Analysis and diagnostics of financial and economic activity of the enterprise.

Analysis of financial and economic activity plays an important role in increasing the economic efficiency of the organization, in its management, in strengthening its financial condition. It is an economic science that studies the economics of organizations, their activities in terms of assessing their work on the implementation of business plans, assessing their property and financial condition and in order to identify untapped reserves to improve the efficiency of organizations.

Acceptance of justified, optimal ones is impossible without a preliminary comprehensive, in-depth economic analysis of the organization's activities.

The results of the economic analysis carried out are used to establish reasonable planning targets. The indicators of business plans are set on the basis of actually achieved indicators, analyzed in terms of opportunities for their improvement. The same applies to regulation. The norms and standards are determined on the basis of the previously existing ones, analyzed from the point of view of the possibilities for their optimization. For example, the norms for the consumption of materials for the manufacture of products should be established taking into account the need to reduce them without compromising the quality and competitiveness of products. Consequently, the analysis of economic activity contributes to the establishment of reasonable values ​​of planned indicators and various standards.

Economic analysis helps to increase the efficiency of organizations, the most rational and efficient use of fixed assets, material, labor and financial resources, the elimination of unnecessary costs and losses, and, consequently, the implementation of a savings regime. The immutable law of management is to achieve the greatest results at the lowest cost. The most important role in this is played by economic analysis, which makes it possible, by eliminating the causes of excessive costs, to minimize and, consequently, maximize the value obtained.

The role of the analysis of economic activity in strengthening the financial condition of organizations is great. The analysis allows you to establish the presence or absence of financial difficulties in the organization, identify their causes and outline measures to eliminate these causes. The analysis also makes it possible to ascertain the degree of solvency and liquidity of the organization and predict the possible bankruptcy of the organization in the future. When analyzing the financial results of the organization's activities, the causes of losses are established, ways to eliminate these causes are outlined, the influence of individual factors on the amount of profit is studied, recommendations are made to maximize profits by using the identified reserves of its growth, and ways to use them are outlined.

The relationship of economic analysis (analysis of economic activity) with other sciences

First of all, the analysis of financial and economic activities is associated with. Among all those used in conducting, the most important place (more than 70 percent) is occupied by information provided by accounting and. Accounting forms the main indicators of the organization's activities and its financial condition (liquidity, etc.).

The analysis of economic activity is also associated with statistical accounting (). information provided by statistical accounting and reporting is used in the analysis of the organization's activities. In addition, a number of statistical research methods are used in economic analysis. Economic analysis is interconnected with audit.

auditors check the correctness and validity of the organization's business plans, which, along with accounting data, are an important source of information for economic analysis. Further, the auditors carry out a documentary check of the organization's activities, which is very important to ensure the reliability of the information used in the economic analysis. Auditors also analyze the profit, profitability and financial condition of the organization. Here audit comes into close interaction with economic analysis.

The analysis of economic activity is also associated with intra-economic planning.

The analysis of economic activity is closely connected with mathematics. When conducting research is widely used.

Economic analysis is also closely connected with the economy of individual sectors of the national economy, as well as with the economy of individual industries (engineering, metallurgy, chemical industry, etc.).

The analysis of economic activity is also interconnected with such sciences as , . In the process of conducting economic analysis, it is necessary to take into account the formation and use of cash flows, the features of the functioning of both own and borrowed funds.

Economic analysis is very closely related to the management of organizations. Strictly speaking, the analysis of the activities of organizations is carried out with the aim of implementing, on the basis of its results, the development and adoption of optimal management decisions that ensure an increase in the efficiency of the organization's activities. Thus, economic analysis contributes to the organization of the most rational and efficient management system.

Along with the specific economic sciences listed, economic analysis is certainly associated with. The latter sets out the most important economic categories, which serves as a methodological basis for economic analysis.

The objectives of the analysis of financial and economic activities

In the process of conducting economic analysis, identifying an increase in the efficiency of organizations and ways of mobilization, that is, the use of identified reserves. These reserves are the basis for the development of organizational and technical measures that must be carried out to activate the identified reserves. The developed measures, being optimal management decisions, make it possible to effectively manage the activities of the objects of analysis. Therefore, the analysis of the economic activity of organizations can be considered as one of the most important functions of management or, as the main method of substantiating decisions on the management of organizations. In the conditions of market relations in the economy, the analysis of economic activity is designed to ensure high profitability and competitiveness of organizations both in the short and in the longer term.

The analysis of economic activity, which arose as an analysis of the balance sheet, as balance science, continues to consider the analysis of the financial condition of the organization according to the balance sheet as the main direction of research (using, of course, other sources of information). In the context of the transition to market relations in the economy, the role of analyzing the financial condition of the organization is significantly increasing, although, of course, the importance of analyzing other aspects of their work is not diminished.

Methods of analysis of economic activity

The method of analysis of economic activity includes a whole system of methods and techniques. enabling the scientific study of economic phenomena and processes that make up the economic activity of the organization. Moreover, any of the methods and techniques used in economic analysis can be called a method in the narrow sense of the word, as a synonym for the concepts of "method" and "reception". The analysis of economic activity also uses the methods and techniques characteristic of other sciences, especially statistics and mathematics.

Analysis method is a set of methods and techniques that provide a systematic, comprehensive study of the influence of individual factors on changes in economic indicators and the identification of reserves for improving the activities of organizations.

1. The use of tasks (taking into account their validity), as well as the standard values ​​of individual indicators as the main criterion for assessing the activities of organizations, and their financial condition;
2. The transition from assessing the organization's activities based on the overall results of the implementation of business plans to detailing these results by spatial and temporal characteristics;
3. calculation of the influence of individual factors on economic indicators (where possible);
4. Comparison of indicators of this organization with indicators of other organizations;
5. Integrated use of all available sources of economic information;
6. Generalization of the results of the conducted economic analysis and a summary calculation of the identified reserves for improving the organization's activities.

In the process of conducting the analysis of economic activity, a large number of special methods and techniques are used, in which the systemic, complex nature of the analysis is manifested. Systemic nature of economic analysis It manifests itself in the fact that all economic phenomena and processes that make up the activity of the organization are considered as certain aggregates consisting of separate components, interconnected and in general with the system, which is the economic activity of the organization. When conducting an analysis, the relationship between the individual components of these aggregates, as well as these parts and the aggregate as a whole, and finally, between individual aggregates and the activities of the organization as a whole, is studied. The latter is considered as a system, and all of its listed components are considered as subsystems of various levels. For example, an organization as a system includes a number of workshops, i.e. subsystems, which are aggregates consisting of individual production sites and jobs, that is, subsystems of the second and higher orders. Economic analysis studies the interconnections of the system and subsystems of various levels, as well as the latter among themselves.

Analysis and evaluation of business performance

Analysis of the financial and economic activities of the enterprise makes it possible to assess the effectiveness of the business, that is, to establish the degree of efficiency of the functioning of this enterprise.

The main principle of economic efficiency is to achieve the greatest results at the lowest cost. If we detail this provision, then we can say that the effective activity of the enterprise takes place while minimizing the cost of manufacturing a unit of production in conditions of strict adherence to technology and production and ensuring high quality and.

The most general performance indicators are profitability, . There are private indicators that characterize the effectiveness of certain aspects of the functioning of the enterprise.

• efficiency of use of production resources at the disposal of the organization:
  • fixed production assets (here the indicators are , );
  • (indicators - personnel profitability, );
  • (indicators - , profit per one ruble of material costs);
• the effectiveness of the organization's investment activity (indicators - the payback period of capital investments, profit per one ruble of capital investments);
• efficiency of use of the organization's assets (indicators - turnover of current assets, profit per ruble of the value of assets, including current and non-current assets, etc.);
• efficiency of capital use (indicators - net profit per share, dividends per share, etc.)

Actually achieved private performance indicators are compared with planned indicators, with data for previous reporting periods, as well as with indicators of other organizations.

We present the initial data for analysis in the following table:

Indicators characterizing certain aspects of the financial and economic activity of the enterprise have improved. Thus, capital productivity, labor productivity and material productivity have increased, therefore, the use of all types of production resources at the disposal of the organization has improved. The payback period for capital investments has been reduced. The turnover of working capital accelerated due to the increase in the efficiency of their use. Finally, there is an increase in the amount of dividends paid to shareholders per share.

All these changes, which took place compared with the previous period, indicate an increase in the efficiency of the enterprise.

As a generalizing indicator of the effectiveness of the financial and economic activities of the enterprise, we use the level as the ratio of net profit to the sum of fixed and circulating production assets. This indicator combines a number of private performance indicators. Therefore, the change in the level of profitability reflects the dynamics of the efficiency of all aspects of the organization's activities. In our example, the level of profitability in the previous year was 21 percent, and in the reporting year 22.8%. Consequently, an increase in the level of profitability by 1.8 points indicates an increase in business efficiency, which is expressed in a comprehensive intensification of the financial and economic activities of the enterprise.

The level of profitability can be considered as a generalizing, integral indicator of business performance. Profitability expresses a measure of profitability, the profitability of the enterprise. Profitability is a relative indicator; it is much less than the absolute indicator of profit, is subject to the influence of inflationary processes and therefore more accurately shows the effectiveness of the organization. Profitability characterizes the profit received by the enterprise from each ruble of funds invested in the formation of assets. In addition to the considered profitability indicator, there are others that are covered in detail in the article “Profit and Profitability Analysis” of this site.

• general economic factors. These include: trends and patterns of economic development, achievements of scientific and technological progress, tax, investment, depreciation policy of the state, etc.
• natural and geographical factors: the location of the organization, the climatic features of the area, etc.
• Regional factors: the economic potential of a given region, investment policy in this region, etc.
• industry factors: the place of this industry in the national economic complex, market conditions in this industry, etc.
• factors determined by the functioning of the analyzed organization - the degree of use of production resources, compliance with the regime of savings in the costs of production and sale of products, the rationality of the organization of supply and marketing activities, investment and pricing policy, the most complete identification and use of on-farm reserves, etc.

It is very important to improve the efficiency of the functioning of the enterprise is to improve the use of production resources. Any of the indicators we have named, reflecting their use ( , ) is a synthetic, generalizing indicator, which is influenced by more detailed indicators (factors). In turn, each of these two factors is influenced by even more detailed factors. Consequently, any of the generalizing indicators of the use of production resources (for example, capital productivity) characterizes the effectiveness of their use only in general.

In order to reveal the true effectiveness, it is necessary to carry out more detailed of these indicators.

The main private indicators characterizing the efficiency of the enterprise should be considered the return on assets, labor productivity, material efficiency and turnover of working capital. At the same time, the latter indicator, in comparison with the previous ones, is more general, directly reaching such performance indicators as profitability, profitability, and profitability. The faster the turnover of working capital, the more efficiently the organization functions and the greater the amount of profit received and the higher the level of profitability.

The acceleration of turnover characterizes the improvement of both the production and economic aspects of the organization's activities.

So, the main indicators reflecting the effectiveness of the organization are profitability, profitability, profitability level.

In addition, there is a system of private indicators that characterize the effectiveness of various aspects of the functioning of the organization. Among the private indicators, the most important is the turnover of working capital.

A systematic approach to the analysis of financial and economic activities

Systems approach to the analysis of the financial and economic activities of the enterprise suggests her study as a certain totality, as a single system. The system approach also assumes that an enterprise or other analyzed object should include a system of various elements that are in certain relationships with each other, as well as with other systems. Consequently, the analysis of these elements that make up the system should be carried out taking into account both intrasystem and external relations.

Thus, any system (in this case, the analyzed organization or another object of analysis) consists of a number of interconnected subsystems. At the same time, the same system, as an integral part, as a subsystem, is included in another system of a higher level, where the first system is interconnected and interacts with other subsystems. For example, the analyzed organization as a system includes a number of workshops and management services (subsystems). At the same time, this organization, as a subsystem, is part of some branch of the national economy or industry, i.e. systems of a higher level, where it interacts with other subsystems (other organizations included in this system), as well as with subsystems of other systems, i.e. with organizations in other industries. Thus, the analysis of the activities of individual structural divisions of the organization, as well as individual aspects of the latter's activity (supply and marketing, production, financial, investment, etc.) should not be carried out in isolation, but taking into account the relationships that exist in the analyzed system.

Under these conditions, economic analysis must, of course, be systemic, complex and multifaceted.

In the economic literature, the concepts of " system analysis" and " complex analysis". These categories are closely related. In many respects, systemic and complex analysis are synonymous concepts. However, there are also differences between them. System approach to economic analysis involves an interconnected consideration of the functioning of individual structural divisions of the organization, the organization as a whole, and their interaction with the external environment, that is, with other systems. Along with this, a systematic approach means an interconnected consideration of various aspects of the activity of the analyzed organization (supply and marketing, production, financial, investment, socio-economic, economic-environmental, etc.). The systematic analysis is a broader concept compared to its complexity. Complexity includes the study of individual aspects of the organization's activities in their unity and interconnection. As a result, complex analysis should be considered as one of the fundamental parts of system analysis. The generality of the complexity and consistency of the analysis of financial and economic activities is reflected in the unity of the study of various aspects of the activities of a given organization, as well as in the interconnected study of the activities of the organization as a whole and its individual divisions, and, in addition, in the application of a common set of economic indicators, and, finally, in complex use of all types of information support for economic analysis.

Stages of analysis of the financial and economic activities of the enterprise

In the process of conducting a systematic, comprehensive analysis of the financial and economic activities of an enterprise, the following stages can be distinguished. At the first stage the analyzed system should be divided into separate subsystems. At the same time, it should be borne in mind that in each individual case, the main subsystems may be different, or the same, but having far from identical content. So, in an organization that manufactures industrial products, the most important subsystem will be its production activity, which is absent in a trade organization. Organizations providing services to the population have a so-called production activity, which differs sharply in its essence from the production activity of industrial organizations.

Thus, all the functions performed by this organization are performed through the activities of its individual subsystems, which are identified at the first stage of a systemic, comprehensive analysis.

At the second stage a system of economic indicators is being developed, which reflects the functioning of both individual subsystems of a given organization, that is, the system, and the organization as a whole. At the same stage, criteria for evaluating the values ​​of these economic indicators are developed based on the use of their normative and critical values. And finally, at the third stage of the implementation of a systemic, comprehensive analysis, the relationship between the functioning of individual subsystems of a given organization and the organization as a whole is identified, the definition of economic indicators that express these relationships are under their influence. So, for example, they analyze how the functioning of the department for labor and social issues of a given organization will affect the value of the cost of manufactured products, or how the investment activity of the organization affected the amount of its balance sheet profit.

Systems approach to economic analysis enables the most complete and objective study of the functioning of this organization.

At the same time, one should take into account the materiality, significance of each type of identified relationships, the share of their influence on the total value of the change in the economic indicator. Subject to this condition, a systematic approach to economic analysis provides opportunities for the development and implementation of optimal management decisions.

When conducting a systematic, comprehensive analysis, it is necessary to take into account that economic and political factors are interrelated and have a joint impact on the activities of any organization and on its result. Political decisions taken by the legislative authorities must necessarily be in accordance with the legislative acts regulating the development of the economy. True, at the micro level, that is, at the level of individual organizations, it is very problematic to give a reasonable assessment of the influence of political factors on the performance of an organization, to measure their influence. As for the macro level, that is, the national economic aspect of the functioning of the economy, here it seems more realistic to indicate the influence of political factors.

Along with the unity of economic and political factors, when conducting a system analysis, it is also necessary to take into account the interconnectedness of economic and social factors. At present, the achievement of the optimal level of economic indicators is largely determined by the implementation of measures to improve the socio-cultural level of the organization's employees and improve their quality of life. In the process of conducting the analysis, it is necessary to study the degree of implementation of plans for socio-economic indicators and their relationship with other indicators of the activities of organizations.

When conducting a systematic, comprehensive economic analysis, one should also take into account unity of economic and environmental factors. In modern conditions of the activity of enterprises, the environmental side of this activity has become very important. At the same time, it should be borne in mind that the costs of implementing environmental protection measures cannot be considered only from the standpoint of momentary benefits, since the biological damage caused to nature by the activities of metallurgical, chemical, food and other organizations may become irreversible, irreplaceable in the future. Therefore, in the process of analysis, it is necessary to check how the plans for the construction of treatment facilities, for the transition to waste-free production technologies, for the beneficial use or implementation of planned returnable waste are fulfilled. It is also necessary to calculate the reasonable values ​​of damage caused to the natural environment by the activities of this organization and its individual structural divisions. The environmental activities of an organization and its subdivisions should be analyzed in conjunction with other aspects of its activities, with the implementation of plans and the dynamics of the main economic indicators. At the same time, cost savings for environmental protection measures, in cases where it is caused by incomplete implementation of plans for these measures, and not by more economical use of material, labor and financial resources, should be recognized as unjustified.

Further, when conducting a systematic, comprehensive analysis, it is necessary to take into account that it is possible to obtain a holistic view of the organization's activities only as a result of studying all aspects of its activities (and the activities of its structural divisions), taking into account the relationships between them, as well as their interaction with external environment. Thus, in carrying out the analysis, we split the integral concept - the activity of the organization - into separate components; then, in order to verify the objectivity of analytical calculations, we carry out an algebraic addition of the results of the analysis, that is, individual parts, which together should form a complete picture of the activities of this organization.

The systemic and complex nature of the analysis of financial and economic activities is reflected in the fact that in the process of its implementation, a certain system of economic indicators is created and directly applied that characterizes the activities of the enterprise, its individual aspects, the relationship between them.

Finally, the systemic and complex nature of economic analysis finds its expression in the fact that in the process of its implementation there is a complex use of the entire set of information sources.

So, the main content of the system approach in economic analysis is to study the influence of the entire system of factors on economic indicators based on the intra-economic and external relations of these factors and indicators. At the same time, the analyzed organization, that is, a certain system, is divided into a number of subsystems, which are separate structural divisions and separate aspects of the organization's activities. In the course of the analysis, the complex use of the entire system of sources of economic information is carried out.

Factors to improve the efficiency of the organization

Classification of factors and reserves to improve the efficiency of the organization's economic activities

The processes that make up the financial and economic activities of the enterprise are interconnected. In this case, the connection can be direct, direct, or indirect, mediated.

The financial and economic activities of the enterprise, its effectiveness are reflected in certain. The latter can be generalized, that is, synthetic, as well as detailed, analytical.

All indicators expressing the financial and economic activities of the organization are interconnected. Any indicator, a change in its value, is influenced by certain reasons, which are usually called factors. So, for example, the volume of sales (sales) is influenced by two main factors (they can be called factors of the first order): the volume of output of marketable products and the change during the reporting period of the balance of unsold products. In turn, the values ​​of these factors are influenced by second-order factors, that is, more detailed factors. For example, the volume of output is influenced by three main groups of factors: factors associated with the availability and use of labor resources, factors associated with the availability and use of fixed assets, factors associated with the availability and use of material resources.

In the process of analyzing the organization's activities, even more detailed factors of the third, fourth, and higher orders can be distinguished.

Any economic indicator can be a factor influencing another, more general indicator. In this case, the first indicator is called the factor indicator.

Studying the influence of individual factors on economic performance is called factor analysis. The main varieties of factor analysis are deterministic analysis and stochastic analysis.

Economic activity of the enterprise is the production of products, the provision of services, the performance of work. Economic activity is aimed at making a profit in order to satisfy the economic and social interests of the owners and the workforce of the enterprise. Economic activity includes the following stages:

• scientific research and development work;
• production;
• auxiliary production;
• maintenance of production and sales, marketing;
• sales and after-sales support.

Analysis of the economic activity of the enterprise

Makes the FinEkAnalysis program.

Analysis of the economic activity of the enterprise this is a scientific way of understanding economic phenomena and processes, based on the division into component parts and the study of the variety of connections and dependencies. This is an enterprise management function. Analysis precedes decisions and actions, justifies the scientific management of production, increases objectivity and efficiency.

Analysis of the economic activity of the enterprise consists of the following areas:

• The financial analysis
  • Analysis of solvency, liquidity and financial stability,
• Management analysis
• Evaluation of the place of the enterprise in the market of this product,
• Analysis of the use of the main factors of production: means of labor, objects of labor and labor resources,
• Evaluation of the results of production and sales of products,
• Making decisions on the range and quality of products,
• Development of a strategy for managing production costs,
• Determination of the pricing policy,

Indicators of economic activity of the enterprise

The analyst, according to the specified criteria, selects indicators, forms a system from them, and makes an analysis. The complexity of the analysis requires the use of systems, rather than individual indicators. The indicators of economic activity of the enterprise are divided into:

1. value and natural, - depending on the underlying meters. Cost indicators - the most common type of economic indicators. They generalize heterogeneous economic phenomena. If an enterprise uses more than one type of raw materials and materials, then only cost indicators can provide information on the generalized amounts of receipts, expenditures, and the balance of these items of labor.

natural indicators are primary, and cost - secondary, since the latter are calculated on the basis of the former. Economic phenomena such as production costs, distribution costs, profit (loss) and some other indicators are measured only in cost terms.

2. quantitative and qualitative, - depending on which side of phenomena, operations, processes is measured. For results that can be quantified, use quantitative indicators. The values ​​of such indicators are expressed as some real number that has a physical or economic meaning. These include:

1. All financial indicators:

• revenue,
• net profit,
• fixed and variable costs,
• profitability,
• turnover,
• liquidity, etc.

2. Market indicators:

• volume of sales,
• market share,
• size/growth of the customer base, etc.

3. Indicators characterizing the efficiency of business processes and activities for training and development of the enterprise:

• labor productivity,
• the production cycle,
• lead time,
• staff turnover,
• number of employees trained, etc.

Most of the characteristics and results of the work of the organization, departments and employees are not amenable to strict quantitative measurement. They are used to evaluate qualitative indicators. Qualitative indicators are measured with the help of expert assessments, by monitoring the process and results of work. These include, for example, indicators such as:

• relative competitive position of the company,
• customer satisfaction index,
• staff satisfaction index,
• command at work
• the level of labor and performance discipline,
• quality and timeliness of submission of documents,
• compliance with standards and regulations,
• execution of orders of the head and many others.

Qualitative indicators, as a rule, are leading, as they affect the final results of the organization's work and "warn" about possible deviations of quantitative indicators.

3. Volumetric and specific- depending on the application of individual indicators or their ratios. So, for example, the volume of output, sales volume, production cost, profit are volume indicators. They characterize the volume of this economic phenomenon. Volumetric indicators are primary, and specific indicators are secondary.

Specific indicators calculated on the basis of volume indicators. For example, the cost of production and its cost are volume indicators, and the ratio of the first indicator to the second, that is, the cost per ruble of marketable products, is a specific indicator.

Results of economic activity of the enterprise

Profit and income- the main indicators of the financial results of the production and economic activities of the enterprise.

Income is the proceeds from the sale of products (works, services) minus material costs. It represents the monetary form of the net output of the enterprise, i.e. includes wages and profits.

Income characterizes the amount of funds that the company receives for the period, and minus taxes is used for consumption and investment. Income is sometimes subject to taxation. In this case, after tax is deducted, it is subdivided into consumption, investment and insurance funds. The consumption fund is used for remuneration of personnel and payments based on the results of work for the period, for a share in the authorized property (dividends), material assistance, etc.

Profit- part of the proceeds remaining after reimbursement of production and marketing costs. In a market economy, profit is the source of:

• replenishment of the revenue part of the state and local budgets,
• enterprise development, investment and innovation activities,
• satisfaction of the material interests of the members of the labor collective and the owner of the enterprise.

The amount of profit and income is influenced by the volume of products, assortment, quality, cost, improvement of pricing and other factors. In turn, profit affects the profitability, solvency of the enterprise and others. The value of the gross profit of the enterprise consists of three parts:

• profit from the sale of products - as the difference between the proceeds from the sale of products (excluding VAT and excise duty) and its full cost;
• profits on the sale of tangible assets and other property (this is the difference between the sale price and the costs of acquiring and selling). Profit from the sale of fixed assets is the difference between the proceeds from the sale, the residual value and the costs of dismantling and selling;
• profit from non-sales operations, i.e. transactions not directly related to the main activity (income from securities, from equity participation in joint ventures, leasing property, exceeding the amount of fines received over those paid, etc.).

Unlike profit, which shows the absolute effect of activity, profitability- a relative indicator of the efficiency of the enterprise. In general, it is calculated as the ratio of profit to costs and is expressed as a percentage. The term is derived from the word "rent" (income).

Profitability indicators are used for a comparative assessment of the performance of individual enterprises and industries that produce different volumes and types of products. These indicators characterize the profit received in relation to the spent production resources. Product profitability and production profitability are often used. There are the following types of profitability:

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

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

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

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

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

Table 3. Analytical balance of assets (million rubles)

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

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

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

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

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

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

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

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

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

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

Table 5. Vertical analysis of assets

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

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

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

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

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

Table 6. Vertical analysis of liabilities

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

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

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

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

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

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

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

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

The absolute liquidity ratio is determined by the following formula:

Cal=Ds/Kfo (5)

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

The quick liquidity ratio is determined by the following formula:

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

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

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

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

Ktl=Ta/Ko (7)

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

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

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

By tl 2010 -903/498=1.81.

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

K al 2011 -43/558=0.08.

By tl 2011 -885/558=1.58.

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

K al 2012 -255/750=0.34.

By tl 2012 -2716/750=3.62.

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

The data will be presented in Table 7.

Table 7. Dynamics of liquidity indicators (million rubles)

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

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

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

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

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

Table 8

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

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

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

Profitability = Net income / Average assets (8)

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

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

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

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

Topic 8. Analysis of the financial condition of the organization

8.3.2. Profitability assessment

8.4. Determination of the unsatisfactory structure of the balance sheet of the enterprise

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

The financial condition can be stable, unstable and crisis. The ability of the enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition.

Financial condition of the enterprise (FSP) depends on the results of its industrial, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. Conversely, 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 result, 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 the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the enterprise and its solvency.

Analysis of the financial condition of the organization involves the following steps.

1. Preliminary review of the economic and financial situation of a business entity.

1.1. Characteristics of the general direction of financial and economic activity.

1.2. Estimation of reliability of the information of articles of the reporting.

2. Assessment and analysis of the economic potential of the organization.

2.1. Assessment of property status.

2.1.1. Construction of analytical net balance.

2.1.2. Vertical balance analysis.

2.1.3. Horizontal balance sheet analysis.

2.1.4. Analysis of qualitative changes in property status.

2.2. Assessment of the financial situation.

2.2.1. Liquidity assessment.

2.2.2. Assessment of financial stability.

3. Evaluation and analysis of the effectiveness of the financial and economic activities of the enterprise.

3.1. Evaluation of production (main) activity.

3.2. Profitability analysis.

3.3. Assessment of the situation in the securities market.

The information basis of this methodology is the system of indicators given in Appendix 1.

8.1. Preliminary review of the economic and financial situation of the enterprise

The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:

• property status of the enterprise at the beginning and end of the reporting period;
• working conditions of the enterprise in the reporting period;
• the results achieved by the enterprise in the reporting period;
• prospects for financial and economic activity of the enterprise.

The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. Comparing the dynamics of the results of sections of the asset balance, you can find out the trends in the change in property status. Information about changes in the organizational structure of management, the opening of new types of activities of the enterprise, the features of working with counterparties, etc. is usually contained in an explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activity can be generally estimated according to the analysis of profit dynamics, as well as a comparative analysis of the elements of growth of the enterprise's assets, the volume of its production activities and profit. Information about shortcomings in the work of the enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are articles in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the “Losses” article). In the balance sheets of quite profitable enterprises, articles may also be present in a hidden, veiled form, indicating certain shortcomings in their work.

This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).

8.2. Assessment and analysis of the economic potential of the organization

8.2.1. Assessment of property status

The economic potential of the organization can be characterized in two ways: from the position of the property status of the enterprise and from the position of its financial position. Both of these aspects of financial and economic activity are interrelated - the irrational structure of property, its poor quality composition can lead to a deterioration in the financial situation and vice versa.

According to current regulations, the balance sheet is currently compiled in net valuation. However, a number of articles are still regulatory in nature. For ease of analysis, it is advisable to use the so-called condensed analytical net balance , which is formed by eliminating the influence on the balance sheet result (currency) and its structure of regulatory articles. For this:

• amounts under the item “Debts of participants (founders) on contributions to the authorized capital” reduce the amount of equity capital and the amount of current assets;
• by the value of the item “Evaluated reserves (“Reserve for doubtful debts”)”, the value of receivables and equity of the enterprise is adjusted;
• elements of balance sheet items that are homogeneous in composition are combined in the necessary analytical sections (long-term current assets, equity and borrowed capital).

The stability of the financial position of the enterprise largely depends on the appropriateness and correctness of investing financial resources in assets.

In the course of the functioning of the enterprise, the value of assets, their structure undergo constant changes. The most general idea of ​​the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

Vertical analysis shows the structure of enterprise funds and their sources. Vertical analysis allows you to move on to relative estimates and conduct economic comparisons of the economic performance of enterprises that differ in the amount of resources used, smooth out the impact of inflationary processes that distort the absolute indicators of financial statements.

Horizontal analysis of reporting consists in building one or more analytical tables in which absolute indicators are supplemented by relative growth (decrease) rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken for a number of years (contiguous periods), which makes it possible to analyze not only the change in individual indicators, but also to predict their values.

Horizontal and vertical analyzes complement each other. Therefore, in practice, it is not uncommon to build analytical tables that characterize both the structure of financial statements and the dynamics of its individual indicators. Both of these types of analysis are especially valuable in inter-farm comparisons, as they allow you to compare the statements of enterprises that differ in type of activity and production volumes.

Criteria qualitative changes in the property status of the enterprise and the degree of their progressiveness are indicators such as:

• the amount of economic assets of the enterprise;
• share of the active part of fixed assets;
• wear factor;
• share of quickly realizable assets;
• share of leased fixed assets;
• share of receivables, etc.

Formulas for calculating these indicators are given in Appendix 2.

Consider their economic interpretation.

The amount of economic assets at the disposal of the enterprise. This indicator gives a generalized valuation of assets on the balance sheet of the enterprise. This is an accounting estimate that does not match the total market value of its assets. The growth of this indicator indicates an increase in the property potential of the enterprise.

The share of the active part of fixed assets. Under the active part of fixed assets understand machinery, equipment and vehicles. The growth of this indicator in dynamics is usually regarded as a favorable trend.

Wear factor. The indicator characterizes the share of the value of fixed assets remaining to be written off as expenses in subsequent periods. The coefficient is usually used in the analysis as a characteristic of the state of fixed assets. The addition of this indicator to 100% (or one) is the coefficient validity. The depreciation factor depends on the accepted depreciation calculation method and does not fully reflect the actual depreciation of fixed assets. Likewise, shelf life does not provide an accurate estimate of their present value. This is due to a number of reasons: the rate of inflation, the state of the conjuncture and demand, the correctness of determining the useful life of fixed assets, etc. However, despite the shortcomings, the conditionality of indicators of wear and tear, they have a certain analytical value. According to some estimates, a wear factor value of more than 50% is considered undesirable.

update rate. Shows what part of the fixed assets available at the end of the reporting period are new fixed assets.

Dropout rate. Shows what part of the fixed assets with which the company began operations in the reporting period, retired due to dilapidation and other reasons.

8.2.2. Assessment of financial position

The financial position of the enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.

Under the liquidity of any asset understand its ability to be transformed into cash, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.

Speaking of company liquidity, mean that he has working capital in the amount theoretically sufficient to repay short-term obligations, even if with a violation of the maturity dates stipulated by the contracts.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) the absence of overdue accounts payable.

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables. Here are the main indicators to assess the liquidity and solvency of the enterprise.

The amount of own working capital. It characterizes that part of the company's own capital, which is the source of coverage of its current assets (ie, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator is of particular importance for enterprises engaged in commercial activities and other intermediary operations. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The main and constant source of increasing own funds is profit. It is necessary to distinguish between "working capital" and "own working capital". The first indicator characterizes the assets of the enterprise (section II of the balance sheet asset), the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of coverage of current assets. The value of own working capital is numerically equal to the excess of current assets over current liabilities. A situation is possible when the value of current liabilities exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; immediate action is required to correct it.

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

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

Quick liquidity ratio. The indicator is similar to the current liquidity ratio; however, it is calculated on a narrower range of current assets. The least liquid part of them - production stocks - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised if inventories are forced to be sold may be substantially lower than the cost of acquiring them.

Approximate lower value of the indicator - 1; however, this assessment is also conditional. Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change. So, if the growth of the quick liquidity ratio was associated mainly with growth. unjustified receivables, this cannot characterize the activity of the enterprise on the positive side.

The absolute liquidity ratio (solvency) is the most stringent criterion for the liquidity of an enterprise and shows what part of short-term debt obligations can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. Since the development of industry standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it with a comparative analysis of available data on enterprises that have a similar orientation of their economic activity.

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

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

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

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

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

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

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

Coefficient of structure of long-term investments. The logic for calculating this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The ratio shows what part of fixed assets and other non-current assets is financed by external investors.

Long-term borrowing ratio. Characterizes the structure of capital. The growth of this indicator in dynamics is a negative trend, which means that the company is becoming more and more dependent on external investors.

The ratio of own and borrowed funds. Like some of the above indicators, this ratio gives the most general assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value, for example, equal to 0.178, means that for every ruble of own funds invested in the assets of the enterprise, 17.8 kopecks are accounted for. borrowed money. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e. about some decrease in financial stability, and vice versa.

There are no single normative criteria for the considered indicators. They depend on many factors: the sectoral affiliation of the enterprise, the principles of lending, the current structure of sources of funds, the turnover of working capital, the reputation of the enterprise, etc. Therefore, the acceptability of the values ​​of these coefficients, an assessment of their dynamics and directions of change can only be established as a result of comparison by groups.

8.3. Evaluation and analysis of the effectiveness of financial and economic activities

8.3.1. Business Activity Assessment

The assessment of business activity is aimed at analyzing the results and the effectiveness of the current main production activity

An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of a given enterprise and related enterprises in terms of capital investment. Such qualitative (i.e., non-formalizable) criteria are: the breadth of sales markets for products; the availability of products supplied for export; the reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise, etc. Quantitative assessment is done in two directions :

• the degree of fulfillment of the plan (established by a higher organization or independently) in terms of the main indicators, ensuring the specified rates of their growth;
• the level of efficiency in the use of enterprise resources.

To implement the first line of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the following ratio is optimal:

T pb > T p > T ak > 100%,

where T pb > T p -, T ak - respectively, the rate of change in profits, sales, advanced capital (Bd).

This dependence means that: a) the economic potential of the enterprise increases; b) compared with the increase in economic potential, the volume of sales increases at a higher rate, i.e. enterprise resources are used more efficiently; c) profit increases at a faster pace, which indicates, as a rule, a relative decrease in production and distribution costs.

However, deviations from this ideal dependence are also possible, and they should not always be considered as negative, such reasons are: the development of new prospects for the direction of capital investment, the reconstruction and modernization of existing industries, etc. This activity is always associated with significant investments of financial resources, which for the most part do not provide quick benefits, but in the long term can fully pay off.

To implement the second direction, various indicators can be calculated that characterize the efficiency of the use of material, labor and financial resources. The main ones are output, capital productivity, turnover of inventories, duration of the operating cycle, turnover of advanced capital.

At analysis of working capital turnover special attention should be paid to inventories and receivables. The less the financial resources in these assets become dead, the more efficiently they are used, the faster they turn around, and the more and more profits they bring to the enterprise.

The turnover is estimated by comparing the indicators of the average balances of current assets and their turnover for the analyzed period. Turnovers in the assessment and analysis of turnover are:

• for inventories - the cost of production of sold products;
• for receivables - sales of products by bank transfer (since this indicator is not reflected in the financial statements and can be identified from accounting data, in practice it is often replaced by an indicator of sales proceeds).

Let's give an economic interpretation of the turnover indicators:

• turnover in turnover
indicates the average number of turnovers of funds invested in assets of this type in the analyzed period;
• turnover in days
indicates the duration (in days) of one turnover of funds invested in assets of this type.

A generalized characteristic of the duration of the deadening of financial resources in current assets is cycle time indicator, i.e. how many days on average pass from the moment of investing funds in current production activities until they are returned in the form of proceeds to the current account. This indicator largely depends on the nature of production activities; its reduction is one of the main on-farm tasks of the enterprise.

Indicators of the efficiency of the use of certain types of resources are summarized in terms of the turnover of equity capital and the turnover of fixed capital, characterizing, respectively, the return on investment in the enterprise: a) the owner's funds; b) all means, including attracted. The difference between these ratios is due to the degree of borrowing to finance production activities.

The generalizing indicators for assessing the efficiency of the use of enterprise resources and the dynamism of its development include the indicator of resource efficiency and the coefficient of sustainability of economic growth.

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

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

8.3.2. Profitability assessment

The main indicators of this block, used in countries with market economies to characterize the profitability of investments in activities of a particular type, include return on advanced capital and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit fall on one ruble of advanced (own) capital. Enough attention is paid to the calculation of these indicators in topic No. 7.

8.3.3. Assessment of the situation in the securities market

This type of analysis is performed in companies listed on stock exchanges and listing their securities there. Analysis cannot be performed directly on financial statements - additional information is needed. Since the terminology for securities in our country has not yet fully developed, the given names of indicators are conditional.

Earnings per share. It is the ratio of net income, less dividends on preferred shares, to the total number of ordinary shares. It is this indicator that largely affects the market price of shares. Its main shortcoming in the analytical plan is the spatial incompatibility due to the unequal market value of the shares of different companies.

Share value. It is calculated as the quotient of dividing the market price of a share by earnings per share. This indicator serves as an indicator of demand for the shares of this company, since it shows how much investors are willing to pay at the moment for one ruble of earnings per share. The relatively high growth of this indicator in dynamics indicates that investors expect faster growth in the profits of this firm compared to others. This indicator can already be used in spatial (inter-farm) comparisons. Companies with a relatively high value of the economic growth stability coefficient are also characterized, as a rule, by a high value of the “share value” indicator.

The dividend yield of a share. It is expressed as the ratio of the dividend paid on shares to its market price. In companies expanding their activities by capitalizing most of the profits, the value of this indicator is relatively small. The dividend yield of a stock is the percentage return on capital invested in a firm's stock. This is a direct effect. There is also an indirect one (income or loss), expressed in a change in the market price of the shares of this company.

dividend yield. Calculated by dividing the dividend paid per share by earnings per share. The most obvious interpretation of this indicator is the share of net profit paid out to shareholders in the form of dividends. The value of the coefficient depends on the investment policy of the company. This indicator is closely related to the profit reinvestment coefficient, which characterizes its share aimed at the development of production activities. The sum of the values ​​of the dividend yield indicator and the profit reinvestment coefficient is equal to one.

Share quote ratio. It is calculated by the ratio of the market price of a share to its accounting (book) price. The book price characterizes the share of equity per share. It consists of the nominal value (i.e. the value affixed on the letterhead of the share for which it is accounted for in the share capital), share premium (the accumulated difference between the market price of the shares at the time of sale and their nominal value) and the share accumulated and invested in profit firm development. The value of the quote coefficient greater than one means that potential shareholders, when purchasing a share, are ready to give a price for it that exceeds the accounting estimate of the real capital attributable to the share at the moment.

In the process of analysis, rigidly determined factor models can be used to identify and give a comparative description of the main factors that influenced the change in a particular indicator. .

The given system is based on the following rigidly determined factor dependence:

where KFZ- coefficient of financial dependence, VA- the amount of assets of the enterprise, SC- equity.

From the presented model it can be seen that the return on equity depends on three factors: the profitability of economic activity, resource efficiency and the structure of the advanced capital. The significance of the identified factors is explained by the fact that in a certain sense they summarize all aspects of the financial and economic activities of the enterprise, in particular the financial statements: the first factor summarizes the form No. 2 "Profit and Loss Statement", the second - the balance sheet asset, the third - balance sheet liabilities.

8.4. Determination of the unsatisfactory structure of the balance sheet of the enterprise

Currently, most Russian enterprises are in a difficult financial condition. Mutual non-payments between business entities, high tax and bank interest rates lead to the fact that enterprises are insolvent. An external sign of the insolvency (bankruptcy) of an enterprise is the suspension of its current payments and the inability to satisfy the claims of creditors within three months from the date of their execution.

In this regard, the issue of assessing the structure of the balance sheet is of particular relevance, since decisions on the insolvency of an enterprise are made upon recognition of the unsatisfactory structure of the balance sheet.

The main purpose of conducting a preliminary analysis of the financial condition of the enterprise is to justify the decision to recognize the balance sheet structure as unsatisfactory, and the enterprise as solvent in accordance with the system of criteria approved by Decree of the Government of the Russian Federation dated May 20, 1994 No. 498 “On Certain Measures to Implement Insolvency Law ( bankruptcy) of enterprises. The main sources of analysis are f. No. 1 "Balance of the enterprise", f. No. 2 "Profit and Loss Statement".

Analysis and assessment of the structure of the enterprise's balance sheet are carried out on the basis of indicators: current liquidity ratio; coefficient of provision with own funds.

The basis for recognizing the balance sheet structure of an enterprise as unsatisfactory, and the enterprise as insolvent is one of the following conditions:

The current liquidity ratio at the end of the reporting period is less than 2; (K tl);

Equity ratio at the end of the reporting period is less than 0.1. (K oss).

The main indicator characterizing the presence of a real opportunity for an enterprise to restore (or lose) its solvency within a certain period is the coefficient of restoration (loss) of solvency. If at least one of the coefficients is less than the standard ( K tl <2, а K oss <0,1), то рассчитывается коэффициент восстановления платежеспособности за период, установленный равным шести месяцам.

If the current liquidity ratio is greater than or equal to 2, and the equity ratio is greater than or equal to 0.1, the solvency loss ratio is calculated for a period set equal to three months.

Solvency recovery ratio Sun is defined as the ratio of the estimated current liquidity ratio to its standard. The estimated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the solvency recovery period, set equal to six months:

,

where K ntl- normative value of the current liquidity ratio,

K ntl\u003d 2; 6 - the period of restoration of solvency for 6 months;

T - reporting period, months.

The solvency recovery ratio, which takes a value greater than 1, indicates that the enterprise has a real opportunity to restore its solvency. The solvency recovery ratio, which takes a value less than 1, indicates that the company has no real opportunity to restore solvency in the next six months.

The coefficient of loss of solvency K y is defined as the ratio of the estimated current liquidity ratio to its established value. The estimated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the period of insolvency, set equal to three months:

,

where That- the period of loss of solvency of the enterprise, months.

The calculated coefficients are entered in the table (Table 29), which is available in the appendices to the "Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance structure."

Table 29

Assessment of the balance sheet structure of an enterprise

Questions for self-control

1. What is the procedure for analyzing the financial condition of the enterprise?
2. What are the sources of information for conducting a financial analysis?
3. What is the essence of the vertical and horizontal analysis of the balance sheet of the enterprise?
4. What are the principles for constructing an analytical balance sheet - net?
5. What is the liquidity of the enterprise and how does it differ from its solvency?
6. Based on what indicators is the analysis of the liquidity of the enterprise?
7. What is the concept and assessment of the financial stability of an enterprise?
8. What indicators are used to analyze the business activity of an enterprise?
9. Under what conditions are solvency recovery ratios calculated?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

By direction of analysis:

Retrospective analysis - analysis of past financial information;

Prospective analysis - analysis of financial plans and forecasts.

By detail:

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

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

By the nature of the event:

Analysis of financial statements - analysis according to financial statements;

Investment analysis - analysis of investments and capital investments;

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

Special analysis - analysis on a special task.

The main areas of financial analysis are:

1. Analysis of the balance structure.

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

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

4. Analysis of capital turnover.

Management reporting.

Initial data for financial analysis must meet the following requirements:

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

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

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

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