Analysis of the main economic indicators of the enterprise. How to analyze the economic activity of an enterprise

The main goal of financial analysis is to obtain the largest 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. At the same time, the head of the enterprise is interested not only in the current, but also in the immediate and long-term prospects of the financial condition.

Analysis of the financial position of an enterprise allows you to track trends in its development, give a comprehensive assessment of the economic, commercial activities and thus serves as a link between the development of management decisions and production and entrepreneurial activity itself.

In the course of the activity of any enterprise, it is especially important to determine financial stability, that is, the state of financial resources in which the enterprise can freely maneuver funds in order to, through effective use, ensure the uninterrupted process of production and sales of products, as well as incur costs to expand the production base.

Determining the boundaries of the financial stability of enterprises is one of the most important problems, especially in a market economy. Insufficient financial stability can lead to the insolvency of the organization, to a shortage of Money to finance current or investment activities, to bankruptcy, and excess, leading to the appearance of excess inventories and reserves, increasing capital turnover, reducing profits, will hamper development. Economic and financial analysis allows us to substantiate the parameters of such sustainability.

The material base of the enterprise is formed by means of labor and objects of labor, which are combined into means of production. Instruments of labor are accounted for in the form of fixed assets. Fixed assets in value terms represent fixed assets accounted for in the system financial statements. When analyzing the main ones, first of all, it should be noted that they are an active element of production and, if used correctly, not only help to improve the work of workers.

Effective use of fixed assets is one of the the most important conditions successful work economic entity. Ensuring the maximum possible load of machinery and equipment, the rational and fullest use of production space, office space and territory contributes to an increase in production volumes, a reduction in its cost, savings on capital investments, a reduction in the payback period, and an increase in operational efficiency. Insufficient or irrational, uncoordinated loading of technological installations indicates either an unsatisfied quality of the organization's design, or its poor performance: a decrease in orders for products, deficiencies in logistics, labor organization, etc.

Capital productivity is defined as the ratio of the amount of products produced to the average annual cost of the general fund. Capital intensity is the inverse value of capital productivity.

The capital productivity indicator should be calculated over a number of years for comparison over time. Capital productivity shows how many products (in value terms) are produced in a given period per 1 ruble. the cost of fixed assets, and capital intensity is the cost of production assets per 1 ruble. products. The better the fixed assets are used, the higher the return on assets. And a decrease in capital intensity means savings in labor embodied in fixed assets involved in production.

Capital productivity is a general indicator of the effectiveness of the use of general fund. The efficiency of using funds is also characterized by private indicators: power utilization factor, productivity of individual types of equipment in natural meters, etc. Private indicators include the capital productivity of the active part of the general public fund, the analysis of which is of interest from the point of view of the validity of the growth of this part of the general public fund.

The total capital productivity depends on the return and its share in the total cost of the enterprise's fixed assets. Increasing capital productivity is facilitated by:

mechanization and automation of production, use of advanced technology, modernization of existing equipment;

increasing equipment operating time;

increasing the intensity of equipment operation, including by ensuring that the quality of raw materials meets the requirements of the technological process and improving the qualifications of industrial production personnel; increasing the share of the active part of fixed assets, increasing the share of operating equipment.

Return on fixed assets is the ratio of (net) profit to the value of fixed assets. Number of revolutions working capital determined by the ratio of the cost of products sold at production cost to the average balance of working capital.

Product profitability is the ratio of profit from product sales to the cost (full costs) of its production and circulation.

The turnover of working capital (the number of turnovers) is determined by the ratio of revenue from sales of products to the average cost of working capital for the period.

Profitability of product sales is the ratio of profit from product sales to the cost (full costs) of its production and circulation.

Return on current assets is determined as the ratio of net profit (profit after tax) to the current assets of the enterprise. This indicator reflects the company's ability to provide a sufficient amount of profit in relation to the company's working capital used. The higher the value of this ratio, the more efficiently working capital is used.

Data on the structure of sources of economic funds is used primarily to assess the financial stability of the enterprise and its liquidity and solvency. The financial stability of an enterprise is characterized by the following coefficients: property, borrowed funds, the ratio of borrowed and own funds, mobility of own funds, the ratio of non-current assets, the amount of own funds and long-term liabilities.

Liquidity is understood as the possibility of selling material and other assets and converting them into cash.

According to the degree of liquidity of property, enterprises can be divided into four groups:

– first-class liquid assets (cash and short-term financial investments);

– easily realizable assets (accounts receivable, finished products and goods);

– average realizable assets (inventories, interbank supplies, work in progress, distribution costs);

– hard-to-sell or illiquid assets (intangible assets, fixed assets and equipment for installation, capital long-term financial investments).

Balance sheet liquidity is assessed using special indicators that express the ratio of certain asset and liability items of the balance sheet or the structure of the balance sheet asset. To a greater extent, the following liquidity indicators are used in international practice: absolute liquidity ratio; intermediate coverage ratio and overall coverage ratio. When calculating all these indicators, a common denominator is used - short-term liabilities, which are calculated as the total amount of short-term loans, short-term loans, and accounts payable.

The liquidity of an enterprise's balance sheet is closely related to its solvency, which is understood as the ability to meet its obligations in a timely manner and in full.

A distinction is made between current and expected solvency. Current solvency is determined as of the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other payments. Expected solvency is determined for a certain upcoming date by comparing means of payment and priority obligations on that date.

As already noted, the solvency of an enterprise strongly depends on the liquidity of the balance sheet. At the same time, other factors also have a significant impact on the solvency of an enterprise - the political and economic situation in the country, the state of the money market, the presence and perfection of collateral and banking legislation, the provision of equity capital, the financial condition of debtor enterprises and others.

The analysis of the financial condition of the enterprise ends with a comprehensive assessment of it. When analyzing the financial condition of your enterprise, after a comprehensive assessment, measures are developed to improve the financial condition, paying special attention to the development of the financial strategy of the enterprise for the future and in the coming periods.

Thus, this chapter discussed theoretical basis financial analysis, that is, types, techniques and methods of financial analysis, methods of analyzing financial condition, that is, the main indicators for assessing the financial condition, their structure and the coefficients that determine them, as well as the factors on which these indicators depend. The structure of the enterprise's balance sheet and the directions in which it is analyzed were examined.

1.1. Goals and objectives of analyzing the economic results of an enterprise.

One of the main requirements for the functioning of enterprises and their associations in a market economy is the break-even of economic and other activities, reimbursement of expenses with their own income and ensuring a certain level of profitability and economic profitability. the main task enterprise - economic activity aimed at generating profit to satisfy the social and economic interests of members of the workforce and the interests of the owner of the enterprise's property. The main indicators characterizing the results of commercial activities of trading enterprises are turnover, gross income, other income, distribution costs, profit and profitability.

The purpose of analyzing volumetric performance indicators is to identify, study and mobilize reserves for income growth, profit, increasing profitability while improving the quality of customer service. In the process of analysis, the degree of implementation of plans for turnover, income, costs, profits, profitability is checked, their dynamics are studied, the influence of factors on the results of commercial activities of enterprises is determined, and reserves for their growth, especially forecast ones, are identified and mobilized. One of the main tasks of the analysis is also to study the economic feasibility and efficiency of the distribution and use of profits.

To achieve these goals, trading enterprises must solve the following problems:

Evaluate the extent to which profit maximization was ensured;

In cases of unprofitable work, the reasons for such management are identified and ways out of the current situation are determined;

They consider income based on their comparison with expenses and identify profit from sales;

Study trends in income changes for the main product groups and in general from trading activities;

They determine what part of the income is used to reimburse distribution costs, taxes and generate profits;

Calculate the deviation of the amount of balance sheet profit in comparison with the amount of profit from sales and determine the reasons for these deviations;

Examine various profitability indicators for the reporting period and over time;

Identify reserves for increasing profits and increasing profitability and determine how and when it is possible to use these reserves;

They study the areas of use of profits and evaluate whether financing is provided from their own funds for the development of economic activities.

In practice, external and internal analysis is used.

External analysis is based on published reporting data and therefore contains a limited amount of information about the activities of enterprises. Purpose it is to assess the profitability of the enterprise, the efficiency of capital use. The results of this assessment are taken into account in the company’s relations with shareholders, creditors, tax authorities and serve as the basis for determining the position of this company in the market, in the industry and in the business world. Naturally, the published information does not affect all areas of the enterprise’s activity; it contains aggregated data, mainly about their financial activities, and because of this, it has the ability to smooth out and veil the negative phenomena that take place in the activities of enterprises.

Therefore, external consumers of analytical material try, whenever possible, to obtain additional information about the activities of enterprises beyond what is published by them.

The greatest importance in assessing performance results and determining measures to increase profits and improve profitability is internal analysis. It is based on the use of the entire complex of economic information, primary documents and analytical, statistical, accounting and reporting data. The analyst has the opportunity to realistically assess the state of affairs at the enterprise. He can obtain from the primary source reliable information about the pricing policy of the enterprise and its income, about the formation of profit from sales, about the structure of distribution costs and other expenses, to assess the position of the enterprise in commodity markets, about gross (balance sheet) profit, etc.

It is internal analysis that allows us to study the mechanism by which an enterprise achieves maximum profit. This type of analysis plays a crucial role in the development critical issues competitive policy of the enterprise, which are used in assessing the implementation of assigned tasks and for developing development programs for the future.

This type of analysis, associated with the study of trends that have developed in the past, is called retrospective, and aimed at studying the future - prospective.

An integrated approach to learning final results commercial activity allows you to make informed management decisions in the course of current activities, contributes to the selection of the best options for action in the future.

1.2. Basic economic indicators activity of the enterprise

The performance of the enterprise can be characterized by the following indicators:

Economic effect;

Performance indicators;

Capital payback period;

Liquidity;

Break-even point of farming.

Economic effect- this is an absolute indicator (profit, sales income, etc.) characterizing the result of the enterprise’s activities. The main indicator characterizing the economic effect of an activity manufacturing enterprise, is profit. Profit is what entrepreneurial activity is carried out for. The procedure for generating profit:

Profit P r from sales of products (sales) is the difference between sales revenue (V r) costs of production and sales of products ( full cost Z pr), the amount of value added tax (VAT) and excise taxes (ACC):

P r = V r - Z pr - VAT - ACC.

Profit from other sales (P pr) is the profit received from the sale of fixed assets and other property, waste, and intangible assets. It is defined as the difference between revenue from sales (V pr) and the costs of this sale (Z r):

P pr = V pr - Z r.

Profit from non-operating operations is the difference between income from non-operating operations (D inn) and expenses on non-operating operations (R in):

P in = D in - P in.

Income from non-operating transactions is income from equity participation in the activities of another enterprise, dividends on shares, income from bonds and other securities, income from leasing property, fines received, as well as other income from operations not directly related to the sale of products .

Expenses on non-sales operations are the costs of production that did not produce products.

Balance sheet profit: P b = P r + P pr + P int.

Net profit: Pch = Pb - count.

Retained earnings: Pnr = Pch -DV - percent.

Profit can be distributed in the directions indicated in Fig. 3.8.

Rice. 1.1. Profit distribution

A reserve fund is created by an enterprise in case of termination of its activities to cover accounts payable. The formation of a reserve fund for enterprises of certain organizational and legal forms is mandatory. Deductions to reserve fund are made in accordance with current regulations.

The accumulation fund is intended for the creation of new property, the acquisition of fixed and working capital. The size of the accumulation fund characterizes the enterprise's capabilities for development and expansion.

The consumption fund is intended to carry out activities for social development and material incentives for the company’s personnel. The consumption fund consists of two parts: the public consumption fund and the personal consumption fund, the relationship between which largely depends on the state structure, historical national traditions and other political factors. According to its natural and material content, the consumption fund is embodied in consumer goods and services. According to the method of education and socio-economic forms of use, the consumption fund is divided into: fund wages and income, public consumption fund, maintenance fund public organizations and management apparatus. The progress of society is usually accompanied by an increase in real wages and incomes, an improvement in the quality of consumer goods and services, the rapid development of durable consumer goods and cultural and household goods, and means of development non-production sphere. However, the growth of the consumption fund has objective limits; its excessive growth will inevitably lead to an unjustified reduction in the accumulation fund, which will undermine the material foundations of expanded reproduction and economic growth. Therefore, it is necessary to strive for an optimal combination of the consumption fund and the accumulation fund in order to ensure both high and sustainable rates of economic growth and an increase in the standard of living, real income and consumption of the people.

Analysis of the financial statements of an enterprise allows us to identify relationships and interdependencies between various indicators of its financial and economic activities included in the statements. The results of the analysis allow interested persons and organizations to make management decisions based on an assessment of the current financial position and activities of the enterprise for previous years and its potential opportunities for the coming years.

To analyze the financial condition commercial enterprise a system of absolute and relative indicators is used, as well as financial ratios associated with their measurement. The most important of them are indicators characterizing:

Solvency - the ability of an enterprise to pay its obligations;

Financial stability - the state of financial resources, their distribution and use, ensuring the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under an acceptable level of risk;

Business activity - the efficiency of the enterprise's use of its funds;

Profitability (profitability) - the level of profit relative to the invested funds or costs of the enterprise;

Efficiency of use of own (share) capital.

The calculation of financial ratios is based on determining the relationships between individual reporting items. The general methodology for such analysis is to compare the calculated coefficients with industry average norms, generally accepted standard coefficients or similar activity data for a number of years.

Compilation comparative table in two last year identifying absolute and relative (in percentage) deviations in the main reporting indicators;

Calculation of relative indicators for several years as a percentage relative to the base year;

Calculation of indicators for a number of years as a percentage of any final indicator (for example, the balance sheet total, the volume of products sold);

Study and analysis of coefficients, the calculation of which is based on the existence of certain relationships between individual reporting items.

The wide distribution and use of coefficients is of interest due to the fact that they eliminate the distorting influence of inflation on the reporting material, which is especially important when analyzing from a long-term perspective.

Solvency analysis

The solvency indicator characterizes the company's ability to fulfill its debt obligations. The calculation and analysis of this indicator is of great importance for the enterprise, since its low potential may be a reason for it to stop making payments. The analysis process examines current and long-term solvency.

Current solvency can be determined from the balance sheet by comparing the amount of its means of payment with current liabilities. The best option is when the company always has available funds sufficient to pay off existing obligations. But an enterprise is solvent even in the case when it has insufficient free cash or no funds at all, but the enterprise is able to quickly realize its assets and pay off creditors.

The most common means of payment include cash, short-term securities, and part of accounts receivable for which there is confidence in its receipt. Current liabilities include obligations and debts subject to repayment: short-term bank loans, accounts payable for goods and services to the budget. The solvency of an enterprise is indicated by the ratio of means of payment to urgent obligations. If this ratio is less than 1, then there is a possibility that the company will not be able to repay its short-term debt on time. This issue can be resolved during the analysis process additional information on the timing of payment of accounts payable, receipt of accounts receivable, etc.

The solvency of an enterprise is assessed by liquidity indicators. There are two known concepts of liquidity. According to one of them, liquidity refers to the ability of an enterprise to pay its short-term obligations. According to another concept, liquidity is the readiness and speed with which current assets can be converted into cash. At the same time, the degree of depreciation of current assets as a result of their rapid disposal should also be taken into account.

A low level of liquidity means a lack of freedom of action for the enterprise administration. A more serious consequence of low liquidity is the inability of a company to pay its current debts and obligations, which can lead to the forced sale of long-term financial investments and assets and, ultimately, to non-payments and bankruptcy.

Solvency is often determined by balance sheet liquidity. Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liability obligations, grouped by their maturity and in ascending order.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

And 1 - the most liquid. These include all funds (cash and accounts) and short-term financial investments. Cash is absolutely liquid.

And 2 - quickly implemented. This includes accounts receivable and other current assets.

A 3 - slow to implement. These include inventories, with the exception of the items “Deferred expenses”, as well as “Long-term financial investments”.

And 4 are difficult to implement. These are intangible assets, fixed assets, construction in progress.

Liabilities are grouped according to the degree of urgency of their payment.

P 1 - the most urgent. These include accounts payable and other short-term liabilities.

P 2 - short-term. These include borrowed funds from the "Short-term liabilities" section.

P 3 - long-term. This includes long-term debt and other long-term liabilities.

P 4 - constant. They include the authorized capital and other items from the section “Capital and Reserves”, as well as “Deferred Income”, “Consumption Funds” and “Reserves for Future Income and Expenses”.

To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the items “Deferred expenses” and value added tax.

The balance is considered absolutely liquid if A1? P1, A2? P2, A 3? P 3, A 4? P 4. In the case when one or more inequalities of the system have a sign opposite to that fixed in the optimal option, the liquidity of the balance sheet differs to a greater or lesser extent from absolute. In this case, the lack of funds in one group of assets is compensated by their surplus in another group, although compensation in this case takes place only in value, since in a real payment situation less liquid assets cannot replace more liquid ones.

It is advisable to present the balance sheet items grouped together in the form of Table 6.

This assessment of liquidity is not final, since each passive group of the balance sheet may turn out to be backed by completely different active values ​​than those indicated in the comparable group.

To more accurately assess balance sheet liquidity, it is necessary to analyze the following liquidity indicators:

The current liquidity ratio is calculated as the ratio of current (current) assets to current liabilities:

Current assets include inventories less deferred expenses, cash, accounts receivable and short-term investments. Current liabilities include borrowed funds (section "Current liabilities") and accounts payable.

The resulting indicator is compared with the average for groups of similar enterprises. It can be assumed that the higher this coefficient, the better the position of the enterprise. But, on the other hand, an overestimated ratio may indicate excessive diversion of the enterprise’s own funds into various types of its assets and excess inventories.

Theoretically, a value of this indicator in the range of 2... 2.5 is considered sufficient, but depending on the forms of calculation, the speed of turnover of working capital, the duration of the production cycle, this value may be significantly lower, but they are assessed positively if the value is greater than 1.

Table 6. Analysis of enterprise liquidity

The quick liquidity ratio determines the ability of an enterprise to fulfill its current obligations from quickly liquid assets:

It shows what portion of short-term liabilities can be immediately repaid using cash, funds in short-term financial investments, and proceeds from settlements with customers.

The optimal value of this coefficient is 0.8...1. If the total liquidity ratio of two enterprises is equal, the financial position is preferable to the one that has a higher quick liquidity ratio.

The absolute liquidity ratio is calculated as the ratio of cash, short-term financial investments to current liabilities. It characterizes the ability of an enterprise to immediately pay off its short-term obligations using cash and easily realizable short-term financial investments. Theoretically, this indicator is considered sufficient if this value is above 0.2...0.25:

To assess current liquidity, net working capital is also used, which represents the excess of current assets over current liabilities. A working capital deficit will occur when current liabilities exceed current assets.

The calculation of liquidity indicators is the most critical stage of the analysis, therefore it is necessary to use information for a number of years, which will identify trends in their changes.

To assess long-term solvency (more than one year), the most important thing is profit and earning capacity, since these are the factors that determine the financial health of the enterprise.

To assess the ability of an enterprise to continuously generate profits from its activities in the future, the cash adequacy ratio of the KP is calculated. It reflects the company's ability to earn cash to cover capital expenditures, increase working capital and pay dividends. The numerator and denominator use 3-5 years of data.

A KP coefficient of 1 equal to one means that the enterprise is able to function without resorting to external financing.

Profit is one of the forms of net income, which mainly expresses the value of the surplus product, but also includes part of the cost of the necessary product.

To identify the financial result of an enterprise, it is necessary to compare revenue with production and sales costs (product cost):

1. if revenue exceeds cost, then the financial result indicates a profit;

3. if costs exceed revenue, then the company receives a negative financial result, i.e. losses. This puts him in a very difficult financial situation, which may result in bankruptcy.

1. profit characterizes the economic effect that is obtained as a result of the enterprise’s activities. But it is impossible to evaluate all aspects of an enterprise’s activities using profit. In this regard, when analyzing the production, economic and financial activities of enterprises, they use a system of indicators;

2. profit has a stimulating function, the essence of which is that it is a financial result and the main element of the financial resources of an enterprise. Ensuring the principle of self-financing depends on the profit received by the enterprise. The share of net profit that remains at the disposal of the enterprise after paying taxes and other obligatory payments must be sufficient to finance expansion production activities, material incentives for workers, scientific, technical and social development enterprises;

3. profit is the source of budget formation different levels, since it goes to budgets in the form of taxes. Profit, together with other revenue receipts, is used to finance the satisfaction of social needs, to ensure that the state fulfills its functions, state investment, production, scientific and technical and social programs.

Sources of profit:

1) the first source is formed due to the monopoly position of the enterprise in the market for the production of a particular product or the uniqueness of the product. This source requires constant product updates;

2) the second source is based on production and business activities. It requires knowledge of market conditions and the ability to adapt production development to this constantly changing environment. In this case, the amount of profit depends on:

The correct choice of the production direction of the enterprise for the production of products (selection of products that are in stable and high demand);

Creating competitive conditions for the sale of their goods and provision of services (price, delivery time, customer service, after-sales service, etc.);

Production volumes (the larger the production volume, the greater the amount of profit);

Structures for reducing production costs;

3) the third source comes from innovation activity enterprises, he assumes constant update of manufactured products, ensuring their competitiveness, increasing sales volumes and increasing the amount of profit.

When planning and assessing the economic and financial activities of an enterprise, the distribution of profits remaining at the disposal of the enterprise, specific indicators are used: balance sheet profit, taxable profit, net profit, etc.

Balance sheet profit is the sum of the enterprise's profits (losses) from sales of products and income (losses) not related to its production and sale. The sale of products refers to the sale of manufactured goods that have a natural material form, as well as the performance of work and the provision of services. Balance sheet profit is the final financial result of activity, therefore it is determined on the basis of accounting of all business transactions of the enterprise and evaluation of balance sheet items. This term “balance sheet profit” is used due to the fact that the final financial result of the enterprise is reflected in its balance sheet, which is compiled based on the results of the quarter or year.

Balance sheet profit includes the following consolidated elements:

Revenue is taken into account with the exception of value added tax and excise taxes (these are indirect taxes that go to the budget), as well as the amount of markups (discounts) received by trade and supply and distribution enterprises involved in the sale of products.

The costs of production and sales of products (works, services), which constitute the cost, are regulated by law;

2) profit (loss) from the sale of products (works, services) is the difference between gross profit and commercial and administrative expenses;

3) profit (loss) from the sale of fixed assets, their other disposal, sale of other property of the enterprise is a financial result that is not related to the main activities of the enterprise. This indicator reflects profits (losses) on other sales (sale to external parties of various types of property listed on the balance sheet of the enterprise: buildings, structures, equipment, vehicles and other fixed assets, material assets obtained in the process of demolition and dismantling of buildings, structures, sale of individual objects, inventory and other types of property (raw materials, materials, fuel, spare parts, intangible assets, currency values, securities));

4) financial results from non-operating operations are profit (loss) from operations of various natures that are not related to the main activities of the enterprise and are not related to the sale of products, fixed assets, other property of the enterprise, performance of work, provision of services.

Non-operating income of an enterprise is:

Income from long-term and short-term financial investments. Long-term financial investments are the costs of an enterprise for investing funds in authorized capital other enterprises, the acquisition of shares and other securities, the provision of loans for a period of more than a year. Short-term financial investments are the acquisition of short-term treasury bills, bonds and other securities, the provision of loans for a period of less than a year;

Income from leasing property (they are included in non-operating profits if leasing property is not the main activity of the enterprise);

Profit of previous years identified in the reporting year;

Income from revaluation of goods;

Receipt of amounts to repay accounts receivable written off at a loss in previous years;

Positive exchange rate differences on foreign currency accounts and transactions in foreign currency;

Interest received on funds in the accounts of the enterprise.

Non-operating expenses and losses of an enterprise are:

Losses on operations of previous years, identified in the reporting year, from markdowns of goods, write-off of bad receivables;

Shortages of material assets identified during inventory;

Costs for canceled production orders and for production that did not produce products, excluding losses reimbursed by customers (the cost of the material assets used is deducted);

Negative exchange rate differences on foreign currency accounts and transactions in foreign currency;

Uncompensated losses from natural Disasters taking into account the costs of preventing or eliminating the consequences of natural disasters (this excludes the cost of scrap metal, fuel, and other materials received);

Uncompensated losses as a result of fires, accidents, and other emergency events caused by extreme situations;

Costs of maintaining mothballed production facilities and facilities, with the exception of costs reimbursed from other sources;

Legal costs and arbitration fees, etc.

Non-operating profits (losses) also include the balance of received and paid fines, penalties, penalties and other types of sanctions (except for sanctions paid to the budget and a number of off-budget funds in accordance with the law); other income and expenses (losses, losses).

The profit received by the enterprise is subject to distribution, that is, directed to the budget and according to items of use in the enterprise (taxes and other obligatory payments). The profit that remains at the disposal of the enterprise after paying taxes and other obligatory payments is called net profit. It is also subject to distribution in order to form funds and reserves of the enterprise to finance the needs of production and development of the social sphere.

The procedure for the distribution and use of profits in an enterprise is written in the enterprise's charter. It is determined by regulations, which are developed by the relevant departments of economic services and approved by the governing body of the enterprise. In accordance with these documents, enterprises can draw up cost estimates financed from profits or create special-purpose funds:

The accumulation fund is a production development fund or a production and scientific-technical development fund, a social development fund;

The consumption fund is a material incentive fund.

Costs associated with production development:

Expenses for research, design, engineering and technological work;

Financing the development and development of new types of products and technological processes;

Costs of improving technology and organizing production, modernizing equipment;

Costs for technical re-equipment and reconstruction of existing production, expansion of enterprises;

Expenses for repaying long-term bank loans and interest on them, etc.

Distribution of profits for social needs is the cost of operating social facilities on the balance sheet of the enterprise, financing the construction of non-production facilities, organizing and developing subsidiary agriculture, holding recreational, cultural and mass events, etc.

Costs for material incentives are one-time incentives for completing particularly important production tasks, payment of bonuses, costs of providing financial assistance workers and employees, one-time benefits to retiring labor veterans, pension supplements, etc.

Consequently, the profit that remains at the disposal of the enterprise is divided into two parts: the first increases the property of the enterprise and participates in the accumulation process, and the second characterizes the share of profit used for consumption.

Profitability is a relative characteristic of the financial results and efficiency of an enterprise, the indicators of which characterize the relative profitability of the enterprise, measured as a percentage of the cost of funds or capital from various positions. To assess the level of efficiency of an enterprise, the result obtained (gross income, profit) is compared with the costs or resources used. This comparison of profits with costs means profitability or, to be more precise, the rate of return.

The main profitability indicators include:

1) return on assets is the percentage ratio of the balance sheet profit (or net profit) of an enterprise to the value of its assets (fixed working capital). This indicator shows how many rubles of profit one ruble invested in the assets of the enterprise brings;

2) profitability of current assets is the efficiency of using current assets, that is, the ratio of the balance sheet profit (or net profit) of an enterprise to the value of its current assets;

3) return on equity - the ratio of profit to the amount of equity capital. This indicator allows you to determine the efficiency of using your own capital, compare it with the possible receipt of income from investing these funds in other securities, and also show how many monetary units of net profit were earned by each monetary unit invested by the owners of the enterprise;

4) profitability of fixed production assets - the ratio of the balance sheet profit (or net profit) of the enterprise to the cost of fixed assets and other non-current assets. This indicator shows the efficiency of using fixed assets and other non-current assets;

5) profitability of sales (sales) - the ratio of gross profit (or net profit) to sales revenue. This indicator shows how much profit accrues per unit of products sold;

6) product profitability - an indicator that is calculated:

For all products sold - the ratio of profit from product sales to the costs of its production and sale. This indicator can also be calculated as the ratio of profit from sales of marketable products to revenue from sales of products. The indicators give an idea of ​​the efficiency of the enterprise’s current costs and the profitability of products sold;

By certain species products - this indicator depends on the price at which the products are sold to the consumer and the cost of this type of product;

The indicators listed above are influenced by many factors; they vary significantly among trading enterprises of different profiles, sizes, asset structures and sources of funds.

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

Indicators for assessing the financial condition of an enterprise.

1. Financial stability indicators characterize the condition and structure of assets, the level of borrowing capital and the organization’s ability to service this debt:

The autonomy coefficient shows what part of the total capital consists of own funds, i.e., the independence of the enterprise from borrowed sources of funds. The higher this indicator, the more financially sound, stable and independent of external creditors the organization is;

The financial stability ratio shows what part of the total capital is borrowed funds. If this indicator grows, it means an increase in the share borrowed money in enterprise financing. Conversely, if its value decreases to one, this means that the owners are fully financing their enterprise;

The working capital ratio shows the extent to which the financing of working capital depends on borrowed sources;

The agility coefficient shows what part of the enterprise’s own funds is in mobile form (in the form of current assets) and allows them to freely maneuver;

The debt-to-equity ratio allows you to see how much debt covers the equity. If this indicator grows, it indicates increasing dependence on external investors. The acceptable level of dependence is determined by the operating conditions of each enterprise, but primarily by the speed of turnover of working capital;

The ratio of the provision of material reserves with own working capital shows the extent to which material reserves are covered by own working capital. If the amount of material reserves is significantly higher than the justified need, then own working capital can cover only part of the material reserves (the indicator will be less than one). If the enterprise does not have enough material reserves for the uninterrupted implementation of production activities (the indicator may be higher than one), then this will not be a sign of the good financial condition of the enterprise.

The regulatory criteria that are given for the indicators discussed above are largely conditional, since they depend on many factors: the industry of the enterprise, the principles of lending, the existing structure of sources of funds, turnover of working capital, the reputation of the enterprise, etc.

The financial stability of an enterprise is also characterized by such indicators as liquidity and solvency.

The liquidity of an asset is its ability to be transformed into cash. The degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of asset. When talking about the liquidity of an enterprise, we mean that it has working capital in the amount necessary to repay short-term obligations (even in violation of the repayment terms stipulated by contracts).

Balance sheet liquidity is the degree to which an organization's liabilities are covered by its assets, the period of conversion of which into money corresponds to the period of repayment of obligations. The liquidity of an enterprise's balance sheet is closely related to the solvency of the enterprise.

Solvency is the presence of an enterprise with cash and cash equivalents sufficient to pay accounts payable requiring immediate repayment.

Main signs of solvency:

Availability of sufficient funds in the current account;

No overdue accounts payable.

The balance sheet liquidity indicator is determined in connection with the need to assess the solvency of the enterprise, that is, its ability to timely and fully pay all its obligations. There is balance sheet liquidity, which consists of comparing funds for assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities for liabilities, grouped by their maturity dates and arranged in ascending order of maturity.

Depending on the degree of liquidity, the property of an enterprise is divided into four groups:

The most liquid funds are cash and short-term financial investments;

Easily realizable assets are accounts receivable, finished goods and goods;

Slowly realizable assets are inventories, interbank supplies, work in progress, distribution costs;

Hard-to-sell or illiquid assets are intangible assets, fixed assets and equipment for installation, and capital long-term financial investments.

Depending on their maturity dates, liabilities are divided into:

The most urgent obligations are accounts payable, loans not repaid on time;

Short-term liabilities - short-term bank loans;

Long-term and medium-term liabilities - long-term and medium-term bank loans;

Constant liabilities are sources of own funds.

The balance is absolutely liquid in the following ratios:

The most liquid funds are greater than or equal to the most urgent liabilities;

Marketable assets are greater than or equal to current liabilities;

Slow-moving assets are greater than or equal to long-term and medium-term liabilities;

Hard-to-sell or illiquid assets are greater than or equal to permanent liabilities.

If at least one inequality is violated, the liquidity of the balance sheet is insufficient.

For more detailed analysis Liquidity ratio uses a set of the following indicators:

1) the amount of own working capital is a part of the enterprise’s own capital, which is a source of covering current assets. All other things being equal, the growth of this indicator in dynamics is a positive trend. Profit is the main and constant source of increasing own working capital;

2) the maneuverability of operating capital is part of its own working capital, in the form of cash that has absolute liquidity. This indicator, ranging from zero to one, is considered normal for a functioning enterprise. The growth of the indicator in dynamics is considered as a positive trend;

3) coverage ratio (total) - this indicator gives a general assessment of the liquidity of assets, showing how many rubles of the enterprise’s current assets per ruble of current liabilities. The enterprise repays short-term liabilities mainly at the expense of current assets, therefore, if current assets exceed current liabilities, the enterprise is considered to be successfully operating;

4) quick liquidity ratio - this indicator is similar to the coverage ratio, but is calculated for a narrower range of current assets (the least liquid part of them, industrial inventories, is excluded from the calculation). This exception is made because the funds that can be gained in the event of a forced sale of inventories may be significantly lower than the costs of their acquisition. According to international standards, the level of the indicator should be higher than 1. In Russia, its optimal value is defined as 0.7 - 0.8;

5) absolute liquidity (solvency) ratio - this indicator shows what part of short-term borrowed obligations can be repaid immediately if necessary. According to international standards, its value should be greater than or equal to 0.2 - 0.25;

6) the share of own working capital in covering inventories is an indicator characterizing that part of the cost of inventories that is covered by own working capital. The lower limit of the indicator is 50%;

In the analysis and diagnostics of the financial and economic activities of enterprises, a large number of different indicators are used (generalizing, summary, synthetic, integral, private), which can be classified according to various criteria (Table 1.2).

For specific purposes, specific indicators are selected taking into account the type, methodology, and industry specifics of the objects of analysis of financial and economic activity. As part of the analysis and diagnostics of financial and economic activities, enterprises use comprehensive assessment procedures, which culminate in the construction animator - an aggregated indicator derived from indicators of a lower level, which serves as a kind of indicator. Note that there are two types of multipliers: standard, used everywhere, and subjective, which are determined for a specific enterprise.

Standard multipliers include the well-known DuPont model, which is used to assess the economic growth of a company. The main difficulty in applying this model is related to the need to maintain accounting records in accordance with international standards, the transition to which has not yet been implemented in Russia. Another well-known standard multiplier is assessing the probability of bankruptcy of an enterprise using the Altman method.

This indicator is based on calculating the sum of five financial ratios (profitability and asset turnover, debt ratios and reinvestment of profits in assets, the share of own working capital in assets), each of which has a certain weight. But since both the set and weights of the coefficients were calculated in the USA in the 1960s, they do not correspond to modern Russian realities. Therefore, the Altman method can only be used for a general assessment of enterprise development trends.

Subjective multipliers allow you to take into account specific characteristics that are not taken into account standard methods analysis of the financial and economic activities of the enterprise.

For various purposes of analyzing the financial and economic activities of an enterprise, various groups of indicators are used.

1. Indicators of the use of working capital.

These include the inventory turnover rate in days and the agility ratio.

Inventory turnover in days - ratio of the amount of inventory to one-day sales turnover:

0mz= Inventory / Sales volume / 360

Using this ratio, the number of days per turnover of inventory is determined. The low value of this indicator indicates a stable demand for the company’s products. A high value of the indicator may mean that the company has more inventories than it needs, or is experiencing difficulties in selling products. To obtain a more accurate result, formulas are often used in the numerator average value material inventories for the period.

Maneuverability coefficient - ratio of working capital (current assets) to the enterprise's equity capital (in percent):

Km = Current assets / Equity

This ratio shows the share of the enterprise’s own capital, which is in such a form that allows it to maneuver freely, increasing purchases of raw materials, materials, components, changing the range of supplies, purchasing additional equipment, making investments in other enterprises. By its size one can judge financial independence enterprise, i.e., the ability of the enterprise not to find itself in a bankrupt position in the event of prolonged technical re-equipment or difficulties with the sale of products. The higher this coefficient, the lower the risk associated with owning machinery and equipment that quickly becomes obsolete in the context of scientific and technological progress.

2. Solvency indicators.

The solvency of an enterprise is its ability to fulfill external (short-term and long-term) obligations using its assets. This indicator measures financial risk, i.e. the probability of bankruptcy. In general, an enterprise is considered solvent if its total assets exceed its external liabilities. Thus, the greater the excess of total assets over external liabilities, the higher the degree of solvency.

To measure the level of solvency, a special solvency ratio which shows the share of the enterprise’s own (share) capital in its total liabilities (as a percentage):

Kn= Owner's Equity / Total Liabilities

A high solvency ratio reflects minimal financial risk and good opportunities for attracting additional funds from the outside. Changes in the level of the solvency ratio may also indicate an expansion or contraction of the corporation's activities (its business activity).

When determining the solvency of an enterprise, it is always necessary to analyze the financial structure of the sources of its funds, i.e. from what funds its assets are financed. The indicator reflecting the state of the enterprise’s financial resources is called financial relationship and is determined by dividing the amount of equity capital by the amount of external liabilities:

FO = Equity / External liabilities

Theoretically, the normal ratio between equity capital and external liabilities is 2:1 , in which 33% of total financing is from borrowed funds. The most common variant of the financial relationship is the ratio of equity capital to the amount of long-term liabilities:

FO= Equity / Long-term liabilities

A high value of this indicator characterizes a low risk of bankruptcy and good solvency.

Return rate of long-term liabilities - ratio of operating profit to the amount of interest paid for the year:

Уn = Operating profit / Interest paid

A high ratio means good possibilities for repaying loans and a low probability of insolvency (bankruptcy).

3. Profitability (profitability) indicators.

The types of profits shown on the income statement are the most common indicators of a business's profitability. However, when conducting financial analysis, it is important to know how effectively (profitably) all the means were used to ensure the receipt of a specific income. To effectively and comprehensively measure profitability, the following indicators are used.

Return on total investment- the ratio of profit before taxes and the amount of interest paid on long-term liabilities to total investments (long-term liabilities and equity) (in percent). This coefficient shows how effectively the invested funds were used, i.e., how much income the enterprise receives per 1 monetary unit (monetary unit) of invested funds:

P op = (Profit before deduction of flights + + Interest paid) / (Long-term liabilities + Equity)

This indicator also characterizes the efficiency of management of invested funds and, indirectly, the experience and competence of management. Since the amount of taxes paid is set by the state and does not depend on a particular enterprise, the most accurate indicator of the profitability of an enterprise is profit before taxes. In addition, profits must include compensation for interest payments on long-term liabilities, since interest rates are also set outside the enterprise. These circumstances are reflected in the numerator of the above formula. Some financial analysts use net income in the numerator of this formula, thereby determining the effectiveness of the overall investment.

Return on equity - ratio of net profit to equity (in percent);

Psk = Net profit / Equity capital

This ratio shows how effectively equity capital was used, i.e., how much income the company received per 1 day. units own funds. This indicator is especially important for shareholders, as it characterizes the level of efficiency in using the money they have invested, and also serves as the main criterion when assessing the level of stock prices. stock exchange shares of this enterprise.

Profit on total assets- ratio of net profit to total assets (in percent):

Poa = Net Profit / Total Assets

This indicator serves as a measure of the efficiency of using all assets (capital productivity) that the enterprise has, i.e., how much income is received per 1 day. units assets. It should be noted that if the return on assets is less interest rate for long-term loans, the situation should be considered unfavorable.

Gross profit ratio- ratio of the difference between sales volume and their cost to sales volume (in percent):

Kon = (Sales volume - Cost of sales) / Sales volume

This coefficient shows the limit of “total profit”, i.e. share of gross profit per 1 day. units sales (products sold). It allows you to determine the amount of net profit that remains after deducting from the cost of products sold the costs of paying taxes and interest on the loan, covering operating expenses. Having determined this indicator, you can easily find the share of production costs per 1 day. units sales The gross profit ratio reflects the interaction of several factors such as prices, production volume and cost. Its increase may be a consequence of a decrease in production costs or indicate favorable market conditions.

Profit on operating expenses - ratio of operating profit to sales volume (in percent):

Por = Operating profit / Sales volume

This is an indicator of the amount of operating expenses per 1 day. units sales

Profit on sales - ratio of net profit to sales volume:

Pn= Net profit / Sales volume

This coefficient shows the amount of net income received by the enterprise per 1 day. units sold products.

4. Indicators of efficiency of asset use.

This group of ratios is often called efficiency ratios, since they serve as measures of the level of efficiency in using the assets that an enterprise has. These include the following coefficients.

Inventory turnover - the ratio of sales volume to the amount of inventories, or the number of turnovers made by inventories per year:

Omz = Sales volume / Inventory

A high value of this indicator is considered a sign of financial well-being, since good turnover ensures an increase in sales volume and contributes to higher income. If this ratio is significantly higher than the industry average (from 4 to 8), the situation should be subjected to careful analysis, as this may indicate a risk associated with a shortage of inventory, which will result in a decrease in sales. Too high a turnover may be a sign of a lack of available funds and serve as a signal of the possible insolvency of the enterprise. To obtain a more accurate result, the average amount of inventory for the period under consideration is often used in the denominator of this formula.

Some financial analysts prefer to use cost of sales in the numerator of the formula instead of sales volume. The rationale for this approach is that cost of sales and inventory levels are measured at wholesale prices (i.e., it does not include sales and tax markups, while sales volume does include them). With this approach, the given formula will look like this:

Omz = Cost of sales / Inventories

Efficiency ratio of current assets use - ratio of sales to working capital (current assets) (in percent):

This= Sales / Current Assets

This coefficient shows how many monetary units of products are sold per 1 day. units current assets.

Efficiency ratio of using net working capital - ratio of sales to net working capital (current assets minus current liabilities) (in percent):

Echok = Sales Volume / (Current Assets - Current Liabilities)

This coefficient shows how many monetary units of products are sold per 1 day. units net working capital:

Fixed asset utilization efficiency ratio - The ratio of sales volume to the value of real estate shows how many monetary units of production are sold per 1 day. units fixed assets (in percent):

Eos.= Sales volume / Real estate value

The value of this coefficient can range from 100 to 700% and depends on the capital intensity of production.

Total asset utilization efficiency ratio - ratio of sales volume to total assets of the enterprise (in percent):

Eoa = Sales / Total Assets

The higher the values ​​of the last two coefficients, the more intensively, and therefore effectively, they are used production equipment and other types of assets.

The general level of the financial and economic condition of the enterprise can be assessed on the scale:

a) favorable;

b) satisfactory;

c) unsatisfactory;

d) critical.

For a qualitative assessment of the main positions, characteristics such as high, normal and low level. The values ​​of the coefficients can be assessed using the interval method: those that fall within the interval are normal, and those that are outside it are high or low. The basis for choosing an interval is the industry average, as well as the best and worst indicators in the industry.