Turnover ratio of current assets:
Sales volume / Average value of current assets for the period.
The coefficient characterizes the return of products for each ruble of working capital or the number of revolutions. The coefficient of fixing current assets per 1 rub. production is the opposite of the rate of return of current assets. The securing coefficient of all working capital is the sum of the securing coefficients for their individual elements:
1) the coefficient of consolidation of reserves:
Average stocks(p. 210 and 220 of the balance sheet) / / Sales volume (p. 010 form No. 2);
2) the coefficient of consolidation of receivables:
Average receivables! arrears(p. 230, 240 and 270 balance) / Sales volume ^
3) the ratio of securing funds and short-term financial investments:
Cash(p. 250, 260 balance) / / Volume of sales.
Determination of the impact of changes in capital productivity on the increment of profit by multiplying the profit of the first (base) year by the rate of increase in the turnover of working capital.

56. ANALYSIS AND EVALUATION OF THE INFLUENCE OF THE COST OF THE SOLD PRODUCTS ON THE VALUE OF PROFIT FROM SALES

For a comprehensive presentation of financial results, it is advisable: 1 to calculate and assess the "margin of financial strength"; 2) calculate the production leverage. Evaluate this value for the adequacy of the enterprise's sales policy (a high leverage value should only correspond to the sales growth policy). The level of leverage characterizes the riskiness of management. If the enterprise has a high level of production leverage, then a small effort of managers to increase the volume of sales can lead to a significant increase in profits (positive leverage), but, on the other hand, with a drop in sales volumes, the enterprise can quickly slide to losses (negative leverage) ... Profit from the sale of products (works, services) can be calculated using the following formula:
P = N- S,
where N- proceeds from the sale of products (works, services) without value added tax, excise taxes; S– production costs of sold products (works, services) at full cost. Thus, all factors affecting the cost of goods sold affect the profit from sales. Here is a methodology for the formalized calculation of the impact of the cost price on the profit from sales.
1. The effect on profit of changes in the unit cost (? P1):
? P1 = S1,0 - S1,
where S1,0 is the cost of goods sold for the analyzed period, calculated in prices and conditions of the reference period;
S1 is the actual cost of goods sold for the analyzed period.
2. The effect on profit of changes in the volume of production (? P2) (assessed at the base cost):
? P2 = P0 X (K1 - 1),
where P0- profit of the base period;
K1- the growth rate of the volume of sales of products (assessed at cost);
K1 = S1,0 / S0
3. Calculation of the impact on profit of changes in the cost due to changes in the structure of products (? Р3):
? Р3 = S0 X K2- S1,0,
where K2- the growth rate of the volume of sales in the assessment at selling prices;
K2 = N1.0 / N0
N0 - revenue of the base period.
The financial activity ratio according to the revised version (Kfa) is calculated on the basis of the corresponding balance sheet lines:
Kfa = page 590 + page 690 - page 640 - page 650 / page 490 + page 640 + page 650.

57. ANALYSIS AND EVALUATION OF THE INFLUENCE OF THE COST OF THE SUPPLIED SERVICES ON THE VALUE OF PROFIT FROM SALES

Analysis of the impact of the total cost price allows you to get an idea of ​​all the costs incurred by the enterprise in connection with the production and sale of the service. However, this method does not take into account one important circumstance: the cost of a service changes when the volume of services rendered changes.
If an enterprise expands production and sales, then the unit cost of production decreases, if the enterprise reduces the volume of output, the cost increases.
In modern economic conditions, the advantage must be given to the method of calculating the cost by the amount of coverage, the essence of which is as follows. As you know, in relation to the volume of production, the costs of the enterprise are divided into fixed and variable. The basis of fixed costs is the costs associated with the use of fixed assets (fixed capital), and variables - the costs associated with the use of working capital (working capital).
The method of calculating the amount of coverage provides for the calculation of only variable costs associated with the production and sale of products. This method is based on the calculation of average variable costs and average coverage.
The amount of coverage plays a very active role, signaling the overall level of profitability of both the entire production and individual services. Consequently, the higher the difference between the selling price of the service and the sum of variable (direct) costs, the higher the amount of its coverage and the higher the level of its profitability.
The amount of coverage is the difference between sales revenue and the total amount of variable costs. The amount of coverage can be calculated in another way - as the sum of fixed costs and profit. The calculation of the amount of coverage allows you to determine how much money the company earns by producing and selling services in order to recoup fixed costs and make a profit.
The coverage ratio is the proportion of coverage in sales revenue or the proportion of average coverage in the price of a service. The coverage ratio is determined as follows:
Coverage ratio= Coverage amount/ The amount of revenue (sales volume).
In order to determine at what volume of sales the gross costs of the enterprise will be recouped, it is necessary to calculate the break-even point, which is understood as such revenue or such volume of production of the enterprise that cover all costs and zero profit. If the company receives more revenue than the break-even point, it operates profitably. Comparing these two values ​​of revenue, it is possible to estimate how much the company can tolerate a decrease in revenue (sales volume) without the danger of being at a loss. The most important for the enterprise is also the indicator of the threshold revenue, since the threshold sales volume can be different depending on the price of the products sold. The revenue corresponding to the break-even point is called the threshold revenue. The volume of production (sales) at the break-even point is called the threshold volume of production (sales).

58. ANALYSIS AND EVALUATION OF THE INFLUENCE OF THE COST OF THE WORKS IMPLEMENTED ON THE VALUE OF PROFIT FROM SALES

The financial position of joint stock companies fully depends on whether they receive sufficient profits. This is due to the fact that investors become and remain holders of shares only if they are confident that the return on their invested capital, that is, their receipt of dividends, in the presence of an equal degree of risk, will be higher compared to other organizations.
For a comprehensive presentation of financial results, it is advisable:
1) calculate and assess the "margin of financial strength" (the difference between the actual and critical sales volume);
2) calculate the production leverage (the ratio of the result from the sale after the reimbursement of variable costs to profit).
The level of leverage characterizes the riskiness of management.
If an enterprise has a high level of production leverage, then a small effort of managers to quantitatively increase sales can lead to a significant increase in profits, but, on the other hand, if sales volumes fall, the enterprise can quickly slide into losses.
Profit from the sale of products (works, services) can be calculated using the following formula:
P= N- S,
where N is the proceeds from the sale of products (works, services) without value added tax, excise taxes; S– production costs of sold products (works, services) at full cost. All factors affecting the cost of goods sold affect the profit from sales. Methodology for the formalized calculation of the impact of the cost price on the profit from sales.
1. Effect on profit of changes in unit cost (p):
P1 = S1,0 - S1,
where S 1.0 - cost of goods sold for the analyzed period, calculated in prices and conditions of the reference period; S1 is the actual cost of goods sold for the analyzed period.
2. The effect on profit of changes in the volume of production (P2) (assessed at the base cost):
P2 = P0 x (K - 1),
where P0 is the profit of the base period;
K1 is the growth rate of the volume of sales of products (assessed at cost);
K1 = S 1.0 / S0
where S0 is the prime cost of the base period.
3. Calculation of the effect on profit of changes in the cost price due to changes in the structure of products (P3):
P3 = S0 x K2 - S1,0,
where K2 is the growth rate of the volume of sales as estimated at selling prices.
K 2 = N1,0 / N0,
where N1.0 is the revenue of the reporting period in the prices of the base period;
N0- revenue of the base period. When analyzing the fulfillment of the delivery plan, the size of the undelivered products for the reporting period is determined on an accrual basis, taking into account the underdelivery in the previous period and the replenishment of the undelivered products in subsequent periods.

59. CHARACTERISTIC OF THE COST ANALYSIS METHOD - VOLUME OF SALES - PROFIT

The theoretical basis for analyzing the behavior of costs and the interaction of costs, sales and profits is the direct cost accounting system - "direct costing", which is also called a cost management system, an enterprise management system. The essence of the "direct costing" system is the division of production costs into variable and constant. Variables include costs, the value of which changes with changes in the volume of production: costs of raw materials and supplies, wages of basic production workers, fuel and energy for technological purposes. It is customary to include such costs as permanent ones, the value of which does not change with a change in production volume, for example, rent, interest on loans, accrued depreciation of fixed assets, some types of wages of enterprise managers. Variable costs characterize the cost of the product itself, all other (fixed) costs - the cost of the enterprise itself. The market is not interested in the value of the enterprise, but in the value of the product. The division of costs into fixed and variable ones is rather arbitrary, since many types of costs are semi-variable (semi-permanent) in nature. However, the disadvantages of conventional cost sharing are repeatedly overlapped by the analytical advantages of the direct costing system.
The total cost of production (Z) consists of two parts: a constant (Zc) and a variable (Zv), which is reflected by the equation:
Z= Zc + Z,
Another feature of the direct costing system is the combination of production and financial accounting. According to the "direct costing" system, accounting and reporting at enterprises is organized in such a way that it becomes possible to regularly monitor data according to the "cost - volume - profit" scheme. The basic report model for profit analysis is as follows:
1) sales volume - N;
2) variable costs - Z;
3) margin income - D = N- Zv;
4) fixed costs - Zc;
5) profit - P= D– Zс.
Marginal income is the difference between sales revenue and variable costs, on the other hand, it is the sum of fixed costs and profit.
The next feature of the "direct-cos-ting" system is the development of a methodology for economic, mathematical and graphical presentation and analysis of reports for forecasting profit, for calculating the threshold of profitability (the critical amount of revenue, the profit at which is equal to 0).
In a rectangular coordinate system, a graph of the dependence of the cost (costs and income) and revenue on the number of units of output is plotted. The data on the cost price and revenue is shown vertically, and the number of units of production is shown horizontally. At the point of critical production volume, there is no profit and no loss. To the right of it is the profit (income) area. For each value (number of product units), profit is defined as the difference between the amount of marginal income and fixed costs.
To the left of the critical point is the area of ​​losses, which is formed as a result of the excess of fixed costs over the amount of marginal income.

60. GOALS, OBJECTIVES AND THE MAIN PURPOSE OF THE COST ANALYSIS METHOD - VOLUME OF SALES - PROFIT

An element of the budget planning system is the system for calculating the cost of products (works, services), which is known from the international practice of management accounting and financial management - "di-rect-costing", or the calculation of incomplete (truncated) costs, given in the Methodological Recommendations. The method of analyzing variable and fixed costs is based on studying the relationship between three groups of indicators - costs, volume of production (sales) of products, profit, as well as predicting the value of each of them at a given value of the others. If the number of orders is known, the cost and sales price can be calculated so that the organization can generate a certain profit. The possibility of regular monitoring of the indicators of the scheme "costs - sales - profit" appears if the accounting at the enterprise is organized according to the system "direct costing ^>. Total production costs (Z consist of two parts: constant (Zc) and variable (Zv), which is reflected by the equation:
Z= Zc + Zv.
Another feature of the direct costing system is the combination of production and financial accounting. According to the "direct costing" system, accounting and reporting at enterprises is organized in such a way that it becomes possible to regularly monitor data according to the "costs - sales - profit" scheme. The basic report model for profit analysis is as follows:
1 sales volume - N;
2 variable costs - Z.,
3 margin income - D = N- Zv;
4 fixed costs - Zс;
5 profit - P= D- Zc.
Marginal income is the difference between sales revenue and variable costs, on the other hand, it is the sum of fixed costs and profit. The analytical capabilities of the "direct-costing" system are revealed most fully in the study of the relationship between the cost price and the volume of product sales and profit. Sales volume or revenue (N) related to cost (Z) and profit from sales (P) by the following ratio:
N = Z + P.
For the critical point (profit is 0):
N= Z= Zc + Zv.
If the revenue is represented as the product of the unit sales price (C) and the number of units sold (q), and variable costs - as the product of variable costs per unit of product (V), then we get the expanded equation:
Ts? qк = Zc+ V? qk, or (C - V)? qк = Zc.
This equation is the main one for obtaining the necessary estimates.
1. Calculation of the critical volume of production:
qк = Zc / (C - V) = Zc / d
where d– marginal income per unit of product, rub.
2. Calculation of the critical volume of revenue (sales). To determine the critical volume of sales, the equation of the critical volume of production is used. Multiplying the left and right sides of this equation by the price (C) and making simple transformations, we get the necessary formula:
Nr = qr? Ц = (Zc? C) / d = Zc / (d / C) = Zc / ((d? Q) (C? Q)) = Zc / (D / N)
where D– marginal income for the entire issue (the difference between revenue and the sum of variable costs).

61. CALCULATION OF MARGIN INCOME

The possibility of regular monitoring of the indicators of the "costs - sales - profit" scheme appears if the accounting at the enterprise is organized according to the "direct costing" system.
This method of management calculations is also called break-even analysis or income assistance. It is based on the revenue margin category (revenue minus variable costs). Marginal income per unit of production Is the difference between the price and the variable costs for it. It includes fixed costs and profits. Margin analysis helps to justify the choice of options for changing agent networks, a promising business strategy. Analyzing the relationship "costs - sales - profit", you can calculate various options for the production program, answer the question when the company will make a profit, and when its activities will be unprofitable. The main advantage of the marginal accounting method is that the cost of production does not include all the costs of the enterprise, but only part of them - production. The remaining costs classified as recurring are written off directly to the reduction of profit from the sale of products.
Break even- such a state of business when it brings neither profit nor loss. The difference between actual sales and break-even sales is the organization's safety zone (profit zone). The calculation of this indicator is based on the relationship between the indicators "costs - sales - profit".
The economic meaning of the indicator of operating leverage is quite simple - it shows the degree of sensitivity of an organization's profits to changes in output. In an organization with a high level of leverage, a small change in output can lead to a significant change in profit. The effect of operating leverage can be defined as the ratio of marginal income (the difference between output and variable costs) to profit.

where R- profit;
N- the volume of products;
D- marginal income. The value of this indicator depends on the base level of the volume of production from which the counting proceeds. In particular, the indicator has the greatest values ​​in cases where the change in production volume occurs from levels that slightly exceed the critical sales volume. Then even a slight change in the volume of production leads to a significant relative change in profit. The reason for this situation is that the base value of the profit is close to zero. Spatial comparisons of levels of operating leverage effect (leverage) are only possible for organizations with the same base level of output. A higher value of this indicator is usually typical for organizations with a higher level of technical equipment. More precisely, the higher the level of nominally fixed costs in relation to the level of variable costs, the higher the effect of operating leverage. Thus, an organization (enterprise) that improves its technical level in order to reduce specific variable costs, at the same time increases the effect of operating leverage.

62. CALCULATION OF THE SALES PROFITABILITY THRESHOLD

The entrepreneurial risk of being at a loss when the situation in the sales and purchasing markets changes characterizes the operating leverage, or production leverage, associated with the management of sales volumes, costs and profits. Production leverage- this is the ability to influence the balance sheet profit by changing the sales volume and optimizing the structure of current costs. The action of the operating leverage is associated with the different nature and behavior of the current costs of production and sales of products. Depending on the change in the volume of sales, variable costs and conditionally fixed costs are distinguished, the study of which is the subject of a break-even analysis. An analytical representation of the break-even model is the break-even chart.
Break-even chart
Break even Q " separates the profit zone and the loss zone, at this point the break-even formula is valid (revenue = costs):
R? Q "= FC+ vc? Q ",
where P- the price of the product;
Q "- critical (break-even) sales volume, profitability threshold; Q- volume of sales;
FC– general conditionally fixed costs (for the entire sales volume);
vc– unit variable costs (per unit of goods).
From this formula, the basic parameters of break-even management are derived:
1) the critical value of the selling price;
2) the critical value of fixed and variable costs;
3) critical sales volume, which represents the threshold of profitability.
The profitability threshold is defined as the ratio of fixed costs to specific marginal income:

The amount of specific marginal income increases profit with an increase in sales per unit. Critical OP - this is the amount of goods, the total marginal income from the sale of which covers the conditionally fixed costs.
For each of the listed basic parameters, the safety margin is calculated - the percentage of the planned and critical values ​​of the parameter. For the volume of sales, this indicator characterizes the margin of financial strength of the enterprise. When the market situation changes, a decrease in OP to a critical volume reflects the risk of incurring losses. The greater the margin of financial strength, the lower the risk.
The riskiness of operating activities is also characterized by the level or strength of the impact of operating leverage, which is measured as the ratio of the growth rate of balance sheet profit to the growth rate of sales. The level of operating leverage characterizes the degree of profit sensitivity to changes in sales volumes. The effect of operating leverage is manifested in the outstripping rates of profit growth with an increase in sales volumes due to savings on conditionally fixed costs, in an increase in profitability. Due to the inevitability of fixed costs, the increase in profit always outstrips the increase in sales.
When demand rises, the operating leverage works positively, and a fall in demand has a negative impact - profits decline faster than sales. Fixed costs can be considered as the main source of risk: the higher the share of fixed costs in the cost structure, the more risky the company's operating activities.

63. CALCULATION OF FINANCIAL STRENGTH RESERVE

A higher profitability in comparison with the prevailing average profitability in the industry in the financial market can be obtained only at the cost of risk. Taking risks, an entrepreneur chooses a chance to get excess profit and at the same time gets the opportunity to be at a loss, the desire to "earn". In practice, they are often satisfied with the analysis of the lower limit of profit, namely, the determination of the break-even point and the volume of production and sales that ensures the break-even operation. The level of operating leverage characterizes the degree of profit sensitivity to changes in sales volumes. The effect of operating leverage is manifested in the outstripping rates of profit growth with an increase in sales volumes due to savings on conditionally fixed costs, in an increase in profitability. Due to the inevitability of fixed costs, the increase in profit always outstrips the increase in sales: increase in profit> increase in sales.
When demand rises, the operating leverage works positively, and a fall in demand has a negative impact - profits decline faster than sales. Fixed costs can be considered as the main source of risk: the higher the share of fixed costs in the cost structure, the more risky the company's operating activities. The level of leverage shows how profit can react to management decisions, characterizes the riskiness of management. If the enterprise has a high level of production leverage, then a small effort of managers to increase the volume of sales can lead to a significant increase in profits (positive leverage), but, on the other hand, with a drop in sales volumes, the enterprise can quickly slide to losses (negative leverage) ...

Profitability metrics are used to assess the current profitability of an enterprise. It is a relative measure of efficiency (effect / cost).

There are the following profitability indicators:

The specified list can be supplemented at the request of individual project participants or financial structures, as well as in connection with the introduction by state bodies of new or change, existing criteria for starting an enterprise bankruptcy procedure.

It is advisable to analyze the values ​​of the corresponding indicators in dynamics and compare them with the indicators of similar enterprises. Each project participant, as well as lending banks and lessors, may have their own idea of ​​the limit values ​​of these indicators, indicating the unfavorable financial position of the company. However, in any case, these limit values ​​significantly depend on the production technology and the structure of prices for manufactured products and consumed resources. Therefore, it is not always advisable to use the ideas about the maximum levels of financial indicators that have developed at the time of calculation to assess the financial position of an enterprise over a long period of implementation of an investment project.

Determine the factors affecting profitability

asset turnover

Рп * - asset turnover *

1. As the asset turnover grows, the return on sales and the return on assets grow.
2. All types of ROI are expressed through ROI

In 1919, DuPont specialists proposed a factor analysis scheme. In the Du Pont factor model, for the first time, several indicators are linked together and presented in the form of a triangular structure, at the top of which is the return on equity ratio (ROA) as the main indicator characterizing the efficiency of funds invested in the company's activities, and at the base of two factor indicators - the profitability of sales NPM and resource efficiency TAT.

In the future, this model was expanded into a modified factor model, presented in the form of a tree structure, at the top of which is the return on equity (ROE) indicator, and at the base - the features characterizing the factors of the production and financial activities of the enterprise. The main difference between these models lies in a more fractional allocation of factors and a change in priorities relative to the effective indicator. A fairly effective way of assessing is the use of rigidly deterministic factor models; one of the variants of such an analysis is just performed using a modified factor model. DuPont's factor model is used for factor analysis of the return on equity, it establishes the relationship between the return on equity and the main financial indicators of the enterprise: return on sales, asset turnover and financial leverage. The modified DuPont model is: ROE = Net Income / Revenue * Revenue / Assets * Assets / Equity.

For each specific case, the model allows you to determine the factors that have the greatest effect on the return on equity. From the presented model, it can be seen that the return on equity depends on three factors: return on sales, asset turnover and the structure of advanced capital. The significance of the selected factors is explained by the fact that in a certain sense they generalize all aspects of the financial and economic activity of the enterprise, its statics and dynamics.

The modified factor model clearly shows that the return on equity of an enterprise and its financial stability are inversely related. With an increase in equity capital, its profitability decreases, but the financial stability and solvency of the enterprise as a whole increase.

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where PZ is the average annual amount of inventories for the analyzed period, rubles.

4.Coefficientanchoringcirculatingassets (TO zoa) is calculated as the ratio of the average annual value of current assets to net revenue (B n). The economic content of this coefficient is that the amount of working capital required to receive 1 ruble of net proceeds (fixed) is determined. Current assets for calculation are taken on an average annual basis.

5.Coefficientturnoverowncapital (TO osc).

This ratio is calculated as the ratio of net revenue for the analyzed period to the average annual cost of equity capital and shows how much net revenue is contained in each rubles of equity capital, and what is the period of its circulation. The inverse of this ratio and multiplied by 365 reflects the duration of one turnover of equity in calendar days (O sk).

Let's calculate the turnover indicators based on the data of the balance sheet and the profit and loss statement of Vulkan LLC.

1. Coefficientturnoveraccounts receivablearrears

Current period

Current period

Previous period

About dz = 716 days - the previous period

2. Coefficientturnovercreditorarrears

Current period

About kz = 151 days - current period

K okz = 2.13 - previous period

About kz = 171 days - previous period

3. Ratioturnoverproductionstocks:

Current period

О пз = 5 days - current period

K opz = 13.27 - previous period

О пз = 28 days - previous period

Coefficientanchoringcirculatingassets (TO zoa)

Current period

K zoa = 4.73 - previous period

Coefficientturnoverowncapital (TO osc).

Current period

About sc = 365 / 0.45 = 811 days - current period

K osc = 0.31 - previous period

About ck = 1177 days - previous period

Conclusion: analyzing the turnover of accounts receivable, it should be noted that net revenue in the current year has increased compared to the previous year from 54081741 rubles. up to 80,065,410 rubles, as did the average annual accounts receivable. And the turnover of accounts receivable decreased from 0.51 to 0.48. In the previous year, on average, the turnover of accounts receivable is repaid in 716 days, and in the current year in about 760 days.

The turnover period for settlements of an enterprise on accounts payable is reduced from 171 days to 151 days, since the turnover ratio increases from 2.13 to 2.42. This is a positive moment for the activity, as LLC Vulkan will be able to pay off its obligations faster.

If we compare the turnover of inventories, we can see that the operating cycle of the previous year is higher than the current year. In the previous period, it was 28 days, and in the current year - 5 days.

Analyzing the coefficient of fixing current assets, it can be seen that in the previous year it was 4.73, in the current - 2.07. This means that about 2 rubles are fixed in one ruble of net proceeds. current assets (current period) and almost 5 rubles. current assets (previous year).

If we talk about the efficiency of using equity capital, we can say that this year it is used more efficiently. The turnover in the current year is 811 days (the turnover ratio is 0.45), and in the previous year - 1177 days (0.31).

1.4 Analysisprofitability

An important role in assessing the investment attractiveness, as well as in determining the impact of the implemented investment projects on the change in the investment attractiveness of an enterprise, is played by profitability indicators. Among them:

Business profitability (profitability of property or assets);

Product profitability;

Financial profitability;

Profitability of current assets;

Production profitability;

Return on equity;

Return on sales.

Return on assets is an indicator that comprehensively characterizes the efficiency of an enterprise. With its help, it is possible to assess the effectiveness of management, since obtaining high profits and a sufficient level of profitability largely depends on the correct choice and rationality of the management decisions made, based on the analysis of indicators of the investment attractiveness of the enterprise and its financial stability.

The value of the level of profitability can be used to assess the long-term well-being of the enterprise, that is, the ability of the enterprise to receive the expected rate of return on investment in a sufficiently long term. For lenders and investors investing money in an enterprise, this indicator is a reliable indicator that guarantees the receipt of the required rate of return, which is based on the financial stability of the enterprise and the liquidity of individual balance sheet items.

When determining the profitability of assets, one should proceed from the fact that the numerical value of the property value does not remain unchanged over the period of commissioning of new fixed assets or disposal of property. Therefore, when calculating the profitability of assets, their average value should be determined.

All indicators of profitability, calculated in the course work, can be divided into the following:

1. Indicators of profitability of economic activity (profitability of assets or property).

2. Indicators of financial profitability.

3. Indicators of profitability of products.

1.Calculationindicatorsprofitabilityeconomicactivities.

When calculating the return on assets ratios, various indicators of the company's income can be used: the total mass of profit, the amount of profit and depreciation, net profit, profit from sales, the amount of net profit and depreciation. In our case, to assess the investment attractiveness of an enterprise, to calculate the return on assets, the sum of net profit and interest paid for using a loan is used as an indicator of income for the efficiency of economic activity. Taking this into account, the indicator of profitability of economic activity - coefficientprofitabilityassets (TO ra) - can be defined as follows:

where PE is the net profit, rubles;

Pr - interest paid for the use of loans, rubles;

A ng., ​​A k.g. - asset value at the beginning and end of the year, rubles.

In the absence of additional information, external subjects of analysis can only use the net profit indicator. Accordingly, the calculation formula will take the form:

Along with the specified indicator, coefficient profitabilitycirculatingassets (TO roa) and coefficient profitabilityproduction (TO rn) by the following formulas:

where OA n.g., OA c.g. - the cost of current assets at the beginning and end of the year, rubles;

PF n.g., PF k.g. - the cost of production assets at the beginning and end of the year, rubles;

2. Indicatorsfinancialprofitability.

Financial profitability characterizes the efficiency of investments of the owners of the enterprise, who provide the enterprise with resources or leave at its disposal all or part of their profits. In its most general form, the financial profitability is determined using coefficientprofitability owncapital (TO rsk) as the ratio of the amount of net profit (NP) to the average annual value of the firm's equity capital according to the following formula:

where SK n.y., SK k.y. - equity capital of the enterprise at the beginning and end of the analyzed year, thousand rubles.

When calculating profitability, the cost of equity capital should be calculated as the average value for the period, since during the year equity capital can be increased due to additional monetary contributions or through the use of profit generated in the reporting year or decreased in the presence of losses or a decrease in the amount of the authorized capital of the enterprise ...

3.Calculationindicatorsprofitabilityproducts.

The efficiency of the main activity of the enterprise for the production and sale of goods, works and services is characterized by coefficientprofitabilityproducts (TO rpr). It is determined by the ratio of potential profit (P p) to the total cost of production (C p). This indicator can be widely used for analytical purposes, as it allows you to make calculations by correlating different profit indicators with different indicators of product costs.

Profitabilityimplementedproducts is determined by the ratio of profit from sales (P pr) to the total cost of production, including selling and administrative expenses (Seb.full):

The total cost of goods sold is determined by summing lines 020, 030, 040 of the profit and loss statement. This indicator characterizes the real amount of profit that each ruble of the costs incurred for its production and sale brings to the enterprise. When calculating the profitability of products sold, sometimes the net profit of the enterprise is used in the numerator. But the indicator of the profitability of products, calculated on the basis of net profit, is influenced by factors associated with the supply and marketing and other activities of the enterprise. In addition, the net profit indicator is influenced by taxation, therefore, it is advisable to use the following indicators for calculating: profit from sales, profit before tax.

The indicator of profitability of sold products is used both to control not only the cost of goods sold, but also to control changes in the pricing policy.

4. Coefficientprofitabilitysales (Krpod) is determined by the ratio of net profit (NP) to the amount of proceeds from sales without indirect taxes (In n):

According to the dynamics of this indicator, the enterprise can make decisions on changing the pricing policy or strengthening control over the cost of production. The indicator can be determined as a whole for the product or for its individual types.

Let's define the above indicators of profitability.

1. Coefficientprofitabilityassets:

Current period

K ra = 0.03 - previous period

2. Coefficientprofitabilitycirculatingassets:

Current period

K roa = 0.06 - previous period

3. Coefficientprofitabilityowncapital

Current period

K rsk = 0.04 - previous period

4.Coefficientprofitabilityproducts

Current period

K rpr = 0.37 - previous period

5. Coefficientprofitabilitysales

Current period

K pprod = 0.14 - previous period

Conclusion: the values ​​of the coefficients of return on assets and return on current assets decreased in the current year compared to the previous year due to a decrease in net profit by almost 3 times. The return on equity also declined, but only by 0.01. This was due to a decrease in both the average annual cost of equity capital and net profit. The product profitability ratio remained practically unchanged, and the sales profitability ratio decreased almost 5 times due to a slight increase in net revenue and a significant decrease in net profit.

2. Analysis of the effect of financial leverage (the effect of financial leverage)

In order to increase the rate of return on equity, the owners of the enterprise are sometimes interested in attracting credit sources into circulation, and potential creditors are interested in how many loans the enterprise has already received and how the principal and interest on them were repaid. The enterprise, at the expense of credit resources, can quickly receive the necessary funds, however, on terms of payment and repayment within the terms specified in the loan agreement. The use of borrowed funds makes it possible to increase the efficiency of the use of the company's own capital. Such a mechanism for increasing the rate of return has received the name in economics effectfinanciallever(EGF), or the effect of financial leverage.

The effect of financial leverage is an increase in the profitability of own funds due to the use of credit resources, despite the fact that the latter are paid.

To use the financial leverage mechanism, the following conditions must be met:

· The level of the interest rate on loans must be lower than the profitability of production, calculated on the profit after tax;

· A relatively high degree of stability of economic activity;

· The availability of opportunities for owners to place their saved capital on terms that increase the level of profitability.

The low cost of money encourages the use of borrowed sources in the company's turnover to obtain the difference between borrowed and allocated capital and thereby increase the rate of return on equity capital. The use of borrowed funds in circulation, the interest rate for which is lower than the return on equity, allows you to reduce financial costs and use tax savings. The influence of debt obligations on the rate of return will be the greater, the higher the debt.

The leverage effect is only positive when the difference between the after-tax profitability of production and the interest rate is positive. If the market situation is stable and allows accurate calculations of future income, then the presence of significant debt on loans is not a cause for concern. And with a significant difference between profitability and interest rate, the amount of debt can be increased. With economic instability, large debt or its growth increase the risk associated with a decrease in business activity of the enterprise.

The effect of financial leverage, reflecting the level of additionally generated profit on equity with different share of borrowed funds, is calculated using the following formula:

where EFR is the effect of financial leverage, consisting in the increase in the return on equity ratio (or the strength of the impact of financial leverage),%;

N pr - profit tax rate, in unit shares;

E Ra - economic profitability of assets,%;

С Срп - average calculated interest rate,%

DO - long-term liabilities, rubles;

KO - short-term liabilities, rubles.

ЗК - borrowed capital, rubles;

SK - equity capital, rubles.

Let's consider each component of Formula 2.1.

1.In the above formula, the income tax rate is a constant value, depends on changes in tax legislation and for 2009 is 20%.

2. Data on borrowed and equity capital are taken from Form No. 1 "Balance Sheet".

3. The economic return on assets can be calculated with and without accounts payable. In international practice, there are two methods for calculating the effect of financial leverage. According to the first of them, borrowed funds are understood as the aggregate of directly borrowed capital and accounts payable. According to the second method, accounts payable are not taken into account. But then accounts payable should be excluded from the denominator of the formula for calculating the economic profitability of assets. According to the second method, the EGF is somewhat overestimated.

calculation of economic profitability excluding accounts payable,

where P p - profit before tax, rubles. (according to Form 2 of the Profit and Loss Statement - line No. 140), rubles;

A is the value of assets at the end of the period, rubles. (according to form 1 - "Balance sheet"), rub.

KZ - accounts payable, rubles.

calculation of economic profitability, taking into account accounts payable

4. The average calculated interest rate is determined based on the data of the loan agreement (loan amount, financial costs of the loan, annual interest rate for the loan):

where P k - the amount of interest on the loan, rubles;

And k - financial costs of loans, rubles;

Cr - loan amount, rubles.

Thus, formula 2.1 is transformed as follows:

Including accounts payable

Excluding accounts payable

From the above formulas 2.5, 2.6, three parts of it can be distinguished:

· Tax corrector of financial leverage (1 - N pr), which shows the extent to which the EFR is manifested in connection with different levels of taxation of profits;

· Differential (strength) of financial leverage (E Ra - C cp), which characterizes the difference between the profitability ratio and the average interest on a loan;

· Ratio (leverage) of financial leverage (ZK / SK), which characterizes the amount of borrowed capital used by the company, per unit of equity capital.

The allocation of these components allows you to purposefully manage the EFR in the process of financial activities of the enterprise.

The tax adjuster of financial leverage practically does not depend on the activities of the enterprise, since the income tax rate is established by law. At the same time, in the process of managing financial leverage, a differentiated tax corrector can be used in the following cases:

· If differentiated rates of profit taxation are established for various types of activities of the enterprise;

· If for certain types of activities the company has tax benefits on profits;

· If the divisions of the enterprise carry out their activities in free economic zones, where benefits are in effect.

In these cases, by influencing the sectoral or regional structure of production (and, consequently, the composition of profits at the level of its taxation), it is possible, by lowering the average rate of taxation of profits, to increase the impact of the tax corrector of financial leverage on its effect.

The differential of financial leverage is the main condition that forms a positive EFR. The higher the positive value of the differential, the greater the effect. Obtaining a negative value of the differential always leads to a decrease in the return on equity. This is due to a number of circumstances.

During a period of deteriorating financial market conditions and a reduction in the supply of free capital, the cost of borrowed funds may increase sharply, exceeding the level of production profitability.

A decrease in the financial stability of an enterprise in the process of increasing the share of borrowed capital used leads to an increase in the risk of bankruptcy of the enterprise. This forces lenders to increase the level of interest rates on loans for additional financial risk. At a certain level of this risk, the differential of the financial leverage can take on a zero value and even have a negative value.

With the deterioration of the conjuncture of the commodity market, the volume of sales of products decreases, and, consequently, the amount of profit. Under these conditions, the negative value of the differential of the financial leverage can be formed at unchanged interest rates for a loan due to a decrease in the profitability of production.

With a positive value of the differential, any increase in the leverage ratio will cause an even greater increase in the return on equity ratio. With a negative value of the differential, an increase in the leverage ratio will lead to an even greater rate of decline in the return on equity ratio. Consequently, with a constant value of the differential, the leverage ratio is the main generator of both the increase in profit on equity and the financial risk of losing profit.

Many Western economists believe that the value of the leverage should fluctuate between 30-50 percent, i.e. EFR should be optimally equal to one third - half of the level of economic profitability of assets. In this case, tax exemptions are compensated and to ensure a decent return on their own funds.

Knowledge of the mechanism of influence of financial leverage on the level of return on equity capital and the level of financial risk allows you to purposefully manage both the value and the structure of the company's capital.

Next, we will calculate the effect of financial leverage based on the balance sheet at the end of the reporting period with and without accounts payable using the example of OJSC VULKAN. Financial costs at the end of the reporting year are 3% of the balance of credit funds in the company's accounts. The balance sheet and income statement are shown in Appendix 1.

Exercise 2. The company plans to receive bank loans in the current financial year. Calculate the effect of financial leverage for the current year based on the balance sheet at the end of the reporting year with and without accounts payable. Finance costs are 8% of the loan balance at the end of the period.

Credit contract №1.

Term - 4 years

Interest - 7% per annum.

The amount of the principal loan debt is 1,500,000 rubles.

1. Determine the average calculated interest rate (C cp). To do this, we will calculate the amount with interest that we must return

S = P * (1 + i) = 1,500,000 rubles. * (1 + 9% / 12 months * 4 years * 12 months) = RUB 1,950,000

interest amount = S - P = 1,950,000 -1,500,000 = 450,000 rubles.

2. Determine the economic profitability of assets (E ra) according to the formula 2.2 and 2.3, taking into account and excluding accounts payable at the end of the reporting period:

- with taking into account creditor debt:

- without accounting creditor debt:

3. Determine the financial costs (I to) according to the formula 2.4, taking into account and excluding accounts payable:

- with taking into account creditor arrears

And k = 3% * (DO con per + CO con per + Credit) = 3% * (35202229 + +65348712 + 1500000) = 100595941 rubles.

- without accounting creditor debt:

I k1 = 3% * (DO con per + CO con per + Credit - KZ con per) = 3% * (35202229 + 65348712 + 1500000 - 30323848) = 101141225.6 rubles.

- with taking into account creditor debt:

- without accounting creditor debt:

- with taking into account creditor debt:

ZK = 35202229 + 65348712 + 1500000 = 102050941 rubles.

- without accounting creditor debt:

ZK 1 = 35202229 + 65348712 + 1500000 - 3032348 = RUB 99018593

- with taking into account creditor debt:

- without accounting creditor arrears:

Credit contract №2.

Term - 2 years

Interest - 11% per annum.

Payment procedure - monthly, starting from the first month.

The amount of the principal loan debt is 6,500,000 rubles.

1. Determine the average calculated interest rate (CCRP). To do this, we will calculate the amount with interest that we must return

S = P * (1 + i) = 6,500,000 rubles. * (1 + 11% / 12m. * 2g * 12m.) = 7 800 000 rubles.

interest amount = S - P = 7,800,000 - 6,500,000 = 1,300,000 rubles.

2. Let's determine the economic profitability of assets (Era) according to the formula 2.2 and 2.3, taking into account and excluding accounts payable at the end of the reporting period:

- with taking into account creditor debt:

- without accounting creditor debt:

3. Determine the financial costs (Ik) according to the formula 2.4, taking into account and excluding accounts payable:

- with taking into account creditor arrears

IR = 3% * (DO con per + CO con per + Credit) = 3% * (35202229 + +65348712 + 6500000) = 100745941 rubles.

- without accounting creditor debt:

Ik1 = 3% * (DO con per + CO con per + Credit - KZ con per) = 3% * (35202229 + 65348712 + 6500000 - 30323848) = 106141225.6 rubles.

4. Determine the average calculated interest rate on a loan, taking into account and excluding accounts payable:

- with taking into account creditor debt:

Ссрп = = 1.7

- without accounting creditor debt:

Ssrp1 = = 1.8

5. Determine the borrowed capital, taking into account and excluding accounts payable:

- with taking into account creditor debt:

ZK = 35202229 + 65348712 + 6500000 = 107050941 rubles.

- without accounting creditor debt:

ЗК1 = 35202229 + 65348712 + 6500000 - 3032348 = 104018593 rubles.

6. Using formulas 2.5 and 2.6, we determine the effect of financial leverage with and without accounts payable:

- with taking into account creditor debt:

EGF = (1 - 0.20) * (0.02 - 0.7) * 107050941/180959910 = 0.80 * (-0.68) * 0.6 = - 0.32 = -32%

- without accounting creditor arrears:

EGF = (1-0.20) * (0.022 - 0.8) * 104018593/180959910 = 0.80 * (- 0.8) * 0.6 = -0.39 = -39%

In this case, it is inappropriate to take a loan, since the company does not have enough money to repay it (negative value of the EFR due to the negative value of the differential (strength) of the financial leverage).

3. Analysisratiosvolumesales,cost price,arrivedandpointsbreak even

The analysis of the ratio of sales volume, cost price and profit consists in determining the break-even point - such a ratio of the three listed indicators, which ensures the break-even operation of the enterprise. This material is devoted to calculating the break-even point for enterprises that produce a different range of products, i.e. which are diversified.

As an example, consider the methodology for determining the break-even point for a diversified enterprise, reflecting the most common approach to solving this problem.

It is proposed to calculate the break-even point in natural terms in two ways. According to the first method, to determine the break-even point, a coefficient (K t) is calculated, showing the ratio of fixed costs (Z post) and marginal income (D m) from the sale of the entire range of products for the analyzed period:

Then, for the i-th type of product, the sales volume that provides break-even (K cr i), can be defined as the product of the coefficient К Т by the volume of sales of the i-th type of product for the analyzed period in physical terms ( To i).

K cr i= K t * k i (3.2)

According to the second method, the break-even point is calculated in value terms, that is, the amount of proceeds from sales at the break-even point (V cr) is determined.

V cr = W post / K dm = W post / D m * V p, (3.3)

K dm = D m / V p., (3.4)

where K dm - coefficient of marginal income;

В р - proceeds from the sale of the entire range of products sold, rubles.

K cr = V rt /? K i* c i (3.5)

K cr i = K cr * k i , (3.6)

where q i- unit price of product of the i-th type, rubles;

K cr is a coefficient reflecting the ratio of the volume of sales at the break-even point to the total volume of sales.

The disadvantage of the proposed method is the assumption that the structure of production and sales of products that has developed in the period under consideration will remain in the future, which is unlikely, since demand, the volume of orders, and the range of products change.

Let's consider the calculation of the break-even point for a multinational enterprise using an example, the initial data for which are reflected in Table 1.

Table 1 Initial data for calculating the break-even point for a multinational enterprise

Indicators	Quantity, units	Unit price, rub.	Cost, rub.
1. Sales
1.1 Products A
1.2 Products B
1.3 Products B
1.4 Products D
1.5 Total
2. Variablesexpenses
2.1 Products A
2.2 Products B
2.3 Products B
2.4 Products G
2.5 Total
3. Marginincome
Total (p. 1.5 - p. 2.5)
4. Generalpermanentexpenses

Let's calculate the break-even point according to the first method, using formulas (3.1) and (3.2):

K T = W post / D m = 108000/82800 = 1.304

K cr i= K T * k i

K crA = 1.304 * 300 = 391.2 units.

K krB = 1.304 * 480 = 626 units.

K crV = 1.304 * 600 = 782 units.

K crG = 1.304 * 120 = 156 units.

Let's calculate the break-even point according to the second method, using formulas (3.3), (3.4), (3.5), (3.6):

K dm = D m / V p = 82800/288000 = 0.2875

V cr = W post / K dm = 108000 / 0.2875 = 375652,170 rubles.

K cr = V rt /? K i* c i = 375652,17/288000 = 1,304

K cr i= K cr * k i

K crA = 1.304 * 300 = 391.1 units.

K krB = 1.304 * 480 = 626 units.

K crV = 1.304 * 600 = 782 units.

K crG = 1.304 * 120 = 156 units.

To check the correctness of the calculations, you can use table 2.

Table 2. Checking the correctness of the break-even point calculations for a multinational enterprise

Indicators
1. Sales proceeds
2. Variable costs
3. Margin income
4. General post. expenses
5. Profit

To achieve a break-even operation of the enterprise, it is recommended to produce product A with a volume of at least 391.1 units, product B with a volume of at least 626 units, product B with a volume of at least 782 units, and product D with a volume of at least 156 units.

The third way to determine the break-even volume is carried out by distributing fixed costs between types of products in proportion to variable costs.

Determination of the break-even production volume can be carried out in several stages. In the first of them, the total amount of fixed costs is distributed between types of products in proportion to the selected distribution base, for which in this case the value of variable costs is taken. At the second stage, the break-even volume of production and sales for each type of product (K cr i) is calculated using the formula:

K cr i= 3 post i/ (c i- Z lane i), (3.7)

where Z post i- the amount of fixed costs related to the i-th type of product, rubles.

This approach eliminates the disadvantage noted above and allows us to solve the problem of determining the break-even sales volume of an enterprise with diversified production.

We will carry out the calculation according to this method, using the data in table.

1. Let us distribute fixed costs in proportion to variable costs between types of products: (cost of products of the i-th value at variable costs * fixed costs).

A = 18000/205200 * 108000 = 9474 rubles.

B = 43,200/205,200 * 108,000 = 22,737 rubles.

B = 14400/205200 * 108000 = 7579 rubles.

G = 129600/205200 * 108000 = 68211 rub.

2. Let's calculate the break-even point for each type of product:

K cr i= 3 post i/ (c i - Z lane i) (3.8)

K crA = 9474 / (108 - 60) = 9474/48 = 197.38 units.

K krB = 22737 / (120 - 90) = 22737/30 = 757.9 units.

K crV = 7579 / (42 - 24) = 7579/18 = 421 units.

K crG = 68211 / (1440 - 1080) = 68211/360 = 189.48 units.

The verification of the correctness of the calculations is carried out in Table 3.

Table 3 Checking the correctness of the break-even point calculations for each type of product

Indicators
1. Sales proceeds
2. Variable costs
3. Margin income
4. General post. expenses
5. Profit

According to the table, it can be seen that, as follows from the definition of the break-even point, with the critical volumes of sales of types of products A, B, C, D and the costs of their production and sale, the profit is zero.

According to this method, in order to achieve a break-even operation of the entire enterprise, it is recommended to produce product A with a volume of at least 197.38 units, product B with a volume of at least 757.9 units, product B with a volume of at least 421 units, and product D with a volume of at least 189.48 units.

Next, we will consider the problem of determining the volume of sales for the planned amount of profit using the example of a diversified enterprise. If the management of the enterprise sets the task of obtaining a certain amount of profit, then the proceeds from the sale (B p) for a given amount of profit (P) can be calculated using the already known formula:

The volume of production and sales of products in physical terms (K t), at which the enterprise will make a profit in the planned amount, then will be:

The methodology for determining the volume of sales at the planned amount of profit for diversified enterprises is as follows.

1. The volume of sales in value terms, corresponding to the planned amount of profit (In p), is determined by the formula:

B n = (3 post + P) / D m0 * B 0, (3.11)

where В 0 - sales volume in the base period, rubles;

D m0 - marginal income in the base period, rubles.

2. The volume of sales in physical terms required to obtain the planned profit (K p i) is equal to:

K n i= K * k i , (3.12)

where K = (3 post + P) / D m;

To i- sales volume of the i-th product in kind, units.

Using the data in table 1 and the condition according to which the planned amount of profit should be 200,000 rubles. (before taxation), we determine the volume of sales in value terms corresponding to the planned amount of profit.

V n = (3 post + P) / D m0 * V 0

B n = (108000 + 200000) / 82800 * 288000 = 11130434.78 rubles.

Let's calculate the index of growth of marginal income (K) according to the plan in relation to the base period.

K = (3 post + P) / D m

K = (108000 + 200000) / 82800 = 3.7

Then you can determine the amount of sales in kind for each type of manufactured and sold products in order to get the planned amount of profit:

K n i= K * k i

K pA = 3.7 * 300 = 1110 units.

K pB = 3.7 * 480 = 1776 units.

K pV = 3.7 * 600 = 2220 units.

K PG = 3.7 * 120 = 444 units.

After checking, substituting the planned sales volume, we get the planned profit.

Table 4 Checking the correctness of the calculation of the volume of sales corresponding to the planned amount of profit

Indicators
1. Sales proceeds
2. Variable costs
3. Margin income
4. General post. expenses
5. Profit

In order for the enterprise to receive the planned profit of 200,000 rubles, it is necessary to produce product A with a volume of at least 1110 units, product B with a volume of at least 1776 units, product B with a volume of at least 2220 units, and product D with a volume of at least 444 units.

4. Analysisinfluenceonfactorsonthe changepointsbreak even

Factors that influence critical sales volume include:

· Unit price;

· Variable costs per unit of production;

· Fixed costs per unit of production;

· Fixed costs.

The relationship between the listed factors and the generalizing indicator can be expressed by the following already well-known formula:

K cr = 3 post / (c i- Z lane i) (4.1)

If we consider successively the change in the value of only one of the listed factors, then the break-even point will be calculated as follows.

With a change in the selling price of products, the critical sales volume will be equal to:

V cr (c) = 3 post0 / (c 1 - 3 lane), (4.2)

where V cr (c) is the volume of sales at the break-even point at the price (c 1), rub.

The change in the break-even point due to deviations in the selling price (? V cr (c)) will be:

B cr (c) = B cr (c1) - B cr (c0), (4.3)

where V cr (c1) and V cr (c0) are sales volumes at the break-even point at prices c 1 and c 0, rubles.

When changing variable costs per unit of production, the break-even point will be:

V cr (lane) = Z post0 / (q 0 - Z lane1), (4.4)

where In cr (lane) is the volume of sales at the break-even point at variable costs (ln1), rubles.

Change in the break-even point due to changes in variable costs per unit of production (? In cr (per)) is equal to:

V cr (lane) = B cr (n ep 1) - V cr (lane0), (4.5)

where B cr (n ep 1) and B cr (per0) are sales volumes at the break-even point at the level of variable costs before the implementation of the measure (per0) and after the implementation of the measure (per1), rub.

With a change in fixed costs, the break-even point will be:

K cr (post) = Z post1 / (q 0 - Z per0), (4.6)

where B cr (post) is the volume of sales at the break-even point at constant costs (Z post1), rubles.

The change in the break-even point due to the change in fixed costs (? V cr (post)) is:

V cr (post) = V cr (post1) - V cr (post0) (4.7)

The influence of these factors on the break-even point can be analyzed. Obviously, the break-even point is most sensitive to changes in the selling price of a unit of production. Moreover, these indicators are inversely related. If the enterprise operates in a mode close to its full production capacity, then its management has practically no opportunity to control the price downward, since the volume of sales that is necessary to ensure cost recovery increases dramatically and can go beyond the production capacity of the enterprise. With a low capacity utilization of the enterprise, a decrease in the sale price can be considered as a factor that can increase the profitability of the enterprise due to a possible increase in production and sales of products. The sensitivity of the break-even point to changes in variable costs per unit of output is also high. There is a direct relationship between this factor and the generalizing indicator. Even a slight increase in variable costs negatively affects the results of the enterprise.

An increase in fixed costs leads to a higher break-even point and vice versa.

Analysis of the influence of all factors on the break-even point of one product is carried out using the method of chain substitutions in a certain sequence. In this case, indicators with index 0 indicate the values ​​of the base period, and with index 1 - the current (reporting). First, the change in the break-even point is determined by changing the level of fixed costs, then by changing the sales prices and by changing the variable costs per unit of product.

K cr (conv1) = З post1 / (c 0 - З per0) (4.8)

K cr (conv2) = З post1 / (c 1 - З per0) (4.9)

K cr (convZ) = З post1 / (c 1 - З per1) = К cr1 (4.10)

The change in the break-even point will be due to the change:

a) the amount of fixed costs K cr (conv1) - K cr0;

b) sales prices of products K cr (usd2) - K cr (conv1);

c) variable costs K cr (yc l3) - K cr (conv2).

For enterprises with diversified production, the analysis of the influence of factors on the break-even sales volume should also take into account structural shifts in the product range. Accounting for the impact of changes in the range of products in value terms is carried out according to the following formula:

B to p = З post /? (Y i* (c i- Z lane i) / c i) = З post /? (Y i* (1 - Z lane i/ c i), (4.11)

where u i= to i* c i/?(To i* c i) - the share of each type of product in the total amount of proceeds from sales;

З post - fixed costs, rub.

Z lane i- variable costs of the i-th type of product, rubles.

c i- the price of the i-th type of product, rubles.

The analysis of the influence by factors on the change in the break-even point of a multinational enterprise will be carried out according to the initial data accumulated in Table 5.

Table 5 Initial data for calculating the influence of factors on the change in the break-even point of a multinational enterprise

Indicators		Actually
Fixed costs of the enterprise, thousand rubles
Unit variable costs, thousand rubles
Product A
Product B
Product B
Unit selling price, thousand rubles
Product A
Product B
Product B
Number of products sold, units
Product A
Product B
Product B
Share in total revenue
Product A
Product B
Product B

B to p = З post /? (Y i* (c i- Z lane i) / c i) = З post /? (Y i* (1 - Z lane i/ c i) (4.12)

1. Determine the level of the break-even point in value terms will be according to the planned data (In cr0):

2. Determine the level of the break-even point in value terms according to the actual data (In cr1):

3. Determine the change in the break-even point (? V cr) is equal to:

V cr = V cr1 - V cr0 = 6000 - 5617.98 = 382,02 thous. rub .

The calculation of the influence by factors will be carried out by the method of chain substitutions in the following sequence.

1. Let's determine the impact of changes in the volume of sales and product structure:

For product A:

Consequently, the effect of changes in volume and structure for product A is:

В? УА = В conv1 - В cr0 = 33222.59 - 36764.71 = -3542.12 thousand rubles.

For product B:

Consequently, the effect of changes in volume and structure for product B is equal to:

В? УБ = В conv2 - В conv1 = 970.09 - 4087.19 = -3117.1 thousand rubles.

For products B:

Consequently, the effect of changes in volume and structure for product B is equal to:

В? УВ = В conv3 - В conv2 = 5190.31 - 970.09 = 4220.22 thousand rubles.

Total for the factor of changes in the volume and structure of products, the effect on the break-even point is:

382,02 + (-3117,1) + 4220,22= 1485,14 thous.rub.

2. Consider the influence of the factor of unit variable costs on the break-even point in value terms.

For product A:

The effect of changes in the unit variable costs for products A is equal to:

B? SperA = B conv4 - B conv3 = 5190.31 - 5190.31 = 0 thousand rubles.

For product B:

The effect of changes in the unit variable costs for product B is equal to:

B? ZperB = B conv5 - B conv4 = 4298 - 5190.31 = -892.31 thousand rubles.

For products B:

The effect of changes in the unit variable costs for products B is equal to:

V? ZperV = V conv6 - V conv5 = 5597 -4298 = 1299 thousand rubles.

Total for the factor of change in unit variable costs, the effect on the break-even point is:

0+ (-892,31) + 1299= 406,69 thous.rub.

3. Consider the influence of the factor of changes in the selling price of products.

For product A:

Consequently, the effect of changes in the selling price of products A is equal to:

V? TsA = V conv7 - V conv6 = 6550 - 5597 = 953 thousand rubles.

For product B:

Consequently, the effect of changes in the selling price of products B is equal to:

V? CB = V conv8 - V conv7 = 6466 - 6550 = -84 thousand rubles.

For products B:

Consequently, the impact of changes in the selling price of products B is equal to:

V? CV = V conv9 - V conv8 = 5000 - 6466 = -1466 thousand rubles.

Total for the factor of changes in the selling price, the effect on the break-even point is equal to:

953 + (-84) + (-1466)= -597 thous.rub.

4. Determine the impact of changes in fixed costs on the change in the break-even point:

?V ? Zpost= V cr1 - V conv9 = 6000 - 5000 = 1000 thousand roubles.

Let's check the calculations:

V cr = V cr1 - V cr0 =? B? YA +? B? UB +? B? YV +? B? ZperA +? B? ZperB +? B? ZperV +? B? TsA +? B? CB +? B? CV +? B? Zpost = 1485.14 + 406.69 + (- 597) + 1000 = 2294.83 thousand rubles.

In general for the enterprise, the changes in the break-even point were:

· Decrease due to changes in the volume and structure of products - by 1,485.14 thousand rubles;

· Growth due to changes in unit variable costs - by 406.69 thousand rubles;

· Reduction due to changes in sales prices - by (-597) thousand rubles;

· Growth due to an increase in fixed costs - by 1000 thousand rubles.

The total change was: + 2294.83 thousand rubles. (1485.14) + 406.69 + (-597) + 1000 = 2294.83 ...

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The tasks of motivating the staff of the company. Formation of the company's profit. Distribution of balance sheet profit. Calculation of the economic effect from reducing the cost of production. Analysis of break-even volumes and financial safety margin for each product.

Profit, being an absolute indicator, does not show the level of efficiency of the organization and does not allow for a comparative analysis of the results of the activities of economic entities that differ in the scale of production, the amount of capital, the range of products, etc. For these purposes, a relative indicator is used, which is in general, the ratio of effect to costs is called profitability.

Profitability as an economic category expresses the economic relations between business entities regarding the effectiveness of the use of capital factors. As an economic criterion, profitability characterizes the efficiency of the financial and economic activity of any economic entity relative to all others, regardless of the size and nature of economic activity.

The method for determining profitability assumes a variety of forms of expression for the numerator and denominator. This leads to the calculation of a large number of profitability indicators, which can be systematized based on various classification criteria - by the subject of activity, by type of resources, by type of effect, by phases of activity, etc.

The system of indicators of profitability, which allows you to assess the efficiency of an economic entity, includes (at least) the following coefficients:

1) profitability of products (products) - is defined as the ratio of profit from sales of products (works, services) to the total cost of sales.

where Prp- profit from sales (from the sale of products);

PSRP- full cost of goods sold.

The profitability of a product characterizes the amount of profit per ruble of costs for its production and sale. The indicator of profitability of products can be calculated both for all marketable products of the organization, and for its individual types, on the basis of which a decision is made to change the assortment: expand the output of some types of products and discontinue others. Based on the indicator of profitability of products, planning of the release of new types of goods is also carried out.

In addition to the above calculation methodology, product profitability can be calculated based on the net profit indicator, and without taking into account commercial and administrative costs, that is, based on the cost of production;

2) profitability of sales (profitability of turnover, coefficient of profitability) - is defined as the ratio of profit from sales to proceeds from sales according to the formula

where Vrp- net proceeds from product sales.

This indicator reflects the share of profit in revenue and characterizes the profitability of the main activity of the organization. The profitability of sales is considered as a generalized indicator of the financial condition of an economic entity and influences the decisions of investors on the expediency of investments in this organization. The dynamics of profitability of sales depends on changes in prices, sales volumes and costs of production and sale of products. So, for example, an increase in profitability of sales may be due to higher prices for products or lower costs, and vice versa. The change in profitability of sales can also be explained by the difference in the rate of change in product prices and production costs. Therefore, it is believed that this profitability ratio characterizes the organization's pricing policy.

Factor analysis of profitability of sales allows you to decide on the choice of ways to improve the efficiency of the organization (profit growth either by reducing costs, or by expanding production and sales).

The indicator of profitability of sales can be calculated on the basis of net profit and is called in this case the ratio of net profit. Return on sales in terms of net profit shows the amount of profit remaining at the disposal of the organization, calculated per unit of products sold;

3) return on assets (return on investment) - is defined as the ratio of profit to the average value of the organization's assets according to the formula

where Pch- net profit;

A- the amount of assets.

As an indicator of the effect, one or another indicator of profit can be used, depending on the task set when assessing the effectiveness. In most cases, the assessment is carried out based on profit before tax (on balance sheet), on net profit, on profit from sales.

The return on assets characterizes the efficiency of using the funds invested in the activities of the organization and gives an assessment of the profitability of their investment. This indicator reflects the amount of profit attributable to the ruble of all spent economic resources. In addition, the return on assets (calculated on the basis of the net profit indicator) determines the financial potential of an economic entity and the possibilities for its development.

The return on assets (and, accordingly, the efficiency of using assets) increases in the case of an increase in profits, a decrease in the need for fixed and circulating assets, or with the simultaneous influence of both factors. The analysis of the profitability of assets allows us to identify the main factors affecting the profitability of activities, the directions of their influence, as well as to determine the measures necessary to increase the effectiveness of the use of existing assets.

,

where Koa - asset turnover ratio.

Asset turnover is defined as the ratio of sales proceeds to the average value of assets for the analyzed period and shows the number of revolutions made by the organization's assets for the period, thereby characterizing the efficiency of their use. The formula shows the direct proportional dependence of the profitability of assets on the profitability (profitability) of sales and the rate of circulation of assets.

Usually, in the course of analyzing the profitability of assets, additional coefficients of profitability of current assets and profitability of non-current assets are calculated;

4) return on equity - shows the amount of net profit that the organization receives per monetary unit of invested own funds, characterizing the effectiveness of their investment.

This indicator is of particular importance for the owners of the organization, since they are interested in the most profitable investment of their funds and receiving the highest income from this. There is a proportional relationship between the value of the indicator and the amount of income received by the owners. The higher the return on equity capital, the more income the owners can receive, therefore the return on equity reflects the degree of rationality and attractiveness of investing in this field of activity, has a decisive influence on the value of the market value of the enterprise. This indicator is called the criterion of the profitability of the organization.

The calculation of the return on equity is carried out according to the formula

where SC- equity.

The relationship between return on equity with return on assets and return on sales can be represented by the following formula:

where Msk is the equity capital multiplier. It shows how the assets of an organization increase with an increase in its equity capital per unit (one ruble, one percent, etc.), and also characterizes the structure of the organization's capital. The multiplier is defined as the ratio of assets to equity of the organization;

5) profitability of borrowed capital - reflects the feasibility and effectiveness of the use of borrowed resources, which must be taken into account when forming a policy for attracting borrowed funds:

where ЗК - borrowed capital.

The debt capital includes long-term and short-term liabilities of the organization, the use of which is carried out on a repayable and paid basis. This makes it necessary to compare the costs associated with their receipt and the effect of their use.

In addition to the above-mentioned indicators of profitability, which are among the basic ones, the organization can calculate many others. A specific list of coefficients is determined based on the goals and objectives of the analysis, the specifics of the organization's activities.

Basic methods of planning profit and profitability

Profit planning is an integral part of financial planning and plays an important role in ensuring the efficient operation of an organization.

An economically justified definition of profit makes it possible to correctly assess the amount of financial resources, the possibility of making investments, replenishing working capital, ensuring the timeliness of settlements with the budget, banks, business partners, and employees. The implementation of the dividend policy and the formation of the market value of the organization depend on the amount of profit.

When planning the profit of an organization, general provisions on planning and specific features of activities, forms of ownership, organizational and legal forms, conditions of offsets, etc. are taken into account. production volumes, a change in the assortment, a change in prices for production resources, for the organization's products, etc.

Profit planning includes:

Profit formation planning;

Planning the use of the received profit.

These are both independent and interrelated sections of the planning process.

The object of planning is the balance sheet profit and its main elements: profit from the sale of products, profit from the sale of property and property rights, profit from non-sale operations.

Methods for planning financial results are currently not regulated, but the following basic methods are used in economic practice:

1) direct counting method;

2) analytical method;

3) normative method;

4) programmed factorial method;

5) economic and mathematical method.

1. Direct counting method- the simplest and most accurate method, especially convenient when the range of products of the enterprise is not too wide.

The disadvantages of the method include the difficulty of determining the effect of various economic factors on the amount of profit.

In addition, in modern conditions it is quite difficult for an enterprise to accurately determine the volume of sales of products and it is not always possible to set sales prices in advance. These considerations are the main obstacle to the application of this method.

Planning stages:

1) determination of the planned profit from sales according to the formula

,

where Vrp- net proceeds from product sales

Srp- total cost of goods sold

Also, the profit from sales can be determined by the formula

NS = ,

where CPI - selling price of the i-th type of product;

Ci- the cost of the i-th type of product;

Ki- the number of sales units of the i-th type of product.

If it is impossible to directly determine the volume of sales of products or with a sufficiently wide range of it, the profit on sales can be determined based on the profit from the production of products according to the formula

Prp = Pong + Ptp –Pokg

where Pong- profit in the balance of unsold products at the beginning of the planned year;

Ptp- profit from the release of marketable products for the planned year;

Pkg- profit in the balances of unsold products at the end of the planned year;

2) planning of profit in carry-overs can be carried out on the basis of the profitability of the reporting year;

3) the determination of the planned amount of profit from the sale of property is carried out on a direct basis based on the estimated sale price of the property planned for sale and its initial (residual) value. A list of property to be sold is preliminarily drawn up;

4) the determination of the planned amount of profit from non-operating transactions can be carried out on the basis of the ratio of profit from non-operating transactions and the balance sheet profit of the enterprise that has developed in the reporting year.

When determining the ratio, only non-operating income and expenses associated with normal conditions of economic activity, which are of a permanent nature, are taken into account;

4) the determination of the planned size of the balance sheet profit is made according to the formula

Pbal = Prp + At + PVO,

where At- projected profit from the sale of property and property rights;

Air defense- projected profit from non-operating transactions.

2. Analytical method- it is used with a wide range of products, as well as when it is necessary to determine the influence of economic factors on the amount of profit.

The main principle used in planning profit by this method is focusing on the level of costs or the level of basic profitability based on the analysis of the organization's activities over previous periods.

2.1 Profit planning according to the level of basic profitability of manufactured and sold products (works, services) is carried out in the following order. Planning stages:

1) calculation of basic profit based on actual reporting data, adjusted for the result of the action of random factors, etc .;

2) determination of baseline profitability:

where Pvsp- profit for the production of comparable products;

WITH- production cost of comparable products;

3) recalculation of all comparable manufactured products of the planned year to the cost of the reporting year based on the expected percentage of change

That = ,

where That- release of products for the planned period at the cost of the reporting year;

T- release of products for the planned period at the cost of the planned year;

Δ С%- the estimated change in cost in percent;

4) the profit from the release of comparable products for the planned year is determined:

Ptps = ;

5) the planned profit in the carry-over of unsold products is determined - on the basis of the base profitability. In this case, the balances of unsold products at the end of the planned year must be recalculated to the cost of the reporting year;

6) the planned profit from the sale of property and property rights is determined - according to the methodology used in planning by the direct account method;

7) the planned profit from non-operating transactions is determined according to the methodology used in planning by the direct account method;

8) the planned profit from the sale of incomparable products is determined by the direct account method as the difference between the selling price and the cost of sold incomparable products or on the basis of the average level of profitability;

9) the planned profit balance sheet is determined:

Prp = Prps + At + PVO + Prpn;

10) the influence of economic factors on the amount of profit for the production of comparable products is determined:

a) changes in the range of products (based on changes in the average level of profitability):

Δ P due to ass-ta = T o × ΔR,

where ΔR- change in the average level of profitability in percent;

b) change in the qualitative structure of products (based on changes in the grade ratio):

Δ P due to quality = T o × K grade . ,

where is K grade. - change in the grade coefficient;

c) changes in the cost of production:

Δ P due to s / s = T o - T =;

d) changes in product prices:

Δ P due to prices =,

where Т i is the volume of output of the i-th product, for which the prices have changed;

Δ Ц i - change in prices for the i-th product in rubles.

2.2 In the second variant of profit planning by the analytical method - at the level of costs per 1 ruble of manufactured and sold products (works, services), profit calculations are carried out in the same way as for the basic profitability. But instead of a baseline profitability measure, a baseline cost measure is used.

At the same time, the profit for commercial output is planned in the same way for comparable and incomparable products based on the amount of costs per one ruble of the cost of production:

Ptp = TP opt * (1 - З) ,

where TPopt- commercial products at wholesale prices (sales prices);

Z- costs for 1 rub. marketable products at wholesale prices (sales prices).

3. Normative method- is the basis for the implementation of a commercial budgeting system and is used if the organization has established norms and standards for the expenditure of resources for specific types of products and for the centers of responsibility of organizations.

In this case, an estimate (budget) of financial results is developed on the basis of an estimate of the cost of sales, an estimate of the period's expenses and an estimate of the volume of sales. It also adds information about other income, other expenses and the amount of income tax.

An estimate of financial results can be drawn up for each profit center - separate divisions or structures for which it is possible to correlate the income they receive with the expenses incurred. The estimate of financial results for the organization as a whole is the result of the addition of all such estimates, and the main task of this estimate is to ensure a given level of financial results both in absolute form (profit) and in relative (profitability). If the acceptable minimums for profit or profitability are met, the estimate is approved, if not, it is subject to revision according to private estimates in order to identify reserves for improving financial results for each individual profit center. Monitoring of the estimate of financial results is carried out in accordance with the compliance of the actual values ​​of profit and profitability with the planned ones. If deviations in this estimate are detected, the control actions will be directed not at adjusting the indicators of the estimate of financial results, but at adjusting the estimates that provide it.

4. Programmed factorial method of planning profit and profitability- one of the most promising in modern conditions, providing for the planning of profit and profitability for several options for the economic activities of organizations. As a result, it is the indicators of profit and profitability that determine the choice of the management option, that is, these indicators become the initial, target ones. Planning stages:

1) calculation of baseline indicators for the previous year on the basis of reported ones, adjusted for conditions in effect at the beginning of the planned year and freed from random factors;

2) setting the goals of economic activity for the planned year.

At this stage, the company determines the target options for the ways of management in the next year. The goals of the enterprise should determine the groups of factors that will affect the profit of the planned year. Main aggregated factors:

Change in the volume of sales of comparable products in comparable prices;

Change in the cost of comparable products;

Release of new incomparable products;

Changes in prices for the company's products;

Changes in prices for purchased inventory items;

Change in the valuation of fixed assets and capital investments of the enterprise;

Change in wages;

Change in profit from other sales and non-sales transactions;

Change in the assets of the enterprise;

Change in the ratio of equity and borrowed capital;

Structural shifts in production and costs.

All these factors, if necessary, can be supplemented and detailed;

3) forecasting inflation indices. The organization determines the estimated inflation indices for the planned year independently, based on its own information about price movements and the structure of costs and products. The main inflation indices reflect:

Change in "sales prices" for products, works, services of the enterprise itself;

Change in "purchase prices" for inventory items purchased by the enterprise;

Change in the value of fixed assets and capital investments according to the balance sheet estimate;

Change in average wages due to inflation;

4) calculation of the planned profit and profitability by options.

The profit is calculated on the basis of the base amount of the balance sheet profit for the previous year, which is adjusted for the value of the factors established in the second planning stage. With this planning method, the influence of each factor on future profits (including inflationary factors) is clearly visible.

5) the choice of the optimal management option is carried out taking into account the received indicators of profit and profitability. In addition, target profit and margins can be key criteria when optimizing an organization's planning decisions.

The presented method is based on the current reporting, does not require a significant increase in the information base, with the exception of monitoring inflation indices. This also speaks in favor of this method and determines its prospects.

5. Economic and mathematical method. It is used only in large or super-large organizations where it is possible to use a large accounting information base, computers and computer programs.

Planned profit indicators are used by the organization in calculating the target sales volume, optimizing taxation, forming a dividend policy, etc. activities.

Questions for self-control

1. Expand the value of profit in the activities of the organization in a market economy.

2. Describe the main functions of profit.

3. Name the main factors influencing the formation and distribution of profits.

4. Describe the main types of profit and their relationship.

5. Describe the concept of profitability.

6. What are the main coefficients of profitability.

7. What is the relationship between return on assets and return on sales?

8. What are the advantages of the analytical method of planning profit?

9. What are the main methods of planning profit.

10. What is the relationship between profit and profitability indicators?

In this article, we will consider the turnover of working capital, as one of the most important indicators for assessing the financial condition of an enterprise.

Working capital turnover

Working capital turnover (English Turnover Working Capital) - an indicator related to the company, and characterizing the intensity of the use of working capital (assets) of the enterprise / business. In other words, it reflects the rate of conversion of working capital into cash during the reporting period (in practice: year, quarter).

The formula for calculating the turnover of working capital according to the balance sheet

Working capital turnover ratio (analogue: fixed assets turnover ratio, K ook) - represents the ratio of sales proceeds to the average working capital.

The economic meaning of this coefficient is an assessment of the effectiveness of investing in working capital, that is, how working capital affects the amount of sales proceeds. The formula for calculating the indicator of working capital turnover on the balance sheet is as follows:

In practice, the turnover analysis is supplemented with the coefficient of fixing current assets.

The coefficient of fixing current assets- shows the amount of profit per unit of working capital. The calculation formula is inversely proportional to the working capital turnover ratio and has the following form:

- shows the duration (duration) of the turnover of working capital, expressed in the number of days required for the payback of working capital. The formula for calculating the working capital turnover period is as follows:

Working capital turnover analysis. Standards

The higher the value of the working capital turnover ratio, the higher the quality of working capital management at the enterprise. In financial practice, there is no single generally accepted value of this indicator, the analysis must be carried out in dynamics and in comparison with similar enterprises in the industry. The table below presents various types of turnover analysis.

Indicator value	Indicator analysis
K ook ↗ T ook ↘	The increasing dynamics of growth of the working capital turnover ratio (decrease in the period of turnover) shows an increase in the efficiency of using the company's fixed assets and an increase in financial stability.
K ook ↘ T ook ↗	The downward dynamics of changes in the working capital turnover ratio (increase in the turnover period) shows the deterioration in the effectiveness of the use of fixed assets at the enterprise. In the long term, this may lead to a decrease in financial stability.
K ook> K * ook	The working capital turnover ratio is higher than the industry average (K * ook) shows an increase in the competitiveness of the enterprise and an increase in financial stability.

Video lesson: "Calculation of key turnover ratios for OAO Gazprom"

Summary

The turnover of working capital is the most important indicator of the business activity of an enterprise and its dynamics directly reflects the financial stability of the enterprise in the long term.