In conditions market economy the relationship between the participants is fundamentally changing social production... Interdependence business organizations requires, on the one hand, more detailed information about the state of the financial economic activity, and on the other hand, it should be borne in mind that competition requires compliance trade secrets and, therefore, limiting activity information to the required minimum.

Reliable and objective information about the financial position of enterprises is necessary for investors wishing to profitably invest their capital; shareholders receiving dividends from income; lenders and banks interested in the timely repayment of loans, loan repayment. Information about the current financial situation and for the future is also necessary for the management of the enterprise (firm) to develop a strategy for the development of entrepreneurial activity.

World economic science has accumulated rich experience in analyzing the financial and economic activities of enterprises. In our country, under the conditions of the command-administrative system of management, it was replaced by the analysis of the implementation of plans, which for the most part did not provide for the study of objective economic relations between numerous indicators.

Entrepreneurial activity in market conditions requires a different approach and organization, both internal and external analysis financial and economic activities. The conclusions based on the results of the analysis should provide reasoned decision-making and the development of an entrepreneurship strategy.

In connection with the current situation in the country, the importance of analyzing the economic activity of an enterprise is sharply increasing. The results of the analysis are of interest to various categories of analysts.

1. The most important blocks of comprehensive economic analysis

The purpose of the assessment of economic activity is to analyze the production and financial activities of enterprises, both in general and its individual parts, to identify reserves in the activities of the enterprise and proposals for their rational use.

Economic analysis includes the following blocks:

Analysis of production volumes and product sales;

Analysis of the use of fixed assets;

Analysis of the provision of the enterprise with material and labor resources;

Analysis of production costs;

Analysis of the financial condition of the enterprise.

The analysis of the production and economic activities of enterprises begins with a study of the indicators of output. The purpose of the analysis is to identify the causes and factors that positively and negatively affect the volume of production, to find reserves for the growth of production, to determine the most effective ways to increase the volume of production and improve its quality.

The objectives of the analysis of the use of fixed assets are: study of the composition and movement of fixed assets; identification of the influence of the use of means of labor on the volume of production; determination of the efficiency of the use of fixed assets; identification of reserves for increasing the efficiency of using fixed assets.

The tasks of analyzing the security and use of material resources are: assessment of the reality of plans for material and technical supply, the degree of their implementation and the impact on the volume of production, its cost and other indicators; assessment of the level of efficiency in the use of material resources; identification of intra-production reserves for saving material resources and the development of specific measures for their use.

The analysis of the cost of production by items and cost elements is carried out by comparing the amounts by items of costs for a number of years and determining the amounts of deviations in absolute and relative terms. Based on such data, it is possible to draw a conclusion about the existing trends in the enterprise.

Subject financial analysis are financial resources and their flows. The content and the main goal of the financial analysis of an enterprise is to assess the financial condition and identify opportunities to improve the efficiency of the functioning of an economic entity with the help of a rational financial policy.

The detailing of the procedural side of the methodology for analyzing the financial condition depends on the goals set, as well as various factors of information, temporary, methodological, personnel and technical support. The logic of analytical work assumes its organization in the form of a two-module structure:

Express analysis of the financial condition;

Detailed analysis of the financial condition.

The purpose of the express analysis is a clear and simple assessment of the financial well-being and the dynamics of development of an economic entity. In the process of analysis, various indicators are calculated for assessing the financial activities of the enterprise. It is advisable to perform express analysis in three stages: preparatory stage, preliminary review of financial statements, economic reading and analysis of statements.

The meaning of the express analysis is the selection of a small number of the most significant and relatively simple in terms of indicators and constant tracking their dynamics.

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

Comprehensive analysis of the state of the enterprise is a system of targeted economic and financial analysis aimed at identifying the parameters of enterprise development, carried out on the basis of financial accounting data according to standard analysis algorithms. In an environment where the majority Russian enterprises is in an unstable financial condition, the analysis allows you to accurately determine the bottlenecks and opportunities to improve the financial condition of the enterprise.

In fig. 1 presents an algorithm for conducting a comprehensive economic analysis of the state of the enterprise. Block 1 of this scheme is a traditional financial analysis.

Financial analysis is a way of accumulating, transforming and using information of a financial nature, with the aim of: assessing the current and future financial condition enterprises; assess the possible and expedient rates of development of the enterprise from the standpoint of their financial support.

In the traditional sense, financial analysis is a method of assessing and predicting the financial condition of an enterprise based on its financial statements. This kind of analysis can be performed by both management personnel of this enterprise and any external analyst, since it is mainly based on publicly available information.

The financial condition of an enterprise is a set of indicators reflecting its ability to repay its debt obligations. Financial activity covers the processes of formation, movement and ensuring the safety of the property of the enterprise, control over its use.

Rice. 1. Algorithm for a comprehensive analysis of the financial and economic activities of the enterprise

In the second block of complex analysis, after analyzing the production, economic and financial activities of the enterprise according to Fig. 5, rating and comprehensive assessments of the financial condition of the enterprise are carried out.

In the third block, a conclusion is prepared on the financial condition of the enterprise based on sustainability criteria, recommendations for improving (stabilizing) its activities are developed.

When performing a comprehensive assessment of financial and economic activities:

1) the objects, purpose and objectives of the analysis are specified, a plan of analytical work is drawn up.

2) a system of synthetic and analytical indicators is being developed, with the help of which the object of analysis is characterized.

3) the necessary information is collected and prepared for analysis (its accuracy is checked, presented in a comparable form, etc.).

4) a comparison of the actual results of management with the indicators of the plan of the reporting year, actual data of previous years, with the achievements of leading enterprises, the industry as a whole, etc. is carried out.

5) factor analysis is performed: factors are identified, and their influence on the result is determined.

6) unused and promising reserves for increasing production efficiency are revealed.

7) an assessment of the results of management takes place, taking into account the action of various factors and identified unused reserves, measures are developed for their use.

This sequence of analytical research is the most appropriate from the point of view of theory and practice of analysis of financial and economic activities.

2. Concepts and classification of factors and reserves for increasing production efficiency

Factors are elements, causes that affect this indicator or on a number of indicators. In this understanding, economic factors, like economic categories reflected by indicators, are objective. From the point of view of the influence of factors on a given phenomenon or indicator, one should distinguish between factors of the first, second and so on orders. The difference between the concepts of indicator and factor is conditional, since almost every indicator can be considered as a factor of another indicator of a higher order and vice versa.

Subjective ways of influencing the indicators should be distinguished from objectively determined factors, that is, possible organizational and technological solutions with the help of which it is possible to influence the factors that determine this indicator.

LLC "Quality Guarantee - Irtysh" has been operating in the market of the city of Omsk for several years, has its own experience and acquired certain experience and traditions. To analyze its activities, consider the main indicators based on Form No. 1 "Balance" (Appendix 2) of the Profit and Loss Statement (Appendix 3) for 2008-2009 (Table 1).

Table 1 Main indicators of financial and economic activity of LLC "Quality Guarantee - Irtysh" for 2008-2009, thousand rubles.

Indicators			The change
1. Sales proceeds
2. Cost price
3. Profit from sales
4. Net profit
5. Average annual cost of fixed assets
6. Average annual value of working capital
7. Average number of employees
8. Labor costs
9. Capital productivity, rub.
10. Average annual output of 1 employee
11. Average annual salary
12. The level of costs per 1 rub. products sold, cop.
13. Return on sales,%
14. Capital intensity, rub.
15. Capital-labor ratio

As can be seen from Table 1, the company's revenue for 2009 increased by 12.25% or by 36,340 thousand rubles. in comparison with 2008. The increase in the cost price in 2009 in comparison with 2008 amounted to 16,700 thousand rubles. or 6.24%, which had a positive effect on the change in gross profit and profit from sales.

The increase in profit from sales in 2009 compared to 2008 was 68% or 19,640 thousand rubles.

Net profit increased by 67.5% or 11,020 thousand rubles. in 2009 compared to 2008

The return on sales increased from 9.74% in 2008 to 14.6% in 2009, or 50%. This also positively characterizes the activities of the enterprise.

The average annual cost of fixed assets decreased by 4928 thousand rubles. or by 26.87% compared to 2008. Capital productivity, defined as the ratio of sales proceeds by average annual cost fixed assets decreased from 16.18 rubles. in 2008. up to 14.31 rubles. for 1 rub. OPF in 2009 This indicates a decrease in the efficiency of using OPF in 2009 by 11.53%. At the same time, capital intensity, on the contrary, increased by 13.03%, respectively. The capital-labor ratio increased by 8.57%. Has grown by 15 people. average headcount or by 16.85%, but wages fell.

Average productivity decreased by 3.94%, and average annual wages by 6.83%, which is in line with economic patterns

93,17% < 96,06%.

Cost level for 1 rub. products sold decreased from 90 kopecks to 1 rub. revenue of up to 85 kopecks or 5.36%.

Thus, most of the performance indicators of the enterprise indicate that LLC "Quality Guarantee - Irtysh" is developing, increasing revenue, fixed and circulating assets, although the efficiency of using fixed assets is decreasing, as indicated by the return on assets.

Let's analyze the capital (Table 2).

Table 2 Analysis of the dynamics and structure of equity capital, thousand rubles.

The equity capital of LLC "Quality Guarantee - Irtysh" in 2009 increased by 2.8 times. This was due to an increase in retained earnings by 6.25 times, or by 27,340 thousand rubles. At the same time, the share of the authorized capital decreased from 65.77% in 2008 to 23.51% in 2009 or by 42.3%, and the share of retained earnings increased by the same percentage and, accordingly, from 34.23% in 2008 to 76 , 49% in 2009.

Let us examine the dynamics and structure of accounts payable (Table 3) for 2008-2009.

Table 3 Analysis of the dynamics of the structure of accounts payable of LLC Quality Assurance - Irtysh for 2008-2009, thousand rubles.

Indicators			Changes
					rel.,%
Accounts payable
including:
suppliers and contractors
indebtedness to the organization's personnel
indebtedness to state extra-budgetary funds
debt to the budget
other creditors

Examining the dynamics and structure of accounts payable (Table 4), one can note positive shifts in the form of a decrease in debt for suppliers and contractors, as well as for other creditors, which is associated with the need to strengthen financial discipline in connection with the requirements of the global financial crisis... Suppliers have ceased, starting from the second half of 2009, to provide goods for sale, demanding full prepayment. For suppliers and contractors, the reduction was 40.63% or 885 thousand rubles, the debt to other creditors decreased by 7.95% or 28 thousand rubles. But on the other hand, the debt to the staff increased by 20.69% or 60 thousand rubles, and the debt to extra-budgetary funds by 4.5 times or 63 thousand rubles, to the budget by 12.5% ​​or 5 thousand rubles. The structure of accounts payable changed, although a large share remained with suppliers and contractors, but instead of 75.68% in 2008, it decreased by 13.9%, reaching 61.78% in 2009. The share of indebtedness to the personnel increased in 2009 in comparison with 2008 by 6.65%, the share of indebtedness to state extra-budgetary funds also sharply increased by 3.24%, and to the budget by 0.76%.

Consider the capital structure (Table 4).

Table 4 Capital structure of the enterprise for 2008-208, thousand rubles

Considering the capital structure, which consists of its two major elements - debt and equity capital (Table 5), it can be noted that during the reporting year 2009, funding sources decreased by 16,661 thousand rubles. or 35.68%. The share of equity in the total amount of funding sources at the beginning of the year was 26.16%, and at the end of the year 61.84% or 35.68% in the structure of total capital, which indicates a decrease in the financial dependence of the enterprise on external sources. the financial condition of the enterprise in 2009 was more stable, as the share of borrowed capital became closer to the share of equity capital, which indicates more rational use equity capital, which is slightly higher than the borrowed capital.

The term " analysis"Originates from the Greek language, where the word" analysis "means the dismemberment, fragmentation of an object or phenomenon into separate elements for the purpose of a detailed study of this object or phenomenon. The opposite is the concept “ synthesis”(It comes from the Greek word“ synthesis ”). Synthesis is the unification of individual constituent parts of an object or phenomenon into a single whole. Analysis and synthesis are two interrelated aspects of the process of studying any objects and phenomena.

Economic Sciences, including economic analysis, belong to the totality humanities , and the object of their research is economic processes and phenomena.

Economic analysis is included in a group of interrelated specific economic disciplines, which, in addition to it, include control, audit, micro- and, and other sciences. They study the economic activities of organizations, but each from a certain angle of view that is characteristic only of it. Therefore, each of these sciences has its own, independent subject.

Economic analysis and its role in the management of the organization

Economic analysis(otherwise -) plays an important role in increasing the economic efficiency of organizations, in strengthening their financial condition. It is an economic science that studies the economics of organizations, their activities in terms of assessing their work on the implementation of business plans, assessing their property and financial condition and in order to identify unused reserves for improving the efficiency of organizations.

The subject of economic analysis is the property and financial condition and the current economic activity of organizations, studied from the point of view of its compliance with the tasks of business plans and in order to identify unused reserves for increasing the efficiency of the organization.

Economic analysis is subdivided on interior and external depending on the subjects of the analysis, that is, on those bodies that carry it out. The most complete and comprehensive is the internal analysis carried out by the functional departments and services of the organization. External analysis carried out by debtors and creditors and others, as a rule, is limited to establishing the degree of stability of the financial condition of the analyzed organization, its and liquidity both at the reporting dates and in the future.

The objects of economic analysis are the property and financial position of the organization, its production, supply and marketing, financial activities, the work of individual structural divisions of the organization (workshops, production sites, teams).

Economic analysis as a science, as a branch of economic knowledge, finally, as academic discipline closely interrelated with other specific economic sciences.

Laughter number 1. The relationship of economic analysis with various economic sciences

Economic analysis is a complex science that uses, along with its own, also the apparatus inherent in a number of other economic sciences. Economic analysis, like other economic sciences, studies the economics of individual objects, but from a point of view peculiar only to it. It provides an assessment of the state of the economy of a given object, as well as its current economic activity.

Principles of Economic Analysis:

• Scientificness... The analysis must comply with the requirements of economic laws, use the achievements of science and technology.
• Systems approach... Economic analysis must be carried out taking into account all the laws of the developing system, that is, to study the phenomena in their interconnection and interdependence.
• Complexity... When researching, it is necessary to take into account the influence on the economic activity of the enterprise of many factors.
• Research in dynamics... In the process of analysis, all phenomena should be considered in their development, which makes it possible not only to understand them, but also to find out the reasons for the changes.
• Highlighting the main goal. An important point in the analysis is the formulation of the research problem and the identification of the most important reasons holding back production or hindering the achievement of the goal.
• Concrete and practical... The results of the analysis must necessarily have a numerical expression, and the reasons for the change in indicators must be specific, indicating the places of their occurrence and ways of eliminating them.

Economic analysis method

The word "method" came into our language from the Greek language. Translated, it means "the way to something." Consequently, the method is, as it were, a way to achieve the goal. For any science, a method is a way of studying the subject of that science. The methods of any sciences are based on a dialectical approach to the study of the objects and phenomena they are considering. Economic analysis is no exception here.

The dialectical approach means that all processes and phenomena taking place in nature and society should be considered in their constant development, interconnection and interdependence. So the economic analysis studies the indicators characterizing the activities of any organizations, comparing them for several reporting periods (in dynamics), as well as their changes. Further. Economic analysis considers various aspects of the organization's activities in unity and mutual connection, as elements of a single process. So, for example, the volume of sales of products depends on its release, and the fulfillment of the planned target for profit - mainly on

The method of economic analysis is due to its subject and the challenges it faces.

Methods and techniques used in are subdivided into traditional, statistical and . They are discussed in detail in the relevant sections of the site.

In order to practically implement the use of the method of economic analysis, certain techniques have been developed. They are a set of methods and techniques used to optimally solve analytical problems.

The methods used in economic analysis at certain stages of analytical work involve the use of various techniques and methods.

The key point of the method of economic analysis is the calculation of the influence of individual factors on economic indicators. The relationship of economic phenomena is a joint change of two or more of these phenomena. There are various forms of interconnection of economic phenomena. The most significant of these is the causal relationship. Its essence lies in the fact that a change in one economic phenomenon is caused by a change in another economic phenomenon. Such a relationship is called deterministic, otherwise - a cause-and-effect relationship. If two economic phenomena are connected by such a relationship, then the economic phenomenon, a change in which causes a change in the other, is called a cause, and the phenomenon that changes under the influence of the first is called a consequence.

In economic analysis, those signs that characterize the cause are called factorial, independent... The same signs that characterize the consequence are usually called resultant, dependent.

See further:

So, in this paragraph we examined the concept of the method of economic analysis, as well as the most important methods (methods, techniques) used in the analysis of the organization's activities. We will consider in more detail these methods and the order of their use in special sections of the site.

Tasks, sequence of carrying out and order of registration of the results of economic analysis

The most complete and profound is the internal (on-farm) analysis, carried out, as a rule, by the functional departments and services of the organization. Therefore, internal analysis faces much more numerous tasks than external analysis.

The main tasks of the internal analysis of the organization's activities should be considered:

1. verification of the validity of the assignments of business plans and various standards;
2. determination of the degree of fulfillment of tasks of business plans and compliance with established standards;
3. calculation of the influence of individual on the magnitude of the deviation of the actual values economic indicators from baseline
4. the search for on-farm reserves to further increase the efficiency of the organization's activities and ways of mobilization, that is, the use of these reserves;

Of the listed tasks of internal economic analysis, the main task is to identify reserves in a given organization.

The external analysis is, in essence, only one task - the assessment of the degree, both at a certain reporting date and in the future.

The results of the analysis are the basis for the development and implementation of optimal ones that contribute to improving the efficiency of organizations.

In the process of conducting economic analysis, methods of induction and deduction.

Induction method(from the particular to the general) assumes that the study of economic phenomena begins with individual facts, situations and proceeds to the study of the economic process as a whole. Method the same deduction(from the general to the particular) is characterized, on the contrary, by the transition from general indicators to particular ones, in particular, to the analysis of the influence of the individual on the generalizing ones.

The most important in conducting economic analysis is, of course, the deduction method, since the sequence of the analysis usually involves the transition from the whole to its constituent elements, from synthetic, generalizing indicators of the organization's activities to analytical, factor indicators.

When an economic analysis is carried out, all aspects of the organization's activities, all the processes that make up the production and commercial cycle of the organization are investigated in their relationship, interdependence and interdependence. Such a study is the key point in the analysis. It bears a name.

After the end of the analysis, its results should be documented in a certain way. For these purposes, explanatory notes to annual reports are used, as well as certificates or conclusions based on the results of the analysis.

Explanatory notes intended for external users of analytical information. Let's consider what the content of these notes should be.

They should reflect the level of development of the organization, the conditions in which its activities take place, should be characterized, on it, data on sales markets, etc. You should also provide information about the stage at which each type of goods is on the market. (These include the stages of implementation, growth and development, maturity, saturation and decline). In addition, it is necessary to provide information about the competitors of this organization.

Then, data on key economic indicators should be presented over several periods.

The factors that influenced the activities of the organization and its results should be indicated. you should also cite those measures that are planned to eliminate the shortcomings in the organization's activities, as well as to improve the efficiency of these activities.

References, as well as conclusions based on the results of the conducted economic analysis, may have more detailed content in comparison with explanatory notes. As a rule, certificates and conclusions do not contain generalized characteristics of the organization and the conditions for its functioning. The main emphasis here is on the description of reserves and ways of using them.

The results of the carried out can also be formalized in a textless form. In this case, analytical documents contain only a set of analytical tables and there is no text that characterizes the economic activity of the organization. This form of registration of the results of the conducted economic analysis is now being used more and more widely.

In addition to the considered forms of registration of the analysis results, the most important of them will also be entered into certain sections. economic passport of the organization.

These are the main forms of generalization and presentation of the results of the conducted economic analysis. It should be borne in mind that the presentation of material in explanatory notes, as well as in other analytical documents, should be clear, simple and concise, and should also be linked to analytical tables.

Types of economic analysis and their role in the management of the organization

Financial and management economic analysis

Economic analysis can be divided into different types in accordance with certain characteristics.

First of all, economic analysis is usually divided into two main types - the financial analysis and management analysis- depending on the content of the analysis, the functions it performs and the tasks it faces.

The financial analysis, in turn can be subdivided into external and internal... The first is carried out by statistical authorities, parent organizations, suppliers, buyers, shareholders, audit firms, etc. The main the task of external financial analysis is, its and... It is carried out at the organization itself by its accounting department, financial department, planning department, and other functional services. Internal financial analysis solves a much wider range of tasks in comparison with the external one. Internal analysis examines the efficiency of the use of equity and debt capital, explores, identifies the potential for the growth of the latter and strengthening the financial condition of the organization. Internal financial analysis, therefore, is aimed at the development and implementation of optimal, contributing to the improvement of the financial performance of the organization.

Management analysis, unlike financial, is internal... It is carried out by the services and departments of the organization. He studies issues related to the organizational and technical level and other conditions of production, using certain types of production resources (,), analyzes it.

Types of economic analysis depending on the functions and tasks of the analysis

Depending on the content, functions and tasks of the analysis, the following types of analysis are also distinguished: socio-economic, economic and statistical, economic and environmental, marketing, investment, functional and cost (FSA), etc.

Socio-economic analysis examines the relationship and interdependence between social and economic phenomena.

Economic and statistical analysis used to study mass socio-economic phenomena. Economic and environmental analysis studies the relationship and interaction between the state of the environment and economic phenomena.

Marketing Analysis aims to study the markets of raw materials and materials, as well as the markets for finished products, the ratio for these products, the products of a given organization, the level of prices for products, etc.

Investment analysis aimed at choosing the most effective options for the investment activities of organizations.

Functional and cost analysis(FSA) is a method of systematic study of the functions of any product, or any production and economic process, or a certain level of management. This method aims to minimize the cost of designing, mastering production, selling products, as well as industrial and household consumption of these products under conditions of their high quality, maximum utility (including durability).

Depending on the aspects of the study, there are two main types (directions) of the analysis of economic activity:

• financial and economic analysis;
• technical and economic analysis.

The first type of analysis examines the impact of economic factors on the implementation of business plans in terms of financial performance.

The technical and economic analysis examines the influence of the factors of technology, technology and organization of production on the economic indicators.

Depending on the completeness of the coverage of the organization's activities, two types of analysis of economic activities can be distinguished: full (complex) and thematic (partial) analysis... The first type of analysis covers all aspects of the financial and economic activities of the organization. Thematic analysis studies the effectiveness of individual aspects of the organization's activities. Economic analysis can also be subdivided according to the objects of study. Microeconomic and Macroeconomic Analysis. Microeconomic analysis studies the activities of individual economic units. It can be divided into three main types: in-house, shop and factory analysis.

Macroeconomic it can be sectoral, that is, to study the functioning of a particular branch of the economy or industry, territorial, which analyzes the economy of individual regions, and, finally, inter-sectoral, which studies the functioning of the economy as a whole.

Separate sign classification of types of economic analysis is a subdivision of the latter by subjects of analysis... They are understood as those organs and persons who carry out the analysis.

The subjects of economic analysis can be divided into two groups.

1. Directly interested in the activities of the organization. This group may include the owners of the organization's funds, tax authorities, banks, suppliers, buyers, management of the organization, individual functional services analyzed organization.
2. Subjects of analysis indirectly interested in the activities of the organization. This includes legal organizations, audit firms, consulting firms, trade union bodies, etc.

Economic analysis depending on the timing

Depending on the time of the analysis (in other words, on the frequency of its implementation), there are: preliminary, operational, final and prospective analysis.

Preliminary analysis allows you to assess the state of this object when developing a business plan. For example, the production capacity of the organization is assessed, whether it is able to provide the planned volume of production.

Operational(otherwise current) analysis is carried out on a daily basis, directly in the course of the current activities of the organization.

The final(subsequent, or retrospective) analysis examines the effectiveness of the economic activities of organizations over the past period.

Perspective the analysis is used to determine the expected results in the coming period.

Prospective analysis is critical to the organization's future success. This type of analysis examines possible options for the development of an organization and outlines ways to achieve optimal results.

Types of economic analysis depending on the research methodology

Depending on the methodology used for the study of objects in the economic literature, it is customary to subdivide the analysis of economic activity into the following types: quantitative, qualitative, express analysis, fundamental, marginal, economic and mathematical.

Quantitative(otherwise) analysis is based on quantitative comparisons, measurement, comparison of indicators and the study of the influence of individual factors on economic indicators.

Qualitative analysis uses quality comparative assessments, characteristics, and expert assessments analyzed economic phenomena.

Express analysis Is a way of assessing the economic and financial condition of an organization on the basis of certain features that express certain economic phenomena. Fundamental analysis is based on a comprehensive, detailed study of economic phenomena, usually based on the use of economic-statistical and economic-mathematical research methods.

Margin analysis explores ways to optimize the amount of profit received as a result of sales of products, works, services. Economic and mathematical analysis is based on the use of a complex mathematical apparatus, with the help of which the optimal solution to any economic and mathematical model is established.

Dynamic and static economic analysis

By its nature, economic analysis can be divided into the following two: dynamic and static... The first type of analysis is based on the study of economic indicators taken in their dynamics, that is, in the process of their change, development over time, over several reporting periods. In the process of dynamic analysis, indicators of absolute growth, growth rate, growth rate, absolute value of one percent of growth are determined and analyzed, and dynamic series are constructed and analyzed. Static analysis assumes that the studied economic indicators are static, that is, unchanged.

On a spatial basis, economic analysis can be divided into the following two types: internal (on-farm) and off-farm (comparative)... The first one studies the activities of this organization and its structural divisions. The second type compares the economic indicators of two or more organizations (the analyzed organization with others).

According to the methods of studying the object of analysis, it is divided into the following types: complex, system analysis, continuous analysis, sample analysis, correlation analysis, regression analysis, etc. The most important is a comprehensive final analysis of the activities of organizations, comprehensively studying their work for the reporting period; the results of this analysis are used to forecast both the short and long term.

Operational economic analysis

Operational economic analysis applied at all levels of government. The share of operational analysis in making optimal management decisions increases with the approach to individual organizations and their structural divisions.

The most important feature of the operational analysis is that it is as close as possible in time to the implementation of individual phases of the production and commercial cycle of a given organization. operational analysis in a timely manner establishes the causes of existing shortcomings and their culprits, reveals reserves and promotes their timely use.

Final economic analysis

A very important role in the development of optimal plays final, subsequent analysis... The most important source of information for this analysis is the organization's reporting.

Final analysis gives a refined assessment of the organization's activities and its results for a certain period, ensures the identification of reasonable values ​​of reserves for increasing the efficiency of the organization, seeks ways to mobilize, that is, use these reserves. The results of the final analysis carried out by the organization itself are reflected in the explanatory note to the annual report.

The final analysis is the most complete type of analysis of the economic activities of the organization.

INTRODUCTION

The market economy requires a trade enterprise to improve the efficiency of activities, the competitiveness of the goods and services sold through the implementation of the achievements of scientific and technological progress, effective forms of management, qualified marketing and management of trade activities, overcoming mismanagement, enhancing entrepreneurship, initiative, etc.

I did my industrial practice at the trading enterprise "Matrix" in Ufa, Tramvaynaya street, 4b.

The relevance of my research in the activities of Matrix LLC is determined by the fact that in modern economic conditions, the activities of each economic entity, especially commercial enterprise is the subject of attention of a wide range of market participants (organizations and individuals) interested in the results of its functioning. On the basis of the accounting and marketing information available to them, these persons seek to assess the financial position of the enterprise. The main tool for this is financial, economic and marketing analysis, with the help of which it is possible to objectively assess the internal and external relations of the analyzed object: to characterize its solvency, efficiency and profitability of activities, development prospects, and then, based on its results, make the main decisions.

The purpose of the work carried out by me is, on the basis of studying the marketing policy, as well as the current and medium-term plans of Matrix LLC, to analyze and evaluate the economic activity of the trading enterprise.

To achieve this goal, we will define a number of tasks that must be solved in the process of my work:

Give a general description of the trading enterprise LLC "Matrix" on the basis of the charter of the enterprise;

Study marketing management of an enterprise;

Consider in detail the readiness of the trading enterprise for strategic management;

Describe the commercial activities of the organization;

Study the personnel of the enterprise, describe the system of motivation and stimulation of the labor of the personnel of the enterprise;

The object of the research is the retail trade enterprise "Matrix" LLC.

The subject of the research is the trading and marketing activities of Matrix LLC.

The structure of the work consists of an introduction, five chapters, a conclusion, a list of used literature and applications.

1. GENERAL CHARACTERISTIC OF THE TRADING COMPANY

Limited Liability Company "Matrix" (LLC "Matrix") was registered as a legal entity by the Resolution of the Head of the Administration of Ufa on 08.12.2000, No. 1181, as amended on 04.06.2004, No. 1208.

LLC "Matrix" was established in accordance with the Civil Code of the Russian Federation, adopted by the State Duma of the Russian Federation on October 21, 1994 and Federal law"On Limited Liability Companies" dated 08.02.98, as well as on the basis of the Decision of the founders.

Legal address of the company "Matrix" LLC. This enterprise is a legal entity from the moment of its state registration, it has separate property, which it leases from the municipality (the agreement was concluded with the Property Management Committee of Ufa), has an independent balance sheet, current account, round seal, trademark and other details. Shopping room LLC "Matrix" is located at 450027 in Ufa, Republic of Bashkortostan, Tramvaynaya street, 4b.

The purpose of the creation of Matrix LLC is a more complete saturation of the market with consumer goods and services to meet the needs of organizations and individuals, as well as create additional jobs and profit.

The subject of activity of the enterprise in accordance with the charter of the Company is:

retail trade of computers, monitors, copiers, and numerous components for computers and office equipment;

implementation of economic, commercial, trade and intermediary and trade and procurement activities,

provision of additional services to customers, including service activities;

other types of activities not prohibited by law.

The company's activities are carried out in accordance with the law of the Russian Federation "On licensing".

LLC "Matrix" is obliged in accordance with the Charter:

fulfill obligations arising from the legislation of the Russian Federation and contracts concluded by it,

conclude employment contracts,

fully and on time to pay with the employees of the enterprise on wages and social benefits,

carry out all types of compulsory insurance,

timely submit income tax returns and financial statements,

pay taxes in accordance with tax laws.

The Matrix company is one of the leading companies in the field of computer technologies in the city of Ufa and the Republic of Bashkortostan.

The professional status of the enterprise is confirmed by state licenses and certificates of leading Russian and European suppliers of equipment, software, solutions and technologies.

LLC "Matrix" offers a full range of computer equipment, multimedia, network equipment, technical literature and much more that may be needed to equip the most modern workplace in both business and home. Cooperates with a number of organizations operating in the city of Ufa and the Republic of Bashkortostan, provides service support for the entire fleet of office equipment for its clients, advises on technical issues, supplies the necessary consumables, installs software and much more.

2. MANAGEMENT OF THE MARKETING OF THE ENTERPRISE

Analysis of the factors of the macroenvironment of the enterprise.

It is quite obvious that the well-being of the Matrix company depends not only on the activities of the company itself and its employees, but also on the confrontation of marketing complexes used by various companies, on trends and events taking place in the marketing environment.

The macroenvironment is represented by forces of a broad social plan that influence the enterprise itself and its microenvironment. Such forces should include factors of a demographic, economic, natural, technical, political and cultural nature.

The analysis of demographic factors and social environment revealed the influence of the following factors:

the number of potential consumers (structure of the population, changes in certain groups);

the presence and potential number of consumers of computer equipment;

qualification characteristics of consumers of computer technology.

The most important component of the social environment is the socio-cultural environment. The study of these factors is quite important for strategic management, since they affect the motivation of consumers and employees. The following aspects can be attributed to the socio-cultural environment:

traditions and cultural values, educational level;

the relationship of members of society to each other;

acceptance or rejection of computerization;

enterprise relations and public organizations to computer technology;

attitudes towards new computer technologies and PCs;

The greatest positive impact on the company's activities is provided by the number of potential consumers and the qualification characteristics of computer equipment.

Consider now the economic factors.

The study of the economic environment allows us to understand how the resources of society are formed and distributed. It is quite obvious that this knowledge is vital for a company selling computer equipment, since it (the company) is precisely based on the use of resources. When considering the economic environment, the company paid attention to the following factors:

the nature of the economy and economic processes (including the impact of inflation and deflation);

the extent of government support for specific industries (taxes and taxation);

general conjuncture of the national, regional market;

bank interest rate (required subject to the provision of loans);

the pricing system and the level of centralized price regulation.

The following factors have the greatest positive impact on the company:

the size and rate of change in the size of the market;

the size and growth rate of market segments in accordance with the interests of the company;

And the greatest negative influence is exerted by the factors:

general level of economic development;

taxation system and the quality of economic legislation;

the level of development of competitive relations.

The influence of scientific and technical factors is manifested in the global trends in the development of electronic, computer high-tech means of communication, which has a negative impact on trade in computer equipment and technologies. Among the factors that have the greatest positive impact, it should be noted:

the emergence of "technological breakthroughs";

requirements for the qualifications of personnel.

The next element in the analysis of the marketing environment of an enterprise is its internal environment or microenvironment.

International University of Business and Management

Institute of economics and management

GRADUATE WORK

Specialty: 060400 "Finance and Credit"

On the topic: ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES OF SOLO LLC

Student tatiana

(5 course, full-time education)

scientific director

Dan. Professor Yu.P. Markin

Admit to protection

Institute Director

Efimova E.M.

Head chair

Markin Yu. P.

Moscow2006

Introduction			3
1.	CONCEPT, SIGNIFICANCE AND OBJECTIVES OF ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES		5
1.1.	Main types and methods of analysis	6
1.2.	Financial statements, content and significance of its analysis	10
1.3.	Financial analysis	12
2.	2.1.	Methodology for assessing the composition, structure and dynamics of enterprise property and the sources of their formation	15
2.2	Assessment of the financial stability of the enterprise	36
3.	ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES OF SOLO LLC		48
3.1.	general characteristics	48
3.2.	Assessment of property status	49
3.3.	Financial stability analysis	62
3.4.	Analysis of solvency and liquidity	70
3.5.	Business activity analysis	77
3.6.	Profitability analysis	81
CONCLUSION			85
BIBLIOGRAPHY			89
ANNEXES			91

Introduction

The transition to a market economy requires an enterprise to improve production efficiency, competitiveness of products and services through the introduction of effective forms of business and production management, initiative, enhancing entrepreneurship, etc. An important role in the implementation of this task is assigned to the financial and economic analysis of the activities of business entities. With its help, the strategy and tactics of the enterprise development are worked out, the reserves of production efficiency and the sale of products, works, services are identified, and the performance results are assessed. Financial analysis economic activity can be considered the most important means of leadership and control of production and economic activities of an enterprise, institution or organization of any organizational and legal form, in any of the sectors of the economy.

The purpose of financial analysis is to justify management decisions, the consequences of which will manifest themselves in the near or distant future. Therefore, the most important task of financial analysis in modern conditions is a prospective assessment of the financial condition of an enterprise and its financial stability in the future from the standpoint of their compliance with the goals of enterprise development in a changing external and internal environment.

In connection with the above, the topic thesis: “Analysis of the financial and economic activities of SOLO LLC is especially relevant. The purpose of this work is a comprehensive study of the financial and economic activities of SOLO LLC. To achieve this goal, it is planned to solve a number of interrelated particular problems:

1. To study the dynamics of the main financial and economic indicators.

3. Analyze the results and draw the appropriate conclusions, on the basis of which to propose directions for the further development of the enterprise.

A qualified economist, financier, accountant, auditor must be fluent in modern methods economic research, the methodology of complex financial and economic analysis.

Thesis consists of an introduction, two chapters and a conclusion.

The first chapter examines the theoretical part of the methodology of financial analysis in general and the calculation of the required indicators.

The second chapter directly analyzes the financial and economic activities of SOLO LLC.

1. The concept, meaning and tasks of the analysis of financial and economic activities.

The methodology for the analysis of financial and economic activity includes the analysis financial results activities of the enterprise, analysis of the financial condition and analysis of the effectiveness of the economic activities of the enterprise.

The purpose of the analysis of financial and economic activity is an objective assessment of the financial condition, financial results, efficiency and business activity of the research object. In order to make management decisions in the field of finance, management needs constant awareness of the relevant issues, which is possible only as a result of selection, analysis and evaluation of baseline information.

Analysis of financial and economic activities consists of:

1.Preliminary review of the economic and financial situation of the enterprise;

2. Assessment and analysis of the economic potential of the enterprise:

2.1. Assessment of property status (construction of a comparative analytical balance, its vertical and horizontal analysis);

2.2. Assessment of financial position (assessment of liquidity, solvency, assessment of financial stability);

3. Assessment and analysis of the performance of financial and economic activities:

3.1. Business assessments;

3.2 Analysis of profitability.

1.1 Main types and methods of analysis.

The economic analysis of an enterprise includes a large number of different types evaluating the results of their activities and, therefore, requires and allows the use of a variety of methods. The type and method of economic analysis are predetermined by the goal set, the time of the analysis (the period of operation or liquidity) and the expected result of the analysis. The main goals of economic analysis, and, therefore, the main criteria should be those that would improve the efficiency of the enterprise. The business must be profitable, increase productivity and increase revenues and profitability

Company leaders intending to expand their activities and attract financial resources should be able to determine and implement a financial and economic development strategy for several years. Analysis of the financial and economic condition of the enterprise for a number of years (at least three years) is crucial when working with both Russian and foreign investors. Even in the presence of excellent business proposals that give a good economic effect in the future and have a demand in the market, serious Russian and foreign investors will not work with enterprises that have low financial indicators at the current moment or a negative trend of changes in the latter

Potential investors ask those planning to implement investment projects enterprises certified by auditors forms financial statements containing data on cash assets, liabilities arisen from the results of financial, economic and other activities for the relevant periods. This is the traditional standard procedure for banks and other investment institutions. Obviously, a rational approach to the search for investment funds on the part of enterprises applying for them should assume that they can evaluate the impression that the presented financial statements will make on bankers, borrowers or prospective partners who have requested this information. However, it is equally clear that in order to establish this within the framework of the investment applicant firm itself, an analysis of its financial statements must be carried out and an assessment of its financial and economic condition as a potential borrower made. That is, the company's specialists responsible for attracting additional financial resources must be able to work with financial statements and analyze them using methods similar to those used by representatives of the financial market. This also assumes that such specialists must also know the criteria on which analysts of financial institutions are based when assessing the financial and economic condition of enterprises when deciding on the provision of the financial resources they are requesting. Moreover, promising firms must prepare themselves in advance to enter the financial capital market in order to attract funds necessary for accelerated development and expansion of the scale of activity. This, first of all, should presuppose that their financial and accounting divisions carry out a strategy that, in the process of production, economic and financial activities, could provide, in a relatively short time, an exit in terms of financial reporting indicators to a level characteristic of financially stable and attractive enterprises for investors.

Taking into account the importance of additional financial resources for the successful development of an enterprise, financial and economic analysis is considered mainly as an element of the technology for attracting them. Analysis of financial and economic activities is of great practical importance. And this explains the fact that economic analysis is rather not a product. economic theory, implemented in life, but an urgent need in the field of production and financial management. Much has been devoted to the study of various aspects of the analysis of financial and economic activities in Russia and abroad. scientific papers... For more than a decade, many scientists and specialists have been developing and improving its methodology and techniques. And at the same time, precisely because of its practical orientation, continuous development and improvement of the production and financial management system of the enterprise, there is a constant need for the development of the theory of analysis of financial and economic activities.

At the same time, it is important not only to get acquainted with the methodology and technology of the analysis of financial and economic activity, but also to understand its internal logic, to learn how to choose the most appropriate procedure for its implementation in each specific case, the form of presentation of the results and their interpretation. The latter is especially significant, since the specialized literature offers a variety of techniques and methods used in the analysis of financial and economic activities, the resulting indicators and calculated coefficients.

The financial and economic position of the enterprise, various aspects of its production, financial and investment activities in a market economy, for one reason or another, are of interest to many subjects of economic and administrative relations. However, the reasons for this interest, and, consequently, the requirements and tasks that these subjects put before the analysis of financial and economic activities, may differ significantly. The specific content of the process of analyzing financial and economic activities, its time period, requirements for the content and form of presentation of the financial information used in the analysis, the set of calculated indicators - all this is determined by those for whom and for what purpose it (the analysis) is carried out. Table 1.1 shows the types of analysis, differentiated depending on its goals and directions.

Table 1.1.

Types of economic analysis

Financial and economic	The analysis is based on the financial results of the company's activities: the implementation of the financial plan, the efficiency of using equity and borrowed capital, identifying reserves for increasing the amount of profit, increasing profitability, improving the financial condition and solvency of the enterprise
Auditing - (accounting)	Conducted by auditors or audit firms in order to assess and predict the financial condition and financial stability of a business entity
Technical and economic	Studies the interaction of technical and economic processes and their impact on the economic results of the enterprise
Socio-economic	Studies the relationship of social and economic processes, their influence on each other and on the economic results of economic activity
Economic and statistical	It is used in the study of mass phenomena at different levels of management
Economic and environmental	Explores the interaction of environmental and economic processes related to the conservation and improvement of the environment and environmental costs
Marketing	It is used to study the markets for raw materials and sales of finished products, its competitiveness, supply and demand, commercial risk, the formation of pricing policy, the development of tactics and strategies for marketing activities

1.2. Financial statements, content and significance of its analysis.

Information sources for calculating indicators and conducting analysis are annual and quarterly financial statements:

Form No. 1 "Balance sheet",

Form No. 2 "Profit and Loss Statement",

Form No. 3 "Statement of capital flows",

Form No. 4 "Traffic report Money»,

Form No. 5 "Appendix to the Balance Sheet".

In a market economy, the accounting statements of enterprises are the main means of communication and essential element information support financial analysis. It is no coincidence that the concept of drawing up and publishing reports is one of the most important in the system of national standards in most economically developed countries. This focus on reporting is easy to explain. Any organization, to one degree or another, constantly needs additional sources of funding. You can find them on the capital market, attracting potential investors and lenders by informing them about your financial and economic activities. The main source of such information is financial statements. As attractive as the published financial results showing the current and future financial condition of the organization, the likelihood of obtaining additional sources of funding in one form or another is so high.

Form No. 1 “Enterprise Balance”. It fixes: the value (monetary value) of the balances of property, materials, finance, capital formed, funds, profits, loans, credits and other debts and obligations. The balance sheet contains information about the state and composition of the economic assets of the enterprise included in the asset, and the sources of their formation that make up the liability. This information is presented “At the beginning of the year” and “At the end of the year”, which makes it possible to analyze, compare indicators, determining their growth or decline. So, the balance is used to assess the financial condition of the enterprise, analyze the composition and structure of property and the sources of its formation, the state of liquidity of the balance, the degree of financial independence. However, reflecting only balances in the balance does not provide an opportunity to answer all the questions of owners and other interested users. We need additional detailed information not only about the balances, but also about the movement of economic assets and their sources. This is achieved by introducing the following reporting forms.

Form No. 2 “Profit and Loss Statement”. On its basis, the analysis of the dynamics and structure of financial results is carried out, the “quality” of profit is assessed.

Form No. 3 “Statement of Capital Flows”. Allows you to assess the dynamics and structure of equity capital and reserves.

Form No. 4 “Statement of Cash Flows”. This report is compiled on a cash basis and is used to characterize the cash flows of the enterprise in the current, investment and financial activities of the enterprise, allows you to assess the degree of capital flow from one area of ​​activity to another.

Form No. 5 “Appendix to the Balance Sheet”. Allows you to decipher the indicators of the composition and movement of property, liabilities, accounts receivable and payable, financial investments;

"Explanatory note" outlining the main factors that influenced the final results of the enterprise in the reporting year, with an assessment of its financial condition.

Reading financial statements as one of the methods of financial analysis is used for a visual and simple assessment of the dynamics of development of any organization, regardless of its organizational and legal form and commercial activities or the status of a non-profit organization. Despite the seeming complexity at first glance, it is available not only to professionals.

1.3 FINANCIAL ANALYSIS

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time. In the process of supplying, marketing and financial activities, there is a continuous process of capital circulation, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, change.

The financial condition can be stable, unstable (pre-crisis) and crisis. An enterprise's ability to make payments on time, finance its operations on an extended basis, withstand unexpected shocks and maintain its solvency in adverse circumstances is indicative of its sound financial health, and vice versa.

To ensure financial stability, an enterprise must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-reproduction.

Hence, financial stability of the enterprise Is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its constant solvency and investment attractiveness within the acceptable level of risk.

The financial condition of the enterprise, its stability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully fulfilled, then this has a positive effect on the financial position of the company. And, conversely, as a result of the failure to fulfill 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. Consequently, a stable financial condition is not a fluke, but the result of a competent, skillful management of the entire complex of factors that determine the results of an enterprise's economic activity.

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

The main goal of financial activity is reduced to one strategic task - to increase the assets of the enterprise. To do this, it must constantly maintain solvency and profitability, as well as the optimal structure of assets and liabilities of the balance sheet.

The financial condition of an enterprise is expressed in the ratio of the structures of its assets and liabilities, i.e. funds of the enterprise and their sources. The main tasks of the analysis are to determine the quality of the financial condition, study the reasons for its improvement or deterioration over the period, prepare recommendations for increasing the financial stability and solvency of the enterprise. These tasks are solved based on the study of the dynamics of absolute and relative indicators and are divided into the following analytical blocks:

structural analysis of assets and liabilities;

financial stability analysis;

analysis of solvency (liquidity);

analysis of the required increase in equity capital.

In addition to financial ratios in the analysis of the financial condition, an important role is played by absolute indicators calculated on the basis of reporting, such as net assets (real equity capital), indicators of the provision of stocks with own circulating assets. These indicators are criterial, since they are used to formulate criteria to determine the quality of the financial condition.

The analysis of the financial condition is carried out not only by the managers and relevant services of the enterprise, but also by its founders, investors in order to study the efficiency of resource use, banks - to assess credit conditions and determine the degree of risk, suppliers - to receive timely payments, tax authorities - to fulfill the income plan funds to the budget, etc. Accordingly, the analysis is divided into internal and external.

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

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

The analysis of the financial condition is based on the analysis of financial statements.

1.4. Methodology for assessing the composition, structure and dynamics of enterprise property and the sources of their formation

The financial condition of the enterprise is expressed in the ratio of the structures of assets and liabilities, i.e. funds of the enterprise and their sources. The main tasks of the analysis of the financial condition are to determine the quality of the financial condition, study the reasons for its improvement or deterioration over the period, prepare recommendations for improving the financial stability and solvency of the enterprise. These tasks are solved based on the study of the dynamics of absolute and relative indicators.

The economic potential can be characterized in two ways: from the standpoint of property and from the standpoint of financial position, they are interconnected, since the irrational structure of property, its poor-quality composition can lead to a deterioration in the financial situation and vice versa. Comparative analytical balance and financial stability indicators reflect the essence of the financial condition. The liquidity of the balance sheet characterizes the external manifestations of the financial condition, therefore, their assessment and analysis constitute the starting point from which the final block of the analysis of the financial condition should develop.

The purpose of the analysis and assessment of the property status (balance sheet structure) is to study the structure and dynamics of the enterprise's funds and their sources to get acquainted with the general picture of the financial condition. This analysis is preliminary in nature, since as a result of its implementation, it is still impossible to give a final assessment of the quality of the financial condition, for which it is necessary to calculate special indicators.

Property analysis is preceded by overall assessment dynamics of the balance sheet total, obtained by comparing the growth rate of the balance sheet currency with the growth rate of financial results (revenue, profit). If the growth rate of financial results is greater than the growth rate of the balance sheet currency, then in the reporting period the use of the company's property was more efficient than in the past. If the growth rate of profit from the sale of products is greater than the growth rate of the balance sheet, and the growth rate of revenue is lower, then the increase in the efficiency of property use occurred only due to the growth in prices for products (work, services). If the growth rate of financial results is less than the growth rate of the balance sheet currency, then this indicates a decrease in the efficiency of the organization.

The analysis and assessment of the property status is carried out according to the balance sheet using one of the following methods:

1. Analysis directly on the balance sheet without preliminary changes in the composition of balance sheet items;

2. Analysis based on comparative analytical balance;

3. Analysis using the adjustment of the balance sheet for the inflation index, followed by the compaction of items.

Analysis directly on the balance sheet is a laborious and ineffective procedure, since too many calculated indicators do not allow us to single out the main trends in the financial condition.

The analysis of the property status is recommended to be carried out using a comparative analytical balance, which can be obtained from the initial one by consolidating individual articles and supplementing it with various indicators, which are divided into three groups:

1. Indicators of structure (absolute values ​​and specific weights).

2. Indicators of dynamics (changes in the values ​​of indicators).

3. Indicators of structural dynamics (change in percentage in values ​​at the beginning of the period, change in percentage to change in the total (currency) balance).

This balance actually includes indicators of horizontal and vertical analysis, which makes it easier to work on their implementation. To comprehend the general picture of changes in the financial condition, indicators of structural dynamics are important, since they can be used to conclude through which sources the inflow of new funds was and in what assets they were invested. Relative indicators smooth out the negative impact of inflationary processes, which can significantly distort the absolute indicators of financial statements and thereby complicate their comparison in dynamics. Analyzing the comparative balance, it is necessary to pay attention to changes in the share of own working capital in the value of property, as well as to the ratio of the growth rate of equity and debt capital and the growth rate of receivables and payables. With stable financial stability, the enterprise should increase in dynamics the share of its own working capital. The growth rate of equity capital should be higher than the growth rate of borrowed capital, and the growth rate of receivables and payables should balance each other.

When analyzing the change in the balance sheet currency, it should be borne in mind that a decrease in currency indicates a reduction in the enterprise's economic turnover, which could lead to its insolvency. Establishing the fact of curtailing economic activity requires a thorough analysis of its causes:

Reducing the effective demand for the goods of the enterprise;

Restriction on the market of access to the market for raw materials, materials;

Gradual inclusion in the active economic turnover of branches at the expense of the main organization.

When analyzing the increase in the balance sheet currency, it is necessary to take into account the effect of the revaluation of fixed assets, it is most difficult to take into account the influence of inflationary processes, but without this it is difficult to conclude whether the increase in the currency is a consequence of the rise in prices for finished products under the influence of inflation of raw materials, or it indicates the expansion of financial and economic activities.

In general, the signs of "good" are:

1) an increase in the balance sheet currency;

2) excess of the equity capital of the borrowed capital, including the rate of their growth;

3) the excess of the growth rate of current assets over the growth rate of non-current assets;

4) approximately the same growth (decrease) rates of receivables and payables;

5) the absence of sharp changes in individual balance sheet items;

6) the absence of losses, overdue debts, etc. in the balance sheet.

Thus, the analysis of the dynamics of the currency, the structure of assets and liabilities allows us to draw a number of important conclusions that are necessary both for the implementation of current activities and for making decisions for the future. In order to deepen and detail the assessment of property status, it is necessary to build a comparative analytical table.

When assessing the property status, a number of indicators are used that are used in the analysis of the financial and economic activities of the enterprise.

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

2. The share of the active part of fixed assets. The growth of this indicator in dynamics is usually regarded as a favorable trend.

3. Coefficient of wear. The indicator characterizes the share of the cost of fixed assets remaining to be written off to expenses in subsequent periods. Usually used in analysis as a characteristic of the condition of fixed assets. The addition of this indicator to 100% (or 1) is the expiration rate.

4. The coefficient of renewal. Shows how much of the existing fixed assets at the end of the reporting period are new fixed assets.

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

The analysis of the property of the enterprise is carried out to find out the general trends in changes in the structure of the balance sheet, to identify the main sources of funds (sections of the balance sheet liability) and directions of their use (sections of the balance sheet asset).

1.4.1. BALANCE BETWEEN THE ASSETS OF THE COMPANY AND

SOURCES OF THEIR FORMATION.

The most complete financial stability of the enterprise can be disclosed on the basis of studying the relationship between the items of the asset and the liability of the balance sheet. As you know, there is a close relationship between the items of the asset and the liability of the balance sheet. Each item of the balance sheet asset has its own sources of funding. The source of financing for long-term assets, as a rule, is equity and long-term borrowed funds. Cases of formation of long-term assets are also not excluded at the expense of short-term bank loans.

Current (current) assets are formed both at the expense of equity capital and at the expense of short-term borrowed funds. It is desirable that they be half formed at the expense of their own, and half at the expense of borrowed capital. Then a guarantee of external debt is provided.

Depending on the sources of formation, the total amount of current assets (working capital) is usually divided into two parts:

a) a variable that is created due to the short-term liabilities of the enterprise;

b) a constant minimum of current assets (stocks and costs), which is formed at the expense of equity.

The lack of own working capital leads to an increase in the variable and a decrease in the constant part of current assets, which also indicates an increase in the financial dependence of the enterprise and the instability of its position.

Equity in the balance sheet is reflected in the total amount in the third section of the balance sheet. To determine how much of it is used in circulation (own working capital), it is necessary to subtract the amount of long-term (non-current) assets (first section of the balance sheet) from the total amount in the third and fourth sections of the balance sheet.

The total amount of permanent capital (the sum of the third and fourth sections of the balance sheet) - the total amount of non-current assets or the amount of current assets - the amount of short-term liabilities.

The amount of own working capital is equal to the amount of own working capital. The amount of own working capital can be calculated in this way: subtract the amount of short-term financial liabilities from the total amount of current assets (fifth section of the balance sheet). The difference will show what amount of current assets is formed at the expense of equity capital, or what will remain in the company's turnover if all short-term debt to creditors is paid off simultaneously.

The structure of distribution of equity capital is also calculated, namely the share of equity working capital and the share of equity capital in its total amount. The ratio of own working capital to its total amount is called the "capital flexibility coefficient", which shows how much of the equity capital is in circulation, that is, in the form that allows you to freely maneuver these funds. The ratio must be high enough to provide flexibility in use own funds enterprises.

Equity capital flexibility ratio= the amount of equity working capital / total amount of equity capital (third section of the balance sheet).

The financial condition of business entities, its stability largely depends on the optimality of the structure of capital sources (the ratio of equity and borrowed funds) and on the optimality of the structure of the assets of the enterprise and, first of all, on the ratio of fixed and working capital. The need for equity capital is due to the requirements for self-financing of enterprises. It is the basis for their independence and independence. The peculiarity of equity capital is that it is invested on a long-term basis and is exposed to the greatest risk. The higher its share in the total amount of capital and the lower the share of borrowed funds, the higher the buffer that protects lenders from losses, and, consequently, the lower the risk of loss. However, it should be borne in mind that financing the activities of an enterprise only from its own funds is not always beneficial for it, especially in cases where production is seasonal. Then, in some periods, large funds will accumulate in bank accounts, and in others they will be lacking. In addition, it should be borne in mind that if the prices for financial resources are low, and the company can provide more high level return on invested capital than pays for credit resources, then by attracting borrowed funds, it can increase the return on equity.

At the same time, if the funds of the enterprise are created mainly due to short-term obligations, then its financial position will be unstable, since constant operational work is required with short-term capital, aimed at monitoring their timely return and attracting other capital into circulation for a short time.

Consequently, the financial position of the enterprise largely depends on how optimal the ratio of equity and borrowed capital is. The development of the correct financial strategy in this matter will help to increase the efficiency of the enterprise.

1.4.2. ASSESSMENT OF BALANCE ASSETS STRUCTURE

The financial policy of any enterprise is to raise funds (balance sheet liability) and their placement (balance sheet asset). The efficiency of the enterprise largely depends on how rationally the funds are used, what are the directions of their investment. It should be borne in mind that for the financial well-being of the enterprise, the amount of funds raised is often less significant than the "quality" of the placement.

The assets of the organization consist of non-current (immobilized) and circulating (mobile) funds.

At the first stage of the analysis of the placement of funds in the asset of the balance sheet, the ratio of circulating and non-circulating assets is assessed.

The balance sheet asset contains information about the placement of capital at the disposal of the enterprise. Each type of allocated capital corresponds to a separate balance sheet item. Based on these data, it is possible to establish what changes have occurred in the assets of the enterprise, what part is the real estate of the enterprise, and what is the working capital. The main feature of the grouping of balance sheet assets is the degree of their liquidity (the rate of conversion into cash). On this basis, all assets of the balance sheet are subdivided into long-term, or fixed capital, and current assets. The funds of an enterprise can be used both in its internal circulation and outside it (accounts receivable, purchase of securities, shares, bonds of other enterprises).

Working capital can be in the sphere of production (stocks, work in progress, prepaid expenses) and the sphere of circulation (finished goods in warehouses and shipped to customers, funds in settlements, short-term financial investments, cash in the cash desk and in bank accounts, goods, etc. .).

Capital can function in monetary and material forms. In a period of inflation, the presence of funds in monetary form leads to a decrease in their purchasing power, tk. these items are not revalued due to inflation.

Depending on the degree of exposure to inflationary processes, all balance sheet items are classified into monetary and non-monetary.

Monetary assets - balance sheet items reflecting funds and liabilities in the current monetary value. Therefore, they are not subject to revaluation. These include cash, deposits, short-term financial investments, funds in settlements.

Non-monetary assets - property, plant and equipment, unfinished capital construction, stocks, work in progress, finished goods, goods. The real value of these assets changes over time and price changes and therefore requires revaluation.

In the process of analyzing the assets of an enterprise, first of all, you should study the changes in their composition and structure and give them an assessment. In the process of subsequent analysis, it is necessary to study in more detail the composition, structure and dynamics of fixed and working capital.

Long-term assets or fixed capital (immobilized assets) are investments with long-term purposes in real estate, bonds, stocks, mineral reserves, joint ventures, intangible assets, etc.

Further, it is necessary to analyze and assess the changes in the composition and dynamics of current assets as the most mobile part of capital, on the state of which the financial condition of the enterprise largely depends. It should be borne in mind that a stable structure of working capital indicates a stable, well-oiled process of production and marketing of products. Its significant changes speak of unstable work enterprises.

After that, changes in each item of balance sheet assets are studied in more detail.

1.4.3. ASSESSMENT OF THE COMPOSITION, DYNAMICS AND CONDITION OF FIXED ASSETS.

Particular attention is paid to the study of the state, dynamics and structure of fixed assets, since they occupy a large share in the long-term assets of the enterprise.

The fixed assets of the enterprise are divided into industrial-production and non-industrial, as well as non-production funds. The production capacity of an enterprise is determined by industrial production assets. In addition, it is customary to distinguish the active part (working machines, equipment, tools) and the passive part of the funds, as well as individual subgroups in accordance with their functional purpose (industrial buildings, warehouses, workers and power machines, equipment, measuring instruments and devices, transport funds, etc.). Such detailing is necessary to identify reserves for increasing the efficiency of the use of fixed assets based on the optimization of their structure. At the same time, the ratio of active and passive parts, power and working machines is of great interest, since their optimal combination largely depends on capital productivity, return on assets and the financial condition of the enterprise.

According to the accounting and reporting data, the following indicators are calculated, characterizing, respectively, the share of depreciation and the share of the commissioned part of fixed assets.

The state of the material and technical base is the most important factor in the efficiency of the production activity of the enterprise. In the production process, the exploited fixed assets wear out physically and become obsolete morally. At each moment, with varying degrees of accuracy and convention, it is possible to establish the level of their physical and moral deterioration.

The degree of physical depreciation is determined in the process of calculating depreciation. This process has traditionally been viewed in several aspects as a way:

a) determining the current valuation of an unworn part of fixed assets;

b) distribution of one-time costs to fixed assets for finished products;

c) accumulation of financial resources for the subsequent replacement of those leaving production process fixed assets or investments in new production.

1. Wear factor.

K-t of depreciation = the amount of depreciation of the fixed assets / the initial cost of the fixed assets.

It is measured in% and can be calculated both at the beginning of the year and at the end of the year, and on average for the year. An increase in the wear rate means a deterioration in the condition of the OS, but it should be borne in mind that the wear rate does not reflect the fact of the deterioration of the OS, and the shelf life does not give an accurate estimate of their current value. The indicator characterizes the share of the cost of fixed assets remaining to be written off to expenses in subsequent periods.

2. Expiry factor.

K-t of suitability = 1 - to-t of wear or

shelf life = residual value of fixed assets / initial cost of fixed assets.

It is in addition to the wear rate.

3.Refresh rate.

K-t = the cost of the received fixed assets / the cost of fixed assets at the end of the period.

4. Retirement rate.

K-t = the cost of retired fixed assets / the cost of fixed assets at the beginning of the period.

5. The coefficient of growth.

K-t = the cost of the increase in fixed assets / the cost of fixed assets at the beginning of the period.

An important task of analysis and assessment is to study the provision of an enterprise with basic production assets. The provision of certain types of machines, mechanisms, equipment, premises is established by comparing their actual availability with the planned need necessary to fulfill the plan for the production of products.

1.4.4. VALUATION OF CURRENT ASSETS

To assess current assets, an analysis of the structure and dynamics of current assets is carried out. Assessment of the positive and negative dynamics of stocks, accounts receivable, short-term financial investments, cash should be carried out on the basis of comparison with the dynamics of financial results. With different efficiency in the use of working capital, the growth of inventories in one case can be assessed as evidence of the expansion of the volume of activities, and in the other case - as a consequence of a decrease in business activity and a corresponding increase in the period of turnover of funds.

For a complete analysis, the “quality” of current assets is of particular importance: the state of production resources, liquidity of accounts receivable, etc.

1) the minimum degree of risk: cash, realizable short-term securities;

2) a low degree of risk: accounts receivable of enterprises with a stable financial position, stocks (excluding stale ones), finished products in demand;

3) medium risk: work in progress, prepaid expenses;

4) high degree of risk: accounts receivable of enterprises in a difficult financial situation, finished products obsolete, stale stocks - illiquid assets.

The growth in the share of assets with a high degree of risk worsens the financial stability of the enterprise. Considering that, in accordance with the current legislation, the tax on the property of an enterprise is levied on the entire aggregate of fixed and circulating assets, the enterprise needs to "get rid" of such ballast. So, the stale stocks and illiquid assets identified by the results of the inventory should be written off; a reserve for doubtful debts is formed in accordance with the established procedure for the amount of doubtful accounts receivable; finished products that are not in demand can be sold at a discount.

The duration of the turnover of funds is determined by the cumulative influence of a number of multidirectional factors of external and internal nature. The first should include the scope of the enterprise (production, supply and marketing, intermediary, etc.). The sectoral turnover at different enterprises is different. In most cases, the turnover of funds in small businesses is significantly higher than in large ones. This is the advantage of small business. The economic situation in the country and related business conditions of the enterprise have no less impact on the asset turnover. Thus, the inflationary processes taking place in the country, the lack of established economic relations with suppliers and buyers in the majority of enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

An increase or decrease has a great influence on the turnover of capital invested in current assets, and, consequently, on the financial condition of the enterprise:

Stocks;

Finished products;

Work in progress;

Accounts receivable;

Cash balances.

The accumulation of large stocks indicates a decline in the activity of the enterprise. Large excess reserves lead to the freezing of working capital, a slowdown in its turnover, as a result of which the financial condition of the enterprise deteriorates. At the same time, the lack of stocks also negatively affects the financial position of the enterprise, since the prices for the urgency of deliveries rise, the production of products decreases due to downtime, the sensitivity to the growth of prices for raw materials increases, and the amount of profit decreases. Therefore, each enterprise should strive to ensure that production is provided on time and in full with all the necessary resources and at the same time, so that they do not stale in warehouses.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to buyers, or an increase in sales, or insolvency and bankruptcy of some buyers. On the other hand, the company can reduce the shipment of products, then the accounts receivable will decrease. It is necessary to distinguish between normal and overdue debt. The presence of the latter creates financial difficulties, since the company will feel a lack of financial resources to purchase inventories, pay wages, etc. In addition, the freezing of funds in accounts receivable leads to a slowdown in capital turnover. Overdue accounts receivable also means an increase in the risk of non-payment of debts and a decrease in profits. Therefore, each company is interested in reducing the maturity of the payments due to it.

Cash management is just as important as inventory and receivables management. Since cash, being in the cash desk or in bank accounts, does not generate income, it must be kept available at a safe minimum level. The presence of large balances of money over a long period of time can be the result of misuse of working capital.

In order for the money to work for the enterprise, it is necessary to put it into circulation in order to make a profit:

Expand your production by running them through the working capital cycle;

Invest in profitable projects of other business entities in order to obtain profitable interest;

Reduce the amount of accounts payable in order to reduce debt service costs;

Renew fixed assets, acquire new technologies, etc.

1.4.5. ESTIMATION OF THE BALANCE PASSIVE STRUCTURE.

An entity's liabilities (i.e., the sources of funding for its assets) consist of equity and reserves, long-term liabilities, short-term liabilities and accounts payable. Generally, the sources of funds can be divided into own and borrowed.

The reasons for the increase or decrease in the property of the enterprise are established in the course of the changes that have occurred in the composition of the sources of its formation. Proceeds, acquisitions, creation of property can be carried out at the expense of own and borrowed funds, the characteristics of the ratio of which reveals the essence of the financial situation. An increase in the share of borrowed funds, on the one hand, indicates an increase in the financial instability of the enterprise and an increase in the degree of its financial risks, on the other hand, about the active redistribution of income from the creditor to the debtor enterprise. The structure of the liability is characterized by:

1. Debt to equity ratio, which is calculated by the formula:

to-t = long-term liabilities + short-term liabilities / real equity.

2. Autonomy ratio :

to-t = real equity / the total amount of sources of funds of the enterprise.

Normal limits for coefficients 0.5 - 1 mean that the enterprise's liability can be covered by its own funds. The growth of the equity ratio, which indicates an increase in financial independence, and a decrease in the ratio of debt to equity, reflecting a decrease in financial dependence, are positively assessed.

A preliminary analysis of the structure of the liability is carried out on the basis of a comparative analytical balance. The table shows the share of changes for each type of sources of funds (own, borrowed) in the change in the total amount of sources of funds of the enterprise. As a result of the analysis, it is determined what kind of growth of sources of funds, own or borrowed, had the greatest impact on the increase in the property of the enterprise for the reporting period. A detailed analysis of the structure of the liability and its changes is carried out for each consolidated type of liabilities. As a result of the analysis, the items of liability are determined for which there was the greatest increase in the total amount of sources of funds.

1.4.6. SOURCES OF OWN FUNDS.

Equity capital of an enterprise characterizes the total value of the enterprise's funds owned by it and used by it to form net assets. The formed own capital is the financial basis of the enterprise and includes sources and forms of functioning that are different in their economic content, principles of formation and use.

Forms of functioning:

Authorized capital;

Extra capital;

Reserve capital;

Special financial funds;

Undestributed profits;

Sources of formation of own funds:

External (attraction of additional share or share capital, receipt of gratuitous aid by the enterprise, etc.);

Internal (net profit, depreciation charges, etc.);

The most stable part of equity capital is authorized capital, which, as a rule, does not undergo changes during the year at enterprises that have not changed their form of ownership. In general, an increase in the share of own funds in any form from any source contributes to the strengthening of the financial stability of the enterprise.

1.4.7. SOURCES OF BORROWED FUNDS

Effective financial activity of an enterprise is impossible without the constant attraction of borrowed funds, the use of which can significantly expand the volume of economic activity, ensure a more efficient use of equity capital, accelerate the formation of various target funds and thereby increase the market value of the enterprise. Debt capital characterizes the total amount of financial liabilities of the enterprise.

Sources of borrowed funds include:

Long-term loans and borrowings;

Short-term loans and borrowings;

Accounts payable;

Dividend calculations;

Other short-term liabilities;

Long-term credits and loans are issued for the costs of technical improvement and improvement of the organization of production, for technical re-equipment, mechanization, the introduction of new technology, etc. These types of loans should pay off based on additional savings or profits from the activities undertaken.

Short-term credits and loans are used to form the company's working capital. The movement of sources of borrowed funds, the dynamics of their composition and structure is analyzed according to the data of forms No. 1 and No. 5. At the same time, a tendency of changes in the volume and share of bank loans and loans not repaid on time is revealed. Any increase in them indicates that the company has financial difficulties.

Accounts payable, its volume, qualitative composition and movement characterize the state of payment discipline, indicating the degree of stability of the financial condition of the enterprise. In order to deepen the analysis of the quality of accounts payable, it is necessary to identify unjustified accounts payable and analyze its dynamics. Non-payment of the company also indicates financial difficulties.

In accordance with the Law "On Bankruptcy" adopted in the Russian Federation, in case of non-repayment of debt obligations, an enterprise may be declared insolvent, therefore, the analysis should establish the reasons for non-payments: the presence of unjustified accounts receivable, the diversion of funds into the formation of unnecessary material stocks, low level of profitability, immobilization of working capital. In general, in order to analyze the attraction and use of borrowed funds, it is necessary to identify the volume, composition and forms of attraction, as well as to assess the effectiveness of their use.

Analysis stages:

1. The dynamics of the total volume of borrowed funds is studied, the rates of this dynamics are compared with the growth rates of the amount of own financial resources, the volume of activity, the total amount of the assets of the enterprise.

2. The main forms of attracting borrowed funds are determined, the dynamics of the share of financial credit, commodity credit and internal accounts payable in the total amount of borrowed funds is analyzed.

3. The ratio of the volumes of borrowed funds used by the enterprise by the period of their attraction is determined. For these purposes, an appropriate grouping is carried out, the dynamics of the ratio of short-term and long-term borrowed funds and their correspondence to the volume of current and non-current assets used are studied.

4. The composition of specific creditors of the enterprise and the conditions for their provision of various forms of credit are studied.

5. The effectiveness of the use of borrowed funds in general and their individual forms (indicators of turnover and profitability) is studied. Turnover indicators are compared with the average turnover period of equity capital.

The results of the analysis serve as the basis for assessing the feasibility of using borrowed funds in the existing volumes and forms.

1.5. ASSESSMENT OF THE FINANCIAL STABILITY OF THE ENTERPRISE.

1.5.1. SECURITY OF RESERVES BY SOURCES OF THEIR FORMATION.

The total amount of reserves is taken into account in the balance sheet: line 210 + line 220.

1) equity = total of section 3 of the balance sheet liabilities

2) = equity + long term duties- fixed assets

3) debt capital = total of section 4 of the balance sheet + total of section 5 of the balance sheet

4) sources of formation of reserves:

own working capital + short-term loans and borrowings + suppliers and contractors + promissory notes payable + advances received.

1) non-current assets = total of section 1

2) current assets = result of section 2

3) stocks and costs = stocks + VAT

There are 3 types of financial stability:

1) Absolute financial stability:

own working capital>

Own working capital< запасы и затраты < источники формирования запасов

3) Unstable financial situation:

stocks and costs> own working capital

The absolute and normal stability of the financial condition is characterized by a high level of profitability and the absence of violations of financial discipline.

An unstable financial condition is characterized by the presence of violations of financial discipline, interruptions in the receipt of funds to the current account, and a decrease in profitability.

The main ways to get out of an unstable financial condition are:

1) increasing the share of sources of own funds in circulating assets and optimizing their structure;

2) additional attraction of borrowed funds;

3) a reasonable decrease in the level of reserves.

The most risk-free way to replenish the sources of formation of reserves is to increase equity capital by accumulating retained earnings or by distributing net profit to accumulation funds, provided that the part not invested in non-current assets grows. All calculated indicators of availability, surplus or lack of funds for the formation of stocks and costs at the beginning and end of the analyzed period are entered in the analytical table.

1.6. ANALYSIS AND ASSESSMENT OF LIQUIDITY AND PAYMENT CAPACITY.

Liquidity -

The concepts of solvency and liquidity are similar in content, but not identical. With a sufficiently high level of solvency of the enterprise, its financial position is characterized as stable. At the same time, a high level of solvency does not always confirm the profitability of investing in current assets, in particular, an excessive stock of inventories, overstocking of finished products, the presence of bad accounts receivable reduce the level of liquidity of current assets.

The analysis of solvency is essential for the organization, as it allows you to determine whether it is able to pay off current debts. It is the inability to timely pay off the primary accounts payable that is an obvious sign of bankruptcy. To analyze the solvency, it is necessary to determine what can be used as a means of payment and what debt needs to be repaid in the current period.

TO means of payment include inventories, accounts receivable, short-term financial investments, cash. Undoubtedly, the most liquid component of the means of payment are those in current, settlement, foreign currency accounts in banks and in the cash desk of the organization. cash, which can be used to pay off debt as soon as possible. But other listed circulating assets can be converted into money within the normal production cycle. You can get money for realized stocks, i.e. finished products, goods, raw materials. Surplus raw materials and materials can be sold without processing or used in the production and release of finished products. Goods and finished products, if they are in demand, will quickly find a buyer who will pay for them.

Short-term receivables, expected to mature within 12 months, including customer and customer debt and other short-term debt, is also treated as legal tender, subject to an adjustment for doubtful or bad or bad debt provision.

Short-term financial investments, representing financial assets (securities) acquired for a period of less than 12 months can also be regarded as legal tender.

To payment obligations include short-term liabilities that are due for repayment within 12 months, including loans and credits, debts to suppliers and contractors and other short-term creditors (to the budget - on taxes, employees of the organization - on wages, extra-budgetary funds - on social security contributions, etc.). These items are shown in section 5 of the liabilities side of the balance sheet. For greater accuracy, to determine short-term debt, it should also include the current component of long-term liabilities due in the reporting period (ie, part of the principal or interest payable in the current year).

There should be enough funds to pay off short-term obligations. But in addition to absolute values, relative indicators are important to compare the solvency of small businesses and multinational companies. One of these relative indicators is coefficient of total solvency (Co.pl.). It is calculated as the ratio of the value of means of payment (mainly current assets) to the amount of short-term liabilities.

Co.pl. = Aob. : Okr .,

Where Aob.- current assets

Env.- Short-term liabilities.

The total solvency ratio shows how many times the means of payment exceed the payment obligations. The approximate value of this coefficient is considered to be 2 , i.e. for each ruble of short-term accounts payable, there must be two rubles of means of payment. However, in real economic activity, this coefficient is much lower. Total solvency ratio equal to 1,8 or 1,7 considered to be quite sufficient for normally functioning organizations. Its value depends on the industry affiliation of the organization. Have trade organizations this figure can be significantly lower than that of machine-building enterprises.

High values ​​of the overall solvency ratio (for example 5 or 6 ) do not at all indicate a high solvency of the organization, since not all circulating assets can be used equally quickly as a means of payment. The presence of large balances of finished goods and goods in the warehouse of the organization rather indicates difficulties with sales than the possibility of using such stocks as a means of payment. Large leftovers of work in progress or raw materials, not supported by an increase in sales, indicate ineffective management. Even if they are sold, the proceeds are generally below the acquisition or creation costs. Thus, for a more accurate determination of the solvency of stocks should be excluded from the composition of the means of payment. Such an adjustment is reflected in the calculation quick liquidity ratio (Click), which shows the ratio of current assets minus inventories and short-term liabilities:

Click. = (Aob - Z): Okr, where

Z- stocks

Estimated value Click equals 1 , i.e. the most liquid circulating assets should be sufficient to cover short-term liabilities, or for every ruble of current debt there should be one ruble of the most liquid circulating assets. For trade organizations, the value of the quick liquidity ratio can be significantly lower 1 due to the fact that cash is usually used in settlements with customers, and the share of a deferral in payment is small. Quick liquidity ratio exceeding 1 , reflects an increase in accounts receivable, which may be due to an increase in sales, changes in the timing of settlements with customers and such a negative phenomenon as overdue accounts receivable. Therefore, when calculating the quick liquidity ratio, the amount of net receivables (net of doubtful or overdue debts) should be used.

The most accurate indicator characterizing solvency is absolute liquidity ratio (Cuban liq.) showing the ratio of cash and short-term financial investments to short-term liabilities:

Cubs. = (Aob - Z - Dzadolzh.): Okr. = (Dsr. + Fkr.): Environment, where

Dzadolzh.- receivables;

Dsr.- cash;

Fkr.- short-term financial investments.

In foreign literature, the approximate value of the absolute liquidity indicator is given equal to 0,2 , i.e. for every ruble of current debt, the company must have at least 20 kopecks in cash.

The given solvency ratios are calculated according to the balance sheet, and it should be borne in mind that such an item of current assets as deferred expenses is not a means of payment. And for more accurate calculations, short-term liabilities need to include the current component of long-term debt.

Asset liquidity Is the reciprocal of the time it takes to convert them into money.

The liquidity of the balance sheet is expressed in the degree of coverage of the company's liabilities by its assets, the time of conversion of which into money corresponds to the maturity of the liabilities. The analysis of balance sheet liquidity consists in comparing funds for an asset, which are grouped according to their degree of liquidity and are arranged in descending order and liabilities for liabilities, which are grouped by maturity and are arranged in ascending order of payment terms.

1.7. ASSESSMENT OF BUSINESS ACTIVITY

The evidence of the successful development of the organization is the growth in production and sales, both in value and in kind, and an increase in labor productivity. The growth of the market share of the manufactured products is also an important characteristic of the business activity of the organization; it can be calculated only by using industry statistics along with reporting. Relative ratios are an important addition to cost indicators.

Asset turnover ratio (Cob.act) shows the ratio of sales proceeds and assets. Or, how many rubles of proceeds from sales falls on each ruble of the company's assets.

Cob.act. = R: Asred., where

R- net proceeds from the sale of products, goods, works, services (i.e. net of value added tax, excise taxes and other similar mandatory payments);

Asredn.- the average value of the organization's assets (balance sheet total).

The asset turnover ratio characterizes the efficiency of using the resources owned by the organization. An increase in this ratio indicates a more efficient use of funds. However, this ratio can be artificially overestimated when switching to the use of leased fixed assets. Since current assets are an integral part of assets, their reduction also contributes to an improvement in the efficiency of the use of assets in general.

In addition to the turnover ratio, an important characteristic of the efficiency of using fixed assets is return on assets ratio (Kf.otd.), which is calculated by the formula:

Kf.det. = R: BSOaverage., where

R- net proceeds from the sale of products, goods, works, services minus value added tax, excise taxes and other mandatory payments;

BSOaverage- the average annual book value of fixed assets.

This ratio can be interpreted as the realizable value (in rubles) attributable to each ruble invested in fixed assets. High values ​​of this ratio indicate the efficient use of fixed assets; at the same time, a high degree of depreciation of fixed assets can lead to an overestimation of the rate of return on assets.

1.8. PROFITABILITY ASSESSMENT.

The cost indicator of profitability is profit. Often, speaking of the profitable work of an organization, it is implied that it makes a profit.

The income statement contains several profit indicators characterizing different interim results of the organization's activities: gross profit ( Pval); sales profit ( Prod); profit before tax ( Pdo cash); profit from ordinary activities ( Under); net profit ( Pch). Cost data alone does not allow us to determine the level of profitability and to compare the work of organizations that differ in the size and volume of production. The comparison is carried out on the basis of relative indicators, one of which is the coefficient of profitability of products, or profitability of sales, which has several modifications.

Profitability ratio of sales (products)

(Krent.pr.) is calculated as the ratio of net profit to net sales proceeds:

Krent.pr. = PC: R, where

Pch- net profit of the reporting period;

R- net proceeds from the sale of products, goods, works, services minus value added tax, excise taxes and other similar mandatory payments.

Since net profit is obtained after deducting all expenses, it would be more correct to calculate the profitability of sales as the ratio of profit from sales to net proceeds from sales:

Krent.pr. = Ppr. : R, where

Ppr.- sales profit.

Both ratios can be obtained from the data of the income statement. Net profit margin and profitability of sales show how many kopecks of net profit or profit from sales are accounted for for each ruble of products sold.

An increase in the profitability ratio of sales may be a consequence of an increase in prices with constant production and sales costs or a consequence of production costs at constant prices.

A decrease in the coefficient may indicate a decrease in demand for this product.

Another important indicator of profitability is gross profit margin (Krent.vp):

Krent.vp = VP: R, where

VP- gross profit of the reporting period.

This ratio is important in determining the break-even volume of production by value, i.e. such a cost of production (sale), at which the organization will not incur losses, but also will not receive a profit.

Return on equity ratio (Krent.sk):

Krent.sk = Pch: SK mean, where

SCmedn- the average value of equity capital for the period.

This ratio shows how many kopecks of net profit fall on each ruble of equity capital. It should be remembered that equity is represented not only by equity, but also by retained earnings, reserves and additional capital. The return on equity is the higher, the lower its share in the total volume of resources used by the organization (the greater the share of borrowed resources). Thus, organizations that develop with borrowed funds are more profitable from the standpoint of shareholders, since they provide a large return on their capital.

Return on assets ratio (Credit act) is calculated as the ratio of net profit ( Pch) to the average value of assets ( Asredn):

Krent.act. = PC: Asred.

This coefficient shows how many kopecks of profit fall on each ruble of assets, i.e. how efficiently the resources of the enterprise are used. Naturally, this indicator is lower for the organizations with more capital. It can be increased by reducing non-current assets by using leased fixed assets, as well as by reducing the amount of current assets. The latter, however, leads to a decrease in solvency and an increase in risks.

2. Analysis of the financial and economic activities of SOLO LLC

2.1. general characteristics.

SOLO LLC has been successfully working in the field of clothing production for 10 years. Own production allows you to quickly and on time fulfill orders of any volume. All clothes, both summer and winter, are made in accordance with GOST and TU and have certificates from ROSTEST of the Russian Federation.

SOLO LLC is engaged in a comprehensive solution of labor protection problems for special production conditions, supplying high-quality personal protective equipment from abroad.

Among the foreign partners of SOLO LLC are such well-known manufacturers of personal protective equipment (PPE) as:

- "AnsellEdmontIndustrial" (work gloves, shoe covers, aprons, hats);

- "Soll" (fall insurance);

- "Auer" ( respiratory systems and chemical protection suits);

- "MoldexMetrikAG" (anti-dust and gas masks);

- "BACOUINTERSAFE" (personal respiratory protection, chemically resistant overalls, welding equipment, eye wash);

- "LASLockweiler" (personal protective equipment for the head and face);

- "DuPon" (cut-resistant gloves and mittens; heat-resistant clothing, "Tyvek" suits);

- PandaSport (work shoes) and other companies.

Highly qualified managers provide an individual approach to each customer.

2.2. Assessment of property status

In order not to drown in the sea of ​​figures contained in the reporting, it is advisable to start with reading it, during which you can determine the main trends in the organization's activities and structural shifts in its development. When you first view the reports, you should keep in sight no more than a dozen articles: assets, profits, sales and some others. In a normally developing organization, from year to year, there will be a positive trend in the main indicators: balance sheet total, sales proceeds, net profit. Reducing the absolute values ​​of these items requires in-depth analysis.

At the first reading, the so-called horizontal, or trend, analysis of financial statements, during which the rates of growth or gain of each balance sheet item, items of the profit and loss statement and other forms of reporting are calculated, will greatly help. When reading the financial statements for the first time, it is very useful to pay attention to the ratio of profit growth rates ( Tpr), implementation ( Tr) and assets ( Tact), expressed by the following inequality:

Tpr> Tp> Cycle> 100%

Comparison of growth rates is drawn up in the form of table 2.2.1

Table 2.2.1

Comparison of the dynamics of assets and financial results

From the data in table 2.2.1. It can be seen that in 2000 the growth rates of proceeds from the sale of core activities and net profit are less than the growth rates of assets. In practice, this is due to the development of new production technologies (the introduction of computer-aided design of special clothing models), the beginning of the construction of a new workshop, the modernization of equipment, which in the current period are the reason for higher growth rates of asset value and a temporary decrease in the growth rate of profits and sales. In 2001, the growth rate of proceeds from the sale of core activities and net profit is higher than the growth rate of assets, therefore, in 2001, the use of the organization's assets was more efficient than in the previous period. This means that the topics of profit growth from sales are growing at a faster pace than the rate of change in revenue and the average value of assets. The change in assets, considered without comparison with the change in financial results, is not very informative in itself. In this situation, there was an increase in the average value of the balance sheet for 2001 by 159% ... Thus, the dynamics of changes in indicators of financial results and the average value of assets is positive.

In 2002, there was a general decline in the value of assets and a decrease in the growth rate of profits and sales. If in the future period the indicators do not begin to increase, then in the future the organization may experience financial difficulties.

To facilitate the analysis of the balance and for its clarity to internal and external users, we will compile a net balance, that is, we will combine individual items by groups.

Table 2.2.2. net balance presented

Table 2.2.2

Net balance

Calculation formula:

Liquid assets= The result of section 2 of the balance sheet - stocks - VAT.

Inventories= stocks + VAT - deferred expenses.

For industrial enterprises, deferred expenses are associated with the launch of a series of new products.

Real estate= total of section 1 of the balance sheet.

Short-term liabilities= the result of section 5 of the balance sheet - deferred income - reserves for future expenses.

long term duties= total of section 4 of the balance sheet.

Equity= the result of section 3 of the balance sheet - deferred expenses + deferred income + reserves for future expenses.

Deferred income and reserves for future expenses - funds equated to own.

The analysis of the property of the enterprise is carried out to find out the general trends in changes in the structure of the balance sheet, to identify the main sources of funds (own funds, borrowed, attracted sources) and the directions of their use (fixed and working capital). The calculation results for the analysis of the structure of the property of the enterprise are contained in table 2.2.3.

Table 2.2.3. Presents the absolute values, their shares in the total value of the balance sheet, the coefficients of the real value of the property.

Table 2.2.3.

Property structure

Indicators	Absolute values ​​thousand rubles				specific gravity,%
				To the beginning				To the beginning
ASSETS
Total property	3707	4121	1592	233	100	100	100	100
OS for the remainder cost	43	12	30	47	1,2	0,3	1,9	20,2
Fixed assets	43	12	30	47	1,2	0,3	1,9	20,2
Current assets	3664	4109	1562	186	98,8	99,7	98,1	79,8
Material resources	55	0	6	101	1,5	0	0,4	43,3
Cash	284	364	126	22	7,7	8,8	7,9	9,5
Funds in payments	3325	3745	1430	63	90	91	89,8	27
Real property value ratio

Calculation formula

Total property= balance currency (balance total)

Fixed assets at residual value= OS by balance

Fixed assets= total of section 1 balance

Current assets= total of section 2 balance

Cash= cash ++ short-term investments

Funds in payments= debtors + other current assets + VAT

Real Property Value Ratio =

Fixed assets + construction in progress + raw materials and materials + animals for growing and fattening + costs in work in progress + finished products / balance sheet total.

It is good when the coefficient of the real value of the property is 0,5 .

The table shows that the total value of the property of the enterprise in 2002 compared to 2001 decreased by 414 thousand rubles, or 10%. But at the same time, compared to 2000, it increased by 2,115 thousand rubles, or 232%. The share of current assets in 2002 decreased in the total amount of assets by 0.9% compared to 2001. But at the same time, it increased in total assets by 0.7% compared to 2000. The share of non-current assets in 2002 increased in total assets by 0.9% compared to 2001, but at the same time decreased in total assets by 0.7% compared to 2000.

Analysis of the property structure indicators 2000 - 2002 testifies to the outstripping growth rates of the share of mobile assets over the growth rates of immobilized assets. The growth rate of current assets in 2002 compared to 2000 is almost 2 times higher than the growth rate of non-current assets, which determines the trend towards accelerating the turnover of the entire set of assets and creates favorable conditions for increasing the efficiency of the enterprise. Thus, the newly attracted funds are mainly invested in more liquid assets, which strengthens the financial stability of the enterprise.

Asset structure the enterprise is characterized as follows. The share of non-current assets is 72,4% at the beginning of the year and 68,8% at the end of the year. During this period, there was a slight decrease in fixed assets by 2,1% or RUB 290.9 thousand and an increase in construction in progress by 469.8 thousand rubles... (the increase was 29,6% ).

The share of circulating assets in the structure of assets increased. Their growth was 20,1% , while there was a significant increase in cash, short-term financial investments, stocks. Great importance has the fact of a decrease in accounts receivable for the reporting period by 62,9% or at 1441,7 thousand rubles, which positively characterizes the structure of the balance sheet and the situation is assessed positively. The growth in short-term financial investments and cash assets exceeded the growth in inventories. Thus, there was an increase in the most liquid assets.

In 2001, the share of non-current assets in the structure of the company's property decreased by 18 thousand rubles... or at 1,6% compared to 2000, and in 2002 - an increase in the share of non-current assets by 31 thousand rubles. or at 0,9% compared to 2001.

In general, over 3 years, non-current assets decreased in value by 4 thousand rubles., or at 19% .

Only fixed assets are present in SOLO LLC as non-current assets.

The efficiency of using fixed assets is characterized by the coefficients:

1. Update rate.

Kobn= the cost of the fixed assets received: the cost of the fixed assets at the end of the period

It characterizes the share of new funds in their total value at the end of the year.

2002 year Kobn = 37: 43 = 0,86

year 2001 Kobn = 2: 12 = 0,17

2. Retirement rate.

Kvib = cost of retired fixed assets: the cost of fixed assets at the beginning of the period

It characterizes the share of retired funds in their total amount for the period.

2002 year Kvyb = 6: 12 = 0,5

year 2001 Kvyb = 20: 30 = 0,67

According to the values ​​of the coefficients of renewal and disposal in 2000 - 2002. it can be traced that in LLC "SOLO" there was an almost complete renewal of all fixed assets. The purchase of new sewing and technological equipment should have a positive effect on the quality of products in the future.

2.2.2. Valuation of current assets.

Current assets in the reporting are presented in the form of inventories, accounts receivable, short-term financial investments and cash.

Analysis of the structure and dynamics of current assets is presented in table 2.2.2.1.

Table 2.2.2.1.

Analysis of the structure and dynamics of current assets

Indicators	Absolute values ​​thousand rubles			specific gravity,%
Stocks	55	0	6	1,5	0	0,4
- Raw materials, materials	48	0	0	1,3	0	0
- finished products	7	0	6	0,2	0	0,4
Receivables	2917	3303	1242	79,6	80,4	79,5
Short-term investments	0	0	0	0	0	0
Cash	284	364	126	7,8	8,9	8,1
Total for Section 2	3664	4109	1562	100	100	100

Table 2.2.2.1 shows that the growth of current assets in 2002 - 2000. was observed mainly due to an increase in accounts receivable, which increased by 2061 thousand rubles... in 2001 compared to 2000 and for 1675 thousand... rub. in 2002 compared to 2000. In 2002, there was a slight decline in accounts receivable by 386 thousand rubles... compared to 2001.

Also, according to the table, you can trace the increase in reserves in 2002 by 55 thousand rubles... compared with 2001 and for 49 thousand rubles... compared to 2000. The changes are caused by the growth of raw materials and materials on 48 thousand rubles .

The share of cash in the total value of current assets changed insignificantly during the study period. In 2001, it increased by 0,8% in relation to 2000, and in 2002 decreased by 1,1% compared to 2001. The amount of cash in the balance sheet asset is insignificant. But since they are the most liquid assets, this is reflected in the company's solvency.

2.2.3. Analysis of the structure of the company's liabilities.

An entity's liabilities (i.e., the sources of funding for its assets) consist of equity and reserves, long-term liabilities, short-term liabilities and accounts payable. Generally, the sources of funds can be divided into own and borrowed (equating to the latter and accounts payable).

SOLO LLC has no authorized capital.

The sources of the company's own funds are equated to:

Extra capital;

Undestributed profits;

Targeted funding and receipts;

Revenue of the future periods.

Analysis of the structure and dynamics of the company's liabilities is presented in table 2.2.3.1.

Table 2.2.3.1.

Comparative analytical balance (liabilities).

Indicators	Absolute values ​​thousand rubles			specific gravity,%
Capital and reserves	730	589	193	19,7	14,3	12,1
- Extra capital	1	1	1	0	0	0
- Special-purpose financing	0	0	0	0	0	0
long term duties	0	0	0	0	0	0
Short-term liabilities	2977	3532	1399	80,3	85,7	87,9
- loans and credits	0	0	0	0	0	0
- accounts payable	2977	3532	1399	80,3	85,7	87,9
revenue of the future periods	0	0	0	0	0	0
Balance	3707	4121	1592	100	100	100

From table 2.2.3.1. it is obvious that the enterprise does not use borrowed sources of funds, for example, bank loans.

The sources of funds attracted by SOLO LLC include:

Short-term accounts payable.

80,3% funds in 2002, 85,7% funds in 2001 and 87,9% funds in 2000. During the study period, there was a pleasant trend towards a decrease in short-term liabilities: in 2001, by 2,2% 5,4%

537 thousand rubles (by 396 thousand... rub. in 2001 and on 141 thousand rubles... in 2002).

There are no targeted financing and receipts in the balance sheet.

The capital structure is characterized by the indicator real equity, which is calculated as section 3 of the balance sheet liabilities - "losses" + "deferred income" - "reserves for future expenses" - "arrears of contributions to the authorized capital" - "treasury shares repurchased from shareholders".

Real equity :

2000 - 193 thousand rubles;

2001 - 589 thousand rubles;

2002 - 730 thousand rubles.

The structure of liabilities is characterized by :

1. debt-to-equity ratio :

borrowed funds (long-term and short-term)

real equity

2000 = 1399: 193 = 7.2

2001 = 3532: 589 = 6

2002 = 2977: 730 = 4.1

The ratio of borrowed and own funds is significant, but there is a tendency to decrease it. This indicates that the company is trying to be financed from its own capital in order to attract less borrowed funds.

Autonomy ratio :

Real equity / total amount of sources of funds of the enterprise:

2000 = 193: 1592 = 0.12

2001 = 589: 4121 = 0.14

2002 = 730: 3707 = 0.2

The autonomy ratio is very small, but in 2 years it has almost doubled. Its values ​​indicate that the company's liabilities cannot be covered by its own funds.

In general, analyzing the dynamics of changes in the balance sheet liability, from the data in the table, we can say that the attraction of sources of resources was mainly due to accounts payable. The company needs to pay attention to the large share of accounts payable and take possible measures to reduce it.

2.3. Financial stability analysis

Financial stability is characterized by the provision of stocks and costs with the sources of their formation. For the analysis, it is necessary to calculate the surplus or lack of funds for the formation of stocks and costs, which is calculated as the difference between the size of the sources of funds and the amount of stocks.

Total stocks taken into account in the balance sheet: line 210 + line 220.

For the analysis, first of all, it is necessary to determine the size of the sources of funds available to the enterprise for the formation of its reserves and costs.

Several indicators are used to characterize the sources of formation:

1) equity= total of section 3 balance liabilities

2) own working capital= equity + long-term liabilities - non-current assets

3) borrowed capital= total of section 4 of the balance + total of section 5 of the balance

4) :

own working capital + short-term loans and borrowings + suppliers and contractors + promissory notes payable + advances received.

These indicators correspond to three indicators of the availability of reserves and costs by sources of formation:

1) fixed assets= summary of section 1

2) current assets= summary of section 2

3) stocks and costs= stocks + VAT

The calculation of these indicators allows you to classify financial situations according to the degree of their stability.

Financial stability analysis of SOLO LLC is presented in Table 2.3.1.
Table 2.3.1.

Financial stability analysis

Indicators	Absolute values ​​thousand rubles			specific gravity,%
Assets
Fixed assets	43	12	30	1,16	0,29	1,88
Current assets	3664	4109	1562	98,84	99,71	98,12
Inventories and costs	463	442	194	12,49	10,73	12,19
Balance	3707	4121	1592	100	100	100
Passive
Equity	730	589	193	19,69	14,29	12,12
Own working capital	687	577	163	18,53	14,00	10,24
Borrowed capital	2977	3532	1399	80,31	85,71	87,88
Sources of formation of reserves	3584	4001	1393	96,68	97,09	87,5
Balance	3707	4121	1592	100	100	100

Indicators	Change in absolute terms, thousand rubles			Change in specific gravity,%
Assets
Fixed assets	+31	- 18	- 17	+ 0,87	- 1,59	- 18,29
Current assets	- 445	+ 2547	+ 1376	- 0,87	+ 1,59	+ 18,29
Inventories and costs	+ 21	+ 248	+ 77	+ 1,76	- 1,46	- 38,02
Balance	- 414	+ 2529	+ 1359	NS	NS	NS
Passive
Equity	+ 141	+ 396	+ 79	+ 5,4	+ 2,17	- 36,81
Own working capital	+ 110	+ 414	+ 96	+ 4,53	+ 3,76	- 18,52
Borrowed capital	- 555	+ 2133	+ 1280	- 5,4	- 2,17	+ 36,81
Sources of formation of reserves	- 417	+ 2608	+ 1223	- 0,41	+ 9,59	+ 14,54
Balance	- 414	+ 2529	+ 1359	NS	NS	NS

There are 3 types of financial stability :

1) absolute financial stability:

own circulating assets> stocks and costs, i.e. a surplus of own circulating assets is formed.

It is extremely rare and represents an extreme type of financial stability, when all reserves are fully covered by their own circulating assets, i.e. the company does not depend on external creditors.

2) Normal financial stability, guaranteeing the solvency of the enterprise:

Own working capital< запасы и затраты < источники формирования запасов

3) unstable financial situation:

stocks and costs> own working capital

From table 2.3.1. the following conclusions can be drawn:

The financial situation of the enterprise in 2000 is equated to normal financial stability;

The financial situation of the enterprise in 2001 is equated to absolute stability;

The financial situation of the enterprise in 2002 is equated to absolute stability.

2.3.1. Analysis of relative indicators of financial stability

Financial stability is characterized by a system of financial ratios. Their analysis consists in comparing them with the base values, as well as in studying their dynamics for the reporting period.

Table 2.3.1.1.

Analysis of financial ratios

Coefficient name	Normal limitation		At the end of 2001	At the end of 2000.
1.Autonomies	More than 0.5	0,2	0,14	0,12
2. Debt capital	Less than 0.5	0,8	0,86	0,88
3. Equity multiplier	5,08	7,00	8,25
4. Ratio of financial dependence	Less than 0.7	4,08	6,00	7,25
5. To-t long-term financial independence.	0,2	0,14	0,12
6. K-t structure of long-term investments	0	0	0
7. Set of security long-term investment	0,06	0,02	0,15
8. Coating kit percent	More than 1	-	-	-
9. K-t of provision with own circulating assets	More than 0.1	0,19	0,14	0,1
10.K-t of maneuverability	0,2 - 0.5	0,94	0,98	0,84

1. Autonomy ratio .

Shows the extent to which the assets used by the company are formed from equity.

Cavt = Equity / balance sheet currency.

In our case, in 2002 only 20% the assets of the enterprise are formed at the expense of equity capital. Conclusion: the company does not have sufficient independence and capabilities to conduct an independent financial policy.

2. Debt capital ratio.

The inverse of the coefficient of autonomy. Reflects the share of borrowed funds in funding sources.

Кзк = 1- the value of the autonomy coefficient

3. Equity multiplier

Reflects the ratio of all funds advanced to the enterprise and equity

Moscow time = Assets: Equity

4. Dependency ratio

Reflects the extent to which the company depends on external sources of funding, i.e. how much borrowed funds the company attracted for 1 ruble of equity capital. It also shows the measure of the ability of the enterprise, having liquidated its assets, to fully repay the accounts payable. Exceeding this limit means a loss of financial stability.

Kzav. = Capital raised: equity

The financial dependence ratio in 2002 is 4,08 , and in 2001 - 6 ... This means that the enterprise attracted 1 ruble of equity capital in 2002 4,08 , and in 2001 6 rubles of borrowed capital, i.e. the dependence of SOLO LLC on external sources is great.

5. Long-term financial independence ratio .

The degree of independence of the enterprise from short-term borrowed sources of financing.

Kdfn = Equity capital + Equity capital on a long-term basis: Assets

In our case, this coefficient is equal to the coefficient of autonomy, since SOLO LLC has no long-term obligations.

6. Long-term investment structure ratio

Shows what part of non-current assets is financed by long-term borrowed funds

Long-term liabilities: Non-current assets

In our company, this ratio is 0 due to the lack of long-term obligations.

7. Long-term investment security ratio .

Shows the share of invested capital immobilized in fixed assets.

Cody = Non-current assets: (Equity + Long-term liabilities)

Cody 2002 = 0,06; Cody 2001 = 0,02; Cody = 0,15

8. Interest coverage ratio .

Shows how much the profit received ensures the payment of interest on loans. Or, how many times the company during the period earned funds to pay interest on loans.

Profit from operating activities: Interest payable

9. Coefficient of provision with own circulating assets .

It characterizes the presence of its own circulating assets necessary for the financial stability of the enterprise.

Cob = Own current assets: Current assets

Cob 2002 = 0,19; Cob 2001 = 0,14; Cob 2000 = 0,1

At the end of the period under review, the value of the coefficient is within the recommended range.

10. Maneuverability coefficient .

Shows what share is occupied by equity capital invested in working capital in the total amount of equity capital of the enterprise.

Own working capital: Equity

Km 2002 = 0,94; Km 2001 = 0,98; Km 2000 = 0,84

The analysis of the dynamics of the coefficients allows us to conclude that the financial condition of the enterprise is assessed as financially unstable, since the coefficient of financial dependence significantly exceeds the indicated boundaries. The share of borrowed capital is high compared to equity.

2.4 Analysis of solvency and liquidity

The solvency of the enterprise - it is the ability to pay off your financial obligations in a timely manner and in full.

Liquidity - is the ability of certain types of property values ​​to apply to monetary form without losing its book value.

The liquidity of the balance is determined by the establishment of inequalities between the liabilities of the enterprise and its assets

Depending on the degree of liquidity, assets are divided into groups:

1) Most liquid assets (NLA):

cash + short-term financial investments

A1 = line 250 + 260

2) Quick-selling assets (BRAs):

short-term receivables and other current assets

A2 = line 240 + 270

3) Slow-moving assets (MRA):

stocks net of prepaid expenses and VAT on acquired values

A3 = p. 210 - 216 + 220

4) Hard-to-sell assets (TRA):

Balance section 1 summary

A4 = p. 190

Balance liabilities are grouped according to the urgency of their payment:

1) Most urgent obligations (VAT):

accounts payable

P1 = p. 620

2) Short-term liabilities (KP):

short-term loans and borrowings, other short-term liabilities

P2 = p. 610 + 660

3) Long-term liabilities (DP):

long-term loans and borrowings

P3 = p. 590

4) Permanent liabilities (PP):

equity capital - deferred expenses + dividend arrears + deferred income + reserves for future expenses;

P4 = line 490 - 216 + 650 + 630 + 640

The balance is considered absolutely liquid if the inequalities are satisfied:

A1> = P1; A2> = P2; A3> = P3; A4<=П4.

Analysis of the liquidity of the balance sheet of SOLO LLC is presented in table 2.4.1.

Table 2.4.1.

Liquidity indicators

Payment surplus (deficiency)
Assets	2002	2001	2000	Passive	2002	2001	2000	2002	2001	2000
A1	284	364	126	P1	2977	3532	1399	- 2693	- 3168	- 1273
A2	2917	3303	1242	P2	0	0	0	+ 2917	+ 3303	+ 1242
A3	463	442	194	P3	0	0	0	+ 463	+ 442	+ 194
A4	43	12	30	P4	730	589	193	+ 687	+ 577	+ 163
Balance	3707	4121	1592	Balance	3707	4121	1592

Calculation data when comparing the totals of the given groups for assets and liabilities show that the balance sheet of the enterprise is illiquid

The fulfillment of the first three inequalities entails the fulfillment of the fourth inequality, which testifies to the observance of the condition of financial stability - the enterprise has its own circulating assets.

Greater or lesser current solvency is due to a greater or lesser degree of provision of current assets with long-term sources. To assess solvency, three relative indicators are used, differing in the set of liquid assets considered as coverage of short-term liabilities.

1. General solvency ratio

It characterizes the extent to which all short-term liabilities are secured by current assets.

Current assets: Short-term payables

This ratio is used as one of the main indicators of the company's solvency and liquidity, since it shows the extent to which the company's short-term liabilities are covered by its current assets, which, as expected, can turn into monetary form in terms of debt repayment.

An enterprise experiencing financial difficulties begins to pay off its debts more slowly, "eat up" the proceeds from its current activities, and, if possible, resort to using borrowed funds. In this regard, short-term debt can grow more rapidly than current assets, which will lead to a decrease in the overall solvency ratio.

As you can see from table 2.4.2. the value of the coefficient of general solvency in the considered time interval is not high enough, but there is a noticeable tendency to its increase. By the end of 2001, the ratio had increased by 0,04 compared with 2000, and in 2002 - for another 0,07 compared to 2001. The company is still solvent, since its current assets exceed the amount of short-term debt.

2. Quick ratio .

Shows what are the capabilities of the enterprise to pay off short-term obligations with the available cash, financial investments and attracting receivables to pay off it. Stocks, the forced sale of which may bring losses, are excluded when calculating this ratio.

Click. = ( Cash + Short-term financial investments + Accounts receivable) / Short-term accounts payable.

The quick liquidity ratio makes it possible to assess the solvency better than the general solvency ratio, since it includes the most liquid part of the assets in the composition of assets.

In SOLO LLC, the quick liquidity ratio in the study period is within the normal range, has a tendency to increase, but is still close to the critical value.

Click. 2002 = 1.08

Click... 2001 = 1.04

Click... 2000 = 0.98

According to the analysis of the quick liquidity ratio, SOLO LLC at the end of 2002 is solvent.

3. Absolute liquidity ratio.

Shows what part of short-term liabilities can be repaid by available cash and short-term financial investments.

Cubs.likv = Cash + Short-term financial investments / Short-term payables.

Cubs.likv... 2002 = 0.1

Cubs.likv... 2001 = 0.1

Cubs.likv... 2000 = 0.09

Output: The low value of the absolute liquidity ratio indicates the lack of ready-made means of payment. The data of the assets of the balance sheets of 2000 - 2002 confirm that almost all of the liquid assets of the enterprise are in accounts receivable, which implies that effective work on debt collection is carried out to ensure solvency. If SOLO LLC has no problems with debtors, it will be able to pay off its current debts.

Table 2.4.2.

2.5. BUSINESS ACTIVITY ANALYSIS

The efficiency of an enterprise's use of its funds is judged by various indicators of business activity. This group of indicators is also called indicators for assessing asset turnover, asset utilization ratios or asset management ratios, as well as indicators for assessing the results of economic activities, combined with profitability indicators. By the name of the indicators of this group, one can judge their purpose for the purposes of financial analysis.

Business activity indicators allow us to assess the financial position of an enterprise in terms of solvency: how quickly funds can be converted into cash, what is the production potential of the enterprise, whether equity and labor resources are efficiently used, how the enterprise uses its assets to generate income and profits.

Business activity indicators used in financial analysis are shown in Table 2.5.1.

Table 2.5.1.

Business activity indicators

Indicators	Norm. meaning	2002	2001	2000
Asset turnover	The tendency to accelerate overwrapping.	5,46	8,37	6,5
Return on assets	777,42	1138,86	147,82
Debit turnover. arrears	6,87	10,52	8,83
Debit circulation time. arrears	53	35	41
	6108,3	7972	106,4
	5,5	8,43	6,5
	32,42	61,17	37,08
	6,57	9,7	7,5

1. Asset turnover .

Measures the turnover of funds invested in assets and shows whether the assets are used effectively to generate income and profits.

Revenue (net) from sales / Average for the period value of assets

The turnover of all assets in use in 2000 was 6,5 ... This means that each ruble of the assets of the enterprise was turned over 6,5 once a year. In 2001 this figure was 8,37 ; and in 2002 - 5,46 .

The increase in the indicator in 2001 indicates an increase in the volume of sales of services. Reducing the coefficient to a value 5,46 in 2002 speaks of insufficient use of the company's assets. It is necessary to further increase the volume of sales of our services.

2. Return on assets

Shows how much revenue was received per ruble of fixed assets.

Revenue (net) from sales / Average residual value of fixed assets

Fotd 2002 = 777.42

Fotd 2001 = 1138.86

Fotd 2000 = 147.82

3. Accounts receivable turnover

Shows how many times a year the receivables are collected

Revenue (net) from sales / Average amount of accounts receivable for the period

The turnover of accounts receivable in 2000 was 8,83 41 days(365 / 8.83). That is, the average period of time that it takes for an enterprise to receive money by selling products (services) is 41 days.

The turnover of accounts receivable in 2001 was 10,52 times, and the time of its circulation - 35 days.

The turnover of accounts receivable in 2002 was 6,87 times, and the time of its circulation - 53 day.

The value of the indicator once again confirms the earlier conclusion that in order to maintain its solvency, the enterprise must strictly control the receivables.

4. Turnover of finished products

Shows how long money is bound in finished goods

Revenue (net) from sales / Average cost of finished products for the period

The values ​​of this coefficient show that the finished product is practically not delayed in the warehouse. LLC "SOLO" sews overalls to order. Finished product balance values ​​reflect clothing samples in the showroom.

5. Working capital turnover

Reflects the rate of turnover of all circulating resources of the enterprise (how much revenue the ruble of circulating assets brings).

Revenue (net) from sales / Average for the period cost of current assets

The working capital turnover in 2000 was 6,5 This means that each type of current assets was consumed and renewed 6.5 times a year.

The working capital turnover in 2001 was 8,43 .

The working capital turnover in 2002 was 5,5 .

6. Equity capital turnover .

Shows the rate of turnover of equity capital, its activity.

Revenue (net) from sales / Average for the period amount of equity capital

Equity capital turnover in 2001 increased compared to 2000 in 1.6 times(from 37.08 to 61.17). But since 2002, the turnover of equity has decreased in comparison with 2001 by almost 1.9 times(from 61.17 to 32.42), and compared with 2000 in 1,15 times (from 37.08 to 32.42). In general, the turnover of equity capital is quite high.

7. Total debt turnover

Shows how many revolutions are required to pay all debt.

Revenue (net) from sales / Average amount of borrowed capital for the period

The total debt turnover in 2000 was 7,5. This means that it will take 7.5 revolutions to pay the entire debt.

The total debt turnover in 2001 was 9,7 .

The total debt turnover in 2002 was 6,6 .

8. The turnover of attracted financial capital (debt on loans).

Shows how many turnovers are required to pay off loan debt.

Proceeds (net) from sales / Average amount of debt on loans for the period.

2.6 Analysis of profitability

The intensity of the use of the resources of the enterprise, the ability to receive income and profit are judged by the indicators of profitability. These indicators reflect both the financial position of the enterprise and the efficiency of management of economic activities, available assets and capital invested by owners. The indicators of this group, like the indicators of business activity, are of interest to all users.

The profitability indicators used in the financial analysis are shown in Table 2.6.1.

Table 2.6.1.

Profitability indicators

1. Return on assets (ratio of economic return)

Shows how efficiently the company uses assets. From the point of view of investments, it allows you to assess the possible profit when making investments.

Net income from all types of activities / Average asset value

The return on assets in 2000 was 0,09 ... This means that for every ruble of assets there are 9 kopecks of profit.

The return on assets in 2001 was 0,14 .

The return on assets in 2002 was 0,04 .

In 2001, we observe an increase in the ratio, the resources of the enterprise are used more efficiently than in 2000. But in 2002 there was a decline in the efficiency of using the resources of the enterprise. Return on assets fell below 2001, 2000.

2. Return on equity (financial return ratio)

Shows what is the efficiency (return) of the use of equity capital. In terms of investment, reflects the return on investment of shareholders.

Net income from all types of activities / Average cost of equity

The return on equity in 2000 was 0,51 ... This means that for every ruble of equity capital, there are 51 kopecks of net profit.

The return on equity in 2001 was 1,01 .

The return on equity in 2002 was 0,21 .

3. Profitability of implementation (coefficient of commercial profitability).

Profit from sales / Revenue (net) from sales

The profitability of sales in 2000 was 0.02.

The profitability of sales in 2001 was 0,03 .

The profitability of sales in 2002 was 0,01.

Output: The profitability of the implementation is very low. There is very little difference between the sales proceeds (net) and the cost of goods sold.

4. Return on operating costs

Shows what is the efficiency of the costs incurred in the production of products.

Profit from sales / Cost of goods sold

The return on operating costs is very low. Very high cost of goods compared to the proceeds (net) from sales.

5. Return on invested (used) capital

Shows what is the efficiency of using equity capital and borrowed funds attracted on a long-term basis.

Net profit / Amount of equity and long-term debt capital

6. Return on sales

Net profit / Revenue (net) from sales

The 2000 ROI is 0,014.

2001 ROI is 0,017

The 2002 return on sales is 0,007 .

Output: very low ROI

Conclusion.

In the conclusion, the conclusions of the analysis are presented and recommendations for optimizing financial and economic activities are presented, possible errors in planning the activities of SOLO LLC are indicated.

For the analyzed period from 2000 to 2002. the financial situation of SOLO LLC has noticeably improved. The largest surge in financial and economic activity occurred in 2001. In 2002, we can observe a slight decline in financial and economic activity compared to 2001. 2000 - 2001 the growth rates of production volumes and sales of products increased significantly, as well as the growth rates of balance sheet (gross) and net profit. However, company managers should pay attention to the large value of the cost of goods in comparison with the proceeds (net) from the sale of goods. The value of the assets of the enterprise has noticeably increased.

The dynamics of changes in the structure of property is characterized by an increase in the total value of the property of the enterprise in 2000-2002 by 3474 thousand rubles. This indicates an increase in the economic turnover of the enterprise.

Overall for 3 years the share of working capital increased in the total amount of assets, their growth amounted to 19% or 3478 thousand rubles... The share of non-current capital decreased in total assets by 19% , and in value terms by 4 thousand rubles... This testifies to the outstripping growth rates of the share of mobile assets over the growth rates of immobilized assets.

The increase in current assets was mainly due to the growth of accounts receivable. Per 2 in recent years it has grown by 1675 thousand rubles. The managers of SOLO LLC should pay special attention to working with debtors.

The growth rate of current assets is significantly higher than the growth rate of non-current assets, which determines the trend towards accelerating the turnover of the entire set of assets and creates favorable conditions for improving the efficiency of the enterprise. Thus, the newly attracted funds are mainly invested in more liquid assets, which strengthens the financial stability of the enterprise.

Thus, an increase in the share of working capital entails an acceleration in the turnover of total capital.

In the structure of liabilities, the largest share is occupied by the 5th section "Short-term liabilities", which accounts for 80,3% funds in 2002, 85,7% funds in 2001 and 87,9% funds in 2000. During the study period, there was a favorable trend towards a decrease in short-term liabilities: in 2001, by 2,2% compared with 2000, and in 2002 another 5,4% compared to 2001. Since accounts payable are among the most urgent obligations, its reduction has a beneficial effect on the overall solvency of the enterprise.

Equity includes retained earnings from previous years and retained earnings for the reporting year. In the study period 2002 - 2000. there was a general increase in capital by 537 thousand rubles . (for 396 thousand rubles... in 2001 and on 141 thousand rubles... in 2002).

The company does not use long-term and short-term loans and borrowings.

The company needs to pay attention to the large share of accounts payable and take possible measures to reduce it.

The financial situation of the enterprise 2001, 2002 equated to absolute sustainability - this is financial sustainability, when all stocks are fully covered by own circulating assets, i.e. the company does not depend on external creditors:

Own working capital is more than the amount of stocks, surplus of own working capital.

The data of calculations of liquidity indicators when comparing the results of the given groups for assets and liabilities show that the balance sheet of the enterprise is illiquid, since the first inequality is not satisfied. Comparison of the first and second groups of assets with the first two groups of liabilities shows the current liquidity, that is, solvency. Comparison of the third and fourth groups of assets and liabilities shows prospective liquidity, that is, a forecast of solvency based on a comparison of future receipts and payments.

When calculating the solvency ratios, we can say that SOLO LLC is solvent, since its current assets exceed the amount of short-term debt.

All of the above allows us to conclude that the financial condition of SOLO LLC is quite stable and stable. The company knows how to make a profit, manage property.

At the same time, as the results of the analysis show, the company still has sufficient reserves to significantly improve its financial condition. For this it is necessary to change the pricing policy; strive to reduce accounts payable. All these measures will allow the company to increase the level of profitability, replenish its own working capital, its own working capital, and achieve a more optimal balance sheet structure. Making a profit is the main task of any business entity for its existence and functioning. To do this, it is necessary to analyze and assess the current financial condition when the main goal is to increase the level of profitability, to maximize profit, to distribute it to the reserve and other accumulation funds, and to develop plans for the future.

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