Introduction.

In modern economic conditions the activity of each economic entity is the subject of attention of a wide range of participants in market relations interested in the results of its functioning.

To ensure the survival of the enterprise in modern conditions, management personnel need, first of all, to be able to realistically assess the financial condition of both their enterprise and existing potential competitors. Critical importance in definition financial condition enterprise consists in timely and high-quality analysis of financial and economic activities.

The goal of any enterprise is profit, which, accordingly, is also the most important object of economic analysis. However, the amount of profit itself cannot characterize the efficiency of the enterprise's use of its resources. One of the main indicators characterizing the efficiency of the enterprise is profitability. Profitability, in a general sense, characterizes the expediency of the resources expended in relation to the newly acquired (profit) resources.

Profitability and profit are indicators that clearly reflect the efficiency of the enterprise, the rationality of the use of its resources by the enterprise, the profitability of activities (production, business, investment, etc.).

The company sells its products to consumers, receiving cash proceeds for it. But that doesn't mean making a profit. To identify financial result it is necessary to compare revenue with the costs of production and sale, i.e. with the cost of production.

The company makes a profit if the revenue exceeds the cost; if the revenue is equal to the cost, then it is only possible to reimburse the costs of production and sales of products, and there is no profit; if the costs exceed the revenue, then the company receives a loss, i.e. negative financial result, which puts him in a difficult financial situation, not excluding bankruptcy. To maximize profits and avoid bankruptcy, it is necessary to study profit figures, the factors influencing it, and the profitability indicator, which reflects the effectiveness of current costs and is a kind of synthesis of various qualitative and quantitative indicators.

The concept and economic content of profitability

One of the most important indicators of the company's activity is profitability.

Profitability is a general indicator that characterizes the quality of the work of an industrial enterprise, since for all the value of the mass of profit received, the most complete qualitative assessment of the production and economic activities of an enterprise is given by the value of profitability and its change. It is the ratio of profit to production assets or to the cost of production. The profitability indicator evaluates the efficiency of production and its costs.

The main factors that have a direct impact on increasing the level of profitability in enterprises include:

1. Growth in production volume;

2. Reducing its cost;

3. Reducing the time of turnover of fixed production assets and working capital;

4. The growth of the mass of profits;

5. Better use of funds;

6. The pricing system for equipment, buildings and structures and other carriers of basic production assets;

7. Establishment and compliance with the norms of stocks of material resources, work in progress and finished products.

In order to achieve a high level of profitability, it is necessary to systematically and systematically introduce advanced achievements in science and technology, to effectively use labor resources and production assets.

According to the method of calculation in the national economy, there is a profitability of enterprises R pr. and profitability of products R prod. The first indicator is defined as the ratio of balance sheet profit P to the average annual cost of fixed assets F op and working capital F about:

R pr \u003d (P / (F op + F o)) x 100% (6)

The second indicator of profitability is expressed by the ratio of the balance sheet profit P to the cost of finished products C:

P pr \u003d (P / C) x 100% (7)

Methods for determining profitability clearly show that the level of profitability and its change are directly related to prices for industrial products. Therefore, an objective pricing system is an important prerequisite for determining a reasonable level of profitability, which at the same time can influence the change in the price level for products. Thus, sound methods establishing and planning profitability are closely related to the pricing system. The amount of profit, and hence the level of profitability, primarily depends on changes in product prices and its cost.

In the concept of profitability of production, the accumulations created in the process of manufacturing products are compared with the production funds originally allocated to this enterprise. The profitability of production serves as a measure of the effectiveness of the use of funds at the disposal of the enterprise.

The economic meaning of the profitability of production is not limited to reducing the cost of living and materialized labor for the production of a unit of output. The mass of funds involved in the production process differs significantly from their quantity, which is included in the amount of costs associated with the manufacture of products. The production process involves a huge amount of fixed assets materialized in buildings, structures, equipment and inventory. The costs of production include their depreciation, that is, the share of their value transferred in a given period of time to the cost of production. The cost of working capital will be included in production costs only in the amount spent in the manufacture of products.

To increase the profitability of production, various means are used. One of the main sources of growth in the profitability of production is an increase in the amount of profit received by the enterprise. This growth is achieved as a result of lower production costs, changes in the structure of manufactured products and such an increase in the scale of production, while maintaining the amount of profit received from the sale of a unit of each type of product, the total amount of profit received increases.

The main driver of profit growth is the reduction of production costs. However, a number of other factors influence the value of balance sheet profit - a change in product prices, the value of the balance does not products sold, sales volume, production structure, etc. The first factor is taken into account only in cases where there are sufficiently sharp reasons to believe that prices will change in the coming period (their increase due to an increase in product quality or decrease due to aging certain types products, saturation of the consumer market with certain products or in connection with the transition to new equipment and production technology). Increasing the profitability of production means an increase in the return on each hryvnia of advanced funds and, thereby, their more efficient use.

Profitability indicators are important characteristics of the financial results and performance of the enterprise. They measure the profitability of an enterprise from various positions and are grouped according to the interests of the participants in the economic process, market exchange.

Profitability indicators are important characteristics of the factor environment for the formation of profit (and income) of enterprises. For this reason, they are mandatory elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as an instrument of investment policy and pricing.

System of indicators of profitability.

Profitability indicators are the main characteristics of the efficiency of the economic activity of the enterprise. They are calculated as a relative indicator of the financial results obtained by the enterprise for the reporting period. The economic content of profitability indicators is reduced to the profitability of the enterprise. In the process of profitability analysis, the level of indicators, their dynamics are studied, the system of factors influencing their change, their quantitative assessment is determined.

The main indicators of profitability can be grouped into three groups:

indicators of profitability of capital (assets);

indicators of profitability of product sales;

indicators calculated on the basis of cash flows.

First group profitability indicators is formed as the ratio of profit to various indicators of advanced funds, of which the most important are: all assets of the enterprise; investment capital (own funds + long-term liabilities); share (own) capital.

For example,

The specification of these indicators is that they meet the interests of all participants in the business of the enterprise. For example, the administration of an enterprise is interested in the return (profitability) of all assets (total capital); potential investors and creditors – return on invested capital; owners and founders - return on shares, etc.

Return on assets indicators are calculated as the ratio of profit indicators to indicators of average assets of the enterprise for the reporting period. Return on assets is the most important indicator of the effectiveness of a commercial organization, the main standard (i.e., the average value in a market economy), with which the individual indicators of enterprises are correlated to justify their competitiveness. Such a rate of return (or rate of return), as the ratio of accounting profit (profit before tax) to the total value of assets, is the main indicator of inter-industry competition, the main indicator for determining the effectiveness of investment projects. The rate of return (or the rate of profit) tends to decrease at the present time as well. According to foreign institutions economic analysis, it is approximately 18-20%. Hence, in the world market economy, a coefficient of 0.20 is often used to determine effective projects.

Each of the listed indicators is easily modeled by factor dependencies. Consider the following dependency:

Where is net profit;

K - all assets;

N - sales.

This formula shows the relationship between return on all assets, return on sales, and asset turnover. The formula directly indicates ways to increase profitability: with a low profitability of sales, it is necessary to strive to accelerate the turnover of assets.

Consider another factorial model of profitability:

Where is own funds (capital).

As you can see, the return on equity (equity) capital depends on changes in the level of profitability of products, the rate of turnover of total capital and the ratio of equity and borrowed capital. The study of such dependencies is of great importance for assessing the influence of various factors on profitability indicators. It follows from the above dependence that, for other equal conditions the return on equity increases with an increase in the share borrowed money as part of total capital.

Second group indicators is formed on the basis of calculation of levels of profitability in terms of profit, reflected in the reporting of the enterprise. For example,

Note that the arrow points to the logic of generating profit indicators.

The increase in profit can be associated with both intensive and extensive use of production resources. Therefore, the indicator of true efficiency can only be the profitability of sales, i.e. the ratio of profit to sales revenue.

Depending on the numerator, reflecting certain aspects of economic activity, there are:

,

Where - profit from sales;

N - sales proceeds in net selling prices (line 010 f. No. 2 of the profit and loss statement);

2. Profitability of probazh according to accounting (before tax) profit

Where - accounting profit(p. 140 No. 2);

3. profitability of sales by net profit ():

Where
- net (retained) profit (line 190 f. No. 2).

In management accounting and analysis, the profitability of sales indicator is used as the ratio of profit from sales to the cost (full or production) of sales of products ( ):

,

Where - cost of goods sold.

(continued page 199)

Third group profitability indicators are formed similarly to the first and second groups, however, instead of profit, net inflow is taken into account Money.

These indicators give an idea of ​​the degree of the company's ability to pay creditors, borrowers and shareholders in cash in connection with the use of cash inflow. The concept of profitability, calculated on the basis of cash, is widely used in countries with developed market economies. It is a priority, because operations with cash flows that ensure solvency are an essential sign of the “health” of the financial condition of an enterprise.

The variety of profitability indicators determines the alternative search for ways to increase it. Each of the initial indicators is decomposed into factor system with varying degrees of detail, which sets the boundaries for identifying and evaluating production reserves.

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When assessing the levels of profitability, the following indicators are used:

the total profitability of production, calculated as the ratio of balance sheet profit to average annual cost fixed production assets stocks and costs;

profitability of products sold, calculated as the ratio of profit from products sold in the wholesale prices of the enterprise.

The analysis of the level of profitability is carried out according to the elements included in the formula, i.e. the influence of the change in the amount of profit from the sale of the cost of OPF and NOS at the level of profitability is revealed. Such an analysis often distorts the economic meaning, since by themselves, the values ​​of fixed assets and normalized working capital do not show the effectiveness of their use. Any increase in the cost of fixed assets reduces the level of profitability.

The study of factors affecting the profitability of production is carried out in dynamics (in comparison with data for previous years).

The profitability of products must be analyzed in dynamics over a number of years, revealing the influence of relevant factors.

Factors that mainly affect the profitability of production include:

profitability of sold products;

capital intensity ratio of products;

coefficient of fixed assets.

Let us now consider these factors in more detail.

The factors affecting the profitability of production include the profitability of sales, the capital intensity of products (capital productivity), the coefficient of fixing working capital (turnover of working capital). To identify the influence of these factors, we will transform the formula for calculating the profitability of production:

We divide both the numerator and the denominator by the amount of revenue from product sales:

We get R - the profitability of sales, or the share of profit per 1 rub. sold products; Fe - capital intensity, which can be obtained as 1/H; H - the level of capital productivity; Kz is the fixing coefficient, which can also be found as 1/K; K - turnover ratio.

The study of factors affecting the profitability of production is carried out in dynamics (in comparison with data for previous years). Assessing the influence of these factors, the following calculations should be performed. General change in production profitability (DRpr):

Including:

1) due to a change in the profitability of products -

2) due to changes in the capital intensity of products (capital productivity):

3) due to a change in the coefficient of fixing (turnover) of working capital:

The total value of the influence of three factors will give a general change in the profitability of production:

Let us consider the above analysis technique for specific example(Table 1.1).

The level of production profitability for the reporting year increased by 0.84 points: DRpr = 12.93-12.09=0.84. The influence of individual factors was as follows.

1. An increase in the profitability of sold products (works, services) led to an increase in the level of production profitability by 0.31 kopecks. for every ruble of resources used:

2. Decrease in capital intensity, i.e. an increase in the return on assets of fixed production assets, led to an increase in the profitability of production by 0.47 kopecks. for every ruble:

Table 1.1. Profitability of production and factors determining it for the enterprise for the year

3. Decrease in the coefficient of fixed working capital, i.e. the acceleration of their turnover, led to an increase in the profitability of production by 0.06 kopecks:

Thus, the overall increase in profitability for all analyzed factors

for every ruble of resources used.

This is the overall change in the profitability of production compared to the data for the previous year (12.93-12.09 = 0.84 kop.)

The profitability of individual products depends on their market prices and cost.

We will consider the influence of these factors in the following example (Table 1.2).

Table 1.2. The influence of the market price and cost of a product on its profitability

The profitability of the product increased by 2%, this change was influenced by an increase in prices and a rise in the cost of production. To determine the influence of each factor, we will perform the following calculations.

where DR(P) - change in the profitability of the product as a result of price changes; economic financial profitability competitive

Conditional profitability of the product at the basic cost and the price of the reporting year;

Consequently, the increase in the market price led to an increase in the profitability of the product by 10.6%.

The increase in the cost of the product reduced its profitability by 8.6%.

The total change in profitability for both factors was (%): 10.6+(-8.6) = 2, which corresponds to the data in Table. 1.2. (Note that the alternative analysis yields)

Thus, conducting a deep financial analysis the activities of the enterprise will determine the potential of the company, their compliance with the prevailing market conditions.

In this article, we will look at turnover working capital, as one of the most important indicators for assessing the financial condition of the enterprise.

Working capital turnover

Working capital turnover (English Turnover Working Capital) is an indicator related to the company and characterizing the intensity of the use of working capital (assets) of the enterprise/business. In other words, it reflects the rate of conversion of working capital into cash during the reporting period (in practice: year, quarter).

The formula for calculating the turnover of working capital according to the balance sheet

Working capital turnover ratio (analogue: fixed asset turnover ratio, K ook) - represents the ratio of sales proceeds to the average working capital.

The economic meaning of this ratio is an assessment of the effectiveness of investing in working capital, that is, how working capital affects the amount of sales proceeds. The formula for calculating the turnover ratio of working capital on the balance sheet is as follows:

In practice, the analysis of turnover is supplemented by the coefficient of fixing working capital.

Coefficient of fixing working capital- shows the amount of profit per unit of working capital. The calculation formula is inversely proportional to the working capital turnover ratio and has next view:

- shows the duration (duration) of the turnover of working capital, expressed in the number of days required for the payback of working capital. The formula for calculating the turnover period of working capital is as follows:

Analysis of working capital turnover. Regulations

The higher the value of the turnover ratio of working capital, the higher the quality of working capital management in the enterprise. In financial practice, there is no single generally accepted value of this indicator; the analysis must be carried out in dynamics and in comparison with similar enterprises in the industry. The table below shows different kinds turnover analysis.

Video lesson: "Calculation of key turnover ratios for OAO Gazprom"

Summary

Working capital turnover is the most important indicator business activity enterprise and its dynamics directly reflects the financial stability of the enterprise in the long term.

18.04.13

11.04.13

4.3 stage. Analysis of the dynamics and structure of reserves is carried out on the basis of the balance sheet with the involvement of data financial plan, with the involvement of information on the standards of the enterprise in the framework of the following analytical table (a feature of this table is the presence regulatory information which is not always available.)

Based on the results of filling in the analytical table, it is necessary to formulate analytical conclusions.

It should be borne in mind that according to the table, the actual stock balances at the end of the reporting period are evaluated not only in dynamics, but also compared with standard values, which is a feature of this table.

In addition, according to the analytical table, it is necessary to draw an analytical conclusion about the change in which elements of the reserves had the most significant impact on the overall change in their value in the reporting period.

Pay special attention to key elements in the structure of reserves.

In addition, according to the analytical table, it is possible to draw a preliminary analytical conclusion about whether the company's products are in demand or not.

4.4 stage. To assess the rationality of the structure of reserves, the coefficient of accumulation of reserves is additionally calculated and analyzed.

This coefficient is calculated according to the balance at the beginning and end of the reporting period (year), as well as in dynamics over a number of years.

Calculation procedure = Stocks of raw materials, materials + other stocks / Stocks of finished products.

The economic content of the coefficient is due to the fact that it characterizes mobility, the movement of stocks.

Optimal coefficient value = 1

If the coefficient is greater than 1, then this indicates an irrational structure of stocks, the presence of excess stocks of raw materials and materials.

4.5 stage. To assess the rationality of the use of stocks, inventory turnover ratios are calculated and analyzed, which can be calculated by revenue or by cost.

Calculation procedure:

(by revenue) (Direct Inventory Turnover Ratio) = Revenue / Average Annual Inventory Value.

(at cost) Inventory turnover ratio in turnovers(direct inventory turnover ratio) = Cost price / Average annual cost of inventory.

To calculate the coefficients, information from the 2nd reporting form is required.

The economic meaning of the inventory turnover ratio in turnover shows how many turnovers during the reporting period stocks make or how many times during the reporting period the funds invested in stocks are returned to the enterprise in the form of revenue.

(by revenue) (Inventory Turnover Ratio) = Average Annual Inventory Value / Revenue

(at cost) Reserve fixing ratio(Inventory Turnover Ratio) = Average Annual Inventory Value / Cost.

The economic meaning of the inventory fixation ratio shows how many rubles of reserves are contained in each ruble of revenue.

Inventory turnover ratio in days(duration of one inventory turnover in days (inventory turnover period in days) = Average annual inventory ×T (calendar period in days (30,90,360)) / Revenue

The economic meaning of the inventory turnover ratio in days, it shows how many days the duration of one turnover of stocks is, or after how many days the funds invested in stocks are returned to the enterprise in the form of revenue.

The analysis of all turnover ratios is carried out in comparison for a number of years, as well as in comparison with the standard values ​​for the enterprise, if any.

A positive analytical assessment deserves an increase in the turnover ratio in turnover and a decrease in the fixing ratio and the turnover ratio in days. This is due to the fact that such a trend, the dynamics indicates the acceleration of inventory turnover, and therefore the acceleration of the turnover of all working capital.

4.6 stage. To assess the effectiveness of the use of stocks, the profitability ratios of stocks are calculated and analyzed = Profit / Average annual cost of stocks

The analysis of profitability ratios is carried out in dynamics over a number of years, as well as in comparison with the standards of the enterprise, in comparison with the average values ​​for the industry.

The growth of profitability deserves a positive assessment if it indicates an increase in the efficiency of the use of reserves.

4.7 stage. As part of a deep internal economic analysis, an optional (not mandatory) analysis of the size of non-liquid reserves can be carried out.

In connection with this, the presence of such non-liquid stocks, volumes in excess of standard stocks, the duration of storage in warehouses, as well as the reasons for their formation for each individual element of stocks, are being studied.

The main reasons for the increase in inventory balances can be:

1. In terms of raw materials and materials, this may be a decrease in the output of certain types of products, a deviation from the actual consumption rates of materials from standard values, uneven receipt of resources at the warehouse, an unbalanced delivery schedule, etc.

2. Work in progress: this is the termination of production orders, lack of planning and organization of production, underdelivery, etc.

3. For finished products: a drop in demand, poor product quality, irregular output, non-optimized shipment of finished products.

The elimination of these negative consequences can significantly reduce the cost of storing inventories, increase the profitability of inventories, increase inventory turnover and turnover of working capital in general.

Stage 5 Analysis of receivables.

Accounts receivable is temporary funds diverted from the turnover of the enterprise.

The analysis of receivables is carried out on the basis of the first form of reporting, the second form, the fifth form, with the involvement of information from the accounts accounting, with the involvement of information on civil law contracts of the enterprise, etc.

Accounts receivable are divided into: long-term (more than 12 months) and short-term (less than 12 months).

The analysis of receivables is carried out in the following sequence:

5.1 stage. Change analysis specific gravity the total amount of accounts receivable in the total amount of current assets. At the beginning and at the end of the reporting period, the following indicator is calculated = all accounts receivable / all current assets.

The higher the share of receivables, the more detailed the analysis should be.

5.2 stage. Analysis of changes in the total amount of receivables during the reporting period and in dynamics over a number of years.

For receivables as a whole, absolute deviations, growth rates, and growth rates are found.

Based on the results of calculations, it is necessary to formulate analytical conclusions.

The growth of accounts receivable in dynamics, the growth of its share in current assets deserves a positive assessment as an increase in the liquid asset of the enterprise, however, at the same time, accounts receivable must correspond to the sign of high-quality receivables.

Signs of quality receivables:

1. Accounts receivable are mostly short-term (see balance sheet)

2. Accounts receivable not overdue (see Form 5)

3. Accounts receivable has a high turnover

5.3 stage. Analysis of the dynamics and structure of receivables.

It is carried out according to the balance sheet in the framework of the following analytical table.

Based on the results of the analytical table, it is necessary to formulate analytical conclusions.

According to the table, it is possible to estimate the share of long-term and short-term receivables and, therefore, to draw preliminary analytical conclusions about the qualitative composition of receivables.

In addition, according to the analytical table, it is possible to draw a conclusion due to which debtors there was a significant decrease or increase in receivables during the reporting period and in dynamics over a number of years.

5.4 stage. As part of internal analysis in order to manage receivables and improve their quality, an analysis of the state of receivables is carried out according to the terms of their formation. To do this, the following analytical table is compiled.

This table is compiled as a rule on a monthly basis and allows you to timely control the procedure for settlements with various debtors and timely identify overdue debts without allowing them to be significant.

Similar tables can be compiled for specific enterprises by the debtor in order to track the receipt of funds from them (This stage is optional)

5.5 stage. Analysis of accounts receivable turnover. It is carried out using the calculations and evaluation of the following coefficients:

1) Accounts receivable turnover ratio in turnover = Revenue (N) / Average annual receivables

1. (moment) It should be borne in mind that the calculation of the turnover ratio in the case of receivables is only based on revenue.

2. (moment) The denominator is the average annual value of receivables in general (both long-term and short-term)

Economic meaning: this ratio shows how many turnovers are made by funds diverted to accounts receivable, or in other words, the ratio shows how many times during the reporting period funds are returned to the company from debtors

2) Accounts receivable turnover ratio in days (receivables repayment period in days or duration of one turnover of receivables in days) = Average annual receivables × T(30,90,360) / N (revenue)

Economic meaning: this ratio shows how many days the company returns money from debtors or how many days receivables are paid off.

The analysis of turnover ratios is carried out in dynamics over a number of years, as well as in comparison with the standard values ​​of the enterprise, if any, and in comparison with industry average values.

The increase in the turnover ratio in turnover and the decrease in the turnover ratio in days deserve a positive analytical assessment, as it indicates an acceleration in the turnover of receivables, and therefore an increase in its quality, and it also indicates an acceleration in the turnover of working capital in general.

Similarly, the turnover ratios of long-term receivables and short-term debts can be calculated and analyzed.

5.6 stage. Analysis of changes in the share of doubtful receivables in its total value (optional step)

Doubtful receivables are understood to be receivables that are not repaid within the time period established by the agreement and are not secured by appropriate guarantee obligations.

For the purposes of analysis, the indicator (ratio) is calculated = Amount (cost) of doubtful receivables × 100% / All receivables

This coefficient is calculated at the beginning and end of the year, as well as in dynamics over a number of years, and in the course of the analysis, the results are compared.

The growth of this ratio deserves a negative analytical assessment, the decrease in the ratio deserves a positive analytical assessment. Accordingly, the lower this ratio, the higher the quality of receivables.

5.7 stage. Comparative analysis receivables and payables.

A comparative analysis of receivables and payables is carried out for the purpose of a preliminary assessment of the solvency of the enterprise.

Accounts receivable is cash temporarily diverted from the turnover of the enterprise.

Accounts payable are funds temporarily involved in the turnover of the enterprise.

Therefore, in terms of liquidity, accounts receivable and in terms of maturity, accounts payable are on the same parallel.

Therefore, by comparing accounts receivable and accounts payable, it is possible to determine in advance to what extent the enterprise is able to pay off its obligations, provided that the enterprise receives funds from all debtors.

A comparative analysis of receivables and payables can be carried out according to a number of criteria:

1crit) By their volume (with the involvement of the balance)

2crit) By growth rate (see 1st form)

3crit) By turnover (see balance)

4crit) By degree of overdue (see 5th form)

An enterprise is preliminary recognized as solvent if the ratio of accounts receivable to accounts payable is greater than or equal to 1.

It should be borne in mind that this assessment is theoretical but not real, since the quality of receivables and payables is not taken into account.

To obtain a realistic assessment, it is necessary to compare receivables and payables of equal quality. To do this, it is necessary to exclude doubtful receivables and payables from the total volume of receivables and payables.

A comparative analysis of receivables and payables can be carried out in the framework of the following analytical table.

6. stage. Cash analysis.

Cash analysis is carried out in the following sequence:

6.1 stage. Analysis of the change in the share of cash in the total value of the current assets of the enterprise and in the total value of the value of property.

According to the balance at the beginning and end of the year, I calculate 2 indicators:

1) The share of cash in the total value of current assets = Cash ×100% / Current assets.

2) The share of funds in the property of the enterprise = Cash / Value of the property of the enterprise.

These indicators are compared in dynamics and analytical conclusions are drawn for each indicator.

The higher these indicators, the greater the degree of liquidity of the current assets of the enterprise. However, there are differences between theoretical and practical assessments, so a significant value of these indicators may indicate that the enterprise has non-performing funds in its accounts, which deserves a negative assessment.

6.2 stage. Analysis of changes in cash balances during the reporting period and over several years.

According to the cash line, according to the balance, absolute deviations, growth rates, growth rates are calculated.

The growth of cash in dynamics is assessed positively as an increase in a liquid asset; however, if this growth is too significant for several reporting periods, this indicates an inefficient use of funds.

6.3 stage. Analysis of the dynamics and structure of cash is carried out on the balance sheet in the following analytical table.

Based on the results of filling in the table, it is necessary to formulate analytical conclusions:

According to the table, based on the analysis of the structure of cash, it is necessary to identify in what form the company keeps its cash

In addition, it is necessary to determine the extent to which cash balances change according to various directions their use.

6.4 stage. Cash turnover analysis.

Analysis of cash turnover is carried out by assessing the turnover ratios:

1) Cash turnover ratio in turnover = Revenue (N) / Average annual cash balances (D)

This ratio shows how many turnovers the company's funds make.

2) Cash turnover ratio in days (duration of one turnover in days) = Average annual cash balances (D) × T / Revenue (N)

This ratio shows the duration of one turnover of funds per enterprise.

6.5 stage. As part of a deep internal analysis, an optional analysis of cash flows is carried out by direct and indirect methods (with the involvement of the 4th reporting form)

7. stage. Analysis of the effectiveness of the use of working capital.

Analysis of the effectiveness of the use of working capital is carried out using the following system of indicators:

1. (block of indicators) Turnover ratios of current assets in general:

1) Direct turnover ratio (turnover ratio) = N (revenue) / Average annual asset value

Economic content: The coefficient shows how many turnovers during the reporting period make the current assets of the enterprise

2) Reverse turnover ratios of current assets (fixing ratio of working capital) = Average annual cost of working capital / N

Economic content: The coefficient shows how many rubles of current assets are contained in each ruble of proceeds.

3) Current asset turnover ratios in days (duration of one turnover of current assets in days) = Average annual value of current assets ×T / N (revenue)

Economic content: The coefficient shows how many days is 1 turnover of current assets.

2. (block of indicators) Return on current assets = Profit (net profit before tax) / average annual value of current assets.

The profitability ratios show how much of the corresponding profit is received from each ruble of current assets and characterize the efficiency of the use of current assets in terms of profit.

Turnover and profitability ratios are analyzed in dynamics over several years, as well as in comparison with industry averages, with averages for the enterprise, if any.

The increase in the turnover ratio of working capital in turnover, the growth of profitability and the decrease in the coefficients of understatement and turnover in days deserve a positive assessment, as this indicates an acceleration of current assets and an increase in the efficiency of their use.

3. (block of indicators) relative savings of current assets.

S current assets = Ē 1 -Ē 0 ×N 1 / N 0

Ē 1 – average annual value of current assets in the reporting period

Ē 0 – average annual value of current assets in the base period

N 1 / N 0 - correction for the growth rate of revenue

Relative savings are measured in rubles and, depending on the sign, if the result is negative, then savings are obtained, if positive, then this means overspending

If savings were obtained, this is assessed positively and indicates more efficient use current assets in the reporting period compared with the base.

If an overspending was allowed, then this deserves a negative assessment and indicates a decrease in the efficiency of the use of current assets in the reporting period compared to the base one.

8. stage. Search for ways to accelerate the turnover of current assets.

Acceleration of the turnover of current assets can be achieved due to 2 groups of factors:

Group 1 Internal factors accelerating the turnover of current assets.

Group 2 External factors accelerating the turnover of current assets.

1 group.

Current assets of the enterprise are either in the sphere of production (all types of stocks) or in the sphere of circulation (accounts receivable, cash.

Hence internal factors acceleration of the turnover of current assets primarily associated with these two areas.

So in the field of production

1. By reducing the periods of storage of stocks of raw materials and materials in warehouses. To do this, a competent inventory management strategy should be developed, an optimal delivery schedule should be developed, etc.

2. By reducing the duration of the production cycle. To do this, first of all, it is necessary to improve the organization production process by reducing the duration of inventory holding in work in progress. In addition, there is a need to improve technological processes, attracting new technologies

3. By optimizing the sales system of the enterprise. To do this, an optimal marketing strategy for the enterprise should be developed.

In the field of circulation Accelerating the turnover of current assets can be achieved by:

1. Through development optimal strategy accounts receivable management. For this it is necessary to build optimal system contractual relations with debtors (a system of fines, penalties, fines, as well as guarantees).

The better the contract, the higher the turnover of receivables. In addition, it is advisable to develop a system of standards for the turnover of receivables and it is also necessary to optimize the policy of attracting debtors (it is better to have several debtors with whom there are less significant amounts).

2. Improving the quality of banking services. (example: a student must receive a scholarship on a daily basis)

2 group

To external factors acceleration of turnover of current assets include:

1) The scale of the business (turnover is usually higher in small enterprises)

2) Geographical remoteness or proximity to the consumer's sources of raw materials.

3) Inflation

4) Solvency of the population

5) Business partners

1. The concept and essence of the financial state.

2. Preliminary balance sheet analysis.

2.1. Express analysis of the balance.

2.2. Construction of a comparative analytical balance.

3. Evaluation of the rationality of the placement of the property of the enterprise.

4. Analysis of the financial stability of the enterprise.

4.1 Analysis of absolute indicators of financial stability.

4.2 Analysis of financial stability ratios.

5. Analysis of the solvency of the enterprise.

5.1. Balance liquidity analysis.

5.2. Analysis of absolute liquidity indicators.

5.3. Analysis of liquidity ratios.

5.4. Solvency analysis based on comparison of cash flows.

6. Analysis of the business activity of the enterprise.

7. Analysis of profitability indicators.

8. Construction of the final analytical conclusion.

Profitability indicators are used to assess the current profitability of the enterprise. This is a relative indicator that characterizes the effectiveness (effect/costs).

There are the following indicators of profitability:

This list can be supplemented at the request of individual project participants or financial structures, as well as in connection with the introduction government bodies new or changes in existing criteria for initiating the bankruptcy procedure of an enterprise.

The values ​​of the corresponding indicators should be analyzed in dynamics and compared with the indicators similar enterprises. Each project participant, as well as lending banks and lessors, may have their own idea of ​​the marginal values ​​of these indicators, indicating an unfavorable financial position of the company. However, in any case, these limit values ​​significantly depend on the production technology and the structure of prices for manufactured products and consumed resources. Therefore, use the prevailing at the time of calculation ideas about the marginal levels of financial indicators to assess financial position enterprises over a long period of implementation investment project not always appropriate.

Determine the factors that affect profitability

asset turnover

Rp* - asset turnover*

1. With the growth of asset turnover, the profitability of sales and profitability of assets grows.
2. All types of profitability are expressed through the profitability of sales

In 1919, Dupont specialists proposed a scheme factor analysis. In the DuPont factorial model, for the first time, several indicators are linked together and presented in the form of a triangular structure, at the top of which is the profitability ratio equity ROA as the main indicator that characterizes the effectiveness of funds invested in the activities of the company, and based on two factor indicators - return on sales NPM and resource efficiency TAT.

Subsequently, this model was deployed into a modified factorial model, presented in the form of a tree structure, at the top of which is the return on equity (ROE), and at the bottom - signs characterizing the factors of production and financial activities enterprises. The main difference between these models is a more fractional selection of factors and a change in priorities relative to the performance indicator. Enough effective way evaluation is the use of rigidly deterministic factor models; one of the variants of such an analysis is just carried out using a modified factorial model. The DuPont factor model is used for factor analysis of return on equity, it establishes the relationship between return on equity and fixed assets. financial performance enterprises: return on sales, asset turnover and financial leverage. DuPont's modified model is: ROE = Net Income/Revenue*Revenue/Assets*Assets/Equity.

For each specific case, the model allows you to determine the factors that have the greatest impact on the value of return on equity. From the presented model, it can be seen that the return on equity depends on three factors: return on sales, asset turnover and the structure of the advanced capital. The significance of the identified factors is explained by the fact that in a certain sense they generalize all aspects of the financial and economic activities of the enterprise, its statics and dynamics.

The modified factor model clearly shows that the return on equity of an enterprise and its financial stability are inversely related. With an increase in equity capital, its profitability decreases, but the financial stability and solvency of the enterprise as a whole increases.