How to conduct an analysis of the FHD of an enterprise. Analysis of the financial and economic activities of the enterprise (31) - Abstract

At present, the importance of analyzing the financial and economic activities of an enterprise is sharply increasing. The results of the analysis are of interest to various categories of analysts: management personnel, representatives of financial authorities, tax inspectors, creditors, etc.

Under the financial condition refers to the ability of the enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, as well as financial relationships with other legal entities and individuals.

To begin with, we will conduct a horizontal and vertical analysis of the company's balance sheet for 3 years.

Horizontal analysis. In the process of analysis, first of all, one should study the dynamics of the organization's assets, changes in their composition and structure, and evaluate them. To do this, we will conduct a horizontal analysis of the assets of Gizartteks LLC.

Horizontal analysis allows you to compare each balance sheet position at the moment with the previous period. The analysis of the balance sheet asset contains information on the placement of capital at the disposal of the enterprise, i.e. on investing it in specific property and material values, on the costs of the enterprise for the production and sale of products, and on the balance of free cash.

The absolute change is calculated by calculating the difference between the corresponding indicators at the end and the beginning of the year, and the relative deviation is calculated by dividing the result of the absolute deviation by the value of the indicator at the beginning of the year. To conduct the analysis, we will use the financial statements of the enterprise, the profit and loss statement. All data will be presented in Table 3.

A horizontal analysis of the assets of Gizarttex LLC shows that their absolute amount for 2012 decreased by 33 million rubles, or by 13.4%. It can be concluded that the organization lowers its economic potential. The increase in current assets was due to an increase in the organization's cash by 212 million rubles and reserves.

Table 3. Analytical balance of assets (million rubles)

		DEVIATION
			Absolute	Relative	Absolute	Relative
I. Current assets
Cash
Receivables
Advances to suppliers
current assets total
II. Fixed assets
fixed assets
Including capital construction in progress
Intangible assets
Other noncurrent assets
Total non-current assets
total assets

The growth of such an indicator as cash +212 mil. rubles indicates that the organization is not experiencing financial difficulties, because it has large financial resources that are not invested in excess stocks.

The increase in the accounts receivable figure is associated with an increase in sales, as there is an increase in the company's revenue. This indicator indicates an increase in the risk of non-payment or late payment for the products sold.

Analyzing the composition of non-current assets, it can be noted that the decrease in the indicator in 2012 compared to 2011 by - 33 million rubles was due to changes in the composition of fixed assets.

The second component of the analysis of the financial condition of the organization is the assessment of the sources of formation of the organization's funds.

To assess the sources, data from a horizontal analysis of balance sheet liabilities are used. Liability analysis allows you to determine what changes have occurred in the structure of equity and borrowed capital, how much long-term and short-term borrowed funds are involved in the turnover of the enterprise, i.e. the liability shows where the funds came from, to whom the enterprises owe them. Calculations of the absolute and relative changes in the indicators under consideration are similar to those of the asset.

Table 4. Liabilities of the analytical balance sheet (million rubles)

		DEVIATION
			Absolute	Relative	Absolute	Relative
I. Short-term credits, loans
Accounts payable
Buyers advances
II. long term duties
Long-term credits, loans
III. Equity
Authorized capital
Extra capital
Accumulated profit
Own capital, total
Total Liabilities

The increase in liabilities in 2012 of Gizarttex LLC occurred by 1,798 million rubles. The increase was mainly due to an increase in short-term liabilities by 52%. As of the end of the analyzed period (2012), liabilities consist entirely of accounts payable.

The increase in equity capital occurred by 1506 million rubles. The increase in equity capital at the end of the analyzed period (2012) occurred due to accumulated profit in the amount of 1395 million rubles. Despite a significant increase in equity capital, the additional and authorized capital of the organization remained unchanged.

Thus, based on the conducted horizontal analysis, we can say that the financial and economic activities of the enterprise contributed to the increase in its own capital.

Vertical analysis is carried out using an analytical table and involves the study of changes in the share of assets and liabilities of the balance sheet in order to predict changes in their structure.

Table 5. Vertical analysis of assets

				Change in specific gravity
Cost, million rubles		Cost, million rubles	The share of the asset in the total value of the asset, %	Cost, million rubles	The share of the asset in the total value of the asset, %
current assets
Cash
Short-term financial investments
Receivables
Advances to suppliers
Other current assets
current assets total
II. Fixed assets
Long-term financial investments
fixed assets
Incl. capital construction in progress
Intangible assets
Other noncurrent assets
Total non-current assets
total assets

In the structure of the balance sheet assets of Gizarttex LLC, a significant share belongs to current assets. At the beginning of 2011, the value of current assets amounted to 78.2% of their total value, and at the end of the year - 92.7%. There is a tendency to increase the share of this type of assets.

As of January 1, 2011, commodity stocks had a significant share in current assets - 73%. During the period under review, there is a tendency to increase them in the current assets of GizarTeks LLC.

The next type of current assets with a significant share was accounts receivable. As of January 1, 2011, the share of this type of assets was 1.5%, by the end of 2012 the share increased by 5.2%.

The share of non-current assets at the beginning of 2011 was 21.8%, increased compared to 2010 by 0.9%. However, at the beginning of 2012, the share is 7.3%. There is a downward trend in this type of assets. The decrease is caused by the reduction of fixed assets - the elimination of obsolete equipment.

Liabilities include equity and short-term liabilities. Therefore, according to the share of liabilities, we can conclude that the sources of financial and economic activity of the enterprise have changed.

Table 6. Vertical analysis of liabilities

				Change in specific gravity
Cost, million rubles	The share of the asset in the total value of the asset, %	Cost, million rubles	The share of the asset in the total value of the asset,%	Cost, million rubles	The share of the asset in the total value of the asset, %
Short-term credits, loans
Accounts payable
Buyers advances
Other current liabilities
Current liabilities, total
II.Long-term liabilities
Long-term credits, loans
Other long-term liabilities
Total long-term liabilities
III. Equity
Authorized capital
Extra capital
Accumulated profit
Other sources of equity
Own capital, total
Total Liabilities

During the analyzed period in 2011 there is a decrease in the share of equity by 0.66% compared to 2010 and is 50.66%. It should be noted that keeping the share of equity below 50% is undesirable, as the company will depend on loans. However, in 2012, the share of equity increased significantly to 70.98% due to accumulated profits and other sources of equity.

The company had no long-term liabilities for the analyzed period. If we take into account the possibility of replacing short-term liabilities with long-term ones, then the predominance of short-term sources in the structure of borrowed funds is a negative factor that characterizes the deterioration of the balance sheet structure and the increased risk of loss of financial stability.

The share of short-term liabilities in 2012 decreased compared to 2010-2011 by 22.83%.

For an organization, it is important not only to perform an analysis and correctly present the results, but also to formulate recommendations based on them for improving indicators and quality characteristics in the organization's activities. The main purpose of financial analysis is not the calculation of indicators, but the ability to interpret the results.

Based on the horizontal and vertical analysis of the balance sheet, positive and negative trends in changes in sections and balance sheet items are determined.

In the structure of the assets of the organization LLC "Gizartteks" a large share belongs to the money. During the period under review, the share of current assets was more than 50%. This indicates the formation of a mobile structure of assets, which contributes to the acceleration of the turnover of the organization's working capital.

A complete picture of the state of solvency of the enterprise can be presented by analyzing the liquidity ratios.

In the practice of analytical work, a system of liquidity indicators is used, calculated according to the following formulas.

The absolute liquidity ratio is determined by the following formula:

Cal=Ds/Kfo (5)

where: Cal - absolute liquidity ratio; Ds - cash; CFO - short-term financial obligations.

The quick liquidity ratio is determined by the following formula:

Kbl=Ds+Kfv+Kdz/Kfo (6)

where: Кbl - quick liquidity ratio; Ds - cash; Kdz - short-term receivables; Kfv - short-term financial investments; CFO - short-term financial obligations.

Satisfactory is usually considered the value of this indicator 0.7-1.

The current liquidity ratio (general coverage ratio) shows the extent to which current assets cover short-term liabilities. A coefficient with a value greater than 2.0 is considered satisfactory.

Ktl=Ta/Ko (7)

where: Ktl - current liquidity ratio; Ta - current assets; Ko - short-term liabilities.

These indicators allow you to determine the ability of the company to pay its short-term obligations during the reporting period.

Calculate the liquidity ratios. By al 2010 -55/498=0.11

By tl 2010 -903/498=1.81.

By bl 2010 -55+0+25/498=0.16.

K al 2011 -43/558=0.08.

By tl 2011 -885/558=1.58.

By bl 2011 -43+0+17/558=0.11.

K al 2012 -255/750=0.34.

By tl 2012 -2716/750=3.62.

By bl 2012 -255+0+197/750=0.6.

The data will be presented in Table 7.

Table 7. Dynamics of liquidity indicators (million rubles)

The current liquidity ratio characterizes the general security of the enterprise with working capital for conducting economic activities and timely repayment of urgent obligations of the enterprise. The current liquidity ratio shows that in 2011, 1 ruble of current liabilities accounted for 1.58 rubles of current assets, while in 2010 this figure was 1.81, and already in 2012 this ratio was 3.62 rubles . current assets per 1 ruble of current liabilities. This indicates an increase in the payment capabilities of the enterprise.

The quick liquidity ratio is similar in meaning to the previous indicator, however, it is calculated for a narrower range of current assets, when the most liquid part of them - inventories and material costs - is excluded from the calculation. Quick (term) liquidity ratio characterizes the company's ability to repay current (short-term) liabilities at the expense of current assets. Ratio increase in 2011-2012 from 0.11 to 0.6 is mainly due to a decrease in accounts payable of the enterprise.

If the current ratio is in the acceptable range, while the quick ratio is unacceptably low, then this means that the company can restore its technical solvency by selling its warehouse stock and receivables, however, as a result, it may lose the opportunity to normally function.

The absolute liquidity ratio of the 2011 indicator - 0.08 rose to 0.34 in 2012. Thus, the company can pay off its obligations as a matter of urgency.

The company "Gizarttex" LLC is liquid, that is, it has the ability to turn its assets into cash and pay off its payment obligations on time. However, he should pay attention to the quick liquidity ratio, which is unacceptably low.

Table 8

In 2012, there is a positive trend in the development of the enterprise: the growth rate of revenue was 274.5%, which indicates an increase in sales of products; the balance sheet profit growth rate is 427.9%; net profit 461.5%, profit from the sale of products 361%. And this is despite the fact that in 2011 the profit from the sale of products decreased significantly compared to 2010 by 221 million rubles. The increase in net profit is a positive trend, indicating the business activity of the enterprise.

We study the system of performance indicators of the enterprise. The most interesting indicators are return on assets, return on equity, return on sales.

Return on assets is an indicator of the profitability and efficiency of the company, cleared of the influence of the amount of borrowed funds. It is used to compare enterprises in the same industry and is calculated by the formula:

Profitability = Net income / Average assets (8)

The return on assets shows how much profit there is for each ruble invested in the property of the organization.

• 1. Awareness of taking risks. Since financial risk is an objective phenomenon, it is impossible to completely exclude risk from the financial activity of an enterprise. After assessing the level of risk for individual transactions, you can adopt the tactics of "risk avoidance". Awareness of risk acceptance is an indispensable condition for neutralizing the consequences of risk.
• 2. Manageability of accepted risks. The portfolio of financial risks should include mainly those that can be neutralized.
• 3. Independence of individual risk management. Financial losses for various types of risks are independent of each other and must be neutralized individually in the process of managing them.
• 4. Comparability of the level of accepted risks with the level of profitability of financial transactions. The enterprise should accept in the process of financial activities only those types of financial risks, the level of which does not exceed the corresponding level of profitability on the scale "profitability - risk".

Any type of risk for which the level of risk is higher than the level of expected return (with the risk premium included in it) should be rejected by the enterprise (or the size of the premium for and risk should be revised accordingly).

• 5. Comparability of the level of accepted risks with the financial capabilities of the enterprise. The expected amount of financial losses of the enterprise, corresponding to a particular level of financial risk, must correspond to the share of capital that provides internal risk insurance.
• 6. Effectiveness of risk management. The cost of the enterprise to neutralize the financial risk should not exceed the amount of possible financial losses on it, even with the highest degree of probability of a risk event. The criterion for the effectiveness of risk management must be observed in the implementation of both self-insurance and external insurance of financial risks
• 7. Accounting for the period of the operation in risk management. The longer the period of a financial transaction, the wider the range of associated risks. If it is necessary to carry out such financial transactions, the enterprise must ensure that it receives the necessary additional level of profitability not only due to the risk premium, but also the liquidity premium, since the period of the financial transaction is a period of "frozen liquidity" of the capital invested in it. Only in this case, the enterprise will have the necessary financial potential to neutralize the negative financial consequences of such an operation in the event of a possible risk event.
• 8. Accounting for the financial strategy of the enterprise in the process of risk management. The financial risk management system should be based on the general criteria of the financial strategy chosen by the enterprise (reflecting its financial ideology in relation to the level of acceptable risks), as well as financial policy in certain areas of financial activity.
• 9. Accounting for the possibility of risk transfer. Risk avoidance involves avoiding risk, refusing to implement an event (project) associated with risk. Such a decision is made in case of non-compliance with the above principles. However, it should be borne in mind that the avoidance of one type of risk may lead to the emergence of others.

Financial analysis includes the study of the main parameters, coefficients and multipliers that give an objective assessment of the financial condition of the enterprise, as well as the analysis of the company's share price in order to make a decision on the allocation of capital. Financial analysis is part of economic analysis.

The purpose of financial analysis is to characterize the financial condition of an enterprise, business, group of companies.

To achieve this goal in the process of financial analysis of the enterprise, the following main tasks are solved:

1. Determination of the financial condition of the enterprise at the current moment.

2. Identification of trends and patterns in the development of the enterprise for the period under study.

3. Identification of factors that negatively affect the financial condition of the enterprise.

4. Identification of reserves that the company can use to improve its financial condition.

The results of the analysis of the financial condition of the enterprise are of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include the heads of the enterprise, the results of financial analysis are necessary to assess the activities of the enterprise and prepare decisions on adjusting the financial policy of the enterprise.

For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans for this enterprise (acquisition, investment, conclusion of long-term contracts).

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) methods. In this case, as a rule, a limited number of basic indicators are used.

When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most appropriate to do so.

Internal financial analysis is more demanding on the source information. In most cases, the information contained in standard accounting reports is not enough for him, and it becomes necessary to use internal management accounting data.

In addition to custom, financial analysis can also be divided according to the following features:

By direction of analysis:

Retrospective analysis - analysis of past financial information;

Prospective analysis - analysis of financial plans and forecasts.

By detail:

Express analysis - the analysis is carried out on the main financial indicators;

Detailed financial analysis - carried out on all indicators, gives a complete description of the company.

By the nature of the event:

Analysis of financial statements - analysis according to financial statements;

Investment analysis - analysis of investments and capital investments;

Technical analysis - analysis of the price chart of the company's securities;

Special analysis - analysis on a special task.

The main areas of financial analysis are:

1. Analysis of the balance structure.

2. Analysis of the profitability of the enterprise and the structure of production costs.

3. Analysis of solvency (liquidity) and financial stability of the enterprise.

4. Analysis of capital turnover.

Management reporting.

Initial data for financial analysis must meet the following requirements:

1. Data preparation should be carried out on a regular basis and according to a single methodology.

2. Data on property and sources must be balanced among themselves.

3. Assets should be structured according to their economic nature (according to the principle of attributing value to manufactured products, terms of use and degree of liquidity).

4. Data on funding sources should be divided according to the principle of ownership and terms of attraction.

It is necessary not only for commercial companies, but also for public sector institutions. It is impossible to make effective management decisions without a professionally conducted EA. AFHD is based on the assessment and comparison of financial statements.

Stages of economic analysis:

• familiarization with the data of financial statements and information about the FCD of the institution;
• mathematical calculations and comparison of accounting data;
• formation of conclusions on the performed calculations.

It is advisable to conduct EA in comparison of several reporting periods, this approach allows you to more accurately determine the dynamics of changes.

Relationship with financial audit

The audit of economic activities is directly related to the assessment of the effectiveness of the use of resources and assets of the organization. First of all, financial audit reveals the correctness of accounting and reporting. Without an independent assessment of accounting and reporting, it is impossible to conduct a reliable EA.

Management accounting, financial planning, auditing, analysis of financial and economic activities together allow you to quickly and accurately identify unused hidden reserves of the organization and increase financial stability.

Types of FCD audit

There are two main types of economic analysis of financial and economic activities:

1. An assessment of the property status of an enterprise makes it possible to determine the effectiveness of the use of the company's fixed assets in production or the fulfillment of a state (municipal) task. According to the identified reserves of unused property, the management of the organization can make an appropriate decision: inclusion of fixed assets in production, sale of fixed assets, lease. The management decision on the reserves of the property position makes it possible to exclude inefficient expenses for the maintenance, maintenance and operation of the fixed assets.
2. Assessment of the financial position reveals the level of solvency, financial stability, profitability of the enterprise. EA in this area reveals the inefficient use of the organization's funds. Inefficient expenses include artificially inflated salaries of administrative staff, irrational staffing, and so on.

Analysis of the economic activity of the enterprise, example

Let's consider AFHD on the example of a non-profit organization that produces consumer goods. For calculations, we use the following initial data:

Initial data (thousand rubles)
Indicators	Last year (2016)	Reporting year (2017)	Absolute change	Growth rate	Rate of increase
Revenue from the sale of products
Production cost
Labor costs
Material costs
Depreciation deductions
Number of employees, pers.
Average cost of fixed assets
Average value of current assets

We carry out a comprehensive AFHD:

1. We determine the dynamics of indicators characterizing the qualitative and quantitative use of resources. For the calculation, we use the indicators of the reporting and previous periods.

1. We calculate the savings or overspending of the use of resources, as well as dynamic changes in the cost of resources and resource efficiency.

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 the changes in the value of Wb's 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 stability.

The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence 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 working capital 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 inappropriate 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 Svyaznoy NN OJSC to a certain creditworthiness class.

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 eliminate or at least reduce the accounts receivable of the enterprise, which will free up 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 already received profit. 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 Logistika and pay wages to workers.

Bibliography.

Tax Code of the Russian Federation, parts 1 and 2, as amended and supplemented. - M.: "Prospect", 2007. - 788 p.

Bakanov M.I., Sheremet A.D. Theory of economic analysis: textbook. - M.: Finance and statistics, 2005 .- P.288

Berdnikova T.B. Analysis and diagnostics of the financial and economic activities of the enterprise: Proc. Allowance.- M.: INFRA-M, 2007.-215p.

Efimova 0. V. How to analyze the financial position of an enterprise. – M.:, 2003

Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2004. – p.432

Molyakov D.S. Finances of enterprises of branches of the national economy. - M.: FiS, 2004

Savitskaya G.V. Analysis of the economic activity of the enterprise. - M: INFRA-M, 2008. - P.288.

Chetyrkin EM Methods of financial and commercial calculations. -M.: Phoenix, 2003.

Sheremet A.D., Saifulin R.S. Methods of financial analysis. - M.: INFRA-M, 2005. - P.176

Methods of economic analysis of the activities of an industrial enterprise / Under. Ed. A. I. Buzhinsky, A. D. Sheremet - M .: Finance and statistics, 2003.

Financial management: theory and practice / Ed. E.S. Stoyanova - M .: Perspective, 2005.

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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Introduction

1. Theoretical and methodological aspects of the effectiveness of the financial and economic activities of the enterprise

1.1 The meaning and objectives of the analysis of the financial and economic activities of the enterprise

1.2 Methodology and methods for assessing the effectiveness of the financial and economic activities of the enterprise

1.3 Features of the analysis of a commercial enterprise

2. Evaluation of the effectiveness of financial and economic activities on the example of Rolls LLC

2.1 Characteristics of the activities of Rolls LLC

2.2 Analysis of the sources of formation and placement of capital of Rolls LLC for 2009 - 2011

2.3 Analysis of the financial stability of the organization

2.4 Analysis of financial results and profitability

3. The main directions for improving the efficiency of financial and economic activities of Rolls LLC

3.1 Features of foreign experience in assessing the effectiveness of financial and economic activities of enterprises and its use in Russia

Conclusion

List of used literature

INTRODUCTION

In a market economy, the key to the survival of an enterprise is its competitiveness. In this regard, the enterprise is required to increase the efficiency of production, the introduction of new forms of management and management, which should be accompanied by the strengthening of its financial position. At the same time, the importance of the financial stability of economic entities sharply increases.

The analysis of the financial and economic activities of an enterprise, an organization is carried out by managers and relevant services, as well as founders in order to study the efficient use of resources, increase the profitability of capital, and ensure the stability of the enterprise. The owners analyze the reporting to increase the return on capital, to ensure the stability of the enterprise. Lenders and investors analyze financial reports in order to minimize their risks on loans and deposits, suppliers - to receive payments on time, tax inspectorates - to fulfill the plan for receiving funds to the budget, etc. It can be firmly said that the quality of decisions made depends entirely on the quality their analytical validity.

Commercial organizations operate in conditions of uncertainty and increased risk. On the one hand, they won the right to freely dispose of their own funds, independently conclude contracts, agreements and transactions in the domestic and foreign markets, which forced enterprises to independently deal with the problems of finding reliable partners and the ability to qualitatively assess their financial stability and solvency. On the other hand, enterprises have become more interested in evaluating their own capabilities: whether they can meet their obligations; whether the property is being used effectively; whether capital is formed rationally; whether the funds invested in assets pay off; whether net profit is expediently spent and others. In order to competently answer these questions, employees of financial services must have knowledge of the methodology of financial analysis.

The choice of this research topic is due to its relevance for the enterprise, since the analysis of financial and economic activity is the most important characteristic of its economic well-being. It characterizes the result of the current, investment and financial development, contains the necessary information for the investor, and also reflects the ability of the enterprise to meet its debts and obligations and increase its economic potential in the interests of shareholders.

The financial condition is estimated, first of all, by financial stability and solvency. Solvency reflects the ability of an enterprise to pay its debts and obligations in a given specific period of time. It is believed that if an enterprise cannot meet its obligations by a specific date, then it is insolvent. On the basis of financial analysis, its potentialities and trends for debt coverage are determined. Otherwise, the company may be declared bankrupt. It is clear that the solvency of an enterprise in a specific period of time is a necessary but not sufficient condition. The sufficiency condition is met when the enterprise is solvent in time, that is, it has a stable solvency to meet its debts at any time.

Financial stability should be understood as the solvency of the enterprise in time, subject to the condition of financial equilibrium between own and borrowed funds. Just as it is necessary to calculate the break-even point for an enterprise, so it is necessary to determine the financial equilibrium point.

If exchange, distribution and financial transactions reveal the movement of financial resources in relation to assets and capital, then to assess financial and economic activity, such a criterion is needed that would simultaneously combine information about assets, capital and financial resources, and the financial condition would be considered in dynamics.

The purpose of the final qualification work is to assess the financial and economic activities of the enterprise and develop recommendations aimed at improving the efficiency of the enterprise based on modern methods of management, analysis and forecasting of the financial condition of an economic entity.

The object of the study is the financial and economic activity of Rolls LLC. The subject of the study is the efficiency of the financial and economic activities of a commercial enterprise.

To achieve the goal of the work, the following tasks should be solved:

Consider the theoretical and methodological aspects of the financial and economic activities of the enterprise;

Apply the studied methodology for organizing the assessment and analysis of financial and economic activities to the organization under study;

Consider the organizational and economic characteristics of the object of study;

Conduct an analysis of financial stability, liquidity and solvency;

To assess the financial results of the financial and economic activities of the organization;

When writing the work, complex methodological guidelines on the procedures for the financial analysis of commercial organizations, materials of monographs and periodicals, economic literature on the problem under study by foreign and domestic authors, as well as annual financial statements, a profit and loss statement, constituent documents of Rolls LLC were used.

When solving the tasks set, the following methods were used: comparative analysis, monographic, abstract-logical, graphic, economic-statistical, as well as other methods of socio-economic research. financial management forecasting

The work used the works of modern Russian authors: Bocharova V.V., Dashkov L.P., Dontsova L.V., Efimova O.V., Knyshova E.N., Savitskaya G.V., Sheremeta A.D., Kravchenko L.I., Lyubushina N.P.

The final qualifying work consists of an introduction, three chapters, a conclusion, a list of references used.

1. Theoretical and methodological aspects of the effectiveness of the financial and economic activities of the enterprise

1.1 The meaning and objectives of the analysis of the financial and economic activities of the enterprise

The central element of the economic management system in market conditions is the quality of development and adoption of managerial decisions to ensure the profitability and financial sustainability of the economic activity of the enterprise. Domestic and foreign experience shows that this work can be done qualitatively with the help of financial analysis as a method of assessing and predicting the financial condition of an enterprise.

The purpose of assessing and analyzing the financial and economic activities of an enterprise is to increase the efficiency of its work on the basis of a systematic study of all types of activities and generalization of their results.

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;

- an 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;

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

* forecasting the results of management;

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

- formulation and clarification of specific tasks of analysis;

* establishment of causal relationships;

* definition of indicators and methods for their evaluation;

- identification and evaluation of factors influencing 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 the financial and economic activity of the enterprise is carried out mainly according to the annual and quarterly financial statements and, first of all, according to the balance sheet and income statement.

Financial and economic activity covers the processes of formation, movement and preservation of the property of the enterprise, control over its use, being the result of the interaction of all elements of the system of financial relations of the enterprise, and therefore is determined by a combination of production and economic factors.

The main objectives of the analysis of financial and economic activities are:

The first task is to control and comprehensively evaluate the fulfillment of planned targets in terms of the quantity, structure and quality of products (work performed and services rendered) in terms of continuity, rhythm of processes, and comprehensive satisfaction of people's needs and requests.

Continuing and completing the control functions of accounting, using accounting data, statistics, materials from other sources, economic analysis characterizes the fulfillment of orders and plans, both in the current order and at the end of the reporting period; reveals deviations from planned assumptions, their causes and consequences.

In trade, when assessing the fulfillment of the plan, the main attention is drawn to the volume of wholesale and retail trade, its assortment structure, the rational ratio of commodity stocks, the receipt and disposal of goods.

It is very important that the analysis is carried out promptly, in the course of the implementation of planned tasks. Only under these conditions is it possible to identify and eliminate negative aspects in the work of the enterprise in the current order. Analysis after the end of the reporting period is of great ascertaining and prospective value.

The second task is to evaluate the use by individual enterprises and their associations of their material, labor and financial resources. The most rational and efficient use of resources is the most important economic task.

On the basis of economic analysis, an assessment of the effectiveness of the use of material, labor and financial resources is given. At industrial enterprises, for example, in this regard, the effectiveness of the use of means and objects of labor, buildings and structures, technological equipment, tools, raw materials and materials is studied; the efficiency of the use of human labor (in terms of the number and professional composition of employees, in terms of the main, auxiliary, maintenance and management personnel, in terms of labor productivity, etc.); efficiency of use of financial resources (own and borrowed, fixed and current).

In the process of economic analysis of the work of trade enterprises, the rationality of the use of all types of resources is also studied, taking into account their significance and characteristics. The analysis of the use of material and labor resources by trade enterprises acquires the greatest importance.

The third task is to evaluate the financial performance of enterprises and organizations. It is very important in this case to measure the income and expenses of the enterprise.

Considering the issue of comparing the costs and results of economic activity, it should be borne in mind that at industrial enterprises this comparison takes place under conditions of more constant production values ​​than at trading enterprises. This is explained, first of all, by the fact that supply and demand, which determine the volume and results of the activities of commercial enterprises, are constantly changing. Prices also have a direct influence, since only in the process of buying and selling is it fully revealed how correctly the requirements of the laws of supply and demand are taken into account when setting prices.

The profit of a commercial enterprise depends both on the implementation of the turnover plan (in terms of volume and structure), and on the actual level of distribution costs, on compliance with the savings regime, rational use of labor, material and financial resources.

A correct assessment of compliance with the principles of commercial calculation and financial results requires the division of factors that influenced the indicators under study into factors dependent and independent of enterprises. If there was, for example, a change in prices (which, as a rule, does not depend on the enterprise), then the financial results also change accordingly. Eliminating the influence of external factors (by appropriate calculations) allows us to more correctly analyze the results of the efforts of the team of an enterprise.

The fourth task is to identify unused reserves.

Economic analysis (with its sometimes quite complex and time-consuming calculations) justifies itself, in the final analysis, only when it brings real benefits to society. The real usefulness of economic analysis lies mainly in finding reserves and missed opportunities in all areas of planning and managing an enterprise.

The subject of the assessment of the financial and economic activities of the enterprise is the analysis of production and economic results, financial condition, the results of social development and the use of labor resources, the condition and use of fixed assets, the sale of products (works, services), performance evaluation.

The object of analysis of financial and economic activity is the work of the enterprise as a whole and its structural divisions, and the subjects can be public authorities, suppliers, buyers, tax authorities, banks and others.

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

To determine the essence of the analysis of the financial and economic activities of the enterprise, it is necessary to define the main components of its elements. Such elements are: the finances of the enterprise, the structure of the enterprise's assets, the structure of the enterprise's property, the goals of financial analysis, the subjects of analysis.

The financial condition of an economic entity can be stable, unstable and crisis. The ability of the enterprise to fulfill its payment obligations in a timely manner, to finance its activities on an extended basis indicates its good financial condition. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. And, on the contrary, as a result of the underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue, as well as in the amount of profit, and as a result, a deterioration in the financial condition of the enterprise and its solvency.

A stable financial position has a positive impact on the implementation of plans and the provision of the organization's needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at:

Ensuring the planned receipt and expenditure of funds;

Implementation of settlement discipline;

Achievement of rational proportions of own and borrowed capital and its most efficient use.

The main goal of financial activity is to decide where, when and how to properly use financial resources for the effective development of production and maximum profit. As evidenced by domestic and foreign experience, in order to survive in a market economy and prevent the bankruptcy of an enterprise, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be occupied by own funds, and which should be borrowed. It is necessary to operate with such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an enterprise, profitability threshold, financial stability margin (safety zone), degree of risk, effect of financial leverage, and others, as well as systematically analyze them.

The analysis of financial and economic activity acts not only as the main component of any of the management functions (forecasting and business planning; coordination, regulation, accounting and control; stimulation; assessment of business conditions, etc.), but is itself a type of management activity that precedes the adoption management decisions to maintain business at the required level.

The analysis of financial and economic activity is one of the effective ways to assess the current situation, which reflects the current state of the economic situation and allows you to highlight the most difficult problems of managing available resources and thus minimize efforts to bring the organization's goals and resources in line with the needs and opportunities of the current market. This requires ongoing business awareness on relevant issues, which is the result of the selection, evaluation, analysis and interpretation of financial statements.

Thus, in a market economy, the assessment of the effectiveness of financial and economic activities plays an important role in the business life of economic entities, since after this assessment, business leaders will be able to make all the necessary decisions related to the management, coordination and optimization of the enterprise. The enterprise will function normally with the provision of financial resources, their appropriate placement and effective use. Evaluation of the effectiveness of financial and economic activities is necessary for the timely identification and elimination of shortcomings in the development of the organization, as well as the identification of reserves to improve the financial condition of the organization and ensure the financial sustainability of its activities.

1.2 Methodology and methods for assessing the effectiveness of the financial and economic activities of the enterprise

Detailing the procedural side of the methodology for assessing the financial and economic condition depends on the goals set, as well as on various factors of information, time, methodological, personnel and technical support and can be carried out in two stages: preliminary assessment, that is, express analysis; detailed analysis of the financial condition. Therefore, the main purpose of express analysis is a clear and simple comprehensive assessment of the financial position and dynamics of the economic development of the enterprise. The meaning of this analysis is to select a small number of the most significant and relatively easy to calculate indicators and constantly monitor them in dynamics. Its quality depends on the applied methodology of financial analysis, the reliability of the financial statements, as well as on the competence of the person making the management decision.

A detailed analysis of the financial condition is a more detailed description of the property and financial position of an economic entity, the results of its activities in the past reporting period, as well as the possibilities for the development of an economic entity in the future. It concretizes, supplements and expands individual express analysis procedures, and also makes it possible to make financial forecasts.

The assessment of the financial condition of an enterprise in a market economy and the achievement of the goals of financial analysis is carried out using the method inherent in this science. The method of financial analysis is a system of theoretical and cognitive categories, scientific tools and regulatory principles for studying the activities of business entities.

The principles of financial analysis regulate the procedural side of its methodology and methodology. These include: continuity of monitoring the state and development of financial processes, continuity, objectivity, scientific character, dynamism, complexity, consistency, practical significance, materiality, reliability, consistency and interconnection of these accounting forms, clarity in interpreting the results of financial analysis, validity and efficiency in making managerial decisions.

The main element of the method of any science is its scientific apparatus. At present, it is practically impossible to isolate the techniques and methods of any science as inherent exclusively to it - there is an interpenetration of scientific tools of various sciences. In financial analysis, various methods can also be used that were originally developed within the framework of a particular economic science. There are various classifications of economic analysis methods. The first level of classification of methods for classifying financial analysis highlights non-formalized and formalized methods.

Non-formalized methods of financial analysis and assessment of the financial condition of an enterprise are based on the description of analytical procedures at the logical level, and not on strict analytical dependencies of the analyzed economic indicators. These include methods: expert assessments, scenarios, psychological, morphological, comparisons, groupings, building systems of financial indicators, analytical tables, etc. The use of these methods in economic analysis is characterized by a certain subjectivity, since the intuition, experience and knowledge of the analyst are of great importance.

Formalized methods include methods of analysis, which are based on fairly strict analytical relationships between financial indicators. They constitute the second level of the classification and include:

Classical methods of analysis of economic activity and financial analysis: chain substitutions, arithmetic differences, balance sheet, isolation of the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest, discounting;

Traditional methods of economic statistics: average and relative values, grouping, graphical research, index method, elementary methods for processing time series;

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, analysis of variance, factorial analysis, principal component analysis, analysis of covariance, cluster analysis, etc.;

Econometric methods: matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input-output balance;

Methods of economic cybernetics and optimal programming: methods of system analysis, methods of machine simulation, linear and non-linear programming, dynamic and convex programming, etc.;

Operations research and decision theory methods: graph theory methods, tree method, Bayesian analysis method, game theory, queuing theory, network planning and management methods.

Not all of these methods are directly applicable in the framework of financial analysis and financial assessment, but some of their elements are already used in practice. In particular, this applies to the methods of discounting, machine simulation, correlation and regression analysis, factor analysis, processing of time series, etc. Detailing the procedural side of the methodology for analyzing the financial condition depends on the goals set, as well as on various informational, temporal, methodological, personnel factors. and technical support.

L.V. Dontsova proposes to group all analytical techniques for financial analysis and assessment of the financial condition into two groups: qualitative, that is, logical and quantitative, that is, formalized. Qualitative methods include analytical techniques and methods based on logical thinking, on the use of the professional experience of a financial analyst, on professional intuition. Quantitative methods are techniques that use mathematics and economic and mathematical methods. With their help, you can get an exact result or several results for further selection of the correct one using logical methods.

Makarieva V.I. suggests that this structure additionally include spatial analysis - a comparative analysis of the consolidated financial indicators of financial statements by their constituent elements, that is, the reporting indicators of subsidiaries, structural divisions, workshops and sites. On the contrary, O.V. Efimova together with M.V. Melnik, the predominant role is given to the balance method and other identical methods used in modern practice of economic analysis.

Since financial analysis is associated with a logical process, its relative importance in making investment decisions varies depending on the circumstances prevailing in the market. Its value is always greater when the analysis is aimed at assessing risk, identifying "bottlenecks" and potential problems, which also takes into account the fact that the solution involves a very large set of factors, i.e. industry characteristics, management abilities and qualifications, economic conditions, etc. . Analytical review of financial statements data should restore all the main aspects of economic activity and completed transactions in a generalized form, that is, with the degree of aggregation necessary for analysis.

The main results of effective analysis and financial management are achieved with the help of special financial ratios. The practice of financial analysis has developed a methodology for analyzing financial statements. There are six main methods among them:

Horizontal analysis - comparing each financial statement position with the previous period and determining dynamic changes;

Vertical analysis - determining the structure of the final financial indicators and identifying the impact of each reporting position on the result as a whole;

Trend analysis - comparing each reporting position with a number of previous periods and determining the trend, that is, the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, predictive analysis is carried out;

Analysis of relative indicators - calculation of the relationship between the individual positions of the financial report and the definition of the relationship of indicators;

Comparative analysis - intra-company analysis of the financial performance of structural units and inter-company analysis of the performance of a given enterprise with the financial performance of competitors;

Factor analysis - analysis of the influence of individual factors on the performance indicator using deterministic or stochastic methods.

The main purpose of analyzing the financial and economic activities of an enterprise is to obtain an objective assessment of their solvency, financial stability, business and investment activity, and performance efficiency.

The optimal list of indicators that most objectively reflect the trends in the financial condition is formed by each enterprise independently.

However, with all the possible variety of indicators, they are usually divided into four groups:

Indicators of financial stability;

liquidity indicators;

Profitability indicators;

Business activity indicators.

Different authors offer different methods of financial analysis. The detailing of the procedural side of the methodology of financial analysis depends on the goals set, as well as various factors of information, time, methodological and technical support.

Consider indicators of financial stability. They are divided into absolute and relative.

Absolute indicators of financial stability are indicators that characterize the degree of supply of inventory with sources of their formation.

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

Availability of own working capital. This indicator is defined as the difference between equity and long-term assets. It characterizes own working capital. Its increase in comparison with the previous period indicates the further development of the enterprise.

Availability of own and long-term borrowed sources of inventory formation. This indicator is determined by increasing the previous indicator, i.e. own working capital, for the amount of long-term liabilities.

The total value of the main sources of inventory formation is determined by increasing the previous indicator by the amount of short-term loans.

The calculation of three indicators of the availability of inventories with sources of their formation allows us to classify the financial position of the enterprise according to the degree of its stability into the following four types:

a) the absolute stability of the financial situation develops when the situation is characterized by inequality:

commodity-material own working capital

reserves< средства

From this condition it follows that all stocks are fully covered by their own working capital. Such a situation is extremely rare in practice and is not considered ideal, because. means that external sources of funds are not used for core business;

b) the normal stability of the financial situation is characterized by inequality:

own working capital inventory sources

funds and long-term< запасы < формирования заемные источники запасов

This situation indicates a successfully functioning enterprise, which uses "normal" sources of funds to cover its reserves - its own and attracted;

c) an unstable financial situation develops when the current situation is characterized by the following inequality:

Inventory > Sources of stock formation

This provision is characterized by a violation of the company's solvency, when the company is forced to attract additional sources of coverage that are not "normal", i.e. to cover reserves. justified;

d) a critical financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and loans that are not repaid on time, as well as overdue accounts payable. This situation means that the company cannot pay its creditors on time, it is on the verge of bankruptcy, i.e. cash, short-term securities and receivables do not even cover his accounts payable and delinquent loans.

The most important indicator characterizing the financial stability of an enterprise is the indicator of the share of the total amount of equity capital as a result of all funds advanced to the enterprise, i.e. the ratio of the total amount of equity capital to the balance sheet of the enterprise. This indicator is called the coefficient of independence. It is used to judge how much an enterprise is independent of borrowed capital.

For the coefficient of independence, it is desirable that it exceeds 50% (0.5) in its value. Its growth indicates an increase in the financial independence of the enterprise, a decrease in the risk of financial difficulties in future periods.

Derivatives of the coefficient of independence are the coefficient of financial dependence and the ratio of borrowed and own funds. The ratio of borrowed and own funds is determined by the ratio of all attracted capital to own.

This ratio indicates how much borrowed funds the company has attracted for one ruble of its own funds invested in assets. The normal value of this coefficient should be less than one.

The investment coverage ratio characterizes the share of own and long-term borrowed funds in the total (advanced) capital.

The normal value of the coefficient is 0.9; its decrease to 0.75 is considered critical.

The security ratio of current assets shows what part of working capital is formed at the expense of own capital, and is equal to the ratio of own working capital to current assets.

The ratio of the provision of inventories with own working capital shows the extent to which inventories are covered by their own sources and do not need to attract borrowed funds. It is believed that the norm of this indicator should be at least 0.5.

The coefficient of maneuverability of own capital shows what part of the company's own funds is in a mobile form, allowing you to freely maneuver these funds. Providing own current assets with own capital is a guarantee of the stability of the financial condition with an unstable credit policy. High values ​​of the maneuverability coefficient positively characterize the financial condition.

After the analysis of financial stability, an analysis of the liquidity of the balance sheet and the solvency of the enterprise is carried out.

Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e., the time required to turn them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet. At the same time, liquidity characterizes not only the current state of settlements, but also the prospects.

Depending on the degree of liquidity, i.e., the rate of conversion into cash, the assets of the enterprise are divided into groups.

The most liquid assets (A1) are the amounts of all cash items that can be used to perform current settlements immediately. This group also includes short-term financial investments (securities), which can be equated to money.

Marketable assets (A2) are assets that require a certain amount of time to turn into cash. This group may include accounts receivable (payments due within 12 months after the reporting date) and other assets.

Slowly realizable assets (A3) - item II of the balance sheet asset section "Inventories" and the item "Long-term investments" (reduced by the amount of investment in the authorized capital of other enterprises) of section I of the balance sheet asset minus the item "Deferred expenses".

Difficult-to-sell assets (A4) are assets that are intended to be used in economic activities for an extended period. In this group, you can include articles of the I section of the asset, with the exception of the articles of this section, included in the previous group.

Liabilities of the balance are grouped according to the degree of urgency of repayment of obligations.

The most urgent liabilities (P1) are accounts payable, other short-term liabilities, as well as loans not repaid on time (according to the appendices to the balance sheet).

Short-term liabilities (P2) - short-term loans and borrowings, as well as loans to employees.

Long-term liabilities (LL) - long-term loans and borrowings.

Permanent liabilities (P4) - articles of section I of the liability "Equity capital". In order to maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the item "Deferred expenses" of the asset balance.

A firm is considered liquid if its current assets exceed its current liabilities. A firm may be liquid to a greater or lesser extent. To assess the real degree of liquidity of the company, it is necessary to analyze the liquidity of the balance sheet. Balance sheet liquidity is defined as the extent to which a firm's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity. To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered absolutely liquid if the following ratios take place:

Liquidity ratios are used to assess a firm's ability to meet its short-term obligations. They give an idea not only about the solvency of the enterprise at the moment, but also in case of emergency.

The overall assessment of solvency is given by the current liquidity ratio (solvency, coverage). If the current ratio is less than one, then this indicates a problem. The normal value for this indicator is greater than or equal to 2 .

Quick liquidity ratio (strict liquidity, critical assessment). The semantic meaning is similar to the previous indicator, however, this coefficient 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 inventory is significantly less liquid, but, more importantly, that the cash that can be raised in the event of a forced sale of inventory can be substantially lower than the cost of acquiring it.

The absolute liquidity ratio is calculated as the ratio of cash, marketable securities to current liabilities. This indicator 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 financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

Accelerating the turnover of working capital reduces the need for them: less stocks of raw materials, materials, fuel, work in progress are required, and therefore, leads to a decrease in the level of costs for their storage, which ultimately contributes to an increase in profitability and an improvement in the financial condition of the enterprise, an increase in production - technical potential of the enterprise.

The slowdown in the turnover time leads to an increase in the required amount of working capital and additional costs, and hence to a deterioration in the financial condition of the enterprise.

Turnover indicators show how many times during the analyzed period certain assets of the enterprise are "turned around". The reciprocal value, multiplied by 360 days (or the number of days in the analyzed period), indicates the duration of one turnover of these assets. The most common is the asset turnover ratio. This indicator should be considered only with the qualitative characteristics of the enterprise: a significant turnover of assets can be observed not only due to the efficient use of assets, but also due to the lack of investments in the development of production capacities.

The ratio of income from sales to the total amount of funds characterizes the efficiency of the enterprise's use of all available resources, regardless of the sources of their formation.

Thus, this coefficient shows how many times during the analyzed period a full cycle of production and circulation is completed, bringing the corresponding effect in the form of income, or how many monetary units of sold products were brought by each unit of assets.

The equity turnover ratio characterizes various aspects of activity: from a financial point of view, it determines the rate of turnover of equity, from an economic point of view, it determines the activity of funds that a shareholder risks.

The turnover ratio of permanent capital shows the rate of turnover of capital in the long-term use of the enterprise. It should be borne in mind that the denominator is calculated as an average annual value.

Important in the analysis of the financial condition of the enterprise are indicators of turnover of working capital and their components: inventory and receivables. An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of a given enterprise and related enterprises in terms of capital investment. Such qualitative criteria are: the breadth of product sales markets; availability of products for export; the reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise. Asset turnover ratio (transformation ratio) - the ratio of proceeds from sales of products to the total asset balance. It characterizes the efficiency of the company's use of all available resources, regardless of the sources of their attraction. The coefficient varies depending on the industry, reflecting the characteristics of the production process. When comparing the indicator for different enterprises, it is necessary to take into account the method of depreciation and the degree of depreciation of fixed assets.

(1) .

Equity turnover ratio - the ratio of sales proceeds to the amount of equity capital.

Accounts receivable turnover ratio - the ratio of proceeds from the sale of products to the average annual value of net receivables. Shows the number of times, on average, receivables (or only customer and customer accounts) have been converted to cash during the reporting period. Comparison base - industry average coefficients. Usually compared to the accounts payable turnover ratio.

Accounts payable turnover ratio - the ratio of the cost of goods sold to the average annual cost of accounts payable. Shows how many turnovers the company needs to pay its bills.

The inventory turnover ratio is the quotient of the cost of goods sold divided by the average annual cost of inventories. Increasing the turnover of inventories is especially important in the presence of significant debt in the liabilities of the enterprise.

Turnover ratios can be used to calculate the turnaround time of the respective assets in days. The turnaround time is determined by dividing 360 (365) days by the calculated coefficients.

Profitability ratios (profitability) show how profitable the company's activities are. Calculated as the ratio of profit (net, taxable) to the funds spent, or sales proceeds.

If net profit is considered as profit, then the corresponding coefficients are net profitability coefficients. Three indicators are commonly used in financial management.

The profitability ratio of all assets of an enterprise (economic profitability) is defined as the ratio of net profit (or taxable profit) to the average annual value of all assets of an enterprise, regardless of the sources of their formation. One of the most important indicators of the competitiveness of an enterprise.

Sales profitability ratio (transformation ratio) - the ratio of profit (gross or net) to the volume of products sold.

The return on equity ratio is the ratio of profit (usually net) to the company's equity capital.

Return on current assets - is defined as the ratio of net profit to the average value of current assets.

The return on investment ratio is the ratio of taxable income to the difference between the average value of assets and short-term liabilities.

Analysis of solvency indicators characterize the ability of the enterprise to repay its short-term obligations.

General (current) liquidity ratio - the quotient of dividing current assets by short-term liabilities (normative values ​​1 - 2).

The quick liquidity ratio is the quotient of the division of cash, short-term financial investments and receivables into short-term liabilities (the standard value is more than one, in Russia 0.7 - 0.8).

The absolute liquidity ratio is the quotient of the division of cash and short-term fixed assets into short-term liabilities (in Russia, the standard is 0.2-0.25).

Indicators of financial results characterize the absolute efficiency of the management of the enterprise. The most important among them are profitability indicators, which, in the conditions of transition to a market economy, form the basis of the economic development of the enterprise.

Income growth creates a financial base for self-financing, expanded production, and solving the problems of the social and material needs of the workforce. At the expense of income, a part of the enterprise's obligations to the budget, banks and other enterprises and organizations are also fulfilled.

Financial performance indicators characterize the efficiency of the enterprise's economic activity in all main areas of the enterprise's work: construction, financial, investment. They form the basis for the development of the organization, are the most important in the system for assessing the results of the enterprise, in assessing the reliability and its financial well-being.

Thus, financial results, which are one of the central indicators of the activity of enterprises, are used today as a guideline that reflects the direction of development of the enterprise. They are included in the enterprise development program, showing the final value of the implementation of a set of strategic and tactical tasks.

The analysis of financial indicators should be carried out according to such sources: "Profit and Loss Statement", "Balance Sheet of the Enterprise", as well as according to accounting data, working materials of the financial department (service) and the legal adviser of the enterprise. In market economic conditions, any enterprise is interested in obtaining a positive result from its activities, since due to the value of this indicator, the enterprise is able to expand its capacity, materially interest the personnel working at this enterprise.

Therefore, profitability indicators become the most important for assessing the financial and economic activities of a commercial enterprise. They characterize the degree of his business activity and financial well-being.

1.3 Features of the analysis of a commercial enterprise

Purpose of analysis- search for reserves to increase the efficiency of trading activities.

One of the main indicators of the economic activity of a commercial enterprise is the turnover - the process of exchanging goods for money.

All other indicators of its activity depend on the volume of trade: the amount and level of distribution costs, the amount and level of gross income, profit, profitability, financial condition and other economic indicators.

The main tasks of the analysis:

1) study of the dynamics and implementation of the plan for the volume of trade in general and for individual product groups;

2) determination of the influence of factors on the change in the volume of trade;

3) identification of reserves for increasing the volume of trade;

4) development of specific measures for the development of the identified reserves.

By type of sales, the turnover is divided into: wholesale, small wholesale and retail.

Trade turnover characterizes the process of movement of goods through acts of sale. As an economic category, commodity turnover is characterized by the presence of two features at the same time:

Goods as an object of sale;

Sales as a form of movement of goods from the producer to the consumer.

The turnover of a trading enterprise can be considered:

First, as a result of the activity of a trade enterprise, its economic effect;

Secondly (in the socio-economic aspect), as an indicator of the commodity supply of the population, one of the indicators of the standard of living.

In a trading enterprise, the turnover is expressed in the amount of cash receipts for the goods sold - by its size one can judge the importance of this enterprise in the consumer market.

In the economic literature, there are various definitions of retail turnover.

According to the economist Lebedev S.N., “retail turnover is a quantitative indicator that characterizes the volume of sales. It expresses the economic relations that arise at the final stage of the movement of goods from the sphere of circulation to the sphere of consumption by exchanging them for cash income. Retail turnover reflects the state of the national economy, the efficiency of production and management of the process of product distribution, the degree of development of the market and its conjuncture.

According to Professor L.A. Bragin and Professor Danko T.P., “retail turnover is understood as the transfer of goods to end consumers. This completes the process of circulation of goods - it enters the sphere of consumption.

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