Ministry of Education and Science of the Russian Federation

State budgetary educational institution

higher professional education

"South Ural State University"

(national research university)

Faculty of Economics and Management

Department of Economic Theory, World and Regional Economics

Comprehensive economic analysis of the economic activity of an enterprise

EXPLANATORY NOTE FOR THE COURSE WORK

in the discipline "Economic Analysis"

SUSU -080100.2014.191. PZ KR

Chelyabinsk 2015

Introduction. 3

Part 1. Financial performance indicators. 4

1. Share of fixed and working capital in the asset structure. 4
2. Level and dynamics of capital productivity. 4
3. Level and dynamics of material consumption. 5
4. Deterministic models of sales volume and factors influencing their change 6
5. Structure of cost per ruble of sales and dynamics of components of this indicator 8
6. Growth rate. 9
7. Structure of current assets. eleven
8. Speed ​​and time of turnover of working capital. 12
9. The influence of various factors on the amount of need for working capital and inventories. 13
10. Level of profitability of the enterprise, products, equity capital. 16
11. The influence of factors on the profitability of enterprise assets. 17
12. The influence of various factors on return on equity. 21
13. Calculation of the critical sales volume in the base and reporting periods. 22
14. The influence of the parameters of the CVP model on changes in profit. 23
15. Operational and financial dependence. 24

Part 2. Indicators of financial stability. 27

1. Share of own and borrowed capital. 27
2. Liquidity of the company. thirty
3. Financial stability of the enterprise. 31
4. Speed ​​and time of turnover of receivables and payables. 39

Part 3. Improving the efficiency of inventory management. 42

Conclusion. 46

References.. 47

Introduction

The main objective of this course is to study the theoretical foundations of economic analysis and solve specific economic problems.

In a modern market economy, it increases the independence of an enterprise in developing and making management decisions to ensure their effective operation.

The main questions of social development: what (and how much to produce)? how to produce? for whom to produce? it is impossible to solve without fundamental knowledge of economic analysis, which allows us to develop a strategy and tactics for developing and increasing production efficiency.

The results of production, commercial, financial and other activities depend on a variety of factors. With the help of a comprehensive analysis, studying the influence of factors, it is possible to justify plans and determine the main directions of management decisions.

This course work highlights the following tasks of financial analysis:

• performance analysis;
• analysis of financial performance;
• a measure to improve the financial condition of an enterprise.

If the owner is, as a rule, interested in financial performance and financial stability, then the manager is interested in all the information useful for making management decisions. For these purposes, the most important may be the following procedures for analyzing the financial and economic activities (FEA) of an enterprise:

• assessment of solvency (liquidity);
• profitability assessment;
• assessment of financial stability.

The purpose of the course work is to make an economic analysis of the enterprise and draw a conclusion about its economic condition

Part 1. Financial performance indicators.

1. Share of fixed and working capital in the asset structure

Table1 .1 Share of fixed and working capital in the asset structure

In table Table 1.1 shows data on fixed and working capital, and their share in the structure of assets at the beginning and end of the reporting year. Graphically this relationship is presented in Fig. 1.1.

Drawing1 .1

2. Level and dynamics of capital productivity

Capital productivity is an indicator of the efficiency of using fixed assets. The return on fixed production assets is calculated by dividing the volume of products produced over a certain period by the average cost of fixed production assets over this period.

Table 1.2 Indicators of revenue, cost of PF and capital productivity.

It should be noted that the dynamics of capital productivity is positive. The positive change in the indicator occurred due to a change in the volume of revenue (revenue increased), this means that the company increased its sales volume and began to use its resources more rationally.

The level and dynamics of capital productivity are presented in Fig. 1.2.

Figure 1.2

3. Level and dynamics of material consumption

Material intensity characterizes the consumption of materials per 1 ruble of manufactured products.

Table 1.3 Indicators of revenue, material costs and material intensity.

Table 1.3 presents data for calculating material consumption, as well as the final value of this value. Level and dynamics ME at the beginning and end of the reporting period is shown in Figure 1.3.

Figure 1.3

As the material intensity of products increases, additional resources have to be spent to produce products.

4. Deterministic models of sales volume and factors influencing their change

The following deterministic analysis models exist:

• additive model, i.e., a model in which factors are included in the form of an algebraic sum. An example of an additive model is the calculation of balance sheet currency, gross profit and net profit.

Let's calculate the company's revenue:

(thousand roubles.)

(thousand roubles.)

(thousand roubles.)

The company's revenue increased by 14,636 thousand roubles.

Thus, when constructing an additive model, the internal state of the enterprise was analyzed and the main factors influencing changes in sales volume were identified: an increase in short-term liabilities and a reduction in production volume.

• multiplicative model, i.e., a model in which factors are included in the form of a product. Let us consider the influence of extensive and intensive factors on changes in production volume.

Where, is the company's revenue,

return on assets

Average annual cost OF.

Those. The volume of production of an enterprise is influenced by both quantitative and qualitative factors, and it should be taken into account that there is a reduction in the enterprise's revenue as a result of a decrease in the use of PF (extensive indicator).

• multiple model, i.e., a model representing a relationship of factors. An example is the calculation of material productivity.

Despite the fact that the company's revenue has decreased, material productivity has increased due to a reduction in material costs.

5. Structure of cost per ruble of sales and dynamics of components of this indicator

Table 1.4 Cost structure

In table 1.4 shows the cost structure, as well as the final value of the unit cost and its components. That is, for 1 ruble of sales there are 0.799 rubles in the base period and 0.785 rubles in the reporting period. Figure 1.4 graphically shows the structure and dynamics of cost components.

Figure 1.4

6. Growth rate

In table 1.5-a, b, c presents data on cost, fixed costs, assets and sales volume at the beginning and end of the reporting period. As well as the growth rate of these indicators.

a) Cost and sales volume:

Table 1.5-a. Indicators and growth rate of cost and sales volume

The reduction in production costs has a greater tendency than the rate of decline in sales volume. It follows that while sales volume decreased by 0.78 times, production costs decreased by 0.82.

b) Fixed costs and sales volume:

The structure of fixed costs includes:

• Depreciation
• Other costs

Table 1.5-b Indicators and growth rate of fixed costs and sales volume

c) Assets and sales volume:

Table 1.5-c Indicators and growth rate of assets and sales volume

In Fig. 1.5 shows the growth rate of cost, fixed costs, assets and sales volume.

Figure 1.5

7. Structure of current assets.

Based on the data in table. 1.6, Figures 1.6-a,b show the structure of current assets at the beginning and end of the reporting year.

Table 1.6 Structure of current assets

Figure 1.6-a Figure 1.6-b

8. Speed ​​and time of turnover of working capital.

Capital turnover rate;

Revenue;

Current assets.

The capital turnover time decreased by 44 days during the reporting period. The dynamics of speed and turnover time are shown in Fig. 1.7-a, b.

Figure 1.7-a. Figure 1.7.-b

9. The influence of various factors on the amount of need for working capital and inventories.

1. The influence of sales volume and the rate of turnover of working capital on the amount of working capital.

We will evaluate the influence of factors using the chain method.

Original model:

B. The influence of changes in the rate of turnover of working capital on the amount of working capital:

B. Total change in working capital:

2. The impact of changes in sales volume and turnover time of working capital on the amount of working capital

We will evaluate the influence of factors using the integral method.

Original model:

A. The impact of changes in sales volume on the amount of working capital:

B. The influence of changes in the turnover time of working capital on the amount of working capital:

B. The cumulative influence of factors on the value of current assets:

1. The influence of sales volume and inventory turnover rate on inventory levels

The inventory turnover rate is calculated using the formula:

where V is the inventory turnover rate,

N - sales volume in monetary terms,

Z - reserves.

Inventory turnover time is calculated using the formula:

where t is the inventory turnover time.

Table 1.10 - Calculation of the speed and time of inventory turnover

We will assess the influence of factors on the amount of reserves using the chain method.

Original model:

where Z - reserves

B. The effect of changes in the rate of inventory turnover on the amount of inventory:

4. The influence of sales volume and inventory turnover time on the amount of inventory

We will analyze the influence of factors using the integral method.

Original model:

A. The impact of changes in sales volume on inventory levels:

B. The effect of changes in inventory turnover time on inventory levels:

B. The cumulative influence of factors on the amount of reserves:

10. Level of profitability of the enterprise, products, equity capital.

a) Enterprise profitability.

Profit from sales;

Enterprise assets equal to the sum of non-current and current assets.

In Fig. 1.8 graphically shows the profitability of the enterprise, products, and equity capital at the beginning and end of the reporting period.

Figure 1.8

11. The influence of factors on the profitability of enterprise assets.

Original model: (1)

where FE main is the capital intensity of fixed capital,

FE ob - capital intensity of working capital,

ME - material consumption,

WE is an indicator of salary capacity,

AE is an indicator of depreciation capacity,

Pre is an indicator of the capacity of other costs.

Table 1.8 - Data on fixed and working capital, production volume, material costs, labor costs, depreciation, and other costs.

To find the profitability of an enterprise's assets, it is necessary to calculate several indicators indicated in formula (1).

Table 1.9 - Indicators for calculating the profitability of an enterprise's assets.

Let's calculate the profitability of the enterprise's assets at the beginning and end of the reporting period:

ρ a0 = 0,528 ρ a1 = 0,658

Let's calculate the influence of various factors on changes in the profitability of an enterprise's assets:

a) The impact of changes in material intensity on the company’s return on assets: 0.335 denominator 0.636

∆ρ a∆ME= 0,528

∆ρ aME= ∆ρ a∆ME - ∆ρ a0= 0,527- 0,528 = -0,001

b) The impact of changes in salary capacity on the company’s return on assets

∆ρ а∆ЗЭ = 0,583

∆ρ aЗЭ = ∆ρ a∆ЗЭ - ∆ρ a∆ME = 0,583 - 0,527 = 0,055

c) The impact of changes in depreciation capacity on the company’s return on assets

∆ρ a∆AE = 0,589

∆ρ aAE = ∆ρ a∆AE - ∆ρ a∆ЗЭ = 0,589- 0,583 = 0,006

d) The impact of changes in other.consumables on the return on assets of the company

∆ρ a∆Pre = 0.533

∆ρ aPre = ∆ρ a∆Pre - ∆ρ a∆AE = 0,533- 0,589 = -0,056

e) The impact of changes in core capital intensity on the return on assets of the company numerator 0.339

∆ρ a∆FEosn = 0.642

∆ρ aFEosn = ∆ρ a∆FEosn - ∆ρ a∆PrE = 0.642-0,533 = 0,109

f) The impact of changes in operating capital intensity on the return on assets of the company

∆ρ a∆Феоb = 0,658

∆ρ aФеоb = ∆ρ а∆Феоb - ∆ρ а∆Феосн = 0,658- 0,109 = 0,549

Table 1.14 - Determining the influence of factors on changes in return on assets

As can be seen from the calculations, all factors had approximately the same impact on the change in the profitability of the enterprise’s assets, either upward or downward. But the greatest influence on the change in return on assets was exerted by the factors of capital productivity of fixed and working assets.

12. The influence of various factors on return on equity.

Return on sales, asset turnover rate, financial dependence ratio.

Profitability of insurance companies at the beginning and end of the period:

ρ SK0 = ρ sales0 *V 0 * KFZ 0 = 0,078*1,57*1,209=0,148

ρ SK1 = ρ sales1*V 1 * KFZ 1 = 0,065*1,94*1,255=0,158

a) The impact of changes in sales profitability on the profitability of the company’s insurance company:

∆ρ SK∆ sales = (ρ sales1 - ρ sales0) *V 0 * KFZ 0 =-0,013*1,57*1,209 = -0,025

∆ρ SC ∆ρ sales = ∆ρ SK ∆sales - ρ SK0 =-0,025-0,148 = -0,173

b) The impact of changes in the turnover rate on the profitability of the company's insurance company:

∆ρ SK∆ V = ρ sales1 * (V 1 - V 0 ) * KFZ 0 = 0,065*0,37*1,209= 0,029

∆ρ SK ∆V= ∆ρ SK∆ V - ∆ρ SK∆ sales = 0,029-0,025 = 0,004

c) The impact of changes in the financial dependence ratio on the profitability of the company's insurance company:

∆ρ SK∆KFZ = ρ sales1*V 1 * (KFZ 1 - KFZ 0) = 0,065*1,94*0,046 = 0,006

∆ρ SK ∆KFZ = ∆ρ SK∆KFZ - ∆ρ SK∆ V = 0.006 - 0.029 = -0.023

Calculations showed that the profitability of the company's insurance company was most affected by changes in the profitability of sales.

The profitability of the enterprise decreases as a result of changes in the factors discussed above.

13. Calculation of the critical sales volume in the base and reporting periods.

The critical sales volume is the sales volume at which the amount of sales revenue offsets the costs, i.e. profit is zero.

All enterprise costs that are associated with the production and marketing of products can be divided into variable and fixed.

Variable costs depend on production volume. In this case, variable costs include material costs, labor costs and social contributions.

Fixed costs do not depend on production volume; they include depreciation of fixed assets and other costs.

Equation for critical sales volume in physical units:

where C is the total fixed costs,

P - unit price,

v - specific variable costs.

Table 1.16 - Calculation of critical sales volume in physical terms

Table 1.16 shows that the critical sales volume at the end of the reporting period increased compared to the beginning of the reporting period.

Table 1.17 - Calculation of critical sales volume in value terms

The critical sales volume in value terms at the end of the period also increased compared to the beginning of the reporting period of this enterprise.

14. Influence of parameters of the CVP model on changes in profit

The CVP model reflects the relationship between profit, sales volume and production costs.

Original model:

Table 1.18 - Data on price, production volume, fixed costs and variable costs.

Let's calculate the influence of the parameters of the CVP model on changes in profit:

a) The effect of changes in production volume on the firm’s profit:

b) The impact of changes in fixed costs on the firm’s profit:

c) The impact of changes in variable costs on the firm’s profit:

d) The effect of price changes on the firm's profit:

15. Operational and financial dependence.

POP - the degree of operational dependence - is the potential opportunity to influence the profit of the company by changing the cost structure and the volume of its output. Otherwise, POP is the percentage change in profit before taxes (maximum permissible limit) and interest caused by a 1% change in sales volume.

Initial POP model:

Let's calculate POPs at the beginning and end of the reporting period:

SFZ - the degree of financial dependence is the percentage change in earnings on shares (PNA) related to the percentage change in earnings before interest and taxes.

Initial PPS model: , let's calculate the PPS at the beginning and end of the reporting period.

Since interest payments are equal to 0, and the numerator and denominator of the model differ by exactly this amount, the SPF at the beginning and end of the period will be the same and equal to 1.

The degree of combined product dependence is the percentage change in earnings per share caused by the percentage change in sales volume.

Initial VCS model:

The RMS value can be found by knowing the values ​​of POP and SPS:

Let's find the values ​​of the RMS at the beginning and end of the reporting period:

Since the SPS component is equal to 1, the SPS values ​​will be equal to the POP values ​​at the beginning and end of the reporting period, respectively.

Table 1.19 - Calculation of operational and financial dependence.

Part 2. Indicators of financial stability.

1. Share of own and borrowed capital.

The balance sheet liability consists of equity and debt.

Table2 Composition of balance sheet liabilities

In Fig. Table 2.1 shows the share of equity and borrowed capital at the beginning of the reporting year.

Drawing2 .1

The table below shows the structure of equity capital at the beginning and end of the reporting period (Table 2.1). These data are shown graphically in Fig. 2.2

Table 2.1 Structure of equity capital

Figure 2.2

The figure shows that during the reporting period there were no changes in the structure of the insurance company.

In table 2.2 shows the structure of borrowed capital. And in Fig. 2.3-a, b graphically demonstrate these indicators at the beginning and end of the reporting period.

Table 2.2 Structure of borrowed capital

Figure 2.3-a. Figure 2.3-b.

The charts show that during the reporting period the level of credit debt increased compared to loans of 75% and 25%, respectively.

2. Liquidity of the company.

Liquidity of an enterprise is the ability of an enterprise to pay off its current liabilities at the expense of its current assets.

Table 2.3.

1. Current ratio:

Norm: k≥2

Figure 2.4

3. Financial stability of the enterprise.

Financial stability is the ability of an enterprise to finance its assets from long-term sources.

1. Absolute indicators of the financial stability of the enterprise:

Table 2.4 Data on inventories and VAT

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

• Availability of own working capital

SK - equity capital

VA - non-current assets

Table 2.5 Data on equity and non-current assets

• Availability of own and long-term borrowed sources for the formation of reserves and costs

Chipboard - long-term liabilities

Table 2.6 Data on equity, long-term liabilities and non-current assets

• The value of the main sources of formation of reserves and costs

KSKr - short-term loans

Table 2.7 Data on equity, long-term liabilities, short-term loans and non-current assets

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

• Excess or shortage of own working capital

Table 2.8 Data on own working capital, inventories and costs

• Excess or deficiency of own and long-term borrowed sources of formation of reserves and costs

Table 2.9 Data on own and long-term borrowed sources, inventories and costs

• Excess or shortage of main sources for the formation of inventories and costs

Table 2.10 Data on main sources, inventories and costs

Using these indicators, you can determine a three-component indicator of the type of financial situation:

Table 2.11 Data on SOS, SDP, OI

Figure 2.5 - Absolute indicators of the financial stability of the enterprise

Figure 2.5 shows that the indicator of the size of the main sources has increased to a greater extent compared to the first two indicators.

according to the obtained indicators:

We get the value of the function S (1; 1; 1).

Thus, all indicators are positive. This indicates the stable financial condition of the enterprise both in the base and reporting periods.

B) Relative indicators of financial stability.

1) Financial stability coefficient

Table 2.11 Data on equity, long-term liabilities and assets

The ratio at the end of the reporting year is > 0.75, which is a positive indicator for the enterprise.

2) Debt to equity ratio

Table 2.12 Data on equity and debt capital

Coefficient > 1, which is a negative indicator for the enterprise.

Exceeding this limit means the enterprise’s dependence on external sources of funds, loss of financial stability (autonomy).

3) Autonomy coefficient

Characterizes independence from borrowed funds. Shows the share of own funds in the total amount of all funds of the enterprise. The minimum threshold value is 0.5.

Table 2.13 Data on equity and assets

4) Financial dependency ratio

Table 2.14 Data on equity and assets

5) Equity capital agility ratio

Table 2.15 Data on equity and SES

6) The ratio of provision of working capital with own sources of financing is a criterion for determining insolvency

Table 2.16 Data on SOS and current assets

The higher the indicator, the better the financial condition of the enterprise, the more opportunities it has to pursue an independent financial policy.

In our case, it is clear that this indicator began to decline by the end of the year.

7) Financial dependence coefficient in terms of reserve formation

Table 2.17 Data on SOS and reserves

Having considered the relative indicators of financial stability, we can conclude that the enterprise is in a stable position. In general, the coefficients comply with the standards, only the coefficient of the ratio of SK and ZK goes beyond the acceptable limits.

4. Speed ​​and time of turnover of receivables and payables.

Let's consider the receivables and payables of the enterprise at the beginning and end of the reporting year. (Table 2.3)

The analysis uses indicators of the efficiency of use and movement of receivables and payables.

Table 2.18 Data on revenue, DZ and KZ

Figure 2.6-a.b.

According to the data in Table 2.17 and the results of constructing diagrams 2.09 and 2.10, we can conclude that the turnover rate of the DZ decreased by 6.3, and the KZ also decreased by 2.57. This happened due to an increase in the short circuit and short circuit indicators. Since time is inversely proportional to the speed of rotation, then, accordingly, the rotation time of the DZ increased by 10.32, and the rotation time of the SC increased by 5.37.

1. The influence of various factors on the amount of demand for accounts receivable.

Original model:

Table 2.19 Data on accounts receivable, revenue and receivables turnover rate

A) The impact of revenue on the need for remote control

B) The influence of the receivables turnover rate on the need for receivables

Part 3. Improving the efficiency of inventory management.

As an example of the study, we took the situation with the inventories of the SUN InBev enterprise.

SUN InBev is one of the leaders of the brewing market in Russia. The company was created in 1999 as a strategic partnership between InBev, the leading brewing company in the world, and the SAN Group, which has been operating in the region since 1958, including in the brewing business in Russia and the CIS since the early 90s of the twentieth century. The company uses the most advanced technologies and techniques in production, marketing, logistics and management, with the goal of becoming the best brewing company in the world.

As a result of the analysis of the inventory management policy of the SUN InBev enterprise, the following indicators were calculated.

As a result, the optimal size of the production inventory should be 11,780 tr. With such indicators of the average size of the delivery lot and the average size of the raw material stock, the operating costs of the enterprise for servicing the stock will be minimal.

An analysis of the system for controlling inventory levels and the specifics of SUN InBev production revealed the following problem: the inflexibility of the inventory management system and, as a consequence, an increase in costs for ensuring the safety of inventories of raw materials and supplies.

To solve the problem of increasing costs for maintaining and delivering raw materials, we will design an original inventory management system for the enterprise. Why do we have:

1. Restrictions on maximum stock size.
2. Order size restrictions.
3. Fixed time interval between orders.
4. High degree of demand uncertainty.
5. Some seasonality of production.

Under an agreement with OJSC Baltinvestbank, SUN InBev takes out a loan secured by existing stocks of grain crops, so the organization must constantly maintain the level of stocks in the warehouse that is pledged. Under the loan agreement, SUN InBev pledges the grain stock stored in the warehouse in the amount of RUB 4,252,850. or 11,521 tons. The storage area is designed for 20,000 tons.

Taking into account the degree of demand uncertainty, we will take the highest average daily consumption of grain crops for 2008 as the expected average daily consumption (since the volume of beer sales for 2008 does not differ significantly from the planned volume of beer sales in 2009).

To calculate the optimal order size, it is necessary to determine the following types of costs:

1. The cost of storing a unit of material per unit of time.
2. Losses from immobilization (death) of funds per unit of material per unit of time;
3. Costs of organizing the delivery of one delivery;

Let us highlight the main types of costs associated with storing inventory:

The total cost of storing inventories is: 39,380 thousand rubles per day.

To determine the cost of storing a unit of material (1t), we determine the actual stock in the warehouse (average stock level per day in fact) using warehouse accounting cards (Table 3.1).

Table 3.1 Remaining inventory in warehouse

We will calculate the average actual inventory level in the warehouse using the average chronological formula: (11,350/2 + 11,680 + 13,420 + 12,130 + 11,600 + 11,860 + 11,940/2)/6 = 12,055.8 tons.

The cost of storing 1 ton of inventory per day will be 39,380/12,055.8 = 3.27 rubles.

1. Losses from cash immobilization are calculated based on the fact that the amount of cash invested in inventories does not generate income, that is, losses from cash immobilization are lost income. The amount of money invested in inventories can be determined as the average cost of the inventory in the warehouse: 12,055.8 tons * 387 rub./t. = 4,665,594.6 rub.

Table 3.2

From the point of view of increasing the efficiency of inventory management, the validity of standardization of inventories of materials is of great importance, since the validity of inventory standards largely determines the state of the actual inventory.

According to the economic department, the actual volume of grain stock at the moment is 12055.8 tons. If we compare it with the optimal stock size (11780 tons), then it is 275.8 tons higher than the norm, due to the inflexibility of the stock management system and seasonality of demand for main products. As a result, the company incurs additional costs for maintaining excess inventory.

As a result of reducing the actual stock to the standard stock, the enterprise can reduce the cost of maintaining excess stock.

The total cost of maintaining a stock of grain crops per day is 39,380 rubles.

Per 1 ton of grain crops, the cost will be 39380/12055.8 = 3.27 rubles. in a day. As a result of justified rationing of grain crops stock, the level of actual stock can be reduced by 275.8 tons, which will allow for cost savings in the amount of 275.8 * 3.27 = 901.87 rubles. in a day.

Thus, we received significant savings in the cost of maintaining raw materials and materials.

Conclusion

Analysis is understood as a way of understanding objects and phenomena of the environment, based on dividing the whole into its component parts and studying them in all the variety of connections and dependencies. The content of the analysis follows from the functions. One of these functions is the study of the nature of the operation of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise. The next function of analysis is monitoring the implementation of plans and management decisions, and the economical use of resources. The central function of the analysis is to search for reserves for increasing production efficiency based on the study of advanced experience and achievements of science and practice. Another function of analysis is to evaluate the results of the enterprise’s activities in terms of fulfilling plans, the achieved level of economic development, and the use of available opportunities. And, finally, the development of measures for the use of identified reserves in the process of economic activity.

In the first chapter of this work, the financial results of the enterprise were calculated, from which the following conclusion can be drawn:

Most of the assets are current assets

the capital productivity of the enterprise has increased, which is a positive trend for the enterprise

a large share in the cost structure is occupied by labor costs

asset growth rates are approximately equal

In the structure of assets, a large share is occupied by inventories

The second chapter provides an analysis of the financial stability of the enterprise.

The results show that the enterprise is not liquid according to any of the ratios. At the same time, the coefficients are significantly lower than acceptable values. This indicates that the company is not able to repay in a short period of time accounts payable that require immediate repayment.

At the same time, the assessment of the financial indicator indicates the stable condition of the enterprise.

In the third chapter, we solved the inventory problem based on the readings of SUN InBev, and found out that the company needs to slightly reduce the amount of inventory, while it will receive significant savings.

Bibliography

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Comprehensive analysis of economic activities

using the example of Favorit LLC

Introduction

1. Characteristics of the enterprise Favorit LLC

2. Analysis and assessment of the structure of the enterprise’s balance sheet

2.1 Analysis of non-current assets

2.2 Analysis of current assets

2.2.1 Structure of the enterprise's reserves

2.2.2 Vertical analysis of assets for 2006

2.2.3 Vertical analysis of assets for 2007

2.3 Analysis and assessment of the structure of liabilities

2.3.1 Vertical analysis of liabilities for 2006

2.3.2 Vertical analysis of liabilities for 2007

2.4 Analysis of the financial condition of Favorit LLC

Conclusion

List of used literature

Introduction

Ensuring the effective functioning of organizations requires economically competent management of their activities, which is largely determined by the ability to analyze it. With the help of a comprehensive analysis, development trends are studied, factors of change in performance results are deeply and systematically studied, business plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, the results of the enterprise’s activities are assessed, and an economic strategy for its development is developed.

Comprehensive economic analysis is the scientific basis for making management decisions in business. To justify them, it is necessary to identify and predict existing and potential problems, production and financial risks, and determine the impact of decisions made on the level of risks and income of a business entity. Knowing the technique and technology of analysis, you can easily adapt to changes in the market situation and find the right solutions and answers. To ensure effective operations in modern conditions, management needs to be able to realistically assess the financial and economic state of their enterprise, as well as the state of business activity of partners and competitors.

The purpose of this work is the study and calculation of indicators to determine the financial results of an enterprise using the example of Favorit LLC. To calculate indicators characterizing the financial results, solvency and financial stability of the enterprise, its liquidity, provision of own and working capital, as well as to calculate profitability indicators, it is necessary to conduct a full analysis of the structure of the assets and liabilities of the enterprise, an analysis of the enterprise's fixed and working capital and the sources of their formation . Based on the data obtained, calculate the necessary indicators and coefficients and draw appropriate conclusions.

the main objective This work is to examine the financial condition of the enterprise Favorit LLC.

Tasks:

Profit and profitability analysis;

Preliminary review of the balance sheet and analysis of its liquidity;

Characteristics of the enterprise’s property: fixed and working capital and their turnover, identification of problems;

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

Financial stability assessment;

Calculation of liquidity ratios;

To solve the above problems, the annual financial statements of Favorit LLC for 2006, 2007 are used, namely:

Balance sheet (form No. 1);

Profit and loss statement (form No. 2);

Appendix to the balance sheet (form No. 5).

The object of the study is the limited liability company “Favorite”.

The subject of analysis is the financial processes of the enterprise and the final production and economic results of its activities.

When conducting this analysis, the following techniques and methods will be used:

Horizontal analysis, vertical analysis,

Analysis of coefficients (relative indicators),

Comparative analysis.

This course work is a detailed calculation and analysis of the financial and economic activities of Favorit LLC.

1. Characteristics of the financial and economic activities of the LLC"Favorite"

The main activity of Favorit LLC is the production and sale of woodworking products: lumber (lining, edged and unedged boards, etc.), as well as wood products (window frames, doors, door blocks, baseboards, platbands, etc.). The goal of Favorit LLC is to produce these products and satisfy the existing demand for them in the market of Uryupinsk and surrounding areas and, accordingly, to make a profit in the process of this activity. Favorit LLC has created an authorized capital. The property of a limited liability company is formed from the contributions of participants, income received and other legal sources, and belongs to its participants on the basis of shared ownership. The number of participants of Favorit LLC is 19 individuals. The supreme governing body of Favorit LLC is the meeting of participants. It resolves issues of determining the main directions of business activity, consideration and approval of estimates, reports and balances, election and recall of the executive body and the audit commission, determination of the conditions for remuneration of officials, distribution of profits and determination of the procedure for covering losses, etc. The executive body of Favorit LLC is the director. His competence includes the development and implementation of goals, policies and strategies for achieving them, as well as the organization and management of the current activities of the company, property management, hiring and dismissal of personnel. In 2007, the average number of employees of Favorit LLC was 62 people.

Favorit LLC produces a wide range of woodworking products, containing more than twenty items. Prices for the products manufactured by Favorit LLC are similar to the prices of competing companies.

2. Analysis and assessment of the structure of the enterprise’s balance sheet

2.1 Analysis of non-current assets

Non-current assets are assets that undergo one turnover in the process of production activities. Analysis and evaluation of non-current assets is carried out from the point of view of making a profit. The purpose of the analysis is to identify reserves and ways to obtain or increase this profit. It is important to note that non-current assets do not directly generate profit, but influence it indirectly, through fixed assets in combination with other assets. One of the most important factors in increasing the volume of production at industrial enterprises is the provision of their fixed assets (fixed production assets) in the required quantity and range and their effective use, since they are the basis for economic and production activities. The economic essence of fixed production assets lies in the fact that they are repeatedly involved in the production process, transfer their value to the cost of the output (manufactured) products and do not lose their natural material form during the production process (they retain their consumer value and natural form).

In the standard classification, the main production assets are grouped according to the nature of participation and natural material forms:

1. Buildings (construction and architectural objects for industrial purposes (buildings of workshops, enterprise services, etc.);

2. Structures (engineering and construction facilities that perform technical functions not related to changes in circulating production assets (objects of labor) - roads, overpasses, tunnels, bridges, etc.);

3. Power machines and equipment (objects intended for the generation and distribution of energy (generators, electric motors, internal combustion engines, etc.));

4. Working machines and equipment (directly involved in the technological process, influencing objects of labor (metal-cutting machines, presses, hammers, thermal furnaces, etc.));

5. Measuring and regulating instruments and devices, laboratory equipment (intended for regulation, measurement and control of technological processes, conducting laboratory tests and research);

6. Computer technology (a set of tools for speeding up and automating calculations and decision making);

7. Other machines and equipment (machinery and equipment not included in the listed groups (fire engines, telephone exchange equipment, etc.));

8. Vehicles: railway, road, water, aviation (they move people and goods within the enterprise and outside it (electric locomotives, diesel locomotives, cars, etc.));

9. Transmission devices (objects intended for transformation, transmission and movement of energy (electricity and heating networks, gas networks that are not the main part of the building));

10. Other fixed production assets (objects of fixed production assets not included in the above groups).

Analysis tasks:

· Determination of the provision of the enterprise and its structural divisions with fixed assets and the level of their use according to general and specific indicators;

· Identification of the reasons for changes in their level;

· Calculation of the impact of the use of fixed assets on the volume of production and other indicators;

· Studying the degree of utilization of the production capacity of the enterprise and equipment;

· Establishment of reserves for increasing the efficiency of use of fixed assets.

Sources of information: business plan of the enterprise, technical development plan, form No. 1 “Balance sheet of the enterprise”, form No. 5 “Appendix to the balance sheet of the enterprise”, form No. 11 “Report on the availability and movement of fixed assets”, form BM “Balance of production capacity” , data on the revaluation of fixed assets, inventory cards for accounting for fixed assets, design and estimate documentation, technical documentation, etc.

Based on ownership, fixed assets are divided into owned and leased. Based on their use, fixed assets are classified as: in operation (operating); in reconstruction and technical re-equipment; in stock (reserve); on conservation. This grouping ensures the calculation of depreciation amounts. In accounting and reporting, there are three methods for assessing fixed assets (depreciation): at initial, residual and replacement cost. As a rule, the historical cost valuation method is used. Depending on the degree of direct impact on objects of labor, the main production assets of enterprises are divided into active and passive. The active part includes machines, equipment, measuring and control instruments and devices, etc. The passive part includes those groups of fixed assets that create conditions for the normal execution of the production process (buildings, structures, transmission devices, etc.).

The share of the active part of fixed production assets characterizes the progressiveness of the structure. Let us determine the share of fixed assets for production purposes (the share of the active part of fixed assets) at the beginning and end of each year using the following formula:

Share of the active part of fixed assets = cost of the active part of fixed assets / cost of fixed assets

For 2006

At the beginning of last year = 10190+3487+129 x 100% = 90.08%

At the end of last year = 10479+4521+154 x 100% = 91.06%

For 2007

At the beginning of the reporting year = 10479+4521+154 x 100% = 91.06%

At the end of the reporting year = 10036+5335+164 x 100% = 91.26%

Conclusion: The increase in the active part of fixed assets at the end of each year occurs due to the fact that during a given period more fixed assets were received than were disposed of. There is a positive trend in the active part of fixed assets.

Considering that the share of fixed assets may change due to the influence of external factors (for example, the procedure for their accounting, in which there is a lagged correction of the value of fixed assets in the context of inflation), it is necessary to pay attention to the change in indicators for the reporting period, which reflects the movement of fixed assets (depreciation and disposal of fixed assets, commissioning of new fixed assets).

Of great importance is the analysis of the movement and technical condition of fixed assets, which is carried out according to financial statements (form No. 5). For this, the following indicators are calculated:

Renewal factor (Kobn):

Kobn = cost of received fixed assets / cost of fixed assets at the end of the period

For 2006

Kobn = 842+1261+70/16641 x 100% = 13.05%

For 2007

Kobn = 837/17022 x 100% = 4.9%

Conclusion: the share of new fixed assets in their total value at the end of 2007 decreased compared to 2006, that is, there was no intensive renewal, and accordingly the technical condition of fixed assets in the reporting year was worse.

Duration of renewal of fixed assets (Tobn):

Tobn = cost of fixed assets at the beginning of the period / cost of received fixed assets

For 2006

Tobn = 15327/2173 = 7.05

For 2007

Tobn = 16641/837 = 19.88

Conclusion: in 2007, the renewal period increased, which indicates depreciation of fixed assets.

Retirement rate (Q):

Kv = value of retired fixed assets / value of fixed assets at the beginning of the period

For 2006

Kv = 859/15327 = 0.05

For 2007

Kv = 456/16641 = 0.02

Conclusion: in 2007, compared to 2006, fewer fixed assets were retired, which is associated with an increase in profits and renewal of fixed assets.

Wear rate (Kizn):

Kizn = amount of depreciation of fixed assets / initial cost of fixed assets

For 2006

Kizn = 11898/2173 = 5.47

For 2007

Kizn = 11348/837 = 13.56

Conclusion: fixed assets are updated, this is due to the fact that the company has increased profits, through which new fixed assets can be purchased.

The most general indicator of the efficiency of using fixed assets is capital profitability - the ratio of profit from core activities to the average annual cost of fixed assets:

Capital return = profit from operating activities / average annual cost of fixed assets

For 2006

Equity return = 3877 ______ x 100%= 24.25%

(15327+16641)/2

For 2007

Equity return = 5981 ______ x 100%= 35.53%

(16641+17022)/2

Conclusion: return on assets has increased significantly, which indicates the effective use of fixed assets, and this, accordingly, entails an increase in profits.

The capital productivity indicator characterizes the productivity of fixed production assets. Capital productivity is defined as the ratio of the cost of manufactured products to the average annual cost of fixed production assets:

Capital productivity = sales revenue / average annual cost of fixed assets

For the last year

Capital productivity = 56646 ______ = 3,54

For the reporting year

Capital productivity = 77397 ______ = 4,6

Conclusion: capital productivity for the reporting year increased by 1.06 compared to the previous year, which is the result of the active operation of the equipment.

The capital intensity of production is the inverse indicator of the capital productivity indicator. Capital intensity is expressed by the ratio of the average annual cost of fixed production assets to the cost of manufactured products. Capital intensity is determined by the following formula:

Capital intensity = _____1______

Capital productivity

For 2006= ____1___ = 0,28; For 2007= ____1___ = 0,22

Conclusion: capital intensity has decreased, which is due to the high efficiency of use of fixed production assets.

2.2 Analysis of current assets

The assets of an enterprise, which, as a result of its economic activities, completely transfer their value to the finished product, take a one-time part in the production process, while changing their physical form, are called working capital - this is their economic essence. Working capital represents the more mobile part of assets. In each circulation, working capital passes through three stages: monetary, production and commodity. At the first stage, the funds of enterprises are used to purchase raw materials, materials, fuel, components, etc., necessary for carrying out production activities.

In the second stage, inventories are converted into work in progress and finished goods. At the third stage, the process of selling products occurs. Working capital is divided into two components by composition: current production assets and circulation funds. The unification of working capital and circulation funds into a single system of working capital follows from the continuity of the advanced value across the three named stages of their circulation.

The working capital assets include:

Industrial inventories - stocks of raw materials, materials, components, fuel, containers, low-value and wear-out tools and household equipment worth less than 1 million rubles;

Work in progress and self-made semi-finished products are parts, assemblies and products that have not gone through all stages of processing, assembly and testing, completion and acceptance, as well as objects of labor, the production of which is completely completed in one workshop and is subject to further processing in other workshops of the same enterprise ;

Deferred expenses are the costs of preparing and developing new types of products produced in a given period, but to be repaid in the future.

All elements of working capital, with the exception of low-value tools and equipment, work in progress and self-made semi-finished products, are classified as material and energy resources. The amount of working capital included in working production assets is determined primarily by the organizational and technical level of production and the duration of the production cycle of manufactured products. The second part of working capital includes circulation funds, consisting of finished products in the field of sales and cash assets of the enterprise. Circulation funds do not participate in the formation of value, but are carriers of already created value. The main purpose of circulation funds is to provide monetary funds for the rhythm of the circulation process.

The amount of working capital employed in the sphere of circulation depends on the conditions for the sale of products, the product distribution system, the level of organization of marketing and sales of products.

To analyze the composition and structure of working capital, there is the following classification:

By areas of turnover:

a) located in the sphere of production;

b) located in the sphere of consumption;

By sources of formation and replenishment:

a) own and equivalent funds;

b) borrowed funds;

According to planning features:

a) standardized

b) non-standardized

Industrial inventories are a set of natural material elements of production used as objects of labor in the production and non-production areas of the enterprise. The structure of inventories includes raw materials and supplies necessary for the production of products (providing services, performing road construction work) for the purpose of making a profit, work in progress (that is, when raw materials and supplies are being processed) and finished products. A necessary condition for increasing production volumes, reducing production costs, increasing profits, and profitability is the complete and timely provision of the enterprise with raw materials of the required quantity and quality. The main indicator characterizing the efficiency of using inventories is turnover - the duration of the sequential passage of funds through individual stages of production and circulation. Inventory turnover can be determined in days and in turnover using the following formulas:

Cost of sales / average annual reserves

For 2006

Inventory turnover (in revolutions) = 42597 = 11.12 revolutions

For 2007

Inventory turnover (in revolutions) = 71416____ = 13.13 revolutions

(5371+5501)/2

360 days / inventory turnover (in revolutions)

For 2006

Inventory turnover (in days) = 360 = 32 days

For 2007

Inventory turnover (in days) = 360 = 27 days

Conclusion: in 2007, compared to 2006, the number of turnovers increased, and the turnover period decreased accordingly, which is considered a positive trend, as this leads to an increase in profits.

Turnover indicators are of great importance for assessing the financial condition of an enterprise, since the rate of conversion of working capital into cash has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover of funds, other things being equal, reflects an increase in the investment attractiveness of the enterprise.

For clarity, we present the structure of the enterprise’s reserves in the form of the following table:

Table 2.2.1 Structure of enterprise reserves

In the structure of Favorit LLC, the largest share is made up of raw materials and materials, which is explained by the specifics of the activity of this enterprise - production activities require more reserves of raw materials and materials. In 2007, compared to 2006, the share of raw materials and supplies decreased by 2.35%. This is due to the fact that production equipment is being updated, and the old technology does not require high costs (hence the decrease in turnover), accordingly, raw material reserves are used in a timely manner. Also in 2007, the share of deferred expenses increased by 2.35%. There are no costs in work in progress in 2007. When analyzing receivables, it is necessary to consider whether the receivables are genuine, that is, rightfully collected and due. The debt is considered genuine if the contract is concluded with a legal entity that has the right to conclude the relevant contract and is recoverable if the customer has a stable financial position and sufficient liquidity to repay the debt.

In case of prolonged non-payment of receivables by the customer, it is necessary to analyze its financial and economic activities. If the indicators are unsatisfactory and there is no opportunity to repay the debt, then such debt is considered doubtful (or hopeless). A reserve may be created for this debt. Then, the balance sheet item “Receivables” is reduced by the amount of the created reserve and this receivable is on an off-balance sheet account for three years.

The liquidity of accounts receivable refers to the timing of payments for work performed. The liquidity (turnover) ratio of receivables is defined as the ratio of the cost of work performed to the average annual receivables (this ratio shows how many turnovers receivables make). The liquidity (turnover) ratio of receivables in turnover is defined as the ratio of average annual receivables to sales revenue:

Accounts receivable turnover ratio = sales revenue / average annual accounts receivable

For 2006

Turnover ratio

accounts receivable = 54646_______- = 7 revolutions

For 2007

Turnover ratio

accounts receivable = 77397_______ = 5 revolutions

(5924+25100)/2

The receivables turnover ratio (or its liquidity ratio in turnover) is nothing more than an indicator of the turnover of funds in calculations. The repayment (liquidity) ratio of accounts receivable in days is nothing more than an indicator of the turnover of funds in settlements (expressed in days). The receivables collection ratio in days can be calculated using the following formula:

Accounts receivable collection ratio = (average annual accounts receivable) x 365 / sales revenue x 1.2

For 2006

Repayment rate

accounts receivable = 8205.5 x 365 = 2995007,5 = 45.67 days

54646 x 1.2 65575.2

For 2007

Repayment rate

accounts receivable = 15512 x 365 = 5661880 = 61 days

77397 x 1.2 92876.4

Conclusions: the accounts receivable turnover ratio for 2007 decreased by 2 turns, and the repayment ratio increased, which indicates that customers did not pay the company on time (the shorter the period, the higher the liquidity of this type of asset).

The intensity with which assets are used is measured using asset turnover ratios (reflecting the ratio of sales to the total amount of assets). Each effective indicator - sales volume - is the first and essential step towards making a profit:

Asset turnover ratio = sales revenue / total assets

For 2006

Asset turnover ratio = 54646 = 2,92

For 2007

Asset turnover ratio = 77397 = 2,01

Conclusions: in 2007, the asset turnover ratio decreased to 2.01.

Table 2.2.2Vertical analysis of assets for 2006

Table 2.2.3. Vertical analysis of assets for 2007

Vertical analysis shows the structure of the enterprise's funds and their sources.

2006 is characterized as generally positive, as assets increased by 1,715 rubles, which was due to purchases of new equipment (an increase of 6.3%), a decrease in accounts receivable by 30.09%, and a decrease in current assets by 34.8% .

In 2007, compared to 2006, there was a decrease in non-current assets - receipts decreased, as a result of which the share of fixed assets decreased by 13.27%, inventories increased in 2007 by 14.4%, accounts receivable increased by 33.76%. Assets increased by 19,657 rubles. due to the growth of inventories, which is considered as a negative trend (ineffective inventory management), as this leads to an increase in storage and warehousing costs, and, consequently, a decrease in profits. In addition, the low turnover rate of funds leads to a decrease in the investment attractiveness of the enterprise.

It is necessary to update production equipment whenever possible so that existing materials are used efficiently, and also strive to ensure that resources do not lie in warehouses.

2.3 Analysis and assessment of the structure of liabilities

The management of the enterprise must have a clear idea from which sources of resources it will carry out its activities and in which areas of activity it will invest its capital. Taking care of providing a business with the necessary financial resources is a key point in the activities of any enterprise.

Therefore, analysis of the sources of formation and placement of capital is of exceptional importance.

Analysis tasks:

Studying the composition, structure and dynamics of sources of capital formation for an enterprise;

Identification of factors changing their magnitude;

Determination of the cost of individual sources of raising capital and its weighted average price, as well as factors of change in the latter;

Assessment of the level of financial risk (ratio of debt and equity capital);

Assessment of changes that have occurred in the balance sheet liabilities from the point of view of increasing the level of financial stability of the enterprise;

Justification of the optimal ratio of equity and borrowed capital.

Capital is the means available to a business entity to carry out its activities in order to make a profit.

The enterprise's capital is formed both from its own (internal) and from borrowed (external) sources.

The main source of financing is equity. It includes authorized capital, accumulated capital (reserve and additional capital, retained earnings) and other income (targeted financing, charitable donations, etc.). Authorized capital is the amount of funds of the founders to ensure authorized activities. At state-owned enterprises, this is the value of property assigned by the state to the enterprise with the rights of full economic management; at joint-stock enterprises - the nominal value of shares; in limited liability companies – the sum of the owners’ shares; at a rental enterprise - the amount of contributions of its employees, etc. The authorized capital is formed in the process of initial investment of funds. Contributions of founders to the authorized capital can be made in the form of cash, intangible assets, or in property form. The amount of the authorized capital is announced upon registration of the enterprise, and when adjusting its value, re-registration of the constituent documents is required.

Additional capital as a source of funds for an enterprise is formed as a result of the revaluation of property or the sale of shares above their nominal value. Reserve capital is created in accordance with the law or in accordance with the constituent documents at the expense of the net profit of the enterprise. It acts as an insurance fund to compensate for possible losses and ensure the protection of the interests of third parties in the event of insufficient profits to repurchase shares, repay bonds, pay interest on them, and so on. Its value is used to judge the financial strength of the enterprise. Its absence or insufficient value is considered as an additional risk factor for investing capital in a given enterprise. Special-purpose and targeted financing include assets received free of charge from individuals and legal entities. The main source of replenishment of equity capital is the net (retained) profit of the enterprise, which remains in the turnover of the enterprise as an internal source of long-term self-financing. If the company is unprofitable, then equity capital is reduced by the amount of losses received. Retained earnings are the result of a deliberate decision of the enterprise and its voluntary refusal to distribute part of its profits. In well-functioning enterprises, retained earnings over time occupy a leading place among the components of equity capital. Its amount can be several times the size of the authorized capital. Let us determine the ratio of the company's own and borrowed funds (often called the company's solvency ratio), which is used to characterize the financial stability of the enterprise. It is calculated using the following formula:

Debt capital/equity

For 2006

Enterprise Solvency Ratio = 5665 = 0,43

For 2007

Enterprise Solvency Ratio = 6694 = 0,21

Financial dependence ratio = 1 / equity concentration ratio

For 2006

1_ = 2,32

For 2007

Financial dependency ratio = _ 1_ = 4,76

From the calculations it is clear that the equity capital of the enterprise in question decreased significantly, which led to an increase in the financial dependence ratio by 2.44. Unfortunately, the company is dependent on external creditors. Borrowed capital is loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. It is divided into long-term (more than a year) and short-term (up to a year). Long-term accounts payable include bank loans, debentures, treasury bills and other loans with a maturity of more than 12 months. Long-term accounts payable are used for investments in the development of production facilities, as well as for long-term financial investments (in the form of shares), investments in subsidiaries, for the repurchase of shares from shareholders and other investments. Short-term accounts payable are obligations for goods, materials, services (purchased but not paid), as well as unpaid taxes, wages, advances received, short-term bank loans, as well as part of long-term accounts payable that are repayable in the reporting year.

Let us determine the creditor risk coefficient (financial stability coefficient) using the following formula:

Financial stability ratio = 1 / debt-to-equity ratio

For 2006

Financial stability ratio = _ 1_ = 0,76

For 2007

Financial stability ratio = __ 1_ = 0,27

In the reporting year, Favorit LLC observed a decrease in the financial stability ratio, which indicates an increase in the risk of creditors in paying obligations and has a negative impact on the financial side of the activities of the enterprise in question.

Let us determine the repayment period of accounts payable (statute of limitations or turnover of accounts payable in days), as well as the liquidity ratio of accounts payable (turnover of accounts payable in turnover) using the following formulas:

Repayment period of the receivables (in days) = average annual receivables x 365 / cost of sales

For 2006

Term of repayment of the loan (in days) = _ (13461+12949)/2 x 365_ = 205,48

For 2007

Term of repayment of the loan (in days) = __ (12949+19633)/2 x 365_ = 139,59

CB turnover (in revolutions) = 365 / CB repayment period in days

For 2006

Short circuit turnover (in revolutions) = _ 365_ = 1,77

For 2007

Short circuit turnover (in revolutions) = _ 365_ = 2,61

In 2007, the repayment period for accounts payable decreases to 139.59 days, which, accordingly, led to an increase in turnover to 2.61. Debtors pay the company in a timely manner, which has a positive effect on the financial side of the activities of Favorit LLC. Finishing the section of analysis of liabilities in the structure of the enterprise's balance sheet, it is advisable to vertically and horizontally analyze the structure of liabilities.

Table 2.3.1 Vertical analysis of liabilities for 2006

Table 2.3.2 Vertical analysis of liabilities for 2007

Vertical analysis of the balance sheet liabilities of Favorit LLC for 2006: retained earnings increased by 11.85%, as a result of a decrease in accounts payable. In general, in 2006 liabilities increased to 18,685 rubles.

In 2007, there was still an increase in the enterprise's retained earnings by 3.34% and an increase in accounts payable. In general, the liability increased to RUB 38,342.

2.4 Analysis of the financial condition of Favorit LLC

Financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability. The financial condition can be stable, unstable and crisis. The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition. The financial condition of an enterprise (FSP) depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a consequence, a deterioration in the financial condition of the enterprise and its solvency. A stable financial position, in turn, has a positive impact on the implementation of production plans and provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use. The main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

Liquidity is the ability of an asset to be transformed into cash. The degree of liquidity is understood as 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 asset. When talking about the liquidity of an enterprise, we mean that it has working capital in an amount sufficient to pay off short-term obligations. There is a whole group of indicators and ratios that characterize, to one degree or another, the amount of liquidity of an enterprise. Let's look at the main ones.

Let us determine the amount of our own working capital or operating capital (COC) based on the following ratio:

SOS = Own funds – Non-current assets

For 2006

The amount of own working capital = 5665 - 5581 = 84 thousand rubles.

For 2007

The amount of own working capital = 6694 - 4671 = 2023 thousand rubles.

Judging by the financial calculations of Favorit LLC, there is a positive trend - the value of its own working capital is high, that is, the value of current liabilities does not exceed the value of current assets, which means that the financial position of the enterprise is considered stable.

The total liquidity ratio (also often called the coverage ratio), which generally reflects the liquidity of an enterprise's assets, can be calculated using the formula:

Total liquidity ratio = Current assets / Short-term liabilities

For 2006

Total liquidity ratio = (13707+13104)/2_ = _13405,5_ = (13519+13020)/2 13269,5

For 2007

Total liquidity ratio = _ (13104+33671)/2_ = 23387,5_ =

(13020+31648)/2 22334

The total liquidity ratio gives a general assessment of the liquidity of assets, showing how many rubles of current assets are equal to one ruble of current liabilities. In 2007, this ratio rose to 1.04 - a positive trend, although this is below the standard of 2. This indicates that accounts payable are only partially covered by current assets.

The quick (short-term) liquidity ratio is similar to the current liquidity ratio, but is calculated for a narrower range of current assets. The least liquid part of them - industrial reserves - is excluded from the calculation. The logic of such an exception consists not only in the significantly lower liquidity of inventories, but, what is much more important, in the fact that the funds that can be gained in the event of a forced sale of inventories can be significantly lower than the costs of their acquisition. It is determined by the formula:

Quick ratio = Current assets – Inventories / Short-term liabilities

For 2006

Quick ratio =

=_(13707+13104)/2 – (2289+5371)/2 _ = 13405,5-3830_ = 0,72

(13519+13020)/2 13269,5

For 2007

Quick ratio =

= _(13104+33671)/2 - (5371+5501)/2 = _23387,5-5436_ = 0,80

(13020+31648)/2 22334

The approximate value of the indicator is 1. In 2007, compared to 2006, there was an increase in the quick liquidity ratio to 0.80, which characterizes an increase in the enterprise's investment in its reserves.

The absolute liquidity (solvency) ratio is the most stringent criterion for the liquidity of an enterprise and shows what part of short-term borrowed obligations can be repaid immediately if necessary. The recommended lower limit is 0.2. determined by the following formula:

Absolute liquidity ratio = Cash / Short-term liabilities

For 2006

1064_ = 0,08

For 2007

Absolute liquidity ratio = _ 857_ = 0,04

Conclusion: The absolute liquidity (solvency) ratio in 2007 decreased to 0.04. This shows that only part of the short-term debt obligations can be repaid by the company immediately.

To complete the analysis of the financial stability of an enterprise, it is necessary to characterize it in the long term - to analyze the ratio of equity and borrowed funds.

The debt capital concentration ratio shows the share of borrowed funds in the total amount of economic assets of the enterprise and is determined by the following formula:

Debt capital concentration ratio = Borrowed capital / Total business assets (net)

For 2006

Debt capital concentration ratio = 13020 _ = 0,69

For 2007

Debt concentration ratio = _ 31648_ = 0,82

The debt capital concentration ratio in 2007 increased to 0.82. This is a negative trend, since for every ruble of own funds invested in the assets of the enterprise, there are 82 kopecks of borrowed funds. The growth of this indicator in dynamics indicates an increased dependence of the enterprise on external investors and creditors, that is, a slight decrease in financial stability.

The sales profitability ratio (also called the gross profit ratio or product profitability ratio) shows how many rubles of profit are received from each ruble invested in sales. It is determined by the following formula:

Profit from sales / Revenue from sales

For 2006

To profitability from sales = _3877_ = 0,07

For 2007

To profitability from sales = 5981 _ = 0,08

As calculations show, in 2007, almost nothing changed for the company, profit increased slightly, which is characterized as a positive trend. Overall profitability characterizes the profit received from each ruble of fixed assets and working capital and is calculated using the following formula:

Total profitability = Book profit / Cost of fixed assets and working capital x 100%

For 2006

Total profitability = _____3615_______ x 100% = 3615_ x100=

4743+5371+5924+1064 17102

For 2007

Total profitability = _____6519_______ x 100% = _ 6519_ x 100%=

4646+5501+25100+857 36104

Conclusion: profitability for 2007 decreased to 18.05%, which is a negative trend in the activities of the enterprise in question - the enterprise is at a loss.

The profitability of the main activity (cost efficiency) will be determined using the following formula:

Profit from sales / Costs of production and sales x 100%

For 2006

Profitability of core activities = 3877_ x 100% = 9.1%

For 2007

Profitability of core activities = 5981_ x 100% = 8.37%

The overall profitability ratio decreased to 8.37%. Most likely, the decrease in the profitability of the enterprise occurred due to a significant increase in the cost of products sold

The return on equity ratio (how many rubles of profit per one ruble of equity capital) is determined by the following formula:

To the profitability of the insurance company = Net profit / Average value of the insurance company

For 2006

To the profitability of the insurance company = _3615_ = 0,63

For 2007

To the profitability of the insurance company = 6519_ = 0,97

The return on debt capital ratio is determined by the following formula:

To profitability of ZK = Net profit / Average value of ZK

For 2006

To profitability of ZK = _3615_ = 0,27

For 2007

To profitability of ZK = _6519_ = 0,21

The increase in the values ​​of this coefficient in the dynamics of the analyzed years indicates that Favorit LLC is able to cover its production costs and pay interest on borrowed funds. The indicators of this coefficient in the dynamics of the analyzed years characterize the enterprise positively. The economic interpretation of this indicator is obvious - how many rubles of profit account for one ruble of borrowed capital.

Conclusion

Based on the results of the analysis of the financial and economic activities of Favorit LLC, the following conclusions can be drawn:

As for working capital, they are used actively and the company allocates funds to update them, which helps to improve the financial condition. This is also evidenced by the increase in the profitability of the enterprise, which means that Favorit LLC is able to cover not only production costs, but also pay interest on borrowed funds.

To improve the financial position of an enterprise it is necessary:

1. Monitor the ratio of receivables and payables. A significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing;

2. If possible, focus on increasing the number of customers in order to reduce the scale of the risk of non-payment, which is significant if there is a monopoly customer;

3. Monitor the status of settlements on overdue debts. In conditions of inflation, any deferment of payment leads to the fact that the enterprise actually receives only part of the cost of the work performed. Therefore, it is necessary to expand the system of advance payments.

4. Timely identify unacceptable types of receivables and payables, which primarily include: overdue debts to suppliers and overdue debts from customers for more than three months, overdue debts for wages and payments to the budget, extra-budgetary funds.

List of used literature

1. Sysoeva E.F. Financial resources and capital of an organization: essence, management, efficiency of use: Monograph / E.F. Sysoeva. Voronezh: VSU Publishing House, 2007.

2. Ginzburg A.I. Economic analysis / A.I. Ginsburg. – St. Petersburg: Peter, 2007.

3. Grishchenko O.V. Analysis and diagnostics of the financial and economic activities of the enterprise 2006.

THEORETICAL FOUNDATIONS OF COMPREHENSIVE ANALYSIS 5

Principles of business analysis 7

Types of analysis of economic activities and their classification 9

Information support for analysis 15

Structure of a comprehensive analysis of financial and economic activities 19

COMPREHENSIVE ECONOMIC ANALYSIS OF THE ACTIVITIES OF OJSC IC "ZERICH CAPITAL MANAGEMENT" 25

1. Brief description of the research object 25

   Analysis of economic activities 27

   Vertical and horizontal analysis of form No. 1 34

   Vertical and horizontal analysis of form No. 2 37

   Balance sheet liquidity analysis 39

   Analysis of the solvency of the enterprise 41

   Analysis of the financial stability of the enterprise 45

   Business activity analysis 48

   Cost-benefit analysis 52

   Assessment of financial strength 55

   Bankruptcy probability analysis 56

   Operational analysis 57

CONCLUSION 59

REFERENCES 62

APPENDIX 1 64

APPENDIX 2 68

introduction

Economic analysis is an in-depth study of economic phenomena in an enterprise, that is, identifying the reasons for deviations from the plan and shortcomings in work, revealing reserves, studying them, promoting the integrated implementation of economic work and production management, actively influencing the progress of production, increasing its efficiency and improving the quality of work. .

How and on what basis do business partners evaluate each other? Today, the time has passed when the success of any enterprise or organization is judged by luxury cars or an office in the city center. Scientific approaches come first when assessing the reliability of any company. Therefore, it is important to conduct various types of analysis.

The analysis is related to the daily financial and economic activities of enterprises, their teams, managers, and owners. Currently, it is necessary to analyze the possibilities of production and sales, clarify internal and external economic situations affecting production and sales, analyze the costs of living and embodied labor with the necessary detail, analyze the final financial results of production, sales, marketing activities, analyze commercial risk with a predicate it is influenced by various factors. Our task is to analyze both the results of the enterprise’s activities and the economic factors that will affect them. After the economic analysis, it will be possible to assess the financial condition of the enterprise.

Financial analysis is based on data from financial statements, which are essentially the “face” of the company. It is a system of generalized indicators that characterize the results of the financial and economic activities of an enterprise. Financial reporting data serve as the main sources of information for analyzing the financial condition of an enterprise. Indeed, in order to make a decision, it is necessary to analyze the availability of financial resources, the feasibility and efficiency of their placement and use, the solvency of the enterprise, its financial relationships with partners. Evaluation of these indicators is necessary for effective management of the company. With their help, managers plan, control, improve and improve the direction of their activities. Therefore, this topic is very relevant today.

The object of the study is OJSC IC Zerich Capital Management, which is a professional participant in the securities market.

The main goal and objective of the course work is to conduct a comprehensive economic analysis of the economic activities of OJSC Investment Company Zerich Capital Management.

The structure of the course work consists of two parts: theoretical and practical. The theoretical part examines issues of content, objectives, principles, types, information support and structure of a comprehensive analysis of economic activity. The theoretical part covers the following issues: a brief description of the object of study, analysis of economic activity, vertical and horizontal analysis of forms No. 1 and No. 2, analysis of balance sheet liquidity, analysis of the solvency and financial stability of the enterprise, analysis of business activity and profitability, assessment of the strength of the financial condition, analysis bankruptcy probabilities and operational analysis.

The main sources of information when writing the course work were materials from books edited by Sheremet, Prykin, Lyubushin, Savitskaya, as well as widely used Internet materials and methodological instructions by A. A. Makurina. It is known that theory is well known only in practice. Therefore, theoretical aspects will be closely intertwined with practical material. For this purpose, real materials from OJSC Investment Company Zerich Capital Management will be used. From here, another task arises from developing, based on the results of the analysis, recommendations for improving the financial condition of the analyzed association.

The volume of the course work is 69 pages, including 18 tables, 21 figures, 2 appendices, 15 information sources. Microsoft Word, Internet Explorer and Microsoft Excel software products were used.

1 THEORETICAL BASIS OF COMPREHENSIVE ANALYSIS

Economic analysis is a scientific way of understanding the essence of economic phenomena and processes, based on dividing them into their component parts and studying them in all their diversity of connections and dependencies.

The subject of economic activity analysis (ABA) is the cause-and-effect relationships of economic phenomena and processes. The objects of AHD are the economic results of economic activity. The main difference between an object and an object is that the object includes only the main, most significant properties and characteristics from the point of view of this science. 1

One of these functions is the study of the nature of the operation of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise. For example, the law of accelerated growth of labor productivity in comparison with the level of its remuneration must be fulfilled not only on the scale of the entire national economy, but also at each enterprise and its divisions. In this function, ACD is a means of studying the operation of economic laws in specific production conditions.

An important function of AHD is the scientific substantiation of current and future plans. Without a deep economic analysis of the enterprise's performance over the past years (5-10 years) and without reasonable forecasts for the future, without studying the patterns of development of the enterprise's economy, without identifying existing shortcomings and errors, it is impossible to develop a scientifically based plan or choose the optimal management decision.

The functions of analysis also include monitoring the implementation of plans and management decisions, and the economical use of resources. At the same time, a number of economists downplay or completely deny this function of analysis, attributing it exclusively to accounting and control. Accounting performs very significant control functions at the time of recording, summarizing and systematizing information about business transactions and processes. This does not exclude control during the analysis of economic activities. The analysis is carried out not only to state the facts and evaluate the results achieved, but also to identify shortcomings, errors and operational impact on economic processes. That is why it is necessary to increase the efficiency and effectiveness of analysis.

One of the main functions of the analysis is to study the influence of objective and subjective, external and internal factors on the results of economic activity, which makes it possible to objectively evaluate the work of an enterprise, make a correct diagnosis of its condition and forecast its development for the future, and identify the main directions for searching for reserves for increasing its efficiency.

The central function of analysis that it performs at an enterprise is the search for reserves for increasing production efficiency based on the study of advanced experience and achievements of science and technology.

The next function of the analysis is to assess the results of the enterprise’s activities in terms of fulfilling plans, the achieved level of economic development, the use of existing opportunities and diagnosing its position in the market for goods and services. Objective diagnostics of the enterprise’s activities contributes to the growth of production, increasing its efficiency, and vice versa.

Analysis of economic activity as a science is a system of special knowledge related to the study of trends in economic development, scientific justification of plans, management decisions, monitoring their implementation, measuring the influence of factors, assessing the results achieved, searching, measuring and justifying the value of economic reserves for increasing production efficiency and development of recommendations for their use. 1

1.2 Principles of business analysis

Analytical research, its results and their use in production management must comply with certain methodological principles that leave their mark on the analytical research itself and must be carried out when organizing, producing and practically using the results of the analysis. Next, we will consider the most important of them.

The analysis should be based on the state approach when assessing economic phenomena, processes, and business results. When assessing certain manifestations of economic life, it is necessary to take into account their compliance with state economic, social, environmental, and international policies and legislation.

The analysis must be scientific in nature, that is, based on the provisions of the dialectical theory of knowledge, take into account the requirements of economic laws of production development, use the achievements of scientific and technical progress and best practices, and the latest methods of economic research.

The analysis must be comprehensive. The complexity of the study requires coverage of all links and all aspects of activity and a comprehensive study of causal dependencies in the economy of the enterprise.

One of the requirements for analysis is to provide a systematic approach, when each object under study is considered as a complex dynamic system consisting of a number of elements connected in a certain way with each other and the external environment. The study of each object must be carried out taking into account all internal and external connections, interdependence and subordination of its individual elements.

Analysis of economic activity must be objective, specific, and accurate. It must be based on reliable, verified information that truly reflects objective reality, and its conclusions must be justified by accurate analytical calculations. This requirement implies the need to constantly improve the organization of accounting, internal and external audit, as well as analysis methods in order to increase the accuracy and reliability of its calculations.

The analysis is designed to be effective, to actively influence the progress of production and its results, promptly identifying shortcomings, miscalculations, omissions in the work and informing the management of the enterprise about this. From this principle follows the need for the practical use of analysis materials for enterprise management, for the development of specific activities, for justification, adjustment and clarification of planned data. Otherwise, the purpose of the analysis is not achieved.

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Analysis of economic activity - the study of various methods and means of production, financial and trading activities of enterprises. Such an analysis is aimed at identifying the magnitude and changes over time of economic indicators characterizing the production, circulation, consumption of products, goods, services, the efficiency of resource use, and the quality of the product produced. General analysis of the enterprise - analysis of indicators that allow you to characterize the problems of the enterprise from the point of view of personnel, equipment, technology, efficiency of production activities, sales, management and planning.

The market economy poses more and more new tasks for Russian business: increasing production efficiency, competitiveness of goods and services, improving management mechanisms, etc. An important role in solving these and many other problems is given to the economic analysis of the activities of business entities. With its help, strategies and tactics for business development are developed, plans are formed and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the performance results of the entire enterprise, its divisions and each individual employee are assessed. This determines the relevance of the analysis of economic activity and the topic of the course work.

The goals of analysis are achieved as a result of solving a certain interrelated set of analytical problems. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of carrying out this analysis. The main factors are the volume and quality of the source information. It should be borne in mind that the periodic financial statements of an enterprise are only “raw” information prepared during the implementation of accounting procedures at the enterprise.

With its help, strategies and tactics for the development of the enterprise are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the activities of the enterprise, its divisions and employees are assessed.

Analysis of economic activity is an important element in the production management system, an effective means of identifying on-farm reserves, and the basis for the development of scientifically based plans and management decisions.

The role of analysis as a means of production management at the present stage is increasing. This is due to the need to steadily increase production efficiency due to the growing shortage and cost of raw materials, increasing knowledge intensity and capital intensity of production.

Thanks to economic analysis, the content of economic processes is revealed, which means it becomes possible to influence their course and final result. Only by revealing the cause-and-effect relationships of various aspects of activity, you can quickly and accurately determine the influence of one or another factor on the main results of economic activity, justify any management decision, calculate how the amount of profit, break-even sales volume, financial stability margin, unit cost of production will change when any production situation changes. Of course, all of the above indicators of an enterprise’s economic activity are of great importance for business development and require mandatory reflection and comprehensive analysis.

The object of analysis of the economic activity of an enterprise is precisely the economic results of the activity. The objects of analysis include such economic categories as: production and sales of products, their cost, use of material, labor and financial resources, financial results of production, financial condition of the enterprise

The purpose of the course work is to conduct a comprehensive analysis of the economic activities of STS-Austria LLC. The main activity of the company is the sale of office supplies.

In accordance with the goal, the following tasks are solved in the course work:

Study methods of analyzing the economic activities of an enterprise;

Analyze the information base of the analysis;

Conduct an analysis of the use of enterprise funds;

Conduct an analysis of the supply of labor resources;

Conduct an analysis of performance indicators and financial condition of the enterprise;

Conduct an analysis of the liquidity of the enterprise;

Conduct an analysis of the profitability of the enterprise;

Suggest the main directions for increasing the efficiency of the organization.

Methods for preparing coursework:

a set of dialectical methods (particular - special, quantity - quality, deduction, induction, system is part of a system, positive - negative, etc.);

methods for generalizing practical experience (comparison, quantitative assessment, time series analysis, etc.);

methods of information processing (editing, highlighting the main thing, etc.)

observation and survey methods.

The theoretical and methodological basis for writing the course work were scientific textbooks and monographs by Russian and foreign experts, publications of special periodicals, accounting reports and analytical materials of STS-Austria LLC.

Chapter 1. Theoretical foundations for analyzing the economic activities of an enterprise

1.1. Methods for analyzing the economic activity of an enterprise

The literature offers several approaches to methods for analyzing business activities. For example, A.D. Sheremet, R.S. Saifulin, E.V. Negashev offer the following options at the preliminary stage of analysis:

The main methods, in their opinion, are:

Horizontal - this method determines absolute and relative changes in the values ​​of various balance sheet items for a certain period.

Vertical - calculation of the specific weight of individual items in the balance sheet, i.e. clarification of the structure of assets and liabilities as of a certain date.

Trend analysis consists of comparing the values ​​of balance sheet items for a number of years (or other adjacent reporting periods) to identify trends that dominate the dynamics of indicators.

Ratio analysis - comes down to the study of the levels and dynamics of relative indicators, calculated as ratios of the values ​​of balance sheet items or other absolute indicators obtained on the basis of reporting or accounting. When analyzing coefficients, their values ​​are compared with basic values, which are used as:

theoretically substantiated or obtained as a result of expert surveys values ​​of relative indicators characterizing optimal or critical values;

values ​​of indicators of a given enterprise averaged over a time series;

the value of indicators calculated based on the reporting data of the most successful competitor;

industry average values ​​of indicators.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. But it must be applied repeatedly. In the course of such an analysis, the temporal and logical sequence of economic factors and events, the direction and strength of their influence on the results of operations are reproduced.

According to N.V. Kolchina, the following methods are used to carry out the analysis:

Comparison method - when the indicators of the reporting period are compared either with the planned ones or with the indicators for the previous period (baseline).

Grouping method - indicators are grouped and tabulated, which makes it possible to carry out analytical calculations, identify trends in the development of individual phenomena and their relationships, and identify factors influencing changes in indicators.

The method of chain substitutions consists of replacing a separate reporting indicator with a basic one, all other indicators remain unchanged. This method makes it possible to determine the influence of individual factors on the aggregate indicator.

N.V. Kolchina suggests using the following tools for financial analysis:

Financial ratios are relative indicators of the FSP, which express the relationship of one financial indicator to another. Such financial indicators are used to quantitatively characterize the financial condition, to compare the indicators of the financial condition of a particular enterprise with similar indicators of other enterprises or industry average indicators, to identify the dynamics of development of indicators and trends in changes in the FSP, to determine normal restrictions and criteria for various aspects of the financial condition. For example, in accordance with the Decree of the Government of the Russian Federation “On some measures to implement legislation on the insolvency (bankruptcy) of an enterprise,” a system of criteria has been introduced to determine the unsatisfied structure of the balance sheet of insolvent enterprises. Such criteria are the current liquidity ratio, the coefficient of provision with own working capital, the coefficient of restoration (loss) of solvency. Their normal limits are determined - the maximum sizes.

Let us now consider the methodology for analyzing financial condition.

Preliminary assessment - includes assessing the reliability of information, reading information and general economic interpretation of financial statements. At this stage, it is necessary to assess the risk associated with the use of available information, draw general conclusions regarding the main indicators characterizing the amount of turnover of non-current assets, equity and working capital, identify the main trends in the behavior of indicators, and outline directions for deepening the analysis;

An important technique of this stage, according to some authors, for example, O.V. Efimova, is the formation of an analytical balance or a consolidated analytical net balance, which will then be used in all further calculations of financial indicators. The practical usefulness of this technique is due to the fact that the organization’s balance sheet requires clarification and a certain regrouping of items arising from an analytical approach to understanding current and non-current assets, equity and borrowed capital. The presence of an analytical balance allows you to avoid the need to make adjustments at the stage of calculating financial ratios. At the same time, a unified approach to determining individual elements of the balance sheet is ensured, which makes it possible to combine the financial indicators calculated on their basis into a single system. The analytical balance sheet is formed by regrouping individual items of current and non-current assets, capital and liabilities, as well as eliminating the influence of regulatory items on the balance sheet total and its structure.

Express analysis of the current financial condition includes the calculation of financial ratios and obtaining results from the perspective of assessing current and long-term solvency, business activity and profitability, as well as activity in the securities market;

The purpose of express analysis, according to V.V. Kovalev is a clear and simple assessment of the financial situation and dynamics of development of the enterprise. The point of express analysis is to select a small number of the most significant and relatively simple to calculate indicators and constantly monitor their dynamics. The selection is subjective and made by an analyst.

The financial condition of an enterprise can be assessed from the point of view of short-term and long-term prospects. In the first case, the criteria for assessing the financial condition are the liquidity and solvency of the enterprise, i.e. the ability to timely and fully make payments on short-term obligations. From a long-term perspective, the financial condition of an enterprise is characterized by the structure of sources of funds, the degree of dependence of the enterprise on external investors and creditors.

The main goal of analytical work at this stage is to draw the attention of the enterprise management, credit inspector or other decision maker to the fundamental points characterizing the financial condition of the enterprise, to formulate the main problems that need to be clarified in the process of further analysis.

In-depth financial analysis - involving the necessary internal and external information. Such an analysis can be carried out by a narrow circle of people who can characterize the causes of problems based on a detailed study of internal information. The purpose of the analysis is a more detailed description of the property and financial situation of an economic entity, the results of its activities in the past reporting period, as well as the development opportunities of the entity for the future. It specifies, complements and expands individual express analysis procedures.

Forecast analysis of key financial indicators taking into account decisions made and assessment of financial stability on this basis. The task of the analysis at this stage is to find out how past events and current trends, as well as newly made decisions, can affect the ability of the enterprise to maintain financial stability.

According to O.V. Efimova, the main purpose of predictive analysis of financial condition is to, through a preliminary study of current trends characterizing the current financial condition, substantiate the value of key indicators that determine the financial condition of the enterprise and its financial stability in the future. When making forecast calculations, the main attention should be paid to the results of the enterprise’s activities in the past (in this case, the assessment of the reliability of the results obtained is of paramount importance), as well as external and internal factors that can significantly affect it.

Based on these analysis techniques, a system of indicators for assessing the financial condition of the enterprise is derived.

The general assessment of the FSP is based on a whole 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 the use of capital, the solvency and creditworthiness of the enterprise, etc. Therefore, the dynamics of each indicator are studied and comparisons are made with average and standard values.

Thus, based on the above, we can say that financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. Financial condition, in turn, being a complex concept, depends on many factors and is characterized by a system of indicators that reflect the availability and allocation of funds, real and potential financial capabilities. Therefore, when analyzing financial condition, specific methods are used. They are very diverse, but have the following common features: a) assessment of the enterprise’s activities from the perspective of increasing production efficiency; b) determining the influence of individual factors on the final results of the enterprise. During the financial analysis, an assessment is made of the real financial position of the enterprise, possible reserves for its improvement are identified, and measures are developed to use these reserves. All this once again indicates that financial analysis at an enterprise should not be episodic, but systematic.

The purpose of financial analysis is to assess the financial results and financial condition of past activities reflected in the statements and at the time of analysis, as well as to assess the future potential of the enterprise, i.e. economic diagnostics of economic activity.

1.2. Analysis information base

The main sources of information for analysis are data from financial reporting forms Forms No. 1, No. 2, No. 3, No. 4, No. 5; if necessary, data from the business plan and other reporting forms are used in the analysis to identify factors that significantly influenced financial performance. Depending on how rationally an enterprise uses its financial resources and what directions they are allocated, the efficiency and final results of the financial and economic activities of this enterprise largely depend.

Accounting statements are a unified system of data on the property and financial position of an organization and the results of its economic activities, compiled on the basis of accounting data in established forms. The financial statements of an organization (except for budgetary and insurance organizations and banks) consist of:

Balance sheet (form 1);

Profit and loss statement (form 2);

Statement of changes in capital (f. Z);

Cash flow statement (form 4);

Appendixes to the balance sheet (form 5);

Explanatory note;

An audit report confirming the reliability of the organization’s financial statements, if they are subject to mandatory audit in accordance with federal law.

The contents and forms of the balance sheet, profit and loss statement, other reports and applications are applied consistently from one reporting period to another. In the financial statements, data on numerical indicators are provided for at least two years - the reporting year and the one preceding the reporting year. If they are not comparable with the data for the reporting period, they are subject to adjustment based on the rules established by regulations. Data that have been adjusted must be reflected in an explanatory note along with an indication of the reasons that caused this adjustment.

In the financial statements, after their approval, it is possible to change the data in which distortions were found, but offset between items of assets and liabilities, items of profit and loss, except in cases where such offset is provided for by the rules established by regulations, is unacceptable.

Organizations, based on the results of their economic activities, prepare monthly, quarterly and annual financial statements; monthly and quarterly financial statements are interim.

The reporting year for all organizations is from January 1 to December 31 of the calendar year inclusive. The first reporting year for created organizations is considered from the date of their state registration to December 31, for organizations created after October 1 - from the date of state registration to December 31 of the following year inclusive.

Chapter 2. Comprehensive economic analysis of the economic activity of an enterprise using the example of STS Austria LLC

2.1. Analysis of the use of enterprise funds

First of all, it is necessary to analyze changes in the structure of the enterprise's balance sheet. A detailed study of the balance sheet structure is presented in Table. 1.

Table 1

Comparative analytical balance "Constant-A" for 2003-2004.

Based on the balance study, the following positive trends can be noted:

1) reduction in the share of non-current assets;

2) growth in the share of current assets;

3) growth in the share of cash;

4) reducing the share of accounts receivable;

5) increase in balance sheet currency.

Negative trends include the following:

1) increase in the share of reserves

2) an increase in the share of accounts payable and a reduction in the share of equity capital in sources of funds.

The decrease in the share of non-current assets in the balance sheet structure was due to the sale of unused fixed assets. The reduction in accounts receivable occurred due to the tightening of the policy for selling products on credit. The growth of accounts payable can be considered as a positive fact from the point of view of attracting free sources of lending.

The main objectives of analyzing the use of fixed production assets are: studying the availability of a fleet of machines, mechanisms, equipment; studying the movement of OPF, the degree of their suitability, the possibility of reinvention (full restoration); identification of losses due to extensive and intensive factors of use; analysis of the efficiency of equipment use; determination of reserves for growth in production volume based on the results obtained.

The main sources of analysis information are: technical documentation; equipment passports; operational accounting data on the degree of equipment utilization (in terms of time and labor productivity); indicators of the effectiveness of the use of OPF; documentation from the chief mechanic's department on the condition of the equipment; reports on the availability and movement of OPF; defective statements; other primary documentation.

During the reporting period, the company acquired fixed assets in the amount of 5024 thousand rubles, and disposed of them in the amount of 1988 thousand rubles.

The OPF renewal coefficient reflects the intensity of the renewal of fixed assets during the reporting period.

Kobn = Sp / Skp = 5024/10524 =0.47

where Cn is the cost of received general fund;

SKP - the cost of OPF at the end of the period.

Renewal of fixed assets in 2004 amounted to 47% due to the acquisition of new office equipment, warehouse and office equipment

The OPF retirement ratio characterizes the share of fixed production assets that left the production sector during the reporting period.

Kvyb = St / Snp = 1988/7488 = 0.27

where St is the cost of retired general purpose pension funds;

SNP - the cost of OPF at the beginning of the period.

The share of employees who left the production sector in 2004 was 27%. This happened due to the sale of unused warehouse equipment and road transport.

The OPF growth rate characterizes the level of growth of fixed assets for a certain period and is calculated as the ratio of the cost of growth of fixed assets to their value at the beginning of the period:

Kpr = Spr / Snp = 3036/7488 = 0.41

where Spr is the amount of increase in the general fund.

Thus, the total value of fixed assets increased by 41%

The wear coefficient of OPF (Kizn) was:

Kizn = Sizn / Sp = 1579/9067 = 0.174

where Cizn is the amount of depreciation of the OPF;

Sp is the initial cost of the OPF.

The average depreciation rate is calculated as the ratio of the amount of depreciation charges for the year to the original cost of fixed assets and intangible assets at the beginning of the year. Depreciation charges for fixed assets and intangible assets for 2004 amounted to 1,579 thousand rubles. The average depreciation rate is 17.4%.

The capital-labor ratio shows the cost of fixed assets per employee (FV):

FV = Ссг/СНППП = (10524+7488)/2/32 = 281.4 thousand rubles.

where Ссг is the average annual cost of open pension fund.

Capital productivity (CR) is the most important general indicator of the effectiveness of the use of general fund. This indicator shows how many products (in value terms) were produced per 1 ruble of the cost of fixed production assets:

FO = Vvp / Csg = 108061/((10524+7488)/2)=11.99

To increase capital productivity, it is necessary that the growth rate of labor productivity outpace the growth rate of capital-labor ratio

Capital intensity (FE) shows how much fixed assets were spent to produce 1 ruble of product:

FE = 1 / FO = 1/11.99=0.08

2.2. Analysis of labor supply

The main objectives of analyzing the supply of labor resources are: studying the availability of labor, its qualification composition, compliance with its type of work; assessing the possibility of improving the professional training of the workforce; assessing the efficiency of use of labor resources; identifying factors for increasing labor productivity, increasing the efficiency of using labor resources; assessment of internal reserves. The main sources of analysis information are: reports on the implementation of planned labor targets; reports on the actual status for a certain period (in the absence of planned targets); primary documents at sites and divisions; statistical reporting on labor for the quarter, year; report on the use of labor (working time log, report on the movement of labor).

An analysis of the enterprise's labor resources is presented in Table. 2:

Table 2.

Analysis of the enterprise's supply of labor resources

Analysis of the table data allows us to conclude that the number of personnel in the organization increased by 28% over the year. The most significant increase in the number of sales specialists was by 60%, warehouse specialists by 43% and accounting and internal control service employees by 25%. The increase in the number of personnel is associated with the expansion of the company's activities and an increase in sales volumes. At the same time, a comparison of actual data with planned data revealed a shortage of sales specialists (2 people) and loaders (1 person). In practice, this leads to an increase in the workload of staff, the performance of additional duties that do not correspond to job descriptions and an increase in working hours.

In the process of analysis, it is necessary to study changes in the structure of the enterprise personnel according to the following indicators:

Table 3

Analysis of changes in the structure of labor resources

An analysis of the personnel structure allows us to conclude that the largest share (40%) falls on warehouse specialists, 32% falls on sales specialists. During the period under review, the share of warehouse specialists and sales specialists increased by 12%, while the share of accounting and internal control service employees increased by only 4%, and the share of service personnel did not change.

During the year, 10 new employees were hired, the number of people who quit was 3, and the number of specialists who worked the entire year was 22 people. The main reasons for dismissals are dissatisfaction with wages, long working hours and lack of career prospects.

The turnover coefficient for hiring employees (Cop) was:

Kop = Kpp / SChp = 10/(25/2+32/2)= 0.35,

where KPP is the number of hired personnel;

SChp - average number of personnel.

The turnover ratio for the retirement of employees (Kow) was:

Kov = Kup / SChp = 3/(25/2+32/2)=0.1

where Kup is the number of employees who quit.

The staff persistence coefficient (Kpost) was:

Kpost = Kg / SChp = 22/(25/2+32/2) = 0.77

where Kg is the number of employees who worked the whole year.

In 2003, the annual wage fund amounted to 8 million rubles, and in 2004, 9.6 million rubles. Labor productivity also increased and amounted to 108.44 thousand rubles per person in 2003, and 131.31 thousand rubles per person in 2004. The growth rate of labor productivity must outpace the growth rate of wages, so it is important to determine the Production Efficiency Rate (the growth rate of labor productivity to the growth rate of wages) (Cap):

Cap = Ipt / Izp = (131.31/108.44)/(9.6/8)= 1.009083

where Ipt is the labor productivity index;

Iзп - wage index.

Since the production efficiency coefficient is greater than 1, it is possible to determine the economic effect of changes in labor productivity and wage growth (E):

E = FZPf * (1 - (1 / Cap)) = 9.6 * (1-1/1.009083) = 0.086 million rubles.

where FZPf is the actual wage fund.

This indicator determines the amount of savings (overspending) due to changes in the ratio of growth in labor productivity and wages.

Sales of marketable products per 1 ruble of wages (WW) in 2003 and 2004 were respectively:

Ptp(2003) = TP / FZPf = 68.4/8 = 8.55

Ptp(2004) = TP / FZPf = 108/9.6=11.25

The amount of gross profit per ruble of wages (WW) in 2003 and 2004 was respectively:

Pv(2003) = Vvp / FZPf = 3.6/8 = 0.45

Pv(2004) = Vvp / FZPf = 5.5/9.6 = 0.57

where Vвп is the volume of gross profit for the reporting period, rub.

The amount of net profit per ruble of wages in 2003 and 2004 was respectively:

Pch(2003) = Vchp / FZPf = 2.7/8 = 0.34

Pch(2004) = Vchp / FZPf = 4.2/9.6 = 0.44

where Vпп is the volume of net profit for the reporting period, rub.

2.3. Analysis of performance indicators and financial condition of the enterprise

The economic essence of the financial condition of an enterprise is the provision of its reserves and costs with the sources of their formation.

To analyze financial stability, it is necessary to calculate an indicator such as surplus or shortage of funds for the formation of reserves and costs, which is calculated as the difference between the amount of sources of funds and the amount of reserves. Therefore, for analysis, first of all, it is necessary to determine the size of the sources of funds available to the enterprise for the formation of its reserves and costs.

In order to characterize the sources of funds for the formation of reserves and costs, indicators are used that reflect different degrees of coverage of types of sources. Among them:

1. Availability of the EU's own working capital. This indicator is calculated using the following formula:

Ec = K - Av,

EU 03 = 19866 - 7488 = 12378

EU 04 = 25730 - 10524 = 15206

where K is capital and reserves;

Ав - non-current assets.

2. The total value of the main sources of formation of reserves and costs Eо:

Eo = Ec + M,

Ео 03 = 12378 + 2247 = 14625

Ео 04 = 15206 + 1527 = 16733

where M are loans and borrowings.

Based on the above indicators, indicators of the supply of reserves and costs of the sources of their formation are calculated.

1. Surplus (+) or shortage (-) of own working capital ±EC:

±Ec=Ec - 3,

±Ec03 = 12378 - 15510 = - 3132

±Ec04 = 15206 - 26272 = - 11066

where Z is reserves.

In this case, the lack of own working capital is critical, and there is a tendency for it to worsen.

2. Excess (+) or deficiency (-) of the total amount of the main sources for the formation of reserves and costs ±E°:

±Eo = E° - Z.

±Eo03 = 14625 - 15510 = - 885

±Eo04 = 16733 - 26272 = - 9539

After the formation of reserves, the enterprise still has sources of funds, which it uses to finance current assets.

According to the degree of financial stability of the enterprise, four types of situations are possible:

1. Absolute stability. This situation is possible under the following conditions:

3 < Ес + М,

2. Normal stability, guaranteeing the solvency of the enterprise, is possible provided:

3. An unstable financial condition is associated with a violation of solvency and occurs under the condition:

3 = Ec + M + I°,

where Io are sources that ease financial tension (temporarily available own funds, borrowed funds, bank loans for temporary replenishment of working capital and other borrowed funds).

4. Crisis financial condition:

3 > Ec + M,

2003: 15510  14625

2004: 26272  16733

The calculation of these indicators and the determination of situations based on them made it possible to reveal that STS-Austria LLC is in a difficult financial situation.

After calculating the availability and surplus (shortage) of funds for the formation of reserves and costs of the enterprise, it is recommended to draw up a table for analyzing financial stability. In relation to the enterprise we took as an example, the following indicators are entered into the table (see Table 4).

Table 4

Analysis of the financial stability of STS-Austria LLC 2002-2004, thousand rubles.

According to the table, it can be seen that the enterprise STS-Austria LLC is experiencing a lack of its own working capital and the total value of the main sources for the formation of reserves and costs from 2003 to 2004. This does not speak in favor of the financial stability of the enterprise.

A number of financial ratios are also used to characterize the solvency and financial stability of an enterprise.

Average monthly revenue - an indicator characterizes the volume of income of the organization for the period under review and determines the main financial resource of the organization, which is used to carry out business activities, including to fulfill obligations. Average monthly revenue, considered in comparison with similar indicators of other organizations, characterizes the scale of the organization's business.

The formula for calculating average monthly revenue is calculated as the ratio of the revenue received by the organization during the reporting period to the number of months in the reporting period of its production and trading activities.

The structure of debts and methods of lending to an organization are characterized by the distribution of the indicator “overall degree of solvency” into debt ratios for bank loans and loans, other organizations, the fiscal system, and internal debt. The distortion of the debt structure towards commodity loans from other organizations, hidden lending due to non-payments to the state fiscal system and debt on internal payments negatively characterizes the economic activity of the organization.

This ratio shows how much current liabilities are covered by the organization's current assets. In addition, the indicator characterizes the payment capabilities of the organization, subject to the repayment of all receivables (including non-recoverable ones) and the sale of existing inventories (including illiquid assets).

To calculate the indicator, the cost of all current assets in the form of inventories, accounts receivable, short-term financial investments, cash and other current assets is divided by the current liabilities of the organization.

The coefficient of autonomy (financial independence) is determined by the ratio of the cost of capital and reserves of the organization, cleared of losses, to the amount of the organization's funds in the form of non-current and current assets. This indicator determines the share of the organization’s assets that are covered by its own capital (provided by its own sources of formation). The remaining share of assets is covered by borrowed funds. The indicator characterizes the ratio of the organization's own and borrowed capital.

The autonomy coefficient is calculated as the quotient of equity capital divided by the amount of the organization's assets.

The formula for calculating the working capital ratio is calculated by dividing the organization's current assets by average monthly revenue and characterizes the volume of current assets expressed in the organization's average monthly income, as well as its turnover.

Average monthly revenue 2003 = 68444/12 = 5703 nsc. rub.

Average monthly revenue 2004 = 108061/12 = 9005 thousand rubles.

Solvency degree 2003 = 13631/5703 = 2.4

Degree of solvency 2004 = 25984/9005 = 2.9

Coverage factor current liabilities 2003 = 26009/11384 =2.28

Coverage factor current liabilities 2004 = 41190/24457 = 1.68

Autonomy coefficient 2003 = 19866/33497 = 0.59

Autonomy coefficient 2004 =25730/51714=0.49

Supply ratio rev. funds 2003 = 26009/5703 = 4.56

Supply ratio rev. funds 2004 = 41190/9005 = 4.57

Efficiency of non-working capital 2003 =5703/7488=0.76

Efficiency of non-working capital 2003 =9005/10524=0.86

Table 5

Analysis of solvency and financial stability indicators for 2003-2004.

Based on the data in Table 8, conclusions can be drawn.

During the compared period, there was an increase in the absolute value of average monthly revenue by more than 1.5 times. The main factors for increasing revenue are inflationary processes in the economy.

Table 5 shows that the timing of possible repayment of debt to creditors, taking into account the volume of borrowed funds and average monthly revenue, is at an unsatisfactory level and has practically not changed.

During the analyzed period, there was a decrease in the ratio of covering current liabilities with current assets.

In 2004, compared to 2003, the indicator decreased to 1.68 to 2.28 pp. - 2003, which indicates a decrease in the level of liquidity of assets and an increase in the organization’s losses. The provision of current assets is insufficient to conduct business activities and timely repay short-term obligations.

The lower the value of the working capital ratio, the higher the rate of use of working capital. The turnover rate of funds invested in current assets decreased by 1.1 percentage points, which indicates a decrease in the efficiency and marketing policy of the organization.

During the analyzed period, there was a decrease in the ratio of covering current liabilities with current assets. This indicates a decrease in the level of liquidity of assets and an increase in the organization’s losses. The provision of current assets is insufficient to conduct business activities and timely repay short-term obligations.

2.4. Enterprise liquidity analysis

For the purposes of a general assessment of liquidity, it is advisable to group balance sheet items into groups based on the liquidity of assets and the maturity of liabilities.

Liquidity is understood as the possibility of selling material and other assets and converting them into cash. According to the degree of liquidity, the property of an enterprise can be divided into 4 groups:

1) A1 - first-class liquid assets (cash and short-term financial investments);

2) A2 - easily realizable assets (accounts receivable, finished products and goods)

3) A3 - average realizable assets (inventory, animals for growing and fattening, small business, work in progress, distribution costs)

4) A4 - hard-to-sell or illiquid assets (intangible assets, fixed assets and equipment for installation, capital and long-term financial investments).

First-class liquid assets, easily realizable assets and medium-realizable assets form current assets.

Balance sheet liabilities according to the degree of their urgency and repayment can be grouped as follows:

1) P1 - the most urgent obligations (accounts payable);

2) P2 - short-term liabilities (short-term loans, borrowings)

3) P3 - long-term loans and borrowings, lease obligations, etc.

4) P4 - permanent liabilities (own funds)

The amount A1, A2, A3 corresponds to the value of current assets (TA)

The grouping of assets and liabilities of STS-Austria LLC is presented in table. 6.

Table 6

Balance sheet liquidity indicators of STS-Austria LLC for 2003 - 2004.

The balance is considered absolutely liquid if: A1>=P1, A2>=P2, A3>=P3, A4<=П4. На основе выше приведенных данных можно сделать вывод, что баланс предприятия ООО «СТС-Австрия» не является абсолютно ликвидным.

To assess solvency, it is advisable to calculate the following coefficients:

1) Absolute liquidity ratio (the ratio of the amount of cash and short-term financial investments (A1) to short-term liabilities (P1)).

2) Intermediate coverage ratio or quick liquidity ratio (the ratio of the total amount of cash, short-term financial investments, accounts receivable, cost of finished products and goods to short-term liabilities). The optimal value is from 0.2 to 0.6.

3) General coverage ratio or current ratio (the ratio of the total amount of inventories and costs (excluding deferred expenses), cash, short-term financial investments and receivables to short-term liabilities). The optimal value is from 1.0 to 3.0.

Absolute liquidity ratio 2003 =285/11384=0.03

Absolute liquidity ratio 2004 =7969/24457=0.33

Intermediate coefficient coverage 2003 =(285+9524)/(11384+0)=0.86

Intermediate coefficient coverage 2004 =(7969+5632)/(24457+0)=0.56

General coefficient coverage 2003 = (285+9524+16200)/(11384+0)=2.28

General coefficient coverage 2004 =(7969+5632+27589)/(24457+0)=1.68

Table 7

Liquidity indicators

In 2004, the absolute liquidity ratio increased to 0.33, which corresponds to standard values. The intermediate coverage ratio dropped to 0.56 and no longer met accepted standards. The overall coverage ratio was 1.68, which is lower than in 2003, but consistent with regulatory indicators. Thus, we can conclude that the company is characterized by a relatively stable financial condition in terms of liquidity.

2.5. Enterprise profitability analysis

To assess the profitability of the enterprise, the following indicators were calculated: 1) Return on assets ratio:

Rai = (Pp/Ac)*100, where Rai is the return on assets (property); Pp - profit at the disposal of the enterprise (f No. 2);

Ас - average value of assets (calculated according to balance sheet data).

This ratio measures the profitability of a business relative to its assets. The higher the return on assets, the more skillfully management uses the company's resources. It is important that the average value of assets for the period is used for the calculation, and not their size at the end of the year, since profit is earned throughout the year, and not just at a single point in time. This ratio is most useful for analyzing businesses within the same industry, but not when making comparisons between different industries.

Return on equity allows you to determine the efficiency of using the capital invested by the owners and compare it with the possible profit from investing these funds in other securities. Shows how much profit is received from each unit of money invested by the owners of the enterprise. This indicator serves as an important criterion when assessing the level of stock quotes on the stock exchange. 2) Return on current assets ratio:

Rta = (Pp/Ast)*100, where Rta is the return on current assets; Pp - profit at the disposal of the enterprise (f No. 2); Ast is the average value of current assets (calculated according to balance sheet data). 3) Return on equity:

Rsk = (Pp/Iss)*100, where Rsk is return on equity; Iss - sources of own funds.

This ratio shows how much income investments in a given business bring to investors. Those who have invested their funds for a long term are primarily interested in its growth, because it characterizes how effectively their own capital is used. Like return on assets, it is more appropriate to calculate this ratio using the average equity value for the period, since some of the profits are reinvested throughout the year. 4) Profitability of products sold:

Рп=(Пп/Вр)*100, where Рп - product profitability; Вр - sales revenue.

Net profit per unit of sales reflects the amount of net profit from the production activities of the enterprise (after interest and taxes) per unit of sales.

Indicators for calculation are presented in table 8

Table 8

Indicators for calculating profitability

Return on assets 2003 = 2711/33497 = 8.093

Return on assets 2004 = 4202/51714 = 8.125

Return on current assets 2003 = 2711/25319 = 10.707

Return on current assets 2004 = 4202/39873 = 10.538

Return on equity 2003 = 2711/19866 = 13.646

Return on equity 2004 = 4202/25730 = 16.331

Product profitability 2003 = 2711/68444 = 3.961

Product profitability 2004 = 4202/102577 = 4.096

The calculated values ​​of profitability indicators are presented in table. 9.

Table 9

Dynamics of profitability indicators

The dynamics of indicators indicate an increase in return on assets, current assets, equity capital, and products compared to the previous year. Return on assets increased from 8.093% to 8.125%, return on equity from 13.646% to 16.331%. Product profitability increased by 0.14% from 3.961% to 4.096%.

2.6. Main directions for increasing the efficiency of the organization's activities

The analysis showed that, despite the profitable activities of the enterprise, there are some problems in the financial condition of the enterprise. First of all, it should be noted that liquidity indicators are below standard values, and in terms of financial stability indicators, the enterprise is characterized by an unstable financial position.

The program for improving the financial condition of the enterprise includes 3 stages:

Stage 1: Restoring solvency

1.1. Carrying out an inventory of assets and liabilities

1.2. Creating a payment calendar

1.3. Converting low-liquidity assets into cash, or using them to repay short-term liabilities (or sale of assets)

1.4. Conversion of short-term debt into long-term debt

1.5. Refusal of the Founders to receive the Company's profit for the coming year and use it to pay off accounts payable

Stage 2: Restoring financial stability

2.1. Reduce costs and reduce current financial needs

2.2. Optimization of the number of employees

2.3. Repurchase of debt obligations at a discount

2.4. Conversion of debt obligations into authorized capital

2.5. Attracting advances from customers

Stage 3: Ensuring financial balance for a long time

3.1. Implementation of marketing activities

3.2. Attracting investments

Any company has the potential to improve the financial and management performance of sales activities. As a rule, the sales efficiency of an enterprise depends on:

the company’s knowledge of its product/service and position in the market, compliance of the company’s actions with market trends;

quality of construction of internal management processes and procedures (sales management);

quality of work of sales department employees: the degree of their cohesion around a common goal, motivation, professional skills, etc. To improve the sales activities of an enterprise, work can be carried out in the relevant areas:

conducting marketing research;

building optimal sales management procedures;

work with enterprise personnel: motivation, training, creating a “team”.

Building optimal sales management procedures includes the following steps:

1. Improving the effectiveness of the marketing/sales strategy. It is advisable in cases where:

pre-planned actions to increase sales or increase costs for sales activities do not bring tangible benefits;

product sales volumes have stabilized or even decreased;

there are uncontrolled rises/declines in product sales volumes;

The actions of the marketing/sales department often conflict with the activities of other departments.

2. Increasing the efficiency of marketing/sales procedures. It is necessary in cases where the work of the marketing/sales department with goods, sales, advertising, sales promotion system, etc. does not bring the desired (planned) results.

3. Setting up sales/marketing monitoring at the enterprise. Suitable in cases where:

it is difficult to objectively assess the quality of work of the marketing/sales division as a whole or its individual employees;

it is difficult to objectively assess the success of the chosen marketing/sales strategy for the enterprise;

it is important to evaluate the effectiveness of marketing activities;

the manager needs information to make operational decisions;

criteria are required for fairly objective incentives for employees or the department as a whole.

The results of joint work in these areas can be:

increasing the company's manageability;

development of the company's marketing/sales strategy;

increasing volumes and sales markets;

expansion of product range;

building effective interaction between the marketing/sales department and others;

a system for assessing the performance of a marketing/sales division or individual employees of a division.

Working with personnel is advisable in cases where:

any changes are introduced to the current operation of the enterprise;

it is necessary to increase the efficiency of the enterprise as a whole or its individual divisions.

Conclusion

After analyzing the economic activities of STS-Austria LLC, the following conclusions can be drawn. In general, the company operates successfully with profits that increase from year to year. So in 2003, the enterprise's net profit amounted to 2,711 thousand rubles, and in 2004 - 4,202 thousand rubles, which is 55% more than in the previous year. The dynamics of profitability indicators indicate an increase in return on assets, current assets, equity capital, and products compared to the previous year. Return on assets increased from 8.093% to 8.125%, return on equity from 13.646% to 16.331%. Product profitability increased by 0.14% from 3.961% to 4.096%.

Currently, the number of personnel of the enterprise is 32 people, and the average monthly salary of one employee is 25 thousand rubles, which is certainly a good indicator. In 2003, the annual wage fund amounted to 8 million rubles, and in 2004, 9.6 million rubles. Labor productivity also increased and amounted to 108.44 thousand rubles per person in 2003, and 131.31 thousand rubles per person in 2004. The production efficiency coefficient (the rate of increase in labor productivity to the rate of increase in wages) was 1.009. This indicates that the growth rate of labor productivity exceeds the growth rate of wages. The economic effect from changes in labor productivity and wage growth amounted to 0.086 million rubles.

During the reporting period, the company acquired fixed assets in the amount of 5024 thousand rubles, and disposed of them in the amount of 1988 thousand rubles. The renewal of fixed assets in 2004 amounted to 47% due to the acquisition of new office equipment, warehouse and office equipment. The share of employees who left the production sector in 2004 was 27%. This happened due to the sale of unused warehouse equipment and road transport. Depreciation charges for fixed assets and intangible assets for 2004 amounted to 1,579 thousand rubles. The average depreciation rate is 17.4%. The capital-labor ratio amounted to 281.4 thousand rubles. per employee, and capital productivity is 11.99 rubles.

The enterprise STS-Austria LLC is experiencing a lack of its own working capital and the total value of the main sources of inventory formation and costs from 2003 to 2004. This does not speak in favor of the financial stability of the enterprise. Also, an analysis of accounting data showed that the balance sheet of the enterprise STS-Austria LLC is not absolutely liquid. In 2004, the absolute liquidity ratio increased to 0.33, which corresponds to standard values. The intermediate coverage ratio dropped to 0.56 and no longer met accepted standards. The overall coverage ratio was 1.68, which is lower than in 2003, but consistent with regulatory indicators. Thus, we can conclude that the company is characterized by a relatively stable financial condition in terms of liquidity.

The enterprise needs to formulate the financial policy of the enterprise. The main task at this stage for the analyzed enterprise is the transition to financial management based on an analysis of the financial and economic state, taking into account the setting of strategic goals for the enterprise and the search for ways to achieve them. It is necessary to develop measures to reduce non-monetary forms of payment or establish their optimal critical level, analyze the position of the enterprise in the market and develop a strategy for the development of the enterprise.

The company needs to analyze the most acceptable option for obtaining a bank loan, draw up a repayment plan for borrowed funds and calculate the amount of interest, taking into account the specifics of profit taxation. Security for borrowed loans can be ensured in the following ways:

Increase the share of liquid assets - at the same time, the profitability of the enterprise decreases due to the possibility of investing in low-profit assets;

Extending the terms for which loans are issued to an enterprise - in this case, profitability will decrease if interest payments are made during the period of availability of own funds.

To create a more stable basis for making more stable financial and economic decisions, an enterprise needs to determine cost accounting by groups: variable costs, fixed costs, mixed costs. It is necessary to reduce the cost of products, improve the quality of products, rationally organize the production process, which will increase its competitiveness. This policy will allow the enterprise to successfully compete and develop steadily in the market environment.

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