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Moscow Humanitarian University

Course work

"Analysis of the formation and use net profit"

Moscow, 2015

Table of contents

Introduction
3conclusion

Introduction

In a market economy, the basis economic development- profit is the most important indicator of the efficiency of an enterprise, the sources of its life.

Profit growth creates financial basis to carry out the expanded reproduction of the organization and meet the social and material needs of the founders and employees.

At the expense of profits, the organization’s obligations to the budget, banks, and other organizations are fulfilled.

However, one cannot assume that planning and profit generation remains exclusively in the sphere of interests of the enterprise alone. The state (budget), commercial banks, investment structures, shareholders and other holders of securities are no less interested in this.

To ensure high economic efficiency of production, a state economic policy is needed that would promote the formation of an environment favorable for economic activity and orient the enterprise towards maximum profit (income).

Since it is the state that determines the successful functioning of an enterprise, the problems of profit and profitability are currently very relevant.

The main task of analyzing the distribution and use of net profit is to identify trends and proportions that have developed in the distribution of profit for the reporting year compared to the previous year.

Based on the results of the analysis, recommendations are developed for the distribution of net profit and its most rational use.

net profit balance sheet distribution

The analysis of the distribution and use of profits is carried out in the following order:

an assessment is made of changes in the amount of funds for each area of profit use compared to the reporting and base periods;

a factor analysis of fund formation is carried out;

an assessment is made of the efficiency of using savings and consumption funds in accordance with the efficiency indicators of economic potential.

Target course work: give a quantitative assessment of the reasons causing changes in net profit, tax payments from profits, identify trends and proportions that have developed in the distribution of profits, and also identify the impact of the use of profits on the financial position of the enterprise.

1. Profit in a market economy

1.1 Economic essence net profit and its types

In the context of transition to a market economy main role in system economic indicators profit plays.

Profit is a general indicator, the presence of which indicates the efficiency of production and a prosperous financial condition. In other words, profit is a positive result of an enterprise’s activities. Profit-making is the main goal of commercial organizations. From this it is clear that in the future I will consider the activities of commercial organization.

The financial condition of an enterprise is a characteristic of its competitiveness (i.e. solvency, creditworthiness), use financial resources and capital, fulfillment of obligations to the state and other organizations (payment for rent of premises, etc.).

Profit that takes into account all the results of the production and economic activities of an enterprise is called balance sheet profit. It includes - profit from sales of products (works, services), profit from other sales.

There are taxable profits and non-taxable profits. After generating profit, the enterprise pays taxes, and the remaining part of the profit at the disposal of the enterprise after paying income tax is called net profit.

Net profit is the difference between book profit and tax payments due to it. The higher the book profit, the higher the net profit. The company can dispose of this profit at its own discretion. It can allocate part of the profit to the development of production (for example, the purchase of more technological equipment), social development, employee incentives and dividends on shares.

There are no standards for its distribution approved “from above.” There is only state tax regulation of labor costs for the main personnel of the enterprise (workers involved in production).

The remaining portion of retained earnings can be used to increase the firm's equity capital or can be redistributed to self-insurance, i.e. to a reserve fund (in case of force majeure: fires, earthquakes, floods and other disasters), a savings fund (formation of funds for production development), a consumption fund (funds for bonuses to employees, etc.), provision of material assistance, fund social development (for various holiday events) and other purposes for which the manager wants to transfer this money.

The main indicator of profit used to evaluate production and economic activities is:

balance sheet profit;

profit from sales of manufactured products;

gross profit;

taxable income;

net profit (remaining at the disposal of the enterprise).

Taxation of enterprise profits is determined in accordance with the law of the Russian Federation “On the income tax of enterprises and organizations.”

When determining taxable profit, the amount of contributions to reserve and other similar funds formed by enterprises is excluded from gross profit.

As the enterprise receives profit, it uses it in accordance with the current legislation of the Russian Federation and the constituent documents of the enterprise.

Currently, the profit (income) of the enterprise is used in the following order:

1) profit (income) tax is paid to the budget;

2) deductions are made to the reserve fund;

3) funds and reserves provided for by the constituent documents of the enterprise are formed.

Profit from the sale of products (works, services) is predominant in the total profit.

The financial result from the sale of products (works, services) is defined as the difference between the proceeds from the sale of products (works, services) without VAT and excise taxes and the costs of production and sales of these products (works, services), included in the cost of production and taken into account when determining the taxable arrived. (Business expenses, value added tax, excise taxes, fuel tax).

FR= IN - Zpr

Where:

FR - financial result from the sale of products (works, services);

V. - revenue from sales of products without VAT and excise taxes;

Zpr. - costs of production and sales of products (works, services).

When forming financial results from the sale of products (works, services), the determination of the cost of production has a significant impact.

The cost of purchased products includes: the cost of acquisition, costs of delivery, storage, sales and other similar expenses.

Profit from other sales includes financial results (profit, loss) from the sale of products, works, services of auxiliary and service industries, as well as from the sale of purchased inventory.

Profit from other sales is defined as the difference between the proceeds from sales and the costs of this sale.

Pproch= INetc. - Zetc.

Pproch- profit from the sale of fixed assets and other property, intangible assets (other sales);

INetc.- revenue from other sales;

Zetc.- costs of other sales.

1.2 Procedure for distribution of net profit

For tax purposes, book profits are adjusted in accordance with tax standards.

It should be noted that the concept of net profit in Russia does not correspond to the concept of net profit by international standards; “our” net profit, in fact, is not net, but includes significant expenses, which is unacceptable by Western standards.

From the profits remaining at the disposal of the enterprise (net profit), in accordance with the law and constituent documents, the enterprise can create an accumulation fund, a consumption fund, a reserve fund and other special funds and reserves. That is, in essence, to provide self-insurance in case of force majeure.

The standards for deductions from profits to special-purpose funds are established by the enterprise itself in agreement with the founder.

Deductions from profits to special funds are made quarterly. The amount of deductions made from profits is used to redistribute profits within the enterprise: the amount of retained earnings decreases and the funds and reserves formed from it increase.

Under fund savings means funds aimed at the production development of the enterprise, technical re-equipment, reconstruction, expansion, development of production of new products, construction and renewal of fixed production assets, development new technology and technologies in existing organizations and other similar purposes provided for by the constituent documents of the enterprise (for the creation of new property of the enterprise).

Capital investments for production development are mainly financed from savings funds.

Under fund ohm consumption means funds allocated

for implementation of activities on social development(except for capital investments), material incentives for the enterprise staff (one-time bonuses, cash incentives, etc.), purchase of travel tickets, vouchers to sanatoriums and other similar events and work that do not lead to the formation of new property of the enterprise.

The consumption fund consists of two parts: the wage fund and payments from the social development fund.

The wage fund is the source of wages, all types of remuneration and incentives for employees of the enterprise.

Payments from the social development fund are spent on recreational activities, partial repayment of loans for a cooperative, individual housing construction, interest-free loans to young families and other purposes provided for by measures for the social development of work collectives.

Spare fund designed to ensure financial stability during a period of temporary deterioration in production and financial performance. It also serves to compensate for a number of monetary costs arising in the process of production and consumption of products.

To increase production efficiency, it is very important that when distributing net profit, the amount of deductions is optimal.

Distribution of net profit allows you to expand the organization's activities through its own, cheaper sources of financing.

At the same time, they decrease financial expenses organization to attract additional sources (you can not take out loans with an unfavorable interest rate for the organization, but simply calculate funds from your own savings fund for the necessary needs of the organization).

The formation of tax policy should be based on compliance with the following principles:

stability of the tax system;

equal taxation of producers, regardless of the industry sector of the enterprise and form of ownership;

equal tax conditions for entrepreneurs engaged in production and consumers.

A means of achieving these goals could be a significant reduction in the overall level of tax withdrawal by reducing marginal tax rates and progressiveness of the tax scale. In this case, the impact on production would be carried out through a change in the tax rate and a system of targeted tax benefits.

2. Theoretical aspects analysis of the formation and use of net profit of the enterprise OAO NOVATEK.

2.1 Problems of analyzing the distribution and use of profits

The main task of analyzing the distribution and use of profits is to identify the proportions that have developed in the distribution of profits for the reporting year compared to the previous year.

Based on the results of the analysis, recommendations are developed for changing the proportions in the distribution of profit and its most rational use. The characteristics of the economic activity of an enterprise in a market economy are determined by the amount of net profit and financial position indicators.

The most important indicators of the financial performance of the enterprise are presented in Form No. 2 annualAndquarterlyfinancial statements. These include:

profit (loss) from sales;

profit (loss) from financial and economic activities;

profit (loss) of the reporting period; retained earnings (loss) of the reporting period.

2.2 Technical and economic characteristics of the organization

Kind of activity:

wholesale;

storage of inventory items;

transport services.

On this moment The number of Driver-Track LLC is 47 people. The accounting policy of Driver-Track LLC has been developed in accordance with Federal law“On Accounting” No. 129 - Federal Law dated November 21, 1996 (as amended on July 29, 1998) and the Accounting Regulations “Accounting Policy of an Enterprise” PBU 1/98 dated December 09, 1998.

The organizational structure of OAO NOVATEK is as follows:

1. Accounting is carried out under the direction of the chief accountant.

2. The requirements of the chief accountant when implementing the chosen accounting policy are mandatory for all employees of the organization.

3. Accounting for property and business transactions is carried out in accordance with the Regulations on Accounting and Reporting in the Russian Federation and the Chart of Accounts accounting according to the journal-order system, with maintenance of the general ledger.

4. The procedure and timing of the inventory are determined by the director of the organization by a separate order, except for cases when the inventory is mandatory.

Carrying out an inventory is mandatory in the following cases.

when transferring property for rent or sale;

when changing financially responsible persons;

when facts of theft or damage to property are revealed;

when natural disaster, fire or other emergency situations;

before preparing annual financial statements.

5. Write-off of depreciation of intangible assets is carried out monthly according to the norms calculated by the organization, based on the original cost and period of their beneficial use. Write-off of depreciation of intangible assets for which it is impossible to determine the useful life is carried out based on the standards established for 10 years.

6. Depreciation of fixed assets is calculated in accordance with uniform standards depreciation charges for the complete restoration of fixed assets, approved by Resolution of the USSR Council of Ministers of October 22, 1990 No. 1072.

7. The actual cost of inventory items written off for production is determined by the average cost of materials.

8. Goods are accounted for at purchase price.

9. Accounting for production costs is carried out divided into:

1) direct - on account 20 “Main production”;

2) indirect - on account 26 “General business expenses”.

Indirect expenses are written off at the end of the reporting period to account 20 without distribution.

10. Expenses incurred in the reporting period, but related to future reporting periods, should be reflected in a separate account 31 “Deferred expenses” and included in cost as the period to which they relate occurs.

11. For tax purposes, an enterprise determines revenue from sales of products as it is paid for.

For non-cash payments - as funds for goods are received in the company's current account, and for cash payments - as funds arrive at the organization's cash desk.

Revenue from the sale of products should be understood as revenue from actually sold inventory items, confirmed by invoices (for the provision of services - a signed act of provision of services or performance of work).

12. Income received in the reporting year, but relating to future reporting periods, must be reflected in a separate account 83 “Deferred income”, with attribution to the profit of the reporting period depending on the period to which they relate.

13. The profit remaining at the disposal of the enterprise should be taken into account with distribution among funds (accumulation fund, consumption fund, social sector fund).

14. The accrual and payment of dividends to the founders should be made at the end of the reporting period at the expense of the profits remaining at the disposal of the enterprise.

15. OAO NOVATEK, based on accounting registers, prepares quarterly reports for submission to tax office. Revenue is determined at the time of payment, which is reflected in accounting policy.

2.3 Main indicators affecting financial results

In modern conditions, an indicator characterizing the financial result of an organization’s activities is balance sheet profit or loss.

Balance sheet profit is formed as a financial result from the sale of goods (services), property of the organization (fixed assets, tangible assets, tangible working capital and other assets), as well as income from non-operating operations and represents the difference between the proceeds from the sale of goods, property and the cost of work (services) performed and inventory items reduced by the amount of expenses for these operations:

The bulk of the profit is defined as the difference between the cost of products sold to third-party organizations (partners or contractors) at sales prices (negotiable price) of products sold (or services provided) without value added tax and the cost of production (or the cost of producing services).

The profit remaining at the disposal of the organization after taxation is called net profit.

This profit is used for capital investments and the growth of fixed and working capital; to cover losses of previous years, for contributions to reserve capital, for expenses social nature; as well as for the payment of dividends and income.

At the end of the year, it is transferred from the general account 80 Profit and Loss to account 88 “Retained earnings” (uncovered loss). To do this, an entry is made to the debit of account 80 and the credit of account 88.

From the profits remaining at the disposal of the enterprise (net profit), in accordance with the legislation of the Russian Federation and the constituent documents, the enterprise can create an accumulation fund, a consumption fund, a reserve fund and other special funds and reserves.

The standards for deductions from profits to special-purpose funds are established by the enterprise itself in agreement with the founder. Deductions from profits to special funds are made quarterly.

The amount of deductions made from profits is used to redistribute profits within the enterprise: the amount of retained earnings decreases and the funds and reserves formed from it increase. In this case, the subaccounts for accounting for retained earnings of account 88 are debited and the subaccounts of the same account are credited.

Separate sub-accounts are opened for account 88 for separate accounting of each formed accumulation, consumption and reserve fund.

The Regulations on Accounting and Reporting in the Russian Federation provide for the use of two options for determining revenue:

1) upon receipt of funds from sales (or for work and services performed) to the organization’s current account or cash desk;

2) on shipment of products (or performance of work) and signing of shipping documents (invoices, acts) provided for in sales contracts.

The choice of one or another option for accounting for revenue depends on business conditions and the nature of relationships with partners and is carried out independently by the organization (according to the accounting policy of the organization).

The cost of products (services, works) is an economic category that reflects the organization’s costs for acquisition (production) and transfer to the buyer (delivery of work to the customer).

The main factor influencing cost reduction is saving material, labor and financial resources. An important role in solving this problem belongs to accounting, which must ensure the accuracy and reliability of cost accounting.

In addition, cost accounting data is used in the analysis process to identify internal production reserves, as well as in determining the actual financial results of the organization.

3. Analysis of the formation, distribution and use of net profit of OAO NOVATEK

3.1 Analysis of the composition and dynamics of balance sheet profit

The analysis begins with an assessment of the dynamics of balance sheet profit indicators for the reporting period. At the same time, the main financial indicators for the previous and reporting periods are compared, deviations from the base value are calculated indicators and finds out which indicators had the greatest impact on balance sheet profit.

Table 2.1.

Formation and distribution of balance sheet profit

Indicators	Reporting period
1. Revenue (net) from the sale of goods, products, services
2. Cost of (production) sales of goods, products, works, services
3. Gross income
4. Period expenses: commercial and administrative	423 81 342	350 67 283
5. Profit (loss) from sales
6. Balance of operating results
7. profit (loss) from financial and economic activities
8. Balance of non-operating results
9. profit (loss) of the reporting period balance sheet profit

Revenue from the sale of products (delivery of work to the customer) is determined “on payment”, i.e. as they are paid in full at the agreed price.

The financial result was revealed: profit in 2013 was 150 thousand rubles, and in 2014 - 287 thousand rubles.

Thus, this paragraph discusses the formation of the financial results of NOVATEK OJSC for 2013 and 2014.

After the formation of balance sheet profit, the enterprise pays taxes to the state budget, and the remaining part of the profit remains at the disposal of the enterprise.

3.2 Analysis of the formation of net profit

The amount of profit remaining at the disposal of the enterprise is affected by all taxes paid by the enterprise, regardless of the tax base.

Part of tax payments, such as contributions to the road fund, pension fund, health insurance fund, social security payments, affect net profit - through the cost of production and profit from sales and are second-order factors in relation to net profit.

Another part of taxes, such as property tax, tax on the maintenance of housing (housing and communal services), a fee for the maintenance of the police (security), are direct taxes that are deducted from profits.

Thus, the change in net profit under the influence of tax payments consists of the sum of deviations as a result of changes in the tax base and changes in the tax rate.

Table 2.2.

Taxes from profits.

The data in Table 2.2 shows that taxes from profits decreased compared to last year by (11,7376: 148,347) x 100 - 100 = - 20.9%. The structure of taxes has also changed somewhat: the tax on housing and communal services has been abolished, the tax on the police has increased due to an increase in the minimum wage (from 83.49 rubles to 100 rubles), the amount of property tax has decreased due to a decrease in the average annual value of property subject to taxation.

Table 2.3.

Calculation of the impact of income tax on net profit.

Indicators			Deviations (+, -)
1. Profit from sales of products and services
2. Profit from other sales
3. Operating income
4. Operating expenses
5. Balance sheet profit
6. Increase (+), decrease (-) in the amount of profit as a result of its adjustment for tax purposes
7. Income tax benefits
8. Taxable profit (line 1+line 3-line 4+line 6)
9. Income tax rate
10. Amount of income tax
11. Net profit

The amount of income tax increased by 64 thousand rubles, net profit decreased by the same amount, due to an increase in taxable profit and an increase in the tax rate (from 30% to 35%).

The amount of net profit is influenced by f actorfirst level affecting the amount of net profit - taxable profit and income tax rate.

The amount of tax was influenced by an increase in taxable profit in the amount of:

DN (NB) = DPn ? CH 0 = 164?30 = 49 thousand rubles.

where DP n - increment of taxable profit

CH 0 - profit tax rate for the base year.

to see what impact the tax rate increase had:

DN (CH) = DCH? Mon= 5?306 = 15 thousand rubles.

where DST is the increment in the profit tax rate,

Mon - taxable profit of the reporting year.

The amount of net profit is also influenced by income taxed at special rates different from income tax and deducted from gross profit when calculating taxable profit. These are the factors secondlevel, affecting the amount of taxable profit:

Income taxed at rates other than income tax;

The amount of contributions to the reserve fund;

The amount of preferential deductions from profits.

The enterprise in question did not have income that is taxed at special rates, no contributions were made to the reserve fund (the reserve fund was not formed at this enterprise, so funds were not allocated to replenish the reserve fund) and the enterprise does not have income tax benefits.

So, from table 2.3 it follows that the amount of net profit increased mainly due to an increase in profit from sales. At the same time, the increase in costs caused a decrease in the amount of net profit.

Therefore, when looking for ways to increase net profit, this enterprise must first of all pay attention to factors that negatively affect the formation of its value.

3.3 Analysis of the distribution and use of net profit

Net profit is distributed in accordance with the Charter of the enterprise.

At the expense of net profit, dividends are paid to the shareholders of the enterprise (in CJSC, OJSC), accumulation and consumption funds, a reserve fund are created, part of the profit is used to replenish its own working capital.

Let's look at the example of NOVATEK OJSC to analyze the distribution and use of profits.

The reserve fund at this enterprise has not been formed, so no funds were allocated to replenish the reserve fund.

Table 2.4.

Data on the use of net profit, thousand rubles.

Index	Reporting year	Same period last year	Deviations (+, -)
1. Net profit
2 . Distributioncleanarrived:
to the savings fund
to the consumption fund
to the social sector fund
3 . ShareVcleanarrived,%
savings fund
consumption fund
to the social sector fund

Let us consider in Table 2.5 the influence of factors - the amount of net profit and the coefficient of profit deductions on contributions to funds.

Table 2.5.

Calculation of the influence of factors on the amount of contributions to enterprise funds.

From the above calculations it follows that the decrease in the amount of deductions to the accumulation fund and the social sphere was influenced by a decrease in the deduction coefficient by 9.

At NOVATEK, most of the profits were directed to the consumption fund and used for social payments. However, the insufficiency of funds allocated for accumulation restrains the growth of turnover and leads to an increase in the need for borrowed funds.

Thus, NOVATEK needs to reconsider the procedure for distributing profits, directing most for the formation of an accumulation fund.

3.4 Recommendations for increasing net profit

The analysis shows that NOVATEK OJSC is doing a lot of work to improve the efficiency of implementation and execution of work. As a result, the enterprise obtained the following results in 2014:

1. Revenue from sales of products (works, services) amounted to 11,375 thousand rubles.

2. Cost of products sold - 10,656 thousand rubles.

3. Profit from sales - 296 thousand rubles.

4. By the amount of balance sheet profit, which amounted to 287 thousand rubles. influenced by an increase in profit from product sales and a decrease in operating expenses.

5. The profit remaining with the enterprise after paying the tax in accordance with the constituent documents was directed to the accumulation fund - 45 thousand rubles, to the consumption fund - 108 thousand rubles, to the social sector fund - 18 thousand rubles.

As the analysis shows, NOVATEK OJSC is experiencing an increase in profits from product sales. So in 2013 it amounted to 150 thousand rubles, and in 2014 - 287 thousand rubles.

The change in profit was influenced by the following factors: cost, type of work performed, volume of sales.

An analysis of the use of the Driver-Track company's profits showed how funds were distributed to the consumption fund and the accumulation fund.

At OAO NOVATEK, most of the profit was directed to the consumption fund and used for social payments, which resulted in a slowdown in the turnover of current assets, limiting the possibility of growth in trade turnover and profits.

The insufficiency of funds allocated for accumulation restrains the growth of turnover and leads to an increase in the need for borrowed funds.

Directing funds to the accumulation fund will increase the economic potential, increase the solvency of the enterprise and financial independence, and will contribute to an increase in the volume of work and sales without increasing the amount of borrowed funds.

Thus, NOVATEK OJSC needs to reconsider the procedure for distributing profits, directing most of it to the formation of an accumulation fund.

To increase the production efficiency of a company, it is very important that there is a clearly developed tax policy, and taxes must be clear and stable.

Thus, to increase the positive result at NOVATEK, it is proposed to develop measures to ensure:

1. The main sources of increasing the amount of profit are increasing the volume of product sales, reducing its cost, improving the quality of commercial products, and selling them on more profitable markets.

2. Carrying out a large-scale and effective policy in the field of personnel training, which represents special form capital investments.

3. Increasing the efficiency of the enterprise's sales activities.

4. Improve the quality of work performed, which will lead to competitiveness and interest in the choice of this enterprise.

5. Don't last role takes an increase in the volume of sales and provision of services due to more complete use of the production capacity of the enterprise.

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

7. Use of the most modern mechanized and automated means to perform work.

The implementation of these proposals will significantly increase the profit received by the enterprise.

3conclusion

To summarize the above, it should be noted that net profit will increase with an increase in book profit, i.e. There is a direct relationship between book profit and net profit, and an inverse relationship is observed between net profit and tax payments paid to the state budget at the expense of the resulting book profit.

It follows that far from the least important function in the formation of net profit is performed by the state taxation policy. After all, the lower the interest rate of income tax, the higher the financial result of the enterprise (meaning profit).

Profit should not only cover the costs of production and sale of goods (work, provision of services), but also be so significant as to ensure all expanded reproduction, as well as the solution of the problems facing the enterprise.

Maximizing profit from the sale of products is mainly associated with reducing production costs for the production and sale of final finished products (works, services).

In the process of completing my course work, another option for making a profit was presented - making a profit from other sales. This option for making a profit is carried out through the sale (sale) of the enterprise’s fixed assets (for example, such as production shops with machinery, part of the shares, if of course it is a joint-stock company, the sale of a patent and other assets of the enterprise) to other enterprises and organizations.

Modern production must have great flexibility, the ability to quickly change the services offered, since the inability to constantly adapt to consumer needs will doom the enterprise to bankruptcy. To do this, you should register an enterprise for several types of activities, so that you can switch in a matter of time from one (unprofitable, unprofitable) registered type of activity to another (more profitable and, of course, profitable), of course, registered type of activity of the enterprise.

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

To improve the technology of production of final products, technical re-equipment and other improvements should be made at the enterprise (purchase of improved machines and other machinery, reconstruction, repair, etc.). To do this, an accumulation fund should be established at the enterprise, which will be replenished with part of the net profit (specified in the constituent document), and funds from this fund will be allocated for capital investments to improve the production efficiency of this enterprise.

Quality requirements have not just increased, but have completely changed their character. It is not enough to do a good job; you also need to think about finding new customers and providing consumers with additional branded services.

It is very important to insure your business activities against so-called force majeure circumstances either with a professional insurer, or to carry out self-insurance by establishing a reserve fund at the enterprise (in accordance with the constituent agreement), which will be replenished with a part of our net profit.

Analyzing the financial and economic indicators of the enterprise and implementing tactics continuous improvements it is possible to ensure steady economic growth of the enterprise.

List of used literature

1. Analysis and diagnostics of the financial and economic activities of the enterprise. - T.B. Berdnikova - M: Infra, 2012

2. Practical magazine for accountants and managers No. 10 (122) - M: Main Book, 2015

3. Economics - S.S. Slyunkov - M: OLMA-PRESS, 2011

4. All accounting provisions - M: Gross-Media Ferlag, 2014

5. Analysis of the financial and economic activities of the enterprise. - N.P. Lyubushin, V.B. Leshcheva, V.G. Dyakov - Moscow, 2006

6. Analysis of economic activities. - T.V. Savitskaya - Moscow, 2011

7. Analysis of economic activities. / Ed. Beloborodova V.A. - M.: Finance and Statistics, 2002

8. Components of efficiency: From the experience of an industrial enterprise - Baltaxa P.M., Klivets P.G. - M.: Economics, 2012

9. Enterprise profit // Finance No. 3 - Belobtetsky I.A., Moscow, 2014

10. Economic assessment of the quality and efficiency of an enterprise - Bogatin Yu.V. - M: Ed. standards, 2011

11. Taxes 95: What and how to pay them: A public book about new taxes in Russia - Vasiliev V.V. - M: Fear. society "Ankip" 2009

12. Accounting for financial results on payment / Accounting. accounting No. 1 - Vonebnikova N.V., Pyakov M.L., 2005

13. Analysis of profit and profitability - Gorbacheva L.A. - M: Economics, 2011

14. Analysis of economic activities of developed countries - Zudilin A.P. - Ekaterinburg: "Stone Belt", 2014

15. Taxation of enterprises and citizens of the Russian Federation ( Practical guide: Recommendations and examples of calculations) - Kiperman G.Ya., Belyalov A.Z. - M: Aytolan, 2013

16. Course economic analysis/ Ed. Bokamova N.I., Sheremeta A.D. - M: Finance and Statistics, 2010

17. Improving the financial tax system - Loginov V., Novitsky N. - M: Economist, 2004

18. Making financial decisions: tasks, situations. // Economic Issues No. 12 - Mayevsky V.V., Vyatkin V.N., Hripton J., Kazak A.Yu. - Moscow, 2009

19. Profit in new economic conditions - Mukhin S.A. - M.: Finance and Statistics, 2014

20. Parasochka V.T., Dubovenko L.A., Medvedeva O.V. Self-sufficiency and self-financing (Methodology of analysis). - M: Finance and Statistics, 1989. - 144 p.

20. On the formation of financial results // Bukh. accounting No. 1 - Sotnikova L.V., Moscow, 2010

21. Comprehensive economic analysis of enterprise activities - Sheremet A.D. - M: Economics, 2012

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7.4. Analysis of net profit formation

Net profit is the part of accounting profit remaining at the disposal of a commercial organization after the current income tax has been calculated, as well as taking into account deferred tax assets and deferred tax liabilities, i.e. in accordance with PBU 18/02 “Accounting for profit tax calculations” . It is reflected in form No. 2 on line 190.

Net profit in Form No. 2 of the financial statements is determined by the formula:

PE = BP + SHE – ONO – TNP, where PE is net profit;

BP – profit before tax; OTA – deferred tax assets;

ONO – deferred tax liabilities; TNP – current income tax.

In our example, net profit = 56,000 + 480 –280 – 13,760 = 42,440 thousand rubles.

Factor analysis of net profit allows us to answer the question of why the amount of net profit differs from the amount of accounting profit.

The list of factors determining changes in net profit is determined by the methodology for its calculation:

1) the amount of accounting profit;

2) the amount of current income tax;

3) change in the amount of deferred tax assets for the reporting period (account 09);

4) change in the amount of deferred tax liabilities for the reporting period (account 77).

The influence of these factors can be seen directly from the data in Form No. 2 “Profit and Loss Statement”. This information can be presented more clearly in the form of a table. 7.4.1.

Table 7.4.1 Analysis of the formation of net profit for the reporting year

	Forming factors		In %% of the amount
	net profit		arrived before
			taxation

	Profit before tax
	Current income tax (TNP)*
	Change in deferred tax assets
	Change in the amount of deferred tax liabilities
	statements
	Net profit (item 1 – item 2 + item 3 – item 4)

* consumer goods = 56000 0.24 + 120 + 480 – 280 = 13760 thousand rubles.

120 thousand rubles. – the amount of permanent tax liability (line 200 f. 2).

For the reporting year, net profit amounted to about 76% of the accounting profit. The main factor that determined the lower net profit compared to accounting profit was the amount of current income tax. Deferred tax assets and deferred tax liabilities had a minor impact.

An analysis of the dynamics of net profit is presented in table. 7.4.2.

Table 7.4.2

Analysis of the dynamics of net profit thousand rubles.

Factors of change		Reporting	Influence at
net profit			pure
	similar



Profit before tax
Current income tax
Changing the amount deferred
tax assets
Changing the amount deferred
tax obligations
Net profit
(clause 1 – clause 2 + clause 3 – clause 4)

In our example, the amount of accounting profit in the reporting period increased compared to the previous period by 16,000 thousand rubles, and

the amount of net profit is only 12,040 thousand rubles. It was mainly influenced by one factor, namely the increase in the amount of current income tax, which reduced the growth of net profit by 4,160 thousand rubles. The influence of the other two factors is insignificant.

Since net profit is part of accounting profit, it is possible to calculate the impact on net profit of the factors that caused the change in accounting profit using the proportion method (Table 7.4.3).

Table 7.4.3 Calculation of the influence of factors on changes in net profit

Accounting components	Impact on accounting	Impact on net
	profit (+,–), % *	profit (+,–), thousand rubles.

Revenue from sales
Interest on receipt
Percentage to be paid
Other income
other expenses

* Data from table 7.3.1.

+ 40.0% - + 12,040 thousand rubles.

31.5% - x 1

x1 =31.5% 40.0% 12,040 = + 9482 thousand rubles. + 40.0% ― + 12,040 thousand rubles.

4.0% - x2

4.0% x2 =40.0% 12,040 = + 1204 thousand rubles. etc.

7.5. Methodology for factor analysis of sales profit

Profit from sales is the most important component of profit before tax.

Profit from sales depends on three main factors:

1) on the quantity of products sold for each item in the nomenclature (assortment);

2) on the level of unit cost of production for each item in the nomenclature (assortment). In conditions of inflation, the cost price changes repeatedly during the reporting period, therefore, when planning and economic analysis, it is necessary to use the average cost per unit of production;

3) on the price level at which specific types of products are sold. Average unit prices must be used in planning and economic analysis.

In the economic literature, numerous variants of methods for factor analysis of profit from sales have been proposed (V.V. Kovalev, E.V. Negashev, G.V. Savitskaya, A.P. Checheta, A.D. Sheremet), the study of which allowed us to identify two main approaches to factor analysis of sales profit:

1) the analysis involves direct calculations of the influence of factors - sales volume, cost and unit price - for individual items of the nomenclature (assortment);

2) the analysis is based on the information contained in Form No. 2 “Profit and Loss Statement”, the so-called"express analysis".

For the operational management of an organization, the first approach is preferable, since it allows one to make informed management decisions regarding sales volumes, cost and price of products for individual items of the nomenclature (assortment). At the same time, express analysis is also necessary when the manager has at his disposal the financial statements of his organization and competing organizations.

Let's consider the first version of the analysis using an example (Table 7.5.1).

Table 7.5.1 Calculation of revenue and profit from sales for specific items

product range

Average price		Quantity		Full se-
per units	full se-		(net) from		from sales,
products from
manufacture	most of the units	products,




	For the previous period








		reporting period

Methodology for calculating the indicators given in table 7.5.1: Revenue (net) from sales:

base version: Σq0 ×p0 = 251,000 thousand rubles, reporting version: Σq1 ×p1 = 331,800 thousand rubles. Total cost of products sold: base case: Σq0 × s0 = 214,500 thousand rubles, reporting version: Σq1 × s1 = 282,700 thousand rubles. Revenue from sales:

base option: Σq0 ×p0 – Σq0 × s0 = Σq0 × (p0 – s0) = 36,500 thousand rubles, reporting option: Σq1 ×p1 – Σq1 × s1 = Σq1 × (p1 – s1) = 49,100 thousand rubles .

Legend:

q0 ; q1 – quantity of products sold in the basic and reporting versions, thousand units;

p0 ; p1 – price of a unit of production in the basic and reporting versions, rub.; s0 ; s1 – total cost per unit of production in the base and reporting

options, rub.; P0 ; P1 – profit from sales in the basic and reporting versions.

In our example, the profit from sales in the reporting period is 12,600 thousand rubles more than the profit of the previous period.

For analysis we use the method of absolute deviations - a modified version of chain substitutions.

Let's calculate the influence of three main factors:

1. The impact on profit of changes in the quantity of products sold. The influence of a quantitative (primary) factor is calculated using the basic values of two qualitative factors (price and cost).

∆П (q) = (q1 – q0) × (p0 – s0):

for products of group “A” = (3500 – 3000) × (10 – 8) = + 1000 thousand rubles;

for products of group “B”, the quantity of products sold has not changed;

for products of group “B” = (900 – 800) × (60 – 55) = + 500 thousand rubles;

for products of group “G” quantity sold oh products has not changed. Total for the first factor = +1500 thousand rubles.

2. The impact on profit of changes in the total cost of a unit of production.

This is a qualitative (secondary) factor, its influence using the method of chain substitutions is calculated based on the reported value of the quantitative factor.

∆П (s) = - (s1 – s0) × q1:

for products of group “A” = - (12-8) ×3500 = -14,000 thousand rubles, for products of group “B” = - (22-16) × 6000 = - 36,000 thousand rubles, for products group “B” = - (60-55) × 900 = - 4500 thousand rubles,

The directions for using net profit are determined by the organization independently. At the expense of net profit, a reserve fund is created (5% of the capital stock ≤ reserve fund ≤ 25% of the capital stock), and consumption and accumulation funds are formed. In the event that an enterprise is created in the organizational and legal form of a joint stock company, income on shares is paid out of net profit - dividends (first on preferred ones, then on common ones); owners of enterprises operating in other organizational and legal forms are paid a profit on their contribution to the total amount of the enterprise’s equity capital (analogous to dividends).

Analysis of the use of net profit is carried out using horizontal and vertical methods of economic analysis. In this case, the horizontal one allows one to evaluate the change in indicators of the same name over time (the absolute deviation of the indicator value from that prevailing in the base period is determined, the rate of growth or increase - depending on the purposes of the analysis - is determined as a relative deviation). A vertical analysis of the use of net profit involves calculating the percentage of deductions for each of the areas of use of profit, with the value of net profit in the period under review being taken as 100%.

Information from Form No. 3 of the financial statements “Statement of Capital Flows” and Section 8 “Social Indicators” of Form No. 5 “Appendix to the Balance Sheet” can be used as initial information for the analysis. It is advisable to carry out the analysis in the following table (Table 9):

Indicators	Reporting period	Same period of previous year	Deviations
absolute	relative
Net profit	480,6		136,6	39,7%
	100%	100%
Including sent:
to the reserve fund				41,1%
	5%	5%
to the savings fund				154%
	19,6%	10,8%
to the consumption fund				8,6%
	7,9%	10,2%
to the social sector fund				15%
	19,1%	23,2%
dividends				7,1%
	31,2%	40,6%
Charitable and other purposes	82,6		47,6	136%
	17,2%	10,2%
Equity

Table 9. Horizontal and vertical analysis of the use of net profit (conditional data).

During the analysis, 3 coefficients are calculated for the reporting and base (with which they are compared) periods:

1) capitalization ratio (Kcapit):

Kcapit= , where

P res.f. – contributions to the reserve fund from the net profit of the reporting year;

P f.accumulation – contributions to the accumulation fund from the net profit of the reporting year;

P net – the amount of net profit of the reporting year;

P capital - capitalized profit of the reporting year.

2) Consumption coefficient (Kpotr.): K consumption=100% - Kcapital;

3) Rate of sustainable growth of equity capital (Tust.r.):

T us.r.=

For the example considered:

1. Capitalization rate:

For the reporting year (24 + 94)/480.6 = 24.6%;

For the year preceding the reporting year (17 + 37)/344 = 15.7%

2. Consumption ratio:

For the reporting year - 75.4%;

For the year preceding the reporting year - 84.3%.

Including dividends:

For the reporting year - 31.2%;

For the year preceding the reporting year - 40.6%.

3.The rate of sustainable growth is determined by the formula:

For the reporting year – T UR1 =

For the year preceding the reporting year – T UR2 =

Thus, despite the increase in net profit by almost 40%, the growth rate of equity capital decreased from 7 to 3%. This is due to the fact that the consumption ratio takes too high a share in the organization’s net profit. Moreover, only half of the consumed profit comes from paying dividends, and the rest is cash and social payments to employees. The share of capitalized profit for the analyzed period decreased from 24.6 to 15.7%.

A more detailed assessment of the current situation can be carried out using the chain substitution method (factor analysis).

The increase (decrease) in the listed coefficients cannot be interpreted unambiguously. An increase in the amount of capitalized profit (and, accordingly, the capitalization ratio) means an increase in the possibilities of expanded reproduction, i.e. financing the core activities of the enterprise on an ever-increasing scale at the end of each financial cycle. All other things being equal, this is assessed positively, because:

a) expansion of the scale of activity implies an increase in the amount of profit received, satisfaction of a greater number of customer needs (or an increase in the level of satisfaction of needs, in any case - a possible increase in the utility delivered to consumers by products) and an increase in the amount of tax deductions to the budget and off-budget funds due to an increase in the tax base (in which the state is interested);

b) expansion of the scale of activity will be financed from own rather than borrowed sources. For the use of its own funds, the company will not have to pay interest, as under a bank lending agreement or loan agreements with organizations in the non-banking sector.

c) financing expanded reproduction precisely at the expense of net profit allows the enterprise not to increase the number of shareholders as co-owners of its property, the majority of whom (holders of ordinary shares) have the opportunity to manage the activities of the enterprise.

However, an increase in capitalized (accumulated) profit with a fixed amount of profit at the disposal of the enterprise cannot but mean a reduction in possible contributions to the consumption fund, through which the social needs of the enterprise’s employees are satisfied and income is paid on shares, shares, etc. The stability of dividend payments increases the level of attractiveness of the enterprise from the point of view of current and potential shareholders and creditors, leads to an increase in demand for shares and an increase in their price in accordance with the law of demand.

Deciding on the direction of using net profit and the specific amount of deductions, therefore, is the dilemma of “profit consumed or profit capitalized.” Options for its solution are reduced to three types of dividend policy of an enterprise, which in a broad sense should be understood as a mechanism for forming a share of profit paid to the owner in accordance with the share of his contribution to the total amount of the enterprise's equity capital.

Dividend policy.

There are three main approaches to the formation of dividend policy - “conservative”, “moderate” (“compromise”) and “aggressive”. Each of these approaches corresponds to a certain type of dividend policy (Table 10):

Table 10. Main types of dividend policy of a joint stock company

1. Residual dividend policy assumes that the dividend payment fund is formed after the need for the formation of its own financial resources, ensuring the full implementation of the enterprise’s investment opportunities, is satisfied at the expense of profits. If for existing investment projects the level of internal rate of return exceeds the financial profitability coefficient, then the bulk of the profit should be directed to the implementation of such projects, since it will ensure a high growth rate of the owners' capital. The advantage of this type of policy is to ensure high rates of development of the enterprise and increase its financial stability. The disadvantage of this policy is the instability of the size of dividend payments, the complete unpredictability of their size in the coming period, and even the refusal to pay them during a period of high investment opportunities, which negatively affects the formation of the level of the market price of shares. Such a dividend policy is usually used only in the early stages of an enterprise’s life cycle, associated with a high level of its investment activity.

2. Policy of stable dividend payments involves payment of a constant amount over a long period (at high rates of inflation, the amount of dividend payments is adjusted to the inflation index). The advantage of this policy is its reliability, which creates a feeling of confidence among shareholders in the unchanged amount of current income, regardless of various circumstances, and determines the stability of share prices on the stock market. The disadvantage of this policy is its weak connection with the financial results of the enterprise, and therefore, during periods of unfavorable market conditions and low generated profits, investment activity can be reduced to zero. In order to avoid these negative consequences, a stable amount of dividend payments is usually set at a relatively low level, which classifies this type of dividend policy as conservative, minimizing the risk of a decrease in the financial stability of the enterprise due to insufficient growth of equity capital.

3. Policy of a minimum stable dividend amount with an increase in certain periods(or “extra-dividend” policy) is widely believed to be the most balanced type. Its advantage is the stable guaranteed payment of dividends in the minimum prescribed amount (as in the previous case) in close connection with the financial results of the enterprise, which makes it possible to increase the size of dividends during periods of favorable economic conditions without reducing the level of investment activity. This dividend policy has the greatest effect on enterprises with unstable profit margins. The main disadvantage of this policy is that if the payment continues for a long time minimum sizes dividends, the investment attractiveness of the company's shares decreases and, accordingly, their market value falls.

4. Policy of stable dividend levels provides for the establishment of a long-term standard ratio of dividend payments in relation to the amount of profit (or a standard for the distribution of profit into the consumed and capitalized parts of it). The advantage of this policy is the simplicity of its formation and close connection with the amount of profit generated. Its main disadvantage is the instability of the size of dividend payments per share, determined by the instability of the amount of generated profit. This instability causes sharp changes in the market value of shares in certain periods, which prevents the maximization of the market value of the enterprise in the process of implementing such a policy (since it indicates a high level of risk in the economic activity of this enterprise). Even with a high level of dividend payments, such a policy does not usually attract risk-averse shareholders. Only mature companies with stable profits can afford to implement this type of dividend policy; if profit fluctuates significantly, this policy generates a high threat of bankruptcy.

5. Policy of constant increase in dividends(carried out under the motto “never reduce the annual dividend”) provides for a stable increase in the level of dividend payments per share. The increase in dividends when implementing such a policy occurs, as a rule, in a firmly established percentage increase compared to their size in the previous period. The advantage of such a policy is to ensure a high market value of the company's shares and the formation of a positive image among potential investors during additional issues. The disadvantage of the policy is the lack of flexibility in its implementation and constant increase financial tension - if the fund of dividend payments grows faster than the amount of profit, then the investment activity of the enterprise is reduced, and the financial stability ratios are reduced (all other things being equal). Therefore, only truly prosperous joint-stock companies can afford to implement such a dividend policy - if this policy is not supported by the constant growth of the company's profits, then it is a sure path to its bankruptcy.

Taking into account the considered principles, the dividend policy of a joint-stock company is formed according to the following main stages (Fig. 13).

Fig. 13. The sequence of formation of the dividend policy of a joint-stock company.

1. Assessment of the main factors determining the formation of dividend policy. In the process of such an assessment in the practice of financial management, all factors are usually divided into four groups:

A. Factors characterizing the investment opportunities of an enterprise

· stage of the company's life cycle (in the early stages of the life cycle, a joint-stock company is forced to invest more money in its development, limiting the payment of dividends);

· the need for a joint stock company to expand its investment programs (during periods of increased investment activity aimed at expanding the reproduction of fixed assets and intangible assets, the need for capitalization of profits increases);

· the degree of readiness of individual investment projects with a high level of efficiency (individual prepared projects require accelerated implementation in order to ensure their effective operation under favorable market conditions, which necessitates the concentration of one’s own financial resources during these periods).

B. Factors characterizing the possibilities of generating financial resources from alternative sources. The main factors in this group are:

· sufficiency of equity capital reserves formed in the previous period;

· cost of attracting additional share capital;

· cost of attracting additional borrowed capital;

Availability of loans in the financial market;

· the level of creditworthiness of the joint-stock company, determined by its current financial condition

B. Factors associated with objective limitations. The main factors in this group include:

· level of taxation of dividends;

· level of taxation of enterprise property;

· achieved effect financial leverage, determined by the existing ratio of equity and borrowed capital used;

· the actual amount of profit received and the return on equity ratio.

D. Other factors. These factors can include:

· the market cycle of the commodity market, of which the joint-stock company is a participant (during the period of economic growth, the efficiency of profit capitalization increases significantly);

· level of dividend payments by competing companies;

· urgency of payments on previously received loans (maintaining solvency is a higher priority compared to increasing dividend payments);

· the possibility of losing control over the management of the company (a low level of dividend payments can lead to a decrease in the market value of the company’s shares and their massive “dumping” by shareholders, which increases the risk of a financial takeover of the joint-stock company by competitors).

2. Choosing the type of dividend policy carried out in accordance with financial strategy joint stock company, taking into account the assessment of individual factors.

3. Profit distribution mechanism of a joint stock company, in accordance with the chosen type of dividend policy, provides for the following sequence of actions:

At the first stage From the amount of net profit, mandatory contributions to the reserve and other mandatory special-purpose funds provided for by the company's charter are deducted. The “cleared” amount of net profit is the so-called "dividend corridor" within the framework of which the corresponding type of dividend policy is implemented.

At the second stage the remaining part of the net profit is distributed between its capitalized and consumed parts. If a joint stock company adheres to a residual type of dividend policy, then during this stage of calculations the priority task is to form a production development fund, and vice versa.

At the third stage The consumption fund formed at the expense of profits is distributed to the dividend payment fund and the consumption fund of the personnel of the joint-stock company (providing for additional material incentives for employees and meeting their social needs). The basis for such distribution is the chosen type of dividend policy and the obligations of the joint-stock company under the collective labor agreement.

4. Determination of the level of dividend payments for one simple the action is carried out according to the formula:

where UDV PA is the level of dividend payments per share;

FDV - dividend payment fund, formed in accordance with the selected type of dividend policy;

VP - fund for paying dividends to owners of preferred shares (according to their stipulated level), K PA - the number of common shares issued by the joint-stock company.

5. Assessing the effectiveness of the dividend policy joint stock company is based on the use of the following indicators:

a) dividend payout ratio. It is calculated using the formulas:

K DV = or K DV =

where KDV is the dividend payout ratio

FDV is a dividend payment fund formed in accordance with the selected type of dividend policy;

PE - the amount of net profit of the joint-stock company;

D a - the amount of dividends paid per share

PE a - the amount of net profit per share

b) price-earnings ratio for a stock. It is determined by the formula:

where K c/d is the ratio of price and income for the stock;

РЦ а - market price of one share;

D a - the amount of dividends paid per share.

When assessing the effectiveness of the dividend policy, indicators of the dynamics of the market value of shares can also be used.

The distribution of balance sheet profit is shown in Fig. 22.1.

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

To increase production efficiency, it is very important that when distributing profits, optimality is achieved in satisfying the interests of the state, enterprise and workers. The state is interested in getting as much profit as possible into the budget. The management of the enterprise seeks to direct a large amount of profit to expanded reproduction. Workers are interested in increased wages.

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

Obviously, if real pay decreases or remains at the same level, or increases, but not as quickly as in other enterprises, then workers will demand an increase in their pay. Therefore, each enterprise must find the optimal option for distributing profits. Analysis of economic activity should play a major role in this.

In the process of analysis, it is necessary to study the factors of change in the amount of taxable profit, the amount of dividends paid, interest, taxes on profits, the amount of net profit, contributions to the funds of the enterprise, the methodology of which was most thoroughly developed by N.A. Rusak.

For the analysis, the Law on taxes and fees levied on the budget, instructions and methodological instructions of the Ministry of Finance, the Charter of the enterprise, as well as data from the profit and loss statement, appendices to the balance sheet, capital flow statement, analytical accounting for account 81 “Use of profit” are used ", calculations of taxes on property, on profit, on income, etc.

22.2. Taxable income analysis

The procedure for determining taxable profit. Factors shaping its value. The procedure for calculating their influence.

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

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

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

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

Table data 22.1 show that the actual amount of taxable profit is higher than the planned one by 1220 million rubles. The change in its amount is influenced by the factors that form the amount of balance sheet profit (Fig. 22.1), as well as indicators 5, 7 and 8 of table. 22.1, deducted from the balance sheet profit when calculating its value. Using data from factor analysis of profits from product sales, non-operating financial results, as well as data from Table. 22.1, we can determine how these factors influence the change in the amount of taxable profit (Table 22.2).

The table shows that the amount of taxable profit increased mainly due to an increase in the level of selling prices and the share of more expensive products in total sales. An increase in product costs, a decrease in sales volume, payment of fines and penalties, losses from debt write-off, and an increase in the amount of preferential profits contributed to a reduction in the amount of taxable profit.

22.3. Analysis of taxes from profits

Main types of taxes on profits. Factors of change in their magnitude. Methodology for determining their influence.

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

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

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

N im = Im X Sn / 100.

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

them= i x CH 0 / 100.

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

them= 1 x CH/100.

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

Amount of income tax (N p) may change due to the amount of taxable profit ( P n) and income tax rates ( S n):

Np = Mon X Sn / 100.

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

P = P n X CH 0 / 100.

The influence of the second factor is established as follows:

P = P n X SN / 100.

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

P = P nxi X Sn 0 /100.

According to the table. 22.2 we will calculate the influence of factors on changes in the amount of income taxes using the above formula.

From the table 22.4 shows which factors had a decisive influence on the change in the amount of taxable profit and the amount of income taxes.

22.4. Analysis of net profit formation

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

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

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

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

Emergency= BPxi X UDchp o.

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

Emergency = BP 1 X (-UD Xi).

From the table 22.6 it follows that the amount of net profit increased mainly due to an increase in selling prices and a change in the sales structure. A decrease in sales volume, an increase in production costs, penalties and fines paid, losses from debt write-offs, economic sanctions, and an increase in the share of contributions from profits to charitable foundations caused a decrease in the amount of net profit. Therefore, when looking for ways to increase net profit, this enterprise must first of all pay attention to factors that negatively affect the formation of its value.

22.5. Analysis of net profit distribution

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

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

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

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

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

Then you need to calculate the influence of factors changing net profit on the amount of contributions to the enterprise funds. To do this, we multiply the increase in net profit due to each factor by planning ratio contributions to the corresponding fund:

Table data 22.9 show the reasons for the increase in the amount of deductions to the enterprise funds and dividend payments, which allows us to draw certain conclusions and develop measures aimed at increasing the amount of profit, and, accordingly, the enterprise funds. In our example, the increase in contributions to enterprise funds is caused by a change in the structure of sold products, an increase in selling prices, and income from non-sales operations. Bad influence were influenced by such factors as an increase in the cost of production, including due to an increase in the resource intensity of products, economic sanctions for concealing profits, underestimation of taxes and untimely payment of them to the budget, as well as above-plan profit contributions to charitable foundations.

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

An important task of the analysis is to study the use of savings and consumption funds. The funds from these funds have a designated purpose and are spent according to approved budgets.

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

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

In the process of analysis, the correspondence of actual expenses to the expenses provided for in the estimate is established, the reasons for deviations from the estimate for each item are clarified, and the effectiveness of activities carried out at the expense of these funds is studied. When analyzing the use of savings fund funds, one should examine the completeness of financing of all planned activities, the timeliness of their implementation and the resulting effect.

22.6. Analysis of the company's dividend policy

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

The dividend policy of an enterprise has a great impact not only on the capital structure, but also on the investment attractiveness of the business entity. If dividend payments are high enough, then this is one of the signs that the company is operating successfully and it is profitable to invest in it. But if a small share of profits is allocated to updating and expanding production, then the situation may change.

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

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

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

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

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

constant percentage distribution of profits;

fixed dividend payments, regardless of income;

payments of guaranteed minimum and extra dividends;

payment of dividends in shares.

First option assumes a constant dividend yield ratio, but the dividend level can fluctuate sharply depending on the amount of profit received.

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

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

According to the fourth option instead of dividends, shareholders receive an additional block of shares, while the total balance sheet currency does not change, but falls per share. As a result, shareholders receive virtually nothing other than the opportunity to sell their shares for cash.

At the analyzed enterprise, the first option of dividend payments is practiced in the amount of 20% of the enterprise’s net profit. Therefore, the level of dividend per share depends only on the factors that form net profit. The share capital of the enterprise is represented by 10,000 shares, the par value of each share is 1 million rubles. The dividend payment per share in the reporting year is 253 thousand rubles. (RUB 2,530 million/10,000). The dividend rate (the ratio of the dividend amount per share to its par value) is 25.3% (253,000 / 1,000,000 x 100).

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

In the process of analysis, they study the dynamics of dividends, stock prices, net profit per share over a number of years, determine the rate of their growth or decline, and then perform a factor analysis of changes in their value.

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

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

For example, an enterprise issued bonds in the amount of 10,000 million rubles. based on 8% of annual and preferred shares in the amount of RUB 5,000 million. with a dividend rate of 10%. If the enterprise’s profit after paying taxes and interest on loans amounted to 1,400 million rubles, then after paying interest on bonds - 800 million rubles. and dividends on preferred shares - 500 million rubles, only 100 million rubles will remain for the payment of dividends on ordinary shares. If profits increase by 10%, 240 million rubles will remain to pay dividends on ordinary shares, i.e. 2.4 times more. A decrease in profits by 10% will not only not allow the payment of dividends on ordinary shares, but even to pay part of the dividends on preferred shares, it will be necessary to use retained earnings from the previous year or reserve funds. As we can see, this situation with high leverage (a high proportion of preferred securities with a fixed rate of return) is very dangerous for owners of common shares. Cautious investors tend to avoid companies with high levels of financial leverage, although the latter attract those people who like to take risks.

At the analyzed enterprise this lever equal to zero, since there was no issue of bonds or preferred shares.

In conclusion, measures are developed aimed at increasing dividend returns. share capital. These are mainly activities that help increase net profit and return on equity.

Profit reflects the efficiency of the enterprise, its liquidity and solvency. It influences the pace of production modernization. Therefore, it is important to be able to calculate and analyze this indicator.

Definition

Any activity is aimed at generating income that covers losses and generates profit. It is important to be able to distinguish between these concepts. The money received from sales is called revenue. Net income is the amount remaining after all expenses have been paid. That is, profit is the difference between revenue and costs. But this term is much broader. The net profit formula includes the final financial result different types activities.

An organization can earn income only by producing competitive goods. Price plays a big role here. It must correspond to the solvency of potential consumers. The company sets prices depending on the level of costs. If the amount of resources consumed is less than the revenue received, then the organization is operating at a profit. In a market economy, unprofitable enterprises do not exist for long.

Net profit, equity- sources of self-financing of the organization. Income maximization - important condition prosperity of the enterprise and the country's economy. An enterprise can use profits to increase scale, strengthen positions, and update the operating system.

Functions

Profit reflects the result of activity.
Stimulating: maximizing income affects the growth of salaries, the rate of OS updates, and an increase in production levels.
Fiscal: taxes are paid and budgets are formed from the income of enterprises.
Estimated: the amount of profit directly affects the value of the organization.
Control: receiving losses indicates a large amount of expenses.

Structure

The net profit formula includes income from sales, transactions with fixed assets, results of financial and non-operating activities. The first indicator is the most important. The organization is not able to influence the level of stock quotes, on which the results of transactions with securities depend. But it can reduce costs and increase revenue.

There are other criteria by which the net profit of an organization is classified:

depending on the calculation method: marginal, net, gross;
by the nature of payment of fees: taxable and non-taxable;
by time: profit of previous years, reporting and planning periods;
by nature of application: capitalized and distributed.

To calculate each of these indicators, its own formula is used.

Factors

The organization itself can influence profits. The level of technology used, capacity utilization and other production factors influence the quantity and quality of products. It is more difficult to regulate non-productive factors: the interaction of employees at different levels of the hierarchy, the reaction of personnel to changes in working conditions, logistics, etc. affect the market conditions, the level of inflation and taxation, monetary policy, and distance from resources, the enterprise is generally unable to influence. But these external factors have an indirect impact on the activities of enterprises. Therefore, it is so important to be able to assess the degree of influence of each criterion on net income.

To maximize profits, it is necessary to analyze the product range. Products that are practically not in demand should be excluded from circulation. It is also necessary to develop an effective management system for market segmentation, implement automated systems and zero-waste production systems.

Income and costs

From an economic point of view, profit is the difference between receipts and payments. From an economic point of view, it is the difference between the state of the enterprise at the end and beginning of the period. In this regard, accounting and economic profit are distinguished. The connection between the categories is expressed in their formulas:

Accounting profit is the difference between total revenue and explicit costs.
Economic profit is the difference between income and all costs.

Thus, we get: economic profit = accounting profit - implicit costs.

Explicit costs are the sum of the costs of paying for resources: raw materials, machines, labor, etc. Implicit costs are the cost internal resources companies. For example, an enterprise uses its own building for business activities. Utility costs in in this case are obvious costs. They can be documented. Implicit costs in this case are lost income from renting out the building.

Profit calculation

As noted earlier, revenue is a general measure of profitability. Its volume is determined by adding the amounts of invoices. It is calculated as payment is received or as goods are shipped. VAT, excise taxes, and the amount of markups received from trading enterprises, and export tariffs.

1. Net profit from sales (PR) = Revenue – VAT – Excise taxes – Export tariffs.

2. Gross profit is the difference between net income and cost: Вп = CR – Cost.

3. Profit from sales (Ppr) = Вп – Ур – Кр, where:

Ur – management costs.
Kr – commercial expenses.

4. Net income from all types of activities: Po = Vp + IP + Fp + Pd, where:

IP, Fp and Pd - income from investment, financial, and other types of activities.

5. Profit before tax (Pn) is final result, identified after accounting for all transactions.

Mon = To – Real estate tax – Income benefits.

After paying all fees, the organization has money left at its disposal that can be spent on its own needs.

Net profit formula: PE = Po – NPP + Pd - Pr, where:

NPP – income tax.
Pr – other expenses.

Marginal income, or “zero profit” is the amount of revenue that covers all costs.

Analysis

Research is carried out in order to evaluate performance results, develop measures to reduce costs and increase income. Most often, factor analysis is used, which shows the degree of influence of individual indicators on the final result. For example, when looking at gross revenue, ways to reduce costs are explored. Profit is calculated based on data from the balance sheet and Form No. 2 of the “Report on Financial Results”.

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