Question 21. Factor analysis of the use of fixed assets

Question 22 Analysis of the effectiveness of the use of intangible assets Intangible assets include purchased patents, licenses, rights to trademarks, for the use of land and minerals, know-how, software and other assets that do not have

Question 26 Analysis of the use of working time An analysis of the level of use of the fund of working time is carried out in the context of each category of employees, production unit and the whole enterprise. To ensure data comparability (due to annual

Question 28 Analysis of the formation and use of the fund wages Under IAS 19 Employee Benefits, wages are classified in the first category of short-term benefits that represent various forms employee benefits in exchange for

Question 46 Analysis of the formation of retained earnings It is advisable to start the analysis of retained earnings by studying its composition and the dynamics of changes in individual items. The composition of retained earnings should include the following items of form No. 2 “Report on

Question 61 Factor analysis of the use of material resources The efficiency of the use of material resources is characterized by a system of generalizing and particular indicators. It is advisable to start the analysis with the study of generalizing indicators. Generalizing

Question 71 Analysis of the level of use of economic potential and business assessment The level of use of economic potential is characterized by indicators economic efficiency and criteria of business (market) activity of the company, including efficiency

9.5. Analysis of the formation of net profit Net profit is the part of accounting profit that remains at the disposal of commercial organization after accrual of current income tax, as well as taking into account deferred tax assets and deferred tax liabilities,

Analysis of the net profit of the enterprise should be carried out regularly, as it is necessary to improve efficiency economic activity any commercial entity. From our article you will learn about the types and stages of net profit analysis.

Types of net profit analysis

Net profit analysis held in a variety of ways. Among the most common are horizontal, vertical and factor analysis. Besides, milestone the study of the financial results of the company, a component of which is net profit, is an analysis of the quality of net profit and its use.

All of the above types of analysis have one important common element - a single preliminary stage. It includes studying the structure of the company's income and expenses. Such a study allows you to get a general picture of the impact of the full set of income and expenses of the enterprise on its net profit.

General indicators of income and expenses act as integrated factors in the formation of net profit, and their change - as a factor in the change in net profit.

The basis is simple model factorial analysis of changes in net profit:

∆CHP = ∆D - ∆R,

where ∆NP, ∆D and ∆Р are the change in net profit, income and expenses, respectively.

For example, if in the current period the company's income increased by 5,000,000 rubles, and expenses - by 3,000,000 rubles, then the change in net profit compared to the previous period will be 2,000,000 rubles. (∆CHP = 5,000,000 - 3,000,000).

This analysis model can be detailed by deciphering income and expenses in the formula as income and expenses from core activities (OD and OR) and other income and expenses (PD and PR). As a result, we get the 2nd analysis model:

∆CHP = (∆OD + ∆PD) - (∆OR + ∆PR) = (∆OD - ∆OR) + (∆PD - ∆PR).

From this formula, you can determine what contributed to the change in the company's net profit to a greater extent - its main activity or others.

The preliminary stage allows you to identify the overall ratio of income and expenses, and all subsequent analytical operations are aimed at a detailed study of the factors affecting the formation of net profit.

More about listed types analysis will be discussed in the following sections.

Horizontal and vertical analysis of net profit

For horizontal and vertical analysis, it is necessary to know the indicators that form the net profit. All of them are presented in one of the most important accounting reports - on financial results. By studying it, you can analyze the impact of each indicator on net profit over time.

The name "horizontal analysis" characterizes the process of its implementation. The study is carried out horizontally: indicators of each constituent element net profit in the current period are compared with the corresponding indicators for the same period of time last year. The result is expressed as a percentage.

For example, the proceeds from the sale for 9 months of 2015 amounted to 100,000,000 rubles, and for 9 months of 2014 - 170,000,000 rubles. Horizontal analysis will reveal that in the current year, revenue has decreased by 41% from the level of the previous period:

(100,000,000 - 170,000,000) / 170 × 100.

Similarly, all indicators affecting net profit are considered: the cost of production;

• gross profit;
• administrative and commercial expenses;
• sales profit;
• other income and expenses.

For more information about the gross income of the company, see the article .

Vertical analysis involves the study of indicators from top to bottom in the lines of the income statement. It allows you to determine the structure of the formation of net profit indicators.

Analyzing net profit, the company's specialists assess the level and dynamics of indicators that form net profit and identify possible profit margins based on optimization of sales volumes and production and distribution costs.

Factor analysis of net profit

Factor analysis of net profit begins with a grouping of all the factors influencing its magnitude. They form 2 large groups: external and internal factors.

External factors are those that do not depend on the company itself and cannot be controlled by it. Such influences include force majeure circumstances, natural (climatic) features, etc. This also includes, for example, a change in state tariffs, an inflationary impact on prices (for raw materials, fuel, etc.) or a violation by counterparties of the terms of business contracts.

Internal factors are those that depend on the firm itself and determine the results of its work (accounting methods, cost structure, etc.).

In general, net profit is determined according to the following algorithm:

PE \u003d B - SS - KR - UR + PD - PR - NP,

B - proceeds from sales;

SS - the cost of production;

UR and CR - management and commercial expenses;

PD and PR - other income and expenses;

NP - income tax.

On the income statement lines, it looks like this:

Page 2400 = page 2110 - page 2120 - page 2210 - page 2220 + page 2310 + page 2320 - page 2330 + page 2340 - page 2350 - page 2410 ± page 2430 ± page 2450 ± page 2460.

Factor analysis of changes in net profit (∆NP) in the reporting period in comparison with the same segment of the previous year is carried out according to the following formula:

∆CHP = ∆V + ∆SS + ∆CR + ∆UR + ∆PD + ∆PR - ∆SNP,

∆В — change in revenue;

∆СС - change in cost, etc. (change in other factors affecting profit);

∆SIT is the change in the current income tax adjusted for deferred tax assets (IT) and liabilities (IT).

For more information about SHE and IT, see the article .

Factor analysis based on this formula gives a generalized view of the impact of financial results various kinds company's operations to its net income.

Analysis of the quality and use of net profit

The quality of profit is considered to be a generalized structure of the sources of formation of net profit. The analysis of the quality of net profit is aimed at reducing the gap between the amounts of net profit reflected in the accounting statements and its real value, supported by the actual inflow of money into the company.

Merchants themselves are able to influence the amount of profit through the formation of a rational accounting policy. For example, a company has the right to determine and fix in its accounting policy such methods of accounting for assets as depreciation of fixed assets (linear method, diminishing balance method, etc.), the procedure for writing off the cost of inventories (FIFO, at average cost, etc.), the procedure for creating reserves and etc. All these factors can have a significant impact on the amount of net profit.

Another important task for the company is to analyze the use of net profit. Net profit is involved in the calculation of profit per share - a characteristic of the company's market activity, indicating the net profit earned in the reporting period per share:

PR A \u003d (PE - D PA) / K A,

PR A - earnings per share;

DPA - dividends on preferred shares;

K A - the number of ordinary shares in circulation.

Any user of reporting can analyze the use of net profit of joint-stock companies. Public joint stock companies are required to disclose 2 indicators in their reporting: basic earnings (loss) per share and diluted earnings (loss) per share.

Wherein basic profit is determined on the basis of actual data, and the diluted earnings indicator is forecasted and shows the possible degree of decrease in profit or increase in loss per 1 ordinary share in the event of:

• conversion of preferred shares and other securities of the joint-stock company into ordinary shares;
• execution of contracts for the sale and purchase of ordinary shares from the issuer at a price below their market value.

Thus, dilution represents a decrease in profit (or an increase in loss) per 1 ordinary share due to the possible issue of additional ordinary shares in the future without a corresponding increase in the assets of the JSC.

Results

Analysis of the formation of net profit It is subdivided into several types: horizontal, vertical, factorial analysis. Separately, the quality of net profit, its dependence on the accounting policy of the company and the use of net profit by owners are analyzed.

The study of all factors and indicators that affect profit allows you to identify potential profit margins based on optimization of sales volumes and production and distribution costs.

Distribution of book profit is shown in fig. 22.1.

The figure shows that one part of the balance sheet profit in the form of taxes and fees goes to the state budget and is used for the needs of society, and the second part remains at the disposal of the enterprise, from which contributions are made to charitable funds, payment of interest, economic sanctions and other expenses covered by at the expense of profit. The remaining amount is net profit, which is used to pay dividends to shareholders of the enterprise, to expand production, provide material incentives to employees, replenish own working capital, etc.

To increase the efficiency of production, it is very important that the distribution of profits be optimal in satisfying the interests of the state, enterprises and workers. The state is interested in getting as much profit as possible in the budget. The management of the enterprise seeks to direct a large amount of profit to expanded reproduction. Employees are interested in higher wages.

However, if the state imposes very high taxes on enterprises, this does not stimulate the development of production, in connection with which the volume of production is reduced, and, as a result, the flow of funds to the budget. The same can happen if the entire amount of profit is used for material incentives for employees of the enterprise. In this case, in the future, production will decrease, since fixed production assets will not be updated, own working capital will decrease, which will ultimately lead to a decrease in the living standards of workers and a reduction in jobs. If the share of profits for material incentives for labor decreases, then this, in turn, will lead to a decrease in the material interest of workers and to a decrease in production efficiency. This problem is especially acute in conditions of inflation, when the purchasing power of wages falls. The latter is determined by the real wage index according to the formula:

Obviously, if real wages decrease or remain at the same level, or increase, but not as rapidly as in other enterprises, then the workers will demand an increase in their wages. Therefore, each enterprise must find best option profit distribution. An important role in this should be played by the analysis of economic activity.

In the process of analysis, it is necessary to study the factors of changes in the amount of taxable profit, the amount of dividends paid, interest, taxes from profits, the amount of net profit, deductions to the funds of the enterprise, the methodology of which is most deeply developed by N.A. Rusak.

For the analysis, the Law on taxes and fees levied to the budget, instructive and guidelines Ministry of Finance, Articles of Association of the enterprise, as well as data from the profit and loss statement, appendix to the balance sheet, statement of capital flows, analytical accounting on account 81 "Use of profit", calculations of taxes on property, on profit, on income, etc.

22.2. Analysis of taxable income

The procedure for determining taxable income. Factors that form its value. The order of calculation of their influence.

For tax authorities and enterprises, taxable income is of great interest, since the amount of income tax depends on it, and, accordingly, the amount of net income.

To determine the amount of taxable profit, it is necessary to subtract from the balance sheet profit:

company income from securities, equity participation in joint ventures and other non-operating transactions taxed at special rates and withheld at the source of its payment;

profit for which tax benefits are established in accordance with the current tax legislation.

Table data. 22.1 show that the actual amount of taxable profit is higher than planned by 1220 million rubles. The change in its amount is influenced by factors that form the amount of balance sheet profit (Fig. 22.1), as well as indicators 5.7 and 8 of Table. 22.1, deducted from balance sheet profit when calculating its value. Using the data of factorial analysis of profit from sales of products, non-sales financial results, as well as the data of Table. 22.1, we can determine how these factors affect the change in the amount of taxable profit (Table 22.2).

The table shows that the amount of taxable income increased mainly due to an increase in the level of selling prices and the share of more expensive products in total sales. Growth in the cost of production, a decrease in sales, payment of fines and penalties, losses from debt cancellation, an increase in the amount of privileged profit contributed to the reduction in the amount of taxable profit.

22.3. Profit tax analysis

The main types of taxes on profits. Factors of change in their value. Methodology for determining their influence.

It is advisable to start the analysis of taxes paid to the budget from profits by studying their composition and structure.

Table data. 22.3 show that taxes from profits increased by 29.5% compared to last year, and by 7.9% compared to the plan. The structure of taxes has also changed somewhat: the share of property tax has decreased, while the share of income tax has increased. Taxes on profits in its total amount are about 34%, which is 1% lower than last year.

Change in the amount of property tax (nim) can occur due to an increase or decrease in the average annual value of the property (Them), subject to taxation, and property tax rates ( Sn):

N im = Im X Sn / 100.

Using the calculation data of the average annual value of property subject to taxation, it is possible to establish changes in its composition and the impact of each component on the amount of this tax. To do this, the change in the amount of taxable property for each type must be multiplied by the planned (base) property tax rate:

them= i x Sn 0 / 100.

If there has been a change in the property tax rate, then this value must be multiplied by the actual amount of taxable property in the reporting period:

them= 1 x Sn/100.

Income tax also depends on the amount of taxable income and tax rate. To calculate the impact of these factors on the change in the amount of tax, it is necessary to multiply the change in the value of each type or the total amount of taxable income by the planned tax rate, and the change in the level of the latter - by the actual amount of taxable income.

Income tax amount (N p) may change due to the amount of taxable income ( P n) and income tax rates ( C n):

Np = Mon X Sn / 100.

The change in the amount of tax due to the first factor is calculated by the formula:

P = P n X Sn 0 / 100.

The influence of the second factor is established as follows:

P = P n X Sn / 100.

If it is known due to which factors the taxable profit has changed, then their influence on the tax amount can be determined by multiplying its growth due to ith factor on the planned (base) tax rate:

P = P nxi X Sn 0 /100.

According to Table. 22.2 we will calculate the influence of factors on the change in the amount of income taxes according to the above formula.

From Table. 22.4 shows what factors had a decisive influence on the change in the amount of taxable income and the amount of income taxes.

22.4. Analysis of the formation of net profit

The procedure for determining the amount of net profit. The method of its factor analysis.

Net income is one of the most important economic indicators characterizing the final results of the enterprise. Quantitatively, it is the difference between the amount of balance sheet profit and the amount of taxes paid to the budget from profits, economic sanctions, contributions to charitable funds and other expenses of the enterprise covered by profits.

Table data. 22.5 show that the actual amount of net profit is higher than planned in the reporting year by 850 million rubles, or 7.2%. Its value depends on the factors of change in the balance sheet profit and the factors that determine specific gravity net profit in total amount balance sheet profit, namely the share of taxes, economic sanctions, contributions to charitable foundations and other expenses in the total amount of profit (Fig. 22.2).

To determine the change in net profit due to the factors of the first group, it is necessary to multiply the change in the balance sheet profit due to each factor by the planned (baseline) share of net profit in the amount of the balance sheet profit:

state of emergency= BPHi X UDchp about.

Increase in net profit due to the second group of factors calculated by multiplying the increase in specific gravity i-th factor (taxes, sanctions, deductions) in the total balance sheet profit by its actual value in the reporting period:

state of emergency = BP 1 X (-UD Xi).

From Table. 22.6 it follows that the amount of net profit increased mainly due to an increase in selling prices and a change in the structure of sales. Decrease in sales, growth in production costs, interest and fines paid, losses from debt cancellation, economic sanctions, and an increase in the share of deductions from profits to charitable foundations caused a decrease in net profit. Therefore, looking for ways to increase net profit, this enterprise must first of all pay attention to factors that negatively affect the formation of its value.

22.5. Analysis of the distribution of net profit

The procedure and methodology for analyzing the distribution of net profit. Factors determining the amount of deductions of profits in the funds of the enterprise. Method for calculating their influence.

Net profit is distributed in accordance with the Charter of the enterprise. At the expense of net profit, dividends are paid to the shareholders of the enterprise, accumulation and consumption funds, a reserve fund are created, part of the profit is directed to replenish its own working capital, to the renovation fund and for other purposes.

In the process of analysis, it is necessary to study the implementation of the plan for the use of net profit, for which the actual data on the use of profit in all directions are compared with the data of the plan and the reasons for the deviation given in each direction of profit use are clarified (Table 22.7). The given data testify that at the analyzed enterprise 20% of the profit was used for the payment of dividends, 42% - for the accumulation fund, 28% - for the consumption fund, and 10% - for the reserve fund.

An analysis of the formation of funds should show how much and due to what factors their value has changed.

The main factors determining the amount of deductions to accumulation and consumption funds are there may be changes in the amount of net income (PE) and the coefficient of deductions of profits to the corresponding funds (K i). The amount of deductions of profit to the funds of the enterprise is equal to their product: Fi=state of emergency X Toi . To calculate their influence, you can use one of the methods of deterministic factor analysis (Table 22.8).

Then it is necessary to calculate the influence of the factors of changes in net profit on the amount of deductions to the funds of the enterprise. To do this, we multiply the increase in net profit due to each factor by the planned coefficient of contributions to the corresponding fund:

Table data. 22.9 show the reasons for the increase in the amount of contributions to the funds of the enterprise and dividend payments, which allows us to draw certain conclusions and develop measures aimed at increasing the amount of profit, and, accordingly, the funds of the enterprise. In our example, the increase in deductions to the enterprise's funds is caused by a change in the structure of sold products, an increase in selling prices, and income from non-operating transactions. Factors such as increased production costs, including due to increased resource intensity of products, economic sanctions for concealing profits, underestimating taxes and late payment of them to the budget, as well as extra-planned deductions of profits to charitable foundations, had a negative impact.

In the process of analysis, it is necessary to study the dynamics of the profit share, which goes to the payment of dividends to the shareholders of the enterprise, self-financing of the enterprise (reinvested profit), fund social sphere, material incentives for employees, and such indicators as the amount of self-financing and the amount of capital investments per employee, the amount of wages and payments per employee. Moreover, these indicators should be studied in close connection with the level of profitability, the amount of profit per employee, per ruble of fixed production assets. If these indicators are higher than at other enterprises or higher than the normative ones for a given industry, then there are prospects for the development of the enterprise.

An important task of the analysis is to study the questions of the use of funds from accumulation and consumption funds. The resources of these funds have a special purpose and are spent according to the approved estimates.

accumulation fund is used mainly to finance the costs of expanding production, its technical re-equipment, the introduction of new technologies, etc.

consumption fund can be used for collective needs (expenses for the maintenance of cultural and health facilities, holding recreational and cultural events) and individual (remuneration based on the results of work for the year, material assistance, the cost of vouchers to sanatoriums and rest homes, scholarships for students, partial payment for food and travel, retirement benefits, etc.).

In the process of analysis, the correspondence of actual expenses to the expenses provided for by the estimate is established, the reasons for deviations from the estimate for each item are clarified, and the effectiveness of measures taken at the expense of these funds is studied. When analyzing the use of the accumulation fund, one should study the completeness of financing of all planned activities, the timeliness of their implementation and the effect obtained.

22.6. Analysis of the company's dividend policy

Approaches and indicators of dividend policy. Sources and options of dividend payments. factors for their change.

The company's dividend policy big influence not only on the capital structure, but also on the investment attractiveness of a business entity. If dividend payments are high enough, then this is one of the signs that the company is working successfully and it is profitable to invest in it. But if at the same time a small share of the profit is directed to the renewal and expansion of production, then the situation may change.

One of the indicators characterizing the dividend policy is the level of dividend output, those. share of profit allocated for the payment of dividends on ordinary shares.

There are two different approaches to the theory of dividend policy. The first approach is based on the residual principle: dividends are paid after all the possibilities of effective reinvestment of profits have been used, which implies their growth in the future. The second approach stems from the principle risk minimization, when shareholders prefer low dividends in this moment high in perspective.

Source of dividend payment may be the net income of the reporting period, retained earnings of previous years and special reserve funds created to pay dividends on preferred shares in case the company receives an insufficient amount of profit or is at a loss. Therefore, there may be cases when dividend payments exceed the amount of profit received.

Deciding on the amount of dividends - not an easy task. On the one hand, in market conditions there are always opportunities to participate in new investment projects with the aim of obtaining additional profit, and on the other hand, low dividends lead to a decrease in the market value of shares, which is defined as the ratio of the amount of dividend per share to the market rate of return (rate bank interest on deposits), which is undesirable for the enterprise.

In world practice, developed various options dividend payments on ordinary shares:

constant percentage distribution of profits;

fixed dividend payments, regardless of income;

guaranteed minimum and extra dividend payments;

payment of dividends by shares.

First option assumes the invariance of the dividend yield ratio, but the level of the dividend can fluctuate sharply depending on the size of the profit received.

Fixed dividend policy provides for regular payment of a fixed dividend per share.

Third option guarantees regular fixed dividends, and in case of successful operation of the enterprise - extra-dividends.

For the fourth option shareholders instead of dividends receive additional package shares, while the total balance sheet currency does not change, but falls per share. As a result, shareholders receive practically nothing, except the opportunity to sell the received shares for cash.

The analyzed enterprise practices the first option of dividend payments in the amount of 20% of the net profit of the enterprise. Therefore, the level of dividend per share depends only on the factors that form the net profit. The share capital of the enterprise is represented by 10,000 shares, the nominal value of each share is 1 million rubles. The amount of dividend payment per share in the reporting year is 253 thousand rubles. (2530 million rubles / 10,000). The dividend rate (the ratio of the amount of dividend per share to its nominal value) is 25.3% (253,000 / 1,000,000 x 100).

Share price, i.e. its market (current) price is 1.265 times higher than the accounting (nominal) price.

In the process of analysis, they study the dynamics of the dividend, share price, net profit per share over a number of years, determine the rate of their growth or decline, and then produce a factor analysis of changes in their magnitude.

Amount of dividends paid depends on the change in the number of issued shares and the level of dividend per share, the value of which, in turn, can be detailed by factors that form the amount of net profit (Table 22.9).

In addition to these factors, dividends on ordinary shares also depend on the structure of securities, issued by the enterprise. With an increase in the share of bonds and preferred shares (more than 50%), the risk of a decrease in income for ordinary shares increases, and vice versa.

For example, an enterprise issued bonds in the amount of 10,000 million rubles. at the rate of 8% per annum and preferred shares in the amount of 5,000 million rubles. at a dividend rate of 10%. If the profit of the enterprise after paying taxes and interest on loans amounted to 1,400 million rubles, then after paying interest on bonds - 800 million rubles. and dividends on preferred shares - 500 million rubles, only 100 million rubles will remain for the payment of dividends on ordinary shares. With an increase in profit by 10%, 240 million rubles will remain for the payment of dividends on ordinary shares, i.e. 2.4 times more. Not only would a 10% decrease in earnings prevent the payment of dividends on common stock, but even to pay part of the dividend on preferred stock, one would have to use last year's retained earnings or reserve funds. As you can see, this high leverage situation (high proportion of fixed income preferred securities) is very dangerous for common stock holders. Cautious investors usually bypass enterprises with high level financial leverage, although the latter attract those people who like to take risks.

At the analyzed enterprise, this leverage is equal to zero, since there was no issue of bonds and preferred shares.

In conclusion, they develop measures aimed at increasing the dividend return. share capital. These are mainly activities that increase net profit and profitability. equity.

Purpose of analysis the structure and dynamics of the organization's net profit - identifying trends in this indicator and all elements (items) of its formation.

Net income analysis includes three stages.

Stage I provides for the calculation and analysis of the dynamics (absolute change and growth rates) of net profit in the reporting year compared to the previous year and all items of its formation (horizontal analysis). In the process of such an analysis, it is necessary to pay attention to the reduction in income and profits, as well as the increase in expenses and losses received from various operations and activities.

Stage II includes calculation and analysis of the structure of net profit in the reporting and previous period, i.e. the share of its individual elements in the total profit. At the same time, the priority components of income, expenses and, accordingly, financial results are identified in order to further conduct their in-depth analysis, identify the reasons for the decrease in income and increase in expenses.

On the stage III a calculation is carried out and an assessment of changes in the structure of net profit, which makes it possible to identify structural shifts in the items of profit formation.

II and III stages mean vertical analysis.

It should be noted that since the source of net profit formation is profit before tax, which is the total financial result of all operations and activities of the organization, often in the course of analyzing the structure of financial results, the last indicator is taken as 100%, i.e. find the specific gravity individual elements formation of net profit in the total amount of profit before taxation.

If it is possible to attract information for three or more years, then you can trend analysis , i.e. to study trends in net profit and all its components over a number of years. However, it is necessary to take into account the factor of comparability of data taken for different periods. Therefore, in the process of analyzing the dynamics of profit, the problem of assessing the “quality” of financial results is important, i.e. determination of the reality and stability of their receipt.

As a rule, the nominal value of profit (recorded in the financial statements) differs significantly from its real value (supported by real inflow Money).

Main reasons for the discrepancy the reporting and real value of profit are:

1) features of the current reporting system. In particular, the Statement of Financial Results by all organizations is formed on an accrual basis, therefore, the income and expenses presented in the report do not always reflect the real inflows and outflows of funds;

2) features of the accounting policy adopted in the organization, reflecting the methods used by the organization for accounting for expenses and other objects. The value of the financial result can change significantly depending on the choice:

Depreciation method for fixed assets and intangible assets,

The useful life of these assets,

The method for estimating consumed inventories,

The procedure for writing off the costs of repairing fixed assets to the cost of production, etc.

An objective assessment of the "quality" of the financial performance indicators presented in the statements is important in order to determine the reliability of the organization's financial position. Therefore, the most important task of the analysis is to reduce the gap between the nominal and real profits.

the simplest way of assessing the "quality" of financial results, the reality of their dynamics is the calculation and analysis of changes in three groups of ratios:

1) the ratio of costs for ordinary species activities with sales revenue:

(28)

(29)

According to the dynamics of these ratios, one can judge how effectively various management functions (production, commercial and marketing, administrative and managerial) are carried out in the organization, as well as the ability of the organization to manage costs. An upward trend in these ratios may indicate that the organization has problems in controlling spending;

2) the ratio of profit (loss) indicators with sales proceeds:

(30)

(32)

Each successive indicator is influenced by an increasing number of factors. The last indicator is general, and the calculation of the other two is used to better understand the reasons for its change.

The purpose of calculating the above ratios and analyzing their dynamics is to confirm the stability of obtaining net profit from each ruble of sales. The first ratio allows you to evaluate the actual level of efficiency of sales management in the organization. The high value of the second ratio indicates a significant impact on the final financial result of other income and expenses. Given that many of them are of a non-permanent (random) nature, the current situation indicates a low quality of net profit. Comparison of the second and third ratios allows you to establish the impact on the final financial result of the tax factor, as well as extraordinary income and expenses that are extraordinary in nature and do not depend on the level of efficiency of the organization;

3) the ratio of sales proceeds and the value of assets (capital) of the organization. The calculation of this ratio and the analysis of its change allows us to evaluate the real dynamics of the return on capital and the activities of the organization as a whole.

There are other, deeper and more complex methods for assessing the "quality" of financial results.

In accordance with the current regulation, the profit received by the organization is distributed in the following order.

First of all, a tax is paid from it to the budgets (federal, subjects of the Russian Federation and local). To determine taxable profit, the profit of the reporting year is reduced by the amount of: income in the form of dividends, interest received on shares, bonds and other securities owned by the enterprise; income received from equity participation in the activities of other enterprises, except for income received outside Russian Federation; gambling business income; profits from intermediary operations, insurance activities, individual banking operations; profits from the sale of agricultural products of own production; benefits provided in accordance with applicable law.

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 of profit use are as follows:

Deductions to the reserve capital,

Formation of accumulation and consumption funds,

Distraction for charitable and other purposes,

JSCs pay dividends.

Information on the distribution of profits is contained in form No. 2 and form No. 3 in the calculation of contributions to funds. Based on these sources, an analysis of the actual distribution of profits is made, deviations and their causes are identified. For this purpose, an analytical table 20 is compiled.

Table 20
Use of net profit (thousand rubles)

As can be seen from table 20, the net profit of the reporting period compared to the same period last year increased by 136.6 million rubles. There was also an increase in deductions from net profit to accumulation funds (by 56.6 million rubles), to the social sphere fund (by 12 million rubles) and consumption funds (by 82 million rubles). However, the share of reinvested profit (that is, directed to accumulation funds and retained earnings) in the reporting period amounted to only 21% of net profit, which is 5% lower than the previous period.

The distribution of net profit in joint-stock companies is the main issue of the organization's dividend policy. At the center of the dividend policy may be the question of regulating the price of the company's shares or the question of the size and growth rate of the organization's social capital, or the question of the size of attracted external sources of financing.

The complexity of solving these problems lies in the fact that there is no unambiguous evaluation criterion. There are obvious, calculated advantages both in terms of capitalization of net income, i.e. its distribution to accumulation funds, and from the point of view of the stability of dividend payments.

Capitalization of net profit allows you to expand the activities of the organization at the expense of its own, cheaper sources of financing. This reduces the financial costs of the organization to attract additional sources, to issue new shares. The former system of control over the activities of the organization is also preserved, since the number of owners does not increase. The size of net profit capitalization makes it possible to evaluate not only the growth rate of the organization's own capital, but also, through the disclosure of the factor structure of this growth, to assess the financial strength of such important indicators as return on sales, the turnover of all assets.

This analysis is based on factorial models of profitability, which reveal the most important cause-and-effect relationships of indicators financial condition enterprise and financial results. Therefore, they serve as an indispensable tool for "explanation" (evaluation) of the current situation. In general, for all indicators there is a single factor space, defined by a set of 11 interconnected blocks of the most important indicators for the formation of financial results.

Factor profitability models are also controlled models for predicting the financial stability of an enterprise. The need to foresee the immediate and distant development prospects is an urgent task for enterprises. The growth rate of production depends not only on demand, sales markets, and enterprise capacities, but also on the state of financial resources, capital structure and other factors.

The most important limitation of the planned growth rate of the enterprise is the rate of increase in its own capital, which depends on many factors, but primarily on the profitability of sales (factor x 1); turnover of all capital (balance sheet currencies - factor x 2); financial activity of the enterprise to attract borrowed funds (factor x 3); profit distribution rates for development and consumption (factor x 4).

Thus, the growth rate of equity capital, which characterizes the enterprise's ability to expand production, can be represented by a multiplicative model of the relationship of the listed factors:

where y is the equity growth ratio (equal to the ratio of profit on savings to equity capital);

The model reflects the action of tactical (factors x 1 and x 2) and strategic (factors x 3 and x 4) financial solutions. Correctly chosen pricing policy, expansion of sales markets lead to an increase in sales and profits of the enterprise, increase the rate of turnover of all capital. At the same time, irrational investment policy and a decrease in the share of borrowed capital can reduce the positive result of the first two factors.

This model is remarkable in that it can easily be extended to include new factors. Moreover, in the field of view of the manager, getting such important indicators the financial condition of the enterprise, such as liquidity, turnover of current (mobile) assets, the ratio of term liabilities for calculating a sustainable growth rate is as follows:

where y is the equity growth factor;

x 1 - capital structure:

x 2 - the share of term liabilities in the capital of the enterprise:

x 3 - current liquidity ratio:

x 4 - turnover of current assets:

x 5 - financial result from the sale of products per unit of sales (profitability of sales):

x 6 - the rate of distribution of profit on savings:

Sustainable growth models find practical application in planning the development of an enterprise, taking into account the risk of bankruptcy.

It is known that one of the criteria for bankruptcy is an unsatisfactory balance sheet structure, determined by the current liquidity ratio, the ratio of current assets to own funds and the amount of debt to equity capital. If we take all these coefficients at the normative level, and the rate of distribution of profits on savings equal to 1.0, then the optimal sustainable growth rate will be 2.0 return on current assets or 0.2 return on equity working capital. This means that the pace of sustainable growth in the future depends on rather unstable parameters or factors of current activity. After all, the value of current assets ( current assets) is very mobile and depends on many factors: the scale of the business; industry affiliation of the organization; the pace of product sales; structures working capital; share of added value in the price of the product; inflation; accounting policy of the organization; payment systems.

The stability of dividend payments is an indicator of the profitable activity of the organization, evidence of its financial well-being. In addition, the stability of dividend payments reduces uncertainty, i.e. level of risk for investors. Information about stable income initiates an increase in demand for the shares of this firm, i.e. leads to an increase in the price of its shares.

Questions for self-examination:

1. What forms of financial statements serve as a source of information in the analysis of the use of profits?

2. What factor models of equity growth do you know? Expand the essence of any sustainable growth model of your choice (list the factors in their relationship).

3. What are the benefits of capitalization of the company's profits? Give a complete answer.