Under financial condition the ability of an enterprise to finance its activities is understood. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise, the expediency of their location and efficiency of use, financial relationships with other legal and individuals, solvency and financial stability.

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

The financial condition of the enterprise (FSP) depends on the results of its production, commercial and financial activities... If the production and financial plans are successfully carried out, 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 financial condition the enterprise and its solvency

A stable financial position, in turn, provides positive influence for the fulfillment of production plans and the provision of production needs with the necessary resources. Therefore, financial activities like component economic activity is aimed at ensuring the planned receipt and expenditure of monetary resources, the implementation of calculation discipline, the achievement of rational proportions of equity and borrowed capital and the most efficient use of it.

The main purpose of the analysis is to timely 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. Preview economic and financial position of a business entity.
1.1. Characteristics of the general focus of financial economic activity.
1.2. Assessment of the reliability of the information of the reporting articles.
2. Assessment and analysis of the economic potential of the organization.
2.1. Property assessment.
2.1.1. Building an analytical net balance.
2.1.2. Vertical balance analysis.
2.1.3. Horizontal balance analysis.
2.1.4. Analysis of qualitative changes in property status.
2.2. Assessment of the financial position.
2.2.1. Assessment of liquidity.
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. Profitability analysis.
3.3. Assessment of the position on the securities market.

Information basis of this methodology is a system of indicators given in Appendix 1.

8.1. Preliminary overview of the economic and financial situation of the company

The analysis begins with an overview of the key performance indicators of the enterprise. This review needs to consider next questions:
· The property status of the enterprise at the beginning and end of the reporting period;
Working conditions of the enterprise in reporting period;
· The results achieved by the company in the reporting period;
· Prospects of 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 the balance sheet data. Comparing the dynamics of the totals of the sections of the balance sheet asset, you can find out the trends in the property status. Information about changes in the organizational structure of management, the opening of new types of enterprise activities, the specifics of working with counterparties, etc. is usually contained in explanatory note to the annual financial statements. The efficiency and prospects of the enterprise's activities can be generalized assessed according to the analysis of the dynamics of profit, as well as the 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 work of the enterprise can be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are items in the financial statements that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the item "Losses"). In the balance sheets of completely profitable enterprises, there may also be items in a hidden, veiled form that indicate certain shortcomings in the work.

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

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

8.2.1. Assessment of property status

The economic potential of the organization can be characterized in two ways: from the standpoint of the property status of the enterprise and from the standpoint of its financial position. Both of these aspects of financial and economic activities 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 the current regulations, the balance sheet is currently compiled in net valuation. However, a number of articles are still regulatory. For the convenience of analysis, it is advisable to use the so-called condensed analytical balance-net , which is formed by eliminating the influence on the balance sheet total (currency) and its structure of regulatory articles. For this:
· Amounts under the item "Debt of participants (founders) on contributions to the authorized capital" reduce the amount equity capital and the value current assets;
· The value of the item "Estimated reserves (" Reserve for doubtful debts ")" is used to adjust the value of accounts receivable and equity capital of the enterprise;
· Elements of balance sheet items that are homogeneous in composition are combined in the necessary analytical sections (long-term current assets, equity and debt capital).

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

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

Vertical analysis shows the structure of enterprise funds and their sources. Vertical analysis allows you to go to relative estimates and make business comparisons economic indicators activities of enterprises that differ in the amount of resources used, to smooth out the influence of inflationary processes that distort absolute indicators financial statements.

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

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

Criteria qualitative changes in the property status of the enterprise and the degree of their progressiveness are indicators such as:
· The amount of economic assets of the enterprise;
· The share of the active part of fixed assets;
· Coefficient of wear;
· The share of quickly realizable assets;
· Share of leased fixed assets;
· The share of accounts receivable, etc.

Formulas for calculating these indicators are given in Appendix 2.

Let's consider their economic interpretation.

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

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

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

Update rate. Shows how much of the existing fixed assets at the end of the reporting period are new fixed assets.

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

8.2.2. Financial position assessment

The financial position of an enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. ability in a timely manner and in in full make calculations for short-term liabilities.

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

Talking about liquidity of the enterprise, mean that he has working capital in an amount theoretically sufficient to pay off short-term liabilities, even if not in violation of the maturity dates stipulated by the contracts.

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

It is obvious that liquidity and solvency are not identical to each other. Thus, the liquidity ratios can characterize the financial position as satisfactory, however, in essence, this estimate can be erroneous if in current assets a significant proportion is accounted for by illiquid assets and overdue receivables. Here are the main indicators that allow us to assess the liquidity and solvency of the enterprise.

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

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

Current liquidity ratio. Gives overall assessment liquidity of assets, showing how many rubles of current assets fall on one ruble of current liabilities. The logic of 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 in value, the enterprise can be considered as successfully operating (by at least in theory). The value of the indicator can vary by industry and type of activity, and its reasonable growth over time is usually viewed as a favorable trend. In Western accounting and analytical practice, the lower critical value indicator - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact standard value.

Quick ratio. The indicator is similar to the current liquidity ratio; however, it is calculated for a narrower range of current assets. The least liquid part of them - production stocks - is excluded from the calculation. The logic of such an exclusion consists not only in a significantly lower liquidity of stocks, but, which is much more important, and in the fact that the money that can be raised in the event of the forced sale of production stocks may be significantly lower than the cost of acquiring them.

The approximate lower value of the indicator is 1; however, this assessment is also conditional character... Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change. So, if the growth of the quick liquidity ratio was mainly associated with growth. unjustified accounts receivable, this cannot characterize the activities of the enterprise from the positive side.

Coefficient absolute liquidity(solvency) is the most stringent criterion for the liquidity of an enterprise and shows what part of short-term debt obligations can be repaid immediately, if necessary. Recommended bottom line the indicator given in Western literature is 0.2. Since the development of sectoral 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 the available data on enterprises with a similar orientation of their economic activities.

Share of own circulating assets in covering stocks. It characterizes that part of the cost of inventories that is covered by its own circulating assets. Traditionally has great importance in the analysis of the financial condition of trade enterprises; the recommended lower limit of the indicator in this case is 50%.

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

One of critical characteristics the financial condition of the enterprise - the stability of its activities in the light of the long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

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

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

Financial dependence 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 decreases to one (or 100%), this means that the owners are fully financing their enterprise.

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

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

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

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

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

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

8.3.1. Business activity assessment

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

Assessment of business activity at quality level can be obtained by comparing activities of this enterprise and related enterprises in the sphere of capital investment. Such qualitative "(that is, non-formalized) criteria are: breadth of product markets; availability of products supplied for export; reputation of an enterprise, expressed, in particular, in the awareness of customers using the services of an enterprise, etc. Quantitative assessment is done in two directions. :
· The degree of fulfillment of the plan (established by the parent organization or independently) for the main indicators, ensuring the specified rates of their growth;
· The level of efficiency of using the resources of the enterprise.

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 p> T ak> 100%,

where T pb> T p -, 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) in comparison with an increase in economic potential, the volume of sales increases at a higher rate, i.e. enterprise resources are used more efficiently; c) profit grows at a faster pace, which, as a rule, indicates a relative decrease in production and circulation costs.

However, deviations from this ideal dependence are also possible, and they should not always be considered negative, such reasons are: the development of new prospects for the direction of capital investment, 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 quick benefits, but in the long term they 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 advance capital turnover.

At analysis of the turnover of working capital Special attention must be paid to inventories and receivables. The less the financial resources in these assets are deadened, the more efficiently they are used, the faster they turn around, bring the company more and more profits.

The turnover is assessed by comparing the indicators of the average balances of current assets and their turnover for the analyzed period. Turnovers in the assessment and analysis of turnover are:
For production inventories - production costs products sold;
For accounts receivable - sales of products according to cashless payments(since this indicator is not reflected in the reporting and can be identified by data accounting, in practice, it is often replaced by an indicator of sales proceeds).

Let's give an economic interpretation of the turnover indicators:
· turnover in revolutions indicates the average turnover 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.

The generalized characteristic of the duration of the mortification of financial resources in current assets is operating cycle indicator, i.e. how many days on average elapse from the moment the funds are invested in the current production activity until the moment they are returned in the form of proceeds to the current account. This indicator largely depends on the nature of the production activity; its reduction is one of the main on-farm tasks of the enterprise.

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

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

Resource efficiency (the advance capital turnover ratio). It 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 ratio between various sources financing, return on assets, profitability of production, 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 activities of a particular type, include return on capital advanced and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit falls on one ruble of advanced (equity) 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 reporting data - needed Additional Information... Since the terminology for securities in our country has not yet fully developed, the given names of indicators are conditional.

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

Share value. Calculated as the quotient of the market price of a share divided by earnings per share. This indicator serves as an indicator of the demand for the stock of a given company, since it shows how much investors are willing to pay in this moment one ruble earnings per share. Relatively high growth This indicator in dynamics indicates that investors expect a faster growth in the profits of this firm compared to others. This indicator can already be used in spatial (interfarm) comparisons. Companies that have a relatively high value of the coefficient of sustainability of economic growth, as a rule, also have a high value of the “value of a share” indicator.

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

Dividend yield. Calculated by dividing the dividend payable per share by earnings per share. The most obvious 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 firm. Closely related to this indicator is the profit reinvestment ratio, which characterizes its share directed to the development of production activities. The sum of the values ​​of the dividend yield indicator and the profit reinvestment ratio is equal to one.

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

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

The system is based on the following rigidly deterministic factor dependence:

where KFZ- financial dependence ratio, VA- the sum of the assets of the enterprise, SC- equity.

From the presented model it can be seen that the return on equity depends on three factors: the profitability of economic activity, resource efficiency and the structure of the advanced capital. The significance of the selected factors is explained by the fact that in a certain sense they generalize 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 is the balance sheet asset, the third is the balance sheet liability.

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

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

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

The main purpose of the preliminary analysis the financial condition of the enterprise - substantiation of the decision on recognizing the balance sheet structure as unsatisfactory, and the enterprise as solvent in accordance with the system of criteria approved by the Government Decree Russian Federation dated May 20, 1994 No. 498 "On some measures to implement the legislation on insolvency (bankruptcy) of enterprises." The main sources of analysis are f. №1 "Balance of the enterprise", f. No. 2 "Profit and Loss Statement".

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

The basis for recognizing the structure of the company's balance sheet as unsatisfactory, and the company as insolvent, is one of the following conditions:
the current liquidity ratio at the end of the reporting period has a value of less than 2; (K tl);
the equity ratio at the end of the reporting period is less than 0.1. (K oss).

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

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

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

,

where K ntl- the standard value of the current liquidity ratio,
K ntl= 2; 6 - period of restoration of solvency for 6 months;
T - reporting period, months.

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

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

,

where That- the period of loss of the company's solvency, months.

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

Table 29

Assessment of the structure of the balance sheet of the enterprise

	Indicator name	At the beginning of the period	At the time of establishing solvency	coefficient
	Current liquidity ratio			Not less than 2
	Equity ratio			Not less than 0.1
	The coefficient of restoration of the company's solvency. According to this table, the calculation is by the formula: p. lrp.4 + 6: T (p. 1gr. 4-p. 1gr.Z)			Not less than 1.0
	The coefficient of loss of solvency of the enterprise. According to this table, the calculation is by the formula: line 1gr. 4 + 3: T (line 1gr. 4-tr. 1gr. З), where T takes the values ​​of 3, 6, 9 or 12 months

Questions for self-control
1. What is the procedure for analyzing the financial condition of the enterprise?
2. What are the sources of information for the analysis of financial condition?
3. What is the essence of vertical and horizontal analysis of the balance sheet of the enterprise?
4. What are the principles of constructing an analytical balance - net?
5. What is the liquidity of an enterprise and how does it differ from its solvency?
6. On the basis of what indicators is the analysis of the company's liquidity carried out?
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 the enterprise?
9. Under what conditions are the coefficients of recovery of solvency calculated?

Previous

An enterprise is an independent economic entity created to conduct economic activities that are carried out in order to generate profits and meet social needs.

The financial condition of an enterprise is understood as the ability of an enterprise to finance its activities. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition of the enterprise can be stable, unstable and crisis. The ability of an enterprise to make payments in a timely manner, to finance its activities on an expanded basis indicates its good financial condition. The financial condition of an enterprise depends on the results of its production, commercial and financial activities. If production and financial plans are successfully fulfilled, then this has a positive effect on the financial condition of the enterprise, and, conversely, as a result of non-fulfillment of the plan for the production and sale of products, its cost increases, revenue and the amount of profit decrease, therefore, the financial condition of the enterprise and its solvency deteriorate ...

A stable financial position, in turn, has a positive effect on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of monetary resources, the implementation of calculation discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use. The main goal of financial activity is to decide where, when and how to use financial resources for the effective development of production and maximum profit.

To survive in a market economy and prevent bankruptcy of an enterprise, you need to know well how to manage finances, what should be the capital structure in terms of composition and sources of education, what share should be taken by own and borrowed funds. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of the enterprise, the profitability threshold, the margin of financial stability (safety zone), the degree of risk, the effect of financial leverage, and others, as well as the methodology for their analysis.

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

Owners analyze financial statements to improve the return on equity, to ensure the stability of the firm's rise. Lenders and investors analyze financial statements to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical substantiation of the decision.

The purpose of the analysis is not only to establish and assess the financial condition of the enterprise, but also to constantly carry out work aimed at improving it. Analysis of the financial condition of the enterprise shows in what directions this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of an enterprise in a specific period of its activity. But the main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. To assess the stability of the financial condition of the enterprise, a whole system of indicators is used that characterizes the changes:

the structure of the capital of the enterprise for its allocation to the sources of education;

the effectiveness and intensity of its use;

the solvency and creditworthiness of the enterprise;

stock of its financial stability.

The indicators should be such that all those who are associated with the enterprise by economic relations can answer the question of how reliable the enterprise is as a partner and, therefore, make a decision about the economic profitability of continuing relations with it. The analysis of the financial condition of the enterprise is based mainly on relative indicators, since it is practically impossible to bring the absolute indicators of the balance sheet into a comparable form in conditions of inflation. Relative performance can be compared to:

generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy;

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

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

The main tasks of the analysis:

timely identification and elimination of shortcomings in financial activities, and the search for reserves to improve the financial condition of the enterprise, its solvency;

forecasting possible financial results, economic profitability, based on the real conditions of economic activity and the availability of own and borrowed resources, the development of models of financial condition with a variety of options for using resources;

development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

The analysis of the financial condition of the enterprise is carried out not only by the managers and the relevant services of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources, banks to assess credit conditions and determine the degree of risk, suppliers for timely receipt of payments, tax inspectorates to fulfill the plan for the receipt of funds in budget, etc.

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

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

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical problems. An analytical task is a concretization of the objectives of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. The main factor, ultimately, is the volume and quality of the original information. It should be borne in mind that the periodic accounting or financial statements of an enterprise are only "raw information" prepared in the course of performing accounting procedures at the enterprise.

To make management decisions in the field of production, sales, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of selection, analysis, assessment and concentration of the initial raw information, it is necessary to analytically read the initial data based on the goals of analysis and management. ...

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

The introduction of a new chart of accounts of accounting, bringing the accounting forms into greater compliance with the requirements of international standards necessitates the use of a new method of financial analysis, corresponding to the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an enterprise, assessing business activity and the effectiveness of entrepreneurial activity.

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

In certain cases, for the implementation of the purposes of financial analysis, it is not enough to use only financial statements. Certain groups of users, for example, management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The financial analysis methodology consists of three interrelated blocks:

• 1) analysis of the financial results of the enterprise;
• 2) analysis of the financial condition;
• 3) analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the balance sheet of the enterprise (form N1 of annual and quarterly reporting). Its importance is so great that financial analysis is often referred to as balance sheet analysis. The source of data for the analysis of financial results is the report on financial results and their use (form No. 2 of the annual and quarterly reports). The source of additional information for each of the blocks of financial analysis is the balance sheet (form No. 5 of the annual reporting).

The financial condition of an enterprise is understood as the ability of an enterprise to finance its activities. The financial condition of an enterprise is a set of indicators that reflect its ability to repay its debt obligations.

The financial condition can be stable, unstable and crisis. The ability of an enterprise to make payments in a timely manner, to finance its activities on an expanded basis indicates its good financial condition. The financial condition of an enterprise depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully fulfilled, then this has a positive effect on the financial position of the company. And vice versa, as a result of underperformance 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.

The main tasks of analyzing the financial condition of an enterprise are:

- analysis of the absolute and relative indicators of the financial stability of the enterprise and assessment of changes in its level,

- analysis of the company's solvency and the liquidity of the assets of its balance sheet.

The objectives of assessing the financial condition of an enterprise are:

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

- assessment of the dynamics of the composition and structure of sources of equity and debt capital, their condition and movement,

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

There are 2 types of analysis of the financial condition of the enterprise:

1. Internal analysis is carried out by the services of the enterprise and its results are used for planning, monitoring and forecasting FSP. Its purpose is to establish a systematic flow of funds and place its own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, maximize profits and exclude bankruptcy.

2. External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its purpose is to establish the opportunity to profitably invest in order to maximize profits and eliminate the risk of losses.

Profit and loss characterize the financial result of the enterprise and can be determined only in the accounting system. From the point of view of accounting, profit reflects the financial result from economic activities received by the company for the reporting period (in case of excess of income over expenses). Profit is one of the most important indicators for assessing the work of enterprises and determining the effectiveness of activities.

Indicators of financial results characterize the absolute efficiency of the enterprise. Profit growth creates the basis for self-financing, expansion of production, solving problems of social and labor conflicts. At the expense of profit, part of the company's obligations to the budget, banks and other enterprises and organizations is also fulfilled.

The topic of the course work I have chosen "Analysis and assessment of the financial condition of the enterprise" is relevant today. Many enterprises in our country are on the verge of bankruptcy, the reason for this could be an untimely or incorrect analysis of the enterprise's activities. Therefore, it is necessary to conduct a thorough analysis of the financial condition of the enterprise as a whole.

The purpose of the course work : on the basis of the available data, determine the financial position of the enterprise and assess the financial results of activities, as well as identify the main problems of financial activities and give recommendations for financial management.

Based on the goals set, you can form

Coursework objectives:

- study of the property status of the enterprise, determination of the composition and structure of property;

- to assess own and borrowed funds;

- to determine the provision of the enterprise with its own circulating assets;

- to assess the financial stability of the enterprise, its solvency;

- to clarify the efficiency of using current assets;

- to analyze the composition, dynamics of the company's profit and determine the factors influencing its change;

- to give an overall assessment of the financial results and recommendations for strengthening the financial position of the enterprise.

The analysis and assessment of the financial condition of an enterprise, organization is carried out by managers and relevant services, as well as founders, investors in order to study the effective use of resources. Banks - to assess the conditions for granting a loan and determine the degree of risk, suppliers - to receive payments on time, tax inspections - to fulfill the plan for budget receipts, etc. Financial analysis is a flexible tool in the hands of business leaders.

To analyze the financial condition of the enterprise, we used the balance sheet (form No. 1), profit and loss statement (form No. 2) and other forms of reporting for the period from 2006-2009, primary and analytical accounting data, which decipher and detail individual balance sheet items for the enterprise.

1. Theoretical aspects of the analysis and assessment of the financial condition of the organization

1.1 Significance and sources of information for financial analysis

A feature of the formation of civilized market relations is the increased influence of such factors as tough competition, technological changes, computerization of economic information processing, continuous innovations in tax legislation, changing interest rates and exchange rates against the backdrop of continuing inflation. In these conditions, managers and leaders of the organization face many questions: What should be the strategy and tactics of a modern organization in the context of the transition to the market? How to rationally organize the financial activities of the organization for its further prosperity? How to improve the efficiency of financial resource management?

These and other vital questions can be answered by an objective financial analysis, which allows the most rational distribution of material, labor and financial resources. It is known that any resources are limited and the maximum effect can be achieved not only by regulating their volume, but also by the optimal ratio of different resources. Of all types of resources, financial are of paramount importance, since this is the only type of organization's resources that can be transformed directly and with minimal time into any other type of resource.

Financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of enterprises use financial analysis methods to make decisions to optimize their interests. Owners analyze financial statements to improve the return on equity, to ensure the stability of the firm's rise. Lenders and investors analyze financial statements to minimize their risks on loans and deposits.

We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical rationale for the decision. In recent years, a lot of serious and relevant publications have appeared on financial analysis. The foreign experience of financial analysis and management of organizations, banks, insurance organizations, etc. is actively mastered. At the same time, it should be noted that the presence of a large number of interesting and original publications on various aspects of financial analysis does not reduce the need and demand for special methodological literature, in which a complex logically integral procedure of financial analysis would be consistently reproduced step by step.

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

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

In certain cases, for the implementation of the purposes of financial analysis, it is not enough to use only financial statements. Certain groups of users, for example: management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The financial analysis methodology consists of three interrelated blocks:

1. Analysis of the financial results of the organization;

2. Analysis of financial condition;

3. Analysis of the effectiveness of financial and economic activities.

In a market economy, accounting statements of business entities become the main means of communication and an essential element of information support for financial analysis. Any organization, to one degree or another, constantly needs additional sources of funding. They can be found on the capital market, attracting potential investors and creditors by objectively informing them about their financial and economic activities, that is, mainly with the help of financial statements. As attractive as the published financial results showing the current and future financial condition of the organization, the likelihood of obtaining additional sources of funding is also high.

The main requirement for the information provided in the reporting is that it is useful to users, i.e. so that this information can be used to make informed business decisions. To be useful, information must meet the relevant criteria:

1. Relevance means that the information is meaningful and influences the decision taken by the user. Information is also considered relevant if it enables forward-looking and retrospective analysis;

2. The reliability of information is determined by its truthfulness, the predominance of economic content over the legal form, the possibility of verification and documentary validity;

3. Information is considered truthful if it does not contain errors and biased assessments, and also does not falsify events in economic life;

4. Neutrality assumes that financial statements do not focus on satisfying the interests of one group of users of general statements to the detriment of another;

5. Comprehensibility means that users can understand the content of the reports without special training;

6. Comparability requires that data on the activities of an organization be comparable with similar information on the activities of other firms.

In the course of generating reporting information, certain restrictions on the information included in the reporting must be observed:

1. Optimal cost-benefit ratio, meaning that the costs of reporting should be reasonably related to the benefits organizations derive from presenting the data to interested users;

2. The principle of caution (conservatism) assumes that reporting documents should not allow overestimating assets and profits and underestimating liabilities;

3. Confidentiality requires that the reporting information does not contain data that could harm the competitive position of the organization.

Information users are different, their goals are competitive, and often opposite. The classification of users of financial statements can be performed in various ways, however, as a rule, there are three large groups of them: users external to a particular enterprise; the organizations themselves (more precisely, their management personnel); the accountants themselves.

The accounting statements of organizations, with the exception of the statements of budgetary organizations, consist of:

1. Balance sheet;

2. Profit and loss statement;

3. Statement of changes in equity, statement of cash flows, annex to the balance sheet;

4. An auditor's report confirming the accuracy of the financial statements, if they are subject to mandatory audit in accordance with the Federal Law;

5. Explanatory note.

The Law “On Accounting” states that the explanatory note to the annual financial statements must contain essential information about the organization, its financial position, comparability of data for the reporting period and the year preceding it, etc.

The concept, goals and objectives of the analysis of the financial condition of the organization.

The ability of the organization to make payments on time, to finance its activities on an expanded basis is evidence of its good financial condition. The financial condition of the organization depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully fulfilled, then this has a positive effect on the financial position of the organization. And, conversely, as a result of underperformance 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 organization and its solvency. The financial condition can be stable, unstable and crisis.

A stable financial position, in turn, has a positive effect on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of funds, the implementation of calculation discipline, the achievement of rational proportions of equity and debt capital and its most efficient use.

The main goal of financial activity is to decide where, when and how to use financial resources for effective development of production and maximum profit. To survive in a market economy and prevent bankruptcy of an organization, you need to know well how to manage finances, what should be the capital structure in terms of composition and sources of education, what share should be borrowed by own funds, and what share should be borrowed. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of the organization, the profitability threshold, the margin of financial stability (safety zone), the degree of risk, the effect of financial leverage, and others, as well as the methodology for their analysis.

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

But not only time boundaries determine the alternatives of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information. The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical problems. An analytical task is a concretization of the objectives of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. The main factor, ultimately, is the volume and quality of the original information. It should be borne in mind that the periodic accounting or financial statements of an organization are only "raw information" prepared in the course of performing accounting procedures at the enterprise.

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

In this case, it is necessary to solve the following tasks:

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

2. Forecasting possible financial results, economic profitability, based on the real conditions of economic activity and the availability of own and borrowed resources, the development of models of financial condition with a variety of options for the use of resources;

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

To assess the financial condition of the organization, a whole system of indicators is used that characterizes the changes:

1. Capital structure of the organization for its placement and sources of education;

2. The effectiveness and intensity of its use;

3. The solvency and creditworthiness of the organization;

4. The stock of its financial stability.

The analysis of the financial condition of the organization is based mainly on relative indicators, since the absolute indicators of the balance sheet in conditions of inflation is almost impossible to bring into a comparable form. The relative indicators of the analyzed organization can be compared:

1. With generally accepted "norms" for assessing the degree of risk and predicting the possibilities of bankruptcy;

2. With similar data from other enterprises, which allows you to identify the strengths and weaknesses of the organization and its capabilities;

3. With similar data for previous years to study the trends of improvement and deterioration in the financial condition of the organization.

The analysis of the financial condition is carried out not only by the heads and relevant services of the organization, but also by its founders, investors in order to study the efficiency of the use of resources, tax inspectorates to fulfill the plan for the receipt of funds to the budget, etc. Accordingly, the analysis is divided into internal and external.

Internal analysis is carried out by the services of the organization and its results are used for planning, monitoring and forecasting the financial condition. Its purpose is to establish a systematic flow of funds and place its own and borrowed funds in such a way as to ensure the normal functioning of the organization, maximize profits and exclude bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its purpose is to establish the possibility of profitable investments in order to maximize profits and eliminate the risk of loss.

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely interrelated sections: financial analysis and production management analysis.

The division of the analysis into financial and management is due to the existing in practice division of the accounting system on the scale of the organization into financial accounting and management accounting. This division of analysis is somewhat arbitrary, because internal analysis can be viewed as a continuation of external analysis and vice versa. In the interests of the cause, both types of analysis feed each other with information.

The features of external financial analysis are:

1. The plurality of subjects of analysis, users of information about the activities of the organization;

2. Diversity of goals and interests of the subjects of analysis;

3. Availability of standard analysis methods, accounting and reporting standards;

4. Orientation of the analysis only to public, external reporting of the organization;

5. Limited analysis tasks as a consequence of the previous factor;

6. Maximum openness of the analysis results for users of information about the organization's activities.

Financial analysis based on data from financial statements only acquires the character of an external analysis, i.e. analysis carried out outside the organization by its interested counterparties, owners or government agencies. This analysis based on only reported data, which contains only a very limited part of information about the activities of the organization, does not allow to reveal all the secrets of the company's success.

1. Analysis of absolute indicators of profit;

2. Analysis of the relative indicators of profitability;

3. Analysis of the financial condition, market stability, balance sheet liquidity, solvency of the organization;

4. Analysis of the efficiency of the use of borrowed capital;

5. Economic diagnostics of the organization's financial condition and rating assessment of issuers.

There is a variety of economic information about the activities of enterprises and many ways to analyze this activity. Financial analysis based on financial statements is called the classical method of analysis. On-farm financial analysis uses other system accounting data, data on technical preparation of production, regulatory and planning information as a source of information.

The main content of on-farm financial analysis can be supplemented by other aspects that are important for optimizing management, for example, such as analysis of the efficiency of capital advance, analysis of the relationship between costs, turnover and profit. In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting data - management production accounting, in other words, it is possible to conduct a comprehensive economic analysis and assess the effectiveness of economic activities. The issues of financial and industrial analysis are interconnected when justifying business plans, when monitoring their implementation, in the marketing system, i.e. in a market-oriented production management system and sales of products, works and services.

The features of management analysis are:

1. Orientation of the analysis results to their leadership;

2. Use of all sources of information for analysis;

3. Lack of regulation of outside analysis;

4. The complexity of the analysis, the study of all aspects of the organization's activities;

5. Integration of accounting, analysis, planning and decision making;

6. Maximum secrecy of the analysis results in order to preserve commercial secrets.

The content and the main goal of financial analysis is to assess the financial condition and identify the possibility of increasing the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other business entities.

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an organization based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by employees of the organization (financial managers). External reviews are performed by analysts who are outsiders to the organization (for example, auditors).

Analysis of the financial condition of the organization pursues several goals: determination of the financial position; identification of changes in the financial condition in the spatio-temporal context; identification of the main factors causing changes in the financial condition; forecast of the main trends in the financial condition. Achievement of these goals is achieved using various methods and techniques.

Classification of methods and techniques of financial analysis

There are various classifications of methods of financial analysis. The practice of financial analysis has developed the basic rules for reading (analysis methodology) of financial statements. Among the main ones are:

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

Vertical analysis (structural) - determination of the structure of the final financial indicators, with the identification of the influence of each reporting item on the result as a whole.

Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator. A trend is used to conduct forward-looking predictive analysis.

Analysis of relative indicators (ratios) - calculating the relationship between individual report items or items of different reporting forms for individual company indicators, determining the relationship between indicators.

Comparative analysis is both an on-farm analysis of aggregate reporting indicators for individual indicators of a firm, divisions, workshops, and an inter-farm analysis of the performance of a given company with the indicators of competitors, with industry-average and average economic data.

1.2 Basic approaches to financial analysis

Different authors offer different methods of financial analysis. The detailing of the procedural side of the financial analysis methodology depends on the goals set, as well as various factors of informational, temporary, methodological and technical support. The logic of analytical work assumes its organization in the form of a two-module structure:

1. Express analysis of financial condition,

2. Detailed analysis of the financial condition.

V.V. Kovlev examines an express analysis of the financial condition of the organization.

Its purpose is a clear and simple assessment of the financial well-being and dynamics of development of an economic entity. In the process of analysis, V.V. Kovalev proposes to calculate various indicators and supplement them with methods based on the experience and qualifications of a specialist. The author believes that it is advisable to perform express analysis in three stages: preparatory stage, preliminary review of financial statements, economic reading and analysis of statements.

The purpose of the first stage is to decide on the advisability of analyzing the financial statements and make sure they are ready for reading. Here, a visual and simple counting check of reporting is carried out on formal grounds and in essence: the presence of all necessary forms and applications, details and signatures is determined, the correctness and clarity of all reporting forms is checked; the balance sheet currency and all subtotals are checked.

The purpose of the second stage is to familiarize yourself with the explanatory note to the balance sheet. This is necessary in order to assess the working conditions in the reporting period, to determine trends in key performance indicators, as well as qualitative changes in the property and financial situation of an economic entity.

The third stage is the main one in express analysis; its purpose is a generalized assessment of the results of economic activity and the financial condition of the object. This analysis is carried out with varying degrees of detail in the interests of various users (Table 1).

Table 1. A set of analytical indicators for express analysis

Direction of analysis	Indicators
1. Assessment of the economic potential of a business entity.
1.1. Assessment of property status	The amount of fixed assets and their share in the total amount of assets. Fixed assets depreciation rate. The total amount of household assets at the disposal of the organization.
1.2. Assessment of the financial position.	The amount of own funds and their share in the total amount of sources. Coverage ratio (overall). Share of own circulating assets in their total amount. The share of long-term borrowed funds in the total amount of sources. Inventory coverage ratio.
1.3. The presence of "sick" articles in the reporting.	Loans and borrowings not repaid on time. Overdue receivables and payables. Bills issued (received) overdue.
2. Evaluation of the results of financial and economic activities.
2.1. Profitability assessment.	Overall profitability. The profitability of the core business.
Continuation of table. one
2.2. Assessment of dynamism.	Comparative growth rates of revenues, profits and advanced capital. Asset turnover The duration of the operating and financial cycle. Accounts receivable ratio.
2.3. Evaluation of the effectiveness of the use of economic potential.	Return on capital advanced. Return on equity.

V.V. Kovalev proposes to conduct an express analysis of the financial condition according to the above methodology. Express analysis may end with a conclusion about the feasibility or need for a more in-depth and detailed analysis of financial results and financial position.

The purpose of the detailed analysis of the financial condition is a more detailed description of the property and financial situation of an economic entity, the results of its activities in the expiring reporting period, as well as the prospects for the development of the entity. It concretizes, supplements and expands individual express analysis procedures. Moreover, the degree of detail depends on the analyst's desire.

V.V. Kovalev offers the following program for in-depth analysis of the financial and economic activities of the organization:

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

- characteristics of the general direction of financial and economic activities;

- identification of “sick reporting articles.

2. Assessment and analysis of the economic potential of a business entity;

- property assessment;

- building an analytical net balance;

- vertical analysis of the balance;

- horizontal balance sheet analysis;

- analysis of qualitative changes in property status;

- assessment of the financial position;

- assessment of liquidity;

- assessment of financial stability.

3. Assessment and analysis of the effectiveness of the financial and economic activities of a business entity.

- assessment of the main activity;

- analysis of profitability;

- assessment of the situation on the securities market.

The characteristics of the main indicators used in the analysis of financial and economic activities will be carried out in the practical part of this work.

Let us further consider the methodology for analyzing the financial condition proposed by I.T. Balabanov. The movement of any goods and materials, labor and material resources is accompanied by the formation and expenditure of funds, therefore the financial condition of an economic entity reflects all aspects of its production and trading activities. Characteristics of the financial condition of I.T. Balabanov proposes to carry out the following scheme:

- analysis of profitability (profitability);

- analysis of financial stability;

- analysis of creditworthiness;

- analysis of the use of capital;

- analysis of the level of self-financing;

- analysis of currency self-sufficiency.

The analysis of the profitability of a business entity is characterized by absolute and relative indicators. The absolute rate of return is the amount of profit, or income. The relative indicator is the level of profitability. Profitability is the profitability, or profitability, of the manufacturing and trading process. Its value is measured by the level of profitability. The level of profitability of economic entities associated with the production of products (goods, works, services) is determined by the percentage of profit from product sales to the cost of production.

In the process of analysis, the dynamics of changes in the volume of net profit, the level of profitability and the factors that determine them are studied. An organization is considered financially stable if it covers the funds invested in assets (fixed assets, intangible assets, circulating assets) at its own expense, does not allow unjustified receivables and payables and pays off its obligations on time. According to I.T. Balabanov, are the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, he pays special attention to the rational use of working capital.

The characteristics of financial stability include the analysis of:

- composition and placement of assets of an economic entity;

- dynamics and structure of sources of financial resources;

- availability of own circulating assets;

- accounts payable;

- availability and structure of working capital;

- accounts receivable;

- solvency.

When analyzing creditworthiness, a number of indicators are used. The most important of these are the rate of return on investment and liquidity. The rate of return on invested capital is determined by the ratio of the amount of profit to the total amount of the liability on the balance sheet. The liquidity of an economic entity is its ability to quickly pay off its debts. It is determined by the ratio of the amount of debt and liquid funds. Capital investment must be efficient. Capital efficiency is understood as the amount of profit per one ruble of invested capital. Capital efficiency is a complex concept that includes the use of working capital, fixed assets and intangible assets. Therefore, the analysis of capital efficiency is carried out in separate parts:

1. The efficiency of using working capital is characterized, first of all, by their turnover. The turnover of funds is understood as the duration of the passage of funds through individual stages of production and circulation. The turnover of working capital is calculated by the duration of one turnover in days or by the number of turns for the reporting period.

2. Efficiency in the use of capital in general. Capital as a whole is the sum of working capital, fixed assets and intangible assets. Capital efficiency is best measured by its profitability. The level of return on equity is measured as a percentage of the balance sheet profit to the amount of equity.

Self-financing means financing from your own sources: depreciation and profit. Self-financing efficiency and its level depend on the share of own sources. The level of self-financing can be determined using the self-financing ratio:

However, an economic entity cannot always fully provide itself with its own financial resources and therefore widely uses borrowed and attracted funds as an element that complements self-financing. The principle of foreign exchange self-sufficiency is the excess of foreign exchange receipts over its expenditures. Compliance with this principle means that an economic entity does not “eat up” its monetary fund, but constantly accumulates it.

E.S. Stoyanova pays special attention to a specific method of analysis: these are calculations of the effect of financial leverage and operating leverage, as well as the calculation of financial ratios.

The most important reporting ratios used in financial management according to E.S. Stoyanova are:

- liquidity ratios (ratio of current liquidity, urgent liquidity and net working capital);

- ratios of business activity or efficiency of resource use (asset turnover, accounts receivable turnover, inventory turnover and the duration of the operating cycle);

- profitability ratios (profitability of all assets of the organization, profitability of sale, profitability of equity);

- capital structure ratios (ownership ratio, financial dependence ratio, creditors protection ratio);

- market activity ratios (earnings per share, book value of one share, ratio of the market price of a share to its book value, share yield and share of dividends paid).

An important tool of financial management is not only the analysis of the level and dynamics of the main coefficients in comparison with a certain base, the author believes, but also the determination of the optimal proportions between them in order to develop the most competitive financial strategy.

The effect of financial leverage is an increase in the profitability of own funds obtained through the use of a loan, despite the fact that the latter is paid. An organization using only its own funds limits its profitability to about two-thirds of its economic profitability. An organization using a loan increases or decreases the profitability of its own funds, depending on the ratio of its own and borrowed funds in liabilities and on the value of the interest rate. Then the effect of financial leverage arises.

E.S. Stoyanova focuses on operational analysis, also called cost-volume-profit analysis, reflecting the dependence of the financial results of a business on costs and production volumes.

The key elements of operational analysis are: operating leverage, profitability threshold, and financial strength.

The effect of operating leverage is that any change in sales revenue always generates a larger change in profit. In practical calculations, the ratio of gross margin (result from sales after reimbursement of variable costs) to profit is used to determine the strength of the impact of operating leverage.

The threshold of profitability is such a revenue from sales at which the organization no longer has losses, but does not yet have a profit. Having calculated the threshold of profitability, we get the threshold (critical) value of the volume of production - below this amount, it is not profitable for the enterprise to produce: it will cost itself more. Having passed the threshold of profitability, the firm has an additional amount of gross margin for each successive unit of goods. The mass of profits is also growing. The difference between the achieved actual proceeds from sales and the threshold of profitability is the margin of financial strength.

2 Analysis of the financial condition of the enterprise

2.1 Organizational and economic characteristics of the enterprise

The organization of LLC "Oktyabrskoye" is considered as the object under study in the course work.

Limited Liability Company Oktyabrskoye LLC was registered on December 21, 2005 in the city of Svetlograd.

Type of activity of the enterprise:

- Agriculture;

- crop production.

All activities of the enterprise are carried out under the leadership of General Director Sergei Alexandrovich Dzhatdoev. The company is located at: 115201 Svetlograd, st. Pervomaiskaya, 13.

The organizational and legal form of the enterprise is a limited liability company. The company is a legal entity and operates in accordance with the Civil Code of the Russian Federation, the Federal Law “On Limited Liability Companies”.

The Company has the rights of a legal entity from the moment of its state registration in accordance with the established procedure, has current and other accounts in banking institutions, a seal and a stamp with its name and location of the Company, standard forms, a trademark and service marks.

The company owns separate property, recorded on its independent balance sheet, can, on its own behalf, acquire and exercise property and personal non-property rights, bear obligations, be a plaintiff and defendant in court and arbitration.

The company has civil rights and bears civil obligations necessary for the implementation of any types of activities not prohibited by federal laws, in accordance with the purpose and subject of activities specified in Art. 2 of this Charter.

The company is responsible for its obligations with all property belonging to it.

The company is not responsible for the obligations of its members.

The members of the Company are not liable for its obligations and bear the risk of losses associated with the activities of the Company, within the limits of the value of their contributions.

Members of the Society who made contributions to authorized capital The Companies are not fully, bear joint responsibility for its obligations within the value of the unpaid part of the contribution of each of the members of the Company.

In the event of the insolvency (bankruptcy) of the Company through the fault of its members or through the fault of other persons who have the right to give instructions binding on the Company or otherwise have the opportunity to determine its actions, subsidiary liability may be imposed on the said members or other persons in the event of insufficiency of the Company's property according to his obligations.

2.2 Analysis and assessment of the financial condition of the enterprise

The financial condition of the enterprise characterizes how successful the processes are at the enterprise. Financial condition indicators reflect the availability, placement and use of financial resources. Ultimately, the financial condition largely determines the competitiveness of an enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other economic relations are guaranteed.

A stable financial condition is formed in the course of the entire economic activity of the enterprise. Determining it on a particular date helps to answer a number of important questions:

· How correctly the company managed financial resources during the period preceding this date;

· How it used the property;

· What is the structure of this property;

· How rationally it combined its own and borrowed sources;

· How effectively used equity capital;

· What is the return of production potential;

Are the relationships with debtors, creditors, budget, shareholders, etc. normal?

An enterprise can realize its economic interests only through ensuring normal, uninterrupted relationships with partners. Financial activity includes all monetary relations associated with production and sale, reproduction of fixed and circulating assets, education and use of income. All this activity can practically be carried out only through relationships with partners of the enterprise.

Thus, the financial condition of an enterprise is formed in the process of its relationship with suppliers, buyers, shareholders, tax authorities, banks and other partners. Its economic future depends on the improvement of the financial condition of the enterprise.

Assessing your financial condition is not the same as analyzing it. The analysis is only the basis, albeit necessary, for the assessment of the financial condition. The assessment includes consideration of each indicator obtained as a result of the analysis, from the point of view of its compliance with the level normal for the given enterprise; factors that influenced the value of the indicator, and its possible changes when one or another factor changes; the required value of the indicator for the future and ways to achieve this value; the interdependence of indicators of the financial condition and ensuring the purposefulness of their system for the correct orientation of the company's specialists in methods of improving the financial condition.

The main purpose of the analysis is the timely identification and elimination of shortcomings in financial activities and the identification of reserves for improving the financial condition of the enterprise and its solvency.

The analysis of the financial condition is based mainly on relative indicators, since the absolute indicators of the balance sheet in conditions of inflation are difficult to bring to a comparable form. The relative indicators of the financial condition of the analyzed enterprise can be compared with generally accepted norms, with similar data from other enterprises, which allows you to identify the strengths and weaknesses of the enterprise and its capabilities, with similar data for previous years to study the trend of improvement or deterioration in the financial condition.

Financial analysis begins with the calculation of the financial indicators of the enterprise. The calculated indicators are combined into groups. The composition of the indicators of each group includes several basic generally accepted indicators and a number of additional indicators calculated depending on the objectives of the analysis, the characteristics of enterprise management, acting as the object of analysis. However, in all cases, the financial ratios calculated in the course of the analysis characterize the relationship between various items in the financial statements. For example, the solvency and liquidity ratios make it possible to compare the debt obligations of an enterprise with the assets it has, the autonomy ratio determines the share of equity in the total liabilities of the economy, etc.

The first group includes the coefficients characterizing the solvency of the enterprise. A certain level of solvency is often a prerequisite for the very possibility of attracting additional borrowed funds, obtaining loans. This group also includes indicators that make it possible to judge the ability of an enterprise to function successfully in the foreseeable future. For example, the indicator of net current assets allows us to judge how successfully the company is able to pay off its short-term liabilities and continue production and financial activities.

The second group includes indicators of financial stability. They are called indicators of capital structure and solvency, and sometimes sources of funds management coefficients.

The third group is represented by indicators of asset turnover.

The fourth group includes indicators of profitability of various elements of property, profitability of costs, profitability of sales, return on equity. This group of indicators allows you to obtain a generalized assessment of the activities of an enterprise, its ability to form and increase profits from production and financial activities.

Further in the course work, in the order indicated above, the analysis of indicators for assessing the solvency of Oktyabrskoye LLC, its financial stability, business activity (it is also called market activity), and profitability is carried out. The results and the corresponding calculations are summarized in tables.

2.3 Assessment and analysis of the solvency of Oktyabrskoye LLC

The solvency of an enterprise is its ability to pay off its financial obligations in a timely manner and in full. Liquidity is the ability of individual property assets to turn into monetary form without loss of book value. The concepts of solvency and liquidity are similar in content, but not identical. With a high level of solvency, the financial position of the enterprise can be characterized as stable. A stable financial position is the most important factor in preventing the possibility of bankruptcy of an enterprise. Therefore, it is always important to know how solvent the company is and what is the degree of liquidity of its assets. To do this, determine the value of the following indicators:

1) current liquidity ratio (other names of this ratio are used as synonyms: general coverage ratio; current solvency; total liquidity). This coefficient, regardless of its name, characterizes the extent to which all short-term liabilities of the enterprise are secured by its current assets;

2) an intermediate coverage ratio (the following names are used as synonyms: quick liquidity ratio; intermediate solvency and liquidity ratio; quick liquidity, etc.). This ratio shows what are the capabilities of the enterprise to pay off short-term liabilities with the available funds, financial investments and accounts receivable;

3) the ratio of absolute liquidity (sometimes it is called the ratio of absolute solvency). The ratio shows what part of short-term liabilities can be repaid by available cash and short-term financial investments.

These ratios were calculated at the end of 2006, 2007 and 2008 based on the balance sheets of the enterprise. The end of the year is taken to identify trends in the calculated coefficients. The calculation and dynamics of the solvency indicators are shown in Table 1.

Table 1 - Calculation and dynamics of solvency indicators

Indicators	Units	research
1. Short-term debt
2. Current assets incl.
2.1. Stocks
2.2. Accounts receivable with expected payments within 12 months
2.3. Cash and short-term financial investments
3. Absolute liquidity ratio
4. Intermediate coverage ratio
5. General coverage ratio, or current liquidity ratio

The table shows that the organization for the periods under consideration had a sufficient level of solvency. In 2008, its highest level was observed, however, in the future, there was a tendency for a decrease in all coefficients. The company needs to increase their values, thereby improving its solvency.

Various liquidity indicators not only characterize the stability of the financial condition of the organization with different methods of accounting for the liquidity of funds, but also meet the interests of various external users of analytical information.

An increase or decrease in the level of the organization's solvency is established by a change in the indicator of working capital (working capital), which is defined as the difference between all current assets and short-term debt. The comparison shows an increase in the working capital of the organization. In general, we can say that the organization is insolvent.

2.4 Assessment of financial soundness ratios

Financially stable is an enterprise that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital) and does not allow unjustified receivables and payables and pays off its obligations on time.

If the company has a stock of its own funds, then this characterizes the stability margin, provided that its own funds exceed borrowed funds.

Coefficients of financial stability of an enterprise characterize the structure of the capital used by it from the standpoint of its solvency and financial stability of development. These indicators should be of most interest to creditors and investors, since the corresponding coefficients allow us to assess the degree of their protection from the inability of an economic entity to repay long-term obligations. Subsequently, the amount of such loans increased sharply. An assessment of the company's ability to repay long-term liabilities is carried out using a system of nine (sometimes more) coefficients. These are the following indicators:

1. Coefficient of maneuverability of own funds. Shows what share is occupied by the equity capital invested in working capital in the total amount of the company's equity capital.

2. Coefficient of autonomy (there are other names for this indicator: coefficient of independence; coefficient of ownership; coefficient of concentration of equity capital). The autonomy ratio shows the extent to which the assets used by the enterprise are formed at the expense of equity capital.

3. Coefficient of stocks provision with own circulating assets, calculated as a quotient from dividing own circulating assets by tangible current assets;

4. Permanent asset index. It is determined by dividing the value of non-current assets by the cost of capital and reserves.

5. Ratio of long-term borrowed funds - the ratio of long-term loans and borrowings to the total amount of the enterprise's debt.

6. Ratio of real property value - the share of production potential in the total value of assets. The production potential includes fixed assets, production inventories, work in progress, low-value and wearing out items.

The specified 6 coefficients are calculated on the basis of the balance sheet indicators (form 1) of Oktyabrskoye LLC for 2006-2008. This is done to identify trends in the coefficients.

The calculation results are shown in Table 2.

Table 2. Calculation of indicators of financial stability

Indicators		Study periods
1. Capital and reserves
2. Borrowed funds
3. Current assets
4. Non-current assets
5. Own working capital
6. Long-term liabilities
7. The amount of fixed assets, raw materials and materials, work in progress
8. Asset value
9. The ratio of the ratio of borrowed and own funds
10. Equity ratio
11. Coefficient of maneuverability of own funds
13. Coefficient of autonomy
14. Ratio of long-term borrowing
15. Ratio of real property value
16. Losses

The table shows that the organization in 2006 had absolute financial stability, however, since the end of 2007, the state began to deteriorate sharply, the organization does not have enough sources to form reserves and costs, which means the organization is in a crisis state, it is necessary to increase the values ​​of indicators by increasing its own circulating funds and reduce the proportion of stocks.

2.5 Analysis of the efficiency of the enterprise

Turnover analysis activity

To characterize the use of working capital, turnover ratios are calculated. Turnover indicators show how many times a year (or for the analyzed period) certain assets of an enterprise are “turned around”. The reciprocal multiplied by 360 days (or the number of days in the analyzed period) indicates the duration of one turnover of these assets.

Turnover indicators are of great importance for assessing the financial position of an enterprise, since the rate of turnover of funds, i.e. the speed of their transformation into monetary form, has a direct impact on the solvency of the enterprise.

The turnover indicator of current assets is calculated by the formula:

Turnover of current assets = net sales / average annual value of current assets.

The duration of one turnover in days will be calculated as follows: = 360 / asset turnover.

For the studied enterprise, the calculation and characteristics of changes in the turnover of working capital are given in Table 3.

Table 3. Calculation and dynamics of asset turnover indicators

The data in table 3 indicate a deterioration in the financial situation of the enterprise. Compared to 2006, the duration of the turnover in 2007 decreased by 68 days, and the turnover of current assets increased by 0.8 times. If we compare 2007 and 2008, the following conclusions can be drawn: in 2008, compared to the previous year, the turnover of current assets decreased by 1.93 times, but the duration of the turnover of current assets increased by 343 days.

Analysis of indicators of profitability of the organization

In the conditions of market relations, the role of indicators of profitability of products, which characterize the level of profitability (unprofitability) of its production, is great. Profitability indicators are relative characteristics of the financial results and efficiency of the enterprise. They characterize the relative profitability of the enterprise, measured as a percentage of the cost of funds or capital from various positions.

Profitability indicators are the most important characteristics of the actual environment for the formation of profit and income of enterprises. For this reason, they are indispensable elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as a tool for investment policy and pricing.

Product profitability shows how much profit is accounted for per unit of product sold. The growth of this indicator is a consequence of an increase in prices with constant costs for the production of sold products (works, services) or a decrease in production costs at constant prices, that is, a decrease in demand for the company's products, as well as a faster rise in prices than costs.

The product profitability indicator includes the following indicators:

1. Ratio of return on assets (economic return). This indicator characterizes how efficiently the company uses all its assets. It is no coincidence that this indicator has synonyms: return on capital, profitability (profitability) of total capital.

2. Return on equity (financial return). Synonyms: return on equity, return on equity. This indicator reflects the efficiency (return) of the use of equity capital.

3. Profitability of products (profitability of operating costs, profitability of products sold). Shows what is the profit for 1 rub. costs incurred for the production and sale of marketable products.

4. Return on investment. Shows how much profit the company receives for 1 ruble. the amount of equity capital and attracted long-term loans and borrowings.

Table 4. Calculation and dynamics of profitability indicators

From table 4 it is possible to draw unambiguous conclusions and conclusions. They consist in stating an indisputable fact: absolutely all indicators of profitability and efficiency of managerial labor, labor of farm managers deteriorated every year, and significantly.

These indicators, which indicate a decrease in the profitability of the enterprise, seem to be caused by a complex set of reasons. Some of them are outside the enterprise and are described in a number of economic works. These reasons are associated with the deteriorating conditions for all agricultural producers for the acquisition of resources and services in comparison with the conditions under which agricultural products are sold in different markets. Measures for state regulation of agro-industrial production, outlined in the Federal Law, do not work or are not implemented at all.

However, as observations show, there are also internal reasons, one way or another connected with the imperfection of the financial management of the enterprise. They will be discussed in the next, final paragraph of the work.

3. Measures to improve the economic efficiency and profit of the enterprise

3.1 Development and development in practice LLC "Oktyabrskoe" organizational and managerial measures to increase the economic efficiency of the enterprise

From the previous sections of the course work, it can be noted that the management of the surveyed enterprise often finds and implements relatively effective organizational and management measures that provide the farm with a significantly low level of final results than they get in other enterprises of the Stavropol Territory.

The enterprise achieves relatively high yields of main crops, animal productivity, and also sells the products produced at relatively favorable prices. This is ensured primarily by two circumstances. Firstly, Oktyabrskoye LLC sells large volumes of crop production. Prices are often not high. Secondly, in Oktyabrskoye LLC, from one third to half of the marketable crop production is sold in the first half of the year. During this period, buyers are willing to pay more for grain and sunflower than in the months following harvest, when agricultural markets are full of produce.

However, the company has seen a steady decline in cost and asset profitability and sales profitability. This requires the management of the enterprise to develop and master in the practice of managing the enterprise additional measures to improve the efficiency of its production and commercial activities. Some of the measures of this kind depend on the regulatory actions of the state. The generalization of works on agricultural economics, financial management, management accounting, analysis of the experience of the country's leading agricultural enterprises, as well as scientific publications on the transfer of the agro-industrial complex to sustainable economic development, allow us to present a system of measures that can significantly increase the financial stability of agricultural producers.

When analyzing issues related to wages on the farm, it was revealed that there are practically no payments and bonuses at Oktyabrskoye LLC at the end of the year. All wages are paid at the end of the next month and in crop production does not depend on the final results of the work. Salary in this industry is charged only for the volume of work performed. True, in animal husbandry, wages are charged for the achieved volumes of production - weight gain of cattle and pigs, milk yield, for offspring. In crop production, the end result is formed only at the end of the agricultural year. Therefore, here it is very difficult to pay for labor based on the final result. Apparently, that is why for several years the salary of plant growing workers has not been connected with the final results in Oktyabrskoye LLC. It depends only on intermediate results - the fulfillment of production standards (how much plowed, sowed, cultivated, harvested, etc.). In connection with the above, it seems that one of the reserves that an enterprise should use to improve the efficiency of its activities could be the deepening of on-farm settlement, following the example of advanced agricultural enterprises of the Krasnodar Territory. It is known that self-financing is an important factor in increasing the efficiency of an enterprise. In the form of managerial accounting, such methods of organizing and managing intra-firm labor collectives are widely used in developed capitalist countries. In the most successful enterprises of these countries, intra-firm financial responsibility centers are created - cost centers, profit centers, investment centers.

Such organizational and financial forms of management and labor motivation, according to available data, allow enterprises to function more efficiently.

In the surveyed economy, everything depends on the will and decisions of the head. A consistently authoritarian method of management is applied here. Its effectiveness, according to leading experts in the field of modern management, is limited. A management method based on material interest, initiative and broad independence of primary production collectives is considered more promising. Therefore, as a first step that can ensure the economy overcome negative trends in the dynamics of the profitability of production and commercial activities, it should be pointed out the need for widespread introduction of management accounting methods that develop the methods of on-farm accounting previously used in the Russian economy.

The second such step should be the introduction into the practice of economic management of modern methods of financial planning used by budgeting.

When applying these methods on the farm for each next financial year, it is recommended to draw up the following private budgets: 1) the sales budget; 2) production budget; 3) the budget of the wage fund; material cost budget; 5) the budget for the consumption of fuels and lubricants and electricity; 6) the budget for depreciation and repairs; 7) the budget of other expenses. The most important starting point for all other budgets is the sales budget. It is calculated based on market research. After calculating the sales budget, they proceed to determining the costs of their implementation. To do this, make up a production budget and predict the cost of production and distribution costs. The production budget includes the budget for the receipt of materials required for production. Payments to off-budget social funds (UST) are linked to the wage fund budget. The material cost budget reflects the material cost of production (including payments for third-party services). The budget for the consumption of fuels and lubricants and electricity reflects the costs and flow of these values. The amortization budget largely determines the investment activity of the enterprise. The miscellaneous budget covers all other costs.

Calculation of private budgets allows to make a forecast of production costs and distribution costs with great reliability, and then sales, proceeds, profits (or losses - after all, they are also found in Oktyabrskoye LLC for certain types of products). Separately, two more private budgets should be drawn up - long-term capital investments and repayment of accounts payable. The budget for long-term investments is nothing more than an account of expenses and incomes for investment activities, and the budget for repaying loans should be a credit plan of the enterprise.

Budgeting involves not only making a forecast of the income and expenses of an enterprise, but also systematic - at least once a month - comparing forecast and actual indicators, identifying the reasons for deviations, clarifying budget indicators or taking additional measures aimed at fulfilling previously calculated budget indicators.

It seems that the introduction into the practice of Oktyabrskoye LLC of the principles and methods of management accounting (or in-depth on-farm accounting) together with the budgeting of the enterprise's activities (especially investment) should stop a further decrease in its profitability indicators, will increase the mass of profits while limiting production and commercial costs.

3.2 Ways to increase the profit of Oktyabrskoye LLC

Systematic profit-making is a necessary goal of the entrepreneurial activity of any enterprise. Therefore, the dominant problem for the enterprise is profit maximization, which means developing a strategy to systematically increase profits and minimize costs. This task is multifaceted, which is why for its solution it requires a systematic approach.

It follows from this that profit maximization is associated with the process of increasing entrepreneurial profit. This, in turn, means that the calculations require the use of marginal values: marginal profit, marginal revenue and marginal cost.

In order to resolve the issue of maximizing profits, it is also important to know whether the company operates in conditions of free competition or a monopoly market.

For an enterprise, profit maximization consists in choosing such a volume of product sales, at which the company's marginal costs in production and sales would be equal to the market price. In other words, in a competitive market, income is equal to the market price.

1. Strict observance of the concluded contracts for the performance of agricultural work. It is especially important for an enterprise to find customers for the performance of work.

2. Implementation of a large-scale and effective policy in the field of personnel training, which is a special form of capital investment.

3. Improving the efficiency of the enterprise for the sale of products. First of all, it is necessary to pay more attention to increasing the speed of movement of working capital and reducing all types of stocks.

4. To improve the quality of the work performed, which will lead to the competitiveness and interest in the choice of this enterprise by the customers of the work.

5. Also, an increase in the volume of agricultural work due to a more complete use of the production capacities of the enterprise plays an important role.

6. Reducing production costs by increasing the level of labor productivity, economical use of raw materials, materials, fuel, electricity and equipment.

7. The use of the most modern mechanized and automated means for performing work.

9. Consider and eliminate the causes of overspending of financial resources for administrative and commercial expenses.

11. Implement an effective pricing policy, differentiated in relation to certain categories of buyers.

12. To carry out activities aimed at improving the material climate in the team, which ultimately affect the increase in labor productivity.

13. Carry out constant control over the conditions of storage and transportation of raw materials and finished products.

The implementation of these proposals will significantly increase the profit received at the enterprise. It is necessary for the company to devote much more time to such areas as the sale and sale of products, since the needs and demands of consumers are becoming extremely individualized, and the markets are very diverse in their structure. Maximizing profit is mainly associated with lower production costs. However, in conditions when the enterprise can manage the costs themselves, basically only the consumption of their quantity, and the price for each input material (resource) is practically uncontrollable, and in the conditions of inflation that does not slow down and there is no control, the enterprise is extremely limited in its ability to reduce production costs by achieving in this way increasing profits. Therefore, here it becomes necessary to re-evaluate other qualitative characteristics that affect the increase in the company's income. A modern agricultural enterprise must meet the following parameters:

1. To have great flexibility, the ability to quickly change the offered services, since the inability to constantly adapt to the needs of consumers, will doom the company to bankruptcy.

2. The production technology has become so complicated that it requires completely new forms of control, organization and division of labor.

3. The structure of production costs has changed dramatically. At the same time, the share of costs associated with the sale of products is increasing. All this requires fundamentally new approaches to the management and organization of production, and directly concerns the management of profit. Moreover, they must find a worthy place in the development of its management within the enterprise as a whole.

4. A special problem is the increase in the efficiency of the enterprise in the search for a customer. First of all, it is necessary to pay more attention to increasing the speed of movement of working capital, reducing all types of stocks, to achieve the fastest possible execution of work.

Conclusion

The work focuses on the analysis of the balance sheets of Oktyabrskoye LLC for 3 years - from 2006 to 2008 inclusive. In addition, on the basis of the analysis of the financial condition of Oktyabrskoye LLC, a system of organizational and managerial measures aimed at improving the results of the production and financial activities of the enterprise is substantiated. At the same time, the justified measures are not only of an on-farm nature, but also have an industry-wide aspect. The fact is that a number of important conditions for the stability of the financial condition of even the best agricultural enterprises cannot be ensured without the implementation of measures of state regulation of the agro-industrial complex.

OOO Oktyabrskoye is characterized by a relatively large size of cultivated arable land transferred to it for a long (10-year) lease by the owners of land shares - former collective farmers. The arable land area of ​​Oktyabrskoye LLC is slightly more than 10 thousand hectares. This is a large area.

The company has retained a diversified structure of production activities. Here not only wheat, barley, peas and sunflowers are grown, but also cattle, pigs and sheep are raised, milk, meat and wool are produced.

When analyzing the results of production and financial activities of the enterprise, all forms of financial statements for 2006-2008 were used. The composition of these forms, which together form the balance sheet of the economy for the corresponding year, is shown in one of the tables of the work. The study of the listed balance forms made it possible to construct a large number of analytical tables included in the work with the corresponding conclusions and conclusions. Of great importance for the analysis and assessment of the economic processes that have taken place in Oktyabrskoye LLC in the last 3 years, to characterize its financial position is a table that reflects the dynamics of revenue, cost of sold products, profit from sales, as well as from the excess of operating and non-operating income over their expenses.

The farm renews and replenishes its fleet of equipment, builds new production facilities and residential buildings, buys pedigree cattle. However, one cannot fail to note the extremely uneven, spasmodic nature of investments.

Financial analysis results are also controversial. From the tables in which the assessment of the solvency and liquidity of the economy is presented, it can be seen that the financial ratios, although sometimes they deteriorate, still indicate significant reserves of the financial strength of the enterprise. The company has something to pay for its debts. For now, he has nothing to fear from the threat of insolvency and bankruptcy. However, from the table with profitability indicators, it can be seen that the economic efficiency of management in Oktyabrskoye LLC is constantly decreasing.

The observed decrease in the return on costs and in general of all assets, as well as the equity capital of the economy, requires the development and development of a system of measures to increase the financial stability of the enterprise, to increase its economic efficiency.

The specified system of measures was justified in the third chapter of the course work. The designed measures are primarily of an on-farm nature. Among them: 1) deepening of on-farm accounting, wages based on the final result; 2) the introduction of management accounting, combined to save labor of accounting workers with tax accounting; 3) the introduction of budgeting as a method of managing income and expenses; 4) management of financial flows; 5) improving marketing activities; 6) business planning of investment activities.

Measures are also needed to improve state regulation of the agro-industrial complex, since the external environment of the economy has no less effect on its results than the internal one. There is a need for more targeted government procurement and commodity interventions in grain markets, customs regulation of food imports and exports, greater participation of the state in insurance of risks of the agro-industrial complex, the issue of preferential lending, development of the infrastructure of resource markets, without which the price disparity cannot be overcome. Only in 2004 was introduced preferential taxation of income of agricultural producers.

Thus, the implementation of these measures will help overcome negative trends in the dynamics of economic efficiency and financial stability of Oktyabrskoye LLC.

List of used literature

1. Kreinina M.N. Assessment of the financial condition of the organization using international standards / Training and methodological center under the Ministry of the Russian Federation for taxes and fees. - Moscow, 2007

2. Savitskaya G.V. Analysis of the economic activity of the enterprise: 3rd ed. - Minsk: FE "Ecoperspektiva"; "New Knowledge", 1999

3. Kravchenko L.I. Analysis of economic activities -

4. Kreinina M.N. Financial analysis - M. 1994

5. Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B. Modern economic dictionary. - M .: INFRA-M, 1997

6. Dybal S.V. Economic analysis: teaching aid. - SPb., 1997

7. E.A. Markaryan, G.P. Gerasimenko Financial analysis - M .: "Prior", 1997.

8. Bakanov M.I. The theory of economic analysis / M.I. Bakanov, A.D. Sheremet. - M .: Finance and statistics, 2000

9. Gradov A.P. Strategy and tactics of anti-crisis management of the company. - St. Petersburg. Specialist. literature - 2006

10. Efimova O.V. Financial analysis / O.V. Efimova. - M .: Accounting, 1996.

11. Kovalev A.I. Analysis of the financial condition of the enterprise / A.I. Kovalev, V.P. Privalov. - M .: Center for Economics and Marketing, 1997

12. Richard J. Audit and analysis of the economic activity of the enterprise / J. Richard / Per. from French; Ed. L.P. Belykh - M .: Audit, UNITI, 1997

13. Sheremet A.D. Financial analysis methodology / A.D. Sheremet, R.S. Saifulin. - M .: INFRA-M, 1997

14. Savitskaya G.V. Analysis of the economic activities of the agro-industrial complex. - Minsk: New knowledge, 2001.

15. Dobrynin V.A. Actual problems of the economy of the agro-industrial complex. - M .: MSKhA, 2001.

16. Balabanov I.T. Financial analysis and planning of an economic entity. - M .: Finance and statistics, 2000

17. Chalova A.A. Finances of organizations (enterprises): A guide for students on writing term papers in the specialty 060400 "Finance and Credit" by correspondence and full-time education / SKI BUPK. - Stavropol, 2003.

18. Balayan V.E. A guide for students on writing term papers in the specialty "Economics and Accounting" 2009.

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Financial positionorganization

Under financial situation the ability of an enterprise to finance its activities is understood. The financial condition characterizes a set of indicators reflecting the availability, placement and use of financial resources of an enterprise, as well as the condition of capital in the process of its circulation.

The stability of the financial position is achieved with the adequacy of equity capital, good quality of assets, high business activity of the enterprise, a sufficient level of profitability, stable income and ample opportunities to attract borrowed funds.

The financial position of an enterprise is assessed, first of all, by its financial stability and payment by b ness . Financial stability of the enterprise - is the ability to function and develop, to maintain the balance of its assets and liabilities in a changing internal and external environment, guaranteeing its constant solvency. Pla similar ability reflects the ability of an enterprise to pay its debts and obligations in a given specific period of time.

There are 4 types of financial stability:

Absolute financial stability

SOBK - W? 0

Normal financial stability

(SOBK + Dl.Z.) - Z? 0

Unstable financial condition

(SOBK + Dl.Z. + Kr.Z) - Z? 0

If the calculation results in a negative value, then this indicates a crisis state.

SOBK - own working capital;

З - stocks (costs);

D.Z. - long-term loans and borrowings

Kr.Z - short-term loans and borrowings

The purpose of studying the financial situation of the enterprise consists in finding additional funds for the most rational and economical conduct of economic activities. A stable financial condition is the result of skillful management of the entire complex of factors that determine the results of the financial and economic activities of the enterprise. Financial analysis plays a significant role in resolving these issues.

The main factors that determine the financial condition are, Firstly, fulfillment of the financial plan and replenishment as necessary of own working capital at the expense of profit and, Secondly, the rate of turnover of circulating assets. The fulfillment of the financial plan mainly depends on the results of the production and marketing activities of the enterprise as a whole.

The main sources of information for financial analysis are accounting.lTersky reports: form No. 1 "Balance sheet", form No. 2 "Profit and loss statement", form No. 3 "Statement of the movement of funds and other funds", form No. 4 "Statement of cash flows", form No. 5 "Appendix to the accounting balance ".

An analysis of the financial situation is recommended to be carried out in the next post e consistency.

Stage 1. Analysis of current liquidity and provision of own circulating assets.

In accordance with Chapter 3 "Instructions for the analysis and control of the financial condition and solvency of business entities", the recognition of the balance sheet structure as unsatisfactory, and the organization insolvent, must simultaneously comply with the following conditions:

The current liquidity ratio at the end of the reporting period, depending on the industry affiliation of the organization, has a value below the standard;

The ratio of the provision of own circulating assets at the end of the reporting period, depending on the industry affiliation of the organization, is less than the standard value.

Stage 2. Analysis of the dependence of the established insolvency of the organization on the state's debt to it.

The debt of the state to the organization is understood as the obligations of the executive power body of the Republic of Belarus to pay for the order, which the organization is not entitled to refuse to fulfill in time. On the basis of the documents for each of the state obligations that have not been fulfilled on time, the volumes of government debt and the timing of their occurrence are determined, if the submitted documents have not proved the existence of government obligations that have not been fulfilled on time, the dependence of the organization's insolvency on the state's debt to it is considered not established.

Stage 3. Analysis of the security of financial liabilities with assets.

The ratio of financial liabilities with assets characterizes the organization's ability to pay off its financial liabilities after the sale of assets and is determined by the ratio of all the organization's liabilities to the total value of the property (the standard value for all sectors of the economy is not more than 0.85).

Stage 4. Detailed analysis of the organization's financial statements.

Purpose of the analysis - identification of the reasons for the deterioration of the financial condition of the organization. When analyzing the dynamics of the balance sheet currency, the data on the balance sheet currency at the beginning and end of the reporting period are compared. A decrease in the balance sheet currency (balance sheet total) is a consequence of a reduction in the organization's economic turnover.

When considering the structure of the balance sheet in order to ensure the comparability of the studied data by items and sections of the balance sheet at the beginning and end of the reporting period, the analysis is carried out on the basis of specific indicators calculated for the balance sheet currency, which is taken as 100 percent.

After studying the structure of the balance sheet, an analysis of the turnover of working capital is performed.

The balance sheet analysis ends with an analysis of the balance sheet liquidity. The task of analyzing the liquidity of the balance arises in connection with the need to assess the creditworthiness of the organization. Balance sheet liquidity is defined as the degree to which the organization's liabilities are covered by its assets, the maturity of which corresponds to the maturity of the liabilities.

Depending on the degree of liquidity, i.e. from the speed of conversion into cash, enterprise assets sectioneare divided into the following groups:

- most liquid assets (A1)- all items of the enterprise's funds and financial investments;

- quick realizable assets (A2)- accounts receivable, payments for which are expected within 12 months after the reporting date, goods shipped, work performed, services rendered and taxes on purchased values;

- slow-moving assets (A3)- finished products, raw materials, materials, work in progress;

- hard-to-sell assets (A4)- fixed assets;

- illiquid assets (A5)- bad accounts receivable, stale material values.

Balance sheet liabilities are grouped by the degree of urgent Ohow to pay for them:

The most urgent liabilities (P1) - accounts payable and bank loans, the terms of repayment of which have come;

- short-term liabilities with maturity up to 1 year (P2)- short-term bank loans;

- long-term liabilities (P3)- long-term bank loans and borrowed funds;

- permanent liabilities (P4)- sources of own funds;

- revenue of the future periods, which are supposed to be obtained in the future (P5).

The balance is considered absolutely liquid if the following ratios take place.Osheniya:

A1? P1, A2? P2, A3? P3, A4? P4, A5? P5

With stable financial stability, the organization's dynamics should increase the share of its own turnover T fund, the growth rate of its own fund should be higher than the growth rate of the loan fund, and the growth rate of receivables and payables should be balanced and to each other.

System of indicators of financial condition

To analyze and assess the financial position of the enterprise, a whole system of indicators is used that characterize: the availability of capital and the efficiency of its use; the structure of the company's liabilities, its financial independence; the structure of the company's assets and the degree of production risk; the structure of sources for the formation of working capital; the solvency and liquidity of the enterprise; bankruptcy risk; financial safety margin. The usefulness of any financial indicator depends on the accuracy of the financial statements and the forecasts obtained on its basis. financial stability liquid asset

In the Republic of Belarus, when determining creditworthiness, taking into account the ratio analysis of the financial situation, banks are guided by the standard values ​​of the current liquidity and the provision of own working capital, differentiated by industry.

The composition of the estimated indicators of the financial condition and the algorithms for calculating each of them in a formalized form are presented in Table 1.

Table No. 1 Characteristics and procedure for calculating the estimatedPOfinancial indicators

Indicators	Characteristic indicator	Algorithm
Solvency ratios
Current liquidity ratio (standard 1.7)	Shows the ability of the company to pay off short-term liabilities with its current assets
Intermediate liquidity ratio (standard not less than 0.5-0.8)	Reflects the solvency of the enterprise, taking into account the forthcoming receipts from debtors, showing how much of the current debt the organization can cover in the short term, subject to the repayment of accounts receivable
Absolute liquidity ratio (standard 0.2)	It characterizes the instant solvency of the enterprise and shows what part of the short-term debt the enterprise can cover from the available funds and short-term financial investments, which are quickly realized if necessary
Financial independence ratio (equity ratio) (standard 0.5)	Reflects the independence of the enterprise from borrowed sources
The ratio of total financial liabilities with assets (standard 0.85)	An increase in the values ​​of this indicator indicates an increase in the dependence of the enterprise on the conditions set forth by creditors, and, consequently, a decrease in the financial stability of the enterprise.
The ratio of long-term liabilities with assets	Shows what proportion of the company's assets is financed by long-term loans
The coefficient of maneuverability of own working capital	Shows what part of the company's own funds is in mobile form, which allows relatively free maneuvering of these funds
Financial risk ratio (leverage) (standard 0.5)	It shows how much borrowed funds the company attracted for its own ruble. The growth of the indicator indicates an increase in the company's dependence on external financial sources, that is, in a certain sense, a decrease in financial stability and often complicates
Financial stability ratio (standard 2)	Shows how much each ruble of debt is backed by its own funds. A decrease in this indicator indicates the insolvency of the enterprise.
Equity ratio of total financial liabilities	The lower the coefficient, the more stable the financial position of the company
Coefficient of provision of long-term liabilities with non-current assets	Shows what share of hard-to-sell non-current assets (fixed assets) is financed through long-term loans
Coefficient of provision with own circulating assets	Characterizes the presence of own working capital, necessary to ensure financial stability
Coefficients characterizing business activity
Return on sales,%	Demonstrates the share of net profit (PP) in the sales volume (BP) of the enterprise
Return on equity,%	Allows you to determine the efficiency of the use of capital invested by the owners of the enterprise. Return on equity shows how many monetary units of net profit each unit invested by the owners earned
Return on assets,%	Allows you to determine the effectiveness of the use of enterprise assets. Shows how many monetary units of net profit each unit of assets earned
Return on current assets,%	Demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the used working capital of the enterprise
Return on non-current assets,%	Demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the fixed assets of the enterprise
Return on investment,%	Shows how many monetary units the company needed to get one monetary unit of profit. This indicator is one of the most important indicators of competitiveness and investment attractiveness.
Business ratio	Shows how many rubles of net proceeds from sales were transformed from each ruble of assets, or how intensively the assets of the enterprise are turned over.
Accounts receivable turnover ratio	Indicates the expansion or decline of the commercial loan provided by the organization. If the ratio is calculated based on sales revenue generated as bills are paid, its growth means a decrease in sales on credit.
Accounts payable turnover ratio arrears	It means an increase in the rate of payment of the organization's debt, a decrease - an increase in purchases on credit. Reflects the expansion or contraction of a commercial loan provided to an organization.
Equity capital turnover ratio	It characterizes the rate of turnover of equity capital.

Accepted conventions when calculating the estimated indicators of financial conditionI amthe enterprise:

non-current assets of the enterprise (VNA);

current assets of the enterprise (OBA);

cash (DS);

short-term financial investments (KFV);

accounts receivable (DZ);

accounts payable (KrZ);

balance sheet currency (balance sheet total) (WB);

short-term liabilities (KO);

long-term liabilities (DO);

equity capital (SK);

borrowed capital (ZK);

proceeds from the sale of products (works, services) (ВР);

the net profit of the enterprise.

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