + P2), where Co - the value of own working capital (net working capital)	Determines the share of own working capital in the short-term liabilities of the enterprise. The indicator is individual for each enterprise.

The sequence of calculations (Table No. 6):

1) Cal \u003d A1 / (P1 + P2),

On 01.01.07: Kal=89675/(4641+459713)=89675/464354=0.19

On 12/31/07: Kal=150077/(530730+101125)=150077/631855=0.24

2) Ktl \u003d (A1 + A2) / (P1 + P2),

On 01/01/07: Ktl=(89675+55879)/(4641+459713)=145554/464354=0.31

On 31.01.07: Ktl=(150077+132166)/(530730+101125)=282243/631855=0.45

3) Number = (A1 + A2 + A3) / (P1 + P2)

On 01/01/07: Number=542410/464354=1.17

On 31.12.07: Number = 697512/631855 = 1.10

4) Ksp \u003d Co / (P1 + P2),

On 01.01.07: Ksp=78056/464354=0.17

On 31.12.07: Ksp=65657/631855=0.10

Let's put the results in table No. 6:

Table number 6. Results of calculations of relative liquidity and solvency ratios

The following conclusions follow from the calculations.

The absolute liquidity ratio at the beginning of the reporting period reaches the recommended values ​​and is 0.19, however, at the end of the analyzed period, this ratio grows, i.e. solvency increased by 0.4. This means that at the next reporting date, the company can repay 24% of its short term liabilities.

The current liquidity ratio during the reporting period is below the range of recommended values, which indicates a lack of solvency of the enterprise in timely settlements with debtors.

The value of the overall liquidity ratio at the beginning and end of the reporting period is in the range of recommended values, which indicates the sufficiency in general of working capital to cover short-term liabilities and the presence of a financial safety margin for the enterprise.

The self-financing ratio slightly decreases by the end of the reporting period (as does the liquidity of the balance sheet as a whole), but its values ​​at the beginning and end of the period confirm the sufficiency of Svyaznoy's own working capital to repay short-term debts.

2.3.3. Enterprise creditworthiness.

In the event of a lack of funds to cover obligations, the management of the enterprise may apply to the credit department of a commercial bank in order to satisfy the need for funds. Each loan agreement is associated with the risk of non-repayment of the loan, non-payment of interest, violation of the terms of contractual obligations. The presence of risk due to many factors has led to a selective approach of banks to their clients, which is based on a system of indicators that assess the ability of each client to comply with the terms of the loan agreement.

The creditworthiness of an enterprise is its ability to timely and fully pay off its debt obligations to the bank.

Creditworthiness assessment is a comprehensive study of the financial condition, which makes it possible to reasonably decide whether to issue a loan or whether it is not advisable to continue relations with the borrower.

Borrower's credit ratings are used to determine a client's creditworthiness. Clients, depending on their creditworthiness, are divided into three classes (see Table No. 7). Criteria at the level of average values ​​make it possible to attribute the borrower to the second class, above average - to the first, below average - to the third.

Table number 7. Credit grades of borrowers

Odds	Classes
		0.15 to 0.2
		0.5 to 0.8
		0.5 to 0.6

For Svyaznoy NN OJSC, the summary table of coefficients-indicators for determining the creditworthiness of the borrower looks like this (see Table No. 8)

Table No. 8

Summary table of indicators for calculating the creditworthiness of OJSC Svyaznoy NN

Let's draw conclusions.

It can be seen from the summary table that by the end of 2007 it is impossible to make an unambiguous conclusion about the belonging of OJSC Svyaznoy NN to a certain class in terms of creditworthiness.

By Kal and Kfn The company belongs to the first class Ktl to the third and Col to the second. This suggests that the lending to Svyaznoy NN requires additional verification.

2.4 Evaluation of business activity and profitability.

Calculation of coefficients of business activity of the enterprise.

Indicator	Formula	Characteristic
Asset (property) turnover indicators
Asset turnover ratio	Koa \u003d B / Asr, where: B - net - revenue of the enterprise (line 010 f. No. 2); A. -value of assets *	Shows the turnover rate of all assets of the enterprise for the reporting period (number of turnovers)
Duration of one turn in days	Pd \u003d D / Koa, where: D - the number of calendar days ** in the reporting period	Shows the duration of one revolution in days
Accounts receivable turnover ratio (DZ)	Kodz \u003d V / DZsr, where DZ - accounts receivable * for the reporting period (the sum of the indicators of lines 230 and 240 f.. No. 1)	Shows the number of turnovers of receivables for the reporting period. With the acceleration of turnover, the indicator grows, which confirms the improvement in the state of settlements with debtors
The duration of one turnover of receivables in days	Pdz \u003d D / Kodz	Characterizes the duration of one turnover of receivables. The decrease in the indicator is a favorable trend
Indicators of turnover of sources of funds (liabilities)
Equity turnover ratio	Kos c \u003d B / USSR where: Сс is the cost of equity* for the period - (line 490 f. No. 1)	Reflects the activity of using own capital. The growth of the indicator indicates an increase in the efficiency of the use of equity
Duration of equity turnover in days	Ps s \u003d D / Ss	Characterizes the rate of turnover of equity capital. The decrease in the indicator is a favorable trend
Accounts payable turnover ratio (KZ)	Kokz \u003d B / KZsr, where: KZ - accounts payable * for the period - (the sum of indicators lines 610, 620, 630, 660 f. No. 1)	Reflects the rate of turnover of accounts payable in the reporting period. The acceleration of turnover leads to a decrease in liquidity. If Kokz
The duration of one turnover of accounts payable in days	Pkz \u003d D / Kokz	Characterizes the ability of the enterprise for the reporting period to cover urgent debt to creditors. Reducing the duration of the short circuit turnover is always beneficial for the enterprise

** - the number of calendar days for the annual reporting period is, as a rule, 365.

1) Koa \u003d B / Asr,

On 01.01.07: Koa=1799032/569390=3.1

On 31.12.07: Koa=2388895/738620=3.2

2) Pd \u003d D / Koa,

On 01.01.07: Pd=365/3.1=117.7

On 31.12.07: Pd=365/3.2=114

3) Kodz \u003d V / DZsr,

On 01.01.07: Code=1799032/55879=32.2

On 31.12.07: Code=2388895/132166=18

4) Pdz \u003d D / Kodz

On 01.01.07: Pdz=365/32.2=11.3

On 31.12.07: Pdz=365/18=20.3

5) Kos c \u003d B / USSR

On 01.01.07: Koss=1799032/105036=17.1

On 31.12.07: Koss=2388895/106765=22.4

6) Ps s \u003d D / Ss

On 01.01.07: Pss=365/17.1=21.3

On 31.12.07: Pss=365/22.4=16.3

7) Kokz \u003d B / KZsr,

On 01.01.07: Kokz=1799032/464354=3.8

On 31.12.07: Kokz=2388895/631855=3.7

8) Pkz \u003d D / Kokz

On 01.01.07: Pkz=365/3.8=96

On 31.12.07: Pkz=365/3.7=98.6

Calculations of the considered indicators at the beginning and end of the analyzed period for Svyaznoy NN OJSC are presented in Table No. 10

The results of the calculation of business activity ratios of OJSC Svyaznoy NN

Indicator	As of 01.01.07	On 31.12.07

Table number 11. Calculation of profitability indicators of the enterprise

Indicators	Calculation	At the beginning of the period	At the end of the period
1. Proceeds from the sale of goods, products, works, services (excluding VAT, excises and similar obligatory payments)
2. Profit (loss) from sales
3. Balance sheet profit
4. Net profit	Page 140 – p. 150
Estimated indicators (%)
1. Profitability of all sold products.	page 050
2. Overall profitability.	page 140
3. Profitability of sales in terms of net profit.	p.(140 - 150) page 010

Based on the calculations, the following conclusions can be drawn:

The overall profitability index at the end of the reporting year 2007 fell sharply from 0.5 to 0.004, that is, it decreased by 99%. This suggests that at the end of 2007, each ruble of sales began to bring 0.004 kopecks less profit from sales.

The net profit return on sales also fell sharply at the end of the reporting period from 0.04 to 0.0007. This suggests that the demand for products has dropped sharply. Thus, at the end of 2007, each ruble of sold products began to bring 0.0007 kopecks less profit from sales.

The profitability of all products sold has declined sharply. Its value indicates that at the end of 2007, the enterprise had 0.004 kopecks of net profit per 1 ruble of sold products.

As can be seen from the above, all indicators of product profitability are very low.

Chapter 3financial and economic activities of Svyaznoy OJSC.

3.1. General conclusions.

After analyzing all the calculations made on the financial and economic activities of OAO Svyaznoy NN, we can draw the following conclusions.

Despite the increase in revenue by 589,863 thousand rubles or 24.5%, the main indicator for any enterprise - sales profit - significantly decreased and amounted to a negative value.

Balance profit in the Nizhny Novgorod branch of the Svyaznoy NN branch in 2007 significantly decreased compared to the beginning of 2007 by 79,152 thousand rubles, or 90%.

Its decrease was facilitated by an increase in the cost of goods sold by 488164 thousand rubles, commercial expenses by 217835 thousand rubles or by 82% and other expenses by 3864 or 3.4 times.

Its increase was facilitated by the growth of other income by 77,094 thousand rubles or 97%.

Thus, the factors that increase the balance sheet profit in terms of the amount were significantly offset by the action of factors that reduce it, which ultimately led to a decrease in the balance sheet profit at the end of 2007 compared to the beginning of the year by 90%.

At the end of 2007, the enterprise received proceeds from the sale of products, works, services in the amount of 2,388,895 thousand rubles. The sales structure is as follows:

Wholesale - 1.22%,

Intermediary services - 0.55%,

Retail trade - 98.23%.

The amount of net assets at the end of 2007, according to accounting data, was 106,765 thousand rubles.

In 2007, the currency of the balance sheet of the joint-stock company increased by 29.71% or by 169,230 thousand rubles.

The balance sheet structure at the end of 2007 is as follows: 94.4% are mobile assets and 5.6% are immobilized.

Non-current assets for the year increased by 14,128 thousand rubles, due to the purchase of new fixed assets.

In the composition of working capital in 2007, investments in inventories increased by 17,892 thousand rubles, or by 9.82%. Analysis of the data indicates that stocks increased due to the purchase of raw materials - by 2,032 thousand rubles and due to an increase in stocks of goods for resale in warehouses by 15,862 thousand rubles.

Accounts receivable increased by 74,814 thousand rubles.

In the structure of the balance sheet liability at the end of 2007, the share of borrowed capital was 85.72%.

As part of borrowed capital, accounts payable account for 89.12%.

3.2. Proposals to improve the financial condition of OJSC Svyaznoy NN

For more efficient financial and economic activities of Svyaznoy NN OJSC, the following measures can be taken:

Reducing the cost of production, namely:

• Sales network. The expansion of the network of branded stores will increase the company's share in the local market and thus increase the volume of sales.

  Search for new suppliers. Raw materials and materials are included in the cost price at the price of their purchase, taking into account the cost of transportation, so the correct choice of material suppliers affects the cost of production.

Urgent reduction of business expenses, namely:

sales expenses (marketing operations)

expenses for packaging and packaging of products in warehouses of finished products (packaging paper, wood, twine, services of their auxiliary workshops for the manufacture of containers and packaging, packaging fees, etc.)

product delivery costs;

other expenses associated with the sale of products (storage, processing, sorting, analysis of products, etc.).

It is necessary to liquidate or at least reduce the accounts receivable of the enterprise, which will release significant funds for the enterprise (76,287 thousand rubles).

Repayment of accounts payable. Interest payments on loans.

Increasing profit from sales. In general terms, these activities can be of the following nature:

increase in output;

improvement of product quality;

sale or lease of surplus equipment and other property;

reduction of production costs due to more rational use of material resources, production capacities and areas, labor force and working time;

expansion of the sales market, etc.

From this list of activities it follows that they are closely related to other activities in the enterprise aimed at reducing costs. In the conditions of market relations, an enterprise should strive not only to obtain maximum profit, but also to rational, optimal use of the profit already received. This will allow not only to maintain its position in the market, but also to ensure the dynamic development of its production in a competitive environment.

Conclusion.

In this work, an analysis was made of the profitability of the Nizhny Novgorod branch of OAO Svyaznoy NN.

In general, the financial condition of the enterprise for 12 months of 2007 was assessed using indicators of liquidity, financial stability and return on investment. Liquidity and financial stability are determined by the structure of the balance sheet: composition of assets and sources of coverage. The analysis of profit and profitability was carried out. Based on this analysis, the following conclusions were drawn.

The financial stability of the enterprise has deteriorated in a number of indicators. The company needs a larger amount of working capital, tk. they make up a small proportion of property. All indicators characterizing solvency are at a level below the norm, which is mainly explained by the presence of a significant amount of accounts payable at the enterprise.

Balance sheet profit at the end of 2007 decreased by 90%. In addition, the company incurs a loss on sales due to rising costs, therefore, in the future period, Svyaznoy NN OJSC should increase sales profits and reduce most of the costs.

To restore solvency and increase profitability

The Nizhny Novgorod branch of Svyaznoy NN needs to ensure break-even and a sufficiently high return on investment, as well as a positive profit from sales.

Profit should be used primarily to pay off accounts payable, primarily to the creditor CJSC Svyaznoy Logistics and pay wages to workers.

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Website www.svyaznoy.ru

1 Berdnikova T.B. Analysis and diagnostics of the financial and economic activities of the enterprise: Proc. Allowance. - M .: INFRA-M, 2005. - p. 24.

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The financial and economic activity of the enterprise is characterized primarily by the number and range of products, as well as the volume of its implementation. The value of the volume of output depends on the presence of many conditions and prerequisites, namely, production capacities, the availability of raw materials, materials, components, personnel of appropriate qualifications, product sales markets.

The financial and economic activity of the enterprise is characterized primarily by the number and range of products, as well as the volume of its implementation. The value of the volume of output depends on the presence of many conditions and prerequisites, namely, production capacities, the availability of raw materials, materials, components, personnel of appropriate qualifications, product sales markets. In turn, the volume of manufactured products affects all other aspects of the financial and economic activities of the enterprise - the cost of products, the amount of profit received, the profitability of production, the financial condition of the enterprise.

The financial and economic activity of enterprises is a purposeful activity based on decisions made, each of which is optimized based on intuition or calculations. Decision risk is understood as the probability of discrepancy between the actual results of the implemented decision and the goals set.

The financial and economic activity of an enterprise depends on many factors (resources, conditions, etc.), and the impact and comparative characteristics of not all of them lend themselves to a formalized assessment. From the standpoint of the possibility of such an assessment, it is customary to allocate labor, material and financial resources of the enterprise.

The financial and economic activity of enterprises is accompanied by the implementation of numerous and varied operations. In turn, each business transaction must be formalized by accounting documents that contain primary information about the business transactions performed or the right to perform them. The objects of accounting documents are the processes of supply, production and sale, as well as individual divisions of the enterprise and various financial, economic, settlement relations within and outside the enterprise.

The financial and economic activities of enterprises (associations) are assessed on the basis of a comprehensive analysis, objectively revealing shortcomings, omissions, losses, bottlenecks, and at the same time identifying those labor collectives that work honestly, conscientiously, and constantly increase cash savings.

An analysis of the financial and economic activities of an enterprise can be more or less detailed, in-depth, or, conversely, an express analysis. Any one direction of activity can be analyzed (for example, analysis of the location and functioning of the distribution network or analysis of monetary and other settlements of the enterprise) - in this case, the analysis will be thematic. If the sphere of interests of the analytical group includes the entire enterprise as a complex, then such an analysis should be called complex.

An analysis of the financial and economic activities of an enterprise is very often in its form an analysis of indicators, i.e. characteristics of the economic activity of the economic unit. The term scorecard is widely used in economic research. The analyst, in accordance with certain criteria, selects indicators, forms a system from them, and analyzes it. The complexity of the analysis requires the use of entire systems, rather than individual indicators.

An analysis of the financial and economic activities of an enterprise will not be complete if it does not concern two more specific aspects of its activities. It is, first of all, about what place in the comprehensive assessment of the enterprise is the quality of its products. If the products are of poor quality, cause complaints from consumers, do not meet sanitary norms, state or market standards, the activity of the enterprise cannot be called successful, its comprehensive assessment will not be high. The prospects of such an enterprise, if it does not intend to radically change its market strategy and product quality, cannot be considered brilliant .

An analysis of the financial and economic activities of an enterprise subject to state support must contain the following information for the reporting period.