- collection and analytical processing of initial information for the estimated period of time;
- substantiation of the system of indicators and their classification;
- classification (ranking) of enterprises by rating.
To the first group the most generalized and important indicators for assessing profitability (profitability) are included economic activity enterprises. In the general case, profitability indicators are the ratio of profit to the cost of certain funds (property) of the enterprise involved in making a profit.
To the second group included indicators for assessing the effectiveness of enterprise management. Management efficiency is determined by the ratio of profit to the entire turnover of the enterprise - revenue. In this case, the following indicators are used: profit from all sales, profit from product sales, net profit, gross (balance) profit.
To the third group included indicators for assessing the business activity of the enterprise. (turnover ratios, turnover period)
To the fourth group included indicators for assessing the liquidity and financial stability of the enterprise.
Indicators are calculated either at the end of the period, or to the averaged values of balance sheet items (the sum of data at the beginning and end of the period, divided by two).
At the heart of the calculation of the final indicator rating score lies the comparison of enterprises for each indicator of financial condition with a conditional reference enterprise that has the best results for all compared indicators. Thus, the basis for obtaining a rating assessment of the financial condition of an enterprise is not the subjective assumptions of experts, but the highest results that have developed in real market competition from the entire set of compared objects.
1. Initial data are presented in the form of a matrix, i.e. tables, where the numbers of indicators are written in rows (i = 1, 2, 3 ... n), and in columns - numbers of enterprises (j = 1, 2, 3 ... m).
2. For each indicator, the maximum value is found and entered into the column of the conditional reference enterprise.
3. The initial indicators of the matrix are standardized in relation to the corresponding indicator of the reference enterprise according to the formula:
where x ij - standardized indicators of the financial condition of the i-th enterprise;
and ij is the value of an indicator of a definite enterprise;
max and ij is the maximum value (value of the reference enterprise).
4. For each analyzed enterprise, the value of its rating is determined by the formula:
5. Enterprises are ranked in descending order of rating score.
The highest rating is given to the company with the minimum value of the comparative assessment obtained according to the formula for calculating the rating score Rj. To apply this algorithm in practice, no restrictions are imposed on the number of compared indicators and enterprises.
In the first case, the initial indicators are calculated according to the balance sheet and financial statements at the end of the period. Accordingly, the rating of the enterprise is determined at the end of the year.
In the second case, the initial indicators are calculated as growth rate coefficients: the data at the end of the period are divided by the value of the corresponding indicator at the beginning of the period, or the average value of the indicator of the reporting period is divided by the average value of the corresponding indicator of the previous period (or other comparison base). Thus, we get not only an assessment of the current financial condition of the enterprise for a certain date, but also an assessment of its efforts and capabilities to change this state in dynamics, for the future. Such an assessment serves as a reliable measure of the growth of an enterprise's competitiveness in a given field of activity. It also determines a more efficient level of utilization of production and financial resources.
This technique is based on an integrated, multidimensional approach to assessing such a complex phenomenon as the financial condition of an enterprise;
To obtain a rating, a flexible computational algorithm is used that implements the capabilities of a mathematical model for a comparative comprehensive assessment of the production and economic activities of an enterprise, which has been extensively tested in practice.
2. Due to the absence of normative values for a number of indicators, the rating score is determined not by full, but by partial use of indicators.
3. The importance of individual indicators, reflected in percentages in the total population of 100%, is not supported by appropriate evidence and calculations, that is, it is tentative in nature. Some methods do not indicate a specific number of indicators for each group, on the basis of which the rating is based. (if you sum up the positive values of a small number of indicators, then you can get a low level of integral assessment that does not correspond to reality, and using a larger number (more than 10) indicators that have a positive value, you can go beyond 100%, which seems absurd.
Financial condition is the most important characteristic of the economic activity of an enterprise in the external environment. It determines the competitiveness of an enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed. Therefore, we can assume that the main task of financial analysis is to show the state of the enterprise for internal and external consumers, the number of which increases significantly with the development of market relations.
The purpose of analyzing the financial condition of an enterprise is to assess its current condition, as well as to determine in what areas it is necessary to work to improve this condition. At the same time, the desired state of financial resources is such that the enterprise, freely maneuvering funds, is able, by their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal.
The main purpose of this course work is to substantiate the principles and methods of analysis of the financial and economic condition of domestic enterprises.
According to the set goal in term paper the following tasks :
· Research of the economic essence of such a concept as "the financial condition of the enterprise";
· Determination of the role of financial condition in the efficiency of economic activities of the enterprise;
· A comprehensive assessment of the financial condition of an operating domestic enterprise;
The subject of research the models are used as diagnostics of the financial and economic condition of domestic enterprises.
Research object is the diagnosis of the financial and economic condition of JSC "ChMP".
The course work consists of three chapters, which sequentially investigate the problem posed.
1. CHARACTERISTIC OF THE COMPREHENSIVE ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES IN MODERN CONDITIONS
1.1. Preliminary assessment of the financial condition of the enterprise
Financial analysis is used both by the company itself and by external market participants in the implementation of various transactions or to provide information about the financial condition of the company to third parties. As a rule, financial analysis is carried out when:
· Restructuring. In the process of separating structural units into separate business units, it is necessary to assess such indicators of their current activities as the size of accounts receivable and payable, profitability, inventory turnover, labor productivity, etc. A favorable financial condition of a structural unit can serve as an additional factor in favor of leaving her as part of the company;
· Assessing the value of a business, including for its sale / purchase. A reasonable assessment of the financial condition allows you to set a fair price for the transaction and can serve as a tool for changing the amount of the transaction;
· Obtaining a loan / attracting an investor. The results of the financial analysis of the company's activities are the main indicator for the bank or investor when making a decision to issue a loan;
· Entering the stock exchange (with bonds or stocks). According to the requirements of Russian and Western stock exchanges, a company is obliged to calculate a certain set of coefficients reflecting its financial condition, and publish these coefficients in reports on its activities. For example, according to Russian law, a company's securities issue prospectus must indicate the degree of coverage of debt service payments, the level of overdue debts, the turnover of net assets, the share of income tax in profit before tax, etc.
Financial analysis can be carried out to compare your own company with another (benchmarking). To carry out one-time assessments of the financial condition of the enterprise, it makes sense to involve professional appraisers and auditors. This will increase the reliability of the assessment in the eyes of third parties.
In operational activities, financial analysis is used to:
· Assessing the financial condition of the company;
· Establishment of restrictions in the formation of plans and budgets. For example, you can limit the company's liquidity (indicate that it should be at least a certain level), inventory turnover, the ratio of equity to borrowed funds, the cost of raising capital, etc. In many companies there is a practice of setting limits for branches and subsidiaries based on indicators such as profitability, cost of production, return on investment, etc .;
· Assessing the predicted and achieved results of activities.
The analysis begins with an overview of the key performance indicators of the enterprise. The following issues need to be considered during this review:
· The property status of the enterprise at the beginning and end of the reporting period;
· Working conditions of the enterprise in the reporting period;
the results achieved by the company in the reporting period;
· Prospects of financial and economic activities of the enterprise.
The property position of the enterprise at the beginning and end of the reporting period is characterized by the balance sheet data. Comparing the dynamics of the totals of the sections of the balance sheet asset, you can find out the trends in the property status. Information about changes in the organizational structure of management, the opening of new types of activities of the enterprise, the specifics of working with counterparties, etc. is usually contained in the explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activities can be generalized assessed according to the analysis of the dynamics of profit, as well as comparative analysis elements of growth of funds of the enterprise, the volume of its production activities and profits. Information about shortcomings in the work of the enterprise can be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are items in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the item "Losses"). In the balance sheets of completely profitable enterprises, there may also be items in a hidden, veiled form that indicate certain shortcomings in the work.
This can be caused not only by fraud on the part of the enterprise, but also by the adopted reporting methodology, according to which many balance sheet items are complex (for example, items "Other debtors", "Other creditors").
1.2. Methodology for the analysis of financial and economic condition
The method of analysis of financial and economic activity 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 of determining the financial and economic condition of an enterprise.2 However, the basic principles and sequence of the procedural side of the analysis are practically the same with minor discrepancies. Detailing the procedural side of the methodology for analyzing financial and economic activities depends on the goals and various factors informational, 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.
It is important for the analysis. Information Support... This is due to the fact that in accordance with the Law of the Russian Federation "On Informatization and Protection of Information", an enterprise may not provide information containing commercial secrets. But usually for making many decisions by potential partners of the firm, it is sufficient to carry out an express analysis of financial and economic activities. Even for a detailed analysis of financial and economic activities, information constituting a commercial secret is often not required. To conduct a general detailed analysis of the financial and economic activities of the enterprise, information is required on established forms accounting statements, namely:
· Form No. 1 Balance sheet
· Form No. 2 Profit and loss statement
· Form No. 3 Statement of capital flows
· Form No. 4 Cash flow statement
· Form No. 5 Appendix to the balance sheet
This information, in accordance with the Decree of the Government of the Russian Federation of December 5, 1991. No. 35 "On the list of information that cannot constitute a commercial secret" cannot constitute a commercial secret.
FINANCIAL MONITORING INDICATORS
To monitor the financial condition of a large number of objects, it is necessary to form a group of indicators that together give a comprehensive description of the condition and prospects of any enterprise.
In our opinion, the number of monitoring indicators should be small (no more than five to six), since only in this case it is possible, on the one hand, to create the preconditions for the efficiency and complexity of the analysis, and on the other hand, to avoid excessive laboriousness and exclude the inconsistency of conclusions. In addition, a clear and unambiguous interpretation of the indicators and their values, as well as the set of indicator values, should be given.
In other words, it is required to develop a ranking system in which each value of the indicator corresponds to its own rank, and the sum of the ranks received by any enterprise gives an unambiguous characteristic of the financial and economic state of the enterprise and its prospects.
To form a list of monitoring indicators, as well as to develop a ranking system, those aspects of the economic activities of enterprises were identified that are most important for owners, investors, and management bodies. These include:
EFFICIENCY AND RISK OF BUSINESS
Business performance is proposed to be assessed using the indicator<Рентабельность собственного капитала>(ROE), which shows the amount of net profit that was generated by the company's equity capital, and characterizes the degree of attractiveness of an object for investing funds of shareholders. The higher the ratio, the higher the earnings per share and the greater the potential dividend.
The ROE is determined by the return on assets (ROA) - how many rubles of profit each ruble of the company's assets brings. In turn, ROA depends both on the profitability of products sold (ROS) - the profitability of sales, and on the characteristics of the business activity of the enterprise (TA) - the asset turnover.
Asset turnover is largely determined by the market conditions in which the company operates, and characterizes its success in the field of marketing. In most cases, the range of products manufactured by an enterprise is strictly regulated by the installed equipment. It is not possible in all industries that a situation is possible when, at relatively low costs for equipment changeovers, it is possible to curtail the production of products that are not in market demand and switch to the production of goods for which demand is currently growing. As a rule, such a maneuver requires significant capital investments in fixed assets.
An increase in the asset turnover ratio can be achieved either by increasing sales (due to price competition, improving product quality, after-sales service, etc.), or by systematically reducing the total amount of assets. At the same time, it is obvious that the possibilities of both paths are limited, and their implementation, as a rule, requires significant costs.
However, if it is not possible to achieve a high ROA due to an increase in turnover, then the company can have a high profitability of sales - the ratio of profit to income-revenue. Moreover, this indicator indirectly characterizes the degree of industrial controllability of the enterprise, since it depends on the cost of production. This indicator increases if the growth rate of revenue outstrips the growth rate of cost, and decreases otherwise.
In this way,<Рентабельность собственного капитала>takes into account both the manageability of the enterprise and its market potential. However, the most important thing is that it shows how much profit a shareholder has for each ruble invested. ROE makes it possible to compare the profitability of investments in various enterprises and / or in any financial transactions. Under normal market conditions, the benchmark is the rate of the Central Bank of the Russian Federation - the minimum risk-free yield that an invested ruble can bring.
Numerous sources provide information that the indicator<Уровень собственного капитала>, equal to 60%, is sufficient to meet the requirements of financial stability. However, for first-class enterprises, it may be slightly higher, so that even random fluctuations in the market conditions could not affect its financial stability.<Уровень собственного
капитала>less than 50% indicates that most of the enterprise no longer belongs to its owners, but to creditors.
LONG-TERM AND SHORT-TERM PERSPECTIVES OF PAYMENT CAPACITY
When deciding on investments, one should take into account not only the risk of not receiving the desired income, but also the risk of not returning the invested funds, i.e. the risk of bankruptcy of the enterprise. In our opinion, the risk of bankruptcy of an enterprise (in its various manifestations) is taken into account by the indicator<Коэффициент покрытия внеоборотных активов собственным капиталом>and the indicator<Длительность оборота кредиторской задолженности>.
<Коэффициент покрытия внеоборотных активов собственным капиталом>reflects the solvency of the enterprise in the long run. To ensure the solvency of the enterprise in the long term, it is necessary that the permanent capital (equal to the sum of equity and long-term borrowed capital) would be greater than the sum of non-current assets or their ratio would be greater than one. However, for first-class enterprises, it should be slightly higher so that even random market fluctuations (including a decrease in long-term debt financing) could not in any way affect its financial stability.
<Длительность оборота кредиторской задолженности>shows the period during which the company is able to pay off its short-term payables, if the company's revenue remains at the level of the reporting period and it will not create new debt.
Indicator<Длительность оборота кредиторской задолженности>can be viewed as an indicator of solvency in the short run. Decree of the President of the Russian Federation No. 2204 of December 20, 1994 established a three-month deadline for the fulfillment of monetary obligations for settlements for delivered products. At the same time, according to paragraph 2 of Art. 3 federal law No. 6-F3 dated January 8, 1998<О несостоятельности (банкротстве)> <юридическое лицо считается неспособным удовлетворить требования кредиторов по денежным обязательствам и (или) исполнить обязанность по уплате обязательных платежей, если соответствующие обязательства и (или) обязанности не исполнены им в течение трех месяцев с момента наступления даты их исполнения>.
3Thus,<Длительность оборота кредиторской задолженности>more than 180 days formally shows that the deadlines for fulfilling the company's obligations have already expired (or the company does not have enough resources to pay off creditors within the specified time period) and there is a reason for the immediate initiation of bankruptcy proceedings.
At the same time, for first-class companies, the deadline for fulfilling obligations for the received raw materials, equal to 60 days, does not seem too short, which is confirmed by foreign experience.
QUALITY BUSINESS MANAGEMENT
The quality of business management is very succinctly characterized by the indicator<Длительность оборота чистого производственного оборотного капитала>.
Net working capital is the sum of inventories and receivables less payables (non-financial) receivables. Its negative value indicates the absence of its own circulating assets, and its value in this case characterizes the minimum amount of credit for replenishment of circulating assets required by the enterprise.
Positive indicator value<Длительность оборота>indicates the time during which the address is working capital enterprises, having passed the whole circle from paying for raw materials and materials, finding them in the form of inventories, work-in-progress balances, inventories finished products before receiving payment for the products sold.
Based on analysis<Длительности оборота чистого производственного оборотного капитала>conclusions can be drawn about the quality of enterprise management.
With rational management of the company's working capital<Длительность оборота чистого производственного оборотного капитала>positive, but close to zero. This means that the structure of accounts receivable and payable is balanced, and the amount of inventory is determined by the technological features of production.
An increase in the indicator under consideration indicates that significant financial resources are frozen in working capital. Consequently, either the enterprise has an irrational purchasing and sales activity (stocks are excessive), or the work with debtors is ineffective, and the enterprise provides a free loan to its counterparties.
Negative but close to zero value<Длительности оборота>indicates the riskiness of the policy of an enterprise that builds its activities on the use of free loans from suppliers. Significant negative values indicate that the enterprise does not have its own circulating assets and that there are problems with financial stability. The reasons for the growth<Длительности оборота чистого производственного оборотного капитала>there can be either unprofitableness of the enterprise, or the diversion of funds (for example, for the maintenance of the social sphere).
In either case, providing financial resources to such an enterprise will not solve its problems.
Thus, based on the calculation and analysis in the dynamics of five financial indicators - the return on equity (ROE), the level of equity capital, the coverage ratio of non-current assets by equity, the duration of the turnover of accounts payable and the duration of the turnover of the net working capital - a fairly complete comprehensive description of the financial -economic state and development prospects of the analyzed enterprise.
In order for the listed indicators to be used for monitoring purposes, as mentioned earlier, it is necessary to develop a ranking system. The system we offer (see table) is based on:
|
Interval value |
||||
|
Return on equity |
> 1/3 stakes |
1 / 3-1 / 4 stakes |
> 1/4 stake |
|
|
Equity capital,% |
||||
|
Coverage ratio of non-current assets by equity |
||||
|
Duration of accounts payable turnover, days |
||||
|
Duration of the turnover of net working capital, days |
> 30; 0-(-10) |
|||
|
Interval price |
||||
THE SYSTEM OF INDICATORS OF RANKING OF ENTERPRISES
The following enterprise distribution system is proposed:
Group A. Sum of prices of intervals 21-25. The enterprise has a high profitability, it is financially stable. His solvency is beyond doubt. The quality of financial and production management is high. The enterprise has excellent chances for further development.
Group B. Sum of prices of intervals 11-20. The enterprise has a satisfactory level of profitability. It is generally solvent and financially stable, although some indicators are below the recommended values. but this enterprise not sufficiently resistant to fluctuations in market demand for products and other market factors. Working with an enterprise requires a balanced approach.
Group C. Sum of prices of intervals 4-10. The company is financially unstable, it has a low profitability to maintain solvency at an acceptable level. As a rule, such an enterprise has arrears. It is on the verge of losing financial stability. To get the company out of the crisis, significant changes should be made in its financial and economic activities. Investments in an enterprise are associated with increased risk.
Group D. Sum of interval prices< 4. Предприятие находится в глубоком финансовом кризисе. Размер кредиторской задолженности велик, предприятие не в состоянии расплатиться по своим обязательствам, финансовая устойчивость практически полностью утрачена. Значение показателя <Рентабельность собственного капитала>does not allow hope for improvement. The degree of the enterprise's crisis is so deep that the likelihood of improving the situation, even in the event of a radical change in financial and economic activities, is low.
The validity of the results obtained was tested at a number of enterprises during the analysis within the framework of the Council for Anti-Crisis Programs under the Moscow Government, the Moscow City Prospective Development Complex, the Department of Science and Industrial Policy of the Moscow Government, and also took into account the data obtained from other regions of Russia.
It can be argued that there are very few enterprises belonging to group A in today's Russia - there are literally only a few of them. The bulk is concentrated in groups B-C, and a good team of managers or the help of a professional consulting firm can transfer an enterprise from group C to B, and the lack of such - from B to C. As for enterprises classified in group D, according to our estimates , the crisis has reached the stage here that reorganization measures and even direct financial support, as a rule, do not give the expected result - a way out of the crisis.
The article was prepared using the materials of the book<Финансовый анализ предприятий (Российский и международный опыт)>, under total. ed. E. A. Kotlyar.
Scorecard. Conclusions and suggestions based on the analysis results.
A comprehensive assessment of the financial condition of an enterprise is based on a system of indicators characterizing the structure of the sources of capital formation and its placement, the balance between the assets of the enterprise and the sources of their formation, the efficiency and intensity of capital use, liquidity and quality of assets, its investment attractiveness, etc. For this purpose, the dynamics of each indicator is studied, comparisons are made with the average and standard values for the industry (Table 25.6).
The data presented in the table show that during the reporting year the production and financial situation at the enterprise has noticeably improved. The growth rates of the volume of production and sales of products, as well as the growth rates of the balance sheet and net profit, significantly increased. Judging by the capital turnover ratios, the company significantly increased its business activity, which made it possible, despite a slight decrease in the profitability of sales, to increase the profitability of total, operating and equity capital. As a result, the level of dividend return on capital increased, the share price increased, which contributes to the enhancement of the company's image and investment attractiveness.
Noting positive sides work of the enterprise, at the same time, it should be noted and some negative trends that have emerged in the capital structure. This concerns, first of all, an increase in the share of borrowed capital and, accordingly, the degree of financial risk. The value of the latter coefficient exceeds the standard level for this industry.
In the structure of the company's assets, the share of working capital has significantly increased, which is not bad in itself, since as a result, the turnover of total capital is accelerating. However, this increase was mainly due to an increase in the value of inventories due to inflation and an increase in accounts receivable.
Table 25.6
Generalization of the results of the analysis of the financial condition of the enterprise
| Indicator | Analyzed enterprise | Industry average | ||
| last year | reporting year | normative | actual | |
| 1.Structure of sources,% | ||||
| 1.1. Equity | 55,1 | 52,5 | ||
| 1.2. Borrowed capital | 44,9 | 47,5 | ||
| 1.2.1. long term duties | 11,0 | 9,3 | ||
| 1. 2. 2. Short-term liabilities | 33,9 | 38,2 | ||
| 1.3. Financial Risk Ratio | 0,81 | 0,906 | 0,95 | 0,85 |
| 1.4. Equity capital flexibility ratio | 0,496 | 0,547 | 0,5 | |
| 0,37 | ||||
| 1.5. Share of accounts payable secured by promissory notes | 8,8 | 9,1 | - | 8,0 |
| 2... Asset structure,% | ||||
| 2.1. Main capital | 38,7 | 33,1 | - | |
| 2.2. Working capital | 61,3 | 66,9 | - | |
| 2.2.1. Stocks | 32,2 | 35,4 | - | |
| 2.2.2. Accounts receivable | 14,5 | 18,2 | - | |
| 2.2.3. Cash | 11,0 | 9,7 | - | 8,0 |
| 2.3. The ratio of working capital and fixed capital | 1,6 | 2,0 | 1,5 | 1,38 |
| 2.4. Share of receivables secured by promissory notes | - | |||
| 2.5. Share of monetary assets | 35,8 | 36,2 | - | 37,4 |
| 2.6. Share of high-risk assets | 5,1 | 5,2 | - | - |
| 3... Asset status | ||||
| 3.1. Degree of depreciation of fixed assets,% | - . | 48,8 | ||
| 3.2. The rate of renewal of fixed assets,% | 15,9 | |||
| 3.3. Turnover duration: | ||||
| fixed capital, years | 5,5 | 5,4 | 6,0 | |
| intangible assets, years | 6,0 | 6,4 | - | 6,5 |
| working capital, days | ||||
| Including: | ||||
| in stock | 39,4 | 35,0 | 40,2 | |
| work in progress | 17,0 | 14,2 | 20,4 | |
| finished products | . 10,0 | 10,3 | 13,3 | |
| accounts receivable | 27,0 | 28,0 | 30,5 | |
| cash | 14,6 | 12,5 | 9,6 | |
| 4... Profit and profitability | ||||
| 4.1. Balance sheet profit, thousand rubles | 20 000 | - | ||
| 4.2. Growth rate of balance sheet profit,% | - | 121,0 | ||
| 4.3. Share of profit from operating activities,% | 96,6 | 96,5 | - | 96,0 |
| 4.4. Share of profit from securities,% | 2,3 | 2,3 | - | 2,5 |
| 4.5. Share of net profit in the total amount of balance sheet profit,% | 63,8 | 63,2 | - | 62,0 |
| 4.6. Share of reinvested profit in total net profit,% | 40,0 | 42,0 | - | |
| 4.7. Costs per ruble of production, kopecks | 81,2 | 80,7 | 83,5 | |
| 4.8. Profitability level,%: | ||||
| products | 26,6 | 23,9 | 30,0 | 21,4 |
| turnover | 20,0 | 19,6 | 17,6 | |
| total assets | 37,5 | 40,0 | 32,3 | |
| operating capital | 42,0 | 45,4 | 35,7 | |
| 4.9. Financial leverage effect,% | 28,7 | 29,5 | - | - |
| 4.10. Profit: | ||||
| per employee, thousand rubles | 89,5 | 99,5 | ||
| ruble of wages, kopecks. | 85,0 | 90,0 | ||
| ruble of material costs, kopecks | 64,05 | 63,44 | ||
| ruble of fixed assets, rub. | 1,40 | 1,37 | 1,5 | 1,2 |
| 5... Production and sale of products | ||||
| 5.1. Growth rate of gross production,% | 98,2 | 107,5 | 102,5 | |
| 5.2. Sales growth rate,% | 99,2 | 103,0 | 101,8 | |
| 5.3. Specific weight of products,%: | ||||
| the highest category quality | 66,0 | 70,0 | - | |
| exported | 12,2 | 16,0 | . - | 9,8 |
| 5.4. Rhythm factor of production | 0,95 | 0,96 | - | - |
| 5.5. Product renewal rate | - | - | - | 0,15 |
| 5.6. Production capacity utilization rate | 0,94 | 0,84 | - | .0,80 |
| 5.7. Return on assets level, rub. | 7,5 | 7,2 | 8,0 | 7,05 |
| 5.8. Average annual output per employee, thousand rubles | ||||
| 5.9. Total material consumption, cop. | 29,3 | 30,4 | 34,5 | |
| 6... The relationship between assets and sources of their formation | ||||
| 6.1. Own working capital, thousand rubles | 12 500 | 16 300 | - | |
| 6.2. Share in the formation of current assets. %: | ||||
| equity capital | 44,6 | 42,9 | ||
| borrowed capital | 55,4 | 57,1 | ||
| 6.3. The percentage of stocks covered by equity capital | 84,7 | 81,1 | ||
| 6.4. The ratio of receivables and payables ( DZ ∕ KZ) | 0,8 | 0,91 | 1,0 | 1,12 |
| 7... Liquidity indicators | ||||
| 7.1. Current liquidity ratio | 1,79 | 1,74 | 1,7-2,0 | 1,65 |
| 7.2. Quick ratio | 0,75 | 0,73 | 0,7-1,0 | 0,72 |
| 7.3. Absolute liquidity ratio | 0,32 | 0,25 | - | 0,15 |
| 7.4. Loss of solvency ratio | 1,05 | 1,01 | - | - |
| 8... Risk indicators | ||||
| 8.1. Production Leverage Ratio | 0,9 | 0,92 | - | 0,9 |
| 8.2. Financial leverage ratio | 1,1 | 1,21 | - | 1,05 |
| 8.3. Break-even zone of the enterprise,% | 45,4 | 42,1 | - | 30,0 |
| 9... Indicators of the investment attractiveness of the enterprise | ||||
| 9.1. Return on equity,% | 44,56 | 50,82 | ||
| 9.2. Share of preferred shares in their total number,% | - | - | - | - |
| 9.3. Net profit per ordinary share, thousand rubles | 1,10 | 1,265 | - | 1,05 |
| 9.4. Dividend level,% | 22,0 | 25,3 | - | 15,0 |
| 9.5. Share rate, thousand rubles | 1,12 | 1,15 | - | 1,05 |
Characterizing the state and quality of assets, it should be noted that the degree of depreciation of fixed assets is lower than the industry average, due to the fact that this enterprise is relatively "young", has been operating for only three years and renews fixed capital more intensively. The duration of the turnover of fixed and working capital is much shorter than at other enterprises in this industry, however, it is higher than the standard level and mainly due to the long period of collection of receivables.
Considering the indicators characterizing the quality of profit, it should be noted that the rate of its growth and the share of profit from core activities are higher than the industry average. The level of profitability of products and turnover slightly decreased due to inflation and the company's pricing policy in the market of goods and services. Due to a slight decrease in prices, the company managed to increase its sales turnover, accelerate capital turnover and ultimately increase the profitability of capital. The increase in the return on equity was also facilitated by the positive effect of financial leverage, which is a merit of the company's administration.
As a positive point, it should also be noted the growth of profit per employee of the enterprise and per ruble of wages. At the same time, there is a slight decrease in profit per ruble of fixed assets and per ruble of material costs due to the faster growth rates of their value due to inflation. For the same reason, there is a decrease in capital productivity and an increase in the total material consumption of products, although their level is better than the industry average.
During the reporting year, the amount of equity working capital increased by 30%, but its share in the formation of current assets decreased from 44.6 to 42.9%, and the share of borrowed capital, respectively, increased by 2 points. The percentage of the provision of tangible circulating assets with own capital also decreased from 84.7% to 81.1%, which indicates an increase in the financial dependence of the enterprise on external creditors. For this reason, by the end of the reporting period, the level of liquidity ratios decreased and approached the lower limit of the standard value. However, the ratio of the loss of solvency is more than one, which means that within the next three months the level of the current liquidity ratio will not be lower than the norm.
Considering the indicators of risks, one can note some of their growth. In particular, the share of finished product carry-overs has increased. It is much higher than the standard value, but less than the industry average. Due to the incomplete use of production capacity, the share of fixed costs in the total amount of costs increased, which led to a decrease in the breakeven zone of the enterprise and a slight increase in the production leverage ratio. However, the safety zone is still quite large. Revenue may fall by 42% and only then the company will not make a profit.
All of the above allows us to conclude that the financial condition of the analyzed enterprise is quite stable and stable. Consequently, the shareholders, business partners and investors of the enterprise can have no doubts about its solvency. The company knows how to earn profit, provide sufficiently high dividends to its shareholders, repay loans on time and pay interest on them. The risk of losing resources in this situation is very small.
At the same time, as the results of the analysis show, the company still has sufficient reserves to significantly improve its financial condition. To do this, he should more fully use the production capacity of the enterprise, reducing the downtime of machines, equipment, work force, material and financial resources; respond more quickly to market conditions, changing the range of products in accordance with its requirements and pricing policy; accelerate capital turnover by reducing excess stocks and the collection period for receivables. All this, as can be seen from the table. 17.16, will increase profit by 3900 thousand rubles, replenish its own working capital and achieve a more optimal financial structure of the balance sheet.
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Ministry education of the Omsk region
Budget professional educational institution Omsk region
Secondary vocational education
"Trade and Economic College named after G. D. Zuykova "
Course work
By professional module 04 "Drawing up and using financial statements"
"Comprehensive assessment of the financial condition of the organization"
Performed:
Student of group 32 "B"
V.B. Kapkina
Checked:
Teacher
Balashova T.A.
Introduction
Chapter 1. Essence, meaning, role, types of financial analysis in modern conditions(In market relations)
2.5 Analysis of financial stability. Determination of the type of financial stability based on the construction of a 3-factor model
2.6 Analysis of profit and profitability. Calculation of the influence of factors on the amount of profit
Chapter 3. Ways to increase the financial potential of the organization. The role of the accountant in their implementation
List of sources used
Introduction
By analyzing the financial condition of an enterprise, as a rule, one understands the characteristics of its solvency, creditworthiness, efficiency of using financial resources and capital, fulfillment of obligations to the state and other business entities.
The financial condition of an organization determines its competitiveness. It reflects all aspects of the organization's activities, its final results, which are of interest not only to managers and the entire team of employees of the organization itself, but also to its owners, creditors, investors, suppliers and other business partners.
At its core, financial analysis is a process of accumulation, transformation and use of information of a financial nature, including: characteristics of the current and forecasting the future financial condition of the enterprise; calculation of the possible and optimal pace of development of the company from the position of its financial security; identification of available sources of funds and assessment of the possibility and feasibility of their mobilization; forecast of the organization's position on the capital market.
Financial analysis is used both by the company itself and by external market participants in the implementation of various transactions or to provide information about the financial condition of the company to third parties. As a rule, financial analysis is carried out under the following circumstances: restructuring of the company, the separation of structural divisions into separate business units. The favorable financial condition of the structural unit may serve as an additional factor in favor of keeping it within the firm; assessing the value of a business, including for its sale or purchase. A reasonable assessment of the financial condition allows you to set a fair price for the transaction and can serve as a tool for determining the price of the transaction; obtaining a loan to attract an investor.
The results of the analysis are the main indicator for a bank when making a decision to issue a loan or for an investor planning to invest in an enterprise; entering the stock exchange (with bonds or stocks). According to the requirements of Russian and Western stock exchanges, a company is obliged to calculate a certain set of coefficients reflecting its financial condition, and publish these coefficients in reports on its activities.
The purpose of financial analysis is to assess the real financial condition of an economic entity, to timely identify and eliminate the shortcomings of its financial activities and to search for opportunities to improve the efficiency of operating activities through a rational financial policy. Financial analysis should be aimed at saving financial resources and increasing the financial value of the enterprise, increasing the efficiency of resource use, identifying opportunities to improve the functioning of the enterprise.
To achieve this goal, it is necessary to solve the following tasks of financial analysis: determination of baseline indicators for the development of production plans and programs for the coming period; increasing the scientific and economic feasibility of plans and standards; an objective and comprehensive assessment of the implementation of established plans and compliance with standards for the quantity, structure and quality of products, works and services; determination of changes in dynamics or implementation of the plan of indicators of financial condition; establishing the relationship between generalizing and particular indicators of financial condition; calculation of qualitative and quantitative factors of changes in financial indicators; definition economic efficiency use of material, labor and financial resources; forecasting performance results; preparation of analytical information for the selection of optimal management decisions related to the adjustment of current activities and development strategic plans; identification of reserves and determination of ways to improve the financial condition, accelerate the turnover of working capital, strengthen solvency.
The process of financial analysis is based on adherence to certain principles: regularity (analysis should be carried out at regular intervals, for any performance results, which allows you to eliminate existing difficulties and consolidate successes achieved); objectivity (the results of the analysis should describe the actual state and give it an unbiased assessment); complexity (all kinds of dependencies and factors are identified).
The main object of analysis is considered to be the activities of any individual company or their associations. The subjects of analysis can be economic structures and their counterparties: commercial banks, other companies, audit firms, local and central administrations, real and potential partners, and other individuals and legal entities.
To assess the financial condition of the organization and determine possible ways its development, it is necessary to analyze not only the balance sheet and other reporting materials of the enterprise itself, but also to describe the economic situation of its business partners, evaluate competitors, conduct marketing research market conditions, etc.
Evaluation of the balance sheet and financial statements makes it possible to determine the overall financial condition; the degree of liquidity, solvency, financial stability, business activity, the level of riskiness of individual options for activity; to find the sources of own, borrowed and borrowed funds, the structure of their placement on a set date or for a certain period, and also to determine the specialization of the company.
Economic analysis includes: assessment of the state of the organization's performance at the time of the analysis; comparison of the state and results of activities for the period under review; comparison of performance results with competitors' performance; generalization of the analysis results and preparation of recommendations for making management decisions aimed at improving the efficiency of the company's operating activities.
In the conditions of market relations, the role of assessing the financial condition of an enterprise is extremely important. This is due to the fact that enterprises acquire independence and bear full responsibility for the results of their production and economic activities to co-owners (shareholders), employees, banks and creditors.
Chapter 1. Essence, meaning, role, types of financial analysis in modern conditions (in market relations)
Financial condition - main criterion the reliability of a partner, which determines its competitiveness and potential in effective implementation economic interests of all participants in economic activity. It is characterized by the placement and use of funds and sources of funding. The main purpose of economic analysis is to identify the most difficult problems enterprise management in general and financial resources in particular. [V.E. Chernova, T.V. Shmulevich "Analysis of the financial condition of the enterprise"]
The financial condition of an enterprise is characterized by a system of indicators that reflect, at a certain point in time, the ability of a business entity to finance its activities and timely settle its obligations. [Erina E.S. "Fundamentals of analysis and diagnostics of the financial condition of an enterprise"]
Analysis broadly refers to the way of cognition of objects and phenomena. environment, based on dividing the whole into its component parts and studying them in all the variety of connections and dependencies. In science and in practice, different types of analysis are used: physical, chemical, mathematical, statistical, economic, etc. They differ in objects, goals and research methods. Economic analysis, in contrast to physical, chemical and others, refers to an abstract-logical method of studying economic phenomena, in which it is impossible to use either microscopes or chemical reagents, - both must be replaced by abstraction. [Gerasimov Boris Ivanovich, Konovalova Tamara Mikhailovna, Spiridonov Sergey Pavlovich, Satalkina Nina Ivanovna "Comprehensive economic analysis of the financial and economic activities of the organization"]
Analysis cannot give a complete picture of the studied subject or phenomenon without synthesis, i.e. without establishing links and dependencies between its constituent parts... Synthesis is a method of cognition based on combining separate parts of a phenomenon into a single whole. Distinguish between macroeconomic analysis, which studies economic phenomena and processes at the level of the world and national economy and its individual industries, and microeconomic analysis, which studies these processes and phenomena at the level of individual business entities. The latter was called "economic analysis".
Financial analysis is one of the elements of financial management. The financial analysis methodology includes three interrelated blocks:
1.Analysis of the financial results of the enterprise;
2.Analysis of the financial condition of the enterprise;
3. Analysis of the effectiveness of the financial and economic activities of the enterprise.
The main purpose of financial analysis is to obtain information that gives an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.
The purpose of the analysis of the financial condition of the enterprise involves the solution of the following tasks:
identification of the financial position of the enterprise;
identification of changes in the financial condition of the enterprise in the spatio-temporal context;
identification of the main factors that caused changes in the financial condition;
forecast of the main trends in the financial condition of the enterprise.
The main results of effective analysis and financial management are achieved with the help of special financial instruments as a result of solving a certain interrelated set of analytical tasks. An analytical task is the specification of the objectives of the analysis, taking into account the organizational, informational, technical and methodological capabilities of this analysis. Ultimately, the main factor is the volume and quality of the original information.
The main goal of financial analysis is to timely identify and eliminate shortcomings in financial activities and find reserves to strengthen the financial condition of the enterprise and ensure solvency.
The main functions of financial analysis are:
1. An objective assessment of the financial condition of the object of analysis;
2. Identification of factors and causes of the achieved state;
3. Preparation and justification of the adopted management decisions in the field of finance;
4. Identification and mobilization of reserves for strengthening the financial condition and increasing the efficiency of all economic activities.
To assess the stability of the financial condition of an enterprise, a whole system of indicators is used that characterize changes: the structure of the enterprise's capital by its location and sources of education; the effectiveness and intensity of its use; the solvency and creditworthiness of the enterprise; stock of its financial stability.
The principles of financial analysis regulate the procedural side of its methodology and methodology.
These include: consistency, complexity, regularity, continuity, objectivity, etc.
Among the methods of economic analysis, non-formalized and formalized methods are distinguished. Non-formalized methods of analysis are based on the description of analytical procedures at the logical level, and not on the basis of strict analytical tables, etc. The application of these methods is characterized by a certain subjectivity, since the analyst's intuition, experience and knowledge are of great importance.
The detailing of the procedural side of the methodology for analyzing the financial condition depends on the goals set, as well as various factors of information, temporary, methodological, personnel and technical support.
The financial condition of an enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial condition are the liquidity and solvency of the enterprise, i.e. ability to timely and fully make settlements on short-term obligations.
The liquidity of an asset is understood as its ability to transform into cash, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.
Speaking about the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to pay off short-term obligations, even if it does not meet the maturity dates stipulated by the contracts. Solvency means that an enterprise has cash and cash equivalents sufficient to settle accounts payable requiring immediate repayment. Thus, the main signs of solvency are: the availability of sufficient funds in the company's current account and the absence of overdue accounts payable.
It is obvious that liquidity and solvency are not identical to each other. Thus, liquidity ratios can characterize the financial position as satisfactory, however, in essence, this estimate can be erroneous if there is a significant specific gravity falls on illiquid assets and overdue receivables.
Assessment of liquidity and solvency can be performed with a certain degree of accuracy. In particular, within the framework of the express analysis of solvency, attention is paid to the articles characterizing cash in the cash desk and on current accounts in the bank, since they express the totality of cash, that is, property that has absolute value, unlike any other property of only relative value. These resources are the most mobile, they can be included in financial and economic activities at any time, while other types of assets can often be included only with a certain time step. The art of financial management is precisely to keep only the minimum required amount of funds in accounts, and the rest, which may be needed for current operational activities, in quick assets.
Thus, the more significant the amount of funds in the current account, the more likely it can be argued that the company has sufficient funds for current settlements and payments. At the same time, the presence of insignificant balances on the current account does not at all mean that the company is insolvent - funds can be credited to the current account within the next few days, some types of assets, if necessary, can easily be converted into cash, etc.
Insolvency is evidenced, as a rule, by the presence of "sick" items in the reporting ("Losses", "Loans and loans not repaid on time", "Overdue accounts receivable and payable", "Bills issued overdue"). It should be noted that the last statement is not always true. First, monopoly firms may deliberately adhere to contracts with their suppliers and contractors. Second, in an inflationary environment, an ill-conceived short- or long-term loan agreement may be tempted to break it and pay fines with depreciating money.
In the most accentuated form, the degree of liquidity of the enterprise can be expressed by the coverage ratio, showing how many rubles of current assets (working capital) fall on one ruble of current liabilities (current short-term debt). funds in the current account.
Thus, financial analysis is an integral element of financial management - a system that allows you to rationally form and effectively use the financial resources of an enterprise. Next, we will consider the methodology for assessing the financial condition.
liquidity solvency financial asset
Chapter 2. Comprehensive assessment of financial analysis of LLC "Confectioner"
2.1 Purpose, objectives, information support of the analysis
The main sources of information for analyzing the financial condition of the enterprise are the balance sheet (form No. 1), the profit and loss statement (form No. 2), the statement of capital flows (form No. 3) and other forms that are part of the financial statements.
Balance sheet is the most important form of accounting reporting that characterizes the property and financial position of an organization at the reporting date.
I quarter - 03/31/2013
I half of the year - 06/30/2013
9 months - 09/30/2013
For the year -31.12.2013
The balance sheet consists of two parts: an asset and a liability. An asset characterizes the property status of an organization. Liabilities are sources of asset financing. The asset totals must match the liabilities totals.
Asset = Equity (own sources of financing) + Liabilities (borrowed sources of financing)
The balance is drawn up in thousands or millions of rubles. No decimal places are allowed. As a rule, the balance sheet is drawn up in thousands of rubles, and only those organizations that are of major national importance are in millions.
The balance sheet is divided into the following sections.
1) Assets:
a) non-current assets are long-term assets (over 1 year) that are repaid through depreciation or are not repaid, remaining on the balance sheet during the period of circulation;
b) current assets - short-term assets that are consumed once in the household. turnover and their renewal is necessary condition in the household. activities.
2) Liabilities:
a) capital and reserves are own sources of assets financing.
b) long-term liabilities - these are liabilities for which maturity occurs in more than a year.
c) short-term liabilities are liabilities for which maturity occurs in a year or less than a year.
Financial statements.
The qualitative characteristics of financial statements are:
· Comprehensibility - information presented in financial statements should be intelligible and calculated for its unambiguous interpretation by users, provided that they have sufficient knowledge and are interested in the perception of this information;
· Relevance - the financial statements should contain only relevant information that influences decision-making by users, provides an opportunity to assess in time past, present and future events, to confirm and correct their estimates made in the past;
· Reliability - financial statements must be reliable. The information provided in it is reliable if it does not contain errors or distortions that may affect the decisions of users of the reporting;
Comparability - financial statements should enable users to compare:
· - financial statements of the enterprise for different periods;
· - financial statements of various companies.
The financial statements of the company are formed in compliance with the following principles:
· Autonomy of the enterprise - each enterprise is considered as a legal entity, separate from the owners. Therefore, the personal property and obligations of the owners should not be reflected in the financial statements of the enterprise;
· Going concern - provides for the assessment of assets and liabilities of the enterprise, based on the assumption that its activities will continue;
· Frequency - the distribution of the company's activities for certain periods of time for the purpose of drawing up financial statements;
· Historical (actual) cost - determines the priority of asset valuation, based on the costs of their production and acquisition;
· Accrual and correspondence of income and expenses - to determine the financial result of the reporting period, the income of the reporting period should be compared with the expenses incurred to obtain these incomes. In this case, income and expenses are reflected in the accounting and reporting at the time of their occurrence, regardless of the time of receipt and payment of money;
· Full coverage - the financial statements must contain all information about the actual and potential consequences of transactions and events that may affect the decisions applied on its basis;
· Sequence - constant (from year to year) implementation of the chosen accounting policy by the enterprise. Its change must be justified and disclosed in the financial statements;
The prevalence of content over form - operations should be accounted for in accordance with their essence, and not only based on legal form;
· A single monetary measure - measurement and generalization of all operations of an enterprise in its financial statements in a single currency;
· Prudence - valuation methods used in accounting should prevent underestimation of liabilities and expenses and overestimation of assets and income of the enterprise.
2.2 Comprehensive assessment of the economic potential of indicators
Comprehensive economic analysis - a comprehensive analysis of the economic activities of an enterprise or any separate, most significant aspect of its activities based on a systematic approach.
Systematic approach - assumes the presence of a certain sequence in order to comprehensively cover interrelated and interdependent indicators.
Comprehensive analysis program:
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Actions |
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Clarification of research objects, goals and objectives of the analysis; Drawing up a work plan. |
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Development of a system of synthetic and analytical indicators; |
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Identification of sources of information, their collection and verification for accuracy, carrying out in a comparable form. |
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Analysis of indicators based on the selected methodology; Comparison of the actual results of activities with the indicators of the plan, the actual data of previous years; Factor analysis, determination of their influence on the result; Identification of unused reserves. |
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Evaluation of the results obtained and a selection of management decisions to improve the efficiency of this enterprise |
A comprehensive assessment of economic activity is a characteristic of an organization's activities, obtained as a result of studying a set of indicators that determine most economic processes and contain generalizing data on production results.
In the production management system, an objective assessment of the achieved level of economic activity is of great importance. The difficulty of obtaining such an assessment is due to the fact that economic activity and its results cover many different processes and are not expressed by one generalizing indicator. Therefore, it is necessary to measure and evaluate various aspects of economic activity and then combine individual estimates into a single, complex one.
In the literature, the opinion is expressed that the generalizing (complex) assessment of the economic process or all economic activity may not have a complete economic content, be "irrational" and artificially derived as a mathematical generalization of particular indicators. Despite this, such an assessment is an important tool for the economic diagnostics of economic systems.
Comprehensive assessment is presented as a tool for accounting, analysis and planning; an indicator of the scientific and technical state of an economic object in the studied population; a criterion for making a comparative assessment of the commercial activities of organizations and their divisions; an indicator of the effectiveness of management decisions taken earlier, and the degree of their implementation; basis used to select possible options development of production and indicators of expected results in the future; production stimulator. Among the methods of generalizing (complex) assessment, descriptive and calculated ones can be distinguished.
Descriptive assessment methods are used to qualitatively characterize business results that are difficult to quantify. The main disadvantages of descriptive assessment methods: ambiguity of conclusions, vague wording, incomparability in comparisons. Nevertheless, descriptive methods are very important for strategic orientation and are widely used in business practices.
Calculated valuation methods are based on measurable performance indicators. The calculation methods of assessment can be based on the principle of comparing the achieved level of activity of a given production system with the planned, previous period, identified by general trends, the level of other similar systems.
As a generalized assessment of the effectiveness of economic potential:
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1. Indicator of the effectiveness of the use of trade potential: |
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Indicator of the effectiveness of using the trading potential of the enterprise; RTO - retail turnover; FZP - funds for wages; Standard coefficient equal to 0.1 |
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2. Indicator of the effectiveness of financial activities |
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Financial performance indicator; PP-profit from sales; OS - Average annual cost of working capital; OF - the average annual cost of fixed assets; Standard coefficient equal to 0.12 |
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3. Indicator for assessing work performance |
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Indicator for assessing labor activity; RTO - Retail trade; H - the average number of employees; SZ is the average salary of one employee. |
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4. An integral indicator of the economic efficiency of economic activity. |
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Integral indicator of economic efficiency of economic activity; Indicator of the effectiveness of using the trading potential of the enterprise; Financial performance indicator; Indicator for assessing labor activity. |
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5. Indicator of the rate of development intensity commercial enterprise. |
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Indicator of the rate of intensity of development of a trading enterprise; The rate of change in the productivity of workers,%; The rate of change in the rate of circulation of the company's circulating assets in turnover,%; Rate of change in capital productivity,%; Rate of change in labor costs,%; The rate of change in the average annual value of working capital,%; Rate of change in the average annual cost of fixed assets%. |
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6. Indicator of the rate of economic growth of the enterprise. |
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Indicator of the rate of economic growth of the enterprise; The rate of change in labor productivity; The rate of change of the turnover rate; The rate of change in capital productivity of fixed assets; The rate of change in cost-efficiency; The rate of change in the level of profitability. |
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The share of the increase in retail turnover due to intensive factors,%; Indicator of labor productivity of employees in the reporting and base periods; Average number of employees in the reporting period; The rate of return on assets in the reporting and base periods; Average annual cost of fixed assets in the reporting period; RTO - the increase in retail turnover in the reporting period compared to the baseline. |
Comprehensive assessment of the effectiveness of the economic potential of OOO Confectioner.
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Indicators |
Base period 2014 |
Reporting period 2015 |
Dynamics |
Deviation |
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Retail turnover |
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Sales profit |
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Profitability |
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Average annual cost of fixed assets |
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Average annual cost of working capital |
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Treatment costs |
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Including wages |
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Average number of employees |
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Labor productivity |
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average salary |
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Trade Potential Use Indicator |
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Financial performance indicator |
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Labor efficiency indicators |
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Integral indicator of the efficiency of economic activity |
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Turnover of working capital |
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Return on assets |
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Cost return |
Conclusion: Having performed analytical calculations, the indicators of economic potential indicate that this enterprise is working quite efficiently, since the indicator of the rate of economic growth calculated on the basis of qualitative indicators of economic activity was 161%.
The indicator of the efficiency of using the trade potential has grown by 21.11%, which means that the enterprise is better performing its main function - meeting the needs of the population in goods and services, the resources of the enterprise are used more efficiently.
The financial performance indicator increased by 203.59%. With the help of this indicator, it is possible to assess at what resources the main financial result of the trading enterprise has been achieved and how efficiently these resources are used.
The indicator for assessing labor activity increased by 13.57%, which means that the increase in labor productivity has increased by 1 ruble of increase in average wages.
The integral indicator of economic efficiency of economic activity decreased by 7, 27%, therefore, there was a decrease in the efficiency of all economic activities.
The analysis of economic indicators shows that the enterprise has seen an increase in both quantitative and qualitative indicators. Therefore, in the calculations, it was established to what extent the increase in turnover was provided due to intensive factors.
The share of the increase in trade turnover due to intensive factors for the analyzed period amounted to 96.9%.
2.3 Analysis of property status, structure of assets and liabilities
Most general idea about qualitative changes in the structure of funds and their sources can be obtained using the balance.
Vertical analysis - analysis of the structure of the reporting form in order to identify the relative importance of certain of its articles.
The goal is to calculate the proportion of individual items in the balance sheet and assess its changes.
Horizontal analysis - analysis of the dynamics of individual articles of the reporting form in order to identify and predict inherent or trends.
Purpose: Consists in identifying the absolute and relative changes in the values of various balance sheet items for a certain period, to assess these changes.
Horizontal and vertical analyzes complement each other on their basis, a comparative and analytical balance is built.
Analysis of the dynamics of the balance sheet currency, the structure of assets and liabilities of the organization allows us to draw a number of important conclusions necessary both for the implementation of current financial and economic activities and for making managerial decisions for the future.
Signs of a good balance:
ь Increase in the currency of the balance sheet of the reporting year in comparison with the base one;
ь Excess of the growth rate of current assets over the growth rate of non-current assets.
ь Excess of the organization's equity capital over the borrowed capital and the excess of its growth rate by the growth rate of borrowed capital.
b The same ratio of the growth rates of receivables and payables.
ь No “uncovered loss” item in the balance sheet.
During the audit, the items of assets are identified for which the largest contribution to the increase in the total value of non-current assets and assets of the economic entity as a whole has occurred.
Based on the calculations performed, strategies for long-term investments are identified:
1. The innovative nature of the strategy - the largest share in the composition of non-current assets is made up of intangible assets.
2. Financial - investment strategy the largest share of financial investments.
3. Creation of material conditions for the permission of the main activity - Fixed assets.
First, let's define the very concept of "property". In modern economic and legal, one can find several of its interpretations.
First, property is understood as a set of things and material values, including money and securities. In this sense, the term "property" is used most often.
Secondly, it is a set of things and property rights. This understanding follows, for example, from Article 128 of the Civil Code of the Russian Federation.
Thirdly, property is understood as a set of things, property rights and obligations that characterize the property status of their bearer. So, the balance sheet, consisting of an asset and a liability, characterizes the property status of the organization at the reporting date.
Summarizing these definitions, we can say that the property of the enterprise is what it owns: fixed capital and working capital, expressed in monetary form and reflected in the independent balance sheet of the enterprise.
The classification of property can be carried out on various grounds, highlighting:
1. movable and immovable property.
2. property involved in production activities and non-production purposes. In addition to economic value, this classification is taken into account when deciding on the accrual of depreciation on fixed assets, repayment of the value of intangible assets.
3. according to the type of turnover, they distinguish property withdrawn from circulation, limited turnover, and that which can be freely alienated and transferred from one person to another.
4. fixed, circulating assets - depending on the participation in the production process, the procedure for transferring their value to the cost of manufactured products in parts or in one production cycle, the duration of use, the value of objects.
5. tangible (fixed and current assets) and intangible assets.
A distinctive feature is the material content of the former and the immaterial form of the latter. Property, plant and equipment and intangible assets also share common characteristics, such as long-term use, value and the ability to generate income.
You can also use the following classification of property by risk categories in the analysis process:
Minimal risk - cash, easily traded short-term securities;
Low risk - accounts receivable of an enterprise with a stable financial position, stocks of goods of material value, finished goods in demand;
Medium risk - production and technical products, work in progress, deferred expenses;
High risk - accounts receivable of enterprises in a difficult financial situation, stocks of finished products, obsolete, illiquid assets.
The simplest and most accessible classification of property (assets) is:
Current turnover mobile:
1) working capital;
2) costs;
3) stocks;
4) cash;
5) finished products;
6) accounts receivable;
7) prepaid expenses;
Immobilized non-current assets:
1) fixed assets;
2) intangible assets;
3) short-term investments.
To assess the property potential, the data of the balance sheet asset are used. Particular attention is paid to changes in the structure of working capital: whether there has been an increase in accounts receivable or not, whether the level of stocks of raw materials is sufficient for the operation of the enterprise, whether there has been an overstocking of warehouses with finished products.
In the course of analyzing the passive part of the balance sheet, attention is paid to the capital structure, the share of equity in the total volume of sources of funds, changes in the capital structure, the ratio of capital to other items of assets and liabilities in comparison with previous reporting dates are determined.
The negative trends, the identification of which may indicate a deterioration in the financial condition of the enterprise in the future, include the following points: decrease in the balance sheet currency; an increase in the share of short-term and long-term receivables in the balance sheet currency throughout all analyzed reporting periods; an increase in the share of overdue accounts payable in the balance sheet currency throughout all analyzed reporting periods; an increase in the share of overdue receivables (payables) in the total amount of receivables (payables) over 15%.
The positive trends, the identification of which may indicate an improvement in the financial condition of the enterprise in the future, include the following: a continuous increase in the balance sheet; the growth rate of current assets is higher than the growth rate of non-current assets; the growth rate of equity capital is higher than the growth rate of borrowed capital; the growth rates of receivables and payables are approximately the same.
The analysis of the structure and dynamics of property is carried out using horizontal and vertical analysis of the aggregate balance sheet. Horizontal analysis is presented by the absolute difference between the indicators at the end and the beginning of the period, as well as the rate of their change over the period. Vertical analysis assumes the percentage of indicators to the total balance. Calculation of average annual values makes it possible to get an average idea of the state of the enterprise's funds during the analyzed period.
Analysis of the property status of LLC "Confectioner"
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Indicator |
Horizontal balance |
Vertical balance |
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Deviation |
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1. Non-current assets: 1.1 Intangible assets |
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1.2 Fixed assets |
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1.3 Financial investments |
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1.4 Profitable investments |
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1.5 Others |
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2.Working assets 2.1 Inventories and costs |
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2.2 Accounts receivable |
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2.3 Cash and cash equivalents |
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2.4 Others |
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1. Own funds 1.1 Share capital |
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1.2 Funds and reserves |
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2. Raised capital 2.1 Long-term liabilities |
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2.2 Short-term liabilities |
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2.2.1 Accounts payable |
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Comparative analytical analysis LLC "Confectioner"
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Indicators |
Absolute values |
Specific gravity |
Changes |
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In absolute terms |
In specific weights |
In% to the values at 31.112.14 |
In% to changes in the total balance |
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Asset: 1. Non-current assets |
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2. Current assets |
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2.1 Inventories and costs |
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2.2 Accounts receivable |
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2.3 Cash |
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Liabilities: 1. Equity |
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2. Raised capital |
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Conclusion: The performed analytical calculations show that the balance sheet currency at the end of the year decreased by 37.85%
The average cost of property, plant and equipment decreased by 17.93%. The decrease in accounts receivable by 306 thousand rubles should be assessed positively.
Vertical analysis of the analytical balance sheet shows that the largest share in the structure of the asset (46.14 in 2014 and 37.64 in 2015). It is their change by 2.47 due to the general change in the amount of all economic assets at the disposal of the organization.
Inventories and costs by specific weight in the structure of mobile working capital increased by 6.29%.
The share of cash in the structure decreased by 8.5%
In the structure of liabilities, there was a decrease in equity capital by 1288, the share of equity capital decreased by 27.11.
Thus, the calculations performed showed that the following signs of financial and economic activity were identified:
1. Absence in the balance sheet of the item "uncovered loss"
2. The same ratio of the growth rates of receivables and payables.
2.4 Analysis of liquidity and solvency in absolute and relative terms
Liquidity - the ability to convert your assets into cash to cover all required payments as they fall due.
Solvency is the availability of cash or cash equivalents from an enterprise sufficient to settle accounts payable requiring immediate repayment.
Analysis in absolute terms.
The meaning of liquidity analysis using absolute indicators: to check which sources of funds and in what volume are used to cover stocks.
For this, the value of own circulating assets (SOS) is calculated.
Balance sheet assets are grouped depending on the degree of liquidity.
Balance sheet liabilities are grouped according to the degree of increase in the maturity of obligations.
Based on the grouping performed, we determine the type of balance sheet liquidity:
Liquidity ratios.
The main signs of solvency are:
a) availability of sufficient funds in the current account;
b) the absence of overdue accounts payable.
Liquidity and solvency can be assessed using a number of absolute and relative indicators.
Relative indicators are used to assess the company's solvency.
Business activity ratios (turnover) - show how efficiently the company uses its assets:
1. K-t inventory turnover - shows the speed of inventory sales. It is calculated as the ratio of variable costs to the average cost of inventory (measured in the number of times).
2. K-t turnover of accounts receivable - the number of days required for debt collection. It is calculated as the average value of accounts receivable for the year, divided by the amount of revenue for the year and * by 365 days.
3. K-t turnover of accounts payable - how many days the company needs to pay its debts. It is calculated as the average value of accounts payable for the year, divided by the total purchase amount and * by 365 days.
4. K-t turnover of fixed assets - calculated in the number of times (to-t return on assets). It characterizes the efficiency of using the available fixed assets by the enterprise. A low value of the indicator indicates too much capital investment or insufficient sales. It is calculated as the amount of revenue for the year divided by the average value of the amount of non-current assets (fixed assets).
5. K-t asset turnover - shows the effectiveness of the company using all the assets at its disposal. It is calculated as the sum of the revenue for the year divided by the sum of all assets. Shows the number of times a year goes through production and sales cycles.
Financial stability is a certain state of the company's settlements, which guarantees its constant solvency.
Profitability ratios - show how profitable the enterprise is:
1. K-t profitability gross profit - shows the share of gross profit (%) in sales volume: calculated as gross profit divided by sales.
2. K-t net profit margin (similarly).
3. K-t return on assets - net profit divided by the sum of all assets of the enterprise. Shows how much profit each unit of assets gives.
4. Return on equity - shows the efficiency of the capital invested by shareholders. Calculated as net income divided by total share capital. Shows how many units of profit each invested unit of capital earned.
Assessment of liquidity of LLC "Confectioner"
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Meaning |
Meaning |
Payment surplus or deficiency |
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Most liquid assets |
Most urgent commitments |
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Quickly realizable assets |
Short-term liabilities |
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Slowly realizable assets |
Long-term liabilities |
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Hard-to-sell assets |
Permanent liabilities |
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Based on the work performed, it can be determined that this is the prospective liquidity of the balance sheet.
In the reporting period, one ruble of short-term liabilities accounted for 87-85 kopecks of cash and debtors' funds.
In the base period, one ruble of short-term liabilities accounts for 1.60 - 1.58 rubles of cash and debtors.
In the reporting period, one ruble of short-term liabilities accounted for 54 - 53 kopecks of cash and cash equivalents.
In the base period, one short-term liabilities account for 1.06 - 1.04 rubles in cash and cash equivalents.
2.5 Analysis of financial stability. Determination of the type of financial stability based on the construction of a 3-factor model.
Financial stability - The stability of the financial position of the company, ensured by a sufficient share of equity capital as part of the source of funding. (Ginzburg A.I. "Economic analysis" teaching aid Peter 2004).
Factors affecting financial stability:
1. Internal:
1.1 The optimal composition and structure of assets, the correct choice of management strategy. The art of managing current assets is to keep the minimum possible amount of liquid funds in the company's accounts, which is needed for current operational activities.
1.2 Composition and structure of financial resources. The more the enterprise has its own resources, the higher its financial capabilities.
1.3 Funds additionally mobilized in the loan capital market. The more funds a company can attract, the higher its financial capabilities.
1.4 Competence and professionalism of an accountant.
2. External.
To assess the financial stability of an enterprise in the world and domestic accounting and analytical practice, a system has been developed:
In the course of financial and economic activities at the enterprise, there is a constant replenishment of inventory. To do this, use their own working capital and borrowed sources.
Studying the surplus or lack of funds for the formation of stocks, the absolute indicators of financial stability are calculated and the type of financial stability of the enterprise is determined based on the construction of a 3-factor model.
Calculation stages:
1. Calculation of the absolute indicators of formation:
2. Determination of indicators of supplying stocks by sources of their financing:
3. Indicators of the availability of stocks by appropriate sources of financing is transformed into a 3-factor model that characterizes the type of financial stability.
Financial stability is due to both the stability of the economic environment in which the enterprise operates, and the results of its functioning, its active and effective response to changes in internal and external factors.
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