Theoretical foundations for diagnosing financial and economic activities. Diagnostics of financial and economic activities and its importance for the enterprise Analysis and diagnostics of financial performance

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Course work

in the discipline "Analysis of Economic Activity"

on the topic: Analysis and diagnostics of the financial and economic activities of the organization

Introduction

In a market economy, the goal of any production is to obtain the maximum possible profit. Under these conditions, only those enterprises that obtain the highest economic result from it can carry out their production and financial activities.

Those enterprises that operate inefficiently, are unprofitable, much less unprofitable, are unviable. They inevitably go bankrupt and cease to exist. Consequently, at each enterprise it is necessary to identify the presence of facts of mismanagement, unproductive losses, unreasonable investment of funds, etc. in order to eliminate them.

Therefore, at present, the role of analysis and diagnostics of the financial and economic activities of enterprises is significantly increasing, the main goal of which is to identify and eliminate shortcomings in the activities of enterprises, search for and involve unused reserves in production.
In current conditions, a financial manager becomes one of the key figures in the enterprise. He is responsible for posing financial problems, analyzing the feasibility of using one or another method of solution adopted by the management of the enterprise, and proposing the most acceptable course of action.

The purpose of the course work is to analyze the main economic indicators, identify reserves for more efficient use of resources and develop measures to improve the financial condition and financial results.

The main tasks set to achieve the goal of the work can be considered:

1. Study of the theoretical foundations of analysis and diagnostics of financial and economic activities

2. Study of methods and techniques for analyzing financial and economic activities

3. Determining the effectiveness of the use of information technology in the process of analyzing financial and economic activities.

The first chapter examines the dynamics of general indicators that comprehensively characterize the efficiency of an organization, which allows us to establish the main trends and nature of its development.

The second chapter analyzes gross profit, sales profit, net profit, profitability indicators, liquidity and financial stability indicators, business activity indicators (working capital turnover).

The course work was completed using the regulatory framework of the Russian Federation, special literature on production, management and financial analysis.

1. Analysis of the main technical and economic indicators of the organization’s activities

1.1. Analysis of production volume and product sales

The purpose of production and sales analysis is to identify ways to grow marketable and sold products through better use of production capacity and improved competitive advantages.

Main tasks of the analysis:

1) analysis of the dynamics of commercial products;

2) factor analysis of commercial products;

3) analysis of the quality of products;

4) analysis of the rhythm of production;

5) analysis of sales revenue;

6) identifying reserves for revenue growth.

Key indicators characterizing production and sales of products:

Gross output is the cost of all products produced, work performed, including work in progress.

Commercial output differs from gross output in that it does not include the remains of work in progress and intra-economic turnover. Commercial output and gross output may coincide if there is no on-farm turnover and work in progress.

Products sold are the cost of products and work paid for by the buyer, i.e. products (works) that have found their buyer. Its volume is calculated according to financial statements as revenue from the sale of products (work) without indirect taxes.

Production capacity is the maximum possible volume of output with full and rational utilization of existing fixed assets.

Break-even sales volume (break-even point) is the sales volume at which profit is zero.

The source of information for analyzing the cost of work performed and revenue are the forms of statistical and accounting reporting: f. No. 1-P “Basic information about the activities of the organization”; f. No. 5-z “Production costs”; f. No. 2 “Profit and Loss Statement.”

Analysis of the cost of products (work) is carried out over a number of years and includes:

Determination of the absolute and relative deviation of the indicators of the cost of construction and installation work performed and the proceeds from the implementation of work in the reporting year compared to the previous or base year;

Determination of the dynamics of work cost indicators in current and comparable prices (determining growth rates and growth rates);

Determination of the absolute value of 1% increase;

Analysis of the ratio of the cost of construction and installation work performed and sales revenue;

Product structure analysis.

The initial data for the analysis of commercial and sold products are presented in Table 1, and the indicators of the dynamics of commercial products are presented in Table 2.

Table 1. Initial data for analyzing production volume and product sales

Table 2. Indicators of the dynamics of commercial products

Figure 1. Dynamics of commercial and sold products.

Figure 2. Growth rate of marketable products

Thus, based on an analysis of the dynamics of the cost of marketable and sold products in current prices, we can conclude that the volume of marketable products exceeds the volume of sold products, which indicates a problem for the enterprise with sales.

If the growth rate is greater than one (or 100%), then this indicates an increase in the level being studied compared to the base level. A growth rate equal to one (or 100%) shows that the level of the period under study has not changed compared to the base one. A growth rate of less than one (or 100%) indicates a decrease in the level of the period under study compared to the base one.

An important area of ​​analysis is to identify factors influencing changes in marketable products. To do this, you can use the following deterministic model:

where V is the total volume of production in physical terms;

di is the share of output of the i-th type of product in the total volume;

ci is the price of the i-th type of product.

For factor analysis, the initial data are presented in Table 3.

Table 3

Initial data for factor analysis of commercial products

4298*(0,31363*2569,42878+0,45137*3075,94845+0,23499*2507,09901)

5131*(0,31363*2569,42878+0,45137*3075,94845+0,23499*2507,09901) =14281681

5131*(0,32372*2569,42878+0,34691*3075,94845+0,32937*2507,09901) =13980007

5131*(0,32371*3574,9952+0,34691*3312,4494+0,32937*2709,0769)=16412567

TP (V) = TP" - TP0 = 2318581

TP (di) = TP" -TP" = -301674

TP (ci) = TP1 - TP" = 2432560

Check: TP1 - TP0 = TP (V) + TP (di) + TP (ci)

4449467 = 4449467

In order to analyze revenue from product sales, we will use the additive model:

where On and Ok are the balances of commercial products in the warehouse, respectively, at the beginning and end of the year.

The initial data for factor analysis are presented in Table 4.

Table 4. Analysis of sold products

B (He) = = 1635-119 = 1516

V (TP) = TP1 - TP0 = 16413-11963 = 4449

V (Ok) = - = -(3342-1655) = -1686

The increase in the balance of finished products at the beginning of the year is 1516 tr. Revenue increased by 4279 tr. due to an increase in the output of commercial products by 4449 tr. and reducing the balance of finished products at the end of the year by 1686 tr.

1.2. Analysis of the use of labor resources

Labor resources are a part of the population that has the necessary physical characteristics, as well as certain knowledge and qualifications in the relevant industry.

A profession is a type of work activity. Qualification is a measure of mastery of a given profession through the assignment of qualification categories. Specialty is the differentiation of knowledge within a profession. Analysis of the use of labor resources is carried out in the following areas:

Analysis of the number of employees;

Analysis of working time use;

Analysis of efficiency indicators for the use of labor resources.

The information base for analyzing the use of labor resources is statistical reporting data: f. No. P-4 “Information on the number, wages and movement of workers”; f. No. 1-T “Information on the number and wages of employees by type of activity”; f. No. T-12 “Table of recording the use of working time and calculation of wages”, information from the personnel service of the enterprise.

To analyze the dynamics and assess the qualitative composition of personnel, we will use the data presented in Table 5.

Table 5. Analysis of the qualitative composition of employees, people.

Figure 4. Structure of workers by education for 2012 and 2013.

Figure 5. Structure of employees by length of service for 2012 and 2013

The calculation results presented in Table 5 allow us to draw the following conclusions. The average number of employees in 2013 compared to 2012 increased slightly (by 3 people). At the same time, the number of workers increased by 8 people, and the number of employees decreased by 5 people. Accordingly, the share of workers increased from 71% to 77%, and the share of employees decreased from 29% to 23%.

The largest share falls on workers aged 40 to 50 years. Due to the specific nature of the work, the largest share is made up of men (more than 61%). The organization employs personnel who mainly have incomplete higher and higher education.

If in 2012 the largest share was accounted for by workers with work experience from 10 to 15 years, then in 2013 - for an interval of over 20 years. To analyze the movement of workers, the following indicators are calculated:

1) admission turnover ratio

where is the number of hired employees,

Average number of employees.

2) Disposal turnover ratio

where Chvyb is the number of retired employees.

3) Staff turnover rate

where Chs.zh. -the number of workers dismissed at their own request,

Chtr.d. - number of workers dismissed for violation of labor discipline

4) Staff retention rate

where Chn is the number of employees constantly on the list during the year.

Table 6. Analysis of the movement of workers, people.

The data in Table 6 shows that in 2013 the admission turnover rate increased almost 3 times. This is mainly due to the acceptance of workers upon application. The attrition turnover ratio increased from 15% to 24% due to voluntary dismissals and due to the end of the contract term. Due to the increase in the number of people dismissed at their own request and for violation of labor discipline, the staff turnover rate increased - from 9.6% to 12.4%. The share of permanent staff in the average headcount in 2013 is 80.4%.

The next step is to analyze the efficiency of using working time. To do this, based on the time sheet, a balance of working time for one worker is compiled (Table 7).

Table 7. Balance of working time per worker

Thus, analysis of the working time balance allows us to identify the causes of all-day and intra-shift losses of working time. An unconditional reserve for increasing the working time fund is the elimination of absenteeism and downtime. The reasons for both full-day and intra-shift downtime can be: equipment breakdown, lack of work, lack of raw materials, power outages, etc. The relevant services of the enterprise need to more carefully analyze the causes of lost working time and develop measures to reduce them. Reducing lost working time for reasons depending on the enterprise is a reserve for increasing the volume of work performed. The main indicator of the efficiency of using labor resources is the labor productivity indicator.

To measure labor productivity, output and labor intensity indicators are calculated. The output of one worker is determined by the formula:

Output per worker:

Labor intensity:

To identify the influence of factors on changes in the output of one worker, the following multiplicative model is used:

where Ur is the proportion of workers in the total number of workers.

D - the number of days worked by one worker on average per year

T - average actual duration

HF - average hourly output of one worker, t.r./person.

Table 8

Initial data for analyzing the output of one worker

Using the data from Table 8, we will conduct a factor analysis of production using the method of absolute differences.

= (0,77320-0,71277)*210*7,8*0,10808=10,78999

W (D) = = 0.77320*(208-210)*7.8*0.10808=-1.31483

W (T) = = 0.77320*208*(7.83-7.87)*0.10808=

W (HF) = = 0.77320*208*7.83*(0.13442-0.10808) = = 33.15038

Check: W = W (Ur) + W (D) + W (T) = 41.93

According to the calculations made, it is clear that during the reporting period the plan for the volume of marketable products was exceeded by 4449 tr. The output of one worker was exceeded by 41.93 tr/person, which was not affected by a decrease in the number of days by 2.00 and a decrease in the duration of the working day by 0.04 hours.

1.3. Analysis of the use of fixed assets

Fixed assets are tangible factors of production that are used for a period of time of more than one year and gradually transfer their value to the cost of finished products. Fixed assets are the most important factor in any production process. The final results of the organization’s activities depend on the technical condition and efficiency of their use.

Analysis of fixed assets at enterprises is carried out in the following areas:

1) analysis of the dynamics and structure of fixed assets;

2) analysis of movement indicators and technical condition of fixed assets;

3) analysis of the age composition of fixed assets;

4) analysis of equipment use by time and power;

5) analysis of efficiency indicators for the use of fixed assets;

6) identifying reserves for increasing capital productivity.

The source of information for analysis are statistical reporting forms: f. 1 “Balance Sheet”; “Appendix to balance sheet”; f. No. 11 “Report on the availability and movement of fixed assets.” Fixed production assets include those used in the production sector. To analyze the dynamics and structure of fixed assets, we will compile tables 9 and 10.

Table 9.

Analysis of the dynamics and structure of fixed assets in 2012

Table 10

Analysis of the dynamics and structure of fixed assets in 2013

Figure 6. Structure of fixed assets at the end of 2012 and 2013

The data in Table 9 allows us to draw the following conclusions. Compared to the beginning of 2012, the cost of production fixed assets increased by 727 tr. This increase is associated with the commissioning of equipment worth 600 rubles. and computer equipment for 200 tr. In 2012, computers worth 73 thousand rubles were written off due to complete wear and tear. Including the amount of introduced fixed assets exceeds the amount of retired assets, the organization’s property potential grows.

In the structure of fixed production assets at the end of 2012, the share of working machines and equipment increased from 29.7% to 31.7%, computer equipment from 5.4% to 25%. In general, the structure of fixed assets has developed in favor of the active part.

In Table 10, compared to the beginning of 2012, the cost of production fixed assets increased by 800 rubles. This increase is associated with the commissioning of equipment worth 400 rubles. In 2012, computers worth 222 thousand rubles were written off due to complete wear and tear. Including the amount of introduced fixed assets exceeds the amount of retired assets, the organization’s property potential grows.

In the structure of fixed production assets at the end of 2012, the share of working machines and equipment remains unchanged and amounts to 31.7%, and the share of computer equipment decreases from 5.8% to 5.6%. In general, the structure of fixed assets, as last year, was in favor of the active part.

The main indicators of the movement of fixed assets include:

1) input coefficient

where OSvv - introduced fixed assets,

OSk.g. - fixed assets at the end of the year.

2) retirement rate

where OSv is retired fixed assets,

OSn.g. - fixed assets at the beginning of the year

3) growth rate

4) compensation coefficient

The main indicators characterizing the technical condition of fixed assets include:

1) wear rate

where An.g. - depreciation of fixed assets at the beginning of the year.

2) suitability factor

We will enter the calculation results in Table 11.

Table 11

Indicators of movement and technical condition of fixed assets

In the reporting year, the share of received fixed assets was 5.1%, which is 0.9% more than in the base year. The disposal rate shows that 1.2% of fixed assets were disposed of, which is an increase compared to the previous year.

Growth in fixed assets increased by 0.2%.

The compensation ratio is not intensive, since it does not cover the cost of retired fixed assets. The depreciation coefficient at the beginning of the year increased by 0.049, at the end of the year by 0.044, which indicates an increase in the degree of depreciation of fixed assets.

The suitability coefficient decreased by 0.049 at the beginning of the year, and by 0.044 at the end of the year, which indicates a decrease in the degree of suitability of fixed assets for use.

In the reporting year, the serviceability coefficient is less than the wear and tear coefficient, which negatively characterizes the enterprise’s activities in terms of the technical condition of fixed assets.

To assess the efficiency of using fixed assets, the following indicators are calculated:

1) capital productivity

2) capital intensity

3) profitability of fixed assets

Let's make table 12.

Table 12. Analysis of the efficiency of use of fixed assets

To identify the influence of factors on changes in Fo, we will use the following deterministic models

= (0,6943-0,6819)*0,93 = 0,0115

0,6943*(1,2044-0,93) = 0,1905

FO = FO (UA) + FO (FOA) = 0.2020

DFO = DFO (Wp) + DFO (FV) = 0.2020

= (0,6943-0,6819)*0,4509*210*1,61*7,1*0,0052*0,1657 = 0,0115

0,6943*(0,4572-0,4509)*210*1,61*7,1*0,0052*0,1657 = 0,0090

0,6943*0,4572*(208-210)*1,61*7,1*0,0052*0,1657 = -0,0062

0,6943*0,4572*208*(1,65-1,61)*7,1*0,0052*0,1657 = 0,0128

0,6943*0,4572*208*1,65*(7,4-7,1)*0,0052*0,1657 = 0,0279

0,6943*0,4572*208*1,65*7,4*(0,0051-0,0052)*0,1657 = -0,0048

0,6943*0,4572*208*1,65*7,4*0,0051*(0,2024-0,1657) = 0,1518

Examination:

FO = FO(UA) + FO(UM) + FO(D) + FO(Ksm) + FO(t) + +FO(L) +FO(Vch)= 0.2020

Comparative analysis of the efficiency of use of fixed assets for 2012-2013. shows that the average annual value of fixed assets increased by 763.50 tr. There is an increase in capital productivity by 20% compared to the previous year. This means increasing the efficiency of investments spent on fixed production assets. An increase in the share of the active part of funds has a positive impact on the level of capital productivity and the volume of work. Indicators of capital-labor ratio and capital intensity in 2013, on the contrary, decreased. Reducing capital intensity means saving labor embodied in fixed assets. Decrease in capital-labor ratio by 19.85 tr./person. means that the company needs to increase the number of fixed assets, or reduce the number of employees.

1.4. Product cost analysis

Cost is the most important indicator that characterizes in value terms the costs of living and material labor for the production and sale of products. Profit, as well as sales revenue, depend on the cost price. Product cost analysis is carried out in the following areas:

1) analysis of cost dynamics;

2) analysis of the cost structure;

3) analysis of the cost of the most important types of products according to costing items;

4) analysis of production costs;

5) identifying reserves for reducing production costs.

Let us determine the cost of marketable products by quarter of the analyzed years using the data in Table 3.

We will enter the calculation results in Table 13.

Table 13. Indicators of the dynamics of the cost of commercial and sold products

Figure 7. Dynamics of costs per 1 rub. products

Due to a reduction in costs in some periods of 2012-2013, the cost indicator per 1 ruble of products decreased by 0.0914 kopecks.

Costs per 1 ruble of products sold increased by 0.0459 kopecks. To obtain a profit of 1 ruble, the company invested 79 kopecks and 70 kopecks in the base and reporting years, respectively. The increase in costs occurred due to an increase in production volumes and an increase in the cost of goods sold.

To analyze the cost structure by cost elements, let’s draw up Table 14.

Table 14 Cost analysis by cost elements

Figure 8. Cost structure by cost elements for 2012 and 2013

The graph shows that of the 5 cost elements, material costs occupy a high share. Their structure in full cost in 2012 was 42.1%, in 2013 - 47.5%.

As a result, it can be argued that it is material costs that are the main element in the formation of product costs. Let's conduct a factor analysis of costs per 1 ruble of products.

To do this, we will use the following deterministic model:

Using the method of chain substitutions, we determine the influence of factors.

Z(M) = Z"-Z0 = 0.1227

Z (ZP) = Z"-Z" = 0.0366

Z(OSN) = Z"""-Z" = 0.0125

Z(A) = Z""-Z"" = 0.0127

Z(R) = Z"""-Z"" = -0.0161

Z(TP) = Z1-Z""" = -0.2599

Check: Z1-Z0 = Z(M) + Z(ZP) + Z(OSN) + Z(A) + Z(Pr) + Z(TP) -0.0914 = -0.0914

We will enter the calculation results in Table 15.

Table 15. Factor analysis of cost and expenses per one ruble of marketable products

Analysis of costs per 1 ruble of commercial products showed a decrease in costs due to changes in the level of costs (0.0914).

2. Analysis of financial condition and financial results

2.1. Analysis of the organization's assets and liabilities

Financial condition is a complex concept that is characterized by a system of indicators reflecting the availability, allocation and use of the organization's financial resources.

Financial analysis is a scientific study of financial processes and the movement of financial resources in a single trade and production turnover of an enterprise.

The main purpose of financial analysis is to identify reserves for strengthening solvency, competitiveness and financial results. Financial condition analysis is carried out in the following areas:

1) Express analysis of the financial condition of the organization (identification of violations of the normal course of economic processes);

2) Analysis of the organization's assets and liabilities;

3) Analysis of the organization's solvency;

4) Analysis of financial stability;

5) Analysis of business activity;

6) Analysis of financial reserves.

The information base for the analysis is accounting financial statements, data from business plans, financial plans and other information.

In accordance with the new federal law on “accounting” 402-FZ (entered into force on January 1, 2013), the financial statements include:

1) balance sheet;

2) financial results report;

3) explanations for them.

In the process of analyzing financial condition, the following techniques are used:

1) horizontal analysis is the determination of the absolute and relative deviation of financial reporting indicators (for a number of periods);

2) vertical analysis is an analysis that is carried out to determine the structure of assets, sources of funds, receivables, payables and other indicators of financial statements;

3) trend analysis - based on determining the growth rate, increase in indicators, over a number of years; allows you to identify a general trend in the dynamics of indicators and build a forecast for the future;

4) ratio analysis is an analysis that is based on the construction of a system of indicators characterizing the solvency, financial stability, business activity and profitability of the enterprise.

The balance sheet is used to analyze assets. The assets of the balance sheet include the following sections:

1) Non-current assets:

Intangible assets

Fixed assets

Costs for the acquisition of facilities for the production of fixed assets of intangible assets, for carrying out R&D before their commissioning.

2) Current assets:

Accounts receivable

Short-term financial investments

Cash

To analyze assets, let's draw up table 16.

Table 16. Analytical balance (asset)

To analyze the organization’s liabilities, let’s draw up table 17.

Table 18. Analytical balance (liability)

Rice. 9. Structure of balance sheet assets at the beginning of the year

Rice. 10. Structure of balance sheet assets at the end of the year

Rice. 11. Structure of the balance sheet liability at the beginning of the year

Rice. 12. Structure of the balance sheet liability at the end of the year

The liabilities side of the balance sheet displays the sources of financing for assets:

Own sources

Borrowed sources

These are mainly accounts payable and loans and borrowings.

2.2. Analysis of the organization's solvency

Solvency is the ability of an organization to pay its obligations in a timely manner and in full. Current solvency is understood as the ability of an organization to pay off its current obligations (accounts payable) using current assets.

Solvency analysis includes:

1) analysis of balance sheet liquidity;

2) analysis of liquidity of working capital.

Balance sheet liquidity is the degree to which an organization's liabilities are covered by its assets, the period for converting them into money corresponds to the maturity of the obligations.

To analyze the liquidity of the balance sheet, all asset items are combined into 4 groups:

1) A1 - these are the most liquid assets (cash; short-term financial investments);

2) A2 - these are quickly realizable assets (accounts receivable (short-term); other current assets);

3) A3 - these are slowly selling assets (inventories; VAT on acquired values);

4) A4 - these are hard-to-sell assets (non-current assets; accounts receivable (long-term)).

Liabilities are also divided into 4 groups:

1) P1 - these are the most urgent obligations (accounts payable; debt to participants);

2) P2 - these are short-term liabilities (borrowed funds (short-term); reserves for future expenses; other short-term liabilities);

3) P3 - these are long-term liabilities (long-term liabilities);

4) P4 - these are stable liabilities (capital and reserves; deferred income).

To analyze the liquidity of the balance sheet, let's draw up table 18.

Table 18. Balance sheet liquidity analysis

The balance is considered absolutely liquid if the following system of inequalities is observed

At the beginning of the year, balance sheet liquidity conditions were not achieved. Actual ratios at the beginning of the analyzed period

At the end of the year, balance sheet liquidity conditions were also not achieved. Actual ratios at the end of the analyzed period:

Balance sheet liquidity is different from absolute.

Liquidity of working capital is the reciprocal of the time required to convert working capital into cash.

To analyze the liquidity of working capital, 3 main indicators are calculated, presented in Table 19.

Table 19. Liquidity indicators of working capital

At the beginning of the year - 37% and at the end of the year - 30% of short-term liabilities should be covered by cash and short-term financial investments.

The intermediate coverage ratio does not reach the required value to repay the full debt.

The current ratio satisfies the condition, which means that current assets must exceed the short-term liabilities of the enterprise.

2.3. Analysis of the financial stability of the organization

Financial sustainability is the degree of independence of an organization from external sources of financing. A stable financial condition creates the prerequisites for solvency and ensures that income exceeds expenses and increases own sources.

To determine the type of financial stability, let's draw up table 20.

Table 20. Determination of the type of financial stability

There are 4 types of financial stability

1) stable financial condition, if

2) normal financial condition, if

3) unstable financial condition, if

4) crisis financial condition, if

The data in Table 20 indicates that the company has experienced an unstable financial condition throughout the year. Both at the beginning of the year and at the end of the year, own working capital is not enough to finance inventories. The total amount of reserves at the beginning of the year (9200 tr.) exceeds the own working capital (6745 tr.), at the end of the year these figures are respectively 8500 tr. and 5440 tr. Short-term loans and borrowings are used to finance inventories; accounts payable are not used for these purposes. An analysis of financial independence and stability showed that with an increase in the enterprise’s profit and equity capital, financial dependence on external sources decreased, and there was a positive growth trend in the enterprise’s financial stability.

At the next stage, the relative indicators of financial stability are determined, presented in Table 21.

Table 21. Financial stability indicators

Analysis of the presented data allows us to conclude that the financial independence of the enterprise was weakening at the end of the analyzed period. At the beginning of the year, per ruble from all sources of funds was 0.17 rubles. accounted for equity capital, at the end of the year this figure was 0.14 rubles. The debt-to-equity ratio has increased significantly, which does not correspond to the recommended value. At the end of the analyzed period, the enterprise can be considered financially dependent on external sources. The working capital of the enterprise was 54% (at the beginning of the year) formed from its own capital, and at the end of the period this figure decreased to 48%. The degree of flexibility in using the enterprise's own funds has increased. More than half of the enterprise's equity capital is used to finance current activities. Negative dynamics of financial independence indicators indicate the instability of a financial enterprise.

2.4. Business activity analysis

Business activity in the financial aspect is manifested in the rate of turnover of funds of the enterprise.

There are 2 groups of business activity indicators:

1) turnover indicators, expressed in revolutions;

2) turnover indicators, expressed in days.

We summarize the business activity indicators in Table 22.

Table 22 Business activity indicators

The results of Table 22 show that the company effectively uses its resources. The business activity of the enterprise strives to expand the volume of existing production and increase potential.

2.5. Analysis of financial results

The financial results are indicators of profit and profitability. Profit performance data is presented in the income statement.

Table 23. Profit and loss statement, F2, t.r.

Let's conduct a factor analysis of profit.

1. Let’s consider the influence of the “Sales Revenue” factor

We will calculate sales revenue in the reporting year in comparable prices (i.e. in prices of the previous year)

where B1 is revenue from sales of products in the reporting year.

Consequently, in the reporting year, compared to the previous year, revenue from product sales increased due to price increases (?Vts) by

In the reporting year, compared to the previous year, revenue from product sales increased due to the number of products sold (?Вк) by

where B0 is revenue from sales of products in the previous year.

Calculation of the influence of the factor “Product price”

To determine the degree of impact of changes in product prices on profit, it is necessary to use the return on sales indicator. Return on sales (RPr) is defined as the ratio of profit from sales to revenue

Sales profitability in the previous year was

The change in profit before tax due to an increase in revenue under the influence of the factor “Product price” () is determined by the formula

Thus, the increase in product prices in the reporting year compared to the previous year by 83% led to an increase in profit before tax by 9 thousand rubles.

Calculation of the influence of the factor “Quantity of products sold”.

The change in profit before tax due to an increase in revenue under the influence of the factor “Quantity of products sold” () is determined by the formula

Thus, as a result of an increase in the number of products sold, profit before tax increased by 26.47 tr.

Calculation of the influence of the factor “Cost of goods sold”.

The change in profit due to the influence of the cost of goods sold () is determined by the formula

The share of cost of goods sold in revenue in the reporting year was 81.6%, and in the previous year it was 76.72%. There was an increase in the specific gravity of 4.88%. Consequently, profit from sales, and therefore profit before tax, decreased by 4.88% or by 716.98 tr.

Calculation of the influence of the factor “Business expenses”.

Thus, as a result of a decrease in the share of commercial expenses in revenue from 6.71% in the previous year to 6.12% in the reporting year, profit before tax decreased by 87.26 tr.

Calculation of the influence of the factor “Administrative expenses”.

As a result of an increase in the share of management expenses in revenue from 2.89% in the previous year to 3.18% in the reporting year, profit before tax decreased by 43.48 tr.

To analyze profitability indicators, let's draw up table 24.

Table 24. Profitability indicators

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Subject and tasks of analysis and diagnostics of financial and economic activities. Features of economic analysis in modern conditions. Analysis of the financial condition of the enterprise OJSC "Ufamolzavod". Dynamics of company performance indicators.

course work, added 12/07/2013


course work, added 12/21/2008


Analysis of the structure and dynamics of the formation and directions of use of the enterprise's financial resources. In-depth and express analysis of the financial and economic results of the enterprise. Assessment of its business activity and profitability indicators.

course work, added 09/25/2010


Identification of the economic essence of profit in a market economy. Conducting an analysis of the financial and economic activities of an enterprise using the example of SEC "Zarya". Development of proposals for optimizing the financial results of the specified enterprise.

course work, added 10/12/2010


Concept, subject, methods and classification of types of economic analysis. Methodology, basics of organization, main indicators of analysis and diagnostics of the financial and economic activities of an enterprise. Analysis of economic results and increasing their efficiency.

course work, added 01/08/2012


Goals, methodology and information base for analyzing the financial and economic activities of an enterprise using the example of S.I. Kazakova LLC. Property and financial status. Development of measures to improve the efficiency of financial and economic activities.

thesis, added 06/14/2012


The role of analysis of financial and economic activities in enterprise management. The composition and structure of the balance sheet of Elegia LLC, indicators for assessing its solvency and liquidity. Development of measures to stabilize the financial condition of the enterprise.

Topic 8. Analysis of the financial condition of the organization

8.3.2. Profitability assessment

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

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

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

Financial condition of the enterprise (FSP) depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency

A stable financial position, in turn, has a positive impact on the implementation of production plans and provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

The main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

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

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

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

1.2. Assessing the reliability of information in reporting articles.

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

2.1. Assessment of property status.

2.1.1. Construction of an analytical net balance.

2.1.2. Vertical balance sheet analysis.

2.1.3. Horizontal balance sheet analysis.

2.1.4. Analysis of qualitative changes in property status.

2.2. Assessment of financial situation.

2.2.1. Liquidity assessment.

2.2.2. Assessment of financial stability.

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

3.1. Assessment of production (core) activities.

3.2. Cost-benefit analysis.

3.3. Assessment of the situation on the securities market.

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

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

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

• the property position of the enterprise at the beginning and end of the reporting period;
• operating conditions of the enterprise in the reporting period;
• results achieved by the enterprise in the reporting period;
• prospects for the financial and economic activities of the enterprise.

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

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

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

8.2.1. Assessment of property status

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

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

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

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

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

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

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

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

Criteria qualitative changes The property status of an enterprise and the degree of their progressiveness include such indicators as:

• the amount of economic assets of the enterprise;
• share of the active part of fixed assets;
• wear rate;
• share of quickly salable assets;
• share of leased fixed assets;
• share of accounts receivable, etc.

Formulas for calculating these indicators are given in Appendix 2.

Let's consider their economic interpretation.

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

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

Wear rate. The indicator characterizes the share of the cost of fixed assets remaining to be written off as expenses in subsequent periods. The ratio is usually used in analysis as a characteristic of the state of fixed assets. The addition of this indicator to 100% (or one) is the coefficient suitability. The depreciation coefficient depends on the adopted methodology for calculating depreciation charges and does not fully reflect the actual depreciation of fixed assets. Likewise, the usefulness ratio does not provide an accurate estimate of their current value. This happens due to a number of reasons: the rate of inflation, the state of the market and demand, the correctness of determining the useful life of fixed assets, etc. However, despite the shortcomings and conventionality of wear and serviceability indicators, they have a certain analytical significance. According to some estimates, a wear rate of more than 50% is considered undesirable.

Renewal factor. Shows what portion of the fixed assets available at the end of the reporting period consists of new fixed assets.

Attrition rate. Shows what part of the fixed assets with which the enterprise began operations in the reporting period was disposed of due to disrepair and other reasons.

8.2.2. Financial position assessment

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

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

Talking about liquidity of the enterprise, they mean the presence of working capital in an amount theoretically sufficient to repay short-term obligations, even if in violation of the repayment terms stipulated by the contracts.

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

It is obvious that liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, but in essence this assessment may be erroneous if current assets have a significant share of illiquid assets and overdue receivables. We present the main indicators that allow us to assess the liquidity and solvency of an enterprise.

The amount of own working capital. Characterizes that part of the enterprise's equity capital that is the source of covering its current assets (i.e. assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator is especially important for enterprises engaged in commercial activities and other intermediary operations. All other things being equal, the growth of this indicator in dynamics is considered as a positive trend. The main and constant source of increasing equity is profit. It is necessary to distinguish between “working capital” and “own working capital”. The first indicator characterizes the assets of the enterprise (Section II of the assets of the balance sheet), the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of covering current assets. The amount of own working capital is numerically equal to the excess of current assets over current liabilities. A situation is possible when the value of current liabilities exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; immediate measures are required to correct it.

Maneuverability of functioning capital. Characterizes that part of own working capital that is in the form of cash, i.e. funds with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. All other things being equal, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is established by the enterprise independently and depends, for example, on how high its daily need for available cash resources is.

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

Quick ratio. The indicator is similar to the current ratio; however, it is calculated over a narrower range of current assets. The least liquid part of them - industrial reserves - is excluded from the calculation. The logic of such an exception consists not only in the significantly lower liquidity of inventories, but, what is much more important, in the fact that the funds that can be gained in the event of a forced sale of inventories can be significantly lower than the costs of their acquisition.

The approximate lower value of the indicator is 1; however, this assessment is also conditional. When analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that determined its change. So, if the increase in the quick ratio was mainly due to growth. unjustified receivables, then this cannot characterize the activity of the enterprise from a positive side.

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

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

Inventory coverage ratio. It is calculated by correlating the value of “normal” sources of inventory coverage and the amount of inventory. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable.

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

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

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

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

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

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

Long-term leverage ratio. Characterizes the capital structure. The growth of this indicator in dynamics is a negative trend, meaning that the company is increasingly dependent on external investors.

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

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

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

8.3.1. Business activity assessment

Business activity assessment is aimed at analyzing the results and effectiveness of current core production activities

An assessment of business activity at a qualitative level can be obtained by comparing the activities of a given enterprise and related enterprises in the area of ​​investment of capital. Such “qualitative” (i.e. non-formalized) criteria are: the breadth of markets for products; the availability of products exported; the reputation of the enterprise, expressed, in particular, in the fame of clients using the services of the enterprise, etc. Quantitative assessment is done in two directions :

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

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

T pb > T r > T ak >100%,

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

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

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

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

At analysis of working capital turnover Particular attention should be paid to inventories and accounts receivable. The less the financial resources in these assets are deadened, the more efficiently they are used, the faster they turn over, and the more they bring new profits to the enterprise.

Turnover is assessed by comparing the average balances of current assets and their turnover for the analyzed period. Turnovers when assessing and analyzing turnover are:

• for inventories – costs of production of sold products;
• for accounts receivable - sales of products by bank transfer (since this indicator is not reflected in the reporting and can be identified from accounting data, in practice it is often replaced by an indicator of sales revenue).

Let us give an economic interpretation of turnover indicators:

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

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

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

General indicators for assessing the efficiency of using an enterprise's resources and the dynamism of its development include the resource productivity indicator and the coefficient of sustainability of economic growth.

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

Economic growth sustainability coefficient. Shows the average rate at which an enterprise can develop in the future, without changing the already established relationship between various sources of financing, capital productivity, production profitability, dividend policy, etc.

8.3.2. Profitability assessment

The main indicators of this block, used in countries with market economies to characterize the return on investment in a particular type of activity, include return on capital advanced And return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit account for one ruble of advanced (own) capital. The calculation of these indicators is given enough attention in topic No. 7.

8.3.3. Assessment of the situation on the securities market

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

Earnings per share. It is the ratio of net profit reduced by the amount of dividends on preferred shares to the total number of ordinary shares. It is this indicator that significantly influences the market price of shares. Its main drawback in analytical terms is spatial incomparability due to the unequal market value of shares of different companies.

Share value. It is calculated as the quotient of the stock's market price divided by its earnings per share. This indicator serves as an indicator of demand for shares of a given company, since it shows how much investors are currently willing to pay for one ruble of earnings per share. The relatively high growth of this indicator over time indicates that investors expect faster profit growth for this company compared to others. This indicator can already be used in spatial (interfarm) comparisons. Companies that have a relatively high value of the economic growth sustainability coefficient are, as a rule, characterized by a high value of the “share value” indicator.

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

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

Share price ratio. It is calculated by the ratio of the market price of a stock to its book price. The book price characterizes the share of equity capital per share. It consists of the par value (i.e. the value stamped on the form of the share at which it is accounted for in the share capital), the share of issue profit (the accumulated difference between the market price of shares at the time of sale and their par value) and the share accumulated and invested in development of the company's profits. A value of the quotation ratio greater than one means that potential shareholders, when purchasing a share, are willing to give a price for it that exceeds the accounting estimate of the real capital per share at the moment.

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

The above system is based on the following strictly determined factor dependence:

Where KFZ- coefficient of financial dependence, VA- the amount of assets of the enterprise, SK- equity.

From the presented model it is clear that return on equity depends on three factors: profitability of economic activities, resource productivity and the structure of advanced capital. The significance of the selected factors is explained by the fact that they, in a certain sense, summarize all aspects of the financial and economic activities of the enterprise, in particular the financial statements: the first factor summarizes Form No. 2 “Profit and Loss Statement”, the second - the balance sheet asset, the third - the balance sheet liability.

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

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

In this regard, the issue of assessing the balance sheet structure becomes particularly relevant, since decisions on the insolvency of an enterprise are made upon recognition of the unsatisfactory structure of the balance sheet.

The main purpose of conducting a preliminary analysis of the financial condition of an enterprise is to substantiate the decision to recognize the balance sheet structure as unsatisfactory, and the enterprise as solvent in accordance with the system of criteria approved by Decree of the Government of the Russian Federation of May 20, 1994 No. 498 “On certain measures to implement insolvency legislation ( bankruptcy) of enterprises." The main sources of analysis are f. No. 1 “Balance sheet of the enterprise”, f. No. 2 “Profit and Loss Statement.”

Analysis and assessment of the structure of the enterprise's balance sheet is carried out on the basis of indicators: current liquidity ratio; equity ratio.

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

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

The equity ratio at the end of the reporting period is less than 0.1. (To oss).

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

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

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

,

Where K NTL- standard value of the current liquidity ratio,

K NTL= 2;6 - period of restoration of solvency for 6 months;

T - reporting period, months.

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

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

,

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

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

Table 29

Assessing the structure of an enterprise's balance sheet

Questions for self-control

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

IX Analysis and diagnostics of the financial and economic activities of the enterprise.

Analysis of the financial and economic activities of the enterprise, its essence and role in production management.

The term analysis in translation means dividing, dismembering and has a modern interpretation: analysis, reasoning, decomposition into its component parts. This division allows us to understand the essence of the object, phenomenon or process being studied in the environment around us. Practice shows that analysis does not always allow one to comprehend an economic phenomenon and the need to establish connections between individual parts of the subject under study and combine them into a single whole.

ACD of an enterprise combines the methods of induction and deduction. This means that while examining the individual, the analysis also takes into account the general. When studying the activities of the production team and individual performers, the indicators of the workshop and the place of the given team in it are taken into account; The workshop and enterprises, enterprises and joint-stock companies are considered in the same ratio.

The purpose of the AHD enterprise– increasing the efficiency of its work on the basis of a systematic study of all types of activities and generalization of their results.

Subject of AHD enterprises are the final results of work, the reasons for their changes and possible economic consequences. The final result of management can be characterized by the financial condition of the enterprise. The mass of profit received, v products produced and sold, the level of technical and social. development.

Analysis task– to reveal and understand the main reasons and factors that influenced the financial and economic state of the enterprise at the moment.

Efficiency of management decisions determined by the quality of analytical research. Accounting, planning and analysis ensure the quality of management decisions.

Without reliable and complete information, it is almost impossible to make management decisions.

To optimize control it is necessary have a clear understanding of the trends and nature of changes in the economy of the enterprise. Achieving this information is possible on the basis of analysis. During the analysis process, the primary information is checked, compliance with established forms, the correctness of arithmetic calculations, reducibility and comparability of indicators are determined. This information is processed, deviations are determined and compared, the influence of factors on the analyzed object is determined, reserves and ways of using them, as well as errors and shortcomings are identified. Based on the results of the analysis, management decisions are made. Consequently, the analysis substantiates management decisions, ensures objectivity and efficiency of production management.

Thus, ensuring the effective functioning of enterprises requires economically competent management of their activities, which is determined by the ability to analyze it.

Diagnostics of financial and economic activities and its significance for the enterprise.

Financial condition of the enterprise– characterized by a system of indicators reflecting the state of capital in the process of its circulation and the ability of the enterprise to finance its activities. The financial condition can be stable, unstable and in crisis. To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement over expenses in order to maintain solvency and create conditions for normal functioning. The main goal of the financial activity of an enterprise is reduced to one strategic task - increasing equity capital and ensuring a stable position in the market. To do this, it must constantly maintain solvency and profitability, as well as the optimal structure of assets and liabilities of the balance sheet.

Solvency is an external manifestation of the financial condition of an enterprise, reflecting the balance of cash and commodity flows, income and expenses.

Profitability is a relative indicator of profit.

Profit– the amount received from sales volume.

The main objectives of the analysis: 1. Timely and objective diagnosis of the financial condition of the enterprise. 2. Search for reserves for improving the financial condition of the enterprise, its solvency and financial stability. 3. Development of specific recommendations. 4. Forecasting possible financial results and developing models of financial condition for various options for using resources.

Main sources of information for analysis the financial condition of the enterprise is: - the reporting balance sheet; - Profits and Losses Report; - statement of changes in capital; - cash flow statement.

Balance sheet– a generalized model reflecting the sources of raising money for business and their use.

Funds in the balance sheet assets are grouped into two sections: 1. Long-term assets : fixed assets and intangible assets, long-term financial investments, construction in progress. 2. Information is provided on current assets, which include stocks of raw materials, work in progress, state enterprises, all types of accounts receivable, cash, bank, cash desk.

Liability balance(obligations of the enterprise) are presented in three sections: Capital and reserves, long-term and short-term liabilities.

Capital- these are the funds that an enterprise has to carry out its activities in order to make a profit.

Authorized capital– the amount of funds of the founders to ensure statutory activities.

Extra capital– as a source of funds, enterprises are formed as a result of the revaluation of property and the sale of shares above their nominal value.

Reserve capital– created in accordance with the law or in accordance with the constituent documents of the enterprise.

Not distributive profit(uncovered loss) of the reporting period is reflected in the balance sheet as an accumulated total from the beginning of the year.

Diagnostics of financial and economic activities is an important component of any economic research. The main goal of diagnostics is to obtain information that gives an objective and accurate picture of the state of the enterprise. 21s. 39

The purpose of diagnosing the financial and economic activities of an enterprise involves solving the following tasks:

identification of the financial position of the enterprise;

identifying changes in the financial condition of the enterprise in space and time;

identification of the main factors that caused changes in financial condition;

forecast of the main trends in the economic development of the enterprise.

The financial condition of an enterprise depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this has a positive effect on the financial position of the enterprise. And, conversely, as a result of shortfalls in the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a consequence, a deterioration in the financial condition of the enterprise and its solvency. A stable financial position, in turn, has a positive impact on the implementation of production plans and provision of production needs with the necessary resources. Therefore, financial activity, as an integral part of economic activity, is aimed at ensuring the systematic receipt and expenditure of funds, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use. 14s. 73

Analysis of financial and economic activities allows us to identify the most rational directions for the distribution of material, labor and financial resources. The main goal of the analysis is to obtain a small number of key parameters that give an objective picture of the state of the enterprise, its profits and losses, changes in the structure of assets and liabilities. 21s. 12

Analysis of financial condition assumes:

Conclusion on the existing financial position of the object;

Studying the reasons for its change;

Analysis of the prospects for the development of the diagnostic object, in particular, from the point of view of the creditworthiness of the enterprise or organization. 13s. 94

The main functions of financial analysis are:

Objective assessment of the financial condition, financial results, efficiency and business activity of the analyzed company;

Identification of factors and causes of the achieved state and results obtained;

Preparation and justification of management decisions in the field of finance;

Identification and mobilization of reserves for improving financial condition and financial results, increasing the efficiency of all economic activities.

The practice of financial analysis has developed the main methods of reading financial statements, among them the following can be distinguished:

Horizontal (time) analysis - comparison of each reporting item with the previous year.

Vertical (structural) analysis - determining the structure of the final financial indicators, identifying the impact of each reporting item on the result as a whole. 13s. 92

Trend analysis - comparison of each reporting item with a number of previous periods and determination of the trend, i.e. the main trend of the indicator dynamics, cleared of random influences and individual characteristics of individual periods. With the help of a trend, possible values ​​of indicators in the future are formed, and, therefore, a promising forecast analysis is carried out.

No single indicator by itself provides sufficient information on the basis of which we would be able to judge the financial position of the company. For the purpose of conducting a complete and high-quality analysis of the financial statements of an enterprise, it is necessary to fully use all the above methods. Quite often, especially in Russian practice, financial analysis comes down to a simple calculation of the corresponding ratios. This approach is not justified; on the contrary, neglecting other methods does not allow a sufficiently deep understanding of the structure of the company’s production and economic activities. In addition, only when using the entire range of existing techniques can a correct interpretation of the coefficients used be made. Although the number of financial ratios that could be calculated is constantly growing as the initial one is added. Trend analysis is a comparison of each reporting item with a number of previous periods and determining the trend, i.e. the main trend of the indicator dynamics, cleared of random influences and individual characteristics of individual periods. With the help of a trend, possible values ​​of indicators in the future are formed, and, therefore, a promising forecast analysis is carried out.

Comparative (spatial) analysis is both an intra-company comparison of individual indicators of a company, subsidiaries, divisions, workshops, and an inter-company comparison of the indicators of a given company with the indicators of competitors, with industry averages and average general economic data.

Analysis of relative indicators (coefficients) - calculation of relationships between reporting data, determination of the relationship between indicators. Factor analysis is the analysis of the influence of individual factors on a performance indicator using deterministic or stochastic research techniques. Moreover, factor analysis can be either direct, i.e. consisting in fragmenting the effective indicator into its component parts, and the reverse, when individual elements are combined into a common effective indicator.

No single indicator by itself provides sufficient information on the basis of which we would be able to judge the financial position of the company. For the purpose of conducting a complete and high-quality analysis of the financial statements of an enterprise, it is necessary to fully use all the above methods. Quite often, especially in Russian practice, financial analysis comes down to a simple calculation of the corresponding ratios. This approach is not justified; on the contrary, neglecting other methods does not allow a sufficiently deep understanding of the structure of the company’s production and economic activities. In addition, only when using the entire range of existing techniques can a correct interpretation of the coefficients used be made. Although the number of financial ratios that could be calculated is constantly growing as initial information is added, only the main ones will be considered in the work, since in practice it is sufficient to use a relatively small number of indicators in order to correctly assess the financial position of the company.

Financial reporting, as an information base for assessing financial condition, is a set of reporting forms based on financial accounting data, containing generalized information about the financial position of the enterprise and its changes during the reporting period.

There are different users of financial statements, Figure 1.1

Fig.1.1

1. internal: these include:

Management personnel uses reporting for analysis, financial diagnostics and justification of management decisions. The financial manager must know what information external users will receive and how it will influence their decisions;

The accounting service keeps records, prepares reports, and uses them in work.

2. external users, can be of 2 types:

Users directly interested in the activities of the enterprise: owners, creditors, business partners, the state represented by tax authorities, employees of the enterprise.

Users who are indirectly interested in the activities of the enterprise: use reporting, representing the interests of other parties: audit services, financial consultants, statistical authorities, the press, etc.

In relation to financial statements, the principle of correspondence between the included and requested information must be observed:

1) the accountant preparing the report must not only master the techniques and rules for presenting data in the prescribed form, but also understand the usefulness of this data for analysis (be able to analyze)

2) the manager must understand that the data necessary for his work is included in the report and can be in demand, and be able to read the reports.

The ability to read a balance sheet is to know the content of each of its items, the method of its evaluation, its role in the enterprise’s activities, connections with other items, and the characteristics of these changes for the company’s economy. Reading the balance sheet allows you to:

Obtain a significant amount of information about the enterprise;

Determine the degree of provision of the enterprise with its own working capital;

Determine due to which items the amount of working capital has changed;

Preliminarily assess the overall financial condition of the enterprise.

The balance sheet is a real means of communication, thanks to which

Managers get an idea of ​​the place of their enterprise in the system of similar enterprises, the correctness of the chosen strategic course, the efficiency of using resources and the decisions made on a wide variety of enterprise management issues;

Auditors receive a hint to choose the right solution during the audit process, plan their audit, identify weaknesses in the accounting system and areas of possible intentional and unintentional errors in the client’s external reporting;

Type 1 - current activity - has the main goal of making a profit (production, performance of work, trade, etc.). - auditors receive a hint to choose the right solution during the audit process, plan their audit, identify weak points in the accounting system and areas - auditors receive a hint to choose the right solution during the audit process, plan their audit, identify weak points in the accounting system and areas of possible intentional and unintentional errors in the client’s external reporting;

Analysts determine the direction of financial analysis.

For a financial manager, the following reporting forms are of greatest interest:

Form No. 1 (balance sheet) - characterizes the financial position of the enterprise as of a certain date, contains a detailed description of resources. In the asset, resources are presented by composition and areas of use; in the passive - by sources of formation. The balance sheet asset reflects investment decisions made earlier. The items are arranged according to the degree of liquidity. Assets are divided into current and non-current. The liability side of the balance sheet reflects decisions on the choice of sources of financing and consists of 3 sections: capital and reserves (equity capital of the enterprise); long term duties; Short-term liabilities. For analysis purposes, it is important to distinguish 2 parts in equity capital: invested capital and accumulated profit.

The balance sheet is compiled quarterly and contains indicators for 2 dates: at the beginning of the year and the end of the reporting period.

Form No. 2 - profit and loss statement - reflects the formation of the financial result of the enterprise. Contains various indicators of income, expenses, profit. The report is compiled quarterly and contains information for a certain period of time.

Form No. 4 - cash flow statement - contains information about the cash flows of the enterprise in the context of 3 types of activities.

Type 1 - current activity - has the main goal of making a profit (production, performance of work, trade, etc.). - auditors receive a hint to choose the right solution during the audit process, plan their audit, identify weaknesses in the accounting system and areas of possible intentional and unintentional errors in the client’s external reporting;

Analysts determine the direction of financial analysis.

For a financial manager, the following reporting forms are of greatest interest:

Form No. 1 (balance sheet) - characterizes the financial position of the enterprise as of a certain date, contains a detailed description of resources. In the asset, resources are presented by composition and areas of use; in the passive - by sources of formation. The balance sheet asset reflects investment decisions made earlier. The items are arranged according to the degree of liquidity. Assets are divided into current and non-current. The liability side of the balance sheet reflects decisions on the choice of sources of financing and consists of 3 sections: capital and reserves (equity capital of the enterprise); long term duties; Short-term liabilities. For analysis purposes, it is important to distinguish 2 parts in equity capital: invested capital and accumulated profit.

The balance sheet is compiled quarterly and contains indicators for 2 dates: at the beginning of the year and the end of the reporting period.

Form No. 2 - profit and loss statement - reflects the formation of the financial result of the enterprise. Contains various indicators of income, expenses, profit. The report is compiled quarterly and contains information for a certain period of time.

Form No. 4 - cash flow statement - contains information about the cash flows of the enterprise in the context of 3 types of activities.

Type 1 - current activity - has the main goal of making a profit (production, performance of work, trade, etc.).

Type 2 - investment activity - is associated with the acquisition and sale of non-current assets, the implementation of own construction, and financial investments. - auditors receive a hint to choose the right solution during the audit process, plan their audit, identify weaknesses in the accounting system and areas of possible intentional and unintentional errors in the client’s external reporting;

Analysts determine the direction of financial analysis.

For a financial manager, the following reporting forms are of greatest interest:

Form No. 1 (balance sheet) - characterizes the financial position of the enterprise as of a certain date, contains a detailed description of resources. In the asset, resources are presented by composition and areas of use; in the passive - by sources of formation. The balance sheet asset reflects investment decisions made earlier. The items are arranged according to the degree of liquidity. Assets are divided into current and non-current. The liability side of the balance sheet reflects decisions on the choice of sources of financing and consists of 3 sections: capital and reserves (equity capital of the enterprise); long term duties; Short-term liabilities. For analysis purposes, it is important to distinguish 2 parts in equity capital: invested capital and accumulated profit.

The balance sheet is compiled quarterly and contains indicators for 2 dates: at the beginning of the year and the end of the reporting period.

Form No. 2 - profit and loss statement - reflects the formation of the financial result of the enterprise. Contains various indicators of income, expenses, profit. The report is compiled quarterly and contains information for a certain period of time.

Form No. 4 - cash flow statement - contains information about the cash flows of the enterprise in the context of 3 types of activities.

Type 1 - current activity - has the main goal of making a profit (production, performance of work, trade, etc.). - auditors receive a hint to choose the right solution during the auditing process, plan their audit, identify weak points in the accounting system and areas

Type 3 - financial activity - as a result, the value and ratio of equity capital and borrowed funds change.

Form No. 4 is drawn up once a year.

In financial management, it is important to analyze not only the financial result, but also the cash flow, because they do not coincide for the following reasons:

Profit is formed based on income and expenses accounted for on an accrual basis, i.e. revenue was received at the time of shipment, but the money was not actually received;

When generating profit, depreciation is taken into account, but there is no actual outflow of money;

When calculating profits, obtaining a loan, purchasing equipment, and other operations related to cash flow are not taken into account.

Form No. 5 - annex to the balance sheet. It is compiled once a year at the end of the year and contains information specifying individual items of the balance sheet and profit and loss statement.

Analysis of the financial and economic activities of an enterprise can be classified according to various evaluation criteria.

According to industry, which is based on the social division of labor, the analysis is divided into sectoral, the methodology of which takes into account the specifics of individual sectors of the economy (industry, transport, construction, etc.), and intersectoral, which is the theoretical and methodological basis for the analysis of economic activity in all sectors of the economy.

Based on time the analysis can be preliminary (prospective), and subsequent (retrospective) analysis based on the results of activities for a particular period.

Promising analysis is the analysis of the results of economic activities in order to determine their possible values ​​in the future. Carried out before business transactions are carried out, it is necessary to justify management decisions and plans, to predict future results. The starting point of this type of analysis is the recognition of the fact of continuity or a certain stability. changes in economic indicators from one reporting period to another.

Subsequent (retrospective) the analysis is carried out after the completion of business transactions. It is used to monitor the implementation of the plan, identify unused reserves, and evaluate the results of the enterprise.

Retrospective analysis, in turn, is divided into operational and final (final). Operational analysis is close in time to the moment of business transactions. Associated with the daily study of the functioning of the enterprise and the rapid identification of shortcomings. miscalculations in work, unused reserves. This allows you to constantly evaluate the results of your work and eliminate negative factors in a timely manner. Distinctive features: use of natural indicators, relative inaccuracy. associated with approximation in calculations.

Final (final) the analysis is carried out on the basis of official reporting and accounting for the current planned reporting periods of work. Allows you to evaluate the performance of the enterprise for a month, quarter, year on an accrual basis. The main task of this analysis is an objective assessment of the results of commercial activities and a comprehensive identification of unused reserves. mobilizing them to improve the operation of the enterprise. The results of this analysis are used to solve strategic management problems. This analysis also has a drawback - the identified reserves mean lost opportunities to improve the operation of the enterprise, because The control system receives information, as a rule, late, so it is no longer possible to make up for shortcomings and lost opportunities. The most complete and objective type of analysis of economic activity.

By spatial feature It is possible to distinguish intra-farm and inter-farm analysis. On-farm analysis studies the activities of only the enterprise under study and its structural divisions. In inter-farm analysis, the performance results of two or more enterprises are compared. This allows you to better assess the competitiveness of the enterprise.

Analysis classification is important by management objects. Economic activity (managed system) consists of separate subsystems: economics, engineering, technology, management and organization of production, social conditions, etc. Depending on the interests of the governing body, the aspect of analysis may be shifted towards any subsystems of economic activity. In this regard, the following are highlighted:

· technical and economic analysis, which is dealt with by the economic and technical services of the enterprise (chief engineer, chief technologist, etc.). Technical and economic analysis involves the study of economic activities not only at the enterprise level, but also at the level of its production divisions (departments, branches) in order to identify on-farm reserves. The depth of study of an object is achieved through the study of technology. technology, production organization. For the study, not only general indicators are used, but also private ones, in cost and natural units of measurement;

· financial and economic analysis (financial services of the enterprise, financial and credit authorities) focuses on the financial results of the enterprise: the efficiency of using its own and borrowed capital, increasing the financial stability of the enterprise, identifying reserves for profit growth, etc.;

· audit (accounting) analysis carried out for the purpose of assessing and forecasting the financial condition and financial stability of business entities;

· socio-economic analysis(economic services, statistical agencies, sociological laboratories, etc.) studies the relationship between social and economic processes. their influence on each other and on the economic results of economic activity;

· economic-statistical analysis(statistical authorities) is used to study mass social phenomena at different levels of management: enterprise, industry, region, etc.

According to the method of studying the object- comparative, factorial, economic-mathematical, functional - cost, etc. Comparative analysis is limited to comparison of reporting indicators with the indicators of the current year plan, data from previous years. Factor analysis is aimed at identifying the magnitude of the influence of factors on the growth and level of performance indicators. Using economic and mathematical analysis, the most optimal option for solving an economic problem is selected, and reserves for increasing production efficiency are identified through more complete use of available resources. Functional-cost analysis is a special type of analysis. Its main goal is to reduce material and labor costs by eliminating unnecessary parts, elements, and replacing materials. design changes to the product, etc. Its objects are products, technological processes, production, organizational, and information structures.

By subjects, those. Who carries out the analysis (management, economic services, auditors, investors, credit, financial authorities, etc.), distinguishes between internal and external analysis. A developed market economy gives rise to the need to differentiate analysis into internal management And external financial analysis. Internal management analysis is an integral part of management accounting, i.e. information and analytical support for enterprise management. External financial analysis is an integral part of financial accounting that serves external users of information about the enterprise, who act as independent subjects of economic analysis based on data, usually from public financial statements.

By frequency- one-time (episodic) and periodic (systematic)

Each of these forms of analysis is unique in content, organization and methodology.