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BACHELOR WORK

on the topic: Analysis of the effectiveness of financial economic activity enterprises (on the example of the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy")

Introduction

The development of economic science is inextricably linked with solving the problems of efficient and continuous functioning of enterprises. At the same time, enterprises face a difficult task not only to maintain the already achieved level of their financial and economic activities, but also to strive to achieve sufficiently high results, ensuring efficiency. economic activity, making informed management decisions, creating grounds for the formation of a system of economic security, etc.

Evaluation of the effectiveness of financial and economic activities, management decisions, expenditures of economic resources, as well as specific technologies and means of ensuring the effective functioning of enterprises are of particular interest, both for scientists and for practical economists. This explains the relevance of issues related to the study of the essence and types of efficiency of economic activity of business entities in accordance with the conditions of the present.

Analysis of the effectiveness of financial and economic activity is the end result in all industries professional activity: in industry, in agriculture, construction, trade, etc., in the course of which economic processes are studied in their interrelation and interdependence. First of all, the essential, main determining factors influencing the efficiency of financial and economic activity of enterprises are investigated.

A wide range of issues related to research on the efficiency of the functioning of enterprises and ways to improve it, are reflected in the works of domestic and foreign scientists - economists, such as E. Dolan, P. Drucker, F. Kene, V. Kovalev, H. Liebenstein, K McConnell, M. Mescon, V. Pareto, V. Petty, A. Ratz, D. Ricardo, Yu. Surmin, S. Fischer, D. Khan, T. Khachaturov, O. Sheremet, J. Schumpeter and many others. However, despite the existing research, the issues of a unified interpretation of the concepts that characterize the efficiency of the enterprise's functioning remain undefined. The existing concepts of efficiency do not allow characterizing the links between them, since there is no systematic approach.

The purpose of the work is to study the theoretical and practical foundations of the analysis of the financial and economic activities of the enterprise. To achieve this goal, the following tasks have been formulated and are being solved:

1. Consider the concept of the effectiveness of the enterprise;

2. Consider the factors of influence on the efficiency of the enterprise;

3. To study the methodology for assessing the effectiveness of the enterprise;

4. Consider the characteristics of the enterprise;

5. Analyze the financial condition of the enterprise;

6. Evaluate the effectiveness of its activities;

7. Consider ways to improve the efficiency of the financial and economic activities of the enterprise;

The object of the study is the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy". financial economic liquidity profitability

The subject of the research is the theoretical, scientific - methodological and practical aspects of increasing the efficiency of the financial - economic activity of the enterprise.

The work uses general scientific and special methods for studying economic phenomena: analysis and synthesis - to define concepts; structural analysis - to study the dynamics and structure of indicators; grouping and classification - for systematization. The information base of the work is legal acts, scientific and methodological works of domestic and foreign authors, materials of periodicals on the efficiency of the enterprise, as well as on-farm organizational and regulatory documents, financial statements of the enterprise.

The bachelor's thesis consists of an introduction, three chapters, a conclusion, a list of references and an appendix.

The introduction reveals the relevance, expediency, object, purpose and objectives of the designated topic.

The first chapter examines the theoretical and methodological aspects of the analysis of the effectiveness of the financial and economic activities of the enterprise, indicators and factors influencing the economic activity of the enterprise.

The second chapter is devoted to conducting a comprehensive analysis of the financial and economic activities of the branch "Management of technological transport and special equipment" LLC "Gazprom dobycha Urengoy", as a result of which an assessment of the effectiveness of the financial and economic activities of the enterprise is given.

In the third chapter, based on the calculation of the effectiveness of the implementation of measures, ways to improve the financial and economic activities of the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy" are proposed.

In conclusion, I summarize the data obtained as a result of a comprehensive analysis of the activities of the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy".

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

1.1 The concept of enterprise performance

The problem of the efficiency of production, activity, operation and functioning of enterprises has always occupied an important place among the urgent problems of economic science. Interest in it arises at different levels of economic management - from the heads of enterprises or their structural divisions to the leaders of the state.

The indisputable fact is that efficiency is a complex, multifaceted, complex category. According to most scientists, efficiency is one of the most difficult categories of modern economic science. In addition, the efficiency category has evolved over time and has a long and complex history.

After analyzing the current definitions of the category "efficiency", we can distinguish two main approaches to its definition.

First approach:

Characterizes "efficiency" in the meaning of effectiveness;

It answers the question: what results were achieved and at what cost, what and how much resources were spent to achieve the results;

Considers efficiency as a ratio of results and costs.

Second approach:

Characterizes "efficiency" in terms of achieving the goal;

Answers the question: achieved the goal and how close we are to it;

The main criterion of the approach is "result - goal".

A large number of studies are devoted to determining the essence of the concept of efficiency. scientific papers. At the same time, the concept of "economic efficiency" requires a more detailed analysis. The subject of economists' discussions are such issues as the economic nature of the standards of economic efficiency, the degree of differentiation of these standards by industry, establishing a basis for comparing options.

The word "efficiency" comes from the word "effect", which literally from the Latin "effectus" means performance, action. Effect - the result, a consequence of any causes, forces, actions, activities. And efficiency is a characteristic of an object (device, process, event, type of activity), which reflects its social benefit, productivity and other positive qualities.

Sheremet A.D. and Saifulin R.S. believe that efficiency is one of the most difficult categories of economic science. Since it acts as the basis for constructing quantitative criteria for the value of decisions made, it is used to form material - structural, functional and system characteristics economic activity. It is customary to distinguish between concepts economic effect and economic efficiency. The economic effect is a useful result of economic activity, the benefit from it, and economic efficiency is a category that is estimated by the ratio of the effect obtained and the total amount of expenses or costs. So, some scientists believe that the economic effect is the absolute savings in the form of cost reduction or increase in profits received from the introduction of a certain type of machine design or activity for a certain period, and economic efficiency is the ratio of the economic effect to capital investments. IN market conditions the concept of "efficiency" is closely related to the use of financial and production resources. This is due to the fact that the goal of each enterprise is to obtain a high result, the achievement of which becomes possible subject to the optimal formation and efficient use of all types of resources. That is why the definitions given in the economic literature boil down mainly to when efficiency is proposed to be considered as the ratio of the result of an activity (process, operation, project) to the costs that led to its receipt.

Analyzing the theoretical approaches of both domestic and foreign scientists to the economic essence of "efficiency", we can list the following characteristics:

The qualitative result of a certain activity, which characterizes its performance;

The result of efficient and rational use of all types of resources;

The ratio of a specific end result to the costs that ensured its receipt.

Many scientists argue that efficiency is economic category, reflecting the ratio between the results obtained and the resources spent to achieve them. The category "efficiency" is closely associated with the concept of "profitable production", and when measuring efficiency, resources can be presented either in a certain amount at their initial (revalued) cost (resources used) , or, part of their value in the form production costs(production-consumed resources). And economic efficiency is such a ratio between the results of production and resources, in which cost indicators of production efficiency are obtained. In this case, three variants of this ratio are possible:

1) resources and results are expressed in cost form;

2) resources - in value, and results - in kind;

3) resources - in kind, and results - in value form.

Efficiency is also characterized as an indicator of the success of the system to achieve its goals. Moreover, the very concept of efficiency is unique to systems. With this in mind, systems often aim to achieve maximum effect at minimum cost. There are two contradictions here, since the opposite extremes according to these two criteria never coincide. Such a goal is simply unrealistic because it violates the principle of marginal efficiency, according to which there is an upper limit to the efficiency of any system with limited resources. In practice, it is hardly possible to achieve any useful result without some cost.

Most often, the ratio of these conflicting criteria is displayed by some functional relationship of the curve, which is characterized by coincidences, as a rule, of zero effect with zero level of expenditures, as well as a decrease in the growth rate of the effect with an increase in expenditures. Most authors understand the category of efficiency as the ratio of the effect to the costs or resources that were expended to achieve it. This approach is called costly. The essence of the "cost" approach is that economic efficiency is the ratio of performance and costs. That is, it represents the ratio of the result or effect of any activity and the costs associated with the implementation.

Efficiency can be represented as a ratio of results and costs, as well as a ratio of costs and results of activities. In the framework of the "cost" approach, the result of activity is the excess of value over production costs, which are expressed in monetary form current costs of production and marketing of products. There is an opinion that one of the main elements characterizing the concept of economic efficiency is the type of result of useful activity, while the effect is the absolute excess of results over costs. And one cannot but agree with this, because in order to determine economic efficiency, one should first determine the obtained economic effect.

In addition to the cost approach, there is a resource approach, according to which the efficiency of using units of enterprise resources is characterized: financial, material, labor. In particular, the concept of "economic efficiency" is defined as obtaining a certain result per unit of resources used.

Many authors argue that economic efficiency is the achievement of the greatest results at the lowest cost of living and materialized labor. It is a specific form where the law of economy of time is manifested.

Under the conditions of the capitalist mode of production, a generalizing indicator of economic efficiency is the rate of profit, as well as productivity and capital intensity of labor, capital productivity and capital intensity of products, material productivity and material intensity of products, economic efficiency of capital investments, new equipment, energy intensity of products, etc. Thus, the essence of the economic efficiency of an enterprise is determined. in saving all unit costs for the production of products, which determines its profitability.

Accordingly, the end result of the enterprise's activity in the framework of the "resource" approach is profit.

Also, economic efficiency is characterized as a combination of resources that allows you to achieve the maximum output of goods at the lowest cost. This conclusion is based on the fact that rivalry between enterprises, economically profitable terms production and product sales in order to maximize profits, encourage producers to more rational use of fixed assets.

Some economists define the essence of the category of economic efficiency as the degree of cost effectiveness and the level of economic progress of society. Regarding the cost and resource approaches to the concept of economic efficiency, one can agree with the opinion, distinguish between the concepts of cost efficiency, which is the ratio of production results to actually spent funds, and the concept of resource efficiency, which is the ratio of production results to advanced fixed and working capital. However, they are also closely related, since current costs depend on the size and structure of funds available and the speed of their turnover.

Dolan E J. and Lindsay D. consider economic efficiency to be such a state of affairs in which it is impossible to carry out a single shift that would more fully satisfy the desire of one person without interfering with the satisfaction of the desires of another person. This formulation of the concept of economic efficiency is sometimes called Pareto efficiency. At the same time, the main task of management is the coordination of various interests and the formation of a complex of goals and objectives on the basis of the optimal ratio. McConnell K. believes that economic efficiency is the production of the best or optimal combination of products based on the use of the most efficient combination of resources. Under the optimal combination of products, as a rule, is understood such a combination of them that would be chosen by individual consumers on perfect market depending on the price. And the optimal combination of resources will be such a combination that will produce products with minimal opportunity costs. One cannot but agree with the opinion of scientists who note that in order to determine the economic efficiency of an enterprise, one should compare the results of activities (economic effect) with the costs or resources that ensured this result. Currently, there are no clear boundaries between the concepts of "efficiency", "production efficiency", "enterprise performance efficiency". Often giving a definition of a certain type of efficiency, the authors do not fully disclose the essence of the approach to it. So, the concept of the effectiveness of the functioning of the enterprise has a polymorphic character. Therefore, it is important to single out the corresponding types of efficiency according to various criteria, each of which has a certain significance for the enterprise functioning system. Generalization of approaches (classification of types of efficiency) to the efficiency of the enterprise will allow characterizing the efficiency of the enterprise from different angles according to various criteria. In addition, each of the types of efficiency will present a separate characteristic of the efficiency of the enterprise. Therefore, it is worth paying attention to all types of efficiency, since in combination they can significantly increase the final efficiency of the enterprise. In addition, the effectiveness of the functioning of the enterprise should be determined not by one, but by several important criteria. Thus, the determination of the efficiency of economic activity is of great scientific and practical importance. By determining the effectiveness of economic activity, one can not only evaluate the efficiency of the enterprise, analyze the total effect of its various structural divisions and activities, but also determine a development strategy, develop a forecast and action plan for the future, establish the results of the use of spent resources: means of production, labor , information, etc.

The efficiency of the functioning of an enterprise is a complex characteristic of the existence of socially - economic system. To determine the effectiveness of the enterprise, an integrated approach should be applied, which includes a set of criteria for assessing the effectiveness of the enterprise's functioning: the effectiveness of its costs, target performance and competitiveness.

1.2 Factors affecting the performance of the enterprise

The results of the economic activity of the enterprise and its efficiency are influenced by many factors that have both positive and negative effects, so it is very important to systematize their classification for integrated approach performance evaluations. Changes in the activities of the enterprise, the quality and range of products under the influence of the norms and standards of the WTO, state regulation, functioning and taxation of enterprises significantly affects the activities of enterprises and expands the range of effective factors.

Factors are the driving forces behind the development of processes and phenomena that are necessary for the implementation of economic processes.

An analysis of publications devoted to the efficiency of enterprises, or their individual resources, processes, assets, etc., showed that many authors consider the classification of factors of a particular object under study. For example:

Classification of factors affecting the efficiency, liquidity and turnover of working capital;

Classification of factors affecting the efficiency of the use of fixed capital;

Classification of factors influencing the increase in profitability and production efficiency.

Some authors consider factors from the point of view of influencing the change in production costs, that is, the main operating activity. This approach does not allow a comprehensive assessment of the performance indicators of enterprises, but only a separate object of study. So, for example, the factors are divided into the following two groups:

the first group - external factors that reflect the general level of economic development and do not depend on the activities of an economic entity.

The influence of this group of factors is manifested in the level of prices for raw materials and materials, equipment, energy carriers, in tariffs for transport, water and other material services, in rental rates, in depreciation rates, social insurance contributions and other mandatory payments.

The second group is internal factors directly related to the results of the activity of an economic entity, with its entrepreneurial activity. This group of factors includes: the volume of proceeds from the sale of products, the forms and systems of remuneration used, the level of efficiency in the use and reproduction of production elements, etc.

The economic analysis of economic activity in market conditions is based on a systematic approach, which is characterized by a comprehensive assessment of diverse factors, a targeted approach to their study in order to improve the efficiency of the enterprise (table 1).

Table 1. Analysis of approaches to the classification of factors

	Classification signs of factors	Factor classification
	As they influence the results of the work (by value, by degree of synthesis)	Main
		secondary
	By the level of attraction (by the method of development of the enterprise)	Intensive
		extensive
	By internal content (by the content of the studied phenomena)	extensive
		quantitative
		quality
		second order factors
	By the nature of the action (by the nature of the reflection of economic phenomena, by the method of origin, by the method of formation)	objective
		subjective
	By degree of coverage
		specific
	By level of detail	complex (complex)
	By sequence of action	first order factors
		second order factors
	By place of origin	internal
	By time of action	permanent
		variables
	Based on the degree of aggregation	synthetic
		analytical
	By time (period of validity)	long-term
		short-term
	Depending on the nature of the tasks to be solved (according to the time of obtaining the result)	strategic
		tactical
		promising
	By way of action
		indirect
	By the nature of participation in the production process	production
		non-productive
	By degree of control	managed
		poorly controlled
		unmanaged
	Depending on scope	global
		local
		economic
	Depending on the level and object of use	economic
		intersectoral
		industry
		regional
		on-farm
	According to economic content	organizational
		economic
		social
		demographic
		natural
		logistical
	According to the elements of labor
	Behind the direction of action	positive
		negative

In contrast to the above approaches to classification, analyzing many factors that affect the economic efficiency of an enterprise, internal and external factors are also distinguished.

Internal factors - factors affecting the organization and management of the enterprise, as well as those associated with technological, managerial and personnel features. External factors - factors that affect society and the environment in the enterprise.

The internal factors affecting the economic efficiency of the enterprise include:

Composition, technical level and degree of depreciation of fixed assets of the enterprise;

Composition, level of training, motivation and qualifications of personnel;

The quality of management and organization of the work of internal services (information, transport, supply and marketing, warehouse, etc.);

The system of remuneration, material and social incentives for personnel.

External factors include:

Socio-political factors (political stability, crises, degree of social inequality, military conflicts, integration and separatism);

Financial and currency factors (interest rates, dynamics of exchange rates, stability and crisis in financial markets);

Economic and market factors (availability of raw materials, material and technical and labor resources, prices, level of competition);

State regulation (taxes, tariffs, quotas, marginal prices, licenses, prohibitions, non-tariff barriers);

Scientific and technical factors (the level of development of technology, the availability of acquisition or the possibility of developing their own innovations);

Natural and climatic factors (availability and accessibility of minerals, climatic conditions, natural disasters);

Other external factors (economic values ​​and norms of behavior, traditions, customs, mentality, religious attitudes);

Global factors when working on world markets, economic legislation, synergy, etc.

The study showed that the authors mainly evaluate the influence of factors only from operating activities or a separate object of study, which does not allow for a general assessment of the economic efficiency of the enterprise as a whole and by its types.

Therefore, factors should influence not only operating activities, but also cover other types of ordinary activities of the enterprise: production, financial, investment, etc.

In addition, such a classification of factors is not enough to manage the economic efficiency of all types of enterprise activities, therefore, in order to systematize factors, it is necessary to single out not only external and internal factors, but also general and specific, and factors affecting efficiency. certain types enterprise activities. In the context of globalization processes, global factors should be considered separately from others external factors affecting the economic efficiency of the enterprise. Thus, this approach to the classification of factors will allow not only to systematize them, but also to form a system of indicators for a comprehensive assessment of the economic activity of an enterprise in order to reduce the influence of negative factors and increase the influence of positive ones.

1.3 Methodology for assessing the effectiveness of the enterprise

Improving the efficiency of using the potential of the enterprise is implemented on the basis of high-quality management decisions, implementation modern methods management innovation processes, search innovative solutions. The criteria for evaluating the effectiveness of intellectual capital, the contribution of research and development, and innovation are fundamentally different from the strategies of the enterprise, which requires the improvement of the system for determining efficiency.

Determining the effectiveness of the financial and economic activity of an enterprise is the basis for a general assessment of business processes, an assessment of the competitiveness of an enterprise, and the formation of motivated behavior. Economic efficiency is defined as the ratio of results to costs that characterize the use of resources. Evaluation of the effectiveness of financial and economic activities can be determined by the efficiency of the enterprise as a whole, the economic justification of innovative and investment activities. In addition, the process involves indicators of the efficiency of the use of enterprise resources:

General indicators (profitability of production, costs per 1 ruble of marketable products, etc.);

Efficiency of labor use (the rate of growth of labor productivity, the labor intensity of a unit of production, etc.);

Efficiency of use of fixed assets (capital productivity, profitability of fixed assets, etc.);

Efficiency in the use of financial resources (turnover of working capital, etc.).

Profitability is recognized as a generalizing indicator of the effectiveness of the enterprise. Analysis of the profitability of the enterprise is carried out due to:

Profitability indicators using the cost approach (profitability of products, profitability of operating activities);

Indicators characterizing the profitability of sales ( net profit sales, etc.)

Indicators of efficiency in the use of resources, or resource approach (profitability equity enterprises, return on assets).

To assess the effectiveness of the financial and economic activity of the enterprise, indicators of return on assets, return on equity, return on equity, return on sales, return on strategic investments, return on shares are used. However, these indicators characterize the current state of the enterprise. Evaluation of the effectiveness of the enterprise should be carried out by financial and non-financial indicators, take into account all aspects of the enterprise. When considering the effectiveness of the financial and economic activities of an enterprise, more and more often, in addition to economic, social efficiency the institutional efficiency of the enterprise is considered.

Evaluation of the effectiveness of the enterprise based on the implementation of the principles of integrated and systems approach improved on the basis of:

Improvements in financial meters;

Management based on enterprise value;

creations complex systems measurement of results in areas of activity;

The use of investment analysis of performance indicators based on the definition of cash flow (net present value, index of return, internal rate of return, etc.)

For the effective management of the enterprise, an assessment of its value is introduced, which can be flexible to changes and reflect changes in the value of the enterprise.

The main criterion for the effective management of an enterprise is its market value. The cost approach is considered as an alternative to enterprise management based on absolute (profit) and relative (profitability) indicators.

The indicator of the market value of an enterprise is a comprehensive assessment of the effectiveness of its activities. Traditional performance indicators of the enterprise, such as sales volume, profit, cost, liquidity, financial stability, asset turnover are characteristics of individual economic aspects activities of the enterprise, and the cost is a general indicator.

Traditionally, cost, market and income approaches are used to assess the value of an enterprise's activities; valuation methods can be based on cash flows, on present values, on attached values, on the combination of income and assets using present values. According to this management, profit is not the main goal of the enterprise. Profit can be formed in different directions, and the main measuring indicator should be the strategically maximized value of the enterprise in the long run.

Value-based management focuses not on the current profitability of the enterprise, but on the formation of future income in order to increase its market value. The principles of evaluation are utility, substitution, expectation of the best and most efficient use, etc. They form the basis for managing the value of an enterprise by influencing the factors that determine it.

Based on the indicators that determine the change in the value of the enterprise, both strategic and operational decisions are made.

Cash flows represent the financial result of the enterprise. For the operational and strategic management of the enterprise, the category of cash flow is used. At the operational level, to balance the receipts and expenditures of funds and synchronize them at the strategic level to determine the level of efficiency of the enterprise.

The concept of cash flows involves solving the following issues: identification of the composition and duration of the cash flow; determination of influencing factors; determination of the risk assessment discount factor.

Cash flow can be simplistically viewed as the sum net profit and depreciation. Based on the cash flow, performance indicators are calculated: net present value; yield index; internal rate of return; discounted payback period. To evaluate the enterprise, the most acceptable is the net present value and the profitability index.

Determining the opportunities for improving the efficiency of the enterprise, in comparison with competitors, and determining the critical resources for creating the competitiveness of the enterprise are determined by the goal of assessing the level of competitiveness of enterprises. The competitiveness of an enterprise is a dynamic characteristic that changes over time. An assessment of the competitiveness of an enterprise, as an assessment of the effectiveness of its activities, can be carried out on the basis of an integral coefficient for financial, technical and economic indicators or by analyzing profits, cash flows and business value.

A significant problem in determining the integral coefficient is the choice of the necessary indicators and the assignment of weight coefficients to them. The advantage of the second approach is that the result of the assessment is not coefficients, but specific economic indicators of the enterprise. However, analyzing the list of financial ratios on the basis of which strategic decisions, it is necessary to take into account the advantages and disadvantages of applying these indicators in practice.

In the American theory of management accounting, the purpose of using indicators to evaluate the performance of an enterprise is set out in the management accounting standard "Measuring Enterprise Performance". The standard proposes to apply indicators on the basis of which the effectiveness of company management will be assessed:

Net income and earnings per share;

cash flows;

Return on investment;

residual income;

Company value.

But a single approach, both to the definition of efficiency and to the definition of the effectiveness of enterprise management, does not exist in the scientific literature.

The most common areas are the definition of management efficiency as the ratio of the result obtained to the costs (resources) of the enterprise; ratio of the result obtained to the intended goals. But these approaches to the definition of efficiency do not allow to establish a logical relationship between the management of the enterprise and the effectiveness of the management of the enterprise.

The effectiveness of managing the activities of an enterprise is defined as the effectiveness of managing marketing, production, financial, innovation and personnel activities.

The efficiency of the financial and economic activity of an enterprise can be defined as the effectiveness of the system, expressed in relation to the useful final results of its functioning to the resources expended.

Depending on the form of presentation of results and costs, the following categories of efficiency are distinguished:

1) technical efficiency- results and costs are measured in natural-material form;

2) economic efficiency - the results and costs are evaluated in terms of value;

3) socio-economic efficiency - not only economic, but also social consequences implementation of the event.

The system of performance indicators should bring a comprehensive assessment of the use of all enterprise resources and contain all general economic indicators. It is very important that efficiency calculations are carried out continuously: at the stages of the draft plan, the approval of the plan, as it is being implemented.

The system of performance indicators should:

Reflect the costs of all types of resources consumed by the enterprise;

Create prerequisites for identifying reserves to improve production efficiency;

Stimulate the use of all the reserves of the enterprise;

Provide information on the effectiveness of the implementation of all links of the management hierarchy;

Perform a criterion function, that is, for each of the indicators, the rules for integrating their values ​​should be defined.

Let's take a closer look at the indicators of economic efficiency, which includes the following components:

1. Profitability of sales.

Return on sales (profit margin) is determined by the formula:

Рpr \u003d PROp / Vop * 100%

where Rpr - profitability of sales;

Prop - profit for reporting period(year);

Vop - sales volume for the reporting period (year).

A decrease in this indicator means a drop in demand for the company's products and, as a result, a decrease in sales profitability.

2. Return on assets.

Return on assets (total assets return) is determined by the formula:

Rakt \u003d PROp / Aop * 100%

where Rakt - return on assets;

Aop - assets (balance sheet total) at the end of the reporting period.

The return on assets represents the efficiency of using the capital invested in the company's property - fixed and circulating. A low level of return on assets compared with this indicator of other firms indicates a low demand for the firm's products or the shifting of capital into assets.

3. Return on fixed capital.

Return on fixed capital (fixed assets return) is calculated by the formula:

Rosn \u003d PROp / OK * 100%

where Rosn - return on fixed capital;

PROp - profit (net) for the reporting period;

OK - fixed capital minus depreciation at the end of the reporting period.

The higher the value of this indicator, the more efficient the use of fixed assets of the enterprise.

4. Return on equity.

Return on equity indicates the efficiency of using that part of the capital that is invested in the company from its own sources of financing, and is calculated by the formula:

Rs.k. = PROp / SK *100%

where Рс.к. - Return on equity;

PROp - profit (net) for the reporting period;

SC - equity (book value) at the end of the reporting period.

5. Return on investment.

Return on investments is calculated using the formula: net profit / (equity + long-term liabilities) * 100%.

It is possible to evaluate the effectiveness of an enterprise's activity on the basis of an indicator of return on investment only if management has comparable data on similar enterprises.

6. Residual income.

Residual income is considered as an analogue of net profit, but it takes into account the cost of capital of the enterprise, and is calculated using the following formula: operating profit - investment * rate of return.

Based on this indicator, management decisions can be made on the sale of inefficient units without additional adjustments.

disadvantage this indicator is that its value is determined in absolute terms, so it is difficult to compare the effectiveness of the financial and economic activities of independent enterprises on its basis.

Thus, the financial and economic efficiency of an enterprise is a complex characteristic, in order to fully analyze the activities of an enterprise, to draw correct conclusions about its state, it is necessary to consider all these indicators in the aggregate.

Chapter 2. Comprehensive analysis of the financial and economic activities of the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy"

2.1 Organizational and economic characteristics of the enterprise

Department of Technological Transport and Special Equipment (formerly ATP - 1) organized on the basis of the Novy Urengoy garage BY "Nadymgazprom" and approved by Order No. 69 from 19.02.1976 years of HPE Tyumengazprom. eleven April 1997 year ATP-1 order No. 256 software "Urengoygazprom" renamed the Department of Technological Transport and Special Equipment (UTT and ST).

In execution of the order of LLC "Urengoygazprom" dated 01.02.2008 No. 9 "On changing the name of LLC "Urengoygazprom" from February 01 2008 UTT and ST LLC "Urengoygazprom" was renamed into a branch of LLC "Gazprom dobycha Urengoy" "Management of Technological Transport and Special Equipment".

Branch "Management of technological transport and special equipment" LLC "Gazprom dobycha Urengoy" is separate subdivision without the right of a legal entity and acts on the basis of the Regulations approved by the General Director OOO Gazprom Dobycha Urengoy 05/29/2008 of the year.

The main types and objectives of management activities are:

? implementation of all types of work using technological and special transport at gas, oil, condensate production facilities;

Implementation of all types of technological and economic transportation of goods, including hazardous, by road;

Transportation of employees of the Company to the place of work and back in accordance with the mode of their work.

All rolling stock of automotive and tractor equipment by nature production activities and according to the type of work performed, it is divided into 6 columns, each of which is headed by the head of the automobile column. In addition to the chief, the staff of convoys Nos. 1-6 consists of senior mechanics and mechanics. The distribution of the rolling stock by car columns is presented as follows:

A / k No. 1 - buses of large and medium capacity, shift buses on the chassis of off-road vehicles;

A / k No. 2 - dump trucks, passenger-and-freight buses, special and technological vehicles (AROK, ANRV, auto-hydraulic lifts, well survey units, universal motor heaters-400);

A / c No. 3 - freight transport, including for the transportation of oversized, heavy and dangerous goods, cargo-passenger transport based on UAZ, GAZ;

A / c No. 4 - special vehicles involved in the technological process of gas, oil and condensate production (PPUA, SIN-32, SIN-35, UNB, UNC, AC, ANC), cranes, technical assistance vehicle, mobile compressors;

A / k No. 5 - passenger service vehicles, minibuses;

A / k No. 6 - bulldozers, front loaders, tracked tractor-transporters, wheeled excavators, technological transport AIS-1 on a tracked chassis, tractors, road vehicles.

For the timely and high-quality performance of work on the maintenance and repair of rolling stock, the department has in its structure repair and mechanical workshops (RMM), whose specialists carry out technical inspections on the line of instrumental control of vehicles.

Repair and mechanical workshops are a staff of the repair service, which is located in production buildings, where all types of current repair, maintenance, diagnostics and instrumental control of the rolling stock of UTT and ST.

To maintain buildings, structures, communications, engineering networks in a technically sound condition, the department includes the service of the chief mechanic, the service of the chief power engineer, the garage service and the site for servicing production facilities.

The garage service includes the “Car Wash” section, the main task of which is to provide external washing of trucks, buses and cars, interior cleaning salons. The site is equipped with all necessary equipment, including three modern washing portals "Kärcher".

The following main production facilities are located on the territory of the enterprise:

Warm parking lots for buses, trucks, special, passenger cars and tractor equipment - 15 buildings for 674 parking spaces;

Production buildings for maintenance and repair of vehicles for 78 parking spaces per shift;

Logistics warehouse for storage of spare parts, materials and equipment;

Oil warehouse and warehouse of turnaround units;

Garages for parking of cars;

Administrative buildings.

The planned average number of employees of the Department in 2016 amounted to 2,118 people, actual - 2,118.4 people. (100.0%), including 2,118 people. - the average number and 0.4 people. - external collaborator.

The headcount of the department's employees decreased from 2,225 people. as of 01.01.2016 up to 2,215 people as of December 31, 2016, in order to ensure that the staffing rate of the branch is not lower than 96%.

The performance of the technical and economic indicators of the production and economic activities of the UTT and ST branch of Gazprom Dobycha Urengoy LLC is presented in Table 2.

Table 2. Fulfillment of technical and economic indicators

	Index
	Volume of services (limit of machine hours)
	Fleet utilization rate
	Technical readiness factor
	INCOME, total
	proceeds from other activities
	operating income
	EXPENSES, total for OBD
	General running costs
	Production costs
	Expenses for the maintenance of non-production facilities, excluding VAT
	Cost of 1 machine hour
	Average number of employees
	Fund wages
	Average monthly salary
	Overtime - total
	including per 1 employee

The use of the limit of machine hours in 2016 amounted to 99.7%. Compared to 2015, the volume of services has decreased on 0.1%, since 2014 - by 2.1% due to:

Rational use of vehicles in terms of attracting to work on weekends and non-working holidays;

- decrease road transport services due to incomplete involvement of trucks, as a result of a decrease in the volume of export of large-sized equipment and materials to the Company's facilities.

Fleet utilization and technical readiness-to-level ratios 2015 years were 100%; compared to 2014, the fleet utilization rate decreased by 1.5%, the technical readiness ratio - by 0.6% due to the lack of supplies of new equipment for fleet renewal.

The volume of income from all types of activities amounted to 124 930,3 thousand rub., of which 122 886,6 thousand rub. - proceeds from other activities. income plan in 2016 year completed on 100.2%. In 2016 year there was an increase in income in relation to 2015 on 3%, compared to 2014, revenues decreased by 2.5%.

Compared to last year, operating income decreased by 18.7%, from 2014 by 85.8%, due to the termination of contractual relations with counterparties. The spending limit, according to the adjusted budget of income and expenses, was executed on 99.5%. To the level 2015 year, spending increased by 4%, to the level of 2014 by 10.5%.

General business expenses (including intra-factory turnover) amounted to 100% to planned level. Compared with 2015 over the year, general expenses increased by 5.1%, since 2014 - by 15.3%, which was due to an increase in labor costs and contributions to state off-budget funds due to wage indexation.

As a result of using the plan for the limit of machine hours for 99.7% at operating costs 99.5%, cost 1 machine hours decreased by 0.2% and amounted to 2 794,2 rub., which 2.4% above the level of 2015 year and 10.5% higher than in 2014.

The use of the planned payroll amounted to 99,7%, To 2015 year the growth was 7.1%, by 2014 - 13.8%.

planned - the control indicator "average number of employees" was fulfilled on 100.0%. When planning 2 118 people the actual average headcount was 2 118 people

Exceeding the indicator "average monthly salary" is not allowed: with a plan of 152 696,0 rub. fact amounted 152 295,8 rub. (99.7%).

An analysis of the number of employees of the enterprise is presented in Table 3.

Table 3. The number of personnel of the enterprise

	Name of indicator	units meas.
	Number of employees as of 31.12
	Average headcount without taking into account external part-time employees
	Headcount as of December 31 of the reporting period
	Number of employed workers
	The number of laid-off workers
	staffing
	Turnover by disposal
	Recruitment rate
	turnover
	Fluidity
	Average age of workers
	Appointed to senior positions
	including from among the employees of the Company
	including from the reserve

The main source of recruitment in 2016 was the recruitment of employees from outside - 185 people. (95.9%), and domestic transfers 4.1%. According to the reporting data, the actual average headcount of the enterprise for 2016 amounted to 2,118 people.

In 2016, the fulfillment of the indicator "Average headcount" was 100.04%. In 2016, the number of laid-off workers under the age of 35 amounted to 47 people. In 2016, the average age of employees was 43 years. There were no significant changes in the qualitative composition of employees, and it remains at the level of previous years. This is due to the stability of the team and low staff turnover.

2.2 Analysis financial condition enterprises

Let's analyze the financial condition of the enterprise. The liquidity analysis of the balance sheet is presented in Table 4.

Table 4. Liquidity analysis of the company's balance sheet for 2016

In the analyzed period, the company does not have enough cash to pay off the most urgent obligations (lack of 145,710 thousand rubles). The calculation of the absolute values ​​of the payment surplus or deficit shows that the most liquid assets cover only 0% of liabilities (25 / 145735 * 100%). In accordance with the principles of the optimal structure of assets by the degree of liquidity, short-term receivables should be sufficient to cover medium-term liabilities (short-term debt minus current accounts payable). In this case, this ratio is fulfilled - the company has enough short-term receivables to pay off medium-term obligations.

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The most complete financial stability of the enterprise can be disclosed on the basis of the study of the relationship between the assets and liabilities of the balance sheet.

As you know, there is a close relationship between the assets and liabilities of the balance sheet. Each item of the asset balance has its own sources of funding. A source of financing for long-term assets, as a rule, is equity and long-term borrowed funds. Cases of the formation of long-term assets and at the expense of short-term bank loans are not excluded.

Current (current) assets are formed both at the expense of own capital, and at the expense of short-term borrowed funds. It is desirable that they be half formed at the expense of their own, and half - at the expense of borrowed capital. Then the guarantee of repayment of external debt is provided.

Depending on the sources of formation, the total amount of current assets (working capital) is usually divided into parts:

• a) a variable that is created at the expense of short-term liabilities of the enterprise;
• b) a constant minimum of current assets (stocks and costs), which is formed at the expense of equity.

The lack of own working capital leads to an increase in the variable and a decrease in the permanent part of current assets, which also indicates an increase in the financial dependence of the enterprise and the instability of its position.

The amount of own working capital can be calculated in this way: subtract the amount of short-term financial liabilities from the total amount of current assets. The difference will show how much current assets are formed from equity, or what will remain in the company's turnover if all short-term debts to creditors are repaid at the same time.

The distribution structure of equity capital is also calculated , namely, the share of own working capital and the share of own fixed capital in its total amount. The ratio of working capital to its total amount is called " capital maneuverability ratio”, which shows what part of equity capital is in circulation, i.e. in a form that allows you to freely maneuver these means. The ratio should be high enough to allow flexibility in the use of the enterprise's own funds.

An important indicator that characterizes the financial condition of the enterprise and its stability is the availability of material current assets planned sources of financing, which include not only own working capital, but also short-term bank loans against inventory items, normal (not overdue) debt to suppliers, the maturity of which has not come, advances received from buyers. It is established by comparing the amount of planned funding sources with the total amount of tangible current assets (stocks).

Excess or lack of sources of funds for the formation of reserves and costs (a constant part of current assets) is one of the criteria for assessing the financial stability of an enterprise.

There are four types of financial stability.

Absolute financial stability, if stocks and costs (Z) are less than the sum of the planned sources of their formation (Ipl):

3 < Ипл, (7)

and the coefficient of provision of reserves and costs with planned sources of funds (Ko.z) is greater than one

Ko.z. = Ipl / Z? 1

• 2. normal stability, which guarantees the solvency of the enterprise, if
• 3 = Ipl,(8)

Ko.z \u003d Ipl / 3 \u003d 1

• 3. Unstable (pre-crisis) financial condition, in which the balance of payments is disturbed, but it remains possible to restore the balance of means of payment and payment obligations by attracting temporarily free sources of funds (Ivr) into the turnover of the enterprise (reserve fund, accumulation and consumption fund), bank loans for temporary replenishment of working capital, exceeding the normal accounts payable over accounts receivable, etc.:
• 3 = Ipl + Ivre,

Ko.z \u003d (Ipl + Ivr) / Z \u003d 1 (9)

• 4. Crisis financial condition(the company is on the verge of bankruptcy), in which
• 3 > Ipl + Ivre,(10)

Ko.z \u003d (Ipl + Ivr) / Z? 1.

The equilibrium of the balance of payments in this situation is ensured by overdue payments on wages, bank loans, suppliers, the budget, etc.

Financial stability can be restored by:

• a) acceleration of capital turnover in current assets, as a result of which there will be a relative reduction in its turnover per ruble;
• b) a reasonable reduction in reserves and costs (up to the standard);
• c) replenishment of own working capital at the expense of internal and external sources.

One of the indicators characterizing the financial stability of an enterprise is its solvency, i.e. the ability to timely pay off their payment obligations with cash resources. Solvency is outward manifestation the financial condition of the enterprise, its sustainability.

To assess the solvency of the enterprise, three relative indicators are used, which differ in the set of liquid assets considered as coverage for short-term liabilities.

Various liquidity indicators not only provide a versatile description of the company's solvency with varying degrees of accounting for liquid assets, but also meet the interests of various external users of analytical information.

To predict changes in the solvency of an enterprise, coefficient of restoration (loss) of solvency, calculated by the formula:

kv.c.p =? (solvency ratio at the end of the period) + (period of restoration (loss) of solvency) / duration of the reporting year) * (change in solvency ratio for the reporting period)? / normative value of the solvency ratio, (11)

The coverage ratio acts as the solvency ratio, according to which the forecast is carried out. As a period of restoration of solvency, 6 months are taken, as a period of loss of solvency - 3 months.

The solvency recovery ratio, which has a value greater than 1, indicates the presence of a tendency to restore the solvency of the enterprise within 6 months.

The following profit indicators are used in the analysis: balance sheet profit, profit from the sale of products, works and services, profit from other sales, financial results from non-sales operations, taxable profit, net profit.

balance sheet profit includes financial results from the sale of products, works and services, from other sales, income and expenses from non-sales operations.

Taxable income is the difference between book profit and the amount of real estate tax, income taxable on income (on securities and from equity participation in joint ventures), profit received in excess of limit level profitability withdrawn completely to the budget, costs taken into account when calculating income tax benefits.

Net profit - this is the profit that remains at the disposal of the enterprise after paying all taxes, economic sanctions and contributions to charitable funds.

To analyze and evaluate the level and dynamics of profit indicators, a table is compiled that uses data financial statements organizations.

In the process of analysis, it is necessary to take into account the composition of balance sheet profit, its structure, dynamics and the implementation of the plan for the reporting year. When studying the dynamics of profit, inflationary changes in its amount should be taken into account. To do this, revenue is adjusted for the average weighted index of price growth for the company's products on average for the industry, and the costs of sales are reduced by their growth as a result of an increase in prices for consumed resources over the analyzed period.

The main part of the profit of the enterprise is received from the sale of products, works and services. In the process of analysis, the dynamics, the implementation of the profit plan from the sale of products are studied and the factors of change in its amount are determined.

Profit from the sale of products as a whole for the enterprise depends on four factors of the first level of subordination: the volume of product sales; its structures; prime cost and the level of average selling prices.

The volume of sales of products can have a positive and negative impact on the amount of profit. An increase in sales of cost-effective products leads to a proportional increase in profits. If the product is unprofitable, then with an increase in the volume of sales, a decrease in the amount of profit occurs.

The structure of marketable products can have both a positive and a negative impact on the amount of profit. If the share of more profitable types of products in the total volume of its sales increases, then the amount of profit will increase, and, conversely, with an increase in the share of low-profitable or unprofitable products total amount profits will decrease.

The cost of production and profit are inversely proportional: a decrease in cost leads to a corresponding increase in the amount of profit and vice versa.

The change in the level of average selling prices and the amount of profit are directly proportional: with an increase in the price level, the amount of profit increases and vice versa.

The method of formalized calculation of factorial influences on profit from product sales can be represented as follows:

Table 4

Calculation of factor effects on profit

	Factor name	Conventions	Calculation formula
	Calculation of the total change in profit from sales of products		P = P1 - P0
	Calculation of the impact on profit of changes in selling prices for products sold		P1 = N1 - N1.0 P1 q1 - ? p0 q1,
	Calculation of the impact on profit of changes in the volume of production		P2 = P0K1 - P0 P0 (K1 - 1)
	Calculation of the impact on profit of changes in the structure of product sales		P3 \u003d P0 (K2 - K1), K2 = N1.0 / N 0
	Profit Impact Calculation Cost Savings		P4 = S1.0 - S1,

P1 - profit of the reporting year,

P0 is the profit of the base year,

N0 - implementation in the base year,

N1 =? p1q1 - sales in the reporting year at the prices of the reporting year (p - product price; q - number of products),

N1,0 =?p0q1 - sales in the reporting year in the prices of the base year,

K1 - coefficient of growth in the volume of sales of products,

S1.0 - actual cost of goods sold for the reporting year in prices and tariffs of the base year,

S0 - cost of the base year,

S1 is the actual cost of goods sold in the reporting year,

K2 is the coefficient of growth in the volume of sales in the assessment at selling prices.

The net profit of an enterprise is determined as the difference between the profit of the reporting year and the amount of tax, taking into account benefits. Directions for the use of net profit are determined by the enterprise independently. The main areas for using profits are as follows: deductions to reserve capital, the formation of consumption funds, diversion for charitable and other purposes, in joint-stock companies - the payment of dividends.

Profitability indicators characterize the financial results and efficiency of the enterprise. They characterize the final results of management more fully than profit, because their value shows the ratio of the effect to the cash or resources used. They are used to assess the activities of the enterprise and as a tool in investment policy and pricing.

Profitability indicators are important characteristics of the factor environment for the formation of enterprises' profits. Therefore, they are mandatory when conducting a comparative analysis and assessing the financial condition of the enterprise. When analyzing production, profitability indicators are used as an instrument of investment policy and pricing.

The main profitability indicators can be grouped into the following groups:

indicators of profitability of capital (assets);

product profitability indicators;

indicators calculated on the basis of cash flows.

All these indicators can be calculated on the basis of book profit, profit from sales of products and net profit.

The profitability of production activities (recoupment of costs) is calculated by the ratio of gross (Prp) or net profit (NP) to the amount of costs for sold or manufactured products (I):

Rz = Prp / I, or Rz = ChP / I. (12)

It shows how much the company has profit from each ruble spent on the production and sale of products. .

Profitability of sales is calculated by dividing the profit from the sale of products, works and services or net profit by the amount of revenue received (VR). Characterizes efficiency entrepreneurial activity: how much profit the company has from the ruble of sales.

Rrp = Ppr / VR, or Rrp = ChP / VR. (13)

Profitability (yield) of capital calculated as the ratio of the balance (gross, net profit) to average annual cost the total invested capital (?K) or its individual components: own (equity), borrowed, permanent, fixed, working, production capital, etc.

Rk \u003d BP /? K; Rk \u003d Prp /? K; Rk \u003d PE /? K. (14)

The methodology of factor analysis of profitability indicators provides for the expansion of the initial formulas for calculating the indicator for all qualitative and quantitative characteristics of intensifying production and increasing the efficiency of economic activity. For example, to analyze the overall profitability according to A.D. Sherement can use a three- or five-factor model.

All models used are based on the following relationship:

R \u003d P / K \u003d P / (F + E) \u003d (P / N) / (F / N + E / N) \u003d (1 - S / N) / (F / N + E / N) \u003d (1 – (U/N + M/N + A/N)) / (F/A x A/N x E/N), (15)

where, R is the return on assets (capital);

P is the profit from the sale;

K is the average value of assets for the period;

F is the average cost of non-current assets for the period;

E - average balances of current assets;

S / N - the cost of 1 ruble of products at full cost;

U/N - wage intensity of products;

M/N - material consumption of products;

A/N - depreciation capacity of products;

F/N - capital intensity of products for non-current assets;

E/N is the capital intensity of products for current assets (coefficient of fixing current assets).

The return on assets is higher, the higher the profitability of products, the higher the return on non-current assets and the turnover rate of current assets, the lower total costs per 1 ruble of production and unit costs for economic elements.

Using these coefficients for the last and reporting year, it is possible to analyze the efficiency of the enterprise's management. Identify changes in financial results that occurred during the reporting period.

The efficiency of the enterprise depends on many factors that can be divided into external factors that influence regardless of the interests of the enterprise, and internal factors that the enterprise can and should actively influence. These factors can be both positive and negative. The damage from these factors can be reduced with the efficient and proper use of funds.

The external manifestation of financial stability is solvency. Solvency is the ability of an enterprise to timely and fully fulfill its payment obligations arising from trade, credit and other payment transactions. The assessment of the solvency of the enterprise is determined on a specific date.

The ability of an enterprise to pay its short-term obligations on time and without delay is called liquidity. The liquidity of an enterprise is the ability of an enterprise to fulfill obligations on all types of payments in a timely manner. In other words, an enterprise is considered liquid if it is able to meet its short-term obligations by realizing current assets. Fixed assets (unless they are acquired for the purpose of further resale), as a rule, are not sources of repayment of the current debt of the enterprise due to their specific role in the production process and, as a rule, due to the difficult conditions for their urgent sale.

An enterprise can be liquid to one degree or another, since current assets include the most diverse working capital, among which there are both easy to sell and hard to sell. The liquidity of assets is the ability of assets to transform into cash, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the transformation period, the higher the liquidity of assets.

During the analysis of liquidity, the following tasks are solved:

Assessment of the sufficiency of funds to cover obligations that expire in the relevant periods;

Determining the amount of liquid funds and checking their sufficiency to meet urgent obligations;

Assessment of liquidity and solvency of the enterprise based on a number of indicators.

At the same time, obligations of varying degrees of urgency are usually allocated as part of short-term liabilities. Hence, one of the ways to assess liquidity at the preliminary analysis stage is to compare certain elements asset and liability to each other. To this end, the obligations of the enterprise are grouped according to their degree of urgency, and its assets - according to the degree of liquidity (speed of possible implementation). Thus, the most urgent obligations of the enterprise (which are due in the current month) are compared with the value of assets with the maximum liquidity (cash, easily marketable securities). At the same time, part of the term liabilities that remain unsecured should be balanced by less liquid assets - accounts receivable from enterprises with a stable financial position, easily marketable inventories. Other current liabilities relate to assets such as debtors, finished products, inventories, etc.

Liquidity means the ability of an enterprise to transfer the company's assets into liquid funds (cash and non-cash funds), while the process of transferring assets into liquid funds can occur both with and without loss of the balance sheet value of assets, that is, discounts from the price.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups:

A1 - the most liquid assets. This includes all the company's cash and short-term financial investments.

A2 - fast-moving assets, that is, assets that require a certain time to turn into cash. This includes accounts receivable, payments on which are expected within 12 months after the reporting date, other current assets.

A3 - slow-moving assets, that is, assets that are already less liquid. This includes inventories, VAT on acquired valuables, receivables for which payments are expected more than 12 months after the balance sheet date.

A4 - hard-to-sell assets, that is, assets that are used at the enterprise for a long time. This includes all non-current assets.

Thus, groups A1, A2, A3 are constantly changing assets and are called current assets.

Depending on the maturity of obligations, the liabilities of the enterprise are divided into the following groups:

P1 - the most urgent obligations. This includes accounts payable, dividend payments, other short-term liabilities, and loans outstanding.

P2 - short-term liabilities. This includes short-term borrowings that mature within 12 months after the reporting date.

P3 - long-term liabilities. This includes all long-term liabilities.

P4 - permanent liabilities. This is the entire fourth section of the balance sheet, as well as the articles “Deferred income”, “Consumption funds”, “Reserves for future expenses and payments”.

It should be noted that groups P1, P2, P3 are external obligations of the enterprise.

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered to be absolutely liquid if the following inequalities are satisfied:

To determine the balance, you should compare the results of the above groups for assets and liabilities. The balance is considered absolutely liquid if the following ratios take place:

Let's analyze the liquidity of the balance sheet. To do this, we will make a table 4.

Table 4

Balance liquidity analysis (thousand rubles)

	For the beginning of the year	At the end of the year		For the beginning of the year	At the end of the year	Surplus (+), deficiency (-)
For the beginning of the year	At the end of the year
1. The most liquid assets A1			1. The most urgent obligations P1
2. Fast selling assets A2			2. Short-term liabilities P2
3. Slowly realizable assets А3			3. Long-term liabilities P3
4. Difficult to sell assets A4			4. Permanent liabilities P4

At the beginning of the year, we have the following system of inequalities:

At the end of the year, the system of inequalities changed:

The liquidity analysis of the balance sheet showed that its structure differs from the optimal one in terms of liquidity. However, the dynamics of indicators has a positive trend, that is, the liquidity of the balance sheet at the end of the reporting period approached the optimal one.

The data in Table 4 show that in the reporting period there was a payment deficit of the most liquid assets (A1) of cash and short-term financial investments in the amount of 254,740 thousand rubles. at the beginning of the year and 44,316 thousand rubles. at the end of the year. In other words, the most liquid assets are not enough to cover the most juicy liabilities.

The inequality A4 > P4 at the beginning of the year indicates that a part of non-current assets was formed at the expense of borrowed sources of funds. The excess of permanent liabilities over hard-to-sell assets by 100,083 at the end of the year is positive moment, indicating that the enterprise has its own working capital.

The second method: the coefficient method, as already mentioned, serves to quickly assess the ability of an enterprise to meet its short-term obligations. With this method, the following coefficients are used: current liquidity, quick liquidity and absolute liquidity.

Liquidity is one of the most important characteristics of the financial condition of the company, which determines the ability of the company to pay bills on time and is actually one of the indicators of bankruptcy.

To assess the solvency of the enterprise, three relative indicators are used, which differ in the set of liquid assets considered as coverage for short-term liabilities.

The absolute (instantaneous) liquidity ratio reflects the ability of the enterprise to fulfill short-term obligations at the expense of free cash and short-term financial investments, quickly realized if necessary. Short-term liabilities are adjusted for the items "Deferred income", "Reserves for future expenses and payments", as well as "Consumption funds".

DS - cash,

KFV - short-term financial investments,

The main factor in increasing the level of absolute liquidity is the uniform and timely repayment of receivables.

This ratio shows how much of short-term borrowings can be repaid immediately if necessary. It is recommended to analyze the dynamics of these indicators, supplementing it with a comparative analysis of materials for enterprises that have a similar orientation of their economic activities.

The quick liquidity ratio shows what part of the current debt the organization can cover in the short term, subject to the full repayment of receivables. When calculating this indicator, the main issue is the division of current assets into liquid and hard-liquid parts. This issue in each specific case requires a separate study, because. the liquid part can unconditionally include only cash.

The indicator is calculated on a narrower range of current assets, when inventories are excluded from the calculation. The point here is not only in the significantly lower liquidity of stocks, but also in the fact that the funds that can be obtained in the event of a forced sale of production stocks may turn out to be significantly lower than the costs of acquiring them. In conditions market economy a typical situation is when the company liquidates 40% or less of the book value of inventories. Analyzing the dynamics of this coefficient, one should pay attention to the factors that caused its change. If the growth of the quick liquidity ratio was mainly due to the growth of unjustified receivables, then this does not characterize the activity of the enterprise with positive side. The quick liquidity ratio is equal to the amount of cash, settlements and other assets divided by the amount of current liabilities.

where DZ - accounts receivable.

In order to increase the level of current liquidity, it is necessary to promote the growth of reserves with own working capital, for which it is necessary to increase own working capital and reasonably reduce the level of stocks.

The current liquidity ratio shows the organization's payment capabilities subject to the repayment of short-term receivables and the sale of existing stocks.

where TA - current assets,

TP - adjusted current liabilities.

The level of the current liquidity ratio is directly determined by the presence of long-term sources of reserves. To increase the level of the coefficient under consideration, it is necessary to replenish the real equity capital of the enterprise and reasonably restrain the growth of non-current assets and long-term receivables.

If the current liquidity ratio is less than the normative one, but there is a tendency for this indicator to grow, then the solvency recovery ratio (Kv.p.) is calculated for a period equal to 6 months:

Kv.p. \u003d (Kt.l.1 + 6 / T (Kt.l.1 - Kt.l.0)) / Kt.l.norm,

where Kt.l.1 and Kt.l.0 - respectively, the actual value of the current liquidity ratio at the end and at the beginning of the reporting period;

Kt.l.norm - the normative value of the current liquidity ratio (take equal to 2);

6 - the period of restoration of solvency;

T - reporting period, months. (e.g. year).

If Q.p. > 1, then the enterprise has a real opportunity to restore solvency, and vice versa, if Q.p.< 1, предприятие не может сделать это за короткое время.

The coefficient of loss of solvency (K.p.) is calculated if the actual level of Kt.l. is equal to the normative value at the end of the period or above it. But there has been a downward trend. This coefficient is calculated for a period equal to 3 months:

K.p. \u003d (Kt.l.1 + 3 / T (Kt.l.1 - Kt.l.0)) / Kt.l.norm.

At Ku.p. > 1 the company has a real opportunity to maintain solvency for 3 months, and vice versa.

The considered liquidity ratios have the following disadvantages:

static - these indicators are calculated on the basis of balance sheet data characterizing the property status of the enterprise as of a specific date, and, therefore, are instantaneous. This implies the need to analyze their dynamics over several periods;

the possibility of overstating the values ​​of the indicator due to the inclusion of so-called “dead” items in the composition of current assets, for example, illiquid stocks of inventory items;

low information content for predicting future cash receipts of payments, namely this is the main task of analyzing the current solvency;

the possibility of overestimation of indicators due to "illiquid" receivables;

the presence of potential liabilities that are not reflected in the balance sheet and are not taken into account when calculating liquidity ratios. That is why international standards financial statements indicate the need to disclose the full amount of financial liabilities in the explanatory note;

ignoring the prospect of payments that could lead to significant cash outflows in the future.

Let's calculate the liquidity ratios for the analyzed enterprise. To do this, we use the following Table 2, Appendix 2.

An analysis of the solvency of the enterprise showed that in the reporting year there was an increase in the absolute liquidity ratio: 0.24 at the beginning of the year and 0.44 at the end of the year. Consequently, at the end of the year, 44% of the company's current liabilities are covered by the most liquid assets. Thus, its value at the beginning of the year corresponds to the standard (0.2; 0.3), and at the end of the year it exceeds it. However, exceeding the standard may indicate insufficient efficient use funds available to the company.

Positive trends are also observed in the dynamics of the interim liquidity ratio. At the beginning of the year, it was 0.44, and by the end it was 0.86, that is, this coefficient reached the standard value.

The value of the current liquidity ratio at the beginning of the year did not correspond to the standard value (0.92), by the end of the year it increased by 0.4 points, amounting to 1.32 and, thus, its value approached the standard.

In conclusion, we can conclude that the company has significantly increased solvency for the reporting period.

The indicator, in the most general view reflecting the effectiveness of the use of funds invested in the organization is the return on investment (ROI). And in the practice of analyzing financial statements, it is used mainly to assess the effectiveness of the organization's management, its ability to provide the necessary return on invested capital and determine the calculation base for forecasting.

The ROI is seen as the simplest way to assess investment management prowess. The indicator is calculated by the formula

ROI = [Operating profit after tax (NOPAT) : Assets] x 100%.

At the same time, in some analysis methods, a slightly different formula can be used to determine the ROI indicator, taking into account the effect (income) from investments in the assets of owners and creditors in the numerator, and the amount of funds invested by owners and creditors in the denominator. At the same time, as a rule, accounts payable (to suppliers, personnel, budget, etc.) are excluded from the denominator of the formula, since it cannot be considered as an investment component.

As a result, the formula for calculating the return on investment takes the form:

ROI= [NOPAT Operating Profit : : (Assets - Accounts Payable)] x 100%.

It should be noted that this indicator is becoming more and more widespread in the Russian practice of analysis.

The traditional tool for assessing the profitability of a particular investment project is the calculation of an indicator characterizing the internal level of return on investment (IRR).

The latter can be defined as the discount rate at which the present value of investment returns exactly matches the investment cost of capital. The formula for calculating the net present value of a project (NPV) is as follows:

where C, - the difference between income and payments from investments in the period -;

Co - the amount of investment (in the case of one-time capital costs. If the investment process is extended in time, then to calculate NPV, the amount of investment in period t is multiplied by the discount factor of the corresponding period); - - specific period of project implementation; r is the discount rate.

By solving the equation for the rate r, an indicator is determined that characterizes the internal level of return on investment (IRR).

If we denote the level of return required by investors through y, then investment activity can be characterized as effective if the condition is met: r>j.

Based on the result of determining the internal level of return on investments, an assessment of their acceptability can be given. If the analyzed indicator corresponds to the level of return J required in specific conditions (i.e., r > j), then investments are recognized as appropriate. Investments, the internal rate of return of which is below the required level (r< j), оцениваются как неприемлемые.

This provision is fundamentally important for understanding the mechanism of the influence of investment activity profitability on the return on equity index. The point is that in estimating the required level of return total capital(owners and creditors) reimbursement of financial expenses associated with the attraction of borrowed capital and the required level of return on equity, taking into account the risk of investing funds, are laid down. Compliance of the internal level of return on investment r with the required level of return j means that the implementation of investment decisions provides the necessary return on the capital invested by the owners.

Financial Performance

The financial activity of the organization is connected with the attraction of external sources of funds. Key Features analysis of the profitability of financial activities and its impact on the return on equity are the structure of financing and the cost of its individual components.

In the system of indicators characterizing the profitability of financial activities, it is advisable to include the return on investment (ROI), the price (cost) of borrowed capital, as well as coefficients reflecting the ratio of equity and borrowed capital.

To determine the price of borrowed capital, an indicator characterizing the rate of borrowing can be used

The relationship between return on equity (ROE), the amount of borrowed capital (D) and return on investment (ROI) is expressed by the following ratio used to assess the impact of the effect of financial leverage:

where E - equity;

Ka - the rate of attraction of borrowed capital (taking into account the factor of tax savings on borrowed funds).

This ratio defines the boundary of economic feasibility of attracting borrowed funds. Its meaning lies, in particular, in the fact that while the return on investment is higher than the rate of borrowing, the return on equity will grow the faster, the higher the ratio of borrowed and equity capital. But as soon as the return on investment falls below the level of the rate on borrowed funds, the return on equity will begin to fall to a greater extent, the higher the share of borrowed capital in total sources.

Data on the dynamics of the considered profitability indicators are given in Table. 6.7.

Table 6.7. System of indicators of profitability of OJSC "NLMK", %

All profitability indicators show a decline compared to the previous period. Thus, the return on equity decreased by 24.6%. The main reason for this was the reduction in net profit associated with a sharp deterioration in market conditions in a crisis year.

The drop in return on sales from 35.5% to 18.7% was due to a decrease in revenue, which occurred against the backdrop of a less significant reduction in costs. A significant reduction in return on sales, as well as a significant slowdown in asset turnover led to a decrease in return on assets by 18.8%. The slowdown in the turnover of assets was primarily affected by the slowdown in the turnover of current assets (see paragraph 6.3).

At the end of the analysis of the financial condition, it is useful to compile a final table that reflects the main ratios of the economic indicators of the analyzed organization.

GRADUATE WORK

Improving the efficiency of financial activities commercial enterprise

INTRODUCTION

1. Theoretical aspects the content of the financial activity of the enterprise and its essence

1.1 Sources of financing the activities of the enterprise

1.2 Methods financial evaluation efficiency

1.3 Information base for analyzing the results of financial and economic activities

2.1 Characteristics of the trading and main activities of the enterprise LLC "ADV group"

2.3 Analysis of financial stability and analysis of the financial results of the enterprise.

2.4 Analysis of business activity and profitability of the trading enterprise ADV group LLC

3.1 Strategies to improve the financial performance of the enterprise

3.2 Evaluation of the effectiveness of the proposed activities for ADV group LLC

List of used literature

Annex A

Annex B

Annex B

Annex D

INTRODUCTION

The modern market economy contributes to the emergence of the development of enterprises of different structural spheres and legal forms, based on various types of individual property, the emergence of new owners, such as individual citizens and as labor collectives enterprises.

Appeared the most important species market economy - entrepreneurship - is an economic activity that is associated with the production and sale of products, the provision of services, the implementation of works and the sale of goods necessary for consumers.

It has a systematic character and differs:

· Freedom in choosing the direction and methods of activity, and independently make a decision (within the framework of the law);

· Responsibility for decisions made and their use;

· This activity does not guarantee that there will be no risks, losses and bankruptcy.

Entrepreneurship is focused on making a profit and, in the conditions of developing competition, achieves full satisfaction of the needs of the buyer. This is the main prerequisite and reason interested in financial and economic activity. This principle depends on the independence granted and the management of its financial expenses without the support of the state, and on the share of profits that the enterprise has at its disposal after paying taxes.

It is imperative to create an economic environment in which there would be favorable conditions for the production of goods, profit and cost reduction.

For the adoption of certain management decisions of the enterprise, it becomes essential to conduct various types of economic analysis. The analysis is connected with the constant financial and economic activity of the enterprise, their owners, managers and teams.

"Economy" - translated from Greek means "the laws of the economy." This is financial and economic activity at the micro-level - financial - economic activity of the enterprise.

To ensure the survival of the enterprise in modern conditions, management personnel must be able to assess the financial condition of the enterprise, both his own and existing competitors.

The main tool for assessing the financial condition of an enterprise is financial analysis, which has special features of the financial and economic activity of an enterprise. To make a decision, it is necessary to analyze the material sufficiency of the enterprise with financial resources, the feasibility and productivity of their placement and use, the solvency of the enterprise and its financial relations with partners. Evaluation and analysis of financial indicators are necessary for the effective management of the enterprise. With its help, business leaders can implement planning, control, and improve their activities.

Financial management focused on:

· survival of enterprises in a competitive environment;

· avoiding bankruptcy and financial failures;

· to gain leadership among competitors;

· growth at a reasonable pace economic potential enterprises;

· increase in volumes and sales;

· profit maximization and cost minimization;

· ensuring highly profitable operation of the enterprise.

This graduation project on the topic "Improving the efficiency of the financial activity of a trading enterprise" is relevant, the purpose of studying and applying in practice theoretical knowledge, modern methods of economic research of the financial condition of an enterprise and analysis of financial and economic activities. The use of analysis data to recommend the adoption of practical measures in order to improve the efficiency of the financial activities of the enterprise.

Object of study: Limited Liability Company "ADV Group". The main task of the enterprise is the sale of equipment and materials for outdoor advertising.

Subject of study: methodology for analyzing financial and economic activities and the practice of applying it in the management of an enterprise.

The main objectives of the graduation project:

· Conduct an analysis of the financial and economic activities of the enterprise LLC "ADV group".

· Evaluation of the financial condition of the enterprise LLC "ADV group".

· Estimation of financial results of activity of the enterprise "ADV group" LLC.

· Development on the basis of the obtained results of the enterprise activities to improve the efficiency of its work.

IN graduation project materials of the balance sheet for 2009 and 2010 and various specialized literature were used.

The material in this thesis laid out in three areas:

.Statement theoretical foundations analysis of the financial and economic activity of the enterprise as a system of public knowledge about the subject.

.Carrying out a financial analysis of the trade enterprise "ADV group" LLC.

3.Description of the proposed measure to improve the efficiency of the financial activity of the enterprise "ADV group" and the calculation of its economic efficiency.

1. Theoretical aspects of the content of the financial activities of the enterprise and its essence

.1 Sources of financing for the enterprise

Financial activity of the enterprise is the organization of financial relations that arise in an enterprise in the process of working with a variety of legal and individuals. The work of the enterprise is conducive to the presence of these financial relations. They appear in the process of formation and use of property and sources of financing of the enterprise, and in the process of carrying out the main and other various activities, even in the process of distributing financial results, as well as in the direction of their different goals.

Financing the economic activity of an enterprise is the sum of forms and methods, principles and conditions for the financial supply of simple and expanded reproduction.

Funding is a process that generates money. Financing in a broad sense is a process that forms the capital of an enterprise in all its forms.

The solution of five main tasks when choosing sources of financing for the enterprise:

· identify needs for short-term and long-term capital;

· determine the likely changes in the composition of assets and capital in order to determine their optimal composition and structure;

· ensuring the constant solvency and financial stability of the enterprise;

· With high profits, maximize the use of own and borrowed funds;

· Reducing the cost of financing the economic activity of the enterprise.

There are several forms of financing:

· Self-financed- characterizes the possibility and the need to independently make decisions regarding the sources of supply of funds for simple and expanded reproduction of the enterprise. Self-financing refers to the financing of an enterprise's activities using only the enterprise's own funds (retained earnings, depreciation, reserve capital, additional capital, etc.).

· Equity (equity) financing- participates in the authorized capital, purchase of shares, etc.

· Debt financing- bank loans, placement of bonds, leasing, etc.

· Budget financing-loans on a repayable basis from the federal, regional and local budgets, appropriations from the budgets of all levels on a gratuitous basis, targeted federal investment programs, government borrowing.

· Special forms of financing- project, risk financing and financing by attracting foreign capital.

The primary source of financing for any enterprise is authorized (share) capital (fund) - formed from the contributions of the founders. The present ways of creating the authorized capital depends on the organizational and legal forms enterprises. The smallest value of the authorized capital on the day of registration of the company is:

· 100 minimum wages (SMIC) - in a limited liability company (LLC);

· 100 minimum wages - to a closed joint stock company (CJSC);

· at least 1000 minimum wages - open joint stock company (OJSC).

The authorized capital must be fully maintained during the first year of activity by the founders of a joint-stock company or other company.

Decision to reduce the authorized capital2/3 of the votes of the owners of voting shares are accepted and implemented in one of two ways:

Decreasing the par value of shares;

Acquisition and redemption of part of the shares (if it is provided for by the charter of the organization).

Decision to increase the authorized capitaladopted by the general meeting of shareholders. This happens either by increasing the nominal value of shares, or by placing an additional announced issue of shares. However, for business development, it is not enough to own the initial capital contributed by the founders (shareholders). The enterprise in the course of its activities needs to accumulate other available sources of financing (Fig. 1.1)

Own sources enterprise financing include:

Retained earningsis a reinvested source of own funds for equipment replacement and new investments.

The profit of the enterprise directly depends on the ratio of income received as a result of activities, with the expenses that provided these incomes.

There are several types of profit:

· gross profit is the difference between net income from sales and cost of goods sold (services);

Profit from sales is gross profit minus administrative and commercial expenses;

Profit (loss) before taxation (according to accounting data) is the profit from sales, taking into account other income and expenses, divided into operating and non-operating;

undistributed (net) profit of the reporting period is the amount of net profit (net loss) of the reporting period, that is, profit (loss) after taxation;

· Reinvested earnings are retained earnings of the company, which is directed to the financing and expansion of activities and reserves of the enterprise.

The profit that remains at the disposal of the enterprise is a multi-purpose source of financing for its needs. But the most important purpose of profit distribution is accumulation and consumption, the proportions of which determine the prospects for the development of the enterprise.

The creation and development of accumulation and consumption funds and other monetary funds may be envisaged in founding documents and adopted by the accounting policy of the enterprise, then their creation is mandatory, or the decision to direct profits to these funds is made by the meeting.

If there is retained earnings, then this indicates that the company depends on the profitability of the company and the dividend payout ratio. The dividend payout ratio characterizes the dividend policy adopted by the organization.

The main source of formation of reserve capital (fund) is profit.

Reserve capital- this is the amount of property of the enterprise intended to place retained earnings in it, to compensate for losses, and to redeem bonds and redeem shares of the enterprise. The source of the formation of reserve capital is net profit, that is, the profit remaining at the disposal of the organization.

Joint-stock companies are obliged to create a reserve fund. 5% of the authorized capital must be minimum size reserve fund. The size of the annual mandatory contribution to the reserve fund must be at least 5% of net profit until the amount established by the company's charter is reached.

Borrowed sources of financing for the enterprise include Russian bank loans.

Loans can be provided in monetary or commodity form on the terms of urgency, payment, repayment and material security.

The principal amount of debt on a loan or credit received by the borrowing enterprise is accounted for in accordance with the terms of the loan agreement or loan agreement in the amount of actual funds received or in the valuation of other things provided for in the agreement.

When considering the option of raising funds through a long-term loan, the company chooses a bank that offers the lowest interest rate on equal terms. Negotiated loan terms are best for both parties if the deal is based on market level interest rate , allowing to compare market value capital received in exchange for debt, and the present value of future payments.

The loan interest is determined by adding a premium to the base rate. Each bank sets its own rate based on the discount rate data of the Central Bank of Russia. The premium depends on the term of the loan, the quality of the collateral and the degree of credit risk associated with its provision.

As loan security accepted:

· pledge of property;

guarantee;

· bank guarantee;

· state and municipal guarantees assignment in favor;

bank claims and accounts of the borrower to a third party.

Despite a number of shortcomings for the enterprise: structural deterioration of the organization's liabilities, the need for time and financial costs, the preparation of a professional business plan, the study of a loan application in a commercial bank, long-term bank lending is one of effective ways financing. The presence of the enterprise as part of the sources of its property of long-term borrowed funds allows you to have borrowed funds for a long time. Long-term loans by Russian enterprises can be obtained both from Russian banks and foreign ones.

Russian enterprises they really need long-term financing, which is aimed at restoring and modernizing fixed assets, involving the expansion of long-term lending to this sector of the economy and the introduction of more “favorable” rates on such loans. However, according to statistics, the largest specific volume in the loan portfolios of Russian commercial banks are loans to enterprises with a maturity of 6 months to 1 year. This situation is due to the reluctance of banks to take on unpredictable credit risks of a systemic nature, which are associated with the unpredictability of the macroeconomic situation in Russia.

.2 Financial Performance Appraisal Methods

Evaluation of the effectiveness of real investments (capital investments) is the most important stage in the process of making investment.

The timing of the return of invested capital and the prospective development of the enterprise depend on a correct and objective assessment.

The most important principles and methodological approaches dy, which are used in international practice to evaluate the effectiveness of real investment projects:

· Estimated Return Nestedcapital- is based on the indicator of cash flow, which is formed from profit and depreciation deductions in the process of exp project luation.

The cash flow indicator can be used to evaluate projects with differentiation for individual years of operation of the facility or as an annual average.

· mandatory reduction to the present valueinvested capital and the size of cash flows. It follows from the court that the investment process is not carried out in a timely manner, as it goes through a number of stages in which dit reflected in the business plan of the investment project.

The amount of cash flow (according to the individual stages of its formation) should also be brought to the real value.

· "the choice is differentiatedproject (discount) in the process of discounting the cash flow (bringing it to the present value) for various investment projects.

Factors that determine the amount of return on investment (in the form of cash flow)

ü average real discount rate;

ü inflation rate (inflationary premium);

ü premiums for low liquidity of investments;

ü investment risk premiums.

When these factors are taken into account, comparison of projects with different levels risk must be used when discounting unequal interest rates.

The highest interest rate is usually used for projects with high level risk. Also when comparing two or more projects with different joint periods mi investing (liquidity of investments) greater becoming ka percent should be used for a project with a long-term implementation period.

· different options are selected for the forms of the applied interest rate for dis account assignment based on the purposes of the valuation. To determine various project performance indicators, the following can be selected as a discount rate:

average deposit or loan rate on ruble or bank hard loans;

personal rate of return (profitability) invest tions, taking into account the rate of inflation, the level of risk and liquidity of investments;

Rate of return on government securities (bonds of the Central Bank of Russia or municipal short-term bonds);

-alternative rate of return for other similar projects;

the rate of return on the current (operational) profitability of the enterprise.

The main methods of financial evaluation of the effectiveness of real investment projects include :

· simple (accounting) rate of return method- is the ratio of the average net accounting profit over the life of the project and the average value of investments (costs of fixed and working capital) in the project;

· method of calculating the payback period of the project - calculates the number of years required to fully recover the initial costs - the moment is determined when cash flow income equals the sum of the cash flows of costs.

· method for calculating the net present value (NPV) of a project-calculated as the difference between the sum of the real values ​​of all cash flows of income and the sum of the present values ​​of all cash flows of costs - the net cash flow from the project, reduced to the present value;

· yield index-shows the effectiveness of the investment project;

· payback period (period)- the period of time that is necessary for income to cover the cost of investment;

· internal rate of return (GNP) of the project The discount rate at which the net present value of an investment is zero. The internal rate of return is used to evaluate projects that require capital investment;

· modified internal rate of return method is the internal rate of return adjusted for the reinvestment rate.

The financial analysis and its content and main target: assessment of the financial condition and identification of opportunities to improve the efficiency of the functioning of an economic entity with the help of an appropriate financial policy. The financial condition of an economic entity is an assessment of financial competitiveness (solvency and creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and various economic entities.

Financial condition- this is the result of a system of relations that arise in the process of the circulation of funds of an economic entity, as well as the sources of these funds, showing on a certain date the presence of various assets, the amount of liabilities, the ability of an economic entity to adapt to a changing external environment, the current and future ability to satisfy the requirements of creditors, and also shows its investment attractiveness.

In the traditional sense, based on the accounting report, financial analysis is a method for assessing and forecasting the financial condition of an enterprise.

There are two types of financial analysis:

· internal analysis- carried out by the employees of the enterprise (financial managers);

· external analysis - carried out by independent analysts (auditors).

The financial condition of the enterprise establishes:

· Solvency-timely repay their debt obligations to suppliers in accordance with the contracts;

· enterprise competitiveness;

· potential in business cooperation, which is the guarantor of the effective implementation of the economic interests of all participants in economic activity.

The financial condition can be influenced by factors of the internal and external environment.

Internal variables(situational factors within the enterprise itself) - the result of management decisions, since the enterprise is a system that is created by people.

Internal variables include goals, structure, tasks, technologies, people.

· Goals - An organization can be described as a means to achieve goals.

· Structure - reflects the allocation of individual divisions in the enterprise, as well as the relationship between these divisions.

· Tasks - the formation of tasks is one of the directions of the division of labor in the enterprise. This includes working with people and information;

· Technology is a means of reorganizing raw materials, meaning standardization and mechanization, has a significant impact on organizational effectiveness;

· People are the backbone of any enterprise. If there were no people, there would be no enterprise. What the enterprise will be depends on people, they create the product of the enterprise and form its culture.

Elements of the external environment-customers, competitors, suppliers, government agencies, financial institutions and sources of labor resources. Factors of direct impact of the external environment - the direct business environment of the enterprise. This group includes suppliers, consumers, trade unions, laws and government bodies, competitors.

Suppliers provide enterprises with basic resources for doing business (raw materials, materials, etc.)

Laws and government bodies determine legal status company and based on this it is determined what taxes the company should pay, as well as how to properly carry out its activities.

Consumers- the need to meet the needs of customers affects the cooperation of the enterprise with suppliers.

Competitors- if the company does not meet the needs of customers, as well as its competitors, then the company will not be able to exist for a long time in the market.

Factors indirect impact - do not show a noticeable impact on enterprises, in comparison with the factors of direct impact. The main focus is on forecasts. These factors include: technological, socio-cultural, economic and political factors, as well as relationships with local communities.

The financial condition of the enterprise is assessed:

· How normal and steady- this is if there are no non-payments and the reasons for their occurrence, that is, the company receives regular revenue and profit, observes internal and external financial discipline;

· How unstable- this is when there is a place of violations in financial discipline (delays in wages, if funds from the reserve fund are used, etc.), interruptions in the flow of money to settlement accounts, interruptions in payments, irregular receipt of revenue, profits;

· Like a crisis- this is when systematic non-payments are added to the signs of instability.

The tasks of analyzing the financial condition of the enterprise:

-The dynamics of the composition and structure of assets, and their assessment, condition and movement.

Evaluation of the property status of the enterprise: cost, structure and sources of property formation.

Dynamics of the composition and structure of sources, assessment of own and borrowed capital and the state of their movement.

Analysis of absolute-relative indicators of financial stability and assessment of changes in the level of the enterprise.

Analysis of the solvency and liquidity of the balance sheet.

The main purpose of the analysis- in time to detect and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the enterprise and its solvency. In doing so, the following tasks:

· at the beginning of the study of the relationship between various indicators of production, commercial and financial activities, it is necessary to assess the implementation of the plan for the receipt of financial resources and their application from the standpoint of improving the financial condition of the enterprise;

· predict likely financial results and economic profitability based on the actual conditions of economic activity, the availability of personal and borrowed resources and developed models of financial condition in case of various options resource use;

· it is necessary to develop specific measures that are aimed at more efficient use of financial resources, strengthening and improving the financial condition of the enterprise.

The analysis of the financial condition of the enterprise is based mainly on relative indicators, since absolute indicators balance in terms of inflation is difficult to bring to a comparable form. Relative indicators of the financial condition of the analyzed enterprise can be compared:

· with established "norms" for assessing the degree of risk and predicting the possibility of bankruptcy;

· with similar data from other enterprises, which allows you to identify the strengths and weaknesses of the enterprise and its capabilities;

· with similar data for previous years to study the trend of improvement or deterioration in the financial condition of the enterprise.

There are various stages of assessing the financial condition of a company, such as:

· Comprehensive assessment of the company's activities in several areas.

· A wide range of indicators and its application in order to study the financial condition of the enterprise from all sides.

· Expert Methods and their use to identify quantitative criteria.

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

In our time, enterprises are becoming more independent in making and implementing management decisions, and their economic and legal responsibility for the results of economic activity. The importance of the financial stability of economic entities is growing. This all plays a role in enhancing financial analysis in assessing their commercial and industrial activities and predominantly in the availability, allocation and use of capital and income. The results of the analysis are mainly needed by owners (shareholders), investors, creditors, suppliers, tax authorities, managers and heads of enterprises.

Financial analysis uses specific methods and techniques to determine the parameters that make it possible to correctly assess the financial condition of the enterprise. Thanks to the results of the analysis, interested persons and enterprises can make management decisions based on an assessment of the current financial situation, the activities of the enterprise for previous years and the projection of the financial condition for the future, i.e. expected parameters of the financial position.

Frequently used methods of financial analysis:

· preliminary reading of accounting (financial) statements- allows you to study the absolute values, conclusions about the main sources of funds raised, the direction of their investment, the main sources of profit, the accounting methods used and changes in them, organizational structure enterprise. Preliminary information shows a general idea of ​​the financial condition of the enterprise, but it is not enough for making managerial decisions;

· time (horizontal) analysis- a) absolute indicators include relative ones (in terms of growth or decline). Thanks to horizontal analysis, an assessment is made of changes in the main indicators of accounting (financial) statements. The disadvantage of the method is the incompatibility of the data in terms of inflation. This disadvantage can be eliminated by recalculating the data. - b) Comparison of each position with the previous period;

· structural (vertical) analysis- consists in determining the structure of the final financial indicators, as well as identifying the impact of each reporting position on the result as a whole. An important point of vertical analysis is the presentation of the structure of indicators in dynamics, which allows you to track and predict structural changes in the composition of assets and liabilities of the balance sheet. The use of relative indicators smooths out inflationary processes;

· trend analysis- this is a kind of horizontal analysis, used if the comparison of indicators is made for more than three years. Trend analysis consists in comparing each reporting position with a number of previous periods and determining the trend. Trend - the main trend of the indicator;

· financial ratio method- coefficients make it possible to determine the information that is important for users of information about the financial condition of the enterprise in order to make decisions. Ratios help to identify the main symptoms of changes in the financial situation and to determine the trends of change. With the right coefficients, you can identify areas that require further study. Huge advantage of coefficients - smooth Negative influence inflation, which greatly distorts the absolute figures of financial statements, and thus makes it difficult to compare them in dynamics;

· factor analysis- used to study and measure the impact of factors on the value of the effective indicator. Factor analysis can be:

direct, that is, the performance indicator is divided into its component parts, and the reverse, when individual elements are combined into a common performance indicator.

Single-stage - for analysis, factors of only one level are used and multi-stage, when the factors are detailed on constituent elements to study their behavior.

retrospective, when the causes of changes in performance indicators for past periods are studied, and prospective, when the behavior of factors and their impact on performance indicators in the future are studied.

Static, to study the influence of factors on performance indicators for a certain date, and dynamic, when causal relationships are studied in dynamics;

· comparative analysis- used holding

· on-farm and inter-farm comparisons for separate financial indicators. Purpose: to identify similarities and differences of homogeneous objects. With the help of comparison, changes in the level of economic indicators are established, trends and developments are studied, the influence of various factors is measured, calculations are carried out with the help of which decision-making is possible, reserves and development prospects are identified;

· cash flow calculation - essential tool financial analysis, which is presented in the form of an annual financial forecast, showing the expected monthly receipt of cash and making monthly payments to repay the debt. Thanks to this calculation, it is possible to determine the peak needs of the enterprise for additional financing to pay off short-term debt over a certain cycle of time. This is important for seasonal businesses;

· specific analysis:

· analysis of current investments- helps to determine how sales growth affects financing needs and the ability of enterprises to increase sales;

· sustainable growth analysis- allows you to determine the ability of enterprises to increase sales without changing the share of debt funds;

· sensitivity analysis- uses the same scenarios to find the most vulnerable places of the enterprise;

· industry factor- takes into account the instability of the cash flows of the borrowing enterprise in comparison with the movement of funds of other enterprises in the industry.

These methods have great importance to deepen the financial analysis and assess the growth potential of the enterprise.

Specific analysis is most widely used in foreign accounting and analytical practice of financial analysis.

The use of all methods of financial analysis allows you to more accurately assess the financial situation that has developed at the enterprise, predict it for the future and make a more informed management decision.

The main components of the financial analysis of the enterprise are:

general analysis;

· analysis of financial stability;

· balance sheet liquidity analysis;

· analysis of the coefficients of financial condition;

· analysis of the solvency of the enterprise;

· capital turnover analysis;

· sales profitability analysis.

Purpose of financial analysis- characteristics of the financial condition of the enterprise, business, group of companies. The main goal of financial analysis is to obtain a conditional number of the most important parameters that bring an impartial and reasonable description of the financial condition of the enterprise. It refers primarily to modifications in the structure of assets and liabilities, in settlements with debtors and creditors, in profit and loss.

The variety of goals of financial analysis determines the specifics of the tasks solved by the main users of information.

development of strategy and tactics of the enterprise;

rational organization of the financial activity of the enterprise;

improving the efficiency of resource management.

The analyst and the manager (financial manager) are interested in both the current financial position of the enterprise (for a month, quarter, year), and its forecast for a more distant future.

The main questions of the goals of financial analysis determine not only its time limits, but also depend on the goals that users set for themselves. financial information.

The objectives of the study are achieved as a result of solving a number of analytical tasks:

· preview financial statements - introduces the audit report, the accounting policy of the organization, with the content annual report, evaluate the conditions in which it functioned commercial organization in the reporting period, trends in key performance indicators, qualitative changes in the property and financial position of a commercial organization. Underestimate the importance of this stage, since a balance filled with errors is a source of incorrect analytical solutions ;

Characteristics of the property of the enterprise: non-current and current assets - allows you to determine the valuation of property that is at the disposal of the enterprise, and determine the composition of the property of current (mobile) and non-current (immobilized) funds. Property is fixed assets, working capital and other valuables, the value of which is reflected in the balance sheet;

· assessment of financial stability;

· characteristics of sources of funds: own and borrowed;

· analysis of profit and profitability;

· development of measures to improve the financial and economic activities of the enterprise.

These tasks formulate the specific goals of the analysis, taking into account the organizational, technical and methodological possibilities of its implementation. Ultimately, the most important factors are the volume and quality of analytical information.

Making decisions in the field of production, marketing, finance, investment and innovation, the management personnel of the enterprise need regular business awareness on issues that show the result of the selection, analysis and generalization of initial information.

.3 Information base for analyzing the results of financial and economic activities

In accordance with Article No. 13 III of the Chapter of the Federal Law "On Accounting" dated November 21, 1996 No. No. 129-FZ, version of the federal law of September 28, 2010 N 243-FZ: all organizations must draw up financial statements based on synthetic and analytical accounting data.

“Accounting statements of organizations (exception budget organizations) should consist of:

· balance sheet (form 1);

· income statement (Form 2);

· applications to them provided regulations;

an auditor's report confirming the reliability
financial statements, if they are in accordance with and federal law subject to mandatory audit; explanatory note.

The same law states that explanatory note to annual
financial statements should contain the most important information about
organization, its financial position, comparability of data for
reporting period and the year preceding it. In the Orders of the Ministry of Finance of Russia dated October 6, 2008 No. No. 106n, as amended on November 8, 2010 No. 144n and dated 06.07.99 No. 43n, as amended by the Order of the Ministry of Finance of the Russian Federation dated 08.11.2010 No. 142n, describes the application of national accounting standards: PBU 1/2008 " Accounting policy organizations"; PBU 4/99 "Accounting statements of the organization".

Balance sheet (form 1) - this is the main form of accounting, groups the assets and liabilities of the organization in monetary terms, characterizing the property and financial condition economic entity on the reporting date.

Assets - this is a part of the balance sheet, which reflects the composition and value of the organization's property on a certain date (the totality of the enterprise's property).

Liabilities- the totality of all obligations (sources of formation of funds) of the enterprise.

Capital- a set of goods, property, assets used for profit, wealth.

Types of balance sheets depends on the stage of development of the subject and purpose. There are several types of balance sheet:

· introductory or initial- this is a balance sheet, which is compiled after the inventory and valuation of the property of the entire enterprise;

· current- this is a balance sheet that is drawn up periodically during the entire time of the organization's activities. Current balance there are three types:

initial (incoming)- this is a balance sheet that is drawn up at the beginning of the reporting period;

final (outgoing)- this is an analysis that is compiled at the end of the reporting period;

intermediate balance- this is the balance drawn up for the period between the beginning and the end of the reporting period;

· liquidation- this is a balance that characterizes the property status of the enterprise as of the date of termination of its activities for the reporting period;

· dividing- this is a balance sheet that is compiled when a large organization is divided into a number of smaller structural units or in the process of transferring one or more structural units of this organization to another organization;

· unifying- this is a balance sheet that is compiled in the process of combining several organizations into one large organization or in the process of joining one or more structural units to this organization.

"Profit and loss statement (form No. 2) - a form of financial statements that characterizes the financial results of the organization's activities for the reporting period and contains data on income, expenses and financial results in the amount of the cumulative total from the beginning of the year to the reporting date ".

The standard form of the profit and loss statement was approved by the Order of the Ministry of Finance of the Russian Federation dated 13.01.2000. No. 4n, as amended by the Order of the Ministry of Finance of the Russian Federation of December 4, 2002 N 122n.

When compiling the Profit and Loss Statement (form No. 2), the organization should be guided by the basic principles enshrined in PBU 9/99, as amended. Orders of the Ministry of Finance of the Russian Federation of November 27, 2006 N 156n and PBU 10/99, as amended by the Order of the Ministry of Finance of the Russian Federation of November 27, 2006 N156n; entered into force on January 1, 2000, which normatively regulate the formation of two concepts for accounting purposes: "income of an organization and "expenses of the organization".

These principles are primarily:

-compliance with the criteria for recognition of income and expenses set out in paragraph 12 of PBU 9/99 and paragraph 16 of PBU 10/99;

compliance with the classification of income and expenses (obtained by core activities, operating, non-operating and extraordinary);

the principle of an even and justified distribution of income and expenses between reporting periods;

the principle of the relationship of income and the income that determines their receipt;

the principle of recognizing an expense (writing off an asset) if there is evidence that no economic benefit (income) will be received from the use of this asset.

Form No. 2 reflects the amount of balance sheet profit or loss and individual components of this indicator:

· profit / loss from the sale of products;

· operating income and expenses (positive and negative exchange differences);

· income and expenses from other non-operating activities (fines, bad debts);

· the costs of the enterprise for the production of sold products in full or production cost,

· business expenses, management expenses,

· net revenue from sales of products,

· the amount of income tax, deferred tax liabilities (IT), assets (IT) and permanent tax liabilities (assets) (PNO (A)),

·net profit.

General conclusion for the chapter:

.financial work primarily aimed at creating financial resources and development, in order to ensure the growth of profitability, investment attractiveness, that is, improving the financial condition.

.Analysis of the financial results of the enterprise is carried out in order to:

systematic control over the implementation of plans for the sale of products and profit;

fulfillment of factors that affect the volume of sales and financial results;

identification of reserves for increasing the volume of sales of products and the amount of profit.

.Most important points that affect the improvement of the financial performance of the enterprise:

reduction of material costs;

reduction of material consumption and labor intensity;

introduction of new technologies and equipment;

improving product quality;

assortment optimization;

increase in the turnover of working capital.

financial information property trading

2. Analysis financial activities trading company "ADV group" LLC

.1 Characteristics of the trading and main activities of the enterprise LLC "ADV group"

Limited Liability Company "ADV Group" was established in accordance with Civil Code Russian Federation and the Federal Law of 08.02.1998 No. 14 - FZ "On Limited Liability Companies".

OOO "ADV group" is legal entity and builds its activities on the basis of the current charter of the company and the legislation of the Russian Federation. The Company has the right to carry out any activities not prohibited by law.

The performance of work and the provision of services by ADV Group LLC are carried out at the prices and tariffs of the company itself.

ADV Group LLC has the right to open bank accounts in the Russian Federation and abroad in the prescribed manner. The Society has a round seal containing its full name in Russian and an indication of its location.

ADV group LLC is the owner of its property and funds and is liable for its obligations with its own property.

The company is registered for an indefinite period.

The main goal of LLC "ADV group" is to obtain maximum profit for the benefit of society.

Other goals of the society are to meet the needs of enterprises and citizens.

Advertising and publishing holding "Absolut" is the largest supplier of consumable production materials for outdoor advertising, which occupies a leading position in the production of outdoor advertising and the sale of equipment and materials for its manufacture.

Director of RIH "Absolut" Rastorgin Mikhail Yuryevich opened a showroom "ADV group" in Samara advertising technologies and materials. The salon presents the latest technologies, the widest range of the most modern equipment and high-quality materials in the field of advertising. In the ADV Group showroom, anyone can see and study in detail and purchase everything that is required by our regular partners, which are numerous manufacturers of outdoor advertising and construction companies.

Seminars of the all-Russian level are periodically held on the territory of the store, which allow you to get acquainted with new technologies in outdoor advertising. Store employees monitor all market innovations and analyze prices daily. Thus, work is carried out on the demand of the consumer.

Financial analysis at the ADV group LLC enterprise will be carried out in the sales department.

Table 2.1. - Important indicators of a trading company

OOO "ADV group"

Name of indicator 2009 2010 Changes +/- Growth rate, % Revenue 3058414211-1637446.47 Cost price2784511552-1629341.49 Net profit880820-6093.18 Staff131300

Table 2.2. - Analysis of strengths and weaknesses commercial enterprise

OOO "ADV group"

Strengths activities of the enterpriseStrengths of the activity of the enterprise1. Competence1. Poor marketing skills of staff 2. Good competitive skills 3. Good reputation with consumers 4. The presence of advantages in the cost of products 5. Good understanding of consumers

2.2 Analysis of the property status of the trading enterprise ADV group LLC

A general assessment of the financial condition of the enterprise begins with a comparative analytical balance sheet, which reveals such important characteristics as:

ü the total value of the property of the organization;

ü the cost of immobilized and mobile means;

ü the amount of own and borrowed funds of the organization, etc.

The evaluation of comparative analytical balance data is, in fact, a preliminary analysis of the financial condition, which makes it possible to judge the solvency, creditworthiness and financial stability of the organization, the nature of the use of financial resources.

In fact, this is a preliminary analysis of the financial condition of the enterprise. At this stage, it is estimated specific gravity and structural dynamics of individual items of assets and liabilities.

"The comparative balance actually includes indicators of horizontal and vertical analysis."

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

The vertical analysis calculates the net weight.

Comparative balance indicators:

ü balance structure indicators;

ü indicators of balance dynamics;

ü indicators of the structural dynamics of the balance sheet (see table 2.1)

Table 2.3 - Comparative analytical balance of ADV group LLC

Name of indicator Code of lines 2009 year 2010 year Deviation +/- Growth rate, %% to the change in the total balance thous. rub.% to totalths. rub.% to totalths. rub.% to the total1234789101112 1. Non-current assets 1.1. Intangible assets110 00 0 0 0 0 0 0 1.2. Fixed assets120 3122.082200.63-92-1.4571-0.461.3. Construction in progress130 0 0 0 0 0 0 0 01.4. Long-term financial investments135+140 00 0 000 0 0 1.5. Others145+150 70.5 00 -7-0.50 0.04 TOTAL for section 1190 319 2.13 2200.63-99-1.569-0.5 2.Current assets 2.1.Inventories210+220 12658 84.381335338.33695-46.591063.512.2.Long-term accounts receivable230 0 0 0 0 0 0 0 02.3.Short-term accounts receivable240 2017 13.45 2119760.841918047.39105.196.692.4. Short-term financial investments250 0 0 0 0 0 0 0 02.5. Cash260 60.04670.19610.152.6.Other270 1 0 1 0 0 0 0 total300 15001 100 34838100198370232100 3.Equity 3.1.Authorized capital410+415 100.7 100.2900.41100 03.2.Additional capital420 0 0 0 0 0 0 0 03.3.Reserve capital430 0 0 0 0 0 0 0 0

Name of indicator Code of lines 2009 year 2010 year Deviation +/- Growth rate, %% to the change in the total balance thous. rub.% to totalths. rub.% to totalths. rub.% to the total 3.4. Profit (loss)470 7654 51.02 954127.39 188723.631259.51TOTAL for section 3490 7664 51.09 955127.42 188723.63125 9.51 4.Long-term liabilities 4.1. Loans and credits510 0 0 0 0 0 0 0 04.2. Other515+520 0 0 0 0 0 0 0 5. Short-term liabilities 5.1 Loans and credits610 2481.65 0 0-248 -1.65 0 -0.015.2.Accounts payable620708947.26 2528872.591811991.7435791.345.3.Debt on payment of dividends630 0 0 0 0 0 0 0 05.4. Deferred income640 0 0 0 0 0 0 0 05.5. Reserves for future expenses650 0 0 0 0 0 0 0 05.6. Other660 0 0 0 0 0 0 0 0TOTAL for section 5690 733748.91 2528872.5917951 23.6834590.49 Debt capital, total590+690 733748.91 2528872.591795123.6834590.4 9Balance70015001100 34838100198370 232100 Own current assets490-190734548.96 933126.781986 22.18 12710.01

From table 2.3. follows that:

ü The level of the growth rate of current assets is higher than the growth rate of non-current assets;

ü The total value of the property has increased

ü The level of borrowed capital exceeds the equity capital of the organization;

ü The level of the growth rate of borrowed capital is higher than the growth rate of equity capital;

ü Share of equity in current assets >10%.

Analysis of the balance sheet assets structure for 2010 and its change in significant components. (See figure 2.2.)

When analyzing the period 2009 - 2010. there was a decrease in the level of non-current assets and a decrease in fixed assets by -99 thousand rubles.

Current assets of the enterprise are formed mainly at the expense of stocks and long-term receivables. A small amount in the composition of working capital is VAT on acquired valuables and cash.

The cost of inventories increased by 695 thousand rubles. and amounted to 13353 thousand rubles.

Short-term accounts receivable increased by 19180 thousand. rub. and amounted to 21197 thousand rubles. Growth rate 10.5.

The amount of free cash for this period of time slightly increased by 61 thousand rubles. and amounted to 67 thousand rubles.

Figure 2.4. Structure of current assets for 2009

Figure 2.5. Structure of current assets for 2010

From figures 2.4. and 2.5. it follows that since the beginning of the study period, short-term accounts receivable increased and in 2010 amounted to 21,197 thousand rubles, while inventories decreased by 695 thousand rubles.

There are no long-term receivables and short-term financial investments.

Analyzing figure 2.6. balance sheet liability for 2010 consists of capital and reserves and short-term liabilities.

First order factors Second order factors

Figure 2.8. Equity structure

The structure of own funds consists only of the authorized capital and retained earnings (loss), additional and reserve capital is absent from this enterprise.

The authorized capital of the enterprise is minimal, and has not changed over the study period, the profit of the enterprise increased from 2009 to 2010 by 1887 thousand rubles.

Figure 2.9. Borrowing structure

During the period under study, ADV group LLC did not use long-term borrowed funds. Accounts payable for 2010 increased compared to the beginning of the study period to 25288 thousand rubles.

Figure 2.10. Structure of accounts payable for 2009

Figure 2.11. Structure of accounts payable for 2010

Analyzing the structure of accounts payable, we can conclude that for the current analyzed period, the maximum share is occupied by suppliers and contractors, as of 01.01.2011 amounted to 96.62%. The remaining part of accounts payable is distributed as follows:

· 0.14% is owed to personnel;

· 0.01% is owed to off-budget funds;

· 0.59% occupies debts on taxes and fees;

· 2.64% is owed to other creditors.

Increase in assets by 19837 thousand. rub. accompanied by a simultaneous increase in the company's liabilities by 17,951 thousand rubles. Since solvency depends entirely on covering the obligations of the enterprise with its assets, it can be said that due to the fact that the obligations of the organization have increased than the value of assets, the ratio of current liabilities to current assets has changed and led to an improvement in solvency.

Figure 2.12. Dynamics of own and borrowed funds

2.3 Analysis of solvency and assessment of balance sheet liquidity

Solvency- This is the ability of the organization to pay its debts on time. This is the main indicator of the stability of its financial condition. Sometimes, instead of the term "solvency", they say, and this is generally correct, about liquidity, that is, the possibility of certain objects that make up the balance sheet asset to be sold. This is the broadest definition of solvency. In a closer, specific sense, solvency is the availability of funds and cash equivalents for an enterprise sufficient to pay for accounts payable that require repayment in the near future.

When it comes to the solvency of an organization, we should consider its assets as collateral for its debts, that is, as property that we can turn into money in order to pay off existing obligations.

At the same time, when assessing the solvency of an organization, one should always take into account the possibility of the existence of two points of view on its financial position. (See table 2.4.)

From table 2.4. follows that:

Absolute liquidity ratio- characterizes the company's ability to repay current (short-term) obligations at the expense of cash, funds on current accounts and short-term financial investments. This is one of the most important financial ratios.

The indicator is considered normal if Cal > 0.2. The higher the indicator, the better the solvency of the enterprise. On the other hand, a high indicator may indicate an irrational capital structure, an overly high share of non-performing assets in the form of cash and funds in accounts. For 2010 the company's ability to repay short-term debt increased slightly.

Quick liquidity ratio-shows that part of the company's short-term liabilities that can be immediately repaid at the expense of funds from various accounts and receipts from accounts.

The indicator is considered normal if Kbl> 0.7-1.0.

For the analyzed period, the level of liquidity ratio increased compared to the beginning of the study and became the norm.

Indicator nameLine code20092010ChangeI. Initial data for analysis1. Cash and short-term financial investments250+260667612. Cash, short-term financial investments and short-term receivables270+260+250+240202421265192413. The total value of current assets290+140-2161468234608199264. Total assets300-2161496634828198625. Short-term circumstances690-640-650733725288179516. The total value of circumstances590+690-640-65073372528817951II. Assessment of current solvencyOptimal value1. Absolute liquidity ratio L2 (cash reserve ratio) 0.20-0.250.0010-0.0012. Quick liquidity ratio L3 ("critical assessment") 0.7-1.00.280.840.563. Current liquidity ratio (debt coverage)>221.35-0.65III. Additional indicators of solvency1. General liquidity ratio L12.0-2.521.35-0.652. The coefficient of maneuverability of the functioning capital is L5-0.960.980.023. The share of working capital in assets L6 => 0.51.021.01-0.014. The coefficient of provision with own working capital L7 => 0.10.50.27-0.23 Table 2.4. - Assessment of the solvency of the enterprise LLC "ADV group"

Balance liquidityis defined as the extent to which the organization's liabilities are covered by its assets, the period of conversion of which into money corresponds to the maturity of the liabilities. Liquidity of the balance sheet should be distinguished from the liquidity of assets, which is defined as the reciprocal of the time required to convert them into cash. The less time it takes to this species assets turned into money, the higher their liquidity.

Current liquidity:

TL=(A1+A2)-(P1+P2) (2.1)

prospective liquidity:

PL \u003d A3-P3 (2.2)

Actual ratio for 2009.

(6)A1<П1(7089) Текущая ликвидность = -12403

(2017)A2<П2(7337) Перспективная ликвидность =14628

(14628)A3>P3(0)

(319)A4<П4(7664)

Liquidity balance - insufficient. And in the next period under review, the situation will not change. Prospective liquidity shows some payment surplus.

Actual ratio for 2010.

(67)A1<П1(25288) Текущая ликвидность = -29312

(21197)A2<П2(25288) Перспективная ликвидность =34618

(34618)A3>P3(0)

(220)A4<П4(9551)

At the end of the analyzed period, the situation did not change. Liquidity balance - insufficient. There is no possibility of improving current liquidity in the near future, but it is possible in the future.

Table 2.5. - Comparison of asset and liability

ASSETS conditions of absolute liquidity LIABILITIES 1 - the organization's cash and short-term financial investments A1? P1P1 - accounts payable, as well as loans not repaid on time A2 - accounts receivable and other assets A2 ? P2P2- short-term loans and borrowings A3- "Stocks and expenses" (except for "Deferred expenses") and "Long-term financial investments" A3 ? P3P3 - long-term loans and borrowings A4 - articles of section I of the asset of the balance sheet "Non-current assets" A4 ? P4P4 - Articles of section III of the liabilities side of the balance sheet "Capital and reserves"

Table 2.6. - Comparative analysis of groups of assets and liabilities to assess liquidity

Asset20092010Liabilities20092010Excess (+)or shortage(-) of assets to pay off obligations200920101245689111.Most liquid assets6671.Most term liabilities708925288-7083-252212.Quickly realizable assets201721197 2.Short-term liabilities733725288-5320-40913.Slow-moving assets14628346183.Long-term liabilities0014628346184. Hard-to-sell assets3192204. Fixed liabilities76649551-7345-9331Balance1696456102Balance2209060127-5126-4025

Figure 2.13. Asset structure

Figure 2.14. The structure of the liability

2.4 Analysis of financial stability and analysis of the financial results of the enterprise

Financial stability- the main characteristic of the stable position of the enterprise. The financial position of an enterprise is stable if it compensates with its own funds at least half of the financial resources that are necessary to carry out normal business activities, the effective use of financial resources, observing financial, credit and settlement discipline, that is, it is solvent.

The financial position is calculated using the analysis of liquidity, solvency and assessment of financial stability. The analysis of the financial stability of the enterprise is carried out by the coefficient method, and with the help of the analysis, net activity. (see table 2.7.).

Table 2.7. Calculation of the financial stability ratio

Name of indicator 2009 2010 Change +/-1. The ratio of borrowed and own funds is 0.962.651.692. Autonomy coefficient 0.510.27-0.243. Equity flexibility ratio 0.960.980.024. The ratio of mobile and immobilized assets is 0.020.01-0.015. Working capital ratio with own sources of financing 0.50.27-0.23

. Debt to Equity Ratioc is a coefficient showing the acceptable overall assessment of financial stability. Shows what proportion of units of borrowed funds account for each unit of own:

Kzs = (p. 590 + p. 690 - p. 640 - p. 650) / (p. 490 + p. 640 + p. 650) (f. No. 1).

An increase in the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors. The indicator is considered the norm of Kzs<0,7.

The trading company ADV group LLC with a coefficient of >0.7 depends on investors and creditors.

The change in this coefficient has increased by 1.69 since the beginning of the analyzed period.

. Autonomy coefficient- shows the independence of the enterprise from borrowed funds and shows the share of own funds in the total value of all funds of the enterprise. The greater the value of this coefficient, the more stable and independent the financial stability of the enterprise from external creditors:

Ka = (p. 490 + p. 640 + p. 650) / p. 700 (f. No. 1)

The indicator is considered normal if Ka> 0.5.

The financial stability of this enterprise is unstable and depends on creditors.

Since 2009 to 2010 ratio has dropped slightly.

. Equity maneuverability ratio- determines what part of own working capital is in circulation. The ratio should be high enough to allow flexible use of own funds:

Km = (p. 490 - p. 190) / p. 490 (f. No. 1)

The rapid growth of the coefficient cannot confirm the normal activity of the enterprise, since an increase in this indicator is possible either with an increase in own working capital, or with a decrease in own sources of financing.

The indicator is considered normal if Km is from 0.2 to 0.5.

The indicator of this company at the end of the reporting period in 2010 is below the norm, but not significantly.

. Ratio of mobile and immobilized assets- shows how many non-current assets account for each ruble of current assets:

Km / u = (p. 190 + p. 230) / (p. 290 - p. 244 - p. 252) (form No. 1)

No standard values ​​have been established for this indicator.

Changes in this indicator changed very little since the beginning of the analyzed period.

. Working capital ratio with own sources of financing- shows that the enterprise has its own funds, which are necessary for financial stability:

Ko = (p. 490 - p. 190) / (p. 290 - p. 230) (f. No. 1)

The indicator is considered normal if Km? 0.1

The company "ADV Group" is provided with its own sources of financing of working capital.

The coefficient for this analyzed period decreased insignificantly.

Insufficient financial stability of the enterprise can lead to insolvency and lack of funds for the development of the enterprise.

Analysis of financial results

The main goal of the analysis of financial results is the development and adoption of sound management decisions that are aimed at improving the efficiency of the enterprise.

To achieve this goal, you need to solve the following tasks:

· assess the dynamics and structure of profit indicators for the period under study;

· make a factor analysis of profit;

· make an analysis of other income and expenses;

· assess the dynamics of profitability of sales and capital;

· make a factor analysis of profitability of sales and capital;

· to make an analysis of the costs incurred by the enterprise, and an estimate of the costs per ruble of production;

· to reveal reserves of growth of profit and profitability of the enterprise. (See table 2.8.)

Table - 2.8.- Analysis of the dynamics of the financial results of ADV group LLC

Financial result indicator20092010ChangeThous. rub. In % of the totalThous. rub. In % of the totalThous. RUB As a % of totalProfit from the sale of products37934.4661860.2323925.77Interest payable211.960.59-15-1.31Other income81774.2448447.17-333-27.11Other expenses7516.8706.82-5-9.98Profit before taxation11001001026100-7493.27

According to table 2.8. it can be seen that the amount of profit before tax decreased by 74 thousand rubles. or 93.27%.

The increase in the total amount of profit is due to a decrease in interest payable by 15 thousand rubles. or 1.31%. Other expenses decreased by 5 thousand rubles. or 9.98%.

An analysis of the profit structure allows us to establish that the main part is profit from the sale of products - 60.23%, which is 25.77% higher than the same period. There is a decline in the share of other income in the total value of the financial result, which is a negative fact, as well as a decrease in the share of other expenses.

Based on the data in Table 2.8. we will give an assessment of the influence of factors on the relative change in the amount of profit before tax (the quotient of the absolute change in each indicator and the amount of profit of the previous period). A positive change in the indicator contributes to an increase in profits.

The effect of increasing the amount of profit from sales on the amount of profit before tax: 239 / 1100 * 100% = 21.73%.

The effect of the decrease in interest payable on the amount of profit before tax is determined by the formula: -15 / 1100 * 100% = -0.36%.

The impact of a decrease in other income on the amount of profit before tax is determined by the formula: -333 / 1100 * 100% = -30.27%.

The impact of reducing other expenses on the amount of profit before tax is determined by the formula: -5/ 1100 * 100% = -0.45%.

Based on the results of factor analysis, we can conclude that the greatest impact on profit growth is an increase in sales profit (21.73%), and a decrease in interest payable on the amount of profit (-0.36%), as well as a reduction in other expenses (-0.45%). The decrease in other income had a negative impact (-30.27). It follows from the analysis that the profit growth reserves of ADV Group LLC are an increase in sales profits, a reduction in other expenses and a decrease in interest payable.

.5 Analysis of business activity and profitability of the trade enterprise ADV group LLC

In the financial aspect, business activity is manifested in the rate of turnover of own funds. With the help of business activity ratios, you can analyze the efficiency of using the company's own funds. "The coefficients can be expressed in days, as well as in the number of revolutions of a particular resource of the enterprise for the analyzed period." (See Table 2.9. and 2.10.)

Analyzing tables 2.9. and 2.10. we can conclude:

1.- reflects the speed of turnover of the enterprise's assets. Asset turnover - the ratio of sales proceeds (sales volume) to the average value of total assets. It is measured by the number of revolutions over a period of time.

The number of capital turnovers in 2009 increased compared to 2008 by 1.38 turnovers.

.- shows the average debt repayment period. It is measured by the number of days.

Table 2.9. - Coefficients of business activity of LLC "ADV group"

Coefficient name 2008 2009 Change +/-1. Total capital turnover 0,892,271,382. Accounts receivable turnover 1,92,720,823. Accounts payable turnover 0.070.03-0.044. Equity turnover2,613,731,125. Turnover of tangible assets1,752.50.75

Table 2.10. - Coefficients of business activity of OOO "ADV group" 2010.

Coefficient name 2009 2010 Change +/-1. Total capital turnover 0.90.42-0.482. Accounts receivable turnover 1.470.68-0.793. Accounts payable turnover 0.020.030.013. Equity turnover3,351.56-1,794. Turnover of tangible assets2,421.12-1.13

3.Total capital turnover- reflects the speed of turnover of the company's assets. Asset turnover - the ratio of sales proceeds (sales volume) to the average value of the value of total assets. It is measured by the number of revolutions over a period of time.

The number of capital turnovers in 2009 increased compared to 2008 by 1.38 turnovers.

The number of capital turnovers in 2010 slightly decreased compared to 2009 by 0.48 turnovers per period.

.Accounts receivable turnover- Shows the average maturity of the debt. Measured by the number of days.

In 2009, the number of accounts receivable turnover increased by 0.82 days, and in 2010 it decreased by 0.79 days.

.Accounts payable turnover- the average maturity of the debt in days. Measured by the number of days.

In 2009, the turnover slightly decreased compared to 2008, and in 2010 there was a slight increase.

.Equity turnover- reflects the rate of turnover of the company's own capital. It is measured by the number of revolutions over a period of time. In 2009 the turnover of own capital increased sharply and became 3.73 turnover, but in 2010 fell.

7.Turnover of tangible assets -It is measured by the number of revolutions over a period of time. In 2009, compared to 2008, it slightly increased, but by the end of 2010, compared to 2009, the turnover decreased by 1.13.

Conclusion: the turnover worsened due to the fact that during the analyzed period there was a decrease in sales volumes, inventories and receivables decreased at an even slower pace.

Profitability analysis

« Profitability- relative indicator<#"center">Table 2.11.- Profitability analysis of ADV group LLC

Indicator 2009, %2010, %Change +/-1. Profitability of products3,167,13,942. 2 ,9

“Financial profitability characterizes the effectiveness of the investments of the owners of the enterprise, who provide the enterprise with resources or leave at its disposal all or part of their profits. In its most general form, financial profitability is determined by the formula:

where k - financial profitability;

Р - net profit;

SC is the average cost of equity”.

Financial profitability in 2009=880/8196.5=0.1074

Financial profitability in 2010=820/9140=0.0897

Financial profitability is influenced by two factors:

ü changes in profitability of sales;

ü turnover of own investments.

General conclusion for the chapter:

.The growth rate of current assets is higher than the growth rate of non-current assets - this is due to an increase in the company's reserves by 19,936 thousand rubles. or 47.39%.

.The value of own capital is less than the value of borrowed capital - this is due to the growth of accounts payable by 18119 thousand rubles. or 91.74%.

.Return on equity decreased by 2.9%

.The turnover of tangible assets decreased by 1.13 turnover.

.As part of the asset, the largest share falls on short-term receivables, and it increased by 19,180 thousand rubles. or by 47.39%.

.As part of the liability, the largest share falls on accounts payable.

.Liquidity balance - insufficient. There is no possibility of improving current liquidity in the near future, but it is possible in the future.

3. Measures to improve the financial performance of the trading company "ADV group" LLC

.1 Strategies to improve the financial performance of the enterprise

The main problem of the trading enterprise ADV Group LLC is the growth of receivables and payables, in order to solve it, we apply m event for the management of accounts payable and receivable of the company.

Examining the above financial analysis of the enterprise, we can conclude that ADV Group LLC is financially dependent.

In order to gradually reduce the financial dependence of the enterprise and strengthen the financial activities of the enterprise, it is possible to propose an event to manage the company's accounts payable and receivables.

Analyzing the financial analysis, we can conclude that the company has certain problems with debtors, which increased at the end of the study period.

· It is necessary to regularly monitor the status of the goods with buyers, especially on deferred payments.

· Set certain conditions for crediting debtors, for example:

ü the buyer receives a 2% discount in case of payment for the service rendered within 10 days from the date of its provision;

ü the buyer pays the full price if payment is made between the 11th and 30th day of the credit period;

ü in case of non-payment within a month, the buyer will be you need to pay an additional fine, the amount of which horo depends on the moment of payment.

· You need to focus on the largest number of buyers to reduce the risk of non-payment by one or more which buyers.

· Factoring is the resale of receivables to a bank or factoring company. This method of influencing accounts receivable may be the simplest and most effective for ADV Group LLC.

Factoring is a set of financial services provided by a bank to a client in exchange for the assignment of receivables.

Services include:

· procurement financing

· credit risk insurance

· recording the status of receivables and regular provision of relevant reports to the client

· control over timely payment and work with debtors.

In accordance with generally accepted international practice, the following four main components are distinguished in the structure of remuneration for the provision of factoring services (in the Russian Federation - three components):

1. Fixed fee for the processing of delivery documents(usually included in commission interest) .

2.The cost of credit resources that are necessary to finance the supplier. In fact, this displays the interest for the loan and calculates the amount of the difference between the accepted amounts for factoring and the remaining amounts of the debt. The rate on such loans is usually 2% - 4% more than the current bank rate for short-term loans.

3. Financial service fee- this type of commission providing for the provision of the following services by the Factor:

· control over timely payment for services provided to debtors;

· work with debtors who delay payments;

· accounting for the current state of receivables;

· providing reports to the client;

· setting and regular review of limits;

· limit control;

· accepting a range of risks;

· maintaining a certain level of liquidity, which ensures the possibility of financing the seller at any time.

“The financial service fee depends on the average monthly turnover of the factoring client and the number of debtors transferred for servicing. The supplier's turnover is calculated after the fact.

The cost of processing documents and the commission for financial services do not depend on the size of the early payment and the time of using the funds, therefore, they cannot be calculated as a percentage per annum. The economic rationale for charging these commissions is to pay the Service Factor to ensure a minimally risky lending policy for the service provider.

At the end of the month, the commission for factoring services is reviewed and can be changed in accordance with the tariff plan, depending on the statistics of the main indicators:

-volume of receivables;

transferred to factoring services;

the number of debtors;

receivables turnover.

On average, the commission fee is 0.5% - 4% of the invoice amounts.

The following additional income and benefits of the supplier are associated with factoring services:

· Getting additional profitby increasing the volume of sales, taking from the factor the necessary working capital for this .

· Saving money from unnecessary expensesassociated with obtaining a bank loan.

Unlike bank lending in factoring services, when receiving financing for its sales, the supplier ceases to bear the following costs:

interest on the loan;

expenses for obtaining a loan, including registration and insurance of collateral, payment for the working time of employees for processing and preparing documents for the loan department, notification of the tax office about the intention to open a loan account, etc.

costs associated with an unforeseen increase in interest rates in the country;

expenses for emergency mobilization of funds upon the maturity of the loan or payment of interest, including lost profits associated with the withdrawal of these funds from circulation.

In addition, financing within the framework of factoring services is paid in excess of the bank's credit limit, which can be used by the supplier, for example, for the purposes of opening a letter of credit without coverage, obtaining a guarantee, a bill of exchange loan, etc.

· Savings due to the opportunity to purchase goods from their suppliers at lower prices.This opportunity arises due to the fact that the client of the factoring company, upon receiving a significant part of the delivery amount on the day of delivery, and, thereby losing dependence on the observance of payment discipline by its debtors, can reduce the deferred payment period for the purchase of goods and demand from its suppliers of the best price conditions for the purchased goods. In addition, he receives a guarantee of protection against penalties from creditors in case of late settlements with them caused by a cash gap.

· Protection against losses in case of non-payment or late payment by debtors for the services rendered to them.

· Savings on extra seats(including office equipment) and additional working hours of employees responsible for:

control over receivables;

attraction of financial resources.

· Protection against lost profits from loss of customersdue to the impossibility of providing buyers with competitive deferrals of payment in case of a shortage of working capital.

The second activity that can be offered to the enterprise is implementation of an advertising programto increase sales growth and profitability. Advertising is the main way to attract buyers.

trade advertising- This is the most popular area of ​​advertising. " The subject of advertising influence- these are certain goods and services of trade enterprises and the enterprises themselves. The purpose of this advertisement is to promote the best sale of goods.

The provided advertising of the goods is quite different in its means and forms of expression. The main thing is that advertising will serve as a good background for the goods being sold. For this advertisement, banners, signs, displays and others can be presented. This type of advertising background should and can attract new customers to the point of sale of goods.

Another event that we also include in advertising is the placement of advertisements on free bulletin boards on the Internet. People are constantly turning to the internet for help. Just these boards are aimed at helping people find the information they need. There are many free classified ads such as:

www.avito.ru/Samara<#"justify">Thus, two measures were proposed to strengthen the financial condition of the enterprise:

· on the management of accounts payable and receivables of the company - for a trading company due to the acceleration of turnover, the need for credit resources will decrease, the number of turnovers of the company's working capital will increase.

.2 Evaluation of the effectiveness of the proposed activities for ADV group LLC

When considering the offer on the factoring services market (table 3.1 shows the most profitable options), we can conclude.

Table 3.1 - Offer on the factoring services market

OrganizationConditions of the factoring agreementCJSC "Absolut Bank"Commission - 3%; Loan fee - 20% CJSC "Stroy Credit" Commission - 3.5%; Loan fee - 19.5% CJSC "TRUST" Commission - 2%; Loan fee - 18%

The most advantageous offer comes from CJSC "TRUST" with them and it is proposed to LLC "ADV group" to conclude an agreement on the following terms. LLC "ADV Group" is invited to hand over for collection all receivables.

Short-term debt of OOO "ADV group" in the amount of 21197 thousand. rub. will be held under a factoring agreement with the following conditions: commission for a factor - 2% of the total amount; rate on credit resources - 18% per annum. Note that it makes sense to conclude a contract for the collection of short-term debt that is not overdue for no more than six months, respectively, paying 9% for a credit resource. A one-time payment from the factoring company in this case will be 90% of the invoice amounts.

2% \u003d 20773 thousand rubles - 9% for half a year \u003d 18866 thousand rubles.

The one-time payment is 16,980 thousand rubles.

The amounts received from the factoring company will be used by ADV Group LLC to pay off accounts payable.

Accounts payable is 25288 thousand rubles, it will take 9 months to fully repay it.

As a result of the event, due to the acceleration of turnover, the need for credit resources will be reduced, the number of turnovers of the company's working capital will increase, and the production cycle will be reduced.

We calculate the advertising costs of ADV Group LLC, taking into account the fact that the company is considered one of the divisions of the Absolut Advertising and Publishing Holding, as a result of which almost all advertising services are considered at cost.

Monthly ad spend Amount TVProduction of a TV commercial3000 rublesPrice per second of air time40 rublesDuration of the commercial10 secondsNumber of outputs of this video (per month)30 outputs Total15000 rubles RADIOProduction of a radio commercial 2000 rubles Price per second of air time 25 rubles Duration of the commercial 10 seconds Number of outputs of this video (per month) 30 outputs Total9500 rubles ADVERTISING IN PRINTED MEDIAProduction of a printed layout1000Price per issue in the MOLNIA newspaper500Number of editions of this layout4Price per edition in the bulletin "PRICES"500Number of editions of this layout4 Total5000Total advertising 29500

From table 3.2. it can be seen that monthly payments for advertising are 29,500 rubles, advertising on television and radio will be released within six months, and the cost of it will be 147,000. Advertising in print media will be published within three months, and the cost of it will be 15,000 thousand rubles .Costs will amount to 354,000 rubles.