Main indicators of the financial and economic activity of the enterprise. Analysis of the financial and economic activities of an enterprise (31) - Abstract

Financial analysis includes the study of the main parameters, ratios and multipliers that give an objective assessment of the financial condition of the enterprise, as well as analysis of the company's stock price in order to make a decision on the allocation of capital. Financial analysis is a part of economic analysis.

Target financial analysis- characteristics of the financial condition of an enterprise, business, group of companies.

To achieve this goal, the following main tasks are solved in the process of financial analysis of the enterprise:

1. Determination of the financial condition of the enterprise at the current moment.

2. Identification of trends and patterns in the development of the enterprise over the period under study.

3. Determination of factors that negatively affect the financial condition of the enterprise.

4. Identification of reserves that the company can use to improve its financial condition.

The results of the analysis of the financial condition of the enterprise are of paramount importance for wide range users, both internal and external to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include enterprise managers, the results of financial analysis are necessary for assessing the activities of the enterprise and preparing decisions on adjustments financial policy enterprises.

For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans in relation to this enterprise (acquisition, investment, concluding long-term contracts).

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) techniques. In this case, as a rule, it is used limited quantity basic indicators.

When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most advisable to do this.

Internal financial analysis is more demanding in terms of initial information. In most cases, the information contained in standard accounting reports is not sufficient for him, and there is a need to use internal management accounting data.

In addition to custom, financial analysis can also be divided according to the following criteria:

In the direction of analysis:

Retrospective analysis - analysis of past financial information;

Forward analysis - analysis of financial plans and forecasts.

By detail:

Express analysis - analysis is carried out on the main financial indicators;

Detailed financial analysis - carried out on all indicators, gives full description companies.

By nature of the event:

Analysis of financial statements - analysis based on financial statements;

Investment analysis - analysis of investments and capital investments;

Technical analysis - analysis of the price chart of a company's securities;

Special analysis - analysis for a special task.

The main areas of financial analysis are:

1. Analysis of the balance sheet structure.

2. Analysis of the profitability of the enterprise and the structure of production costs.

3. Analysis of solvency (liquidity) and financial stability of the enterprise.

4. Analysis of capital turnover.

Management reporting.

Initial data for financial analysis must meet the following requirements:

1. Data preparation should be carried out on a regular basis and according to a unified methodology.

2. Data on property and sources must be balanced.

3. Assets must be structured according to their economic nature (according to the principle of assigning value to manufactured products, terms of use and degree of liquidity).

4. Data on sources of financing should be divided according to the principle of ownership and timing of attraction.

Analysis of the financial statements of an enterprise allows us to identify relationships and interdependencies between various indicators of its financial and economic activity included in the reporting. The results of the analysis allow interested individuals and organizations to make management decisions based on an assessment of the current financial situation and activities of the enterprise for previous years and its potential capabilities 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 for the last two years, 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 has 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 if there are free Money it does not have enough or none at all, but the company 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 in the process of analyzing additional information about 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 is greater or to a lesser extent different 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.

In this article, Valery Viktorovich Kovalev, Doctor of Economics, Professor at St. Petersburg State University, examines various approaches to structuring the analysis of economic activity. The article was provided by SPUTNIK-101, St. Petersburg.

Traditionally, many scientists and practitioners in the field accounting- I. Sher, A.P. Rudanovsky, N.A. Blatov, A.K. Roshchakhovsky, I.R. Nikolaev and others - highly appreciated the importance of the analytical component of accounting. Unfortunately, over the years Soviet power a certain transformation took place in the understanding of its essence - the balance, which in a market economy is one of the main tools for managing the economy of an enterprise, in the conditions of a directive economy was considered exclusively as an element of the control system.

The traditions that have developed in the domestic analytical school are quite stable; However, in the last decade of the twentieth century, various approaches to structuring the analysis of economic activity began to take shape in Russia, essentially reviving the key ideas of our predecessors, who highlighted balance sheet, its analytical potential and possibilities of use in managing the activities of an enterprise.

Before considering the logic of these approaches, it is appropriate to mention the differences of an essential and terminological nature in the field of analysis that take place in domestic science and abroad. Let us briefly recall that both in Russia and in the West the concept of “economic analysis” is actively used, but the semantic load of this term and the content of the discipline behind it are completely different. In the West, economic analysis is interpreted in the spirit of the works of P. Samuelson and J. Schumpeter and, in in a certain sense, is synonymous with the term "economic theory".

As for domestic analytical science, in the works of S.K. Tatur, S.B. Barngolts, M.I. Bakanova, A.D. Sheremet et al., economic analysis (analysis of economic activity) is interpreted much more narrowly and, in a sense, down to earth - as a direction associated with the presentation of methods and techniques of analytical calculations at the enterprise level in the conditions of a directive economy. Distinctive features of this analysis are as follows:

• it is built solely on the basis of prerequisites and restrictions that operate in a centrally planned economy and do not presuppose the presence of real market mechanisms in the economy;
• it is usually carried out in a retrospective aspect;
• its quintessence is:
  a) analysis of the implementation of planned tasks according to various indicators and
  b) strictly determined factor analysis;
• it affects not only and not so much the financial side of the enterprise’s activities, but rather involves a comprehensive assessment of absolutely heterogeneous (from the position, for example, of an accountant or financial manager) aspects of the activity.

Probably, with a view to giving greater scientific weight to the discipline "Analysis of Economic Activity", it was repeatedly renamed "Economic Analysis". We can distinguish two periods when this happened: the seventies and nineties; Moreover, if in the seventies there was only a short-term formal change of name without any change in the content of the academic discipline, then with the beginning of economic restructuring in post-Soviet Russia, with the next change of name, certain efforts were made to expand the content of the discipline by including individual elements of analysis characteristic of a market economy . Thus, in recent years, educational and methodological manuals devoted to the analysis of the economic activities of an enterprise have been published under the titles “Theory of Economic Analysis” and “Economic Analysis”. It is interesting to note that, realizing a certain ambiguity in terminology, some authors periodically preferred to use palliative names, such as “economic analysis of economic activity” (see, for example,).

Let us present one of the options for logical constructions regarding the structuring of analytical disciplines, which partly relieve the severity of the formulated contradictions (Fig. 1).

Rice. 1. Fragment of the classification of types of economic analysis

In application to the sphere economic relations under analysis in a broad sense, i.e. economic analysis, we can understand analysis in economics as a set of relations that arise in the process of production, exchange, distribution and consumption of goods. In other words, this term gives a generalized description of analytical procedures in general, which consist in the use of certain models and methods used to evaluate, comprehend and justify phenomena or actions in the economy.

Within the framework of general economic theory, it is customary to distinguish macro- and microeconomics. Macroeconomics studies the functioning of national economic systems on the basis of emerging macroproportions (objects of study: general price level, employment, national product, state budget, product markets, labor and capital, etc.). Microeconomics studies the behavior of individual economic patterns and/or subjects (objects of study: the price of an individual resource, costs, the mechanism of a company’s functioning, utility, competitiveness, labor motivation, consumer actions, etc.). Sets of analytical procedures in the system of macro- or microeconomics are called respectively macroeconomic And microeconomic analysis.

With a certain degree of convention, it can be argued that the core of microeconomics is the assessment of the behavior of a firm as the main economic unit of any national economy, since in this case all other objects of study are inevitably affected - price, costs, labor motivation, etc. Therefore, we can formulate the concept analysis of enterprise economics(with a large degree of convention it can be called microeconomic analysis in the narrow sense), meaning by it analysis in the enterprise activity management system. Since management actions in relation to an economic entity are very heterogeneous and diverse (compare, for example, the analysis of the optimality of the capital investment budget, the analysis of cost and the analysis of the optimality of resource flows between divisions of the enterprise), for subsequent gradation one can choose the sign of a monetary meter as a criterion. In accordance with this feature, it is advisable to divide the analysis of the enterprise’s economy into technical and economic analysis(criteria and indicators are not necessarily in the valuation) and (the dominance of the monetary measure in the construction of key criteria and indicators). The latter can be divided into two types: financial And intra-company. Financial analysis (sometimes called external financial analysis) is carried out from the perspective of external users who do not have access to internal information, i.e. the basis of its information base is accessible financial statements. Intra-company analysis (synonyms: analysis in the management accounting system, internal, intra-production) is carried out from the position of persons who have access to any information resources circulating within the enterprise.

From the point of view of the characteristics of the enterprise for external users, as well as its top managers and functional managers, it is the analysis of financial and economic activities that is of greatest interest. The above definition is very general character and needs to be specified, which is easy to do by formulating the content of this scientific and practical direction. In terms of content analysis of the financial and economic activities of the enterprise represents the purposeful activity of the analyst, consisting in identifying indicators, factors and algorithms and allowing, firstly, to give a certain formalized characteristic, factor explanation and/or justification of the facts of economic life, both those that took place in the past and those expected or planned for implementation in the future future, and, secondly, systematize possible options for action.

There are several known approaches to structuring analytical procedures in relation to some object of analysis. The main thing here is for the analyst himself to understand what he is going to do and achieve during the analysis. Imagine that you are given the task of analyzing the performance of a certain enterprise. Even the selection of evaluation criteria is no longer obvious, since there are many performance indicators, and their trends can be multidirectional. Further questions arise regarding the information support of calculated indicators, time interval, data comparability, etc. Since the main factor for the analyst is the availability information resources, the most common division of analysis into external and internal. As part of external financial analysis, as a rule, it is not difficult to identify procedures related to the object of analysis and information supported by available reporting. For example, a comprehensive analysis will include analytical procedures, organized, in particular, by sections of the balance sheet, analysis of the property potential of the enterprise - procedures determined by the logic of constructing a balance sheet asset, etc. If we're talking about about intra-company analysis, then, as a rule, the appropriate methodology is taken external analysis and is complemented by procedures information-supported by internal reporting, operational and accounting data. For example, one of key characteristics The material and technical base of the enterprise is data on the age composition of the equipment. This data is not included in the reporting, but it is available to the internal analyst using analytical accounting data. Grouping assets by age composition and calculating the average age of basic equipment constitute an additional analytical procedure that is only possible within the framework of internal analysis.

It is easy to formulate a similar logic of procedures in relation to any object of analysis: cost, financial assets, inventories, creditors, etc.

Another approach to structuring analytical procedures at the enterprise level has been promoted in recent years by the Moscow school of analysts under the leadership of prof. HELL. Sheremet. This approach is formally based on the widely spread Anglo-American accounting methodology, which implies its division into management and financial accounting. The scheme for analyzing the economic activity of an enterprise proposed by Moscow scientists is presented in Fig. 2 (its fairly detailed justification can be found, for example, in).

Rice. 2. Business activity analysis scheme

It is easy to see that the above approach to structuring analytical procedures is an attempt to expand the scheme of traditional analysis of economic activity, which was intensively used in our country during the years of a centrally planned economy (see, for example,), by including into it individual elements of new types of activities or objects of analysis (business planning, marketing, financial assets, capital, etc.). Of course, this option is quite possible, however, shown in Fig. 2 scheme inevitably raises a number of controversial points. Let us formulate some of them.

Firstly, direct borrowing of the logic of dividing accounting into two branches and transferring it to the system for analyzing the financial and economic activities of an enterprise without proper justification is far from indisputable. If financial analysis as a relatively independent direction with certain variations in the interpretation of its content in Anglo-American science and practice really exists, then there is no such thing as “managerial analysis”. Therefore, it seems at least strange that in countries professing the Anglo-American accounting model, they have not yet thought of management analysis, and have concentrated all the problems of microeconomic analysis as applied to an enterprise within the framework of management accounting and financial management.

Secondly, the very division of accounting into financial and managerial is quite artificial and not controversial. In Germany, a country no less developed than the USA or Great Britain, they adhere to a different interpretation of the types of accounting, planning, and financial management.

Thirdly, the concepts “financial” and “managerial” obviously refer to fundamentally different types of groupings, and therefore they can hardly be combined into one. As a grotesque example of such an absurd grouping, one can cite an attempt to divide the workers of a certain enterprise into two groups: “fat” and “bald” - it is quite obvious that such an attempt is both meaningless and unrealizable.

Fourthly, the isolation of analytical blocks does not seem entirely justified - there is a different order of blocks (for example, “Comprehensive economic analysis of the efficiency of economic activity” and “Analysis of production volume”) or the reduction into one block of such fundamentally different categories as liquidity and solvency, with on the one hand, and financial stability, on the other. Moreover, the principles for separating analytical blocks have not been formulated at all, which leads to a natural question - whether some significant sections of analytical work have been forgotten in the indicated scheme. In particular, the block “Analysis of the Marketing System” is highlighted in the diagram, i.e. analytical procedures associated with the sales system of the enterprise's products are isolated, but then it would be logical to isolate equally important procedures for analyzing the system of receipt of raw materials and materials.

There is no doubt that, in principle, different justifications for approaches to the analysis of financial and economic activities are possible, and any of such approaches will not be free from shortcomings, and therefore justified criticism. In formulating the main directions of the financial and economic activities of the enterprise, we will adhere to certain postulates that allow us to provide a logical justification and systematization of these directions.

Postulate 1. Each enterprise is considered as an independent property complex, which can be characterized from the position of its economic potential, understood as a totality resources(material, labor and financial) and obligations(in a broad sense) enterprises. The financial model that characterizes the economic potential of an enterprise and the effectiveness of its use is its financial statements.

Postulate 2. Financial and economic activity is understood as the expedient activity of an enterprise aimed at achieving a hierarchically ordered system of goals formulated by its owners, and, in accordance with the first postulate, represents the effective use of the economic potential of the enterprise. Feasibility can be understood in both social and economic aspects, with economic efficiency in most cases being considered as the dominant criterion.

Postulate 3. Assessment of the feasibility and effectiveness of financial and economic activities can be carried out within the framework of various types of analysis, the main of which are: (a) comprehensive analysis (the activities of the enterprise are assessed from various aspects depending on the target function as part of the justification of operational, tactical and/or strategic decisions character); (b) thematic analysis (certain types of resources, technological process, relations with contractors, sales systems, organizational technical level and so on.).

Postulate 4. From the standpoint of quantitative assessment and systematization of analytical procedures, financial and economic activities can be characterized by three interconnected blocks: “Resources” => “Production and technological process” => “Result”.

Postulate 5. Any type of resource should be analyzed in three areas:
(a) presence and condition;
(b) attraction and disposal, i.e. movement;
(c) efficiency of use.

Postulate 6. The production and technological process is interpreted as the process of obtaining finished products (goods, services) and selling them. From the position of quantitative assessment, the main goal in this analytical block is to ensure the efficiency of costs and expenses in various sections (by types of resources, types of products, technological lines, responsibility centers, etc.).

Postulate 7. The result of financial and economic activity can be assessed by a system of criteria, generally consisting of indicators in natural and monetary measures and statistics: a given growth rate, market share, production volume in physical units and in monetary terms, indicators of financial results, indicators of financial condition.

Postulate 8. Analytical justification and assessment of resources, process and output can be performed as part of internal or external analysis. The difference between them is determined by four main factors: (a) the horizon for using the analysis results; (b) type of available information base; (c) the possibility of unification and formalization of analytical algorithms; (d) confidentiality of analysis results.

Postulate 9. In the internal analysis system, priority is given to natural value indicators that characterize the efficiency of costs and expenses. The results of the analysis are not publicly available and are used mainly to optimize current activities. The performers and users of the analysis are employees of this enterprise. A certain unification and formalization of analytical algorithms is possible only within the enterprise itself.

Postulate 10. In the external analysis system, priority is given to cost indicators based on the available information base, i.e. public reporting, data from information and analytical agencies, stock exchanges, the press, etc. The results of the analysis are not confidential and are used to make decisions of tactical and strategic importance. Performers and users of the analysis are any persons interested in the activities of this enterprise. The predetermined nature of the core information base, which is open accounting reporting, makes it possible to unify and formalize analysis algorithms to a certain extent.

Based on the above postulates, a model for a comprehensive analysis of the financial and economic activities of an enterprise can be presented, for example, as follows (Fig. 3).

Rice. 3. Model for a comprehensive analysis of the financial and economic activities of an enterprise

First of all, we note that the above scheme is applicable to both internal and financial analyses. Indeed, the basic objects of analysis identified above - resources, process, results - in one aspect or another can be considered either within the framework of one or within the framework of another analysis; the difference is only in accents. In this sense, it is impossible to make a strict distinction between these types of analysis according to any parameter: object, information base, mathematical apparatus used, time aspect, etc.; more precisely, any attempt to strictly distinguish between intra-production and financial analyzes is rather arbitrary.

Therefore, it can only be conditionally stated that:

• the block “Analysis of the production and technological process” has a relatively greater tendency towards the system of in-process analysis;
• the block “Analysis of the results of financial and economic activities” in its most complete form finds its expression in the financial analysis system;
• The block “Analysis of resources and the efficiency of their use” is equally implemented in both internal production and financial analyses.

Let us give a brief description of the selected blocks.

Resources

In the scientific literature, there are various approaches to separating types of resources; one of these classifications involves the identification of four types: land, capital, labor, entrepreneurship. From the standpoint of the possibility and reality of quantitative assessment, another classification is quite common: material, financial and labor resources. From the position of assessing the resource potential of an enterprise as the ability to carry out the specified technological process and generate the required results, it is convenient to divide the entire set of resources into three groups: material and technical base (long-term resources determined by the essence of the technological process), current assets (assets that ensure the implementation of the technological process) and labor resources. It is these three types of resources, combining in the production and technological process, that ensure the achievement of specified targets.

The resources of the first two groups are presented in the balance sheet, i.e. have an unambiguous cost estimate. Labor resources are not presented in the financial statements (except for expenses and wage arrears, which are the objects of management accounting and internal analysis).

The material and technical base represents only part of the enterprise’s assets, but it is the most significant part, which determines, in particular, the industry affiliation of a given enterprise and a certain ability to generate revenue and profit in the required volumes. As noted above, resources should be analyzed in three main areas: (a) availability and condition; (b) attraction and disposal; (c) efficiency of use. Detailed analysis can only be performed as part of an internal analysis. In particular, for non-current assets, it is possible to evaluate (in physical and cost terms) the receipt and disposal of fixed assets in general, by type, by division, age composition, degree of physical and moral depreciation, level of equipment progressiveness, capital productivity, the importance of intangible assets by type, compliance of capital availability with industry average standards, equipment replacement, level of production capacity utilization, etc. Relevant analytical indicators are described in manuals on statistics and economic analysis.

Working capital is an equally important component of the technological process. Their structure is heterogeneous, but from the standpoint of production of the main products, industrial reserves are the most significant. Relevant indicators should reflect the validity of the logistics plan; optimal delivery of supplies; rhythm of inventory supply in general, by type of inventory and supplier; compliance with internal standards and industry averages for the amount of reserves in various sections; assessment of illiquid stock, slow-moving and stale goods; assessment of inventory movements taking into account seasonality and peak loads; material consumption, etc. The assessment is done both in physical and cost terms.

Labor resources differ from material resources in the need for their remuneration, therefore their analysis is carried out in four areas: (a) availability and condition; (b) movement; (c) use; (d) stimulation. The relevant indicators should characterize: the composition and structure of employees; level of education and qualifications; share of management personnel; staff turnover in various sections; labor productivity in general, by employee category and by department; average wages in general, by employee category and by department; efficient use of working time; the rate of change in average wages in comparison with the rate of change in production volumes and profits; efficiency of personnel retraining systems, etc.

The assessment of the considered factors of production should be carried out regularly as part of internal analysis and be based on operational and accounting data and internal reporting. The analysis can be performed according to the traditional scheme:

• identification of indicators and algorithms for their calculation;
• identification of information sources (type of information);
• determination of information flows (who, when and to whom provides initial and resulting data);
• establishment (if possible) of technically and/or scientifically sound standards (analytical standards, planning targets);
• assessment of deviations of actual values ​​from standards (plans);
• assessment of the dynamics of indicators;
• assessment of factors that caused deviations from standards and in dynamics.

The results of the analysis, as a rule, are presented in the form of a set of interconnected tables that consistently reveal the influence of a particular factor.

Of course, within the framework of thematic analysis, other types of resources can be isolated and subject to periodic assessment; in particular, for large enterprises, the organizational structure of management as a whole, across functional and linear divisions, is of particular importance.

Production and technological process

As you know, any enterprise has a tree of goals. The importance of goals can vary significantly, but in the vast majority of cases economic goals dominate. In other words, an enterprise on average should operate with a profit (of course, downturns accompanied by a planned decrease in profits or temporary losses are possible, but only in a controlled amount or for a short time). Profit is defined as the excess of income over expenses (costs). This block deals with identifying and assessing the significance of factors (a) increasing income and (b) reducing costs.

As part of solving the first task - increase in income- carried out: analysis of the implementation of planned targets and sales dynamics in various sections; rhythm of production and sales; adequacy and effectiveness of diversification production activities; analysis of the effectiveness of pricing policy; assessment of the influence of various factors (capital-labor ratio, production capacity utilization, shifts, pricing policy, personnel composition etc.) to changes in sales volumes; seasonality of production and sales, calculation of the critical volume of production (sales) by product type and division, etc. The results of the analysis are presented in the form of traditional analytical tables containing planned (basic) and actual (expected) values ​​of production and sales volumes and deviations from them in physical and cost terms, as well as in percentages.

Second task - cost reduction- involves planning and monitoring the implementation of planned targets for expenses (costs), as well as searching for reserves justified reducing production costs. The cost of products (works, services) is a valuation of the enterprise resources used in the process of production and sale of these products.

A generalized description of resource support for production activities was given above, but when it comes to implementing a specific production process, certain types of assets, funds, and expenses are of great importance. Thus, for the manufacture of a certain type of product, one can use one or another material and technical base, various types of raw materials, materials and semi-finished products, various production technologies, supply and sales schemes, etc. Therefore, it is obvious that, depending on the chosen concept of organization and implementation of the production process, the level of cost can vary significantly and have a significant impact on the profit of the enterprise. This is what determines the importance of cost analysis and management methods both in the management accounting system and from the position of managing the activities of the enterprise as a whole.

Product cost management is a routine, iterative process that continually attempts to identify reasonable cost and cost reduction opportunities. Within one production cycle and in the most general form, this process can be presented in the form of fairly obvious sequential procedures:

• cost forecasting and planning (long- and short-term trends in changes in individual types of costs are determined, their guidelines are set, ensuring that they reach certain values ​​of profit and profitability indicators);
• cost rationing (technically sound standards are established in natural and cost estimates for individual types of costs, technological processes, and responsibility centers);
• cost accounting (costs are taken into account in a given nomenclature of items);
• cost calculation (actual costs and costs are distributed to the objects of cost calculation, i.e. the actual cost of production is calculated);
• cost and cost analysis (actual costs are analyzed in comparison with planned targets and standards, factors that led to significant deviations are identified, reserves for cost reduction are determined);
• control and regulation of the cost management process (current changes are made to the cost management system in case of deviation from the planned cost dynamics, planning and standardization systems are clarified).

As noted above, when analyzing costs and product costs, two classification criteria are most widely used: the economic element and the costing item.

Under economic element refers to an economically homogeneous type of costs for the production and sale of products, which at the level of a given enterprise does not seem appropriate for more detailed specification. For example, the element “Depreciation of fixed assets” summarizes all depreciation charges, regardless of for what purposes - production, social, managerial - one or another fixed asset was used; the cost of a purchased semi-finished product cannot be decomposed into the costs of living and embodied labor, etc.

Of course, the costs that an enterprise is forced to bear during the production process are objective, and the enterprise itself determines the cost of production. At the same time, the state, to a certain extent, regulates this process by rationing costs that are included in the cost price and taken into account when calculating taxable profit. This regulation is carried out using the document “Regulations on the composition of costs for the production and sale of products (works, services)”, which provides a uniform nomenclature of economic elements of costs for enterprises, regardless of ownership and organizational and legal forms. Clause 5 of the Regulations highlights the following cost elements:

• material costs (minus the cost of returnable waste);
• labor costs;
• contributions for social needs;
• depreciation of fixed assets;
• other costs.

Accounting and analysis of costs by element allows you to calculate and optimize planned and actual costs for the enterprise as a whole for such large items as wages, purchased materials, semi-finished products, fuel and energy, etc.

Under calculation item refers to a certain type of costs that form the cost of the product as a whole or its individual type. The isolation of such types of costs is based on the possibility and feasibility of their identification, assessment and inclusion (direct or indirect, i.e. by distribution in accordance with a certain base) in the cost of a particular type of product.

If grouping costs by economic elements makes it possible to identify individual types of costs for the reporting period, regardless of whether production has been completed or not, then grouping by costing items makes it possible to determine the cost of products that have completely completed the production cycle and are ready for sale or sold.

The composition of costing items varies depending on the industry sector of the enterprise; in particular, for an industrial enterprise the typical nomenclature of articles is as follows:

1. Raw materials and materials.
2. Returnable waste (deductible).
3. Purchased products, semi-finished products and production services of third-party enterprises and organizations.
4. Fuel and energy for technological purposes.
5. Wages of production workers.
6. Contributions for social needs.
7. Expenses for development and preparation of production.
8. General production expenses.
9. General running costs.
10. Marriage losses.
11. Other production costs.
12. Business expenses.

The first eleven articles constitute the so-called production cost; with the addition of business expenses, i.e. expenses associated with the sale of products are formed total cost of production and sales.

In a cost management system, an important role is played by dividing costs into direct and indirect costs. Direct expenses are expenses that, at the time of their occurrence, can be directly attributed to the costing object on the basis of primary documents. Indirect costs include those that, at the time of occurrence, cannot be attributed to a specific costing object, and in order to be included in its cost, they must first be accumulated in a certain account and subsequently distributed among all objects in proportion to a certain base.

Examples of direct costs are the costs of raw materials and materials, semi-finished products, wages of workers engaged in the production of this type of product, etc. Indirect costs include the costs of preparation and development of production, general production costs, general business expenses, etc. The basis for distribution can be: direct costs, wages of production workers, volume of products produced, etc.

Let us note that the division of costs into direct and indirect, as well as the choice of the base for distributing the latter in order to include them in the cost, always has a certain degree of subjectivity.

As for the calculation methods used in domestic practice, their number is quite large; One of the approaches to the classification of methods and their brief description can be found in. In Western practice, the most common system is direct costing, which involves dividing costs into semi-fixed and variable; the first are attributed to the costs of the current (reporting) period, the second - to the cost price (see, for example,).

In the considered cost management scheme, the analytical block is only one of several, but its significance is obvious. This block analyzes the dynamics or implementation of the plan (compliance with standards) for individual types of costs. In Western accounting and analytical practice this procedure relates to the competence of accountants and is one of the sections of management accounting. The logic of analysis in this case is traditional:

• the object of analysis is identified (usually, these are either economic elements of costs or cost items allocated for cost calculation);
• a certain guideline is established (plan, standard, basic value);
• the actual value of the analysis object is calculated;
• deviations of actual values ​​from a given reference point are calculated;
• management decisions (most often of an operational nature) are made depending on the significance of the deviations.

The described scheme of analytical procedures in Western accounting and analytical practice is called variation analysis and, most often, represents one of the key elements of the deviation management system ( management by exception)*.

* Deviation management is a concept for organizing internal management control, when managers pay attention to identifying the reasons for deviations of actual results from planned ones only if these deviations are significant. In other words, it is considered irrational and unjustified to spend time on a thorough analysis of any deviations; the freed up time resource is used to solve tactical problems.

However, it can also be considered as an element of the internal analysis system, and its detailing from the standpoint of accounting and analytical procedures is not fundamentally difficult and depends on the chosen approach to identifying cost types.

In conclusion, we note that in this article we did not clarify the concept of the production and technological process and interpreted it in a broad sense, abstracting from industry specifics. In a specific analysis, this concept must be clarified, specified, and, in addition, its individual stages can be isolated. For example, for a machine-building enterprise, for analysis purposes, the processes of production and sales of finished products can be separated; for a trading enterprise, the production and technological process is transformed into a trade and technological process, and other criteria and indicators arise (quality of service, forms of trade, types of reserves, etc.) . Such a specification is important primarily for in-process analysis.

Results of financial and economic activities

The considered two large sections of complex analysis relate mainly to this type of analytical work, which, firstly, is retrospective in nature and, secondly, is not intended for external users, i.e. has a certain level of confidentiality. The last block - financial results - is, in principle, already open to all interested parties, since its data is compiled into public reporting. In this case we are talking about the so-called final financial results, i.e. results, firstly, summing up the activities of the enterprise for the past period and secondly, allowing for a comprehensive assessment of its system-forming characteristics, which are significant primarily from a long-term perspective. These characteristics include the degree of financial stability; the structure of assets in which capital is invested and which, in essence, determine the possibility of sustainable generation of profit; optimal structure of funding sources both from the standpoint of stability of current activities and from the standpoint of the long-term perspective; comparative dynamics of capital, revenue and profit, etc. The assessment of these characteristics can be performed in this block, and the corresponding assessment and analysis algorithms can be unified to a certain extent.

As shown in Fig. 3, in this block it is advisable to distinguish two subsections: assessment of financial results and assessment of financial condition. In the first subsection, profit and profitability indicators are calculated, i.e. reflects the effectiveness and efficiency of work for the reporting period; in the second - indicators characterizing liquidity and solvency, financial stability, turnover of funds, etc. In contrast to the sections devoted to the analysis of resources and process, the emphasis is mainly on indicators of a financial nature.

Thus, we naturally and quite logically came to the approach to structuring the analysis of the financial and economic activities of an enterprise, which has been successfully developing for many years within the framework of the Anglo-American school of accounting and financial analysis. The analytical procedures of this particular block can certainly be standardized and unified, and the results of the analysis are amenable to clear interpretation and multiple presentation in a form understandable to users of varying degrees of training in the field of accounting, analysis, finance (variability with a focus on user requests within the framework of a unified reporting system data).

The priority of analysis, which is based on the financial model of the enterprise, over the analysis of economic activity in its outdated interpretation is already recognized by many specialists; It is no coincidence that in recent years monographs and teaching aids with the title "Financial Analysis" and "Management Accounting". Analytical procedures shown in Fig. 3, in one form or another, are precisely systematized within the framework of financial analysis (orientation towards external users) and management accounting (orientation towards internal users). (Note that financial analysis as applied to an enterprise can be considered either as an independent direction in the system of applied economic sciences, or as an integral part of the financial management system.) The corresponding analysis techniques are described in sufficient detail in the literature (see, for example,).

BIBLIOGRAPHY

1. Barngolts S.B. Economic analysis of economic activity at the present stage of development. - M.: Finance and Statistics. 1984.
2. Drury K. Introduction to management and production accounting: Trans. from English / Ed. S.A. Tabalina. - M.: Audit, UNITY, 1994.
3. Efimova O.V. The financial analysis. - 3rd ed., revised. and additional - M: Publishing house "Accounting", 1999.
4. Kovalev V.V. Introduction to financial management. - M.: Finance and Statistics, 1999.
5. Nikolaeva S.A. Features of cost accounting in market conditions: the "direct costing" system: Theory and practice. - M.: Finance and Statistics, 1993.
6. Rusak M.A. Improving economic analysis in the confectionery industry. - M.: Agropromizdat, 1986.
7. Sokolov Ya.V., Pyatov M.L. Accounting for managers. - M.: "Prospekt", 2000.
8. Theory of economic activity analysis: Textbook / Ed. ed. V.V. Osmolovsky. - Mn.: Higher. school, 1989.
9. Theory of economic analysis of economic activity / Ed. A.D. Sheremeta. M.: Progress, 1982.
10. Sheremet A.D., Negashev E.V. Methodology of financial analysis. - M.: INFRA-M, 1999.
11. Samuelson P.A. Foundations of Economic Analysis. - Cambridge, 1947.
12. Schumpeter J. A History of Economic Analysis. - New York: Oxford University Press, 1954.

Topic 8. Analysis of the financial condition of the organization

8.3.2. Profitability assessment

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

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

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

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

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

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

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

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

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

1.2. Assessing the reliability of information in reporting articles.

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

2.1. Assessment of property status.

2.1.1. Construction of an analytical net balance.

2.1.2. Vertical balance sheet analysis.

2.1.3. Horizontal balance sheet analysis.

2.1.4. Analysis of qualitative changes in property status.

2.2. Assessment of financial situation.

2.2.1. Liquidity assessment.

2.2.2. Assessment of financial stability.

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

3.1. Assessment of production (core) activities.

3.2. Cost-benefit analysis.

3.3. Assessment of the situation on the securities market.

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

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

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

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

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

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

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

8.2.1. Assessment of property status

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

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

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

The stability of the financial position of the enterprise in to a large extent depends on the feasibility and correctness of investing financial resources in assets.

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

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

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

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

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

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

Formulas for calculating these indicators are given in Appendix 2.

Let's consider their economic interpretation.

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

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

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

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

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

8.2.2. Financial position assessment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

8.3.1. Business activity assessment

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

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

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

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

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

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

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

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

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

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

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

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

Let us give an economic interpretation of turnover indicators:

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

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

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

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

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

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

8.3.2. Profitability assessment

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

8.3.3. Assessment of the situation on the securities market

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

,

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

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

T - reporting period, months.

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

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

,

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

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

Table 29

Assessing the structure of an enterprise's balance sheet

Questions for self-control

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

Economic activity of the enterprise- production of products, provision of services, performance of work. Economic activity is aimed at making a profit in order to satisfy the economic and social interests of the owners and workforce of the enterprise. Economic activity includes the following stages:

• scientific research and development work;
• production;
• auxiliary production;
• production and sales services, marketing;
• sales and after-sales support.

Analysis of the economic activity of the enterprise

Made by the FinEkAnalysis program.

Analysis of the economic activity of the enterprise This is a scientific way of understanding economic phenomena and processes, based on division into component parts and the study of the variety of connections and dependencies. This is a function of enterprise management. Analysis precedes decisions and actions, substantiates scientific production management, increases objectivity and efficiency.

Analysis of the economic activity of the enterprise consists of the following areas:

• The financial analysis
  • Analysis of solvency, liquidity and financial stability,
• Management analysis
• Assessment of the enterprise’s place in the market for a given product,
• Analysis of the use of the main factors of production: means of labor, objects of labor and labor resources,
• Evaluation of production and sales results,
• Making decisions on the range and quality of products,
• Development of a strategy for managing production costs,
• Determination of pricing policy,

Indicators of economic activity of the enterprise

The analyst selects indicators based on given criteria, forms a system from them, and makes an analysis. The complexity of the analysis requires the use of systems rather than individual indicators. Indicators of the economic activity of the enterprise are divided into:

1. Cost and natural, - depending on the underlying measurements. Cost indicators are the most common type of economic indicators. They generalize heterogeneous economic phenomena. If an enterprise uses more than one type of raw materials, then only cost indicators can provide information about the generalized amounts of receipt, expenditure, and balance of these items of labor.

Natural indicators are primary, and cost ones are secondary, since the latter are calculated on the basis of the former. Economic phenomena such as production costs, distribution costs, profit (loss) and some other indicators are measured only in cost terms.

2. Quantitative and qualitative, - depending on which aspect of phenomena, operations, processes is measured. For results that can be quantitatively measured, use quantitative indicators. The values ​​of such indicators are expressed in the form of some real number that has a physical or economic meaning. These include:

1. All financial indicators:

• revenue,
• net profit,
• fixed and variable costs,
• profitability,
• turnover,
• liquidity, etc.

2. Market indicators:

• volume of sales,
• market share,
• size/growth of customer base, etc.

3. Indicators characterizing the effectiveness of business processes and activities for training and development of the enterprise:

• labor productivity,
• production cycle,
• order lead time,
• staff turnover,
• number of employees who have completed training, etc.

Most characteristics and performance results of an organization, departments and employees cannot be measured strictly quantitatively. To evaluate them use qualitative indicators. Quality indicators are measured using expert assessments, by observing the process and results of work. These, for example, include indicators such as:

• relative competitive position of the enterprise,
• customer satisfaction index,
• staff satisfaction index,
• teamwork at work,
• level of labor and performance discipline,
• quality and timeliness of document submission,
• compliance with standards and regulations,
• carrying out instructions from the manager and many others.

Qualitative indicators, as a rule, are leading, as they influence the final results of the organization’s work and “warn” about possible deviations in quantitative indicators.

3. Volumetric and specific- depending on the use of individual indicators or their ratios. So, for example, production volume, sales volume, production cost, profit represent volume indicators. They characterize the volume of a given economic phenomenon. Volume indicators are primary, and specific indicators are secondary.

Specific indicators are calculated based on volumetric indicators. For example, the cost of production and its value are volumetric indicators, and the ratio of the first indicator to the second, that is, the cost of one ruble of marketable products, is a specific indicator.

Results of the enterprise’s economic activities

Profit and income- main indicators of financial results of production and economic activities of the enterprise.

Income is the proceeds from the sale of products (works, services) minus material costs. It represents the monetary form of the net output of the enterprise, i.e. includes wages and profits.

Income characterizes the amount of funds that the enterprise receives during the period and, minus taxes, is used for consumption and investment. Income is sometimes subject to taxation. In this case, after deducting the tax, it is divided into consumption, investment and insurance funds. The consumption fund is used for remuneration of personnel and payments based on the results of work for the period, for a share in the authorized property (dividends), material assistance, etc.

Profit- part of the revenue remaining after reimbursement of costs for production and sales of products. In a market economy, profit is the source:

• replenishment of the revenue side of state and local budgets,
• enterprise development, investment and innovation activities,
• satisfying the material interests of members of the workforce and the owner of the enterprise.

The amount of profit and income is influenced by the volume of products, assortment, quality, cost, improvement of pricing and other factors. In turn, profit affects the profitability, solvency of the enterprise and others. The amount of gross profit of an enterprise consists of three parts:

• profit from sales of products - as the difference between revenue from sales of products (excluding VAT and excise duty) and its full cost;
• profit on the sale of material assets and other property (this is the difference between the sales price and the costs of acquisition and sale). Profit from the sale of fixed assets is the difference between the proceeds from the sale, the residual value and the costs of dismantling and sales;
• profits from non-operating operations, i.e. transactions not directly related to the main activity (income from securities, from equity participation in joint ventures, rental of property, excess of the amount of fines received over those paid, etc.).

Unlike profit, which shows the absolute effect of activity, profitability- a relative indicator of the efficiency of the enterprise. In general, it is calculated as the ratio of profits to costs and is expressed as a percentage. The term is derived from the word "rent" (income).

Profitability indicators are used for comparative assessment of the performance of individual enterprises and industries producing different volumes and types of products. These indicators characterize the profit received in relation to the production resources expended. Product profitability and production profitability are often used. The following types of profitability are distinguished:

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