Graduate work

Topic of the thesis:

Analysis and evaluation financial activities organizations (on the example of Prospekt LLC)

Introduction

1. Theoretical basis analysis and evaluation of the financial activities of the organization

1.1 The value and information support of the analysis of the financial activities of the organization

1.2 The tasks of analyzing and evaluating the financial activities of the organization

1.3 Profitability and profit as performance indicators of the organization

2. Analysis and evaluation of the financial activities of Prospekt LLC

2.1 Organizational and economic characteristics of Prospekt LLC

2.2 Analysis of the financial performance of the organization

2.3 Evaluation of the financial performance of the organization

3. Improving the financial activities of Prospekt LLC

3.1 Ways of financial recovery of the organization

Conclusion

Bibliography

AT conducting

Today, the stage of rapid development of the market has practically passed, and a new stage of economic relations is beginning, when the success of the organization largely depends on the art of managing it.

An important role in the implementation of this task is assigned to the analysis and diagnostics of the financial and economic activities of organizations. With their help, a strategy and tactics for the development of the organization are developed, plans and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the performance of the organization, its divisions and employees is evaluated. A modern leader must know well not only the general patterns and trends in the development of the economy in the transition to market relations, but also subtly understand the manifestations of general, specific and particular economic laws in the practice of his organization, timely notice trends and opportunities to improve production efficiency. He must be proficient in modern methods of economic research, methods of systematic, comprehensive economic analysis, the skill of accurate, timely, comprehensive analysis of the results of economic activity.

Management of an organization based on the analysis of financial activity is possible if the management of the organization really knows its capabilities, and this is possible only after the analysis of production and economic activities, since it helps to substantiate plans and management decisions, identify reserves for increasing production efficiency and, as a result, develop a strategy and organization development tactics. In this regard, the study of the fundamentals of the analysis of financial activity is particularly relevant today.

The relevance of the chosen topic is also confirmed by the fact that the overwhelming majority of directors of domestic organizations have higher education in the field of "technical" sciences, where they are specialists whose qualifications are many times higher than the world level. At the same time, in the field of economics, namely in the field of managing an organization in a market economy, they do not have the necessary theoretical or practical base.

Analysis of financial and economic activity is the link between accounting and management decision-making. In the process of its accounting information is subject to analytical processing: a comparison is made of the achieved results of activities with data for past periods of time, with indicators of other organizations and industry averages; the influence of various factors on the results of economic activity is determined; shortcomings, mistakes, unused opportunities, prospects, etc. are identified. Through the analysis of the organization's activities, comprehension and understanding of information is achieved. Based on the results of the analysis, management decisions are developed and justified. Economic analysis precedes decisions and actions, justifies them and is the basis of scientific production management, increases its efficiency.

Therefore, economic analysis can be viewed as an activity for the preparation of data necessary for the scientific substantiation and optimization of management decisions.

A large role is given to analysis in determining the use of reserves to improve the efficiency of the organization. It promotes rationalization, economical use of resources, identification and implementation of best practices, scientific organization of labor, new equipment and production technology, prevention of unnecessary costs, shortcomings in work, etc. As a result, the economy of the organization is strengthened, the efficiency of its activities is increased.

Consequently, the analysis of the financial and economic activities of the organization is not only to evaluate the implementation of plans and establish the results achieved, but also to identify internal reserves and find ways to best use.

On the other hand, when analyzing an organization, the financial results of the organization's activities are taken into account, which are characterized by the amount of profit received and the level of profitability. The greater the amount of profit and the higher the level of profitability, the more efficiently the organization functions, the more stable its financial condition. Therefore, the search for reserves to increase profits and profitability is one of the main tasks in any business area. Great importance in the process of managing financial results is given to economic analysis.

graduation goal qualifying work– study of existing theoretical methods for analyzing the financial performance of an organization, setting out a clear and understandable methodology for analyzing the management of an organization based on an analysis of financial performance, as well as developing measures and practical recommendations for optimizing the financial condition and improving financial results, with respect to a specific organization that can serve as methodological and practical basis for managing an organization.

This goal of the work is defined objectively: it is of particular importance for Russia. Indeed, if we do not touch upon the analysis of the internal political situation of our state, we can say that the Russian Federation is potentially one of the richest countries in the world. Practice says that one of the determining factors inhibiting economic development country, is not a high enough level of qualification of managerial employees of domestic organizations in the field of economics.

In the current economic conditions modern leader An organization must have the skills not only to manage a team, not only to manage production, but also to be a specialist in the field of financial management of an organization.

The main objectives of this work are as follows:

To reveal the meaning and information support of the analysis of the financial activities of the organization;

To reveal the tasks of analysis and evaluation of the financial activities of the organization;

To characterize the concepts of profitability and profit as the main indicators of the effectiveness of the organization;

Conduct an analysis of the financial activities of Prospekt LLC;

Conduct an assessment of the financial activities of the organization;

Develop ways of financial recovery of the organization;

Outline the prospects for the financial activities of the organization.

The object of research in present work is a trading organization LLC "Prospekt".

The subject of the study is the financial aspects (financial condition and financial results) of the organization's activities for the reporting period from 2006 to 2007.

1. Theoretical foundations for the analysis and evaluation of the financial activities of the organization

1.1 The value and information support of the analysis of the financial activities of the organization

Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of organizations use methods financial analysis to make decisions to optimize their interests.

The owners analyze the financial statements to increase the return on capital, ensure the stability of the firm's improvement. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical justification of the decision.

In recent years, a lot of serious and relevant publications on financial analysis have appeared. Foreign experience in financial analysis and management of organizations, banks, insurance organizations, etc. is being actively mastered. At the same time, it should be noted that the presence of a large number of interesting and original publications on various aspects of financial analysis does not reduce the need and demand for special methodological literature, in which a complex logically coherent procedure of financial analysis would be reproduced step by step.

Bringing the forms of financial statements into greater compliance with the requirements of international standards necessitates the use of new methodology financial analysis, corresponding to the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an organization, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of organizations in a market economy is based on a generalization of financial accounting data and is an information link that connects organizations with society and business partners, users of information about the organization's activities.

The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the organization.

The first group of users includes the owners of the organization's funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, organization personnel and management.

Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the organization; creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of placing their capital in the organization.

It should be noted that only the management (administration) of the organization can deepen the analysis of reporting using production accounting data as part of the management analysis carried out for management purposes.

The second group of users of financial statements are the subjects of analysis, which, although they are not directly interested in the activities of the organization, must, under the contract, protect the first group of users of statements. These are audit firms, consultants, legal exchanges, the press, associations, trade unions.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The methodology of financial analysis consists of three interrelated blocks:

Analysis of the financial performance of the organization;

Analysis of the financial condition;

Analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the organization's balance sheet (Form No. 1 of annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 of the annual reporting).

In accordance with the Methodological recommendations on the procedure for the formation of indicators of the financial statements of an organization, approved by order of the Ministry of Finance of the Russian Federation of June 20, 2000, No. 60n, the financial statements should include the data necessary for the formation of a reliable and complete presentation; on the financial position of the organization, the financial results of its activities and changes in its financial position. In the event that insufficient data is revealed to form a complete picture of the organization's financial position, the organization's financial statements include appropriate additional indicators and explanations. At the same time, the neutrality of the information contained in the financial statements must be ensured, i.e. unilateral satisfaction of the interests of some groups of interested users of financial statements in front of others is excluded. The data of the financial statements of the organization should include the performance indicators of all branches, representative offices and other divisions. The consistency and complexity of the information contained in the financial statements is a consequence of the following requirements for its preparation:

Completeness of reflection in accounting for the reporting year of all business transactions carried out in the current year;

The correctness of attributing income and expenses to the reporting period in accordance with the chart of accounts accounting and the Regulation on Accounting and Accounting in the Russian Federation;

Identity of analytical accounting data to turnovers and account balances synthetic accounting on the date of the annual inventory;

Compliance with the adopted accounting policy during the reporting year.

The financial statements of the organization is the main source of information about its activities. Careful study of accounting reports reveals the reasons progress, as well as shortcomings in the work of the organization, helps to identify ways to improve its activities.

The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. It should be borne in mind, however, that periodic accounting or financial statements organization is only “raw information” prepared during the implementation of accounting procedures in the organization.

In order to make management decisions in the areas of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. from the general to the particular, but it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The market economy contributes not only to strengthening, but also to a qualitative change in the role of financial analysis, which turns into the main method for assessing the financial condition of an organization. It allows you to identify the efficiency of resource use, evaluate the profitability and financial stability economic entity, establish its position in the market, as well as quantitatively measure the degree of riskiness of activities and competitiveness.

The main task of analyzing the financial activity of an organization is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the organization and its solvency. In this case, it is necessary:

1) on the basis of studying the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the financial condition of the organization;

2) predict possible financial results, economic profitability based on the real conditions of economic activity and the availability of own and borrowed resources and developed models of the financial condition when variety of options resource use;

3) develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the assigned tasks listed types activities are successfully implemented, this has a positive effect on the financial position of the organization. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease, and as a result, the financial condition of the organization worsens. Thus, the stable financial condition of the organization is the result of competent and rational management of the whole complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the main methods for its implementation.

Horizontal (temporal) analysis - comparing each reporting position with the corresponding position of the previous period, consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in the total. An obligatory element of the analysis is the dynamic series of these values, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators.

Trend analysis - comparing each reporting position with the positions of a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective, predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship of indicators.

Comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as a comparison of the organization's financial indicators with those of competing organizations, industry average and average general economic data.

Factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator. Factor analysis can be direct (analysis itself), i.e. splitting the performance indicator into its constituent parts, and the reverse (synthesis), when its individual elements are combined into a common performance indicator.

As a tool for analyzing the financial condition of an entrepreneurial firm, financial ratios are widely used - relative indicators of the financial condition of an organization that express the relationship of some absolute financial indicators to others. Financial ratios are used:

To compare the indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry averages;

Identification of the dynamics of development of indicators and trends in the financial condition of the company;

Definitions of the normal limit and criteria for various aspects of the financial condition of an entrepreneurial firm.

Theoretically substantiated or obtained as a result of expert surveys are used as basic values, which characterize the optimal or critical values ​​of financial ratios from the point of view of the stability of the financial position of the organization. In addition, the values ​​of indicators averaged over the time series can serve as a basis for comparison. this organization related to financially favorable periods, industry average values ​​of indicators, values ​​of indicators calculated according to the reporting data of similar organizations. Such basic values ​​actually play the role of standards for the coefficients calculated in the course of the analysis of the financial condition.

The financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

The balance sheet asset contains information about the placement of capital at the disposal of the organization. Each type of allocated capital corresponds to a separate balance sheet item.

For analysis, indicators are calculated that characterize the structure (shares, specific gravity) and the dynamics (rates of growth and growth) of property (assets) and sources of financing (liabilities).

The placement of the organization's funds is very important in financial activities and improving its efficiency.

The financial condition of the organization is characterized by a system of indicators reflecting the availability, placement and use of its financial resources. The calculation and analysis of such indicators is carried out according to the balance sheet of the organization in a certain sequence.

The basis of the financial stability of the organization is its security with its own funds (own capital).

The most general indicator of financial stability is the surplus (+) or lack (-) of sources of funds for the formation of reserves and costs, obtained as the difference between the value of sources and the value of reserves and costs.

In general, we can say that financial stability is a complex concept that has external forms of manifestation, which is formed in the process of all financial and economic activities, which is influenced by many different factors.

To characterize the sources of formation of reserves, three main indicators are determined:

1. The presence of own working capital (SOS), as the difference between equity (III section of the balance sheet liability) and non-current assets (I section of the balance sheet asset). This indicator characterizes net working capital. In a formalized form, the presence of own working capital can be written as:

SOS = SK (p. 490) - VA (p. 190), (1)

where: SC - equity,

VA - non-current assets.

2. Availability of own and long-term borrowed sources of reserves formation (SD), determined by increasing the previous indicator by the amount of long-term liabilities:

SD = SOS (p. 490 - p. 190) + TO (p. 590), (2)

Where: DO - Long-term liabilities

3. The total value of the main sources of formation of reserves (OI), determined by increasing the previous indicator by the amount of short-term borrowed funds:

OR = SOS (p. 490 - p. 190) + DO (p. 590) + GS (p. 610), (3)

Where: AP - borrowed funds.

These indicators of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs by sources of their formation:

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

ΔSOS= SOS - 3, (4)

where Z - stocks

2. Surplus (+) or shortage (-) of own and long-term sources of reserves formation (ΔSD):

ΔSD = SD - 3 (5)

3. Surplus (+) or deficiency (-) of the total value of the main sources of reserves formation (ΔOI):

ΔOI \u003d OI - Z (6)

To characterize the financial situation in the organization, there are four types of financial stability.

The absolute stability of the financial condition, which is rare in modern Russian practice, is an extreme type of financial stability. It is given by a system of conditions:

1a. surplus (+) own working capital or equality of own working capital and stocks.

W< СОС (7)

Normal stability, which is guaranteed by its solvency:

2a. lack (-) own working capital,

2b. surplus (+) of long-term sources of formation of stocks or equality of values ​​of long-term sources and stocks.

Z = SOS + ZS (8)

Unstable financial condition, associated with a violation of solvency, in which, nevertheless, the possibility of restoring balance by replenishing real equity capital and increasing own working capital remains:

3a. lack (-) own working capital,

3b. lack of (-) long-term sources of reserves formation,

3c. surplus (+) of the total value of the main sources of formation of reserves or equality of the values ​​of the main sources and reserves.

Z \u003d SOS + ZS + OI, (9)

where IO is the part of equity intended to service other short-term liabilities, which restrains financial tension.

Financial instability is considered normal if the amount of short-term loans and borrowed funds attracted for the formation of stocks and costs does not exceed the total cost of production stocks and finished products, i.e. the following conditions are met.

Z 1 + Z 4 > ZS - [ + IO] (10)

Z 2 + Z 3 ≤ ΔSD, (11)

where Z 1 - inventories;

Z 2 - work in progress;

Z 3 - deferred expenses;

Z 4 - finished products;

ZS - [ + IO] - part of short-term loans and borrowings involved in the formation of reserves and costs

Crisis financial condition, in which the organization is on the verge of bankruptcy, because in this situation, cash, short-term financial investments, accounts receivable of the organization and other current assets do not even cover its accounts payable and other short-term liabilities:

4a. lack of (-) own working capital;

4b. lack of (-) long-term sources of reserves formation;

4c. lack (-) of the total value of the main sources of reserves formation.

Z > SOS+ZS (12)

For a more complete analysis of the financial stability of an organization in world and domestic practice, a special system of indicators and coefficients has been developed.

1. One of the most important characteristics the stability of the financial position of the organization, its independence from borrowed sources of funds is the coefficient of autonomy or the coefficient of financial independence , which is defined as the ratio of equity to the value of all assets of the organization.

K 1 \u003d SK / B, (13)

where, SC - equity;

B - the value of the organization's assets.

It characterizes the level of overall financial independence, i.e. the degree of independence of the organization from borrowed sources of financing. Thus, this ratio shows the share of equity in total liabilities.

2. Financial leverage (leverage) K 2:

K 2= KZ/SK, (14)

where KZ - borrowed funds attracted by organizations.

The relationship between the autonomy coefficient and financial leverage is expressed by the formula:

K 2 \u003d 1 / K 1 -1, (15)

whence it follows that the normal constraint on the debt-to-equity ratio is K 2< 1.

3. The coefficient of security of current assets with own funds of financing (K 3) shows what part of current assets is financed from own sources:

K 3 \u003d (SK + VA) / OA, (16)

where, VA - non-current assets;

OA - current assets.

This ratio characterizes the availability of the entrepreneurial firm's own working capital necessary for its financial stability. The normal limit for this ratio, derived from business statistics, is K 3 > 0,6 - 0,8.

4. The coefficient of maneuverability - another essential characteristic of the stability of the financial condition - is equal to the ratio of the company's own working capital to the total amount of own funds:

K 4 =(SK - VA)/SK (17)

It shows how much of the organization's own funds are in a mobile form, allowing for relatively free maneuvering of these funds. Sometimes in the literature as the optimal value of K 4 = 0.5.

5. The investment coverage ratio (financial stability ratio) characterizes the share of equity and long-term liabilities in total amount organization assets:

K 5 \u003d (SK + DZ) / V, (18)

where DZ - long-term loans.

This is a softer indicator compared to the autonomy coefficient. In world practice, it is considered normal K 5 = 0.9, critical - reduction to 0.75.

The solvency of an organization is the availability of cash and cash equivalents sufficient for settlements of accounts payable requiring immediate repayment. The main features of solvency are:

absence of overdue accounts payable;

availability of sufficient funds in the current account.

The liquidity of the organization - the availability of working capital in the organization in an amount sufficient to repay short-term obligations, or the potential ability of the organization to pay off its obligations in the future.

The main features of solvency are:

Absence of overdue accounts payable;

Availability of sufficient funds in the current account.

Analysis of the liquidity and solvency of the organization is carried out in two stages:

Stage 1 - grouping the assets of the balance according to the timing of their transformation into cash, and liabilities - according to the degree of urgency of their payment;

2nd stage - calculation of a number of liquidity indicators of the organization.

The first stage is the grouping of balance sheet items.

So, depending on the degree of liquidity, the assets of the organization are divided into 4 groups:

The most liquid assets - these include all items of the organization's cash and short-term financial investments (securities). This group is calculated as follows:

A 1 \u003d Cash (260) + Short-term financial investments (250).

Marketable assets are receivables that are expected to pay within 12 months after the reporting date.

A 2 = Short-term accounts receivable (240).

Slow-moving assets are items in section II of the balance sheet asset, including inventories, VAT, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets.

A 3 = Inventories (210) + Long-term accounts receivable (230) + VAT (220) + Other current assets (270)

Difficult-to-sell assets - items in section I of the balance sheet asset - non-current assets.

A 4 \u003d Non-current assets (190)

Grouping of balance sheet assets according to the terms of their transformation into cash and liabilities according to the degree of urgency of their payment.

The most urgent liabilities are accounts payable.

P 1 = Accounts payable (620)

Short-term liabilities are short-term borrowings, debts to participants for the payment of income and other short-term liabilities.

P 2 = Short-term borrowings (610) + Debts to participants for the payment of income (630) + Other short-term liabilities (660).

Long-term liabilities are balance sheet items related to sections V and VI, i.e. long-term loans and borrowings, as well as deferred income, reserves for future expenses and payments.

P 3 \u003d Long-term liabilities (590) + Deferred income (640) + Reserves for future expenses and payments (650).

Permanent liabilities or stable ones are articles III of the balance sheet section “Capital and reserves”.

P 4 = Capital and reserves (490).

The balance sheet is liquid if the following ratios (inequalities) are observed:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4. (nineteen)

The first three inequalities mean the need to comply with the invariable liquidity rule - the excess of assets over liabilities.

In domestic and foreign practice, various liquidity ratios of current assets and their elements are calculated. Let us name the most important liquidity indicators in terms of economic essence and relevance in practice.

1. The current liquidity ratio, which shows what part of the organization's short-term liabilities can be repaid if all working capital is mobilized. Values ​​corresponding to the standard from 1 to 2. Calculated by the formula:

K tl \u003d (A 1 + A 2 + A 3) / (P 1 + P 2). (20)

2. Quick liquidity ratio, or "critical assessment" ratio , shows how liquid funds of the organization cover its short-term debt. The recommended value of this indicator is from 07-08 to 1.5.

K bl \u003d (A 1 + A 2) / (P 1 + P 2). (21)

3. The ratio of absolute liquidity is the ratio of funds that the organization has on bank accounts and on hand to short-term liabilities. The value of this coefficient for the period under review corresponds to the normative 0.2 to 0.4.

K al \u003d A 1 / (P 1 + P 2) (22)

4. The overall liquidity ratio of the balance sheet shows the ratio of the sum of all liquid funds of the organization to the sum of all payment obligations, provided that various groups of liquid funds and payment obligations are included in the indicated amounts with certain weight coefficients. The value of this coefficient should be < 1.

K ol = A 1 +0.5 A 2 +0.3 A 3 (23)

P 1 +0.5 P 2 +0.3 P 3

The indicators characterizing business activity include turnover and profitability ratios.

To do this, six indicators of turnover are calculated, which give the most general idea of ​​the economic activity of the organization.

1. The asset turnover ratio shows how many times a full cycle of production and circulation takes place during the period, bringing the corresponding income. This coefficient can be determined by the formula:

K ooa \u003d B p / A, (24)

where is the proceeds from the sale;

A is the value of all assets.

2. The turnover ratio of fixed assets is a return on assets, that is, it characterizes the efficiency of using the organization's fixed assets for the period. It is calculated by dividing the volume of net sales proceeds by the average value of fixed assets for the period:

F o \u003d V p / OS, (25)

where Вр - proceeds from sales,

OS - fixed assets.

3. An important indicator for analysis is the turnover ratio of inventories, that is, the speed of their implementation. The coefficient is calculated according to the formula:

K oms \u003d V p / MPZ, (26)

where, inventory - the value of inventories and costs (p. 210).

4. The turnover ratio of working capital shows the rate of turnover of material and monetary resources of the organization for the period and is calculated by the formula:

K ook \u003d B p / OK (27)

where OK is the value of working capital.

5. The equity turnover ratio is calculated by the formula:

K osc \u003d V p / SK (28)

where SC is the amount of equity capital (p. 490).

6. The turnover ratio of short-term receivables is calculated as the ratio of the volume of income (revenue) from the sale of products (works, services) to receivables according to the formula:

K od \u003d V p / DZ, (29)

where DZ - short-term receivables (p. 240).

Thus, the main sources of reserves for increasing the level of profitability are: an increase in the amount of profit from the sale of products and a decrease in its cost.

The volume of sales, the amount of profit, the levels of profitability, liquidity, solvency depend on the production, supply, marketing and financial activities of the organization, in other words, these indicators characterize all aspects of management. The total financial result of the organization's activities is the balance sheet profit.

The balance sheet profit includes financial results from the sale of products, works and services, from other sales, income and expenses from non-sales operations. The analysis of balance sheet profit begins with determining its composition, structure and studying its dynamics over the analyzed period, which allows you to find out due to which components there have been changes and how they affect the total amount of balance sheet profit.

Net profit is that part of the profit that remains at the disposal of the organization after paying all taxes and other obligatory payments. If the share of net profit is growing, then this indicates the optimal amount of taxes paid, the organization's interest in working conditions and efficient management.

Profit from the sale of products (works, services) is the financial result received from the main activities of the organization. It is defined as the difference between the proceeds from the sale of products without VAT and excises and the costs of production and sales, included in the cost of production.

The most important indicator reflecting the final financial results of the organization's activities is profitability, which characterizes the profit received from each ruble of funds invested in the organization. This indicator characterizes the profitability of various activities of the organization, cost recovery, that is, the effectiveness of the organization as a whole. It characterizes the final results of management more fully than profit, because their value shows the ratio of the effect to the cash or resources used. Profitability indicators are used to assess the activities of the organization as a tool in investment policy and pricing.

In practice, the dynamics of the following profitability indicators is calculated and analyzed:

Return on sales:

where N p - proceeds from the sale of products (works, services);

P p - profit from the sale of products (works, services).

Return on total capital of the firm:

where Вср is the average total of the balance for the period,

both balance sheet profit (P b) and profit from sales (P p) can act as P;

Profitability of fixed assets and other non-current assets:

where F cf - the average for the period the value of fixed assets and other non-current assets on the balance sheet;

Return on equity

where I is the average for the period the value of the sources of the organization's own funds according to the balance sheet.

In addition, the following dynamics of profitability indicators are used:

General (balance sheet) profitability (Ptotal) - shows the total weight of profit in the volume of work performed and is determined by the ratio of balance sheet profit to the estimated cost of work performed:

Ptot = Pb / Ssmr × 100%,

where Pb - balance sheet profit;

Ssm - the estimated cost of the completed construction and installation work.

Return on sales (RRP) - shows all the profits remaining at the disposal of the organization in the amount of work performed and is determined by the ratio of net profit to the estimated cost of work performed:

Prp \u003d P h / Ssmr × 100%,

where P h - net profit.

Since the level of profitability depends on the efficiency of contract work, the efficiency of auxiliary and auxiliary production and the rationality of other activities of the organization, a change in any of these components will cause a change general level profitability (general and implemented works) .

Profitability of the main activity (Рсмр) - shows how much profit from sales falls on each ruble of costs and is calculated by the ratio of profit from the sale of work to the cost of goods sold:

Psmr \u003d Preal / SSf × 100%,

where Preal - profit from the implementation of work;

CSF - cost of goods sold.

It should be noted that a change in the volume of construction and installation works does not affect the change in the level of profitability of construction and installation works, since it represents the same value in the composition of profit (divisible) and in the composition of the base (divider). Structural changes in the composition of the scope of work performed can have a significant impact on the level of profitability, since it includes different profitable types of work.

Profitability of production assets (Ra) - reflects the efficiency of the organization's use of production assets and is determined by the ratio of the profit remaining at the disposal of the organization to the average annual cost of fixed assets and working capital:

Ra \u003d Pch / (Sos + Sob) × 100%,

where Sos is the average annual cost of fixed assets;

Sob - the average annual cost of working capital.

This indicator depends not only on the size of production assets, but also on their rational exploitation. The more efficiently production assets are used, the higher the return on assets and the turnover of working capital, the higher the level of profitability as an indicator of the ratio of profit to funds.

To analyze these factors when the level of profitability changes, the above formula can be presented in the following form:

Pch / (Sos + Sob) \u003d (Pch / Ssmr) / (Sos / Ssmr + Sob / Ssmr) == (Pch / Ssmr) / (1 / (Ssmr / Sos) + 1 (Ssmr / Sob),

In this form, the formula establishes a relationship between profitability and three arguments:

Profitability of products - the amount of profit per 1 ruble of sold products (P h / S smr);

Intensity of capital (Sos / Csmr) or capital productivity (Csmr / Sos), characterizing the efficiency of the use of fixed production assets;

Coefficient of fixing working capital (Sob/Ssmr) or the number of turnovers of working capital (Ssmr/Sob).

The profitability of fixed assets and other non-current assets (Rvneob.a) shows how much profit the organization receives from each ruble invested in fixed capital and is determined by the ratio of net profit to the average value of non-current assets for the period:

P extrab.a. \u003d Pch / Sneob.a: × 100%,

where Sneb a - the value of non-current assets.

Profitability of current assets (P current.a) - shows what profit the organization receives from each ruble invested in current assets and is determined by the ratio of the profit remaining at the disposal of the organization to the average value of current assets for the period:

Rtec.a \u003d Pch / Sob Yu0%,

where Sb. - the value of current assets.

From the point of view of shareholders, the best assessment of the results of economic activity of the organization is the presence of a return on invested capital.

Return on equity (Р sk) - shows what profit each ruble of capital invested by the owners gives and is defined as the ratio of the profit remaining at the disposal of the organization to the average source of equity for the period:

Rsk \u003d Pch / SK × 100%,

where SC is the average source of equity for the period.

This indicator depends on three factors:

Product profitability;

Resource return;

Structures of advanced capital (coefficient of financial dependence).

This dependence can be represented in the following three-factor model:

Рck \u003d (Pch / Ssmr) × (Ssmr / WB) × (WB / SK),

The significance of the identified factors is explained by the fact that they summarize all aspects of the financial and economic activities of the organization.

The amount of own working capital (SOS)12 is determined either as the difference between current assets (TA) (the result of section 2 of the balance sheet asset) and current liabilities (TO) (the result of section 5 of the balance sheet liability), or from the amount of equity capital (Кsob) (total section 3 of the balance sheet liability) subtract the amount of losses (Y) (the sum of lines 465 and 475 of the balance sheet liabilities) and the amount of non-current assets (VA) (the result of section 1 of the balance sheet asset):

SOS \u003d TA-TO \u003d Ksob-U-V A,

When analyzing, it is also important to establish how the organization during the analyzed period retained its own working capital available at the beginning of the analyzed period, replenished them or they decreased.

Analysis of the provision of the organization with sources of funds to cover stocks, receivables from buyers and customers for work, services is based on the fact that all organizations can be conditionally divided into four types according to the criterion of financial stability.

The analysis is based on a comparison of the actual value of stocks and costs (33) with the actual value of own working capital (SOS) and normal sources of financing. The amount of stocks and costs is calculated as the sum of balance lines 210 "Stocks" and 220 "VAT on acquired values". The value of normal sources of financing (IFZ) is calculated by subtracting lines 190 “Non-current assets”, 465 “Uncovered loss of previous years” and 475 “Uncovered loss of the reporting year” from the sum of balance lines 490 “Capital and reserves” and 590 “Long-term liabilities”.

Thus, based on the results of the financial analysis, an assessment of the organization's activities as a whole is carried out, specific factors that have had a positive and negative impact on its results are established, and options are developed for making optimal management decisions both for the company's management and for its business partners.

Prospekt Limited Liability Company (Prospekt LLC) was established in 2006. It is a multidisciplinary organization successfully engaged in retail trade.

Organizational and legal form of ownership is a limited liability company. The founders are 100% natural persons.

Prospekt LLC is a legal entity, that is, it is an organization that owns, economic management or operational management of separate property and responsible to them for its obligations. The rights and obligations of a legal entity correspond to the objectives of the activity provided for in its constituent documents. The founding document of Prospekt LLC is the Charter.

The organization has its own current account in the Sberbank of the Russian Federation in Penza. The sources of formation of the property of the organization are cash and profits received from the sale of goods.

The main objectives of LLC "Prospekt" are: making a profit for the further development of the organization; sale of goods that meet the needs and demand of buyers; provision of various basic and additional services to serve customers; study of the needs and requirements of consumers; study of suppliers and others.

The sales method is self-service.

The following factors influence the economic activity of Prospekt LLC external environment direct impact: consumers, suppliers, competitors, government agencies.

According to the functional division of labor in the Prospect store, there are the following categories of personnel:

1. Management personnel - manages the trade, technological and labor process. This is the director of the store, his deputies, managers.

The director of the shopping center carries out general management, manages the planning and economic work, selects personnel, organizes the improvement of their qualifications, ensures labor protection, safety and fire safety.

Deputy directors of the shopping center manage commercial activities, organization of technological operations and economic services.

2. The main staff - busy serving customers on the trading floor. These are sellers and cashiers-controllers, whose positions in the Prospect store are combined into one.

Sellers-cashiers prepare goods for sale, serve customers, perform settlement transactions with customers, etc.

3. Accounting. Here, accounting and tax accounting of the economic activities of the store is maintained, as well as accounting reports are prepared for submission to the tax authorities and interested users.

4. Department of purchases and sales. Here the search for profitable partners for the supply of goods for the store is carried out. Sales managers are preparing measures to increase the turnover of the store.

5. Support staff performs the functions of keeping the store in proper sanitary and hygienic condition. These are cleaners and auxiliary transport workers.

Prospekt is a self-service retail store, divided into departments, offering food products and a limited range of non-food products and building its trade policy on a significant volume of sales.

The range of goods sold includes about 12,000 assortment items. In order to make it easier for customers to navigate the trading floor, the goods in the supermarket are divided into groups.

The most important task of the organization is to provide the population with food products of high quality and in the right assortment, prompt response to changes in consumer demand.

The organizational structure of the supermarket looks like:

Fig.1. Organizational structure

Each of the listed departments has a manager and workers involved in replenishing the display of goods.

The trade department is engaged in the conclusion of contracts for the supply of goods with organizations of the city, region, constantly monitors the state of the sale of goods, studies the structure of commodity stocks, and coordinates transport activities.

The marketing department is engaged in studying the demand for food products sold, responding in a timely manner to changes caused by market conditions and the demand of buyers to replace the range of goods. In order to attract buyers more widely in a competitive environment, the marketing department organizes trade advertising of incoming food products, exhibitions - sales of products of its own production, and surveys buyers.

Thus, the main tasks of the marketing department are to study market opportunities, forecast consumer demand, plan the range of products sold, and promote sales through advertising, exhibitions, and fairs.

In the analyzed trade organization, the following main stages are distinguished: the study and formation of consumer demand; development of applications and orders in accordance with demand forecasts; transportation of goods, warehousing and creation of optimal stocks, finalization of goods (including sorting, packaging, packaging): sale of goods.

Supermarket "Prospekt" carries out retail trade in all groups of food products. The main share in the sale of food products falls on socially important goods: bread, milk, meat, sausages, butter, cheese, fish, etc.

The marketing department, studying and forecasting consumer demand, compiles market reviews and other materials used in the formation of applications and orders to suppliers.

Specialists of the trade department are directly involved in the conclusion of contracts and contracts for the supply of goods.

Direct economic relations with food producers are widely used in the organization. When selecting and concluding contracts with such suppliers, the sales department takes into account many factors. This is, first of all, the assortment of food products produced by the organization, the territorial location of the organization, the possibility of rhythmic delivery of goods from the supplier's warehouse to stores according to the established schedule and the agreed assortment, economic expediency direct contractual relations, taking into account the procedure for paying for goods, from the document of turnover, the costs of transportation, unloading, storage.

Direct contact between the manufacturer and the consumer contributes to the delivery of goods to the consumer directly, bypassing intermediaries, which has a positive effect on reducing the costs of distribution.

Through a single-level distribution channel (manufacturer-shop-buyer), more than 50% of the company's food products are sold.

The main suppliers of products are located in the city of Zarechny and the region. Direct contractual relations with them are cost-effective and contribute to the most complete satisfaction of consumer demand.

With the help of a two-level distribution channel (supplier - wholesale base - store - buyer), 50% of all food is sold. Among the bases, the Nadezhda base occupies the largest share. The bases supply a wide range of groceries, meat and dairy products, cheeses and other products. Issues of assortment replacement are promptly resolved with wholesale depots, goods of increased demand are received.

To ensure the availability of an assortment list of necessary goods in the distribution network, procurement is carried out from decentralized sources (JSC, LLC, PE.). Thus, the purchase of primarily vegetables, fruits, and meat takes place.

At the first stage of the analysis of the financial activities of the organization, we will analyze the balance sheet.

The balance sheet asset contains information about the placement of capital at the disposal of the organization, i.e. on investments in specific property and material values, on the organization's expenses for the production and sale of products, and on the balance of free cash. Each type of allocated capital corresponds to a separate balance sheet item.

The main feature of the grouping of assets of the balance sheet is the degree of their liquidity (the speed of conversion into cash). On this basis, all balance sheet assets are divided into long-term, or fixed capital (I section of the balance sheet asset), and current (current) assets (II section of the balance sheet asset).

The organization's funds can be used in its internal circulation and beyond (accounts receivable, purchase of securities, shares, bonds of other organizations).

The placement of the organization's funds is very important in financial activities and improving its efficiency. From what funds are invested in fixed and working capital, how many of them are in the sphere of production and in the sphere of circulation, in monetary and material form, how optimal their ratio is, the results of production and financial activities largely depend on the financial condition of the organization. In this regard, in the process of analyzing the assets of the organization, first of all, it is necessary to study changes in their composition, structure and give them estimates.

If the assets of the balance reflect the funds of the organization, then the liabilities - the sources of their formation.

The financial condition of the organization largely depends on what funds it has at its disposal and where they are invested.

According to the degree of ownership, the used capital is divided into own (IV section of the balance sheet) and borrowed (V and VI sections of the balance sheet).

According to the duration of use, capital is distinguished as long-term permanent (permanent) - IV and V sections of the balance sheet and short-term - VI section of the balance sheet.

The need for equity capital is due to the requirements of self-financing organizations. Equity is the basis of an organization's independence. However, it should be borne in mind that financing the activities of an organization only at its own expense is not always beneficial for it, especially in cases where production is seasonal. Then, in certain periods, large funds will be accumulated in bank accounts, and in other periods they will be lacking. In addition, it should be borne in mind that if the prices of financial resources are low, and the organization can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can increase the return on equity.

At the same time, if the organization's funds are created mainly from short-term liabilities, then its financial position will be unstable, since short-term capital needs constant operational work aimed at monitoring their timely return and attracting other capital into circulation for a short time. .

Consequently, the financial position of the organization largely depends on how optimal the ratio of equity and debt capital is.

In the process of analyzing the liabilities of the organization, first of all, it is necessary to study changes in their composition, structure and evaluate them.

Table 2 shows the dynamics and structure of the balance sheet.

Table 2 Dynamics and structure of the balance sheet

Balance sheet items	as of 01.01.2007		as of 01.01.2008		Change
	thousand roubles.	% to total	thousand roubles.	% to total	thousand roubles.	in specific gravity	growth rate, %
1	2	3	2	3	6	7	8
ASSETS
1. Non-current assets
fixed assets
Construction in progress
2. Current assets, including:	3655	100,00	8505	100,00	4850	0,00	232,69
Stocks	1486	40,66	7522	88,44	6036	47,79	506,19
VAT on purchased goods and materials
Receivables	2103	57,54	974	11,45	-1129	-46,09	46,31
Cash	66	1,81	9	0,11	-57	-1,70	13,64
BALANCE	3655	100	8505	100	4850	0,00	232,69
LIABILITY
3.Equity	2860	78,25	7717	90,73	4857	12,49	269,83
Authorized capital	250	6,84	250	2,94	0	-3,90	100,00
Extra capital
Undistributed profit	2610	71,41	7467	87,80	4857	16,39	286,09
4.Long-term obligations
5. Current liabilities	795	21,75	788	9,27	-7	-12,49	99,12
Loans and credits
Accounts payable	795	21,75	788	9,27	-7	-12,49	99,12
BALANCE	3655	100,00	8505	100,00	4850	0,00	232,69

As can be seen from the data in Table 2, during the analyzed period there was an increase in the balance, in 2007 the organization's assets increased by 4850 thousand rubles, or by 132.69%.

The organization has no fixed assets. All assets are current.

During the analyzed period, current assets increased by 4850 thousand rubles, or by 132.69%. This increase occurred as a result of an increase in inventories by 6,036 thousand rubles, or by 406.19%, a decrease in accounts receivable by 1,129 thousand rubles, or by 53.69% and a decrease in cash by 57 thousand rubles, or by 86.36%.

In the structure of the organization's assets, the largest share is accounts receivable (57.54% at the beginning of the analyzed period), but by the end of 2007 the share of accounts receivable decreased to 11.45%. The reduction in receivables indicates a reduction in the shipment of goods without prepayment and by barter, and is a positive development.

The share of reserves at the beginning of the analyzed period was 40.66%, and at the end it increased by 47.79 percentage points and amounted to 88.44%. A large amount of money has been diverted into finished products. There is a need to improve commercial activities and financial management, a tightened system of control and analysis of the use of organization resources.

The organization has no long-term liabilities, short-term loans and borrowings.

Accounts payable for the analyzed period decreased by 7 thousand rubles, or 0.88%. The share of accounts payable decreased over the analyzed period from 21.75% to 9.27%. Such a reduction indicates a decrease in debt to suppliers, to the organization's personnel.

Analyzing the structure of the balance sheet, it should be noted the excess of accounts receivable over accounts payable.

To maintain the financial stability of an organization, net working capital (working capital) is necessary, since the excess of working capital over short-term liabilities means that the organization not only can pay off its obligations, but also has financial resources to expand its activities in the future.

Table 3 Analysis of net working capital

Net working capital is working capital that is necessary to maintain the financial stability of an organization, since the excess of working capital over short-term liabilities means that the organization not only can pay its obligations, but also has financial resources for expanding activities in the future.

Fig.1. Dynamics of net working capital (thousand rubles)

Current assets exceed short-term liabilities, as a result of which the organization has net working capital. This means that the organization can pay off its obligations. There was no significant dynamics of net working capital, which also indicates a stable financial well-being organizations. Such dynamics is regarded as positive, the company can pay off its short-term debts at any time. The solvency of the organization increases.

The key to survival and the basis for the stability of the organization is its liquidity and financial stability.

Analysis of the liquidity of the balance sheet consists in comparing the funds for the asset, grouped by the degree of decreasing liquidity (Table 4), with short-term liabilities for liabilities, which are grouped by the degree of urgency of their repayment.

The first group (A 1) includes absolutely liquid assets, such as cash and short-term financial investments.

The second group (A 2) is quickly realizable assets: finished products, goods shipped and receivables. The liquidity of this group of current assets depends on the timeliness of the shipment of products, the execution of bank documents, the speed of payment documents in banks, the demand for products, their competitiveness, the solvency of buyers, forms of payment, etc.

The third group (A 3) is slow-moving assets (inventory, work in progress, deferred expenses). A much longer period will be needed to turn them into finished products, and then into cash.

The fourth group (A 4) is hard-to-sell assets: fixed assets, intangible assets, long-term financial investments, construction in progress.

Accordingly, the obligations of the organization are divided into four groups:

P 1 - the most urgent obligations that must be repaid within a month (accounts payable and bank loans, the maturity of which has come, overdue payments);

P 2 - medium-term liabilities with a maturity of up to one year (short-term bank loans);

P 3 - long-term bank loans and loans;

P 4 - own (share) capital, which is constantly at the disposal of the organization.

The balance is considered absolutely liquid if:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4.

The study of the ratios of these groups of assets and liabilities over several periods will make it possible to establish trends in the structure of the balance sheet and its liquidity.

Table 3 Estimated data for the analysis of balance liquidity (thousand rubles)

ASSETS	as of 01.01.07	as of 01.01.08	LIABILITY	as of 01.01.07	as of 01.01.08
						1. The most liquid assets (cash + short-term financial investments) (A1)	66	9	1. The most urgent liabilities (credit debt + dividend settlements + other short-term liabilities + loans not repaid on time) (P1)	795	788
2. Marketable assets (accounts receivable up to 12 months + other current assets) (А2)	2103	974	2. Short-term liabilities (short-term loans + other loans up to 12 months) (P2)	-	-
3. Slowly sold assets (stocks + accounts receivable for more than 12 months + VAT (A3)	1486	7522	3.Long-term liabilities (long-term loans + other debt liabilities) (P3)	-	-
4. Hard-to-sell assets (Non-current assets) (A4)	-	-	4. Permanent liabilities (III section of the balance sheet + income of the weekday period + consumption funds + reserves of future expenses and payments (P4)	2860	7717
Balance	3655	8505	Balance	3655	8505

The calculation results are shown in Figure 2.

Fig.2. The ratio of groups of assets and liabilities

In the analyzed organization, the ratio of groups of assets and liabilities was:

For the beginning of the year:

A 1< П 1: 66 < 795

A 2 > P 2: 2103 > 0

A 3 > P 3: 1486 > 0

A 4< П 4: 0 < 2860

At the end of the year:

A 1< П 1: 9 < 788

A 2 > P 2: 974 > 0

A 3 > P 3: 7522 > 0

A 4< П 4: 0 < 7717

Comparison of absolutely liquid and fast-moving assets with term and short-term liabilities shows that the first condition of absolute liquidity of the balance sheet is not met for the analyzed organization. This indicates the solvency of the organization.

Table 4 shows the values ​​of solvency indicators.

Table 4 Solvency indicators

The current liquidity ratio shows the ratio of the actual value of the working capital available to the organization in the form of inventories, receivables, cash and other current assets to the most urgent liabilities of the organization. It characterizes the general security of the organization with working capital for conducting production and economic activities and timely repayment of urgent obligations of the organization. As can be seen from the table, at the end of the year there was an increase in this indicator, which indicates that the organization has sufficient working capital.

The quick (intermediate) liquidity ratio helps to assess the ability of the organization to repay short-term obligations in the event of a critical situation, when it will not be possible to sell reserves. As can be seen from the table, this coefficient is above the recommended range of values.

The absolute liquidity ratio is the most stringent criterion of solvency and shows what part of the short-term debt the organization can repay in the near future. The table shows that this coefficient does not exceed the minimum allowable value.

It can be concluded that the organization is solvent.

The financial results of the organization's activities are characterized by the amount of profit received and the level of profitability. The organization receives profit mainly from the sale of products, as well as from other activities.

The volume of sales and the amount of profit, the level of profitability depend on the production, supply, marketing and financial activities of the organization, in other words, these indicators characterize all aspects of management.

Table 5 Dynamics of financial performance of the organization

The calculation results are shown in Figure 3.

Fig.3. Dynamics of the financial results of the organization's activities (thousand rubles)

The proceeds from the sale of products increased by 13465 thousand rubles, or by 71.90%. The cost of sales increased by 10838, or 70.12%. The growth rate of proceeds from the sale of products is higher than the growth rate of the cost of production, as a result of which the profit from the sale of products for the analyzed period increased by 2627 thousand rubles, or by 44.54%.

The economic efficiency of the organization's activities can be assessed by profitability indicators: The profitability ratio of all capital - (the ratio of net profit earned over the period to the Balance Total) - indicates the organization's ability to earn additional money, increase its capital.

Table 6 Profitability ratios

Economic indicators	2006	2007	Absolute deviation	Growth rate
Sales proceeds, thousand rubles	18728	32193	13465	71,90
Production cost, thousand rubles	15457	26295	10838	70,12
Profit from sales, thousand rubles	3271	5898	2627	-80,31
Balance sheet profit, thousand rubles	2610	4856	2246	-86,05
Net profit, thousand rubles	2610	4856	2246	-86,05
Average annual value of assets, thousand rubles	3655	8505	4850	132,69
Average annual value of current assets, thousand rubles	3655	8505	4850	132,69
Average annual cost of own capital, thousand rubles	2860	7717	4857	169,83
Return on assets, %	71,41	57,10	-14,31	20,04
Return on current assets, %	71,41	57,10	-14,31	20,04
Return on sales, %	21,16	22,43	1,27	-5,99
Return on equity, %	91,26	62,93	-28,33	-31,05

The return on assets of an organization shows how much net profit falls on 1 ruble of all assets. In the reporting period, the return on assets amounted to 57.10%. This value is very small and indicates the high profitability of the organization, although compared to last year, this figure decreased by 14.31 kopecks. Similar changes took place with the return on current assets. The return on equity shows how much net profit falls on 1 ruble of sources of equity, in our case it is 62.93%. The use of own funds also brings high profits.

The data in the table allow us to draw the following conclusions. The organization effectively uses its property.

As for the profitability of sales, in 2007, for each ruble of sold products, the organization received 1.27 kopecks. more profit than in 2006. The return on equity is also high.

It is possible to draw a conclusion about the effective activity of the organization.

3. With improvement of the financial activities of OOO Prospekt

3.1. Ways of financial recovery of the organization

In the previous section of this work, the financial and economic activities of Prospekt LLC were analyzed. Based on the results obtained in this section, recommendations are developed and measures are proposed to improve the management of Prospekt LLC.

Evidence of whether the organization worked well or badly is the profit received by the organization for the analyzed period.

It is known that the profit of the organization is formed as the difference between the organization's revenue for the goods sold and the costs of acquiring and selling goods. So, in order to increase the level of profit, Prospekt LLC needs to reduce or optimize the cost of purchasing goods. In this case, it is necessary to develop a methodology to reduce costs.

Revise the terms of purchase prices and the terms of contracts for the supply of goods with major suppliers in order to identify the maximum benefit for the organization. Establish direct contacts with product manufacturers in order to optimize the level of purchase prices and conditions for concluding transactions.

Create a marketing service in Prospekt LLC, conduct appropriate research in the field of the market of product suppliers and, based on the results of work, develop the marketing policy of the organization. The marketing service, based on the results of the organization's work for the next year, develops the document "Marketing policy of the organization".

Develop strategic plans for business diversification. In particular, use the free space of the organization for the confectionery shop. This will reduce costs and reduce the cost of production.

Put into operation equipment that allows you to work with discount cards.

In order to increase the turnover and expand the range, it is proposed to take a loan from a bank.

When choosing suppliers of goods, give preference to suppliers with the most favorable conditions for the delivery of goods for the trade organization. Establish direct contacts with product manufacturers;

The main objectives of this marketing strategy will be:

Analysis of purchase prices for goods purchased for further resale;

Marketing research of the market of suppliers of goods;

Carrying out marketing research to assess the demand for goods sold by Prospekt LLC, identifying the advantages and disadvantages of trade in comparison with competitors, studying the activities of competitors.

Yes, for the implementation of the entire complex of marketing research, the organization will incur significant costs, but they are more likely to be compensated by optimizing the price level for purchased goods. Identification of positive and negative sides services offered to buyers will allow developing other trading strategies that are most effective and allow increasing the profit of a trading organization.

It is necessary to take measures that contribute to cost reduction (here, in this case, we mean the purchase price of the goods):

improvement of rationing and remuneration of labor;

improvement of the organization of production and labor in order to prevent overtime work;

improving occupational health and safety;

systematic professional development of managers and salespeople;

reducing the labor intensity of work through the use of small-scale mechanization (conveyors, Cars, etc.);

motivation and stimulation of personnel (application of the bonus system of remuneration).

Significant reserves for cost reduction lie in the reduction of costs and losses included in the item “Other overheads”, which include fines, penalties, forfeits paid by the organization for non-compliance with any contractual terms.

One of the important and relevant strategies is the diversification of activities.

By diversification we mean any change (increase, decrease) in the number of activities. A change in the type of activity can either be aimed at increasing the potential of the company, or be the result of negative results of its functioning. There is reason to believe that diversification as a means of overcoming the crisis is more often resorted to by dysfunctional organizations, trying to ensure the inflow of "live" money by switching activities to another area of ​​activity. At the same time, organizations that are characterized by a stable financial and economic position are expanding their area of ​​interest, mastering new types of activities as the material basis for business stability. It is worth noting that the financial position of Prospekt LLC fits these two conclusions.

One of the main features of small business (and Prospekt LLC is a very bright representative of small business in Zarechny, Penza region) is the ability to quickly adapt to changes in market conditions, leaving unprofitable and occupying new, promising market niches. This is due to the relatively limited amount of resources of the organization, the simplified structure of intra-company management, the direct dependence of the income of employees on the successful sale of goods. However, in a developed market economy, a particular organization, as a rule, maneuvers within the boundaries of its chosen specialization, improving quality, changing the range.

It is proposed to choose one of the directions of the diversification activity of the organization - the development of the production of confectionery products (pizza, pies with various fillings, cakes) on the premises of Prospekt LLC. It is assumed that the produced confectionery products will be sold here. Confectionery products produced on our own premises will have a fairly low cost due to the absence of transportation costs and VAT (since the transfer of products is carried out within the same organization).

The price factor largely affects the financial stability of the organization. Free prices are set by the organization itself, depending on the competitiveness of the product, supply and demand in the market. Obviously, the price level is determined primarily by the quality of goods sold and manufactured products (confectionery). In this case, it is proposed to consider reducing the cost of manufactured confectionery products at the expense of internal resources. It should be taken into account here that the costs associated with the production of confectionery products can be reduced by purchasing ingredients (flour, butter, sugar, etc.) directly from manufacturers.

The implementation of the plan for the sale of confectionery products and the increase in profits of OOO Prospekt largely depends on the financial condition of the organization.

The stability of the financial condition can be restored by accelerating the turnover of capital in current assets, a reasonable reduction in inventories (to the standard), replenishment of own working capital from external and internal sources. The lack of own funds can be temporarily filled with accounts payable, bank loans.

The most important source of covering the lack of working capital is the acceleration of their turnover. The main factors influencing the acceleration of the turnover of working capital are: improvement of the organization and technology of production, introduction and full use of new equipment, improvement of material and technical supply.

It is necessary in the future to increase the amount of real equity capital by distributing profits to accumulation funds, subject to the growth of a part of these funds that are not invested in non-current assets. This will contribute to the growth of own working capital and increase the financial stability of the organization. The main source of replenishment of equity capital is profit, so the increase in net profit is a reserve for the accumulation of real equity capital.

3.2 Financial outlook for the organization

Retail trade involves the conclusion of a transaction for the sale of goods between the seller (retail organization or individual entrepreneur) and buyers (the public).

At the same time, like any other field of activity, retail trade has specific features of accounting for trade transactions. Moreover, these features may differ depending on the types of retail trade, the volume of trade operations, types of outlets, etc.

The main objectives of Prospekt LLC as a trading company are as follows:

1) obtaining the planned amount of profit;

2) increase in trade turnover, market share, retail space and headcount;

3) creation of financial reserves to guarantee independence;

4) achieving independence from various creditors.

To achieve these goals, practice has developed recommendations, the skillful application of which allows you to achieve real savings in money. They are as follows:

reduction of commodity stocks and, as a result, reduction of costs for their acquisition and storage;

increase in turnover, contributing to the reduction of commodity stocks;

purchase of goods at a lower purchase price;

increase in the selling price of goods.

Prospekt LLC should identify the most stressful financial areas and take appropriate measures to reduce their costs and increase turnover.

Prospekt's business is growing as sales volume increases. In 2007 significant progress was made in the trading business. At the same time, in 2008 the organization is taking steps to diversify its business, i. opens a shop for the production of confectionery. In order to continue to move forward, the leaders of the organization began to think about the further development of the business. In this regard, it is proposed to implement the following measures aimed at increasing the turnover of a trade organization.

1. In order to increase the turnover, Prospekt LLC has developed a marketing policy for 2009. In order to implement this marketing policy, Prospekt LLC produced and successfully distributed discount cards.

2. Any developing company sets itself the goal of not only systematically making a profit from its activities, but also constantly increasing this very profit. Therefore, trading companies seek to increase turnover by retaining old and attracting new customers. An effective tool in the fight for the buyer are discounts.

From January 1, 2006, paragraph 1 of Art. 265 of the Tax Code of the Russian Federation was supplemented by new paragraphs. 19.1, which makes it possible to take into account, for the purposes of profit taxation, costs in the form of a premium (discount) paid (provided) by the seller to the buyer as a result of the fulfillment of certain conditions of the contract, in particular the volume of purchases.

All discounts can be conditionally divided into two groups:

1) associated with a change in the price of a unit of goods;

2) not related to a change in the price of a unit of goods.

This division is due to different accounting and tax accounting of discounts.

Providing a discount that does not entail a change in the price of a unit of goods can be carried out in several ways:

In the form of a cash bonus payment to the buyer;

By reviewing the amount of his debt;

In the form of additionally shipped goods.

Thus, the purchasing power of the population increases and the turnover increases.

3. It is proposed to take a loan to expand the range and increase turnover, open a new outlet in the city of Zarechny. To do this, the head of Prospekt LLC held negotiations with several banks and settled on one proposal, where the percentage of loan use was minimal. A loan agreement was concluded with VTB 24 Bank. The specialist of the credit department agreed to provide Prospekt LLC with 3,500,000 rubles at 18 percent per annum, for a period of one year. It is proposed to use borrowed funds to buy new equipment and products in order to sell them with a mark-up equal to 22 percent of the purchase price. Given that the proceeds in 2007, according to the Profit and Loss Statement, amounted to 32,193 thousand rubles. the projected trade turnover in 2008 will amount to 36,500 thousand rubles. (100 thousand rubles per day - revenue plan).

General expenses, including wages, utility bills, etc., will amount to 430 thousand rubles. per month. For the planned year, the profit from sales will be 36,500 - 430 * 12 = 31,340 thousand rubles.

Taking into account the payment of the loan (3500 * 1.18 = 4130 thousand rubles), the profit of the organization will be 27,210 thousand rubles.

Investment project for the opening of a new outlet is profitable, the payback period of the project will be approximately 4 months.

4. When choosing suppliers of goods, suppliers with the most favorable conditions for the delivery of goods for the trade organization are determined. So, suppliers of goods offer three options for selling wholesale prices and calculations:

export of goods by the transport of a trade organization and settlements for goods at the supplier's "free warehouse" prices;

delivery of goods by the supplier's transport and settlements separately for goods at the supplier's selling prices and transport;

delivery of goods by the supplier's transport and settlements for the goods at the supplier's selling prices, including the costs of delivery of the goods.

The third option of prices and calculations is most preferable, since it allows you to refuse to maintain your own transport and does not require accounting for transport costs.

5. Implement a management accounting system in Prospekt LLC and provide for such subsystems as forecasting and planning. Their task is to determine the range of goods for each trading section based on the study of consumer demand, its changes by season, purchase volumes by varieties, models, sizes of goods. Subject to these conditions, contracts for the supply of goods are concluded with suppliers.

6. On the basis of management accounting data, business plans are developed for each trading section.

Business plans contain the following indicators: the main ones - the volume of sales of goods (turnover), the number of employees, gross income, expenses, profit; derivatives - the volume of sales of goods (turnover) per 1 m2 of retail space, per employee of the sales department, section.

In accordance with business plans, decisions are made on the inappropriateness of having unprofitable divisions.

Draft business plans are developed taking into account the changed working conditions of the trading sections compared to the previous year: changes in the range of goods, purchase and sale prices, costs, retail space, etc. Management accounting helps to choose the best solutions to increase income and reduce costs.

7. The analysis of actual income and expenses according to the established indicators of business plans is carried out using correction factors for the prices of goods, the complexity of servicing customers, the location of retail space and a number of other features of the work of trade departments and sections. Thus, the commensurability of the calculated indicators of the work of trade departments and sections is achieved.

8. In order to increase the turnover, organize an exhibition and sale of products from various manufacturers in the trading floor with a drawing of prizes for participants. Free prizes for some visitors are at the same time an advertising cost to the organization and are subject to the corresponding tax. These costs are included in distribution costs in the amount of 1% of the net trade margin (the difference between the purchase and sale prices without VAT).

9. Depending on the season, change retail prices in order to improve the organization of retail trade throughout the year.

Thus, the implementation of the proposed measures opens up new opportunities for trade and increase in turnover in Prospekt LLC.

W conclusion

As a function of management, the analysis of the organization's financial activities is closely related to the planning and forecasting of production, since without in-depth analysis, it is impossible to carry out these functions.

An important role belongs to analysis in preparing information for planning, assessing the quality and validity of planned indicators, in checking and objectively assessing the implementation of plans. The approval of plans for the enterprise, in essence, also represents the adoption of decisions that ensure the development of production in the future planned period of time. At the same time, the results of the implementation of previous plans are taken into account, the development trends of the enterprise are studied, and additional production reserves are sought and taken into account. Planning begins and ends with an analysis of the results of the organization's activities, which allows you to increase the level of planning, make it scientifically sound.

Within the framework of this work, the financial activity of the organization Prospekt LLC was analyzed, recommendations were developed for improving and optimizing the financial condition and increasing the financial results of the trading organization Prospekt LLC.

The role of economic analysis in the field of trade is to study the economic processes of trade in order to develop optimal solutions, identifying opportunities, means and ways to improve their competitiveness, financial stability, financial results. It is possible to assess the possibilities of development and ensuring the financial stability of economic structures only on the basis of economic analysis, which determines its importance in this industry.

Retail is currently developing in two directions; on the one hand, the creation of large supermarkets, in which the product range is not limited, and on the other hand, the approach of retail trade to the population through a network of small convenience stores, with the most necessary list goods.

The faster the product is sold, the faster a new one will be purchased, with an increase in the turnover of goods, inventory increases, thereby restructuring the trading network.

The efficiency of the economic activity of the organization is characterized by a relatively small range of indicators: the amount of work performed, the cost of finished products, profit, profitability, indicators of financial condition. Each such indicator is influenced by a whole system of factors, due to the rational use of all resources available to the organization: labor, material, financial.

In the course of the analysis, for the period from 2007 to 2008, the performance indicators of the organization Prospekt LLC, profit and profitability were affected; receivables and payables; solvency and liquidity ratios.

The goal of any organization is to make a profit, and in order to obtain a greater amount of profit, it is necessary to reduce the cost of production.

In the course of the analysis, it was revealed that the organization does not have fixed assets. All assets are current.

In the structure of the organization's assets, the largest share is accounts receivable. The reduction in receivables indicates a reduction in the shipment of goods without prepayment and by barter, and is a positive development.

The share of reserves in the structure of the organization's assets is more than 40%, and during the analyzed period their share increases. A large amount of money has been diverted into finished products. There is a need to improve commercial activities and financial management, a tightened system of control and analysis of the use of organization resources.

In the structure of liabilities, the largest share is equity capital, and its share increased from 78.25% to 90.73%. The increase in equity capital is associated with the growth of retained earnings of the organization. This increase is positive and indicates an increase in the independence of the organization from external sources.

The share of accounts payable is insignificant, and it is reduced from 21.75% to 9.27%. Such a reduction indicates a decrease in debt to suppliers, to the organization's personnel.

Comparison of absolutely liquid and marketable assets with urgent and short-term liabilities shows that the conditions of absolute liquidity of the balance sheet are not met for the analyzed organization. This indicates the solvency of the organization.

Analysis of solvency indicators showed that the organization is solvent.

The proceeds from the sale of products for the analyzed period increased by 13465 thousand rubles, or by 71.90%. The cost of sales increased by 10838, or 70.12%. The growth rate of proceeds from the sale of products is higher than the growth rate of the cost of production, as a result of which the profit from the sale of products for the analyzed period increased by 2627 thousand rubles, or by 44.54%.

The calculated profitability indicators showed that the organization's activities are effective.

Profit maximization is the main goal of any trading organization. Its achievement is impossible without determining the optimal volume of trade, ensuring the achievement of the greatest profit. For trade organizations, it is necessary to achieve such a volume of retail turnover that can provide the maximum possible profit, subject to high-quality customer service.

Given the above facts, in order to improve the efficiency of decisions made to optimize the activities of Prospekt LLC, based on an analysis of financial results, the following measures are proposed:

Revise the terms of purchase prices and the terms of contracts for the supply of goods with major suppliers in order to identify the maximum benefit for the enterprise. Establish direct contacts with product manufacturers in order to optimize the level of purchase prices and conditions for concluding transactions.

Create a marketing service in Prospekt LLC, conduct appropriate research in the field of the product supplier market and, based on the results of work, develop a marketing policy for the enterprise. The marketing service, based on the results of the organization's work for the next year, develops the document "Marketing policy of the organization".

Develop strategic plans for business diversification;

To attract customers, introduce a system of various discounts. For example, introduce a system of cumulative discounts.

To put into operation equipment that allows you to work with discount cards;

In order to increase turnover, expand the range and open a new outlet, it is proposed to take a loan from a bank;

When choosing suppliers of goods, give preference to suppliers with the most favorable conditions for the delivery of goods for the trading company. Establish direct contacts with product manufacturers;

In order to increase the turnover, organize an exhibition and sale of products from various manufacturers in the trading floor with a drawing of prizes for participants;

Change retail prices depending on the season in order to improve the organization of retail trade throughout the year.

Thus, information on the results of a regularly conducted analysis of financial activity will allow the head of a trade organization to make timely management decisions. This is necessary to obtain satisfactory financial results, prevent negative phenomena in commercial activities, identify intra-production reserves and their effective use, and ensure the financial stability of the organization.

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At present, in a market economy, the competitiveness of enterprises and the expediency of their activities in the future are based primarily on the efficiency of their functioning. The efficiency of financial activity serves as a guarantee of financial attractiveness for external investors, counterparties in financial and economic activities, as well as the owners of the organization. In this regard, it is of great importance to assess the financial performance of the organization in the present, past and future.

The purpose of the work is to show the methodology for a comprehensive analysis and evaluation of the effectiveness of financial activities carried out by external users according to Russian financial statements using standard software.

To achieve this goal, it was necessary to solve the following tasks:

• determine the purpose, information base, methods for conducting a comprehensive analysis of the effectiveness of financial activities;
• identify and disclose the stages of a comprehensive analysis of the effectiveness of financial activities;
• show the possibilities of its implementation using standard software tools.

The object of study in this paper is the financial activity of the organization as an integral part of economic activity in general.

The subject of the study is the effectiveness of the functioning of the organization as a result and the ultimate goal of financial and economic activities.

Due to the limitations in the volume provided for when writing a thesis, the methodology for analyzing the effectiveness of financial activity is disclosed in more detail in terms of profitability analysis and analysis of the turnover of the organization's funds. The paper does not consider the methodology for a comparative comprehensive rating assessment of enterprises, as well as the analysis of extensification and intensification of the use of organization resources, since the latter is part of the management analysis of activities, and therefore is not available to external analysts using external accounting data as an information base.

The methodology for analyzing the financial condition is considered in relation to a functioning enterprise, the activity of which will not be completely terminated in the foreseeable future. The main attention in the work is paid to the methodology of complex analysis and evaluation of the effectiveness of financial activities based on historical data.

1. Financial activity of the organization as an object of complex analysis

1.1. The concept and information base of a comprehensive analysis of the financial activities of an organization

In numerous works devoted to financial and economic analysis, the term "financial activity" is interpreted from two positions. In a narrower sense, the term "financial activity" can be considered from the point of view of presenting data in the "Cash Flow Statement", in which all the activities of the organization are divided into financial, investment and current. Financial activities here mean activities related to short-term financial investments: issuance of bonds and other short-term securities, disposal of previously acquired shares, bonds, etc. for up to 12 months. Investment refers to activities related to capital investments of an organization in connection with the acquisition of land plots, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale, with the implementation of long-term financial investments in other organizations, the issuance of bonds and other long-term securities, etc. The current activity is understood as the activity of the organization in accordance with the goals and objectives of its creation, which is reflected in the constituent documents. Current activities, as a rule, pursue profit-making as the main goal (manufacturing of industrial products, construction and installation works, trade, catering, leasing property, etc.), however, for non-profit organizations, current activities may, on the contrary, not associated with making a profit educational institutions, cultural and sports institutions, procurement of agricultural products, etc.)

On the other hand, the term "financial activity" can be considered somewhat broader, bearing in mind the financial and economic activities of the organization as a whole. Thus, here there is A complex approach to understanding financial activities: all activities of the organization are divided into financial and production. Of course, in comparison with the first option, such a division of activities cannot have a clear boundary. In particular, V.V. Kovalev singles out financial and economic activities and, as a result, proposes to distinguish between such components of economic analysis as financial analysis and analysis of economic activity.

So, financial activities is an activity related to the movement of financial resources of the organization. The latter represent cash income and receipts intended to fulfill the organization's financial obligations to employees, the state, counterparties, credit institutions and other economic entities; as well as for the implementation of costs in order to develop processes of expanded reproduction.

The circle of persons involved in the financial activities of the enterprise is heterogeneous, and therefore there is a need to study the economics of the enterprise from various positions. Suppliers and contractors, credit institutions are interested in the financial condition of the enterprise, and, in particular, its solvency; investors and owners are also interested in the financial condition of the enterprise, but first of all, the efficiency of operations: return on investment and dividends; managers - the competitiveness of products (works, services), profitability and turnover of funds; the state is the reliability of the enterprise as a taxpayer, its ability to provide new jobs.

Often, the interest of external users of information is expressed in the consideration of only one of the systems of indicators of the organization's performance. For example, the purpose of a bank that provides a company with a line of credit is to analyze liquidity ratios; a potential investor who is considering investing money in a company, analyzes profitability indicators and assesses the degree of investment risk. At the same time, the results of the analysis for certain specific purposes cannot reflect a complete picture of the activity of the organization under study. So, solvency depends on the quality and competitiveness of the goods (services) produced and the rate of asset turnover; profitability determined by the financial independence of the enterprise; profitability- efficiency of financial activity in general. For example, in the practice of financial analysis, the problem of reconciling the results of certain aspects of financial activity exists between liquidity and profitability, as an indicator of the effectiveness of financial activity. Investing in highly liquid assets is usually characterized by low returns, and, conversely, investing in less liquid assets associated with high risk will bring a higher return. Thus, we see that in order to assess the financial performance of an enterprise, a comprehensive analysis is required - an analysis of a system of indicators that allows a comprehensive assessment of the results of the organization's financial performance.

As you know, the goal of any commercial organization is to generate profits. However, for an external analyst, the amount of income received cannot answer the question: is the amount of profit received optimal for a given enterprise at a given time, that is, absolute indicators cannot give a complete picture of performance. It is known that the same results can be obtained by investing a different amount and quality of funds to achieve the goal, or in another way - by choosing more or less effective ways to achieve the goal. Accordingly, the effectiveness of achieving the goal can be interpreted as obtaining a better result at a lower cost. As mentioned above, the purpose of the organization, and, in particular, financial activities, is to make a profit; hence, financial efficiency can be defined as getting better profits. Qualitative profit means that profit, which, firstly, is more stable from the influence of other factors in relation to the main activity, that is, more predictable; secondly, the qualitative indicators of which have a positive trend.

So, for the purposes of this work, a comprehensive analysis of the effectiveness of financial activities is understood as a systematic comprehensive study of the financial condition, which allows a comprehensive assessment of the financial activities of the organization that meets the information needs of a wide range of users, in order to assess the quality of its activities. The complexity of the analysis implies the use of a certain set of indicators, which “compared to individual indicators ... is a qualitatively new formation and is always more significant than the sum of its individual parts, since in addition to information about the individual aspects of the described phenomenon, it carries certain information about the new that appears in the result of the interaction of these parties” [see. 23, page 90]. V.V. Kovalev identifies three main requirements that a system of indicators must satisfy: a) comprehensive coverage of the object under study system indicators, b) the relationship of these indicators, in) verifiability(i.e. verifiability) - the value of qualitative indicators arises when the information base of indicators and the calculation algorithm are clear.

A comprehensive analysis of financial activity can be carried out with varying degrees of detail. The depth and quality of the analysis depend on the volume and reliability of the information at the disposal of the analyst. In accordance with the possibilities of access to information resources, two levels of data are distinguished - external and internal. External Data contain publicly available information about the object of analysis and are presented to users in the form of accounting and statistical reporting, publications in the media; industry reviews; with a certain degree of conventionality, this also includes the materials of the meeting of shareholders, data from information and analytical agencies. Note that the latter source does not always provide reliable data, since it is more of a commercial nature (for example, analytical industry reviews of the RBC agency, which are commercial activities, but are positioned as analytical). Internal data are confidential information of an official nature circulating within the analyzed object. Internal sources of information include management (production) accounting data, accounting registers and analytical transcripts of financial accounting, economic and legal, technical, regulatory and planning documentation.

In some publications devoted to the issues of financial analysis, there is a simplified approach to understanding the information base of financial analysis, which implies the use of only financial (accounting) statements as such. Such a limitation of the information database reduces the quality of financial analysis, and does not allow obtaining an objective external assessment of the effectiveness of the organization's financial activities, since it does not take into account such important factors as the sectoral affiliation of an economic entity, the state of the external environment, including the market of material and financial resources, trends stock market (when analyzing enterprises created in the form of an open joint-stock company).

To analyze the activities of open joint-stock companies The following external sources of information can be distinguished:

1. general economic and political information that is necessary to predict environmental conditions and their possible impact on financial activities;
2. industry information;
3. indicators of the stock market and the real estate market;
4. information on the state of the capital market;
5. information that characterizes the interests of the owners of an economic entity, from which it is possible to more accurately understand the goals of the organization's activities: long-term sustainable functioning or short-term profit;
6. information about top management;
7. information about key counterparties and competitors;
8. external audit report.

When analyzing the activities of a small enterprise, the list of sources of external information “disappears” blocks about quotations on the stock market, information about issuers and an external audit report; blocks about the external economic and political situation become less significant. In the method of indirect rating of closed 1 companies, developed by the St. Petersburg Chamber of Commerce and Industry in 2000, following options, according to which the effectiveness of their functioning is assessed [see 41]:

1. determination of the value of the authorized capital in comparison with the company's existing liabilities. The authorized capital should not be less than 25% of the company's liabilities. If, nevertheless, the authorized capital is less than 25%, then the enterprise in question, according to the methodology, is a risky partner in major transactions, since then it is likely that when fulfilling obligations under this transaction, the co-owners of the companies will not be liable for the obligations of the company;
2. information about the participation of these firms in prestigious exhibitions and fairs (especially international ones);
3. information about participation in tenders and winnings of major tenders;
4. availability of a reference on successfully completed orders;
5. the degree of willingness to voluntarily provide, at the request of counterparties, information on the financial condition (balance sheet, tax returns, etc.);
6. the company has certificates according to the ISO-9001 standard, which certifies the compliance of production processes and the quality management system with international standards;
7. information about the founders (if they are disclosed).

Since, due to objective and subjective reasons, there are restrictions for an external analyst in the amount of information available for analysis purposes (including for analyzing the effectiveness of financial activities), we consider external financial statements as the basis for analyzing the effectiveness of financial activities.

In 1998 In the Russian Federation, the Accounting Reform Program was adopted in accordance with International Financial Reporting Standards, approved by Decree of the Government of the Russian Federation dated March 6, 1998 No. 283, which provides for a set of measures to develop the accounting and reporting system in the Russian Federation in market conditions. The result of the ongoing reform was, for example, changes in the form of presentation of information in the Profit and Loss Statement, which became more informative when it included items of extraordinary income and expenses, as well as items of deferred tax assets and liabilities (PBU No. 18/02); the structure of the balance sheet was changed, in particular, section III “Losses” was excluded from the asset, information about which was transferred to section IV section “Capital and reserves”; since January 2002 enterprises are required to keep accounting records "on shipment", that is, the facts of financial and economic activities are reflected directly at the time of their commission, and not at the time of settlement of obligations, which complies with the requirements of IFRS; new PBUs have appeared, including those regulating the procedure for recording and recognizing expenses and income of an organization, disclosing information on discontinued operations and its individual segments, etc. It should be noted that the process of reforming accounting in our country has contributed to improving the quality of accounting reports, which have become more transparent and more analytical [see 6].

The information core of a comprehensive analysis of financial activity is the Balance Sheet (form No. 1) and the Profit and Loss Statement (form No. 2), although this does not detract from the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property condition of the organization in the past and make forecasts for the future; Profits and Losses Report is a breakdown of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to evaluate what activity (current, other or extraordinary) resulted in this or that financial result of the organization's activities; Statement of capital movements contains information that allows you to track changes in the capital of owners; Cash flow statement important in the analysis of liquidity, since this report contains information about the organization's free cash [see. 17, p. 48].

The analysis begins with the study of the information contained in these reporting forms, however, in order to ensure the correctness and convenience of information processing, it is preceded by a preparatory stage for assessing and converting the initial data. The procedure for evaluating information is carried out in two directions: identifying the arithmetic consistency of data and logical control of their quality. The purpose of the first direction of information evaluation is to check the quantitative correlation of the indicators presented in the documents. The logical control of data consists in checking the information in terms of its reality and comparability of indicators for different periods of time.

The information at the disposal of the analyst (external) may be questioned by him due to the unreliability of the source of this information; in this case, it is necessary to turn to several sources and compare the values ​​of the indicators. Audited accounting information should be recognized as the most objective, since the meaning and purpose of the latter lies precisely in establishing and confirming the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. At the same time, attention should be paid to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditionally positive opinion is comparable to an unconditional positive opinion and, depending on the nature of the errors identified, may be acceptable. A negative audit report indicates the unreliability of the reporting data in all its material aspects, and therefore it is not advisable to conduct an analysis based on such reports, since the financial condition of the enterprise will be deliberately distorted.

As practice shows, to date, audit reports are not a 100% guarantee of the truthfulness of the data. After a series of recent high-profile accounting scandals that ended in bankruptcy large companies In particular, in the US, more attention has been paid to the quality of financial reporting of companies. As follows from publications in the press, the essence of the distortion of reporting committed by the management of bankrupt companies was mainly to overestimate sales revenue and underestimate operating expenses (scandals are associated with companies that compiled their financial statements according to USA GAAP). The result of this practice was the bankruptcy of large companies and the termination of the business of one of the audit and consulting companies of the "big five" - ​​Artur Andersen (in connection with the bankruptcy of Enron) [see. 39].

The reliability of information is, although fundamental, but not the only factor taken into account by the analyst when conducting an analysis. Since when assessing the financial position of an enterprise, the analysis of indicators is carried out for a number of periods, it is important to ensure methodological comparability of the initial accounting data. In this regard, the analyst needs to familiarize himself with the accounting policy of the enterprise, which is disclosed in the explanatory note to the annual report. Obviously, a change in almost any item of the accounting policy in terms of asset valuation and cost formation will lead to structural changes in both the Balance Sheet and the Profit and Loss Statement, and, consequently, to a change in the dynamics of all indicators calculated on their basis. It should also be clarified whether there were any changes in the organizational structure of the enterprise during the analyzed period, since this can significantly affect the structure of its property and capital. The analyst should pay special attention to the issue of comparability of accounting data in terms of inflation. In IFRS, a separate standard IAS 29-90 “Financial reporting in hyperinflationary conditions” is devoted to this issue. The standard states that in a hyperinflationary environment, financial statements only make sense if they are expressed in units of measurement that were typical at the time the balance sheet was presented. The totals in the balance sheet are not always expressed in units of measure corresponding to the time of the report, and are refined by introducing a general price index [see. 17, p. 32].

The issue of data comparability is reflected in PBU No. 4, which states that if the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by accounting regulations [see. 2]. Each significant adjustment must be disclosed in the explanatory note to the Balance Sheet and Income Statement, along with the reasons for the adjustment.

Another component of the preparatory stage of complex analysis is the process of converting the source data. We are talking about the preparation of the so-called analytical balance sheet and income statement. Evaluation of financial statements and identification of interrelations and interdependencies between various indicators of the financial activity of the enterprise allow you to get an idea of ​​​​its financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the functioning of the enterprise remains hidden from the eyes of the user. A deeper analysis of the financial condition is carried out with the involvement of additional non-reporting data, however, the circle of persons who have the opportunity to work with such information is very limited. As a result of using internal data, the negative impact of static reporting information is reduced; the study, along with quantitative (cost) characteristics, of the qualitative characteristics of the object under study (for example, according to the methodology of the St. Petersburg Chamber of Commerce and Industry, which we have already described above) improves the quality of the analyst's judgments about the economic well-being (ill-being) of the enterprise.

Good information support is the key to the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated in the analysis process. An important role in the interpretation of information is played by the competence of the person who conducts the analysis.

Comprehensive analysis and evaluation of the effectiveness of the organization's financial activities

1.2. Methodology for a comprehensive analysis of the effectiveness of the financial activities of an organization: techniques and methods

The purpose of the activities of enterprises during the transition of the Russian economy from the directive-planned to the market has changed dramatically. So, if earlier the goal of the organization's activity was to fulfill the state plan, and, therefore, the main indicator was quantitative performance, now the goal of the work of enterprises (most of which became private during privatization, in the early 90s of the 20th century) is to be competitive and efficient.

Undoubtedly, the market economy has given undeniable advantages for the development of entrepreneurship, and, first of all, for the development of small and medium-sized businesses. But, on the other hand, most enterprises did not have a guaranteed future in the event of the loss of state support (with the exception of strategic facilities). Now, in the presence of serious competition, the assessment of the effectiveness of financial activity has become much more relevant than in the "gosplan times", and as a result, a fairly large circle of people needs to evaluate the effectiveness, which, first of all, includes strategic business partners and investors, owners, as well as credit departments of commercial banks, personnel, tax services and government bodies (the administrative apparatus uses management reporting data for greater information content).

At present, the analysis of small businesses according to external reporting data is not carried out as actively as the analysis of the activities of large enterprises and corporations: this is due to the fact that the costs of qualitative analysis are high and do not correlate with the size of small businesses.

However, let us present a situation where financial analysis is also relevant in a small business. If there is a large circle of enterprises in one market segment that are competitive with respect to each other, for example, the 1C franchisee network, which consists of more than 2,600 companies, an external partner, when investing, is interested in identifying the most efficient organization.

In order to get a fairly complete picture of the effectiveness of the financial activities of the enterprise, in the process of a comprehensive analysis, the analyst needs to get an answer to the following range of questions:

• what are the changes in the composition of property and the sources of its formation over the analyzed period of time, and what are the reasons for such changes?
• What income statement items can be used to predict financial results?
• what is the profitability of sales; own and borrowed capital; assets and including net assets?
• What is the organization's asset turnover?
• Can the business generate income? What is the efficiency of its financial activity?

To get answers to these questions, the analyst should solve a set of tasks that, in their systemic nature, represent the methodology of complex analysis “as a set of rules, techniques and methods for the expedient performance of any work” [see 14, p. 5]. The main components of the analysis methodology are the definition of goals and objectives of the analysis; circle of interested users of information; methods, techniques and methods for solving the tasks. One of the fundamental points in choosing a comprehensive analysis methodology, in our opinion, is the formation of a representative system of interrelated indicators, since initially incorrectly set parameters, despite the high quality of work, will not be able to give interested parties a full answer to the questions posed and, accordingly, work efficiency analytics will be reduced to zero.

So what indicators determine the effectiveness of the financial activities of the organization?

Before answering this question, it should be emphasized once again that in this paper we are considering the efficiency of financial rather than economic activity. Note that the term "efficiency" is used by a number of Russian authors in connection with the assessment of financial and economic activities according to management reporting (A.D. Sheremet, L.T. Gilyarovskaya, A.N. Selezneva, E.V. Negashev, R. S. Saifulin, G.V. Savitskaya), while special attention in the course of a comprehensive economic analysis is focused on indicators and assessment of the intensification and extensification of financial and economic activities with factorial consideration of the impact of such production indicators as capital productivity, resource productivity, material productivity. Other authors, for example, O.V. Efimov and M.N. Kreinina consider the concept of "efficiency" in the context of financial analysis: the determining indicators here are profitability and turnover. V.V. Kovalev means under the assessment of the effectiveness of current activities business activity, as a combination of three components: assessment of the degree of implementation of the plan according to the main indicators and analysis of deviations; assessment and provision of acceptable rates of increasing the volume of financial and economic activities; assessment of the level of efficiency in the use of financial resources of a commercial organization; it also includes analysis of profit and profitability. And the very term “efficiency” by V.V. Kovalev is defined as "a relative indicator that measures the effect obtained with the costs or resources used to achieve the effect" [see. 23, p. 378]. The effect is understood as an absolute performance indicator, and for the enterprise this indicator is profit. In the translated literature, the term "efficiency" is defined by indicators of the value of total assets, the return on net assets and the return on invested capital [see. 33, pp. 62-76]. R. Kaplan, in his work “Balanced Scorecard”, generally criticizes the approach of determining the effectiveness of an organization’s activities only by financial indicators, and proposes to consider the organization’s activities according to four criteria: financial, customer relations, internal business processes, and training and development of personnel [see . 19, p. 12]. However, this implies an analysis of the entire activity of the company, so we will pay special attention to the “financial activity” block. With the efficiency of financial activity, Kaplan distinguishes two indicators: return on investment and added value of the company [see. 19, p. 90].

Considering the foregoing, let's say that, in our opinion, the indicators reflecting the effectiveness of the organization's activities are profitability and business activity, determined by turnover.

In the process of a comprehensive analysis, it is important to identify the relationship and interdependence of profitability indicators with other indicators that characterize various aspects of the organization's activities, such as: equity ratio, liquidity ratios, in particular current liquidity, financial leverage, and determine the ratio of riskiness and profitability of the company's activities. V.V. Kovalev, speaking about profitability, emphasizes that there are many indicators of profitability and that there is no single indicator of profitability. However, the key indicator of profitability as an indicator of the effectiveness of the organization should be. This indicator is the return on equity.

Traditionally, the authors of financial analysis methods offer as the first and second stages of a comprehensive analysis of the financial condition horizontal and vertical analysis of the balance sheet (and Profit and Loss Statement); the latter, for convenience, can be presented in an aggregated form, that is, with the selection of enlarged articles. The purpose of horizontal analysis is to assess the dynamics of the value of property, equity and liabilities over time. Horizontal analysis consists in the construction of analytical tables in which absolute indicators are supplemented by their relative growth / decline rates. In particular, when conducting a horizontal analysis of the balance sheet, the balance sheet data is taken as 100% as a reference, then the dynamic series of articles and sections of the balance sheet as a percentage of the total is built. Vertical analysis is necessary to determine changes in the structure of assets and liabilities of the enterprise. As a result of studying the data obtained, a general idea of ​​the financial condition of the object under study is formed. For example, in a comprehensive analysis of efficiency, the analysis of the capital structure acts as a structural analysis: for example, in the study of the return on equity, a change in the structure towards an increase in borrowed capital reduces the share of equity, which is manifested in an increase in the level of profitability.

One of the following methods used in the process of a comprehensive analysis of the effectiveness of financial activity is the coefficient method, which involves the calculation of certain quantitative indicators that allow drawing conclusions about qualitative changes in the organization's activities. When analyzing profitability, it is necessary to take into account the change in the values ​​of the current liquidity ratio, which decreases with an increase in short-term liabilities, and the equity ratio. Thus, by replacing part of equity capital with borrowed capital, we thereby increase the return on equity, at the same time lowering the level of the current liquidity ratio (with the same level of current assets) with an increase in the value of short-term liabilities 2 . If an enterprise has a current liquidity ratio at a minimum level, then increasing profitability in this way (increasing the share of borrowed capital) is fraught with a loss of solvency in general. As if in continuation of this M.N. Kreinina says that “limiters in the form of the minimum required levels of current liquidity ratios and equity ratios…. do not always make it possible to increase the return on capital by increasing borrowed funds in the composition of liabilities” [see 24, p. 45]. It is also important to take into account the fee for using credit resources (interest on a loan + fines, penalties and forfeits are possible). So, if the cost of a loan exceeds the return on borrowed capital, then this is already a consequence of irrational and inefficient management. As a rule, it is believed that the ratio between debt and equity capital should be no more than 50%, however, in Western companies, borrowed funds prevail in the ratio of debt and equity capital (in contrast to the capital structure Russian companies). This can be explained by the fact that the cost of borrowed capital in the West is significantly lower than in the Russian economy. It is possible to increase profitability without changing the capital structure, that is, by increasing profits. The next way to increase the growth of profitability while maintaining the level of current liquidity is a simultaneous increase in borrowed capital in terms of short-term liabilities and current assets. However, all of the above ways to increase profitability can be used as an addition, with low profitability of sales and low capital turnover. high profitability the latter cannot be achieved.

The indicator of profit is important in evaluating the effectiveness of activities, it directly affects the profitability of activities: the greater the profit, the more efficient the use of property and capital of the organization, all other things being equal. It should be noted that depending on the objectives of the analysis, the numerator of the profitability formula 3 can take various profit indicators: gross profit, profit before tax, profit from sales, profit from ordinary activities, profit or net profit 4 . For comparability of the analyzed profitability indicators, one should adhere to methodological unity when choosing the type of profit for various kinds profitability. It should also be taken into account that in the denominator of the profitability indicator, the numerical values ​​of the data can be taken on a specific date, for example, at the end of the reporting period or as an arithmetic mean; the comparability of the analyzed data should be ensured. Thus, the analyst can use any method of calculating profitability indicators, the main thing is to ensure the comparability of the calculated indicators, otherwise, from a methodological point of view, the results of the profitability analysis as a private analysis of efficiency will be incorrect.

In the process of profitability analysis, it is necessary to pay special attention to the quality of the "net profit" indicator: it is important to determine the composition and structure of income and expenses and analyze them from the point of view of stability and compliance with the nature of the organization's activities. Items of income and expenses not related to current activities are usually classified into: normal, that is, repetitive, ordinary and extraordinary 5 . Due to limited information, an external analyst has difficulty in separating rare and extraordinary items from the composition of income and expenses. It is possible that the analyst can find some useful information for himself in the form No. 5 and in the explanatory note, but only for large enterprises. For small enterprises, the use of these forms in external reporting is not provided.

The next of the indicators for evaluating the effectiveness of activities is the indicator of return on borrowed capital. When studying the profitability of borrowed capital from the point of view of the lender, the numerator of the coefficient is the amount of payment (interest for using the loan, fines, penalties, forfeits) for the provided borrowed funds, and from the point of view of the credited enterprise, the amount of borrowed capital is taken as the numerator. The methodology for calculating this indicator will be discussed in more detail in the first part of the second chapter. The general indicator of the first two is the indicator of return on total capital, which can be interpreted as an indicator of the overall "profitability" of the enterprise and the efficiency of using its resources, respectively.

The return on sales, in contrast to the return on equity, on the contrary, decreases with an increase in the amount of borrowed funds and, accordingly, fees for them. It should also be borne in mind that the dynamics of the ratio of income and expenses as part of revenue depends on the accounting policy used by the enterprise. So, the organization can increase or decrease the amount of profit due to: 1) the choice of the method of accrual of depreciation of fixed assets; 2) choice of material evaluation method; 3) establishing the useful life of non-current assets; 4) determination of the procedure for attributing overhead costs to the cost of goods sold (works, services) [see. one].

The next method used in the process of a comprehensive analysis of performance is the factorial method. The concept of this method is widely presented in the scientific works of A.D. Sheremet. The essence of the method lies in the quantitative characterization of interrelated phenomena, which is carried out with the help of indicators. The signs that characterize the cause are called factorial (independent, exogenous); the signs characterizing the consequence are called effective (dependent). The totality of factorial and effective features connected by one cause-and-effect relationship is a factor system. In the practical application of this method, it is important that all factors presented in the model are real and have a causal relationship with the final indicator. So, if we consider the return on assets, then, as one of the options, it can be presented in the form of three interrelated indicators: expenses to revenue, profit to expenses and revenue to assets. That is, the profit of the enterprise received from each ruble invested in assets depends on the profitability of the expenses incurred, the ratio of expenses and sales proceeds and the turnover of capital placed in assets. Of the total number of factorial models of return on equity, the DuPont model has received the most widespread use. In this model, the return on equity is determined by three indicators: return on sales, asset turnover and the structure of sources of funds advanced to the enterprise. The significance of the identified factors from the position of current management summarizes almost all aspects of the financial and economic activities of the organization: the first factor summarizes the Profit and Loss Statement; the second factor is the assets of the balance, the third is the liability of the balance.

Functional relationships in factor models can be divided into four groups, that is, expressed by 4 different models: additive, multiplicative, multiple and mixed relationships.

The additive relationship is represented as an algebraic sum of factorial indicators:

As an example, let's use the Profit and Loss Statement to calculate the amount of net profit, which is an algebraic sum of 6: (+) Income from ordinary activities, (-) expenses from ordinary activities, (+) operating income, (-) operating expenses, (+) non-operating income, (-) non-operating expenses, (-) income tax and other obligatory payments, (+) extraordinary income, (-) extraordinary expenses. In this case, we considered an aggregated model for calculating net profit: for example, expenses from ordinary activities can be detailed into the cost of goods and services sold, selling and administrative expenses. The degree of detail of the factor model is determined by the analyst in each specific case, depending on the tasks being solved.

The multiplicative relationship is expressed as the impact on the performance indicator of the product of factor indicators:

As an example, consider the return on assets, the factor indicators of which can be represented as the product of asset turnover and return on sales.

A multiple relationship is presented as a quotient of the division of factor indicators:

y=x1/x2

For example, you can take almost any ratio as the ratio of two comparable indicators: for example, return on equity as the ratio of profit and equity; equity turnover as the ratio of revenue to the amount of equity capital.

The combined relationship is different variations of the first three models:

y = (a + c) x b; y = (a + c) / b; y = b / (a ​​+ c + d x e)

An example of a combined relationship is the return on total capital, which is the ratio of the amount of net profit and payment for loans provided to the enterprise to the amount of short-term, long-term liabilities and equity.

To model the above factor systems, there are such techniques as: dismemberment, lengthening, expansion and reduction of the original models. The most common example of an extension approach is the DuPont model, which we have already discussed above. To measure the influence of factors on the performance indicator, it is used as a method of deterministic analysis various ways factorial calculations: chain substitutions, the method of absolute and relative differences, index and integral methods, the method of proportional division.

As one of the examples of factor calculations, we will solve a four-factor model of return on equity by the method of absolute differences:

Return on equity

Rsk = R/SK = P/N N/A A/ZK ZK/SK = x y z q

F (x) = x y0 z0 x q0 = P/N N/A 0 A/ZK 0 ZK/SK 0
F (y) = y x1 z0 q0 = N/A P/N1 A/ZK 0 ZK/SK 0
F (z) = z x1 y1 q0 = A/ZK P/N1 N/A 1 ZK/SK 0
F (q) = q x1 y1 z1 = ZK/SK P/N1 N/A 1 A/ZK1

Balance of deviations

F = F (x) + F (y) + F (z) + F (q)

As can be seen from the model, the return on equity depends on the return on sales, asset turnover, the ratio of assets and borrowed capital and the level financial leverage. However, a high value of profitability does not yet mean a high return on the capital used, just as the insignificance of net profit in relation to capital or to assets (part of capital or part of assets) does not mean a low profitability of investments in the organization's assets. The next defining moment of efficiency is the rate of turnover of assets and capital of the enterprise.

Turnover as an indicator of performance in factor models is influencing the level of profitability. In a comprehensive analysis of turnover, indicators such as:

• turnover ratio as the ratio of revenue to the analyzed indicator;
• an indicator of the average turnover period in days, as the ratio of the analyzed period in days to the turnover ratio;
• release (engagement) additional funds into circulation.

Speaking about the turnover ratio as the ratio of revenue to the analyzed indicator, it should be noted the use of alternative turnover indicators, in which the revenue indicator is replaced by clarifying indicators: for example, with inventory turnover and accounts payable, as a clarifying indicator, you can take the cost of goods sold, works, services; in the analysis of receivables - turnover on repayment of receivables; when analyzing the turnover of cash and short-term financial investments - the turnover of the disposal of cash and short-term financial investments [see. 31, p. 113].

When analyzing the turnover, the analyzed indicators should be divided into two enlarged groups: 1) indicators of the turnover of the enterprise's assets and 2) indicators of the turnover of the enterprise's capital.

In the group of asset turnover indicators, of course, the greatest emphasis should be placed on the turnover of working capital, that is, current assets. So, we single out the main elements of the turnover of current assets: the turnover of inventories, the turnover of receivables, the turnover of short-term financial investments and the turnover of cash. Inventory turnover characterizes the speed of movement of material assets and their replenishment and, as a result, how the company's capital is successfully used. An increase in this indicator can be interpreted as an irrationally chosen management strategy: part of the current assets is immobilized in stocks, the liquidity of which is low, and funds are also diverted from circulation, which can lead to an increase in receivables. On the other hand, an increase in inventory turnover may be disclosed as an investment in the operating stock of the enterprise's cash assets during a period of high inflation. If an enterprise in the analyzed period increases production volumes, then the production volume and, as a result, the sales volumes and revenues, do not yet have time to reach the level of increase in stocks. Upon receipt from the marketing department of information about the expected increase in prices for raw materials and materials (as part of stocks) from suppliers, the managers of the enterprise may decide to increase the purchase of raw materials and materials in the current period at lower prices. To obtain more detailed information, a detailed analysis of inventory turnover is important: raw materials and materials, finished products and goods shipped, costs in work in progress, due to the fact that changes in finished products and, for example, in raw materials are interpreted in different positions. 7

An increase in the turnover of receivables may be the result of an improvement in the payment discipline of the enterprise and a tightening of the policy for obtaining overdue receivables; also, an increase in turnover may be associated with an absolute decrease in receivables with a decrease in the enterprise's turnover and difficulties in selling products (in the event that the current one decreases). When analyzing the turnover of receivables, it is very important to detail the receivables by the terms of return and separate the overdue from the current one. It should be noted that the longer the period of repayment of receivables, the higher the risk of non-payment. Among analysts and accountants, the ratio of the absolute value and indicators of the turnover of accounts payable and receivable is interpreted from different positions. So, if it exceeds the receivable, then, according to analysts, the company is rationally using funds; the point of view of accountants is that accounts payable should be paid off regardless of the amount of receivables.

A decrease in the turnover of cash and short-term financial investments may signal an analyst about a slowdown in the use of highly liquid assets and, as a result, inefficiency in financial activity. An exception in this case may be deposits that are part of short-term financial investments, while the slowdown in the turnover of deposits is offset by high income and, as a result, an increase in their profitability.

When analyzing the indicators of the organization's capital turnover, it is possible to single out the turnover of accounts payable and loans and borrowings. An increase in the turnover of accounts payable may reflect an improvement in the payment discipline of an enterprise in relation to the budget, suppliers, extra-budgetary funds, and personnel. The decrease in this indicator can be caused by the opposite reasons - as a decrease in payment discipline due to a lack of funds. However, an increase in the turnover of accounts payable with a decrease in the absolute value of accounts payable may mean a deterioration in relations with suppliers (if we consider a separate element of accounts payable) and, as a result, a reduction in the terms and volume of commercial loans provided to the analyzed enterprise. The turnover ratio of credits and loans serves as an indicator of changes in the payment discipline of the enterprise already in relation to banks and other lenders. If a average term turnover in days of short-term loans and borrowings is more than a year, then we can say that either the organization erroneously underestimated the amount of debt on long-term loans and borrowings, or the organization repays short-term loans and loans extremely unevenly, which causes additional expenses in the form of fines and penalties to the bank. In our opinion, it is reasonable to compare the absolute values ​​of short-term credits and loans with accounts payable and their turnover ratios: usually, accounts payable currently replaces short-term bank loans and loans.

The next step after calculating and analyzing the turnover ratio and the turnover indicator in days should be to identify the involvement or release of the company's funds in relation to the previous period. This is how absolute and relative release are distinguished. With the turnover of working capital, when the actual balances of working capital are less than the standard or the balances of the previous period, with a reduction or excess of the volume of sales for the period under study, there is an absolute release. Relative release takes place in those cases when, in the presence of current assets, within the limits of their need, an accelerated growth in the production of products, works, and services is ensured.

The method of comprehensive analysis of the effectiveness of financial activity considered by us above allows the analyst, according to external reporting, to evaluate the effectiveness and riskiness of enterprise management based on profitability and turnover indicators. So, financial risk and efficiency exist in constant interdependence: obtaining the maximum return on capital and a high level of profitability requires the enterprise to use not only its own, but also borrowed funds; attracting borrowed funds causes the emergence of financial risk for the enterprise. An increase in the absolute value of accounts payable and, as a result, a decrease in its turnover, on the one hand, may affect the overall solvency of the enterprise, on the other hand, with effective management, short-term liabilities in the form of loans and borrowings can be replaced by “free” accounts payable.

2. Evaluation of the effectiveness of the organization's activities in a comprehensive analysis

2.1. Profitability and profitability as indicators of the financial performance of the organization

Profitability indicators as one of the main performance indicators of financial activity make it possible to collectively reflect the "quality" of the financial condition of the organization and the prospects for its development. The wording: “profitability indicators increased by x% in organization Y compared to the reporting period” is insufficient when interpreting the results of the analysis, therefore, when analyzing profitability, it is important not only to directly calculate profitability indicators and use the dynamic method, determining changes in the profitability indicator over time, but and pay attention to the following points: 1) the "quality" of profitability indicators; 2) the correct grouping of profitability indicators into enlarged groups in order to identify a tendency to change not individual disparate indicators, but its impact on the group of indicators as a whole.

When determining the qualitative side of profitability indicators, we will consider in detail the set of elements that represent the numerator and denominator of these indicators. For the purposes of grouping profitability indicators, we will proceed from the concept of financial activity, which we gave in the first chapter of this work: financial activity is a part of the financial and economic activities of an organization, expressed through financial indicators, with a conditional division of all activities into financial and production.

The structure of profitability indicators in general is the ratio of profit (as economic effect activities) to resources or costs, i.e. in any considered indicator of profitability, profit acts as one of the constituent factors. Based on this, in order to determine the “quality” of profitability indicators, it is necessary to investigate the “quality” of profit as a quantitative indicator that directly affects profitability, determining through what (main or other) activity this profit was received.

The profit of the organization and the factors that form it: income and expenses - are reflected in the financial statements form No. 2 "Profit and Loss Statement". Based on the goals of interpreting the “profit” indicator, the following concepts are distinguished in the financial and economic literature: economic and accounting profit. Economic profit (loss) 8 is the increase or decrease in the capital of owners in the reporting period. If we consider the situation that in the reporting period, independent appraisers determined an increase in the organization's business reputation by +10,000 thousand rubles, then, subject to the principle of continuing operations, this amount cannot be accepted for accounting, because. according to PBU 14/2000 “Accounting for intangible assets”, goodwill is subject to accounting only when selling an organization as a whole and is defined as “the difference between the purchase price of an organization (as an acquired property complex as a whole) and the value of all its assets and liabilities according to accounting balance." The definition of profit within the framework of the accounting approach can be formulated based on the definition of income and expenses in accordance with PBU 9/99 “Income of the organization” and PBU 10/99 “Expenses of the organization”, as a positive difference between income recognized as an increase in economic benefits as a result of the receipt of assets or repayment of obligations, leading to an increase in the capital of this organization, and expenses recognized as a decrease in economic benefits as a result of the disposal of assets or the emergence of liabilities, leading to a decrease in the capital of this organization (when recognizing income and expenses, contributions by decision of the owners of property are not taken into account). So, the above allows us to say that in quantitative terms, the indicators "economic profit" and "accounting profit" do not match. The reason for this is that when determining accounting profit, they proceed from the principle of conservatism, which does not take into account forecasted income, and when calculating economic profit, future income is taken into account. According to PBU 9/99 and 10/99, the organization's income and expenses are divided into: income (expenses) from ordinary activities, operating, non-operating and extraordinary income (expenses). Income and expenses other than ordinary activities, according to PBU 9/99 and 10/99, are considered other income (expenses), extraordinary income (expenses) is also included in other income (expenses). The types of activities that the organization has the right to engage in are indicated in its constituent documents. Practice shows that today the majority of organizations in the Charter have an open list of activities, because the wording is included that the organization can engage in all types of activities that do not contradict the laws of the Russian Federation. In such a situation, the distinction between income and expenses from ordinary and other activities is somewhat difficult. In this case, when analyzing, it is recommended to resort to the principle of materiality, and if the amount of operating income "significantly affects the assessment of the financial position and financial performance of the organization, cash flow, then these receipts should form revenue, and not operating income [see 10, p. 94]. Of course, a similar approach should be used when determining the types of expenses: if, as a result of the expenses incurred, income was received attributable to the ordinary activities of the organization, then the amount of the expense refers to current expenses.

The final financial result of the organization's activities is the indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages in Form No. 2 "Profit and Loss Statement". Initially, gross profit is determined as the difference between the proceeds from the sale and the cost of goods sold, products, works, services. When analyzing gross profit, it is important to identify the impact of the dynamics of the share of cost in revenue. Then the profit (loss) from sales is determined as the difference between gross profit and the sum of selling and administrative expenses. This type of profit is involved in the calculation of the profitability of sales. At the next stage, profit (loss) before tax is calculated as the difference between the sum of operating and non-operating income and expenses. Further, based on the amount of profit (loss) before tax, taking into account the cost of income tax and other similar obligatory payments, profit (loss) from ordinary activities is determined. Extraordinary income and expenses are highlighted separately in the Profit and Loss Statement (section 4). From an economic point of view, the separation of this information into a separate section allows you to “clear” the final financial result from extraordinary and rarely recurring business transactions that do not allow you to correctly reflect the dynamics of the development of the financial and economic activities of the organization. Net profit (loss), formed taking into account the influence of all the above indicators, is calculated as the sum of profit (loss) from ordinary activities and extraordinary income minus extraordinary expenses.

In the process of analysis, it is important to determine how certain types of income and expenses influenced the formation of net profit (loss). Suppose that in the analyzed period, compared with the previous period, the growth in net profit in the organization was associated with a significant increase in extraordinary income. In this situation, however, the increase in net profit should not be considered as a positive moment in assessing the effectiveness of financial activities, because. in the future, the organization may not receive such income.

When evaluating the effectiveness of the financial activities of a group of organizations, the results of which are presented in the consolidated financial statements, it is also important to analyze the impact of income and expenses on the formation of the net profit (loss) indicator in the context of individual operating and geographical segments in order to determine the profitability of individual business lines. This information is disclosed in accordance with the requirements of PBU 12/2000 "Information by segments".

Having determined the “quality” of profit and the procedure for its formation, we will consider the second point in determining profitability indicators - an enlarged grouping of profitability indicators.

V.V. Kovalev distinguishes between two groups of profitability indicators: 1) profitability as an indicator of the ratio of profit and resources; 2) profitability as the ratio of profit and total income in the form of proceeds from the sale of goods, works, services. The first group includes indicators of return on capital: total, own, borrowed; in the second - the profitability of sales [see. 23, p. 378].

O.V. Efimova presents a grouping of profitability indicators in accordance with the types of activities of the organization: current, investment and financial. Also, one generalizing indicator is singled out, which most fully characterizes the effectiveness of the organization's activities - this is the indicator of return on equity. The indicators, which are distinguished by the author in accordance with the types of activities, are considered from the point of view of their influence on the generalizing indicator. In current activities, such indicators as: return on assets, return on current assets, return on sales and return on expenses are distinguished. AT investment activity the return on investment, the profitability of owning an investment instrument and the internal rate of return on investment are highlighted. Indicators of profitability of total capital investments, prices of borrowed capital and the effect of financial leverage (the ratio of borrowed capital to equity capital) make up the third group of indicators - the profitability of financial activities. [cm. 18, pp. 363-389].

HELL. Sheremet allocates return on assets with details on non-current, current and net assets and return on sales [see. 31, pp. 89-94].

J.K. Van Horn says that “there are only two types of profitability indicators. Thanks to indicators of the first type, they evaluate profitability in relation to sales, and indicators of the second type - in relation to investments "and, accordingly, highlights indicators of return on sales and return on investment [see. 13, pp. 155-157].

Based on the definition of financial activity given in the first chapter of this work, we propose the following grouping of profitability indicators:

• profitability of net and total assets as one of the main indicators of the effectiveness of the financial and economic activities of the organization
• return on current assets
• return on total capital
• return on sales
• cost-effectiveness

Let's consider the first group of analyzed indicators - return on assets. The return on total assets is determined by the formula:

When calculating the return on assets, the final financial result - net profit - is taken as an indicator of profit. This ratio shows the effectiveness of the organization's asset management through the return of each ruble invested in assets and characterizes the generation of income by this company. Also, this indicator is another characteristic of resource productivity, but not through the volume of sales, but through profit before tax. [cm. 23, p. 382]. Analysis of the profitability of assets includes the analysis of the profitability of current assets and the analysis of the profitability of net assets. Indicators of profitability of current and net assets are determined similarly to the profitability of total assets, while the denominator of the formula is taken as the average value of current and net assets, respectively. Let's consider these coefficients in more detail.

Return on net assets - the ratio of net profit to the arithmetic mean of net assets at the beginning and end of the reporting period. Net assets are assets cleared of liabilities, or in other words, this is real equity. When calculating net assets 9 in Russian practice, there are adjusting items both in assets accepted for the calculation of net assets and in liabilities accepted for the calculation of net assets. The amount of net assets is found as the difference between the assets, minus the participants' debt on contributions to the authorized capital and the amount of shares bought back from shareholders, and borrowed capital, minus deferred income. Separately, it should be said about the article "Targeted financing and receipts" in the section "Capital and reserves". If these funds are used for production purposes, this item is deducted from the amount of assets when calculating net assets; if this article is aimed at the social sphere, then net assets are not adjusted for the value of this article. However, considering net assets as a residual value, we cannot say that this is the amount of funds that the owners would have received in the event of the liquidation of the company. The fact is that the calculation of net assets is carried out on the basis of the book value, which may not coincide with their market value.

The return on net assets shows the rationality of managing the capital structure, the ability of the organization to increase capital through the return of each ruble invested by the owners. The owners of the company are primarily interested in increasing the return on net assets, since the net profit per unit of the owners' deposits shows the overall profitability of the business chosen as an investment object, as well as the level of dividend payments and affects the growth of share prices on the stock exchange.

We will conduct a dynamic and factor analysis of the return on net assets. A dynamic analysis of the return on net assets will be less affected by inflation than if we compared the quantitative value of net assets over time. Thus, it is proposed to study the return on net assets in the following models:

1. to check the effect of the components of profit on the change in the value of net assets. To do this, the numerator of the formula takes the indicator of net profit (according to the analytical balance sheet) as the sum of revenue, cost with a "-" sign, management and commercial expenses with a "-" sign, operating, non-operating, extraordinary income and expenses, income tax and other similar obligatory payments;
2. create a multiplicative model of return on net assets as the product of return on sales, working capital turnover, current liquidity ratio, the ratio of short-term liabilities to accounts receivable, the ratio of accounts receivable to accounts payable, the ratio of accounts payable to borrowed capital and an indicator that characterizes the financial stability of the organization, as a ratio debt capital to net assets. The model does not randomly select indicators of current liquidity and financial stability. According to the logic, with an increase in efficiency and profitability, the riskiness of the business increases, so it is necessary to monitor certain trends, for example, that an increase in profitability does not entail a decrease in the current liquidity ratio to an unacceptable level and that the organization does not lose its financial stability.

In general, the increase in the return on net assets can be characterized as positive, while changes in the ratio between debt and equity should be taken into account. So, with an increase in the share of borrowed capital in total liabilities, an increase in the rate of return on net assets is not always acceptable, because. in the long term, this will affect the financial stability and current solvency (current liquidity ratio) of the organization. A decrease in the return on net assets may indicate the inefficient use of capital and the “dead” part of the capital that is not used and does not make a profit. To identify the structure of debt and equity, the effect of financial leverage should be calculated as the ratio of debt to equity.

The next indicator we are considering is the return on current assets.

Return on current assets shows the return of each ruble invested in current assets. This is one of the main performance indicators, because it is known that current assets directly create the profit of the organization, while non-current assets create the conditions for the formation of this profit. According to the optimal structure of the organization's assets, the share of current assets should exceed the share of non-current assets, but here it is important to take into account the industry specifics of the analyzed organization. An increase in the profitability of current assets with a constant net profit may indicate a decrease in the share of current assets, which is considered as a negative trend. However, if the decrease in the share of current assets was caused by such factors as: a decrease in stocks in terms of finished products, more rational management of stocks of raw materials and materials, we can say that this is a positive trend, if maintained in the future, we can expect an increase in the net profit of the organization. The outstripping growth rate of net profit compared to the growth of current assets in the reporting period indicates an increase in the efficiency of current assets. It should be emphasized once again about the importance of determining the "quality" of net profit.

The following models are offered for factor modeling:

1. trace the change in the profitability of current assets due to changes in the structure of current assets, while the denominator of the formula is an enlarged grouping of current assets by the following elements: stocks, including the amount of VAT (balance on the VAT account), receivables, short-term financial investments and cash, and in the numerator - the amount of net profit. So, if the decrease in the profitability of current assets was caused by an increase in the absolute value of stocks, then this trend, on the one hand, can be characterized as a decrease in the sales market segment, which leads to an increase in the share of finished products in stocks; on the other hand, it is possible that at the moment the organization was prudently accumulating inventories in anticipation of an increase in the level of prices for them. Therefore, with this trend, one should take into account the dynamics of the turnover of the organization's most liquid assets, cash, and receivables. For a more accurate assessment of the causes and consequences of changes in the profitability of current assets, an in-depth analysis of the current assets of the organization should be carried out;
2. if, when studying the “quality” of profit in the return on net assets, no significant deviations were noted in relation to the reporting period, then it is not recommended to consider this model in relation to current assets. However, if there have been significant changes in the structure of net profit, this model should also be analyzed. This factorial model can be solved by the method of chain substitutions, as a result of which the quantitative influence of each element of profit on the overall profitability of current assets is determined 10 . According to the level of significance of the elements that generate profit, the following indicators can be distinguished in descending order: revenue, cost, commercial and administrative expenses; operating and non-operating income; extraordinary income and expenses;
3. analysis of changes in the profitability of current assets under the influence of profitability of sales and turnover of current assets or analysis of changes in the profitability of current assets under the influence of profitability of sales, turnover of equity capital and the ratio of equity and current assets.

Return on Current Assets = P/N N/CK CK/ОA , where (2.3)

P - net profit;
N - revenue;
CK - equity;
OA - the average value of current assets.

When analyzing the profitability of current assets on the example of a particular organization, it is important to take those indicators whose data are essential for interpreting the results of the analysis.

In general, after analyzing the trends in the change in the profitability of total assets, the profitability of current and net assets, it is possible to assess the effectiveness of the organization's management in terms of the placement of funds.

In the process of analyzing the next group of profitability - return on capital - they study the indicators of profitability of total, borrowed and equity capital.

When analyzing the return on equity, it is necessary to identify trends in the quantitative change in the components of equity capital: authorized capital, reserve capital, additional capital, net profit and reserves. You should also compare the value of net assets and authorized capital. So, if net assets are less than the authorized capital, then the authorized capital of the organization must be reduced to the actual value of net assets; when the value of net assets is less than the minimum established by law the size of the authorized capital, the organization is subject to liquidation. As invested capital, one can consider not only the capital of owners, but also organizations. This approach implies that the organization can manage long-term liabilities as well as equity due to the long-term nature of the former. Based on this indicator, the return on investment indicator is calculated as the ratio of net profit to the average value of the amount of equity and long-term borrowed capital.

When modeling the return on equity, we propose to use the model that has already become a classic, developed by Dupont analysts, in which the return on equity is directly proportional to the return on sales, asset turnover and the financial independence ratio as the ratio of equity to assets in a net assessment. It should be taken into account that the factor of return on sales, being a productive indicator of the reporting period, does not make it possible to determine the planned and long-term effect. The third factor affecting the return on equity, the coefficient of financial independence, on the contrary, expresses the trends in the strategy of financial management of borrowed capital. Thus, the value of this indicator less than 0.5 indicates a rather high level of risk, which implies a focus on high profitability of activities, and vice versa, if the value of the indicator of financial independence is higher than 0.5, this indicates a conservative strategy.

You can also analyze the impact on the change in the return on equity of such a factor as borrowed capital. To do this, consider the following model:

Return on equity = P/N N/SC SC/SC (2.6)

When calculating the return on borrowed capital, it should be taken into account that we consider borrowed capital from the position of the borrower, and not the lender, therefore, the return on borrowed capital is determined by the formula:

If we are a creditor, then the return on borrowed capital is defined as:

At the same time, information on the amount of payment for the use of borrowed capital can be obtained from form No. 4 “Cash flow statement”, line 230 “for paying loans”.

According to PBU 9/99, operating income includes interest received for the use of the organization's funds, while if the amount of income received exceeds 5% of the total income of the organization, then this income item is shown in the Profit and Loss Statement in the context of operating income separately . Therefore, if this income item is not shown in a separate line, and there were incomes from borrowed capital, then the price of borrowed capital did not exceed 5% of operating income.

When analyzing the profitability of sales of profit in the numerator of the formula, several types of profit can be considered. So, when the ratio of sales profit to revenue is taken, we get the "purity of the analytical experiment", which consists in the fact that this indicator should not be influenced by elements that are not related to sales, for example, other income and expenses. This indicator allows you to evaluate the effectiveness of sales management in the process of core business. When considering the ratio of gross profit 11 to revenue, we estimate the share of each ruble received from the sale of products that can be used to cover selling and management expenses. The ratio of profit before tax to revenue reveals the impact of non-operating and operational factors. The stronger the influence of operating and non-operating income and expenses, the lower the “quality” of the final financial result of the organization’s activities, respectively. The ratio of profit from ordinary activities reveals the impact of the tax factor. And, finally, the ratio of net profit to revenue is the final indicator in the system of indicators of profitability of sales and reflects the impact of the totality of income and expenses.

No less important in the analysis of profitability are indicators of profitability of expenses. Thus, it is advisable to analyze the ratio of expenses from ordinary activities to sales proceeds. Expenses from ordinary activities are understood as the total cost of goods, works and services produced, administrative and commercial expenses. For a more detailed analysis, it is recommended to consider the following indicators: the ratio of cost to revenue, the ratio of administrative expenses to revenue and the ratio of commercial expenses to revenue, on the basis of which conclusions are drawn about the effectiveness of cost management. Increasing ROI may signal problems with cost control. For an external analyst, a deeper analysis of the impact of certain costs on the effectiveness of sales management, unfortunately, is not available due to the limited amount of information; the internal analyst in the process of such an analysis should identify reserves for cost reduction.

2.2 Turnover of property and liabilities as a component of the efficiency of the organization's financial activities

The efficiency of the financial activity of the organization to a large extent depends on the speed of turnover of funds: the faster the turnover, the more opportunities for increasing the income of the organization, ceteris paribus, and therefore the efficiency of financial activity is higher.

The turnover rate of individual groups of assets and their total turnover, as well as the turnover of accounts payable and liabilities, differ significantly depending on the scope of the organization (production, supply and marketing, intermediary, etc.), their industry affiliation (there is no doubt that the turnover of working capital at a shipyard and an airline will be objectively different), scale (as a rule, in small enterprises, the turnover of funds is much higher than in large ones) and other parameters. The general economic situation in the country, the level of development of its individual regions, the established system of non-cash payments and the related business conditions of enterprises have no less impact on the turnover of assets and liabilities.

At the same time, the duration of the funds in circulation is largely determined by the internal conditions of the organization's activities, and primarily by the effectiveness of the asset management strategy (or lack of it). So, management can choose different models of the financial management strategy for working capital:

• aggressive, in which the formation of assets necessary for the implementation of economic activities occurs mainly due to short-term accounts payable and liabilities. From the position of performance efficiency, this is a very risky strategy, since maintaining the efficiency of the organization involves a high turnover of assets.
• conservative, which involves the use of predominantly long-term sources of financing current assets (this model, however, in our opinion, is somewhat unrealistic). Since the timing of the return of borrowed capital is significantly remote in time, the turnover of assets, therefore, can be relatively low.
• compromise, which combines both of these sources of funding.

By changing the chosen behavior model (this, of course, does not happen randomly, and the chosen strategy is applied consistently over a certain period of time), financial managers can influence the volume, structure and turnover of the organization's assets and liabilities, and, consequently, affect the efficiency of its activities.

It should be noted that for an internal analyst, the financial policy of an enterprise is an object of close attention and serves as a starting point in the analysis of financial and economic activities. According to the reporting data, an external analyst can only form an approximate idea of ​​​​the financial policy of an enterprise, more precisely, about its individual moments lying on the surface, but even such information should be used by him when studying the effectiveness of the organization's financial activities (of course, while the analyst in his actions should be guided by the precautionary principle). Regarding the turnover of assets and liabilities, we are talking about the fact that an external analyst, using reporting for a number of years and, having identified trends in the dynamics of turnover indicators, can assume with some degree of conditionality that the company will continue to adhere to the same strategy, and in accordance with this cost forecast for the future.

In the process of analyzing turnover, the analyst uses dynamic, coefficient and factorial methods for studying turnover indicators. The dynamic research method allows you to identify a temporary change in turnover rates. The coefficient method of analysis of turnover involves the calculation of indicators of turnover and the duration of one turnover. With the factorial method, we identify the impact of other factors on the effective turnover indicator.

The logic of calculating the indicators of turnover of assets and liabilities lies in the ratio of the indicator of proceeds from the sale of goods, products, works, services (hereinafter referred to as proceeds) and the average value of assets and liabilities for the period. In this case, the average value can be calculated in several ways, as:

• average

  For example,
  average amount of accounts payable \u003d (KZ n.g. + KZ k.g.) / 2 , (2.9)
  where KZ n.g., KZ k.g. - respectively, the amount of accounts payable at the beginning and end of the period.

• chronological average

  For example,
  average amount of accounts payable

1 Closed companies, according to world practice, most often mean small and medium-sized businesses

2 It is assumed that part of equity is replaced by short-term borrowed capital

3 Profitability is defined as the ratio of profit to assets or capital (to a part of assets or part of capital), revenue, etc. For example, the return on net assets is defined as the ratio of net profit to the value of net assets.

4 In the practice of analysis, profitability indicators that use other than net profit indicators are called intermediate levels of profitability.

5 Extraordinary income/expenses are income/expenses that simultaneously meet two criteria:

- unusual, when the income and expenses of the organization are characterized by a high degree of abnormality and are of a nature that is clearly not related or associated only incidentally with normal activities

– infrequent, when, based on reasonable grounds, a recurrence of these incomes and expenses can hardly be expected in the foreseeable future

6 Under the algebraic sum in this context is also understood the difference of indicators as the sum with the sign "-"

7 In more detail, we will consider the analysis of inventory turnover and other components of assets and liabilities in the second part of the second chapter 8 Loss can be interpreted as profit with a “-” sign

9 Order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated January 29, 2003 No. 10n, 03-6 / pz “On Approval of the Procedure for Estimating the Net Assets of Joint-Stock Companies”

10 Detailed calculations of factor models will be presented on a separate example in the third chapter of the work.

11 J.K. Van Horn considers this indicator as the final indicator of return on sales [see. 13, p. 155].

To ensure the positive activity of the enterprise, management personnel must, first of all, be able to realistically assess the financial condition of their enterprise and the state of existing and potential counterparties.

The purpose of economic analysis is to optimize the position of the company in the core market; improvement of financial and economic indicators of activity and professional rating of the company.

Study of economic phenomena, factors and causes that caused them;

Objective assessment of the effectiveness of production and economic activities;

Scientific substantiation of plans, control of their implementation, identification of on-farm reserves;

Development of measures to improve work efficiency.

Tasks of economic analysis:

Scientific substantiation of current and prospective business plans and control over their implementation;

Evaluation of the effectiveness of the use of production factors;

Identification and measurement of internal reserves;

Substantiation of the optimality of managerial decisions.

The implementation of economic analysis is carried out in accordance with the principles:

Consistency (economic processes are considered as interrelated phenomena and elements);

- integrity (the unity of individual factors and elements of production and economic activity);

- complexity (the need to consider the full range of factors affecting the performance of the organization).

Evaluation of economic processes is carried out according to quantitative and qualitative indicators.

Quantitative indicators measure the economic phenomenon in absolute, relative, average values; qualitative indicators reflect the economic content or effectiveness of an economic phenomenon.

Used in economic analysis techniques and methods of analysis of financial and economic activities - it is a system of epistemological categories, scientific tools and regulatory principles for studying the financial activities of enterprises. There are various classifications of economic analysis methods.

The first level of classification is distinguished: non-formalized; formalized methods of analysis.

Non-formalized methods - are based on the description of analytical procedures at the logical level, and not on strict analytical dependencies. These are methods of expert assessments, scenarios, morphological, comparisons, etc. The use of these methods is characterized by a certain subjectivity, since intuition, experience and knowledge of the analyst are of great importance. Formalized Methods - they are based on fairly strict formalized analytical dependencies. Dozens of these methods are known. Let's list some of them.

Classical methods of economic activity analysis and financial analysis: chain substitutions, arithmetic differences, balance sheet, isolation of the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest, discounting.

Traditional methods of economic statistics: average and relative values, grouping, graphical, index, elementary methods of processing time series.

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, analysis of variance, factor analysis, principal component analysis, covariance analysis, object-period method, cluster analysis and other methods.

Economic methods: matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input-output balance.

Methods of economic cybernetics and optimal programming: methods system analysis, machine simulation method, linear programming, non-linear programming, dynamic programming, convex programming, etc.

Operations research and decision theory methods: graph theory methods, tree method, Bayesian analysis methods, game theory, queuing theory, network planning and management methods.

Of course, not all of the listed methods can be directly applied in the framework of financial analysis, since the main results of effective analysis and financial management are achieved with the help of special financial instruments however, some of their elements are already in use.

To make decisions on enterprise management, constant business awareness on relevant issues is needed, which is the result of the selection, analysis, evaluation and specification of the initial information. Therefore, an analytical reading of the original data is necessary.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. In the course of such an analysis, a logical sequence of economic factors and events, their direction and strength of influence on performance results are produced.

The practice of financial analysis has already developed the basic methods for analyzing financial statements.

Basic Methods :

- horizontal (temporal) analysis - comparison of each reporting position with the previous period;

- vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

- trend analysis - comparing each financial position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out;

- analysis of relative indicators (coefficients) - calculation of relations between separate positions of the report or positions of different forms of reporting, determination of interrelations of indicators;

Comparative (spatial analysis) - this is both an on-farm analysis of summary reporting indicators for individual indicators of a company, subsidiaries, divisions, workshops, and an inter-farm analysis of the indicators of a given company with those of competitors, with average industry and average economic data;

- factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator using deterministic research methods. Moreover, factor analysis can be both direct (analysis itself), when the effective indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a general effective indicator.

The proposed methodology for analyzing the financial condition is intended to ensure the management of the financial condition of an enterprise and assess financial stability in a market economy. It includes elements common to both external and internal analysis.

Along with absolute indicators that characterize various aspects of the financial condition, financial ratios are also used. The financial ratio is a relative indicator of the financial condition. They are divided into distribution and coordination coefficients. Distribution coefficients are used in cases where it is necessary to determine what part one or another absolute indicator is from the total of the group of absolute indicators that includes it. These coefficients are mainly used in the preliminary analysis.

The coefficients of coordination are used to express the relationship of essentially different absolute indicators of financial condition.

The analysis of financial ratios consists in comparing their values ​​by periods. As basic values, indicators of the base period of a given economic entity can be used.

Special financial ratios, the calculation of which is based on the existence of certain relationships between reporting items, are called financial and operational indicators. They allow you to realistically assess the position of a given economic entity. Analysis of financial ratios is performed for the following groups:

- analysis of financial stability;

- solvency analysis;

- asset turnover analysis;

- profitability analysis.

Financial ratios characterize the proportions between various reporting items. The advantages of financial ratios are the simplicity of calculations and the elimination of the influence of inflation.

Important factors that determine the solvency of an enterprise are: timely implementation of transactions recorded in financial terms, and replenishment as the need arises for own working capital at the expense of profit, and the speed of turnover of working capital (assets).

Liquidity refers to the ability of valuables to turn into money, which are considered absolutely liquid assets. The property of liquidity has two sides. On the one hand, this - the reciprocal of the time required to quickly sell an asset at a given price. On the other hand, this - the amount you can get for it.

Liquidity balance is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations.

Analysis of the liquidity of the balance sheet begins with the fact that all assets and liabilities are divided into four groups (assets - depending on the rate of conversion into cash; liabilities - depending on the urgency of payment). The characteristics of all groups are presented in table 1.

Table 1. Condensed liquidity balance

A 1 - the most liquid assets - the company's cash and short-term financial investments	P 1 - the most urgent liabilities - accounts payable, loans not repaid on time
A 2 - quickly realizable assets - receivables and other assets	P 2 - short-term liabilities - short-term loans and borrowings
A 3 - slow-moving assets - stocks and costs, long-term financial investments	P 3 - long-term liabilities - long-term loans and borrowings
A 4 - hard-to-sell assets - fixed assets and other non-current assets, with the exception of long-term financial investments	P 4 - permanent liabilities - sources of own funds
Balance = A1-4	Balance = P1-4

An absolutely liquid balance is considered to be one for which the following ratios are fulfilled:

A 1 P 1 ; BUT 2 P 2 ; BUT 3 P 3 ; BUT 4 P 4 (1)

The fulfillment of the fourth relation from inequalities (1) indicates that the enterprise has its own working capital (the minimum condition for financial stability). If at least one of the inequalities (1) is not fulfilled, the enterprise's balance sheet cannot be considered absolutely liquid. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, however, compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

At it is also necessary to evaluate the maneuverability of own working capital:

Comparison of the most liquid funds and fast-moving assets with the most urgent liabilities allows you to find out the current liquidity, that is, liquidity (and solvency) at the current time.

The current liquidity ratio is equal to the ratio of all current assets to the amount of short-term liabilities:

This ratio shows how many rubles in assets account for one ruble of current liabilities and characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of all working capital. The normal limit for this coefficient is: 1 K l.tech 2. The lower limit is due to the fact that working capital should be sufficient to cover their short-term obligations.

The quick liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables:

Regulatory the value of the quick liquidity ratio: K l.fast 1. If the ratio of current assets and current liabilities is lower than 1:1, then we can talk about high financial risk associated with the fact that the company is not able to pay its bills; if the ratio is greater than 1:1, then it can be argued that the enterprise has a sufficient amount of free resources generated from its own sources.

The absolute liquidity ratio shows what part of the short-term debt the company can repay in the near future (as of the balance sheet date):

Regulatory limitation of this coefficient: K l.abs 0,2 0,5.

So Thus, the signs of a “good” balance sheet in terms of liquidity and solvency include the following:

current liquidity ratio > 2.0;

security of the enterprise with its own working capital > 0.1;

there is an increase in equity capital;

there are no sharp changes in individual balance sheet items;

accounts receivable is in accordance (balance) with the amount of accounts payable; there are no “sick” items in the balance sheet (losses, overdue debts to banks and the budget);

reserves and costs do not exceed the value of the minimum sources of their formation (own working capital, long-term credits and loans, short-term credits and loans).

Indicators liquidity in the aggregate give a versatile complex characteristic of the stability of the financial condition of an enterprise with different classifications of liquid funds in the accounting process.

The concept of sustainability is multifactorial and multifaceted. So, depending on the factors influencing it, the stability of the enterprise is divided into internal, external, general and financial. Internal stability - this is such a general financial condition of the enterprise, when a consistently high result of its functioning is ensured. To achieve it, an active response to changes in external and internal factors is necessary. The external stability of an enterprise in the presence of internal stability is due to the stability of the external economic environment within which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country. The overall stability of the enterprise is achieved by such an organization of cash flow, which ensures a constant excess of the receipt of funds (income) over their expenditure (costs). Financial stability is a reflection of a stable excess of income over expenses. It provides free maneuvering of the company's cash and contributes to the uninterrupted process of production and sale of products. Financial stability is formed in the process of all production and economic activities and can be considered the main component of the overall sustainability of the enterprise. The financial stability of the enterprise is characterized by relative and absolute indicators.

The most important indicator of this group of indicators - coefficient of concentration of own capital (coefficient of independence, autonomy). It shows the share of own funds in the value of the property of the enterprise:

Enough 0.5 is considered high. In this case, the risk of creditors is minimized. Having sold half of the property formed at the expense of its own funds, the enterprise will be able to pay off its debt obligations, even if the second half, in which the borrowed funds are invested, is depreciated for some reason.

The value inverse to K auth is the coefficient of financial dependence:

The coefficient of flexibility of own capital reflects the share of own capital invested in current assets, the degree of mobility of the use of own capital. The higher its value, the better the financial condition. The optimal value of the coefficient is 0.5.

The coefficient is determined by the formula:

The dependence of the enterprise on external loans characterizes the ratio of borrowed and own funds. This ratio is determined using the debt capital concentration ratio:

The coefficient characterizes the amount of borrowed funds per 1 ruble of equity, the degree of independence from external sources of financing. The higher the value of this indicator, the higher the risk of shareholders, since in case of non-fulfillment of payment obligations, the possibility of bankruptcy of the enterprise increases. The standard value of the indicator is 0.5 1.0. Its critical value is equal to one. The excess of the amount of debt over the amount of own funds indicates that the financial stability of the enterprise is in doubt.

Data on the debt of the enterprise must be compared with the debts of debtors. Their share in the value of property is calculated by the formula:

To characterize the structure of sources of enterprise funds, along with the above indicators, private indicators should be used that reflect various trends in the change in the structure of individual groups of sources. Let's take a look at these metrics.

The coefficient of the structure of long-term investments reflects the share of long-term liabilities in the composition of non-current assets:

The coefficient of long-term attraction of funds makes it possible to approximately estimate the share of borrowed funds in the financing of investment projects. It is equal to the ratio of the value of long-term loans and borrowings to the sum of the sources of the company's own funds and long-term loans and borrowings:

To characterize the ratio of borrowed funds and other elements, the following are calculated:

- debt capital structure ratio:

Ratio of borrowed and own funds:

Absolute indicators of financial stability are indicators that characterize the level of security of current assets with the sources of their formation. To characterize the sources of formation of stocks, three main indicators are determined.

Availability of own working capital (S OS), as the difference between capital and reserves and non-current assets. This indicator characterizes net working capital. In a formalized form, the availability of working capital can be written as follows:

S OS = Capital and reserves - Non-current assets (15)

Availability of own and long-term borrowed sources of reserves and costs (S OL), determined by increasing the previous indicator by the amount of long-term liabilities:

SOL=S OS+ long-term liabilities (16)

The total value of the main sources of formation of reserves and costs (O S), determined by increasing the previous indicator by the amount of short-term borrowings:

About S=S OL+ current liabilities (17)

Based on these indicators, the following indicators are calculated:

Surplus (+) or shortage (-) of own working capital (S OS):

SOS=S OS - stocks (18)

Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves and costs (S OL):

SOL=S OL- stocks (19)

Surplus (+) or shortage (-) of the total value of the main sources of formation of reserves and costs (O S):

O S= O S - stocks (20)

In the further analysis of financial stability in the enterprise, four types of financial stability are distinguished:

Absolute stability (reserves< sos+ bank loans);

Normal stability (margins = s os+ bank loans);

Precarious financial position (stocks = s os+ bank loans + sources that ease financial tension);

Financial crisis (stocks > s os+ bank loans).

In the case when the balance sheet structure of the enterprise is recognized as unsatisfactory, and the enterprise is insolvent, and the current liquidity ratio has a normative value, it is required to calculate the solvency loss ratio for a period equal to 3 months:

where K l.current.k, n - respectively, the actual value of the current liquidity ratio at the end and at the beginning of the period;

To l. current. norms - normative value of the current liquidity ratio (=2);

T - length of the reporting period in months.

If the estimated value of the loss of solvency ratio is less than 1, then it can be decided that the company is in an unstable financial position and is threatened with loss of solvency in the near future.

In the event that the balance sheet structure is unsatisfactory, and the current liquidity ratio is below the normative value, the solvency recovery ratio should be calculated within six months:

If the calculated value of Kvosst is greater than 1, it can be concluded that the enterprise has the opportunity to restore its ability to pay loans.

Recently, when assessing the solvency and probability of bankruptcy of enterprises in Russia, they began to use an indicator known in international practice for analyzing the financial and economic activities of enterprises as the Altman Z-score. This is an integrated indicator calculated by the formula:

where A - assets;

II A - section IIa of the balance sheet (current assets);

P nr - retained earnings;

P in - sales profit;

In op - market value of ordinary and preferred shares;

L - liabilities.

The critical value of the Z coefficient is 1.8. If the Z value takes values ​​from 1.8 to 2.7, the probability of bankruptcy is high; with values ​​from 2.8 to 2.9 possible; with a value greater than 3.0 - the probability of bankruptcy is considered low.

It is important for the tax authority to answer the question of whether the enterprise is capable of paying taxes. Therefore, from the point of view of the tax authorities, the financial situation is characterized by the following indicators:

- balance sheet profit;

Return on assets;

- balance sheet profit per 1 ruble means for wages.

Based on these indicators, the tax authorities can also determine the receipt of payments to the budget in the future. Enterprise managers are primarily interested in resource efficiency and enterprise profitability. The main goal of financial activity is reduced to one strategic task - increase in the company's assets.

Thus, the methods for assessing the financial performance of the enterprise showed that the main methods are: horizontal (temporary) analysis; vertical (structural) analysis; trend analysis; analysis of relative indicators (coefficients); comparative (spatial analysis); factor analysis. The key elements of the analysis of financial results are: marginal income; profitability threshold; production leverage; marginal safety margin.

Financial analysis at the enterprise is needed for an objective assessment of the economic and financial condition in the periods of past, present and predicted future activities. To determine the weak areas of production, hotbeds of problems, to identify strong factors that management can rely on, the main financial indicators are calculated.

An objective assessment of the company's position in terms of economy and finances is based on financial ratios, which are a manifestation of the ratio of individual accounting data. The purpose of financial analysis is to solve a selected set of analytical tasks, that is, a specific analysis of all primary sources of accounting, management and economic reporting.

The main objectives of economic and financial analysis

If the analysis of the main financial indicators of the enterprise is considered as revealing the true state of affairs in the enterprise, then the results are answers to the following questions:

• the company's ability to invest in investing in new projects;
• the present course of affairs in relation to tangible and other assets and liabilities;
• the state of loans and the ability of the enterprise to repay them;
• the existence of reserves to prevent bankruptcy;
• identification of prospects for further financial activities;
• valuation of the enterprise in terms of cost for sale or conversion;
• tracking the dynamic growth or decline of economic or financial activity;
• identifying the causes that negatively affect the results of management and finding ways out of the situation;
• consideration and comparison of income and expenses, identification of net and total profit from sales;
• study of the dynamics of income for the main goods and in general from the entire sale;
• determination of the part of income used for reimbursement of costs, taxes and interest;
• study of the reason for the deviation of the amount of balance sheet profit from the amount of income from sales;
• study of profitability and reserves for its increase;
• determination of the degree of conformity of own funds, assets, liabilities of the enterprise and the amount of borrowed capital.

Stakeholders

The analysis of the main financial indicators of the company is carried out with the participation of various economic representatives of departments interested in obtaining the most reliable information about the affairs of the enterprise:

• internal entities include shareholders, managers, founders, audit or liquidation commissions;
• external are represented by creditors, audit offices, investors and employees of state bodies.

Financial Analysis Capabilities

The initiators of the analysis of the work of the enterprise are not only its representatives, but also employees of other organizations interested in determining the actual creditworthiness and the possibility of investment in the development of new projects. For example, bank auditors are interested in the liquidity of a firm's assets or its current ability to pay its bills. Legal entities and individuals who wish to invest in the development fund of this enterprise are trying to understand the degree of profitability and the risks of the contribution. Evaluation of the main financial indicators using a special methodology predicts the bankruptcy of an institution or speaks of its stable development.

Internal and external financial analysis

Financial analysis is part of the overall economic analysis of the enterprise and, accordingly, part of a complete economic audit. The full analysis is subdivided into on-farm managerial and external financial audit. This division is due to two practically established systems in accounting - managerial and financial accounting. The division is recognized as conditional, since in practice external and internal analysis complement each other with information and are logically interconnected. There are two main differences between them:

• by accessibility and breadth of the information field used;
• degree of application of analytical methods and procedures.

An internal analysis of the main financial indicators is carried out to obtain generalized information within the enterprise, determine the results of the last reporting period, identify free resources for reconstruction or re-equipment, etc. To obtain the results, all available indicators are used, which are also applicable in the study by external analysts.

External financial analysis is performed by independent auditors, outside analysts who do not have access to the firm's internal results and performance. Methods of external audit suggest some limitation of the information field. Regardless of the type of audit, its methods and methods are always the same. Common in external and internal analysis is the derivation, generalization and detailed study of financial ratios. These basic financial indicators of the company's activities provide answers to all questions regarding the work and prosperity of the institution.

Four main indicators of financial condition

The main requirement for the break-even functioning of an enterprise in the conditions of market relations is economic and other activities that ensure profitability and profitability. Economic activities are aimed at reimbursement of expenses by the income received, making a profit to meet the economic and social needs of the members of the team and the material interests of the owner. There are many indicators to characterize activities, in particular, they include gross income, turnover, profitability, profit, costs, taxes and other characteristics. For all types of enterprises, the main financial indicators of the organization's activities are identified:

• financial stability;
• liquidity;
• profitability;
• business activity.

Indicator of financial stability

This indicator characterizes the degree of ratio of the organization's own funds and borrowed capital, in particular, how much borrowed funds per 1 ruble of money invested in tangible assets. If such an indicator in the calculation turns out to be more than 0.7, then the financial position of the company is unstable, the activity of the enterprise to some extent depends on the attraction of external borrowed funds.

Liquidity characteristic

This parameter indicates the main financial indicators of the company and characterizes the sufficiency of the organization's current assets to pay off its own short-term debts. It is calculated as the ratio of the value of current current assets to the value of current passive liabilities. The liquidity indicator indicates the possibility of converting the assets and values ​​of the company into cash capital and shows the degree of mobility of such a transformation. The liquidity of the enterprise is determined by two angles:

• the period of time required to turn current assets into money;
• the ability to sell assets at a specified price.

To identify the true indicator of liquidity, the enterprise takes into account the dynamics of the indicator, which allows not only to determine the financial strength of the company or its insolvency, but also to identify the critical state of the organization's finances. Sometimes the liquidity ratio is low due to the increased demand for the industry's products. Such an organization is quite liquid and has a high degree of solvency, since its capital consists of cash and short-term loans. The dynamics of the main financial indicators shows that the situation looks worse if the organization has working capital only in the form a large number stored products in the form of current assets. For their transformation into capital, a certain time for implementation and the presence of a buyer base are required.

The main financial indicators of the enterprise, which include liquidity, show the state of solvency. The firm's current assets should be sufficient to repay current short-term loans. In the best position, these values ​​are approximately at the same level. If the enterprise has working capital much more in value than short-term loans, then this indicates an inefficient investment of money by the enterprise in current assets. If the amount of working capital is lower than the cost of short-term loans, this indicates the imminent bankruptcy of the company.

As a special case, there is an indicator of fast current liquidity. It is expressed in the ability to repay short-term liabilities at the expense of the liquid part of the assets, which is calculated as the difference between the entire current part and short-term liabilities. International standards define the optimal level of the coefficient in the range of 0.7-0.8. The presence of a sufficient number of liquid assets or net working capital in the enterprise attracts creditors and investors to invest in the development of the enterprise.

Profitability indicator

The main financial performance indicators of the organization include the value of profitability, which determines the effectiveness of the use of the funds of the company's owners and, in general, shows how profitable the work of the enterprise is. The value of profitability is the main criterion for determining the level of the exchange quotation. To calculate the indicator, the amount of net profit is divided by the amount of the average profit from the sale of the company's net assets for the selected period. The indicator reveals how much net profit each unit of the sold product brought.

The generated income ratio is used to compare the income of the target enterprise, compared with the same indicator of another company operating under a different taxation system. The calculation of the main financial indicators of this group provides for the ratio of the profit received before taxes and due interest to the assets of the enterprise. As a result, information appears about how much profit was brought by each monetary unit invested for work in the company's assets.

Business activity indicator

It characterizes how much finance is obtained from the sale of each monetary unit of a certain type of asset and shows the turnover rate of the financial and material resources of the organization. For the calculation, the ratio of net profit for the selected period to the average cost of costs in material terms, money and short-term securities is taken.

There is no normative limit for this indicator, but the company's management forces strive to accelerate turnover. The constant use of third-party loans in economic activity indicates an insufficient flow of finance as a result of sales, which do not cover production costs. If the amount of turnover assets on the organization's balance sheet is overstated, this results in the payment of additional taxes and interest on bank loans, which leads to a loss of profit. Low active funds lead to delays in execution production plan and loss of profitable commercial projects.

For an objective visual examination of economic activity indicators, special tables are compiled that show the main financial indicators. The table contains the main characteristics of work for all parameters of financial analysis:

• inventory turnover ratio;
• the indicator of the turnover of accounts receivable of the company in the time period;
• value of return on assets;
• resource return indicator.

Inventory turnover ratio

Shows the ratio of revenue from the sale of goods to the amount in monetary terms of stocks at the enterprise. The value characterizes the rate of sale of material and commodity resources classified as a warehouse. An increase in the coefficient indicates the strengthening of the financial position of the organization. The positive dynamics of the indicator is especially important in the context of large accounts payable.

Accounts receivable turnover ratio

This ratio is not considered as the main financial indicators, but is an important characteristic. It shows the average time period in which the company expects payment after the sale of goods. The ratio of receivables to the average daily sales proceeds is taken for calculation. The average is obtained by dividing the total revenue for the year by 360 days.

The resulting value characterizes the contractual terms of work with buyers. If the indicator is high, it means that the partner provides preferential working conditions, but this causes caution among subsequent investors and creditors. A small value of the indicator leads in market conditions to a revision of the contract with this partner. An option for obtaining the indicator is a relative calculation, which is taken as the ratio of sales proceeds to the company's receivables. An increase in the coefficient indicates an insignificant debt of debtors and a high demand for products.

The value of return on assets

The main financial indicators of the enterprise are most fully complemented by the return on assets indicator, which characterizes the turnover rate of finances spent on the acquisition of fixed assets. The calculation takes into account the ratio of revenue from goods sold to the annual average cost of fixed assets. An increase in the indicator indicates a low cost of expenses in terms of fixed assets (machines, equipment, buildings) and a high volume of goods sold. A high return on assets indicates low production costs, and a low return on assets indicates an inefficient use of assets.

Resource return rate

For the most complete understanding of how the main financial indicators of the organization's activities are formed, there is an equally important coefficient of return on resources. It shows the degree of efficiency of the company's use of all assets on the balance sheet, regardless of the method of acquisition and receipt, namely, how much revenue is received for each monetary unit of fixed and current assets. The indicator depends on the depreciation calculation procedure adopted at the enterprise and reveals the degree of illiquid assets, which are disposed of in order to increase the coefficient.

Key financial indicators of LLC

The coefficients for managing sources of income show the structure of finance, characterize the protection of the interests of investors who have made long-term injections of assets into the development of the organization. They reflect the firm's ability to repay long-term loans and credits:

• the share of loans in the total amount of financial sources;
• ownership ratio;
• capitalization ratio;
• coverage ratio.

The main financial indicators are characterized by the amount of borrowed capital in the total mass of financial sources. The leverage ratio determines the specific amounts of asset acquisitions with borrowed money, which include long-term and short-term financial obligations of the firm.

The ownership ratio complements the main financial indicators of the enterprise with a characteristic of the share of equity spent on the acquisition of assets and fixed assets. The guarantee of obtaining loans and investing investor money in the project for the development and re-equipment of the enterprise is the indicator of the share of own funds spent on assets in the amount of 60%. This level is an indicator of the stability of the organization and protects it from losses during a downturn in business activity.

The capitalization ratio determines the proportional relationship between borrowings from various sources. To determine the proportion between own funds and borrowed finance, the inverse leverage ratio is used.

The indicator of security of interest payable or the coverage indicator characterizes the protection of all types of creditors from non-payment of the interest rate. This ratio is calculated as the ratio of the amount of profit before paying interest to the amount of money intended for paying interest. The indicator shows how much during the selected period the company gained money to pay borrowed interest.

Market activity indicator

The main financial indicators of the organization in terms of market activity indicate the position of the enterprise in the securities market and allow managers to judge the attitude of creditors to the overall activities of the company over the past period and in the future. The indicator is considered as the ratio of the initial book value of the share, the income received on it and the current market price at this time. If all other financial indicators are in the acceptable range, then the indicator of market activity will also be normal with a high market value of the share.

In conclusion, it should be noted that the financial analysis of the economic structure of the organization is important for all business entities, shareholders, short-term and long-term creditors, founders and management.

Graduate work

Topic of the thesis:

Analysis and evaluation of the financial activities of the organization (on the example of Prospekt LLC)

Introduction

Theoretical foundations for the analysis and evaluation of the financial activities of the organization

1 The value and information support of the analysis of the financial activities of the organization

2 Tasks of analysis and evaluation of the financial activities of the organization

3 Profitability and profit as indicators of the organization's performance

Analysis and evaluation of the financial activities of Prospekt LLC

1 Organizational and economic characteristics of Prospekt LLC

2 Analysis of the financial performance of the organization

3 Evaluation of the financial performance of the organization

Improving the financial activities of Prospekt LLC

1 Ways of financial recovery of the organization

2 Financial outlook for the organization

Conclusion

Bibliography

Applications

financial business balance sheet

Introduction

Today, the stage of rapid development of the market has practically passed, and a new stage of economic relations is beginning, when the success of the organization largely depends on the art of managing it.

An important role in the implementation of this task is assigned to the analysis and diagnostics of the financial and economic activities of organizations. With their help, a strategy and tactics for the development of the organization are developed, plans and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the performance of the organization, its divisions and employees is evaluated. A modern leader must know well not only the general patterns and trends in the development of the economy in the transition to market relations, but also subtly understand the manifestations of general, specific and particular economic laws in the practice of his organization, timely notice trends and opportunities to improve production efficiency. He must be proficient in modern methods of economic research, methods of systematic, comprehensive economic analysis, the skill of accurate, timely, comprehensive analysis of the results of economic activity.

Management of an organization based on the analysis of financial activity is possible if the management of the organization really knows its capabilities, and this is possible only after the analysis of production and economic activities, since it helps to substantiate plans and management decisions, identify reserves for increasing production efficiency and, as a result, develop a strategy and organization development tactics. In this regard, the study of the fundamentals of the analysis of financial activity is particularly relevant today.

The relevance of the chosen topic is also confirmed by the fact that the overwhelming majority of directors of domestic organizations have higher education in the field of "technical" sciences, where they are specialists whose qualifications are many times higher than the world level. At the same time, in the field of economics, namely in the field of managing an organization in a market economy, they do not have the necessary theoretical or practical base.

Analysis of financial and economic activity is the link between accounting and management decision-making. In the process of its accounting information is subject to analytical processing: a comparison is made of the achieved results of activities with data for past periods of time, with indicators of other organizations and industry averages; the influence of various factors on the results of economic activity is determined; shortcomings, mistakes, unused opportunities, prospects, etc. are identified. Through the analysis of the organization's activities, comprehension and understanding of information is achieved. Based on the results of the analysis, management decisions are developed and justified. Economic analysis precedes decisions and actions, justifies them and is the basis of scientific production management, increases its efficiency.

Therefore, economic analysis can be viewed as an activity for the preparation of data necessary for the scientific substantiation and optimization of management decisions.

A large role is given to analysis in determining the use of reserves to improve the efficiency of the organization. It promotes rationalization, economical use of resources, identification and implementation of best practices, scientific organization of labor, new equipment and production technology, prevention of unnecessary costs, shortcomings in work, etc. As a result, the economy of the organization is strengthened, the efficiency of its activities is increased.

Consequently, the analysis of the financial and economic activities of the organization is not only to evaluate the implementation of plans and establish the results achieved, but also to identify internal reserves and find ways to better use them.

On the other hand, when analyzing an organization, the financial results of the organization's activities are taken into account, which are characterized by the amount of profit received and the level of profitability. The greater the amount of profit and the higher the level of profitability, the more efficiently the organization functions, the more stable its financial condition. Therefore, the search for reserves to increase profits and profitability is one of the main tasks in any business area. Great importance in the process of managing financial results is given to economic analysis.

The purpose of the final qualification work is to study the existing theoretical methods for analyzing the financial activities of an organization, presenting a clear and understandable methodology for analyzing the management of an organization based on an analysis of financial activities, as well as developing measures and practical recommendations for optimizing the financial condition and improving financial results, with respect to a specific organization that can serve as both a methodological and practical basis for managing an organization.

This goal of the work is defined objectively: it is of particular importance for Russia. Indeed, if we do not touch upon the analysis of the internal political situation of our state, we can say that the Russian Federation is potentially one of the richest countries in the world. Practice says that one of the determining factors hindering the economic development of the country is the insufficiently high level of qualification of managerial employees of domestic organizations in the field of economics.

In the current economic conditions, the modern head of the organization must have the skills not only to manage a team, not only to manage production, but also to be a specialist in the field of financial management of the organization.

The main objectives of this work are as follows:

-reveal the meaning and information support of the analysis of the financial activities of the organization;

-disclose the tasks of analysis and evaluation of the financial activities of the organization;

-characterize the concepts of profitability and profit as the main indicators of the effectiveness of the organization;

-conduct an analysis of the financial activities of Prospekt LLC;

-assess the financial performance of the organization;

-develop ways of financial recovery of the organization;

-outline the prospects for the financial activities of the organization.

The object of study in this paper is the trade organization Prospekt LLC.

The subject of the study is the financial aspects (financial condition and financial results) of the organization's activities for the reporting period from 2006 to 2007.

1. Theoretical foundations for the analysis and evaluation of the financial activities of the organization

.1 Significance and information support of the analysis of the financial activities of the organization

Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of organizations use the methods of financial analysis to make decisions on optimizing their interests.

The owners analyze the financial statements to increase the return on capital, ensure the stability of the firm's improvement. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical justification of the decision.

In recent years, a lot of serious and relevant publications on financial analysis have appeared. Foreign experience in financial analysis and management of organizations, banks, insurance organizations, etc. is being actively mastered. At the same time, it should be noted that the presence of a large number of interesting and original publications on various aspects of financial analysis does not reduce the need and demand for special methodological literature, in which a complex logically coherent procedure of financial analysis would be reproduced step by step.

Bringing the forms of financial statements in line with the requirements of international standards makes it necessary to use a new method of financial analysis that meets the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an organization, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of organizations in a market economy is based on a generalization of financial accounting data and is an information link that connects organizations with society and business partners, users of information about the organization's activities.

The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the organization.

The first group of users includes the owners of the organization's funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, organization personnel and management.

Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the organization; creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of placing their capital in the organization.

It should be noted that only the management (administration) of the organization can deepen the analysis of reporting using production accounting data as part of the management analysis carried out for management purposes.

The second group of users of financial statements are the subjects of analysis, which, although they are not directly interested in the activities of the organization, must, under the contract, protect the first group of users of statements. These are audit firms, consultants, legal exchanges, the press, associations, trade unions.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The methodology of financial analysis consists of three interrelated blocks:

-analysis of the financial results of the organization;

-analysis of the financial condition;

-analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the organization's balance sheet (Form No. 1 of annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 of the annual reporting).

In accordance with the Methodological recommendations on the procedure for the formation of indicators of the financial statements of an organization, approved by order of the Ministry of Finance of the Russian Federation of June 20, 2000, No. 60n, the financial statements should include the data necessary for the formation of a reliable and complete presentation; on the financial position of the organization, the financial results of its activities and changes in its financial position. In the event that insufficient data is revealed to form a complete picture of the organization's financial position, the organization's financial statements include appropriate additional indicators and explanations. At the same time, the neutrality of the information contained in the financial statements must be ensured, i.e. unilateral satisfaction of the interests of some groups of interested users of financial statements in front of others is excluded. The data of the financial statements of the organization should include the performance indicators of all branches, representative offices and other divisions. The consistency and complexity of the information contained in the financial statements is a consequence of the following requirements for its preparation:

-completeness of reflection in accounting for the reporting year of all business transactions carried out in the current year;

-the correctness of attributing income and expenses to the reporting period in accordance with the chart of accounts and the Regulation on accounting and financial reporting in the Russian Federation;

the identity of analytical accounting data to turnovers and balances of synthetic accounting accounts as of the date of the annual inventory;

compliance with the adopted accounting policy during the reporting year.

The financial statements of the organization is the main source of information about its activities. A thorough study of accounting reports reveals the reasons for the successes achieved, as well as shortcomings in the work of the organization, helps to identify ways to improve its activities.

The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it must be borne in mind that the periodic accounting or financial statements of an organization are only raw information , prepared during the implementation of accounting procedures in the organization.

In order to make management decisions in the areas of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. from the general to the particular, but it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The market economy contributes not only to strengthening, but also to a qualitative change in the role of financial analysis, which turns into the main method for assessing the financial condition of an organization. It allows you to identify the efficiency of resource use, assess the profitability and financial stability of an economic entity, establish its position in the market, and also quantify the degree of riskiness of activities and competitiveness.

.2 Tasks of analysis and evaluation of the organization's financial performance

The main task of analyzing the financial activity of an organization is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the organization and its solvency. In this case, it is necessary:

) based on the study of the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the financial condition of the organization;

) predict possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources and developed models of financial condition with a variety of options for using resources;

) develop specific activities aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the tasks set in the listed activities are successfully implemented, this has a positive effect on the financial position of the organization. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease, and as a result, the financial condition of the organization worsens. Thus, the stable financial condition of the organization is the result of competent and rational management of the whole complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the main methods for its implementation.

-horizontal (temporal) analysis - comparison of each reporting position with the corresponding position of the previous period, consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates.

-vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in the total. An obligatory element of the analysis is the dynamic series of these values, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators.

-trend analysis - comparing each reporting position with the positions of a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective, predictive analysis is carried out.

-analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship of indicators.

comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as a comparison of the organization's financial indicators with those of competing organizations, industry average and average general economic data.

factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator. Factor analysis can be direct (analysis itself), i.e. splitting the performance indicator into its constituent parts, and the reverse (synthesis), when its individual elements are combined into a common performance indicator.

As a tool for analyzing the financial condition of an entrepreneurial firm, financial ratios are widely used - relative indicators of the financial condition of an organization that express the relationship of some absolute financial indicators to others. Financial ratios are used:

-to compare the indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry average indicators;

-identifying the dynamics of development of indicators and trends in the financial condition of the company;

determination of the normal limit and criteria for various aspects of the financial condition of an entrepreneurial firm.

Theoretically substantiated or obtained as a result of expert surveys are used as basic values, which characterize the optimal or critical values ​​of financial ratios from the point of view of the stability of the financial position of the organization. In addition, the comparison can be based on the time-series averaged values ​​of the indicators of a given organization related to financially favorable periods, industry average values ​​of indicators, and indicator values ​​calculated from the reporting data of similar organizations. Such basic values ​​actually play the role of standards for the coefficients calculated in the course of the analysis of the financial condition.

The financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

The balance sheet asset contains information about the placement of capital at the disposal of the organization. Each type of allocated capital corresponds to a separate balance sheet item.

For analysis, indicators are calculated that characterize the structure (shares, shares) and dynamics (growth and growth rates) of property (assets) and sources of financing (liabilities).

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