Alekseeva A.I. Comprehensive economic analysis of economic activity Factor analysis of profitability of assets of a commercial organization

Economic factors affecting the amount of profit
Analysis financial results and profitability of the organization's assets based on financial ratios

Goals and objectives of financial analysis of organizations

Financial analysis of the organization- ϶ᴛᴏ calculation, interpretation and evaluation of a set of financial indicators characterizing various aspects of the organization's activities. Financial analysis includes the analysis of physical indicators of production and the study of the organization's direct cash flows, which are based on its value. It is important to note that, however, with all this, only the combination of these two components is able to give a real assessment of the state of the organization. Underestimation of the role of financial analysis, errors in plans and management actions in modern conditions incur significant losses. It must be remembered that such losses can be noticed and prevented in a timely manner by regularly analyzing the activities of the organization. Ensuring the effective functioning and development of an organization requires economically competent management of its activities, which is largely determined by the ability to analyze it.

main goal financial analysis will be obtaining a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, with the help of an analyst and a manager (manager) may be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis.
It is worth noting that the main factor, ultimately, will be the volume and quality of the initial information. With ϶ᴛᴏm, it must be borne in mind that the organization's periodic accounting or financial statements are ϶ᴛᴏ exclusively "raw information" prepared in the course of accounting procedures at the organization.

As a rule, tasks aimed at adjusting the financial policy of the organization are set by management (managers, owners). they should help determine the most effective ways to improve (stabilize) the financial situation of the organization.

The result of the analysis for the internal user will be a set of management decisions - a combination of various measures aimed at optimizing the state of the organization, which is revised under the influence of changes in the macro- and microeconomic environment.

Economic science has developed methods that allow, using a system of relative indicators calculated on the basis of financial reporting data, to quickly and fairly accurately form an idea of the financial position of an organization. By studying the dynamics of changes in these indicators, you can determine the development trends of your own organization or its partner and make sound management decisions.

The content and forms of the balance sheet, income statement, other reports and applications are studied sequentially from one reporting period to another. In the financial statements, data are given for at least two years - the reporting and preceding the reporting. If they are incomparable with the data for the reporting period, they are subject to adjustment based on the rules established by regulatory enactments. The data that has undergone an adjustment must be reflected in the explanatory note along with an indication of the reasons that caused this adjustment. The constituent parts of financial statements are interconnected, as they reflect different aspects of the same facts of economic life. Although each report presents information that is different from other reports, none of them serves only one purpose and does not provide all the information needed to solve specific management problems.

The main users of such information will be:

investors who invest in the organization ϲʙᴏth capital with a certain degree of risk in order to receive income on it;
lenders who temporarily provide an organization with a loan in exchange for some predetermined income, and are interested in information that allows them to determine whether payments on the loan will be made in a timely manner;
managers of the organization, since financial information makes it possible to make the most reliable assessment of management effectiveness;
employees of the organization interested in obtaining information about the ability of the organization to pay salaries, make pensions and other payments on time;
suppliers interested in information enabling them to determine whether the amounts due to them will be paid on time;
consumers (customers of the organization) interested in the stability of supplies, as a result of the financial solvency of the organization;
public and state organizations, since the well-being of the economic infrastructure of the region depends on the successful functioning of the organization.

When making economic decisions, investors, creditors and other interested users analyze a wide range of economic information about the organization, both financial and non-financial. In the ϶ᴛᴏm huge amount of information that is created by the organization, public accounting (financial) statements are of key importance, the core of which will be the balance sheet.

Accounting (financial) reporting- ϶ᴛᴏ a set of reporting forms compiled on the basis of a financial accounting database in order to provide external and internal users with generalized information about the financial position of an organization in a form that is convenient and understandable for these users to make certain business decisions.

The financial statements of an organization (except for budgetary, insurance organizations and banks) include:

balance sheet (f. 1);
income statement (f. 2);
statement of changes in equity (f. Z);
cash flow statement (form 4);
appendices to the balance sheet (form 5);
explanatory note;
an auditor's report confirming the reliability of the organization's financial statements, if it is subject to mandatory audit in accordance with federal law.

Balance sheet, Form No. 1, is a table and consists of an asset and a liability. It is customary to place the asset on the left, and the liability on the right or one above the other. Asset items are the balances of accounting accounts as of the date of the report, for which the property of the organization is taken into account - fixed assets, semi-finished products, stocks finished products, cash, claims on other organizations (accounts receivable), etc. Values of liability items - ϶ᴛᴏ balances of accounting accounts, on which the sources of formation of the organization's property are taken into account - own funds, profits, loans, the organization's debt to other organizations (accounts payable), etc. The total of the asset is always equal to the total of the liability and ϶ᴛᴏ value is called the balance currency.

The balance sheet shows the state of the organization for a certain (in this case- reporting) date. In contrast to ϶ᴛᴏmu, the Profit and Loss Statement shows the results of the organization's work for a certain (in this case, reporting) period. The total amounts in the balance sheet are not always expressed in units of measurement, ϲᴏᴏᴛʙᴇᴛϲᴛʙ of the reporting time, and are refined by introducing a general price index.

To ensure comparability of balance sheet data by periods, it is advisable to adjust the value of property and liabilities at the beginning of the reporting period according to inflation indices. The indicated indices should be calculated for each balance sheet item and, only in their absence, apply the general inflation index, by which all balance sheet items and the total (currency) of the balance sheet are multiplied. Inflation indices are developed by special official institutions.

Gains and losses report, form No. 2, is compiled for the year and for intra-annual periods. It is worth noting that it will be the main source of information on the formation and use of profits. It shows the articles that form the financial result from all types of activities.

In the ϶ᴛᴏth form of reporting, in the section “Income and expenses from ordinary activities”, the following are given: revenue (net) from the sale of goods without value added tax (VAT), excises and similar obligatory payments excluded from revenue (line 010), cost sold goods, products, works, services (line 020), gross profit reflected in line 029, selling expenses (line 030), management expenses (line 40), profit (loss) from sales (line 050) In section "other income and expenses" of this report reflect operating income and expenses and non-operating income and expenses, in the section "Profit (loss) before tax" - the amount of current income tax and deferred tax assets and liabilities. As a result, the net profit (loss) of the reporting period is given. Excluding the above, permanent tax liabilities (assets), basic and diluted earnings (loss) per share are given for reference.

Annual statement of changes in equity, form No. 3, in section I "Change in capital" shows the state of the authorized, additional and reserve capital, as well as retained earnings (uncovered loss) as of December 31 of the year preceding the previous, previous and reporting year. Section II "Reserves" demonstrates the state of reserves formed in ϲᴏᴏᴛʙᴇᴛϲᴛʙii with legislation and constituent documents, as well as estimated reserves according to the data of the previous and reporting year.

On the cash flow statement, form No. 4, contains data on the receipt of funds from various sources, as well as information on the expenditure of funds.

Annex to the annual balance sheet, form No. 5, demonstrates the state and movement of intangible assets, fixed assets and their depreciation, financial investments, profitable investments in tangible assets. Except as stated above, this information includes expenditure on research, development, technology and natural resource exploration. It contains a statement on the status at the beginning and end of the reporting period of receivables and payables. In the certificate “Expenses on ordinary activities (by cost elements)” of the ϶ᴛᴏth report, the expenses incurred by the organization by cost elements are given, and in the certificate “Provisions” the received and issued property items are reflected. This appendix also reflects information on state assistance to the organization - the receipt of budgetary funds in the reporting and previous period.

In financial analysis, on the basis of transformed reports, various tables are formed, including the main indicators characterizing the profitability, liquidity, solvency, business activity of the organization and the structure of its capital. Data can be presented in comparison with similar indicators of other enterprises (if such information is available) and in dynamics for a number of periods.

Financial analysis according to financial statements is called the classic method of analysis.

The main role in the system economic indicators organizations have indicators of financial results: profit and profitability. Material published on http: // site
The activity of any organization is connected with attracting the necessary resources, using them in the production process, selling the goods (works, services) produced and obtaining financial results. In connection with this, the analysis of the process of formation of financial results is of particular importance.

The main purpose of the analysis of financial results there will be an identification of factors causing a decrease in financial results, that is, a decrease in profits and profitability. Material published on http: // site

The analysis of financial results involves the solution of the following tasks:

analysis of the composition and dynamics of profit;
analysis of financial results from ordinary activities;
analysis of the level of average selling prices;
analysis of financial results from other activities;
analysis of the distribution and use of profits;
analysis of the profitability of the organization.

The final financial result of the organization's activities will be an indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages, which is reflected in Form No. 2 "Profit and Loss Statement". Initially, gross profit is determined as the difference between the proceeds from the sale and the cost of goods sold, products, works, services.

PV = S - WITH, (8.1)

where P V- gross profit;

S - proceeds from the sale of goods, products, works, services;

WITH - full cost of goods sold, goods (works, services)

Then the profit (loss) from sales is determined as the difference between the gross profit and the amount of commercial ( ∑Z TO ) and administrative expenses ( ∑Z At ) This type of profit is involved in the calculation of the profitability of sales.

PP = PV - ∑ZTO- ∑ZAt, (8.2)

At the next stage, the profit (loss) before tax is calculated as the difference between the profit from sales and the sum of operating and non-operating income and expenses.

PB= PP+ PO+ PVN.(8.3)

where PB– profit before taxation (balance sheet);

P O - result from operating and financial activities;

P VN - income and expenses from other non-operating transactions.

When analyzing the financial results of the organization under study, the dynamics of profit before tax and net profit for the reporting period is assessed (Table 8.1)

Table 8.1

Dynamics of profit (loss) indicators before taxation of the organization

Indicators	Previous period		Reporting period		Note that the growth rate, %
Indicators	amount, thousand rubles	structure, %	amount, thousand rubles	structure,%	Note that the growth rate, %
Income and expenses from ordinary activities
1. Proceeds from the sale of goods, products, works, services (minus value added tax, excises and similar obligatory payments)
2. Cost of sold goods, products, works, services
3. Do not forget that the gross profit, (p.1-p.2)
4. Selling expenses
5. Management expenses
6. Profit (loss) from sales, [p.3 - (p.4 + p.5)]
Other income and expenses 7. Interest receivable
8. Interest payable		-15,71		-20,00
9. Income from participation in other organizations
10. Other operating income
11. Other operating expenses
12. Profit from operating income (p.10 - p.11)
13. Non-operating income
14. Non-operating expenses
15. Extraordinary profit, (p.13 - p.14)
16. Profit (loss) before tax(p.6. + p.7– p.8+p.12+ p.15)

The impact on profit before tax of structural changes is determined by the formula:

where , % - the share of the i-th type of profit in the total amount of profit before taxation, n - the number of types of profit, units.

Total: 24.2, the calculation is correct.

From the data in Table 8.1 it follows that the profit of the organization before tax for the reporting period increased, and the increase in profit was achieved mainly due to the growth in revenue and profit from sales.

Growth in sales of goods can have a positive and negative influence for the amount of profit. An increase in the volume of sales of profitable goods leads to a proportional increase in profits. If the product is unprofitable, then with an increase in sales, a decrease in the amount of profit occurs. The structure of the sale of goods can also have both a positive and a negative impact on the amount of profit. If the share of more profitable goods in total sales increases, then the amount of profit will increase, and vice versa, if the share of low-profit or unprofitable goods increases, the total amount of profit will decrease.

Economic factors affecting the amount of profit

Profit before tax demonstrates the overall financial result of the organization's production and economic activities in the reporting period, taking into account all its aspects, and the most important component of this indicator will be profit from the sale of goods. Profit from sales generally changes under the influence of many factors, such as changes in sales volume, product structure, sales prices, prices for raw materials, materials, fuel, energy and transportation tariffs, the level of material and labor costs.

Factor analysis the profit of the organization is conducted on the basis of the order of its formation. The purpose of such an analysis will be to assess the dynamics of balance and net profit indicators, to identify the degree of influence on the financial results of a number of factors, incl. growth (decrease) in the production of goods, growth (decrease) in sales, improving the quality and expanding the range of goods, increasing profitability; identification of reserves for increasing profits, etc.

Table 8.2

Factor analysis of the organization's profit is carried out based on the order of its formation. The purpose of such an analysis will be to assess the dynamics of indicators of balance sheet and net profit, to identify the degree of influence on the financial results of a number of factors, incl. growth (decrease) in the production of goods, growth (decrease) in sales, improving the quality and expanding the range of goods, increasing profitability; identification of reserves for increasing profits, etc.

Calculations are carried out in the following order:

1) Change in sales profit for the period (∆ P ):

∆P = P TP - P PP ; (8.4)

∆P = 49978 – 32855 = 17123 thousand rubles

2) The impact on profits of changes in the prices of goods sold (∆P 1 ):

∆P 1 =STP – S 1 (8.5)

where S TP sales volume in the current period in prices of the current period;

S 1 - sales volume in the current period in prices of the previous period.

∆P 1 = 701605 - 692048 \u003d 9557 thousand rubles.

3) The impact on profit of changes in the volume of sales of goods (∆ P 2 ):

∆P 2 = P PP * k 1 – P PP = P PP ( k 1 – 1) , (8.6)

where P PP - profit of the previous period;

K 1 - coefficient of change in the cost of goods at prices of the previous period:

k 1 = From 1/ S PP , (8.7)

where From 1

With PP - cost of goods sold in the previous period.

k 1 = 651040 / 530234 = 1,2278;

∆P 2 = 32855* (1,2278 – 1) = 7484 thousand rubles

4) The impact on profit of changes in the volume of sales of goods due to changes in the structure of goods (∆ P 3 ):

∆P 3 = P PP * ( k 2 - k 1 ) (8.8)

where K 2 - coefficient of growth in sales volume at prices of the previous period:

k 2 = S 1 / SPP (8.9)

where S 1 - sales volume in the current period at prices of the previous period;

S PP - sales volume in the previous period.

k 2 = 692048 / 563089 = 1,229;

∆P 3 = 32855 * ( 1,229 - 1,2278)= 32855* 0,0012 = 39 thousand roubles.

5) Change in profit from sales due to changes in cost due to changes in prices for consumed resources (∆ P 4 ):

∆P 4 \u003d C 1 - C TP(8.10)

where From 1 - the cost of goods sold for the current period at the prices of the previous period;

With TP - the actual cost of goods sold for the current period.

∆P 4 = 651040 – 651627 = -587 thousand rubles.

6) The impact on profit of changes in cost due to structural shifts in the composition of goods ( ∆ P 5 ):

∆P 5 \u003d With PP *k 2 – From 1 . (8.11)

∆P 5 = 530234 * 1,229 – 651040 = 627 thousand rubles

7) Adding the magnitude of the change in profit under the influence of each of their factors, we obtain the total expression of the influence of all factors on the profit from sales ( ∆ P ) :

∆P = , 1 (8.12)

where P i - influence i-th factor;

n - the number of factors.

Based on all of the above, we come to the conclusion that the influence of all factors on the amount of profit from the sale of goods ∆ P amounted to:

∆ P = 9557+7484+39+(-587)+627=17120 thousand rubles

It is worth saying that it is advisable to present the results obtained in the form of a table.

Table 8.3

Changes in prices (55.82%) and sales volumes (43.71%) had the greatest weight in the increase in profits. Decrease in profits by 587 thousand rubles. occurred due to a change in cost as a result of changes in prices for consumed resources, but the weight of the ϶ᴛᴏth factor is only 3.43% in the overall structure, and it had an insignificant impact on the decrease in profits.

After paying taxes, profits can be distributed among various funds: savings, social sphere, consumption, etc. A reserve fund can be created for organizations in the form of societies, if ϶ᴛᴏ is determined by their Charter, and deductions to the reserve fund in this case must be at least 5% per year. The reserve fund is intended to cover the losses of the organization, as well as to redeem the organization's bonds and buy back shares in the absence of other funds. The accumulation fund is mainly used to finance the costs of expanding production, its technical re-equipment, the introduction of new technologies, etc. The social sphere fund can be used for collective needs (expenses for the maintenance of cultural and health facilities, holding recreational and cultural events), the consumption fund for individual needs (remuneration based on the results of work for the year, material assistance, the cost of vouchers to sanatoriums and rest homes, student scholarships, partial meals and travel allowances, retirement allowances, etc.)

The distribution of net profit for the organization under study for the current period is shown in Table 8.4.

Table 8.4

In this case, a significant part of the organization's net profit is directed to accumulation funds (60%) and consumption (30%) This characterizes the organization's focus on the development of means of production and stimulation of the work of employees.

The analysis examines the effectiveness of activities carried out at the expense of these funds. When analyzing the use of the accumulation fund, one should study the completeness of financing of all planned activities, the timing of their implementation and the effect obtained. It is worth saying that in order to increase the efficiency of production, it is very important that the interests of the state, business owners, organizations and employees be taken into account in the distribution of profits. The state is interested in getting as much money into the budget as possible. Business owners are interested in whether the business would bring dividends. The leadership of the organization seeks to direct a large amount profits for expanded reproduction. Employees are interested in higher wages. It is important to note that one of the most important tasks of business management is to optimize the distribution of profits to best satisfy all stakeholders.

Factor analysis of profitability of assets of a commercial organization

Profitability indicators more fully than profit characterize the final results of management, because their value shows the ratio of the effect to the cash or resources used. They are used to assess the activities of the organization as a tool for analyzing investment policy and pricing. The structure of profitability indicators in general is the ratio of profit (as an economic effect of activity) to resources or costs, i.e. in any considered indicator of profitability, profit acts as one of the constituent factors.

To analyze the profitability of assets, a multiplicative model is often used, widely known in the economic literature as the DuPont model, in ϲᴏᴏᴛʙᴇᴛϲᴛʙii with a large profitability ratio of the assets used is the product of the profitability ratio of the sale of goods and the turnover ratio of the assets used.

Let's study the following model of return on assets:

P h

S-C

( S/C-1)

- 1 ) *

O a

A c

(A c /O A * (O a /Z) * (Z/C)

A c

O a

= (X -1) *Y * H * L, (8.13)

where Ra – return on assets;

P h - net profit from the sale of goods;

S - volume of sales;

C - cost of goods sold;

A c - the average value of the organization's assets for the reporting year;

Oh a – current assets;

Z - reserves;

X = S / C - the share of sales attributable to 1 rub. full cost of goods;

Y = About a / A - the share of current assets in the formation of assets;

H = Z / About a - the share of stocks in the formation of current assets;

L = C / Z - inventory turnover.

The first factor of the ϶ᴛᴏth model speaks about the pricing policy of the organization, it shows the basic margin, which is included directly in the price of products sold. The second and third factors show the structure of assets and current assets, the optimal value of which makes it possible to save working capital. The fourth factor is determined by the magnitude of output and sales of products and speaks of the efficiency of the use of inventories, physically it expresses the number of turnovers that stocks make in the reporting year.

To assess the influence of each of the factors on the final result, we will carry out a factor analysis of this model (8.15) by the method of chain substitutions using absolute differences. Mathematically, ϶ᴛᴏ looks like this:

Δ R X = ( X 1 – X 0 ) * Y 0 * H 0 * L 0 ;

Δ R Y \u003d (X 1 - 1) * (Y 1 - Y 0) * H 0 * L 0;

Δ R H \u003d (X 1 - 1) * Y 1 * (H 1 - H 0) * L 0; (8.14)

Δ R L = ( X 1 – 1) * Y 1 * H 1 * ( L 1 - L 0 )

where Δ R i - influence i -th factor on the total change in the return on assets, factors with index 1 ᴏᴛʜᴏϲᴙ apply to the current period, factors with index 0 - to the previous one.

For analysis it is extremely important to use information from the Balance Sheet and the Profit and Loss Statement, (Table 8.5)

Table 8.5

Analysis and evaluation of the profitability of the organization's assets

Indicator	Previous period	Note that the current period
Initial data
1. Profit from sales, thousand rubles. *(P),* (p. 050 f. 2)
2. Sales volume, thousand rubles. ( *S),* (p. 010 f. 2)
3. It is worth saying - the total cost of sales, thousand rubles. *(WITH)* , (p.2 - p.1)
4. Average stock balances, including VAT, thousand rubles. ( *Z),* (p.210 f.1 + + p. 220 f.1)
5. Average balances of current assets, thousand rubles. (O a) (p.290 f.1)
6. Average balances of assets, thousand rubles. (A *C),* (p. 300 f.1)
Estimated data - factors
7. Revenue per 1 rub. cost, page 2: page 3 *(X)*
8. The share of current assets in the formation of assets, p.5: p.6 ( Y)
9. The share of stocks in the formation of current assets, p.4: p.5 ( H )
10. Inventory turnover in turnover, page 3: page 4 *(L)*
11. Return on assets, ( Ra )
12. Change in return on assets current year to previous
Assessment of the influence of factors on the change in the return on assets
13. Revenue per 1 rub. cost, X
14. The share of current assets in the formation of assets, At
15. The share of stocks in the formation of current assets, H
16. Inventory turnover in turnovers, L
The combined effect of all factors

The results of the calculations allow us to say that the proceeds per 1 ruble of the cost increased from 1.0620 to 1.0767, and the share of current assets in the formation of assets for the current period increased from 0.4436 to 0.4629. This is due, on the one hand, to the fact that the share of non-current assets has decreased as a result of the gradual retirement of fixed assets, an increase in the amount of accrued depreciation and low equipment renewal. On the other hand, ϶ᴛᴏ is associated with a change in the absolute valuation of current assets as a result of inflation, on the one hand, and as a result of changes in stock balances in the warehouse, on the other hand.

The dynamics of the indicator of the share of reserves in the formation of current assets indicates that there is a decrease in the ϶ᴛᴏth share from 0.6669 to 0.6501, i.e. there is a decrease in working capital in stocks, which can be regarded as a positive trend in improving the quality of management of the structure of working capital and overall production efficiency.

Fourth indicator of four factorial model- inventory turnover - shows how many turnovers during the reporting year stocks make in the process of production and sale of goods. The greater the ϶ᴛᴏt indicator, the better for the organization, as it indicates the efficiency of the use of working capital. Inventory in this case accounts for more than 65% of total working capital, and inventory turnover has increased from 7.1754 turnovers in the previous period to 7.5645 in the current period.

In order to assess in more detail the influence of each individual factor on the return on assets of the organization, a factor analysis is carried out, and the results of this analysis are presented in the final part of the above table. It is worth saying that the data obtained can be commented on as follows.

The main factor that influenced the increase in the return on assets was the price factor - the share of revenue per 1 rub. cost, as a result of its influence, the return on assets increased by 3.13%. The change in the share of stocks in the formation of current assets had a negative impact on the profitability of assets and amounted to 0.41%.

As a result of the analysis, it should be emphasized that external factors have a great influence on the efficiency of production: the exchange rate, inflation, etc. The administration of the organization is not able to influence the change in external factors, and internal reserves should be used to the maximum, such as optimizing the structure of assets, increasing asset turnover, etc. It is worth saying that a complete analysis of the influence of various factors on the change in the level of profitability of the organization's assets enables the administration to foresee and prevent the impact of negative trends on the future, and to use the identified reserves to the fullest extent.

Analysis of financial results and profitability of the organization's assets based on financial ratios

Financial ratios provide an opportunity to see changes in the results of economic activity and help to determine the trends and structure of such changes, which, in turn, can indicate to the management of the organization the existing problems and the possibilities for their resolution.

In a generalized form, the definition of financial ratios for the analysis of financial results is as follows:

turnover of funds or their sources. This indicator is equal to the ratio of sales revenue to the average value of funds or their sources for the period, and it allows you to judge the business activity of the organization in the financial aspect;
profitability of sales, which is equal to the ratio of profit to sales revenue;
profitability of funds or their sources. This indicator is equal to the ratio of profit to the average value of funds or their sources for the period.

When calculating the second and third indicators, both profit from sales and profit before tax or net profit can be taken.

If the profitability of funds or their sources is calculated on the basis of profit from sales and thus comparability with the profitability of sales is achieved, then the following relationship can be traced between the above coefficients:

By the way, this formula shows that the profitability of the organization's funds or their sources is due both to the pricing policy and the level of costs for the production of goods (they are reflected in the profitability of sales indicator), and the organization's business activity, measured by the turnover of funds or their sources. According to the ϶ᴛᴏth formula, one can also determine ways to increase the profitability of funds or their sources. So, with low sales profitability, it is extremely important to strive to accelerate the turnover of capital and its elements and, on the contrary, the low business activity of the organization determined by one reason or another can only be compensated by reducing the cost of producing goods, i.e., increasing the profitability of sales.

For the analysis of profitability, a number of indicators are used, which can be combined into the following groups:

indicators calculated on the basis of profit,
indicators calculated on the basis of production assets,
indicators calculated on the basis of cash flows.

The first group of indicators is formed on the basis of calculating the levels of profitability (profitability) in terms of profit (income) reflected in the organization's financial statements. These indicators characterize the profitability (profitability) of manufactured goods. With the help of these indicators, it is possible to determine the influence of factors of changes in the price of goods and their cost on changes in the profitability of goods.

The second group of indicators is formed on the basis of calculating the levels of profitability, depending on the change in the size and nature of the advanced funds, which include all the production assets of the organization, invested capital, share capital. For example, the ratio of net profit (income) to all production assets, the ratio of net profit to invested or equity capital.

The third group of profitability indicators is calculated on the basis of net cash flow. For example, the ratio of net cash flow to sales volume, to total capital, equity, etc. These indicators give an idea of the organization's ability to meet obligations to creditors, borrowers and shareholders in cash.

A number of coefficients have been developed to assess the profitability of an organization. We will study the most important of them using the example of the organization under study (Table 8.6)

Table 8.6

Analysis of financial results and profitability of the organization's assets

Indicator	Calculation formula, line number and accounting forms	Beginning of period	End of period	The change
Indicator	Calculation formula, line number and accounting forms	Beginning of period	End of period
Return on assets of the organization	*R a \u003d p. 160 F 2 / p. 300 F 1*
Efficiency of non-working capital	*R VK = p.010 F 2 / p. 190 F 1*
Return on working capital	*R OK = p. 160 F 2 / p. 290 F 1*
Profitability of sales	*R PR = p. 050 F 2 / p. 010 F 2*
Profitability ratio of the main activity	*R OD = str.050 F 2 / (str.020 F 2 +* *+ p.030 F 2+p.040 F 2)*
Return on permanent capital	*R PC = p. 050 F 2 / (p. 490 F 1 +* *+ p. 590 F 1)*

Return on assets of the organization ( R a :) characterizes the efficiency of the use of all property of the enterprise. A decrease of 10.14% indicates a falling demand for goods and an excess accumulation of assets.

Efficiency of non-current capital (capital return) ( R VC ) characterizes the effectiveness of the use of fixed assets of the organization, determining how ϲᴏᴏᴛʙᴇᴛϲᴛʙ corresponds to the total amount of available fixed assets (machinery and equipment, buildings, structures, vehicles, resources invested in property improvement, etc.) to the scale of the organization's business. If the value of the efficiency indicator of non-working capital for the current period, which is less than its value for the base or previous period, may characterize the insufficient workload of existing equipment, if in the period under review the organization did not acquire new expensive fixed assets. With all this, excessively high values of the efficiency indicator of non-circulating capital may indicate both a full load of equipment and the absence of reserves, and a significant degree of physical and obsolescence of obsolete production equipment.

The effectiveness of non-working capital increased by 12.61%, which demonstrates the growth in the scale of the organization's business.

Return on working capital ( R OK ) demonstrates the efficiency of using the working capital of the organization. It is worth noting that it determines how many rubles of profit fall on one ruble invested in current assets. Excluding the above, this coefficient shows how liquid the product produced by the organization will be, and how effectively the organization's relationship with consumers of the product is organized. A decrease in the value of the indicator from 0.167 to 0.144 shows a decrease in the efficiency of working capital use and an increase in the likelihood of doubtful and bad receivables, an increase in the degree of commercial risk. The indicator under consideration characterizes the effectiveness of the organization's policy in terms of collecting payment for sales made on credit.

Return on sales ( R ETC ) determines how many rubles of profit received by the organization as a result of the sale of products per one ruble of revenue. In our case, there is an increase in the indicator by 22.08%, which will undoubtedly be a positive result.

Profitability ratio of the main activity (R OD ) determines how much net profit is received per 1 ruble of production costs and is calculated as the ratio of profit from sales to the costs of producing goods.

This ratio largely duplicates the return on sales ratio, i.e., a decrease in the value of this indicator also indicates an increase in the cost of producing goods or a decrease in prices for them, with the only difference being that this ratio more clearly shows the impact of an increase or decrease in production costs and profitability of the organization. In this case, there is an increase in the indicator by 23.78% over the period.

Return on permanent capital ( R PC ) demonstrates the effectiveness of the use of capital invested in the activities of the company on long term(both own and borrowed) Unlike the considered coefficients, which characterized various aspects of profitability for the reporting period, this coefficient R PC demonstrates the efficiency of using both equity and borrowed capital in the long term. A significant increase in this indicator (by 37.89%) will not be accidental, ϶ᴛᴏ indicates a targeted policy of the enterprise to improve the efficiency of capital use.

FEDERAL STATE

BUDGET EDUCATIONAL INSTITUTION

HIGHER PROFESSIONAL EDUCATION

RUSSIAN ECONOMIC UNIVERSITY them. G.V. PLEKHANOV

BRYANSK BRANCH

coursework

discipline: Economics of the company

on the topic: Factors affecting the level of profitability

Performed:

2nd year student of MO-201 group

Kurgasskaya Nina Igorevna

Checked by teacher:

Nikitina Evgenia Sergeevna

Bryansk 2015

Introduction

Chapter 1

1 Profitability as an indicator of the economic efficiency of the company

2 Factors affecting the level of profitability

Chapter 2

1 Possible ways to increase the profitability of the company

2 Mergers and acquisitions as a way to increase the profitability of the company

Chapter 3. Profitability Analysis LLC Selena Service, Bryansk

1 Economic characteristics of LLC Selena Service

2 Profitability analysis of LLC Selena Service

Conclusion

Bibliography

Introduction

In a market economy, the goal of any commercial enterprise is to make a profit.

Profit is one of the financial results of the enterprise and indicates its success, profit is obtained if income exceeds expenses. Otherwise, the company makes a loss. The growth of profit determines the growth of the potential of the enterprise, increases the degree of its business activity. Profit determines the share of income of founders and owners, the amount of dividends and other income. Profit is also used to calculate the return on equity, debt, fixed assets, total capital advance and each share. However, profit is not only the main goal of any commercial organization, but also the most important economic category.

A general indicator of the economic efficiency of production is the indicator of profitability. Profitability means profitability, profitability of the enterprise. It is calculated by comparing gross income or profits with costs or resources used.

Based on the analysis of average levels of profitability, it is possible to determine which types of products and which business units provide greater profitability. This becomes especially important in modern, market conditions, where the financial stability of an enterprise depends on the specialization and concentration of production.

Relevance of the topiccourse work confirms the characteristics of profit as the main indicator of the organization. To increase the efficiency of functioning, competitiveness and the general prestige of any enterprise, including a commercial one, it is necessary to analyze the sources of formation, directions for using profits, and calculate profitability indicators.

It should be noted that the issue of analyzing profits and profitability, as well as ways to increase them, is of interest not only to the leaders of this organization, but also to other business entities, such as: the state, in particular the budget, various investment structures, banks.

In modern conditions of market instability, business leaders need to determine not only various ways to improve the efficiency of using internal resources, but also respond in a timely manner to changes in external factors: the financial and credit system, tax policy, pricing mechanism, market conditions, suppliers and buyers.

An object: LLC Selena Service, Bryansk.

Thing:the profitability of the economic activity of the company.

Target:study of the theoretical foundations of enterprise profitability indicators, identification of ways to increase profitability and study factors affecting the level of profitability.

Tasks:

set out theoretical basis profitability and its role in assessing the effectiveness of the company;

Theoretical basiswere the works of the authors: Agarkov A.P., Babuk I.M., Baskakova O.V., Eliseeva T.P. etc.

Chapter 1

.1 Profitability as an indicator of the economic efficiency of the company

Performance indicators provide an approximate assessment of the profitability of export and import operations. First, let's look at what profitability is.

One of his definitions sounds like this: profitability (from German rentabel - profitable, profitable), an indicator of the economic efficiency of production at enterprises. Comprehensively reflects the use of material, labor and financial resources. An enterprise that makes a profit is considered profitable. One more concept of profitability can be given: profitability is an indicator that is the ratio of profit to the amount of production costs, cash investments in organizing commercial operations or the amount of property of the company used to organize its activities.

Profitability is divided as a general one - the percentage of the balance sheet (total) profit to the average annual total cost of production fixed assets and normalized working capital; and calculated profitability - the ratio of estimated profit to the average annual cost of those production assets from which payment for the funds is charged. An indicator of the level of profitability to current costs is also used - the ratio of profit to the cost of commercial or sold products. Each enterprise independently carries out its production and economic activities on the principles of self-sufficiency and profitability. The company has certain costs for the manufacture of products and their sale. These costs represent the costs of production of a given enterprise (cost), or individual costs. However, the costs of an individual product for enterprises may deviate from the average costs for the industry, which are taken as socially necessary costs or costs, the monetary value of which is the price of the product. The presence of individual costs gives rise to the isolation of another part of the cost of production - profit, and, consequently, its relative measurement - profitability. but absolute value profit does not give an idea of the level and change in the efficiency of production or trade.

The amount of profit may increase, but the efficiency of production may remain the same or even decrease. This happens if the increase in profits is obtained due to extensive (quantitative) factors of production - an increase in the number of employees, an increase in the equipment fleet, etc. If, with an increase in the number of employees, their productivity remained the same or decreased, then the production efficiency does not change accordingly or even decreases.

The main distinguishing features of profitability in the system of trade and industrial relations are the following:

) the ratio of profit to production costs, characterizing the level of profitability of current costs (for the purchase of raw materials, materials, fuel, for the depreciation of labor instruments, the costs of managing and servicing production and wages of employees);

) the ratio of profit to the average annual cost of production assets, characterizing the relative size of the increase in advanced costs and giving an assessment of the economic efficiency of production assets. The signs of profitability, which characterize the cost effectiveness of the profit received after the sale, have real meaning. The distribution function of profitability is concretely manifested in the fact that its value is one of the main criteria for the distribution of part of the surplus product - profit.

In the broad sense of the word, the concept of profitability means profitability, profitability. An enterprise is considered profitable if the income from the sale of products (works, services) covers the costs of production (circulation) and, in addition, form an amount of profit sufficient for the normal functioning of the enterprise. The economic essence of profitability can be disclosed only through the characteristics of the system of indicators.

Their general meaning is to determine the amount of profit from one ruble of invested capital. Profitability analysis allows you to evaluate the ability of an enterprise to generate income on the capital invested in it (enterprise).

The characteristics of the profitability of the enterprise is based on the calculation of four main indicators - the profitability of all capital, equity capital, core activities and profitability of sales. The return on total equity (total assets) shows whether the company has a basis for providing a high return on equity. This indicator reflects the efficiency of the use of all property of the enterprise. A decrease in the profitability of all capital indicates a falling demand for the company's products and an overaccumulation of assets.

where net profit, balance sheet at the end and at the beginning of the year. This indicator reflects the profitability of assets, and is determined both by the pricing policy of the enterprise and the level of costs for the production of sold products.

There are two main ways to improve return on assets:

Ny - with low profitability of products, it is necessary to strive to accelerate the turnover of assets and its elements;

Oh - the low business activity of an enterprise can only be compensated by a decrease in production costs or an increase in product prices, i.e. increasing the profitability of products. Return on equity characterizes the effectiveness of the use of equity capital. This ratio is one of the most important indicators used in business, it measures the total amount of income of shareholders. A high value of this ratio indicates the company's success, which leads to a high market price for its shares and the relative ease of attracting new capital for its development.

However, one must keep in mind that a high return on equity ratio can be associated with both high inflation and high company risk. Therefore, its interpretation should not be simplified and one-dimensional. Return on equity shows how much net profit falls on the ruble of equity.

where the amount of own funds at the beginning and at the end of the year. The profitability of the main activity is calculated as the ratio of profit from sales to the sum of costs for production and sale of products.

where sales profit, cost of goods sold. It shows how much the company has profit from each ruble spent on the production and sale of products. This indicator can be calculated both for the enterprise as a whole and for its individual divisions or types of products. Increasing the profitability of products is provided mainly by reducing the unit cost of production. The better the fixed production assets are used, the higher the profitability of production. With the improvement of the use of material working capital, their value per 1 ruble decreases. sold products. Consequently, the factors accelerating the turnover of inventories are at the same time factors in the growth of production profitability. This indicator indicates the effectiveness of not only the economic activity of the enterprise, but also the pricing processes. It is advisable to calculate it both by the total volume of products sold, and by its individual types. Return on sales is calculated as the ratio of net profit to the amount of revenue received.

where proceeds from the sale of products, net profit of the enterprise. This indicator characterizes the effectiveness entrepreneurial activity(how much profit the company has from the ruble of revenue).

The profitability of sales can be calculated both for the enterprise as a whole and for individual types of products. If the profitability of sales is gradually decreasing, then the reason is either increased costs or increased tax rates. Therefore, we must turn to the study of these factors in order to find the root of the problem. A decrease in sales may indicate, first of all, a decrease in the competitiveness of products, as it suggests a decrease in demand for products.

It must be understood that profit and profitability are different concepts. The resulting profit for one enterprise may be considered huge, and for another - insignificant. There are profitability criteria that determine profit taking into account the size of the enterprise.

Thus, profitability is calculated. It is the ratio of income to capital invested in the enterprise. One of the indicators of profitability can be considered the ratio of profit (net, as in the balance sheet) before taxes (interest) to the total amount of long-term finance. The second indicator is calculated as the ratio of the same profit after taxes (interest) to the available share capital. These ratios are quite successfully used when comparing two similar companies and their performance with industry averages. For a correct comparison, it is necessary to take profitability indicators for at least three recent years. And you need to compare several indicators at the same time.

1.2 Factors affecting the level of profitability

profitability takeover merger

Any commercial enterprise assumes as the main goal the extraction of profit. The required level of profit and profitability allows solving a whole range of tasks that determine the stability and efficiency of their business. However, the possibility of achieving profit is a complex problem, since it depends on the influence of many factors.

During the production cycle, the level of profitability is influenced by a number of factors that can be divided into external associated with the impact on the activities of the enterprise market, state, geographical location and internal: production and non-production. Identification in the process of analysis of internal and external factors affecting profitability, makes it possible to clear performance indicators from external influence.

Let us first consider the factors directly related to the activities of the enterprise, which it can change and regulate depending on the goals and objectives set for the enterprise, i.e. internal factors. Which can be divided into production, directly related to the main activity of the enterprise, and non-production factors that are not directly related to the production of products and the main activity of the enterprise.

Non-productive factors include supply and marketing activities, i.e. timeliness and completeness of fulfillment by suppliers and buyers of obligations to the enterprise, their remoteness from the enterprise, the cost of transportation to the destination, etc. Environmental measures that are necessary for enterprises in a number of industries, for example, chemical, engineering, etc. industries, and entail significant costs.

Penalties and sanctions for late or inaccurate fulfillment of any obligations of the company, for example, fines to the tax authorities for late settlements with the budget. The financial results of the company, and hence the profitability, are indirectly affected by the social conditions of work and life of employees. The financial activity of the enterprise, i.e. management of own and borrowed capital for the enterprise, activity in the securities market, participation in other enterprises, etc.

Production factors, from the course of economic theory it is known that the production process consists of three elements: means of labor, objects of labor and labor resources. In this regard, there are such production factors as the availability and use of means of labor, objects of labor and labor resources. These factors are the main factors in the growth of profits and profitability of the enterprise, it is with an increase in the efficiency of their use that the processes of intensification of production are associated.

The influence of production factors on the result of activity can be assessed from two positions: as extensive and as intensive. Extensive factors are associated with a change in the quantitative parameters of the elements of the production process, they include:

change in the volume and operating time of labor means, i.e., for example, the purchase of additional machine tools, machines, etc., the construction of new workshops and premises, or an increase in the operating time of equipment to increase the volume of production;

change in the number of objects of labor, unproductive use of the means of labor, i.e. an increase in stocks, a large proportion of scrap and waste in the volume of products.

A quantitative change in production factors must always be justified by a change in the volume of output, i.e. the enterprise must ensure that the rate of profit growth does not decrease relative to the growth rate of costs.

Intensive production factors are associated with an increase in the quality of the use of production factors, these include:

improving the quality characteristics and productivity of equipment, i.e. timely replacement of equipment with a more modern one with greater productivity;

use of progressive materials, improvement of processing technology, acceleration of material turnover;

improving the skills of workers, reducing the labor intensity of products, improving the organization of labor.

Besides internal factors the profitability of the enterprise is indirectly affected by external factors that do not depend on the activities of the enterprise, but often quite strongly affect the result of its activities.

Competition and demand for the company's products, i.e. the presence on the market of solvent demand for the company's products, the presence on the market of firms - competitors that produce a product similar in consumer properties.

Sources for calculating profitability ratios are data from accounting and financial statements, internal registers accounting at the enterprise. Unfortunately, the published accounting and financial statements do not allow us to accurately assess the profitability of the enterprise, because based on it, it is impossible to determine the structure of manufactured (sold) products, its cost and sale price, the structure of borrowed funds and expenses associated with the return of borrowed funds for each loan and loan, the composition and structure of fixed assets, the amount of their depreciation. As the main directions of increasing the level of profitability of enterprises, the following can be distinguished:

Carrying out serious marketing research of the market, forecasting the market situation, determining its niche in the market and consumers of its products and services;

increase in the company's revenue, which has a huge impact on profits.

This influence is quantitatively proved using the effect of operating leverage, which indicates the existence of such a relationship between the volume of sales of products and profit, in which any change in revenue from sales of products leads to a more significant change in profit.

Increasing the profitability of the enterprise is facilitated by the introduction of advanced technologies in the field of organizing production and servicing consumers of goods and services; improvement of the organization of production and quality of service; increasing the technical equipment of enterprises and labor productivity; introduction of progressive information technologies; promotion of sales of products and services; improving the system of organization and remuneration of employees, increasing labor motivation and a number of others.

The implementation of all directions will really help to increase profitability in these enterprises.

Chapter 2

.1 Possible ways to improve the profitability of the firm

The profitability indicator for any type of production is general and shows its economic efficiency. After all, a sufficient level of profitability indicates the level of profitability of the enterprise, its profitability. In this regard, increasing the profitability of the enterprise is a key activity for optimizing costs and increasing income. How is profitability calculated?

The calculation of profitability is carried out by comparing the volume of gross income or profit of the enterprise with the costs incurred for production or the volume of resources used. After analyzing the average level of profitability, it is possible to establish which products and which divisions of the enterprise provide the required level of profitability, and which are unprofitable. This information in a competitive market economy is very important, because financial indicators directly depend on the concentration and specialization of production.

Increasing the profitability of the enterprise in a situation of increased competition is a paramount task. As you know, the main source of free cash of the enterprise is the proceeds from the sale of manufactured products. In this regard, the key activity of the entity is to increase the profitability of production by reducing costs and observing the savings regime, as well as the efficient use of the resources available to the enterprise. After all, these costs determine the level of income and the cost structure. The volume of costs for raw materials occupies a significant share, and therefore, increasing the profitability of the enterprise and reducing the cost of manufactured products will significantly affect the increase in profits. Thanks to this, it is possible to get an increase in profits, which will affect the break-even performance of the organization. In addition to reducing the cost of producing goods, increasing the profitability of sales also significantly affects the increase in the number of products sold. In order to increase sales, in addition to marketing activities, such products should be produced that meet the requirements of consumers and will be in stable demand.

The modern consumer strategy of the company provides for activities both to attract new customers and to retain existing customers. Usually, companies pay more attention to attracting new customers, since the continuous increase in the number of consumers is an absolute law for every entrepreneur. However, it is very important for a company to have regular visitors as well. According to foreign studies, acquiring a new client is several times more expensive than retaining an existing one. Often even more low prices competitors cannot change the decision of a regular client to use the offer of "their" company, the quality of services of which he has a high opinion. Moreover, a satisfied consumer helps to attract new customers: relatives, friends.

Each enterprise must have responsible departments on a permanent basis that carry out an analysis of the cost of manufactured products, as well as a full-scale program to reduce it. It should be comprehensive, take into account all possible factors that affect the formation of production and sales costs. Measures aimed at optimizing the used working time have a positive impact on increasing the profitability of the enterprise. These include: - maintaining the optimal number of working personnel; - cost reduction for subdivisions that are related and do not participate in production; - constant work on improving the skill level of employees, through which labor productivity will improve, ahead of the average wage; - the use of progressive payment systems, increasing the interest of workers in improving productivity; - automation of production processes, which reduces the cost of the wage fund; - increase of labor motivation.

It is also essential to reduce the amount of overhead costs for the operation and management of the production process. This is facilitated by the growth of production volumes through the implementation of reconstruction, technical renovation of the enterprise, reduction in the size of the administrative and managerial apparatus and support services, as well as by improving the production management process.

Overseas experience shows that the behavior of the company, aimed at retaining existing customers, dramatically increases its profitability, and, accordingly, profitability. The behavior of the firm in the market as a seller is determined by the level of its competitiveness. It is known that the more competitive a firm is, the more profitable it is. A firm cannot hope to succeed by satisfying only the standard needs of consumers, provided that competitors can do the same as well.

It must gain a competitive advantage, that is, endow its product with a feature that makes it more attractive to consumers than a competitor's similar product. Competitive advantage in the market is achieved in two main ways: by lowering prices or by differentiating production.

The growth of requirements for the quality of services, the differentiation of demand pose a difficult problem for enterprises - to find the optimal ratio between low price and the variety of services offered. In one case, success can be achieved by reducing costs, and, accordingly, prices. The production and sale of goods should cost the enterprise less than its competitors. In another case, the enterprise may offer services that can better meet the needs of consumers, but require higher costs.

The purpose of profit planning is to ensure the growth of its size and increase profitability based on increasing turnover and improving its structure, the most effective use material, labor and financial results with a mandatory reduction in the loss of time of the population. The economic basis for drawing up a profit plan is:

planned volume and structure of turnover;

task for the planned period for the growth of the network;

changes in the organizational structure, rates, tariffs, levels of trade allowances and margins and other calculation conditions.

When planning profit, you can use:

profitability forecast;

balance sheet liquidity analysis;

assessment of liquidity overlap;

regression definition of the minimum turnover.

When forecasting profit from the sale of products (works, services), the average annual rate of change in profitability for 3-5 years preceding the planned period is used. If the conditions for the formation of income and expenses of the enterprise change, this rate is adjusted. The amount of profit can be determined as the product of the profit from the sale of the current year by the predicted rate of its change in the planned year, or as the product of the planned turnover by the projected profitability divided by 100.

Assessing the possible level of profitability, it is possible to compare the amount of profit with expenses and the volume of trade. To do this, determine the point of refraction of profit and loss or the threshold of profitability. This point characterizes such volume of turnover when there are no losses, but there is no profit either. The determination of the critical point can be carried out by calculation or graphic methods.

One of the options for analyzing the margin of profitability is the assessment of liquidity overlap. In this case, the costs of the enterprise are divided into cash costs and those that are not associated with them, for example, depreciation. The point of intersection of the part of the cost curve, corresponding to cash costs with the turnover curve, shows the amount of the minimum turnover necessary to reduce liquidity.

.2 Mergers and acquisitions as a way to increase the profitability of the company

Competitive advantages implemented not only in cost reduction and differentiation of production, but also in the further strengthening of their positions in the market. In the recent past, manufacturers have sought to own and control a large proportion of the resources they need. In modern conditions, not all resources can be effectively used within a single enterprise. Therefore, intercompany cooperation has been widely developed, based on relations between economically and territorially separate enterprises regarding mutual deliveries of specialized products within the framework of a common production program.

Interfirm cooperation should be considered as a form of organization of production in which several firms participate in the manufacture of a particular product. It covers almost all aspects of economic activity, including trade relations. Cooperation, as it were, pushes the boundaries of ownership, increasing the possibilities for concentration of production.

First, intercompany relations in the sphere of production are complemented by ties in the sphere of circulation (through prices, division of sales markets, etc.).

Secondly, the process of concentration within a single firm cannot be endless. There comes a time when all the possibilities of further cost reduction with an increase in production are exhausted. The scale of production can lead to both savings and losses. For the concentration of production, there is a technical limit, which is expressed in relation to a specific market in a rational combination of factors of production at an enterprise that is optimal in size. Violation of this limit leads to an increase in such phenomena as unproductive expenditure of resources, inconsistency of actions between individual links, bureaucracy in management, and, as a result, to a decrease in profitability.

The expansion of production through the capitalization of profits is achieved by the creation of associations, holding companies through mergers and acquisitions. As a result of mergers, there is an increase in production efficiency, since they are accompanied by the elimination of parallel administrative, research and organizational structures. The benefits of the merger for the enterprise are as follows:

intra-industry competition decreases, and the position of the enterprise in a particular market is strengthened;

cost reduction is achieved due to the unification of subdivisions servicing production with the same functions;

the market value of the merging companies increases;

the diversification of production is deepening, economic power is being strengthened by attracting new financial mechanisms, gaining access to information sources, etc.

The distinction between mergers and acquisitions is arbitrary and concerns only the financial side of the transaction. In a merger, the unification of enterprises occurs on a voluntary basis by mutual agreement.

The merger of two equal companies is the most attractive integration scheme. Usually such a union is called a friendly merge. The term "acquisition" is most often applied to the combination of dissimilar enterprises or companies that are geographically distant from each other and operate in different markets Acquisitions are carried out on a forced basis, when one company fights to gain control of another against its will. Such a merger is called a hostile takeover.

The merger is a rather complex, lengthy and expensive process. They require significant financial costs: to pay for the services of consultants and equipping the office with the latest technology, the introduction of new management or goods. As practice shows, more than half of the mergers are ineffective.

The reasons for this situation are as follows:

the acquiring company misjudged the attractiveness of a new market or current competitive position;

both companies underestimated the amount of necessary investments;

The merger was done in an unprofessional manner.

Various types of mergers are used. The greatest economic effect is provided by horizontal and vertical mergers. A horizontal merger is understood as the unification into one company of competitors that produce homogeneous or similar products and are at the same stage of production; horizontal integration is carried out in order to further diversify production and strengthen competitive positions in the market, to increase profits and increase the profitability of the enterprise. We are talking about the merger of technologically unrelated industries, the takeover of the enterprise by a travel agency, whose customers regularly buy the products of this enterprise.

Horizontal mergers are supplemented by vertical mergers, when there is a merger into one company of enterprises connected by purchase and sale relations and carrying out different stages of production. Vertical integration for the tourism industry is a very effective form of merger, when all stages of the implementation of the tourist product are carried out within the framework of one association.

Vertical integration can be done both top-down and bottom-up. In the first case, the company acquires an enterprise that is closer to the consumer.

Conglomerative integration is possible when enterprises that are technologically unrelated to each other and operate in different markets are combined.

When implementing inter-firm integration, two extremes are possible. First, the complete lack of vertical integration.

Secondly, the desire to create huge companies, which would include vertical agencies. The enterprise runs the risk of going beyond its competence. As world experience shows, such a way of development of the company does not bring the desired results. Conglomerates are not stable, they easily disintegrate in a recession and worsening economic conditions. The purpose of creating giant conglomerates is financial: the desire to increase profits on external capital, to avoid significant losses from market fluctuations.

Chapter 3. Profitability Analysis LLC Selena Service, Bryansk

.1 Economic characteristics of LLC Selena Service

Selena Service LLC, in accordance with the current legislation, is recognized as a limited liability company, which operates on the basis of the charter and legislation of the Russian Federation. According to the form, Selena Service LLC is an economic entity. The term of the Organization's activity is not limited in time. The Company's form of ownership is private.

Selena Service LLC as a legal entity is considered to be established from the moment of its state registration in accordance with the established procedure for state registration of legal entities.

The company in its activities is guided by the Civil Code Russian Federation, the law of the Russian Federation "On consumer cooperation (consumer societies, their unions) in the Russian Federation", as well as this Charter. The company was created for an indefinite period.

The organization has an independent balance sheet, settlement and other accounts in banking institutions, a company name, a seal with the name and brand name.

Full name of the organization: Limited Liability Company Selena Service

Abbreviated name: Selena Service LLC.

The main goal of Selena Service LLC as a commercial organization is to ensure cost-effective operation and profit in the field of services for the repair and maintenance of household equipment.

The Company may also carry out other types of activities, in the manner and on the terms determined by the current legislation, with the receipt of appropriate permits and licenses.

The organization independently plans its economic activities. The Company sells its products, services, works at prices and tariffs set independently or on a contractual basis.

The enterprise, through settlement or other accounts in banks, performs cash and credit and settlement operations in rubles (foreign currency) in cash and non-cash, and other means of payment.

The Company may build, acquire, alienate, rent and lease, for temporary use buildings, structures, equipment, land plots, acquire raw materials, materials, other products and goods from citizens and legal entities that are not prohibited for circulation by the legislation of the Russian Federation by law " On Limited Liability Companies.

To achieve its goals, the Society:

a) studies the conjuncture of the market for goods and services, in connection with which it produces research work;

b) carries out marketing activities;

c) receives loans on contractual terms;

The profit received by the enterprise as a result of its activities and remaining after taxation is used to form the necessary funds.

The net profit remaining at the disposal of the enterprise is paid out as dividends in the manner and amount determined by the latter.

.2 Profitability Analysis LLC Selena Service

An organization is considered profitable if the income from the sale of goods covers the costs of circulation and, in addition, form an amount of profit sufficient for the normal functioning of the organization.

Profitability indicators characterize the efficiency of the organization as a whole, the profitability of various activities (production, business, investment), cost recovery, etc. They are used to assess the dynamics of development, in a comparative analysis with indicators of other organizations.

Profitability is one of the most important indicators of the financial and economic activities of organizations and reflects how effectively the organization uses its funds to make a profit.

Currently, there is no consensus on the definition of profitability, its analysis and planning. There is no common terminology, and methods for calculating the same indicators are different. Hence, there are discrepancies in the definition of the economic essence of a particular indicator, which can lead to erroneous conclusions in analytical work.

Comparing the levels of profitability indicators is an important tool in assessing the performance of an organization and its prospects, although in practice the subjective opinion of a competent analyst, whose professional experience allows you to determine your own standards for certain profitability indicators, may be more significant (table 1).

Table 1

Profitability assessment LLC Selena Service

Name formula 2013 % 2014 % Deviation (+;-) Return on sales Рpr \u003d Pr / BP * 100% Рpr - profit VR - revenue 6.95.8-1.1 Profitability of products Рs \u003d Pr / Av * 100% Рpr - profit Ср - costs for production10.48.6-1.8Total return on assetsRA0= Pr/Aav*100% Rpr - profit Asr - assets (average)23.215.6-7.6Net return on assetsRAh=NP/Aav*100% NP - net profit Asr - assets (average) 19.711.9-7.8 Return on equity Rsk = NP / SK * 100% NP - net profit SK - equity 36,821.8-15 Profit from sales Ppr \u003d VR - W VR - revenue W - costs 3497830492-4486 Net profit for 1 rub. turnover Np \u003d PE / BP * 100% 4.73.6-1.1

To analyze the financial results of activities, we will compile table No. 2

table 2

Financial results analysis of LLC Selena Service

Name of the indicator For 2013 For 2014 Deviation Share Deviation +/-;% +/- thous. rub.%20132014Revenue10479695090-9706-9.3100100-Cost of sales6981864598-5220-7.566.667.9+1.3Sales expenses2774724952-2795-1026.526.2-0.3Profit (loss) from sales 8-1.1Interest payable472137-335-710.50.1-0.4Other income10191293+274+26.911.4+0.4Other expenses20292183+154+7.61.92.3+0.4Profit (loss) before tax57494513 -1236-21.55.54.7-0.8Income tax8601059+199+23.10.81.1+0.3Other018+18+1800.02+0.02Net profit (loss)48893436-1453-29, 74.73.6-1.1

Analysis of the financial results of the enterprise for 2013, 2014 showed that revenue decreased by 9.3%, cost decreased by 7.5%. The share of costs in the cost of sales increased from 66.6% to 67.9%. As a result , the share of profit in sales decreased by 1.1% compared to 2013.

Balance sheet profit also decreased by 21.5% compared to the previous year. This was due to an increase in other expenses by 7.6% and other income by 26.9%.

Due to the increase in income tax, the net profit remaining at the disposal of the enterprise decreased by 29.7% compared to the previous year and amounted to 3436 thousand rubles against 4889 thousand rubles in 2013. The decrease in the company's profitability was caused by the balance sheet and net income due to an increase in other expenses and the lack of profit from the sale of products, due to an increase in the share of costs in the cost of products sold.

From the calculations made, we see that the profitability of sales decreased to 5.8% in 2014, against 6.9% in the previous year, that is, the profit from each ruble of sold products decreased by 1.1 kopecks. The profitability of core activities decreased at the end of 2014 by 1.8% compared to 2011, i.е. the profit received from each ruble spent on the production and sale of products decreased by 1.8 kopecks. The decrease in the profitability of sales and core activities suggests that the management of the enterprise should be reviewed in the direction of reducing the costs associated with the production and sale of products, charged to cost.

The profitability of the entire capital of the enterprise for 2014 decreased by 7.8% compared to the previous year and amounted to 11.9%, i.e. profit from each ruble invested in property in 2013 decreased by 7.8 kopecks.

Net profit per 1 ruble of turnover in 2013 was 4.7 kopecks, in 2014 it was 3.6 kopecks.

The indicator of profitability of sales is widely used in a market economy. It characterizes the effectiveness of entrepreneurial activity: how much profit an organization has from one ruble of sales. Return on sales is defined as the ratio of profit from sales or net profit to the amount of revenue received, i.e.:

Pn/N or Rp= Pch/N (1)

where Rp - profitability of sales;

Rp - profit from sales;

Rch - net profit; - proceeds from the sale.

Both in the past and in the reporting years, the organization has a return on sales in terms of profit from sales, respectively, 6.9% and 5.8%. The decrease in the growth of profitability of sales is due to a decrease in the amount of profit from sales in the reporting year by 1,691 thousand rubles, or 23.4%.

In the reporting year, net profit is reduced by 29.7%, therefore, the profitability of sales in terms of net profit tends to decrease and amounted to 4.67% last year and 3.61 in the reporting year, respectively.

In the practice of economic analysis, the return on sales indicator is often used, calculated on net profit, so let's consider the influence of factors on this indicator.

Rp (past) \u003d 4889: 104796 \u003d 0.0467

Rp (speed) \u003d 3636: 104796 \u003d 0.0328

Rp (res.) = 3436:95090=0.0361

Influence? N = Rp (speed) - Rp (past) = 0.0328 - 0.0467 = -0.0139

Influence?N = Rp (res.) - Rp (speed) = 0.0361 - 0.0328 = 0.0033

Cumulative influence of factors: - 0.0106.

The calculation of the profitability of sales is shown in table 3.

Table 3

Calculation of profitability of sales LLC Selena Service

Indicators LegendLast yearReporting yearDeviationsIn percent to the previous year, %1. Net profit, thousand rubles Rch 48893436-145370.32. Profit from sales, thousand rubles K 72315540-169176.63. Sales proceeds, thousand rubles N 10479695090-970690.74. Return on sales (according to net profit), units PJN 0.04670.0361-0.010677.35. Return on sales (by profit from sales), units Pn/N 0.06900.0583-0.010784.5

Thus, it can be seen that the profitability of sales (in terms of net profit) was most negatively affected (0.0139 units) by a decrease in net profit by 1,453 thousand rubles, and a decrease in sales proceeds by 9,706 thousand rubles. increased the profitability of sales by 0.0033 units.

Return on sales can also be represented as the following model:

Pp = (N-S-KP-UR)/N*100%=P/N*100% (2)

where Rp - profitability of sales; - sales proceeds; - cost of goods sold;

CR - commercial expenses;

SD - administrative expenses.

From this factorial model, it follows that profitability of sales is affected by sales revenue, cost of goods sold, selling expenses and administrative expenses.

Conclusion

The purpose of the course work was to study the theoretical foundations of profitability indicators of the enterprise, identify ways to increase profitability and study the factors affecting the level of profitability.

The subject of this course work was the profitability of financial and economic activities. V term paper The following tasks were considered and studied:

- to state the theoretical foundations of profitability and its role in assessing the effectiveness of the company;

identify possible ways to increase the profitability of the company;

conduct a profitability analysis of OOO Selena Service, Bryansk.

In the process of writing the work were used: special scientific and educational literature, publications in periodicals, financial statements of the analyzed enterprise Selena Service LLC.

The paper presents calculations and analysis of the main indicators of profitability.

The paper reveals the main indicators of the profitability of the enterprise, the main methods of their analysis are considered.

In the course of the study, it was revealed that profitability is an indicator that is the ratio of profit to the amount of production costs, monetary investments in the organization of commercial operations or the amount of the company's property used to organize its activities.

Factor models of profitability reveal the most important causal relationships between indicators of the financial condition of the enterprise and financial results. Therefore they are indispensable tool assessment of the current situation. The methodology of factor analysis of profitability indicators provides for the decomposition of the initial formulas for calculating the indicator according to all qualitative and quantitative characteristics.

Based on the data on the calculated profitability indicators of the enterprise under study, it was concluded that the profitability indicators slightly decreased in the year under study. The main reserves for the growth of profitability of sales of the organization under study are: cost reduction, commercial expenses, cost intensity; growth in sales proceeds, gross profit (income); acceleration of the turnover of property and capital.

In the course of the analysis, it was revealed that the greatest negative impact (0.0139 units) on the profitability of sales (in terms of net profit) was caused by a decrease in net profit by 1,453 thousand rubles, and a decrease in sales proceeds by 9,706 thousand rubles. increased the profitability of sales by 0.0033 units.

The level of efficiency in the use of property in the reporting year decreased by 0.0481 units, which caused a decrease in profitability of sales by 1.34%.

In the organization there is an acceleration of turnover of commodity stocks. The acceleration of inventory turnover led to a decrease in the profitability of sales by 0.34%, and a decrease in the share of working capital in property, an increase in inventory in current assets reduced the profitability of sales by 0.05.

At the analyzed enterprise, the growth rate of labor productivity (120.98%) is lower than the growth rate of the average wage per employee (123.6%), i.e. the ratio of these indicators was (0.979%). The profitability of the entire capital of the enterprise for 2014 decreased by 7.8% compared to the previous year and amounted to 11.9%, i.е. profit from each ruble invested in property in 2013 decreased by 7.8 kopecks.

Return on equity also declined. The profit attributable to one ruble of own capital invested in production decreased by 15 kopecks and amounted to 21.8 kopecks in 2014, against 36.8 kopecks in 2013.

Summing up the results of the study of profitability of sales, we can note the following. The profitability of sales, calculated on the basis of net profit, decreased in the reporting year by 0.0106 units, or by 22.7% due to a decrease in net profit and a decrease in sales proceeds.

The main reserves for the growth of profitability of sales of the organization under study are: cost reduction, commercial expenses, cost intensity; growth in sales proceeds, gross profit (income); acceleration of the turnover of property and capital. Management needs to ensure that sales revenue and gross income are consistently above their prior years. To do this, you need to purchase goods for sale in full accordance with the structure and volume of demand, increase the trade margin within the effective demand of buyers.

We determined the threshold revenue and the margin of safety, which amounted to 18%. If, due to a change in the market situation, the company's revenue decreases by less than 18%, then the company will make a profit, if more than 18%, it will be at a loss.

The management of the enterprise should take measures to prevent further deterioration of the financial condition and develop measures for more rational management of the capital of the enterprise in order to increase the efficiency of financial and economic activities.

Bibliography

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INTRODUCTION

CHAPTER 1. ECONOMIC ESSENCE OF THE ASSETS OF THE ENTERPRISE

1.1. Essence and classification of enterprise assets

1.2. Essence of return on assets

17IABA 2. RETURN ON CAPITAL ANALYSIS OF SALANG LLC

2.1. ()P1 A11IZATIONAL CHARACTERISTIC OF THE ORGANIZATION

2.2. Analysis of the assets of Salang LLC. Return on assets

I CHAPTER 3. IMPROVING ASSET MANAGEMENT IN LLC

financial activities of Salang LLC

V2 Calculation of financial performance after implementation

proposed activity

Conclusion

BIBLIOGRAPHY

APPENDIX

INTRODUCTION

Currently, enterprise asset management and the possibility of its improvement are an urgent problem. The transition to market conditions of management, the denationalization of property, on the one hand, exacerbated this problem, on the other hand, expanded the possibilities for its effective implementation.

First, asset management is the most important aspect of enterprise management as a whole, on which the efficiency of the enterprise depends.

Secondly, in market conditions, the rights of enterprises in the field of asset management, the measure of responsibility for the quality (efficiency) of their use, have changed, since assets began to be understood as the capital advanced in them.

Thirdly, the approach to understanding the problem has changed. Assets, as an object of sale, are currently understood not only as parts of the property complex, but as a whole enterprise. And this requires a comprehensive, objective approach to evaluation.

Fourthly, the expansion of the legislative framework enables enterprises to use their property more efficiently and build a policy for the reproduction of fixed assets.

The purpose of the work is to analyze the profitability of the assets of the enterprise SALLPG LLC. To achieve this goal, the following tasks are set:

Give a general description and classify the assets of the enterprise;

Give a brief description of SALANG LLC;

Analyze and develop the main directions for improving the profitability of assets in SALANG LLC.

The object of the study is SALANG LLC. The subject is the return on assets.

The work uses the methods of statistical, systemic and financial analysis, the dialectical method, the method of comparisons and analogies, the method expert assessments, the method of generalizations, as well as graphic tools.

Structurally, the work consists of an introduction, three chapters containing six paragraphs, a conclusion and a list of references.

CHAPTER 1. ECONOMIC ESSENCE ASSETS

ENTERPRISES

1.1. Essence and classification of enterprise assets

Capital is the company's liabilities in cash. and in production form - firm assets.

Assets reflect in value terms, all the organization's tangible, intangible (intellectual property) and monetary values, as well as property rights in terms of their composition, placement or investment.

There are several criteria for classifying the assets of an enterprise:

/. Functioning form:

material;

intangible;

Financial.

2. By the nature of participation in the production process:

non-current;

Negotiable (current).

3. Depending on sources of formation:

Gross;

4. Depending from ownership:

Own;

Rented (leasing).

5. According to the degree of liquidity:

Absolutely liquid (monetary assets of the company);

highly liquid (short-term financial investments, short-term accounts receivable);

medium liquid (stocks of finished products, receivables);

Weakly liquid (non-current assets, long-term financial
attachments);

Illiquid (bad accounts receivable, losses).
The capital of the firm exists in two main forms:

capital and working capital.

Main capital characterizes that part of the capital used by the firm, which is invested in all types of its non-current assets.

Non-current assets include:

Intangible assets;

fixed assets;

Construction in progress;

Profitable investments in material values;

Long-term financial investments;

Other intangible assets.

Intangible assets- assets of the enterprise that do not have a material form, but take part in economic activities.

This type of asset includes:

Business reputation of the company - "goodwill" - difference between market
the value of the enterprise as an integral property complex and its
book value, formed in connection with the possibility of obtaining
a higher level of profit (compared to the industry average
level) through the use of more effective system management,
application of new technologies, etc.). Goodwill is broadly
sense of the benefits that a company receives when buying already
an existing enterprise. These benefits may be related to
the presence of a permanent clientele, a favorable geographical position,
qualified management team, etc. Goodwill arises in
moment of purchase and only appears in the buyer's balance sheet as a difference
between the purchase price (the value of the enterprise as a whole) and the amount of its
individual assets less liabilities. Calculation of the amount of goodwill is often
is a known problem because as a cost
individual assets, as a rule, their market (and not balance sheet)
price.

Development rights and costs for the development of natural resources; formulas, technologies and samples (eg software);

know-how - a set of technical, technological, managerial, commercial and other knowledge, formalized in the form of technical documentation, descriptions. Accumulated production experience that is the subject of innovation, but not patented;

Trademark - an emblem, drawing, symbol registered in accordance with the established procedure, serving to distinguish goods of this manufacture from other similar goods;

Licenses;

Other similar types of property values of the organization.

V Lately for the enterprise, such a type of property as intangible assets is becoming increasingly important. This is due to the rapidly developing processes of absorption of some enterprises by others, significant changes in the technology of production of goods and services, and the growing role of information technology.

Usage intangible assets in economic circulation makes it possible for a modern enterprise to change the structure of its production capital. By increasing the share of intangible assets in the cost of new products and services, their knowledge intensity increases, which is of great importance for increasing the competitiveness of products and services.

fixed assets- this is a part of the property of an entrepreneurial firm used as means of labor in the production of products, performance of work, provision of services or for the management needs of the organization for a period exceeding 12 months or the normal operating cycle, if it exceeds 12 months.

Fixed assets are reflected in accounting at their original cost, i.e. by the amount of costs for their manufacture or purchase, for transportation, installation and other costs associated with the commissioning of fixed assets. The initial cost of fixed assets is determined by the formula:

where Z about - the cost of the acquired object;

3, - transportation costs;

З m - the cost of installation or construction work.

Fixed assets as a set of tangible assets used as means of labor in the production of products, performance of work or provision of services or for the management of an organization for a period exceeding 12 months or a normal operating cycle, if it exceeds 12 months, include buildings, structures , working and power machines and equipment, measuring and control instruments and devices, Computer Engineering, vehicles, tools, production and household equipment and supplies, working and productive livestock, perennial plantations, on-farm roads and other fixed assets.

Fixed assets also include capital investments in fundamental land improvement (drainage, irrigation and other land reclamation works) and leased fixed assets. Fixed assets include land plots owned by the organization, objects of nature management (water, land, subsoil and other Natural resources) .

They do not belong to fixed assets and are accounted for in organizations as part of funds in circulation, and in budgetary organizations - as part of low-value items and other valuables:

a) items with a useful life of less than 12 months, regardless of their value;

b) items with a value at the date of acquisition of not more than 100 times the size (for budget organizations 50-fold) minimum wage per unit (based on their value stipulated in the contract) regardless of their useful life, except for agricultural machinery and implements, construction mechanized tools, weapons, as well as working and productive livestock, which are classified as fixed assets regardless from their value;

c) the following items, regardless of their value and useful life: fishing gear (trawls, nets, nets, nets, etc.), special tools and special devices target character, special clothing, special footwear, as well as underwear: branded clothing intended for issuance to employees of the organization; clothing and footwear in health care, education and other organizations that are on the budget; temporary (non-title) structures, temporary buildings in the forest with a service life of up to two years (mobile heating houses, boiler stations, gas stations) and others.

In various sectors of the economy, the structure of fixed assets can differ significantly, as it reflects the technical equipment, technology features, specialization and organization of production in these industries.

Unfinished production- this is the cost of raw materials of the main and auxiliary materials, fuel transferred from the warehouse to the workshop and entered the technological process, labor costs, costs for electricity, water, steam, etc. As a result, the costs of work in progress are made up of the cost of unfinished products, semi-finished products own production, as well as finished products not accepted by the technical control service.

The value of work in progress depends on four factors: the volume and composition of products, the duration of the production cycle, the cost of production and the nature of the increase in costs in the production process. The first three factors affect the volume of work in progress in direct proportion. At the same time, the duration of the production cycle, in turn, is determined by the time of: the production process; impact on semi-finished products of physical-chemical, thermal and electrochemical processes (technological reserve in production); transportation of semi-finished products within the workshop, as well as finished products to the warehouse (transport stock in production); accumulation of semi-finished products before the start of the next operation (working stock in production); analysis of semi-finished products and finished products, finding semi-finished products in stock to ensure the continuity of the production process (insurance stock in production).

The maximum possible reduction of these types of stocks in work in progress contributes to the improvement of the use of working capital by reducing the duration of the production cycle.

With a continuous production process, the duration of the production cycle is calculated from the moment raw materials and materials are put into production until the finished product is released.

In general, the average duration of the production cycle is determined for the enterprise using the weighted average method, i.e. by multiplying the duration of production cycles for individual products or most of them by their cost.

When determining the impact on the volume of work in progress of the fourth factor, i.e. the nature of the increase in costs, all costs in the production process are divided into one-time, i.e. costs at the beginning of the production cycle (raw materials, basic materials, etc.), and growing ones (fuel, steam, water, energy, labor costs, depreciation, etc.). The increase in costs in the production process can occur evenly and unevenly.

In both cases, the process of increasing costs is determined using the coefficient of increasing costs. With a uniform increase in costs, the coefficient is calculated by the formula:

where Ф e - one-time expenses;

F n - rising costs.

At the same time, the average cost of a product in work in progress is calculated as the sum of all one-time costs and half of the incremental costs.

With an uneven increase in costs by days of the production cycle, the cost increase coefficient is determined by the formula:

where C is the average cost of a work in progress product; P is the production cost of the product.

1.2. Essence of return on assets

Profitability indicators characterize the financial results and efficiency of the enterprise. They measure the profitability of an enterprise from various positions and are grouped according to the interests of the participants in the economic process, market exchange.

Profitability indicators are important characteristics of the factor environment for the formation of enterprises' profits. Therefore, they are mandatory when carrying out comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as an instrument of investment policy and pricing

The main profitability indicators can be combined into the following groups

1) indicators of return on capital (assets),

2) indicators of product profitability;

3) indicators calculated on the basis of cash flows
funds.

First group profitability indicators is formed as the ratio of profit to various indicators of advanced funds, the ID of which are the most important; all assets of the enterprise; investment capital (own funds + + long-term liabilities); share (own) capital

Net ■ profitNet ■ profit Net profit

All ■ assets Investment ■ capital Equity capital

The discrepancy between the levels and profitability of these indicators characterizes the degree to which the enterprise uses financial levers to increase profitability: long-term loans and other borrowed funds,

These indicators are specific in that they meet the interests of all participants in the business of the enterprise. For example, the administration of a walkie-talkie of an enterprise is interested in the return (profitability) of all assets (total capital); potential investors and creditors - return on invested capital; owners and founders - profitability of shares, etc.

Each of the listed indicators is easily modeled by factor dependencies. Consider the following obvious dependency:

Net ■ profit Net ■ profit Volume ■ of sales:

All assets ■ Sales volume: All assets

This formula reveals the relationship between the profitability of all assets, the profitability of sales and the turnover of assets Economically, the connection lies in the fact that the formula directly indicates ways to increase profitability with low profitability of sales, it is necessary to strive to accelerate the turnover of assets.

Consider another factorial model of profitability.

Net ■ profit Net ■ profit Sales ■ volume: Sov equity

" X X ■

Equity ■ capital Sales ■ volume: Sov ■ capital Equity capital

as you can see, the return on equity (equity) capital depends on changes in the level of profitability of products, the rate of turnover of total capital and the ratio of equity and debt capital. Studying such dependencies is of great importance for assessing the influence of various factors on profitability indicators. From the above dependence, it follows that, other things being equal, the return on equity increases with an increase in the share of borrowed funds in the composition of total capital.

Vgoraya group indicators is formed on the basis of the calculation of levels and profitability in terms of profit, reflected in the reporting of enterprises. For instance,

Profit ■ from sales. Carrying ■ profit, taxable ■ profit Net ■ profit

Volume ■ sales Volume ■ sales Volume ■ sales Volume - sales

These indicators characterize the profitability of the products of the basic (K o) and reporting (/С,) periods. For example, the profitability of products in terms of profit from sales

where - P^P 0-profit from the implementation of the reporting and base periods;

N ^ N 0 - sales of products (works, services) of the reporting and base periods;

S ^ Sq - cost of products (works, services) of the reporting and basic periods;

AK- change in profitability in the reporting period compared to base period.

Influence of the change factor sales volume is determined by calculation(using the method of chain substitutions)

Accordingly, the influence cost changes will be

5, JV, - S n

The sum of factor deviations gives the total change in profitability v reporting period compared to the base period;

AK \u003d AK p - AK x

The third group of profitability indicators is formed similarly to the first and second groups, but instead of profit, net cash inflow is taken into account.

41SchS - net cash inflow

h pds npds npds______

Volume ■ sales total ■ capital Equity ■ capital

These indicators give an idea of the degree of the company's ability to pay creditors, borrowers and shareholders in cash in connection with the use of the existing cash inflow. The concept of profitability calculated on the basis of cash inflow is widely used in countries with developed market economies. It is a priority, because operations with cash flows that ensure solvency are an essential sign of the state of the enterprise.

The return on assets shows the profit brought by everyone without

exceptions by means of the enterprise, regardless of their type or source of formation. It is calculated as the ratio of net profit to total assets. Serves to evaluate the performance of the business as a whole (and not just the performance of equity capital).

Pa level and dynamics of indicators of profitability is influenced by the totality of production - economic factors: the level of organization of production and management; the structure of capital and its sources; the degree of use of production resources; volume, quality and structure of products; production costs and cost of products; profit by type of activity and direction of its use.

The methodology of factor analysis of profitability indicators provides for the expansion of the initial formulas for calculating the indicator for all qualitative and quantitative characteristics of intensifying production and increasing the efficiency of economic activity. For example, to analyze the overall profitability (return on assets), you can use a three- or five-factor model.

To simplify the model, production and sales costs
products are reduced to labor costs, material costs and
depreciation of fixed assets. For the practical application of the model to
cost of materials should be added to the cost of components
and semi-finished products, works and services of an industrial nature
(performed by third parties or non-mainstream
divisions of the enterprise), fuel, purchased energy, etc. Costs for
wages should be supplemented with contributions for social needs. Besides
In addition, a separate element should take into account other costs or allocate
them proportionally between the main types of costs.

All models used are based on the following relationship:

P P = jy = N { N N N y

N + JV JV IV A X N X N

where /? - return on assets (capital); P - profit from sales; TO - average value of assets for the period; F - average cost for the period outside current assets; E- average balances of current assets;

Costs per 1 ruble of products at full cost;

and

Salary intensity of products;

Material consumption of products;

Depreciation capacity of products;

Capital intensity of products for non-current assets;

Capital intensity of production by current assets (coefficient

securing current assets).

The return on assets is the higher, the higher the profitability of products, the higher the return of non-current actins and the rate of turnover of current assets, the lower the total costs per 1 ruble of production and unit costs for economic elements (labor, materials, labor). The numerical assessment of the influence of individual factors on the level of profitability is determined by the method of chain substitutions or by the integral method of assessing factor effects.

17 Three-factor cost-benefit analysis model

N N

where L 1"- product profit

I AM" - R ■

" N "

I" - capital intensity (capital intensity) of products for fixed capital:

R" - turnover of current assets (capital intensity for working capital):

A" - E

In this model the turnover factor of current assets is reflected size -, reciprocal of the average number of revolutions.

CHAPTER 2. RETURN ANALYSIS OF CAPITAL LLC

"SALANG"

2.1. Organizational characteristics of the organization

Limited Liability Company "Salang" was established and operates in accordance with the Federal Law of the Russian Federation of February 8, 1998 No. 14-FZ "On Limited Liability Companies". The Company is a legal entity and operates on the basis of its founding agreement and the Charter.

Small enterprise "Salang" LLC is a commercial organization, as the main goal of its activity, it pursues the extraction of profit in the implementation of activities not prohibited by the current legislation, which do not contradict the current legislation and the interests of the members of the Company. The organizational and legal form of the enterprise is a limited liability company, the rights and obligations of which are defined in the Federal Law of the Russian Federation "On Limited Liability Companies".

All activities of the enterprise are carried out on the basis of obtained licenses. The main activity of the company is wholesale and retail building goods. In addition, according to the Charter, the company can provide design services for the decoration of public interiors and residential premises.

LLC "Salang" is a construction company that can erect buildings and structures of the 1st level of responsibility, as well as install light enclosing structures:

enclosing structures made of asbestos-cement extrusion panels and slabs;

frame-sheathing partitions;

walls made of sandwich panels;

window and door blocks, spatial structures from

aluminum profile, PVC profile,

fiberglass, other polymeric and combined materials;

carry out finishing work:

production of plastering and stucco works;

production of painting works;

wallpaper production;

production of glass works;

production of facing works;

installation of suspended (tension) ceilings, panels and slabs with face

finishing;

to carry out the installation of floors:

installation of coatings from slabs, tiles and unified blocks;

arrangement of coatings made of wood and products based on it;

arrangement of coatings from polymeric materials;

One of the most important factors in increasing the efficiency of production at industrial enterprises is the provision of their fixed assets in the required quantity and assortment and their more complete use.

The problem of using the production assets of enterprises has two sides. The first is associated with a decrease in the mass of means of production consumed in the production process; the second - with a decrease in funds advanced for production and economic activities. The total amount of consumed production assets for the analyzed period corresponds to the cost of labor (depreciation) and objects of labor for output. The advanced amount of production assets is such a sum of them that ensures the simultaneous presence of production assets in all their natural forms and at all stages of economic activity.

The problem of producing products with the lowest costs of production assets is the problem of reducing the cost of industrial products.

The tasks of the analysis are to determine the security of the enterprise and its structural divisions with fixed assets and the level of their use according to general and particular indicators, as well as to establish the reasons for their change; calculate the impact of the use of fixed assets on the volume of production and other indicators; to study the degree of use of the production capacity of the enterprise and equipment; identify reserves for increasing the efficiency of fixed assets use.

The completeness and reliability of the analysis of fixed assets depend on the degree of perfection of accounting, the well-functioning systems for registering transactions with fixed assets, the completeness of filling in accounting documents, the accuracy of assigning objects to accounting classification groups, the reliability of inventory records, the depth of development and maintenance of analytical accounting registers.

To carry out the current management of the enterprise, the director of the enterprise is appointed (Fig. 1). A contract (employment contract) is concluded with the invited director.

As can be seen from Appendix 4, at the head production structure enterprise is the director of the enterprise. Three deputies are directly subordinate to him - the deputy for capital construction, the chief accountant and the chief engineer. In turn, each of them has its own hierarchy of subordinates. The deputy for capital construction is subordinate to the PSU (production and construction unit), whose functions include the direct production of window and door blocks, sawmilling. Subordinate to the chief engineer are MTO (material and technical department), chief power engineer and labor protection, PTO (planning and technical department), department chief mechanic and section chief.

The duties of the chief engineer include the coordination of the company's activities related to the production process. MTO is responsible for the timely repair of equipment, equipping it with all necessary materials, storage of spare parts and other equipment necessary for production. The duties of the chief power engineer include providing the enterprise with energy resources, in particular electricity. The head of the labor protection department is obliged to bring the working conditions at the enterprise in line with scientific recommendations, and conduct safety briefings in a timely manner. The main task of VET is to predict the situation of the construction market and building materials, as well as the development of construction schedules, capacity utilization plans and other planning and regulatory documentation. The department of the chief mechanic is designed to maintain the efficiency of vehicles and timely technical inspection of concrete trucks. The duties of the site supervisors include coordinating the actions of the foremen on the spot, who, in turn, instruct and supervise the activities of the work foremen. The activities of the heads of sections are regulated by planning and regulatory documents developed in PTO. In turn, the heads of sections can make adjustments to these documents by providing the necessary information and substantiating it in PTO.

The department of the chief mechanic is subordinate to the drivers of cars, drivers of trucks, a truck crane operator and a forwarding driver. The scope of duties of drivers of passenger vehicles includes the delivery of light cargo around the city from a warehouse, field trips building objects. Truck drivers must deliver goods to construction sites.

Deputy director for public answers questions per connection

organizations with the external environment. His competence includes a range of issues related to the presentation of new products, advertising activities, communication with the press.

Currently, the staff of LLC is staffed by all necessary staff. The director, his deputies and managers of the organization have higher education. Local performers have undergone special training and have all the necessary work skills.

The permanent staff consists of more than 64 people. Enterprises also conclude contracts for construction and other works, which temporarily increases the number of employees on the balance sheet of the enterprise. Staff turnover is very low and within the normal range. Employees of the enterprise are in close contact with each other; an informal type of relationship prevails, which leads to a favorable climate within the organization. The company is also engaged in raising the level of professionalism of its employees, in connection with which from time to time sends them to advanced training courses.

2.2. Analysis of the assets of 000 Salang. Return on assets

We will analyze the financial condition of Salang LLC on the basis of balance sheets for 2004-2005. To study the structure and dynamics of the financial condition of the organization, we will build a comparative analytical balance sheet for the analyzed periods, which gives the most full information on the financial condition of the organization.

The comparative analytical balance sheet was obtained from the original balance sheets by supplementing it with indicators of structure and dynamics.

Table 1 Horizontal and vertical analysis of the assets of Salang LLC for 2004 - 2006

Name of indicator	Annual value, million rubles			Structure, %			Dynamics
	2004	2005	2006	2004	2005	2006	abs. units		%
	2004	2005	2006	2004	2005	2006	05/04	06/05	05/04	06/05
1	2	3	4	5	6	7	8	9	10	11
Non-current assets	208,0	231,0	263,0	36,9	26,9	31,6	23,0	32,0	111,1	113,9
current assets	356,0	628,0	570,0	63,1	73,1	68,4	272,0	-58,0	176,4	90,8
Total assets	564,0	859,0	833,0	100,0	100,0	100,0	295,0	-26,0	152,3	97,0
Ratio of current and non-current assets	0,6	0,4	0,5	-	-	-	-0,2	0,1	63,0	125,4

Analyzing the data on the comparative balance, we can conclude that the value of the property of the analyzed organization for 2005 increased by 52.3%, which in absolute terms is 295.0 million rubles, and amounted to 859.0 million rubles by the end of the year. Moreover, current assets received the largest increase, their value increased by 76.4% compared to 2004 and amounted to 628 million rubles by the end of the year. The value of non-current assets increased by only 11.1% and amounted to 231 million rubles.

By the end of 2006, the value of property decreased by 3% and amounted to 833.0 million rubles. Moreover, the value of non-current assets increased by 13.9% compared to 2005 and amounted to 263 million rubles. Thus, the decrease in the total value of the organization's property in 2006 compared to 2005 is associated with a decrease in the value of current assets by 9.2%.

The dynamics of changes in the value of the assets of Salang LLC is shown in Figure 1.

Figure 1 - Dynamics of change value of assets of Salang LLC for 2004 -

In the asset structure of Salang LLC in each of the analyzed periods, the largest share is occupied by current assets: 63%, 73% and 68%, respectively, in 2004, 2005 and 2006. Such a structure of assets indicates the material intensity of the organization.

For greater clarity, we will construct diagrams of the structure of assets for 2004 - 2006 (Figure 2).

Figure 2 - The structure of the assets of Salang LLC for 2004 - 2006

By the end of 2005, the share of non-current assets decreased by 10% compared to 2004 and amounted to 26.9%, while the share of current assets increased by 10% and amounted to 73.1%. As for 2006, by the end of the year the share of non-current assets increased by 4.7% and amounted to 31.6%, while the share of current assets decreased by 5.3% and amounted to 68.4% in the total assets.

A horizontal analysis of the organization's assets for 2004-2006 shows that their absolute amount increased in 2005 compared to 2004, and decreased in 2006 compared to 2005. If there were no inflation, then it would be possible to conclude that the organization in 2005 t increased its economic potential. In terms of inflation, this cannot be said, since fixed assets, the remains of work in progress

of capital construction are periodically revalued taking into account the growth of the price index. Newly received stocks are reflected at current prices, previously credited stocks - at prices valid on the date of their receipt. Funds in settlements, cash are not revalued. Therefore, it is very difficult to bring all the assets of the balance into a comparable form and draw a conclusion about the real growth rates of their value.

Let us consider in more detail the change in the structure and dynamics of non-current and current assets.

table 2

Change analysis		structures of non-current assets					OOO "Salang"
Name of indicator	Annual value, million rubles			Structure, %			Dynamics,
Name of indicator	2004	2005	2006	2004	2005	2006	million	rub.	"/O
05/04	2004	2005	2006	2004	2005	2006	06/05	05/04	G 06/05
Non-current assets, total: including	208,0	231,0	263,0	100,0	100,0	100,0	23,0	32,0	111,1	113,9
fixed assets	205,0	230,0	263,0	98,6	99,6	100,0	25,0	33,0	112,2	114,3
Intangible assets	3,0	1,0	0,0	1,4	0,4	0,0	-2,0	-1,0	33,3	0,0

The growth in the value of non-current assets in all analyzed periods is associated with an increase in the size of the organization's fixed assets by 25 million rubles. in 2005 compared to 2004 and by 33 million rubles. in 2006 compared to 2005. The overall increase in the amount of non-current assets is not so significant due to the decrease in the size of intangible assets.

In general, the dynamics of the structure of non-current assets is characterized by:

An increase in the share of fixed assets from 98.6% to 99.6% in 2005 and
99.6% to 100% in 2006;

Decrease in the share of intangible assets from 3% to 1% in 2005 and from 1% to 0% in 2006;

Figure 3 - Structure of non-current assets LLC "Salang" for 2004 - 2006

Change analysis structures current assets v 2004 - 2006 is presented in table 3.

Table 3 Analysis of changes in the structure of current assets of Salang LLC

Name Annual value, million Structure, % Dynamics

indicator,- rj jr

2004	2005	2006	2004	2005	2006	million rubles		%
2004	2005	2006	2004	2005	2006	05/04	06/05	05/04	06/05
Current assets, total: including	356,0	628,0	570,0	100,0	100,0	100,0	272,0	-58,0	176,4	90,8
Stocks and costs	77,0	73,0	173,0	21,6	11,6	30,4	-4,0	100,0	94,8	237,0
	20,0	6,0	15,0	5,6	1,0	2,6	-14,0	9,0	30,0	250,0
Goods shipped, work performed, services rendered	0,0	0,0	343,0	0,0	0,0	60,2	0,0	343,0	-	250,0
Accounts receivable	220,0	480,0	3,0	61,8	76,4	0,5	260,0	-477,0	218,2	0,6
Cash	39,0	69,0	36,0	11,0	11,0	6,3	30,0	-33,0	176,9	52,2

The total amount of current assets of Salang LLC in 2005 increased by 272 million rubles compared to 2004, and in 2006 compared to 2005 it decreased by 58 million rubles.

Changes in the organization's current assets in 2005 year compared to 2004 were caused by the following main factors by 4 million rubles. reduced inventories and costs;

the amount of taxes on acquired valuables decreased by 14 million rubles. rub.;

the amount of receivables increased by 260 million rubles;

the amount of funds increased by 30 million rubles;

Changes in the current assets of the organization in 2006 compared to 2005 year are caused by the following main factors for 100 million rubles. inventories and costs have increased;

the amount of taxes on acquired valuables increased by 9 million rubles. rub.; the amount of accounts receivable decreased by 477 million rubles; the amount of cash decreased by 33 million rubles; The structure of current assets of Salang LLC in 2004 - 2006 years shown in Figure 4.

Stocks and costs

■ Taxes on acquired valuables

□ Goods shipped, completed works, rendered services

□ Accounts receivable

■ Cash

c) 2006 Figure 4 - The structure of current assets of Salang LLC for 2004 - 2006

Positive in the dynamics of the structure of current assets is a significant reduction in the share of accounts receivable, its share in - working capital decreased from 76% to 0.5% at the end of 2006 compared with 2005. With a significant increase in material circulating assets (stocks), the organization managed to improve the sale of products. This is evidenced by the increase in shipped goods by 343 million rubles, whose share in 2006 amounted to 60.2% of the total current assets.

Negative in the dynamics of the structure of current assets is the change in the following indicators:

Reducing the share of cash - by 4.7% in 2006
compared to 2005;

An increase in the share of taxes on acquired valuables from 1% to 2.6%
in 2006 compared to 2005;

We will analyze the profit and profitability of the organization. Profit and profitability indicators Ltd"Salang" presented in tables 4 and 5.

Table 4

Profit indicators of Salang LLC

Name of indicator	Annual value, million rubles				Dynamics,
	Annual value, million rubles				%			abs. units
	2003	2004	2005	2006	04/03	05/04	06/05	04/03	05/04	06/05
	78,0	343,0	561,0	219,0	439,7	163,6	39,0	265,0	218,0	-342,0
	0,0	-113,0	-138,0	-125,0	-	122,1	90,6	-113,0	-25,0	13,0
	2,0	-1,0	-3,0	-8,0	-50,0	300,0	266,7	-3,0	-2,0	-5,0
	80,0	229,0	420,0	86,0	286,3	183,4	20,5	149,0	191,0	-334,0

Taxes and payments 63.0 82.0 176.0 74.0 130.2 214.6 42.0 19.0 94.0 -102.0
from the profits _________________________________________________________

Unallocated

profit 170 ]4 7.0 244.0 12.0 864.7 166.0 4.9 130.0 97.0 -232.0

(uncovered

lesion) ________ I_______________ I____ |____ I____ I____

-" ■" Profit (loss) from sales

" Profit (loss) from operating income and expenses - - 11 profit (loss) from non-operating income and expenses

11profit (loss) for the reporting period "" - Retained earnings (uncovered loss)

Figure 4 - Dynamics of profit indicators of Salang LLC

The data in Table 3 testify to the unstable dynamics of profit indicators of Salang LLC. Thus, in 2005, compared with 2004, there was an increase in almost all indicators of profit, with the exception of profit from non-operating and operating income and expenses. However, in 2006, compared to 2005, the total and net profits are significantly reduced by 75.2% and 95.1%, respectively. This is primarily due to the reduction in the amount of profit from sales by 61%.

Table 4 Profitability indicators of Salang LLC

In percentages

Name of indicator	Values by years
Name of indicator	2004	2005	2006
1	2	3	4
Profitability of production	31,09	41,81	7,29
Profitability of services (by total profit)	15,83	17,77	3,31
Profitability of services (based on net profit)	10,16	10,32	0,46
Return on sales (by total profit)	11,30	12,84	2,47
Return on sales (based on net profit)	7,25	7,46	0,34
Return on equity	35,17	39,61	1,41
Return on debt capital	86,47	128,42	8,33
Return on assets	26,06	28,41	1,44
Return on real assets	52,13	80,53	2,75
Return on current assets	41,29	38,85	2,11

The data in Table 4 indicate unstable dynamics
profitability indicators of Salang LLC in the analyzed periods. V
In 2005, compared with 2004, there was an increase in all indicators
profitability, but in 2006 there is a sharp decline in their
compared to 2005 and even compared to 2004. It is related to
first of all, with a sharp reduction in total and net profit due to an increase in non-operating operating expenses and insufficient profit from product sales, due to an increase in the share of costs in the cost of products sold in 2006 compared to 2005.

The decrease in the profitability of sales and core activities suggests that the management of the organization should revise the tariffs for the services provided in the direction of their increase or reduce the costs associated with the production and sale of products attributable to cost.

The profitability of production capital in 2005 was 41.81%, and in 2006 - 7.29%, i.е. profit from each ruble invested in production capital decreased. The decrease in this indicator is explained by a large investment in fixed assets and insufficient capital productivity.

Return on equity in 2006 also declined.

Based on the foregoing, we can conclude that in 2006 the organization's activities were less effective than in previous years.

The growth rates of these indicators for Salang LLC are presented in Table 5.

Table 5 Growth rates of profit, sales proceeds and assets for 2004-2006

For clarity, we will construct diagrams of the dynamics of the growth rates of the analyzed indicators (Figure 6)

■ Profit ■ Sales proceeds □ Assets

Figure 6 - Dynamics of growth rates of profit, revenue and assets in 2005 and 2006

For this organization, the asset growth rate for 2005 was 152%, sales volume (revenue) - 161%, profit - 183%, that is, this condition is met: 100%< 183% < 161% < 152%.

First inequality (100%< 183%) показывает, что организации наращивала свой экономический потенциал и масштабы деятельности.

Second inequality (183%< 161%) свидетельствует о том, что объем продаж рос быстрее экономического потенциала. Из этого можно сделать вывод о повышении эффективности использования ресурсов на предприятии.

Third inequality (161%< 152% означает, что прибыль предприятия росла быстрее объема реализации продукции и совокупного капитала.

Thus, we can say that the organization has developed dynamically over the period from 2004 to 2005.

As for 2006, this ratio is not fulfilled for it: the asset growth rate was 97%, sales volume (revenue) -106%, profit - 20%.

CHAPTER 3. IMPROVING MANAGEMENT

ASSETS IN S AL AN G LLC

financial activities of Salang LLC

Preliminary analysis of the financial and economic performance of Salang LLC for 2004-2006 showed that the efficiency of the financial activity of the organization at the end of 2006 decreased, despite the fact that the financial indicators characterizing the solvency and financial independence of the organization reached their standard values. So the organization made a profit in 2006 of 12 million rubles, against 244 million rubles. - in 2005. And, as a result, all this led to a drop in the level of all indicators of the organization's profitability.

To correct the current situation in the organization and for more effective work Going forward, management should take steps to improve all levels of profitability (services, sales, equity, debt and total capital), primarily by increasing profits in 2007 compared to 2006.

To achieve this goal, it is necessary to develop an event, the implementation of which will increase the proceeds from the sale of products.

Consider the initial data and the content of such an event.

In 2006, the organization purchased new equipment and machinery, which should help improve the quality of services provided (work performed), and, therefore, should help increase sales revenue. In addition, in 2007, the organization's management planned to gradually expand its coverage area.

Thus, the essence of the measure, the implementation of which will increase all profitability indicators, is to perform construction and installation work on construction and repair.

Due to the fact that the services provided by the organization are in high demand, it is planned that the implementation this event will result in a 30% increase in sales revenue in 2007 compared to 2006.

At the same time, it should be noted that the production capacities of the organization in 2006 were not used at 100%. Thus, when expanding its coverage area, the organization does not need to additionally increase its production capacity.

Taking into account the 1.3 times increase in proceeds from sales in 2007 as compared to the previous year, this value will amount to 4,523.7 million rubles.

To determine the cost of work performed, and obtain
prospective profit at the end of 2007, we divide the expenses of 2006 into
variables and constants. Variable costs in an organization

include:

raw materials and materials;

works and services production nature, performed by others organizations;

other material costs;

employees' wages;

deductions for social needs;

others. Fixed costs:

depreciation deductions;

Electric Energy.

At the same time, variable costs will increase in proportion to revenue and amount to 3298.9 million rubles, fixed costs will increase by the amount of inflation - 5%, except for depreciation.

Depreciation charges in 2006 amounted to 61 thousand rubles, in 2007 - also 61 million rubles, due to the fact that during 2007 the organization does not plan to acquire additional production facilities.

Considering the above, the total expenses of the organization in 2007 will amount to 3,362.9 million rubles.

Thus, having predicted the amount of proceeds from sales and the total amount of costs for the production and sale of products, it is possible to calculate the forecasted amount of profit from sales for 2007, taking into account all taxes and deductions made from the proceeds (value added tax (VAT) - in the amount of 18% of the total amount of proceeds from sales, collection to the Republican Fund for Support of Producers of Agricultural Products, Food and Agrarian Science, tax from road users to road funds (ON) - in the amount of 3% of the amount of proceeds from sales minus value added tax). The calculation results are presented in table 18.

Table 6

Calculation of the projected cost and profit from the sale of products for 2007 In million rubles

The data in the table indicate that the forecast profit from the sale of products will amount to 355.3 million rubles.

To calculate the forecast value of the total profit, we will forecast the profit from operating and non-operating income and expenses using the trend method.

To build trend lines, we will use Microsoft Excel tools and the values of the corresponding values for 2003-2006 (Table 8).

Table 8

Profit from operating and non-operating income and expenses for 2003 - 2006 In million rubles

Based on the data in Table 19, we construct graphs of the dependence of profit on operating and non-operating income and expenses. As approximating functions, we choose polynomial functions of the sixth degree.

To determine the forecast value of profit from operating income and expenses, the approximating function has the form:

y \u003d 67x 3 - 527.5x 2 + 1126.5x - 879

To determine the forecast value of profit from non-operating income and expenses, the approximating function has the form:

y \u003d 1.33x 3 - 12x 2 + 29.67x - 20

Thus, the forecast values of profit from operating income and expenses and non-operating income and expenses will amount to 440 million rubles. and -5 million rubles. respectively.

As a result of calculations, the total profit of the organization in 2007 will amount to 790.3 million rubles. (355.3 + 440 - 5).

Let's calculate the estimated value of the organization's net profit for 2007, taking into account all taxes and deductions made from profits (real estate tax - in the amount of 1% of the residual value of the OPF, income tax - in the amount of 24% of the total profit minus real estate tax , contributions to the trust fund for the rehabilitation of the Svisloch River and its basin = 0.3 rubles * average headcount employees * index of change in the cost of construction and installation works; local taxes and fees - in the amount of 3% of the amount of profit remaining at the disposal of the organization; deductions to the Stabilization Fund of the Ministry of Communications and Informatization - in the amount of 15% of the amount of profit remaining at the disposal of the organization (excluding local taxes and fees).

The calculation results are presented in Table 9.

Table 9

Calculation of the forecast value of net profit for 2007

V millions rubles

Based on the results obtained, we will build the forecast balance of the organization for 2007. When constructing, we take into account the fact that the items of the balance sheet asset (current assets): cash, receivables, stocks - usually grow with the growth of sales proceeds. Non-current assets do not depend on the volume of sales if they are not used at full capacity. Liabilities of the balance sheet (current liabilities) usually increase with an increase in the volume of sales. Retained earnings may also increase, but not in direct proportion to the volume of sales income. Permanent financial sources do not change with a change in the volume of sales.

In our case, suppose that all current assets of the organization, except for inventories and costs, will change in direct proportion to the change in sales revenue: they will increase by 30%. The amount of reserves and costs will be determined by the method of share of the sales volume for 2006. Thus, the forecast value of reserves and costs will be 226.2 million rubles. (0.0497*4523.7)

According to the calculations of the financial results of the organization, net profit will amount to 493.6 million rubles. Consequently, the organization's own funds will increase by the same amount.

Since the terms of settlements with debtors and creditors have not changed compared to 2006, when determining the expected balances of receivables and payables, we will use the methodology

M.N. Kreinina from which it follows that accounts receivable increases in direct proportion to the growth of revenue (30%), accounts payable increases in direct proportion to the growth of production costs (23%).

Then the receivable debt at the end 2007 of the year will amount to 3.9 million rubles. (3*1.3).

Accounts payable at the end of 2007 of the year will be 177.12 million rubles (144*1.23).

Non-current assets will decrease by the amount of depreciation charges in the amount of 61 million rubles. and will amount to 202 million rubles.

Based on the proposed calculations of certain items of the forecast balance, the net balance in aggregate form will have the following form (table 10).

Balance sheet of the organization in aggregate form for 2007

Assets						Passive
Article	Sum					Article		Sum
	At the end of 2006			At the end of 2007				At the end of 2006		At the end of 2007
Fixed assets						Capital and reserves
fixed assets	263		202			Authorized capital		8		8
current assets						Funds and reserves		681		759,28
Stocks and costs	173		226,2			Section summary		689		767,28
Taxes on acquired valuables	15		19,5
Goods shipped	343		446			Calculations
Accounts receivable	3		3,9			Accounts payable		144		177,12
Cash	36		46,8
Section summary	570		742,4			Section total		144		177,12
Balance-net	833	944,4			Net balance		833		944,4

3.2 Calculation of financial performance after

implementation of the proposed measure

On the basis of the obtained predictive results of financial and economic activity and the obtained balance for 2007, we will consider how the implementation of the proposed measure will affect the increase in the efficiency of the financial activity of the organization.

To do this, we will again calculate all financial ratios and indicators characterizing the financial condition of the Salang LLC organization and the effectiveness of its activities (see clause 1.2).

Let's analyze the projected profit and profitability of the organization in 2007.

Forecast profit indicators of the organization "Salang" LLC are presented in table 11.

Table 11

Forecast profit indicators of Salang LLC for 2007 year

Name of indicator		Annual value, million rubles				Dynamics,
						%		abs. units
		2006		2007(forecast)		07/06		07/07
Profit (loss) from sales		219,0		355,3		162,2		136,3
Profit (loss) from operating income and expenses		-125,0		440,0		-352,0		565,0
Profit (loss) from non-operating income and expenses		-8,0		-5,0		62,5		3,0
Profit (loss) for the reporting period		86,0		790,3		919,0		704,3
11alo1 and payments from profit	74,0		296,7		400,9		222,7
Retained earnings (uncovered loss)	12,0		493,6		4113,3		481,6

The data in Table 11 indicate that the implementation of the proposed measure will lead to a significant increase in the profit of Salang LLC in 2007 compared to 2006.

Based on the data in Table 11, we will construct a diagram of the dynamics of the forecast indicators of the profit of the Salang LLC organization for 2007 (Figure 7, Appendix).

Forecast indicators of profitability of the organization Salang LLC are presented in table 12.

The values of all calculated profitability indicators tend to increase, i.e. the organization after the implementation of the proposed activity will be able to work more efficiently.

Table 13 Forecast profitability indicators of Salang LLC for 2007Percentage

Name of indicator

annual value

2007 (forecast)

Profitability of production

Profitability of services (by total profit)

Profitability of services (based on net profit)

Return on sales (by total profit)

Return on sales (based on net profit)

Return on equity

So the profitability of sales will increase from 0.34% to 10.91%, which confirms the demand for products. Profitability of the main activity will be 14.68% in 2007, which is 14.22% more than in 2006.

Based on the data in Table 23, we will construct a diagram of the dynamics of the predicted profitability indicators of the Salang LLC organization for 2007 (Figure 18).

Period, year

13 Profitability of production ■ Profitability of services (in terms of total profit)

□ Profitability of services (according to net profit)□ Return on sales (by total profit)

■ Return on sales (based on net income) □ Return on equity
Н Return on debt capital □ Return on assets

■ Return on working capital assets

Figure 8 - Diagram of the dynamics of predicted profitability indicators of Salang LLC

Return on total capital (assets) will reach in 2007 year the level of 52.27% instead of 1.44 - in 2006.

The profitability of production shows that in 2007 the organization will receive profits of 0.5 rubles. more from every ruble invested in production assets.

Return on equity will increase to 64.33%, i.е. for each ruble of equity capital, the organization will receive a profit of 0.64 rubles, this is 0.63 rubles. more than in 2006.

Based on the foregoing, we can conclude that in 2007 the organization's activities will be more efficient than in previous years.

CONCLUSION

Calculations indicate the unstable dynamics of indicators

profitability of Salang LLC in the analyzed periods. In 2005, compared to 2004, there was an increase in all profitability indicators, but in 2006 they sharply declined compared to 2005 and even compared to 2004. This is primarily due to a sharp reduction in total and net profit due to an increase in non-operating operating expenses and insufficient profit from product sales, due to an increase in the share of costs in the cost of products sold in 2006 compared to 2005.

It can be seen from the calculations that the profitability of sales decreased to 0.34% in 2006, against 7.46% in the previous year, i.е. profit from each ruble of sold products decreased. The profitability of the main activity decreased by the end of 2006 by 9.86% compared to 2005, i.e. the profit received from each ruble spent on production and sale of products also decreased. The decrease in the profitability of sales and core activities suggests that the management of the organization should revise the tariffs for the services provided in the direction of their increase or reduce the costs associated with the production and sale of products attributable to cost.

The profitability of the entire capital of the organization in 2006 decreased by 26.97% compared to the previous year and amounted to 1.44%, i.е. profit from each ruble invested in property in 2006 decreased significantly.

BIBLIOGRAPHY

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Period, year

and profitability of production

■ Profitability of services (by total profit)

□ Profitability of services (based on net profit)

□ Return on sales (by total profit)

■ Return on sales (based on net profit)

□ Return on equity

■ Return on debt capital

□ Return on assets

■ Return on real assets

■ Return on current assets

Figure 5 - Diagram of the dynamics of profitability indicators of Salang LLC

D Profit (loss) from sales

■ Profit (loss) from operating income and expenses

□ Profit (loss) from non-operating income and expenses

□ Profit (loss) for the reporting period

■ Retained earnings (uncovered loss)

Figure 7- Dynamics of forecast profit indicators OOO "Salang" for 2007 year

Having on hand the accounting financial statements for the reporting year or for a number of previous years, the shareholders of the company must evaluate the effectiveness of the use of invested capital, the profitability of the organization's assets, financial stability and development prospects for the future.

Any factor analysis begins with the modeling of a multivariate model. The essence of building a model is to create a specific mathematical relationship between factors.

When modeling functional factor systems a number of requirements must be met.

The factors included in the model must actually exist and have a specific physical meaning.
The factors that are included in the factor analysis system must have a causal relationship with the indicator under study.
The factor model should provide a measure of the influence of a particular factor on the overall result.

In factor analysis, the following types of the most common models are used.

1. When the resulting indicator is obtained as an algebraic sum or difference of the resulting factors, apply additive models, For example:

P = N - Sps - KP - YP

where, P - profit from product sales, N - sales revenue, Sps - production cost of sales, KP - selling expenses, YP - management expenses.

2. Multiplicative Models are used when the resulting indicator is obtained as the product of several resulting factors:

Ra = P/A = P/N * N/A = Rn * FO

where, Ra - return on assets, Rn = P / N - return on sales, FO = N / A - return on assets, A - average value of the organization's assets for the reporting year.

3. When the performance indicator is obtained by dividing one factor by another, apply multiple models:

Various combinations of the above models give mixed or combined models:

Y = (a+b)/c; Y = a/(b+c); Y = a*b/c etc.

In the practice of economic analysis, there are several ways to model multifactorial models: lengthening, formal decomposition, expansion, reduction and division of one or more factor indicators into constituent elements.

For example, using the extension method, you can build a three-factor model of the return on assets of an organization as follows:

Ra = P/A = P/N * N/CK * CK/A; Y = a*b*c

where, N/CK is the organization's equity turnover, CK/A is the independence ratio or the share of equity in the total assets of the organization, CK is the average cost of the organization's equity for the reporting period.

Thus, we have obtained a three-factor multiplicative model of the profitability of the organization's assets. This model is widely known in the economic literature as the Dupont model. Considering this model, we can say that the profitability of the organization's assets is influenced by the profitability of sales, the turnover of equity capital and the share of equity capital in the total mass of the organization's assets.

Now consider the following factorial model of return on assets:

Ra = P/A = (N-S)/A = (N/S-1) / (A/OA * OA/Q * Q/S) =

= (N/S - 1) * OA/A * Q/OA * S/Q; (X - 1) * Y * Z * L

where, X = N/S - the share of revenue attributable to 1 ruble of the total cost of production, Y = OA/A - the share of current assets in the formation of assets, Z = Q/OA - the share of stocks in the formation of current assets, L = S/Q - inventory turnover.

The first factor of this model speaks about the pricing policy of the organization, it shows the basic margin, which is directly embedded in the price of products sold.

The second and third factors show the structure of assets and current assets, the optimal value of which makes it possible to save working capital.

The fourth factor is determined by the magnitude of output and sales of products and speaks of the efficiency of the use of inventories; physically, it expresses the number of turnovers that stocks make in the reporting year.

To study the influence of factors on the final result, we will conduct a factor analysis of this four-factor model by the method of chain substitutions using absolute differences. Mathematically it looks like this:

Where, Ri - the impact of the i-th factor on the overall change in the return on assets, factors with index 1 refer to the reporting year, factors with index 0 - to the base (previous).

Consider example of factor analysis of return on assets. To conduct factor analysis according to the four-factor model presented above, it is necessary to use information from forms 1 and 2 of the balance sheet.

Let's present the initial and calculated data in Table 1. For example, we used the data of one of the Russian industrial enterprises.

Table 1. Factor analysis and assessment of the profitability of the assets of CJSC "MEMTZ" in 1995-1999.

Indicator, thousand rubles	1995	1996	1997	1998	1999
Initial data
1. Profit from sales, P	551	-1583	-315	82	5421
2. Sales revenue, N	15 566	18 103	15 735	17 923	52 628
3. Total cost of goods sold, S	15 015	19 686	16 050	17 841	47 207
4. Average inventory balances including VAT, Q	5 160	8 646,5	11 864	14 344	16 106,5
5. Average balances of current assets, OA	5 922	10 147	13 278,5	15 357	17 644,5
6. Average balances of assets, A	3 3610	56 046,5	72 578,5	58 764	51 983,5
Estimated data - factors
7. Revenue per 1 rub. cost, item 2: item 3 (X)	1,0367	0,9196	0,9804	1,0046	1,1148
8. The share of current assets in the formation of assets, p. 5: p. 6 (U)	0,1762	0,1810	0,1830	0,2613	0,3394
9. The share of stocks in the formation of current assets, p.4: p.5 (Z)	0,8713	0,8521	0,8935	0,9340	0,9128
10. Inventory turnover in turnovers, item 3: item 4 (L)	2,9099	2,2768	1,3528	1,2438	2,9309
11. Return on assets, Ra	0,0164	-0,0282	-0,0043	0,0014	0,1043
12. Change in return on assets to a variable base	X	-0,0446	0,0239	0,0057	0,1029

13. Revenue per 1 rub. cost, X	X	-0,0523	0,0213	0,0053	0,0335
14. The share of current assets in the formation of assets, U	X	-0,0010	-0,0001	0,0004	0,0104
15. The share of stocks in the formation of current assets, Z	X	0,0008	-0,0003	0,0001	-0,0010
16. Inventory turnover in turnovers, L	X	0,0079	0,0030	-0,0001	0,0600
	X	-0,0446	0,0239	0,0057	0,1029

The results of the calculations made allow us to say that in 1996 and 1997. sales revenue was below cost. This was due to the fact that a large share of production was exported, domestic prices for raw materials and materials were growing, the ruble exchange rate was artificially frozen, and, accordingly, the selling price, expressed in foreign currency, was stable. As a result, the enterprise under study was forced to sell its products at a market price that was below the full cost. Already in the next 1998, due to the economic crisis, the ruble exchange rate fell, and the competitiveness of products increased, as a result of the lagging behind the growth of domestic prices from the growth rate of foreign currencies, the enterprise makes a profit. CJSC MEMTZ received even more profit in the next period.

The share of current assets in the formation of assets throughout the study period is constantly and steadily growing and almost doubled within five years, from 0.1762 to 0.3394. This is due, on the one hand, to the fact that during these years the share of non-current assets has been falling as a result of the gradual retirement of fixed assets, an increase in the amount of accrued depreciation and low equipment renewal. On the other hand, this is due to an increase in the absolute valuation of current assets as a result of inflation, on the one hand, and as a result of an increase in stock balances in the warehouse, on the other hand. It should be noted that this process is not effective in terms of increasing production efficiency, because as a result of ongoing processes, working capital does not always reasonably increase, asset turnover falls, additional funds are involved in turnover, and they are frozen in the form of inventory and finished product residues. in the company's warehouse.

The dynamics of the indicator of the share of reserves in the formation of current assets suggests that during the five years under study there is a gradual increase in this share from 0.8713 to 0.9128. This indicator reached its maximum in 1998 and amounted to 0.9340. If we assume that inflation affects all components of current assets equally, then the increase in the share of stocks in the formation of current assets indicates that there is a freezing of working capital in stocks, which cannot be characterized as a positive moment. This indicates a low quality of management of the working capital structure, which entails additional costs and a decrease in the overall production efficiency.

The fourth indicator of our four-factor model is inventory turnover. It shows how many turnovers during the reporting year stocks make in the process of production and sale of products. The higher this indicator, the better for the enterprise, since it indicates the efficiency of the use of working capital, and stocks in our case account for more than 90% of the total amount of working capital. The dynamics of this indicator suggests that in 1996-1998. there was a fairly strong failure in the efficiency of the use of working capital. This is understandable if you look at the dynamics of revenue and inventory. Revenue is almost not growing, in 1997 it even falls, but stocks are still growing. It was only in 1999 that the inventory turnover index increased significantly and amounted to 2.9309 turnovers per year, i.е. approximately 4 months. It should be noted that this indicator had almost the same value in 1995 - 2.9099.

In order to evaluate in more detail the influence of each individual factor on the profitability of the company's assets, a factor analysis was carried out. The results of this analysis are presented in the final part of the table. 1. The obtained data can be commented as follows.

In 1996, compared with 1995, the main factor that influenced the decline in the profitability of assets was the price factor - the share of revenue per 1 ruble. cost, as a result of its influence, the return on assets fell by 5.23%. The influence of other factors was an order of magnitude smaller and did not significantly change the result. However, it should be noted that the change in inventory turnover in such a situation had some positive impact on the return on assets and amounted to +0.79%.

In 1997, the factor of the share of revenue per 1 rub. cost continues to play a decisive role in the impact of the resulting indicator. As a result of its increase, the return on assets increased by 2.13%. The change in asset turnover also has a positive impact and amounts to 0.30%. Changes in the structure of current assets and all assets have an insignificant negative impact on the profitability of the company's assets.

In 1998, the return on assets changes sign from minus to plus. Those. our research enterprise begins to make a profit. The main factor that caused this improvement was the price factor, which amounted to 0.53%. This happened, as we said earlier, due to the increase in ruble prices for products sold as a result of the 1998 crisis. The influence of other factors is insignificant. However, it should be noted that the change in inventory turnover had some negative impact, and the change in the structure of assets and current assets had an insignificant, but positive impact.

In 1999, the situation in the activities of our organization changes radically, as can be seen from the results of calculations. Inventory turnover takes the first place in terms of the impact on the return on assets, it is 6.00%. This fact indicates that the efficiency of using the internal resources of the organization has increased. The price factor continues to play a rather significant role and accounts for 3.35% of the total increase in the return on assets. Also, the change in the share of current assets in the formation of assets had a rather strong positive impact - it amounted to 1.04%. But the change in the share of reserves in the formation of current assets had a negative impact, although not significant, and amounted to -0.10%.

As a result of the analysis, I would like to say that there is a great influence on the efficiency of production of external factors: the exchange rate, inflation, etc. But at the same time, it cannot be said that there are no internal reserves for increasing production efficiency, for example, optimization of the asset structure, growth in asset turnover, etc. And since the administration of the enterprise is not able to influence the change in external factors, it is necessary to use internal resources with even greater energy.

In the theory of economic analysis, there are a huge number of economic coefficients that characterize the financial condition of the organization, the sustainability of its development, solvency, liquidity, the structure of liabilities and assets, and the efficiency of resource use. A wide range of indicators of the economic activity of the organization allows you to analyze the activity from different points of view, using various factors for this.

For example, you can analyze the impact on the performance of the organization, using indicators not only of the active part of the balance sheet, but also of the passive, which together will give an idea of the financial stability of the organization.

For a deeper study of the impact of sustainability indicators, let's take the return on net assets as the indicator under study. The indicator of net assets is defined as the difference between the amount of assets accepted for calculation and the amount of liabilities accepted for calculation. In this article, we will not dwell on the methodology for calculating the net asset indicator, we will only note that the value of the organization's net assets is essentially equal to the real equity capital, its dynamics and absolute value characterize the stability of the financial condition of the organization, and for joint-stock companies it is one of the main performance indicators organizations.

Let's make the following modeling of the return on net assets:

a = P/N - return on sales, this ratio characterizes the organization's sales efficiency. This indicator characterizes the influence of the pricing policy and the sales volume indicator.

b = N/OA - turnover of current assets in turnover, this factor shows how many turnovers during the reporting year the working capital makes in the process of production and marketing and procurement activities. It characterizes the efficiency of the use of current assets.

c = OA/KO - this factor is called the current liquidity ratio. It characterizes the solvency of the organization, subject to the sale of all stocks and the return of receivables. It should be noted that the normal limit accepted in the economic literature is 2.

d = KO / DZ - the ratio of short-term liabilities of the organization to receivables. This ratio characterizes the extent to which short-term liabilities of the organization are covered by receivables. It characterizes the financial stability of the organization.

k = DZ/KZ - ratio of accounts receivable to accounts payable. This factor shows the extent to which accounts payable are covered by receivables. It characterizes the dependence of the organization on creditors and debtors. This indicator can also serve as an assessment of the organization's protection from inflation: the lower this indicator, the greater the degree of protection.

I = KZ/ZK - ratio of the organization's accounts payable to borrowed capital. This factor characterizes the structure of liabilities. Accounts payable is not all borrowed capital, although, as a rule, it is its main component.

m = ZK/SA - ratio of debt capital to net assets of the organization. This factor globally characterizes the financial stability of the organization. It shows the ratio of own and borrowed sources of financing for the activities of the organization.

Thus, we have obtained a seven-factor multiplicative model of the profitability of the organization's net assets, consisting of quite versatile and diverse factors that characterize both the degree of use of the organization's assets and the degree of its financial stability.

The resulting factorial model will be solved, as in the previous example, by the method of chain substitutions using absolute differences. Mathematically it looks like this:

where, Ri - the impact of the i-th factor on the overall change in the return on net assets, as in the previous example, factors with index 1 refer to the reporting year, factors with index 0 - to the base (previous).

For factor analysis of return on assets indicators it is necessary to use the information from Form No. 1 "Balance Sheet" and Form No. 2 "Profit and Loss Statement". All data required for factor analysis are presented in Table 2.

Table 2. Analysis and evaluation of the profitability of net assets of ZAO MEMTZ in 1995-1999

Indicator, thousand rubles	1995	1996	1997	1998	1999
Initial data
1. Profit from sales, P	551	-1583	-315	82	5421
2. Sales revenue, N	15 566	18 103	15 735	17 923	52 628
3. Average cost of current assets, OA	5 922	10 147	13 278,5	15 357	17 644,5
4. average value short-term liabilities, KO = lines 610+620+630+660+670	5 106	8 473,5	10 257,5	11 157	13 098,5
5. Average value of accounts receivable, DZ = str.220+240	641	1 029,5	1 204	987	1 507,5
6. Average amount of accounts payable, KZ = line 620	4 824	7 232	9 094	11 116,5	12 985,5
7. Average amount of borrowed capital, ZK	5 870	8 971	10 424	11 321,5	13 088
8. Average value of net assets, SA	2 7570,5	46 030	60 500,5	45 4815	36 636
Estimated data - factors
9. Return on sales, item 1: item 2 (a)	0,0354	-0,0874	0,0200	0,0046	0,1030
10. Turnover of current assets, item 2: item 3 (c)	2,6285	1,7841	1,1850	1,1671	2,9827
11. Current liquidity ratio, item 4: item 3 (c)	1,1598	1,1975	1,2945	1,3764	1,3471
12. Ratio of short-term liabilities to receivables, item 5: item 4 (d)	7,9657	7,0058	8,5195	11,3040	8,6899
13. Ratio of accounts receivable to accounts payable, item 6: item 5 (k)	0,1329	0,1672	0,1324	0,0888	0,1161
14. Ratio of the ratio of accounts payable to borrowed capital, item 7: item 6 (l)	0,8218	0,8062	0,8724	0,9819	0,9922
15. Ratio of debt capital to net assets, item 7: item 6 (m)	0,2129	0,1949	0,1723	0,2489	0,3572
16. Return on net assets, RSA	0,200	-0,0344	-0,0052	0,0018	0,1480
17. Change in return on net assets to a variable base	X	-0,0544	0,0292	0,0070	0,1462
Assessment of the influence of factors on the change in the return on assets
18. Profitability of sales, and	X	-0,0694	0,0265	0,0063	0,0388
19. Turnover of current assets, in	X	0,0159	0,0026	0,0000	0,0631
20. Current liquidity ratio, s	X	-0,0011	-0,0004	0,0001	-0,0022
21. Ratio of short-term liabilities to receivables, d	X	0,0042	-0,0012	0,0004	-0,0235
22. Ratio of accounts receivable to accounts payable, k	X	-0,0079	0,0014	-0,0005	0,0240
23. Ratio of accounts payable to borrowed capital, l	X	0,0007	-0,0004	0,0001	0,0011
24. Ratio of borrowed capital to net assets, m	X	0,0032	0,0007	0,0006	0,0449
The combined effect of all factors	X	-0,0544	0,0292	0,0070	0,1462

The obtained data can be interpreted as follows. During 1996-1998. the main factor influencing the overall return on net assets of the organization was the return on sales. Due to the fact that in 1996-1997. the enterprise under study was forced to sell products below cost, the profitability of sales has a negative sign.

In 1996, she had a sharp negative impact, in subsequent years, the influence of this factor already has a positive direction. This state of affairs suggests that the main regulating factor was the price factor, the factor of proceeds from the sale of products.

In 1999, the profitability of sales also has a significant positive impact on the return on net assets, but the main factor influencing the efficiency of the organization is the turnover of current assets. This suggests that the main shifts in increasing the efficiency of production occurred as a result of more efficient use of the organization's assets.

During the study period, you see that in 1995-1998. the turnover of current assets falls, and in 1998 current assets make a little more than one turnover per year. In 1999 this factor increased by more than 2.5 times and reached the value of 2.9827 turnover per year. As a result of this more efficient use of assets, the organization was able to significantly increase its overall economic performance in 1999: the return on net assets increased by 6.31%.

Coefficient current liquidity during 1995-1999. has a value below the normal value of 2. This indicates the difficulties of the organization with solvency. However, throughout the entire study period, there is a steady positive trend in this indicator: from 1.1598 in 1995 to 1.3471 in 1999. 1999 the influence of the current liquidity ratio has a negative direction.

Such results of the analysis can be explained by the fact that strengthening the stability of the state of the organization leads to a decrease in the efficiency of the economic activity of the organization, i.e. less risk and therefore less profit.

The results of calculating the ratio of short-term liabilities to receivables show that short-term liabilities are much greater than accounts receivable in their value. This suggests that the organization has a great dependence on external creditors on the one hand, but also a good inflation protection on the other hand. The influence of this factor on the change in the profitability of the net assets of the organization during 1996-1998 was not of great importance, but in 1999 the influence of this factor was -2.35%. It should be noted that this influence is with a minus sign. Those. some decrease in this factor from 11.3040 to 8.6889 in 1998-1999. resulted in a negative impact on production efficiency.

The value of the ratio of accounts receivable to accounts payable indicates that accounts receivable is less than accounts payable throughout the entire study period by 6-10 times. This indicates, on the one hand, that there is no great dependence on buyers, on the other hand, that there is a significant dependence on creditors - suppliers. The influence of this factor on the change in the profitability of net assets during the entire period under study is insignificant, and only in 1999, due to a slight increase in this coefficient from 0.0888 to 0.1161, the resulting indicator increased by 2.40%.

The ratio of accounts payable to borrowed capital during 1995-1999. steadily increased from 0.8218 in 1995 to 0.9922 in 1999. This indicates that in 1999 the other components of debt capital, except for accounts payable, accounted for less than one percent. This is due to the refusal of the management of our organization from long-term and short-term lending and the transfer of financing for the organization's activities at the expense of current accounts payable. The influence of this factor on the change in the profitability of net assets during the study period is insignificant, the largest in 1999 - 0.11%.

The ratio of debt to net assets, which, in fact, is the ratio of real equity to debt, tends to increase to 0.3572 in 1999. The fall of this ratio in 1996-1997. due to the revaluation of fixed assets, which took place on January 1, 1997. In the future, the growth of this factor is explained by the retirement of fixed assets, a large degree of depreciation, low profitability of the organization, and inflation. The influence of this factor on the return on net assets throughout the study period has a positive direction, in 1996-1998. - insignificant, and in 1999 it was 4.49%. This suggests that by financing the activities of the organization with the help of borrowed capital, there was an increase in production efficiency. Although, on the other hand, the financial stability and independence of the organization has deteriorated. These findings again support the notion that greater rewards can be obtained by increasing risk.

As a result of the total influence of all factors, the return on net assets in 1999 increased by 14.62% and amounted to 14.80%.

As a result, we quite fully analyzed the influence of various factors on the change in the level of profitability of the organization's main production activities. Now the administration needs to foresee and prevent the impact of negative trends on the future, to make the most of the identified reserves.

At the present level of development of production and economy, there are no accidental and lasting successes. If success was achieved by chance, on an intuitive level, then it cannot be lasting, since there will be people who will approach the problem with an economically correct solution, and they will win the competition. Success must be justified by a comprehensive and comprehensive analysis of the organization's economic activities, rational planning, knowledge and maximum use of its advantages, leveling and hiding its shortcomings.

In this article, we conducted a fairly complete analysis of just one, albeit quite an important indicator of the organization's performance - profitability. This indicator reflects how much profit the organization receives per 1 ruble. the value of the assets or net assets of the organization, i.e. the efficiency of the use of all property owned by this organization, or real equity capital, i.e. net assets.

The profitability indicator has, as we showed earlier, a mathematical dependence on many indicators characterizing the efficiency of asset use, pricing policy organizations, the structure of liabilities and assets, financial stability, solvency and many others.

A comprehensive analysis of the financial condition of the organization does not end there and can be continued by analyzing the effectiveness of the use of labor resources, material resources, and fixed assets. A detailed study in each of these areas will reveal specific mechanisms of influence on the final financial result of the organization's activities.

The analysis of the financial condition of the organization and the identification of reserves for its further sustainable growth must also be continued by analyzing solvency ratios, financial stability, asset turnover, analyzing accounts payable and receivable, analyzing cash flows, analyzing the efficiency of using net assets, equity, etc.

A comprehensive analysis of the financial condition involves a broad and complete study of all factors that affect or may affect the final financial results of the organization, which, ultimately, are the main goal of the organization.

The results of the analysis should be used to make the right management decisions by the administration of the organization and reasonable investment decisions by shareholders-owners.

Authors: Gilyarovskaya L.T., Doctor of Economics, Professor, Head. Department of Accounting and Analysis of Economic Activities of the All-Russian Correspondence Institute of Finance and Economics; Sobolev A.V., Chief Accountant of Confectionery Factory Convent LLC

8. Analysis of the profitability of the company's assets

The return on total assets (advanced capital) of an enterprise is the most common indicator in the system of profitability characteristics. The economic meaning of this indicator is that it reflects the return on each ruble invested in the assets of the enterprise:

For analytical purposes, the following main indicators of return on assets are determined:

The total return on assets for profit before tax;

return on assets in terms of net profit;

Profitability of production assets (property) in terms of profit before taxation or net profit;

Profitability of current assets;

Profitability of fixed production assets.

The profit of an economic entity received from each ruble invested in assets depends on the turnover of funds and the share of profit in sales proceeds:

Rk \u003d P: K \u003d RP: K P: RP \u003d Ko Rpr.

In addition to the two-factor model of return on assets, economic analysis uses:

a) three-factor model

b) five-factor model

Rc=

Theoretically, it is possible to build a more detailed factorial model of return on assets, for example, by highlighting the material consumption by the main groups of objects of labor, etc.

All of the above indicators, called economic profitability, are used to calculate the economic efficiency of investments and economic activity in general.

The indicator, in the most general form, reflecting the effectiveness of the use of funds invested in the enterprise, is the return on investment:

Ri \u003d IF +% (1 - Sn): IR,

where Ri – return on investment; FC - net profit; % - the amount of interest for the use of borrowed funds; Cn - income tax rate; IC - total invested capital.

A generalizing indicator that comprehensively characterizes the efficiency of an enterprise is the return on equity:

Rsk \u003d IF: SK,

where SC is the value of equity capital.

This indicator is also called financial profitability, since it determines the effectiveness of not only the use of assets, but also capital management. It is a function of profitability indicators of the operating, investment and financial activities of the enterprise:

Rsk \u003d Ri + ZK: SK (Ri - Zk),

where ZK is the amount of borrowed funds; Csk - the price of borrowed capital.

The price of borrowed capital is determined by the formula:

Zk \u003d% (1 - Sn): (ZK - KZ),

where KZ - accounts payable.

The meaning of this ratio is that while the return on investment in the enterprise is higher than the price of borrowed capital, the return on equity will grow the faster, the higher the ratio of borrowed and own funds. However, as the share of borrowed funds increases, the net profit of the enterprise begins to decline. As a result, the profitability of investments in the enterprise decreases, becoming less than the price of borrowed funds.

9. Analysis of the financial condition of the enterprise

Before proceeding to the presentation of the fundamentals of the methodology for analyzing the financial condition of an enterprise, let us consider how this concept is characterized in the economic literature.

For example, professors M. I. Bakanov, M. V. Melnik and A. D. Sheremet note that the financial condition is expressed in the ratio of the structures of assets and liabilities, that is, the means and sources of their formation. It depends on the degree of implementation financial plan and a measure of replenishment of own funds at the expense of profits and other sources, as well as the speed of turnover of working capital. According to the authors, the financial condition is manifested in the solvency of the enterprise, i.e., its ability to timely satisfy the payment requirements of suppliers in accordance with business contracts, repay loans, make payments to budgets and extra-budgetary funds.

Shares the approach of the above authors to the disclosure of the essence of the financial condition of Professor VV Kovalev. In his opinion, the financial condition is characterized by the property and financial position of the enterprise, the results of its economic activity, as well as the possibilities for further development.

Professor G. V. Savitskaya considers the financial condition of an enterprise as “an economic category that reflects the state of capital in the process of its circulation and the ability of an economic entity to self-develop at a fixed point in time” .

According to Professor L. I. Kravchenko and his co-authors, the financial condition of an enterprise is “a complex concept characterized by security financial resources necessary for the normal production, commercial and other activities of a business entity, the feasibility and efficiency of their placement and use, financial relationships with other business entities, solvency and financial stability.

Based on the foregoing, the essence of the financial condition, in our opinion, can be defined as follows: financial condition is an economic category that reflects the structure of the enterprise's property and sources of its formation, as well as the efficiency of their use, financial stability, solvency and the ability of the enterprise to self-development.

There are the following main blocks of analysis of the financial condition:

· structural analysis of assets and liabilities (analysis of the property and financial position of the enterprise);

analysis of financial stability;

·analysis of liquidity and solvency.

General assessment of the dynamics of the financial condition of the enterprise. The analysis begins with a general preliminary assessment of the dynamics of the financial condition of an economic entity. Conducting such an analysis is aimed at obtaining intermediate estimates of the property and financial position of the enterprise, its financial stability and business performance.

For a general assessment of the dynamics of the financial condition of an economic entity, it is advisable to group the assets and liabilities of the balance sheet into separate groups based on liquidity (asset items) and on the maturity of liabilities (liability items) (Table 23):

Table 23 Aggregate Analytical Balance Form

On the basis of the obtained aggregated balance sheet, the analysis of the composition and structure of the property of the enterprise is carried out. Reading the balance for such systematized groups is carried out using the methods of horizontal and vertical analysis.

Directly from the analytical balance sheet, you can get a number of the most important characteristics of the financial condition of the enterprise, such as:

The total value of the property of the enterprise = currency (total) of the balance sheet (line 300);

The cost of fixed and other non-current assets = the result of section I of the balance sheet asset (line 190);

§ working capital = result of section II of the asset balance (line 290);

The cost of material working capital = lines 210 and 220 II of the asset section of the balance sheet;

The amount of accounts receivable in a broad sense (including other current assets) = lines 230, 240 and 270 II of the balance sheet asset section;

The amount of free cash in the broadest sense (including securities and short-term financial investments) = lines 250 and 260 II of the balance sheet asset section;

The cost of equity = the result of section III of the liabilities side of the balance sheet (line 490);

The amount of retained earnings = line 470 III of the liability section of the balance sheet;

The amount of long-term loans and borrowings = the result of Section IV of the liabilities side of the balance sheet (line 590);

The amount of short-term loans and borrowings = line 610 V of the liability section of the balance sheet;

The amount of accounts payable in a broad sense = lines 620, 630 and 660 V of the liability section of the balance sheet;

Total cost of funding sources = total (currency) of the balance sheet (line 700).

Note that in order to eliminate the impact on the currency of the analytical balance sheet and its structure of regulatory items, it is necessary to make a number of specific adjustments (for example, short-term liabilities should be reduced by the amount of deferred income and equity capital should be increased, etc.).

In addition, to obtain a general assessment of the dynamics of the financial condition of the enterprise for the reporting period, a comparison is made of changes in the balance sheet with changes in the financial results of economic activity for the period. Comparison is carried out by comparing the rate of change in financial results (sales proceeds, profit) and the average value of the balance sheet total.

Analysis of financial stability. After a general description of the financial condition and its changes during the reporting period, the next important task of the analysis is to study the absolute indicators of the financial stability of the enterprise.

For this type of analysis, the question of what absolute indicators reflect the essence of the stability of the financial condition is of decisive importance. The answer to it is related to the balance sheet model from which the analysis proceeds:

VNA + PZ + DS = SK + DZS + KrZS + KZ,

where VNA - non-current assets; PZ - production stocks; DS - cash, short-term financial investments, settlements; SC - own sources; DZS - long-term loans and borrowed funds; KrZS - short-term loans and borrowings; KZ - accounts payable and other liabilities.

Considering that long-term loans and borrowings are directed mainly to the acquisition of fixed assets, we will transform the original balance sheet model as follows:

PZ + DS \u003d [(SK + DZS) - VNA] + (KrZS + KZ).

From this we can conclude that, under the limitation of the PP< [(СК +ДЗС) – ВНА] будет выполняться условие платежеспособности, т. е. денежные средства, краткосрочные финансовые вложения (ценные бумаги) и активные расчеты покроют краткосрочную задолженность предприятия: ДЗС >(KrZS + KZ).

Thus, the ratio of the value of inventories and the value of own and borrowed sources of their formation determines the stability of the financial condition of the enterprise. The provision of reserves with sources of formation is the essence of financial stability, while solvency is its external manifestation. At the same time, the degree of supply of reserves with sources is the cause of a certain degree of solvency (or insolvency), acting as a consequence of security.

The most general indicator of financial stability is the surplus or shortage of sources for the formation of reserves, calculated as the difference between the values of sources of funds and reserves. To determine it, indicators such as:

Availability of own working capital:

SOS \u003d SC - VNA;

availability of own and long-term borrowed sources of reserves formation:

SDZI \u003d SC + DZS - VNA;

the presence of the total value of the main sources of formation of reserves:

IFZ = (SK + DZS - VNA) + KrZS.

Each of the above indicators of the availability of sources of formation of reserves corresponds to an indicator of the availability of reserves with sources of their formation:

1. Surplus (+) or shortage (-) of own working capital

ΔSOS = SOS - PZ.

2. Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves formation

ΔSDZI = SDZI - PZ.

3. Surplus (+) or deficiency (-) of the total value of sources of reserves formation

ΔIFZ = IFZ - PZ.

Depending on the degree of provision of reserves with sources of financing, there are the following types financial stability:

The absolute stability of the financial condition is characterized by an excess of sources for the formation of own working capital. It is extremely rare and characterizes an extreme type of financial stability;

Normal stability of the financial condition, in which stocks are provided by the amount of own working capital. This type of financial stability guarantees the solvency of the enterprise;

§ unstable financial condition (financial instability) is associated with a violation of the solvency of the enterprise, but it can be restored by increasing the size of own working capital by replenishing its own sources;

The crisis financial state is characterized by the fact that reserves are not provided by the sources of their formation. This situation indicates that cash, short-term securities and receivables of the enterprise do not even cover its accounts payable, i.e. the enterprise is on the verge of bankruptcy.

The following inequalities are used when determining the type of financial situation and financial stability in terms of the availability of reserves with sources of their formation:

if ΔSOS > 0; ΔSDZI > 0; ΔIFZ > 0 – absolute stability;

if ΔSOS< 0; ΔСДЗИ >0; ΔIFZ > 0 – normal stability;

if ΔSOS< 0; ΔСДЗИ < 0; ΔИФЗ >0 – unstable state;

if ΔSOS< 0; ΔСДЗИ < 0; ΔИФЗ < 0 – кризисное состояние.

Along with sources of formation of stocks importance for the financial condition has a turnover of all working capital (assets), especially current inventory items, which is expressed in a relative decrease in stocks. An in-depth analysis of the state of stocks acts as an integral part of the internal analysis of the financial condition, since it is supposed to use information about stocks that is not contained in the financial statements.

The structure of aggregate sources (the ratio of individual liability items) has a direct impact on the financial condition of the enterprise. The main indicators characterizing the capital structure (financial condition in the long term) include:

1. Coefficient of autonomy (independence):

Ka = SK: K.

It characterizes the share of funds invested by the owners in the total value of the property of the enterprise.

2. Funding ratio (ratio of own and borrowed capital):

Kf \u003d SK: ZK.

Shows what part of the funds (activities) is financed from own funds and what part from borrowed funds. The opposite indicator is the level of financial leverage (shoulder of financial leverage). The higher the level of financial leverage, the lower the financial stability of the enterprise.

3. Financial stability ratio:

Kfu \u003d (SK + DZS): K.

Shows the share of sources that the company can use in its activities long time.

4. Financial flexibility ratio:

Km = SOS: SK.

Shows what part of equity is invested in working capital, is in mobile form.

5. The coefficient of security of current assets with own working capital:

Ksos / oa \u003d SOS: OA.

Shows the proportion of working capital financed from own funds.

6. The ratio of the provision of stocks with own working capital:

Ksos / pz \u003d SOS: PZ.

It characterizes the degree of provision of reserves with own funds.

The considered indicators should be calculated for a certain date. The actual level of coefficients is compared with the level of the previous period, theoretically substantiated or sectoral.

Analysis of liquidity and solvency. As already noted, the external manifestation of financial stability is solvency. Liquidity is a necessary and important condition for solvency. Liquidity and solvency indicators characterize the financial condition from a short-term perspective. In the most general form, they reflect the ability of the enterprise to timely and in full make calculations for its short-term obligations.

Short-term debt can be repaid by various assets, including non-current ones. However, the sale of fixed assets is evidence of a pre-bankruptcy condition and is not considered a normal transaction. Therefore, speaking of liquidity and solvency, it is customary to compare current assets and short-term liabilities.

The liquidity of an enterprise means that it has working capital in the amount theoretically sufficient to repay short-term obligations, even if it is in violation of the terms stipulated by contracts, i.e., liquidity means a formal excess of current assets over short-term obligations. The solvency of an enterprise means that it has sufficient cash and cash equivalents to settle short-term debt requiring immediate repayment. The signs of solvency are: 1) the presence of sufficient funds in the current account; 2) the absence of overdue accounts payable.

Liquidity and solvency are assessed using absolute and relative indicators. The main absolute indicator is net current assets:

CHA \u003d OA - KO,

where KO - short-term liabilities of the enterprise (short-term loans and borrowings, accounts payable, debts to participants for the payment of income, other liabilities).

In the process of analyzing absolute liquidity indicators, an assessment of the liquidity of the balance sheet is given. It consists in comparing the funds of an asset, grouped by the degree of their liquidity and arranged in descending order, with the liabilities of a liability, grouped by their maturity, arranged in ascending order.

Depending on the degree of liquidity, i.e., the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A1) absolutely and most liquid assets - cash and short-term financial investments;

A2) quickly realizable assets - accounts receivable with a maturity of up to 12 months and other current assets;

A3) slow-moving assets - a group of items "Inventory" minus deferred expenses, a group of items "Profitable investments in material assets" and "Long-term financial investments" (reduced by the amount of investments in the authorized capital of other enterprises) and receivables with a maturity in 12 months;

A4) hard-to-sell assets - items I of the balance sheet asset section, with the exception of the items of this section included in the previous group.

Liabilities are grouped by maturity as follows:

P1) the most urgent liabilities - accounts payable and loans not repaid on time;

P2) short-term liabilities - short-term loans and borrowings to be repaid within 12 months;

P3) long-term liabilities - long-term loans and borrowings;

P4) permanent liabilities - articles III of the liability section of the balance sheet. To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of immobilization of working capital under articles II of the section of the asset balance, the value under the item "Deferred expenses" of the II section of the asset balance, the amount of losses (III section of the liabilities of the balance) and increases by the amount of lines 640 " Deferred income" and 650 "Reserves for future expenses" section III of the liabilities side of the balance sheet.

The balance is considered absolutely liquid if the following ratios take place:

The fulfillment of the first three inequalities entails the fulfillment of the fourth one, therefore, it is practically essential to compare the results of the first three groups by asset and liability. The fourth inequality has a "balancing" character. Its implementation testifies to the observance of the minimum condition for financial stability - the presence of the company's own working capital.

TO relative performance liquidity (solvency in the current perspective) include:

1. Current liquidity ratio:

Ktl \u003d OA: KO.

Shows the extent to which current assets cover short-term liabilities. Gives a general assessment of the liquidity of assets, reflects the forecast of solvency.

2. Quick liquidity ratio (intermediate coverage ratio):

Kbl \u003d (Dsr + KFV + DZ): KO,

where Dsr - cash; KFV - short-term financial investments; DZ - Accounts receivable with a maturity within 12 months.

Shows what part of the current debt the company can cover without inventory, subject to full repayment of receivables.

3. Absolute liquidity ratio:

Kal \u003d (Dsr + KFV): KO.

It is the most stringent criterion of solvency and shows what part of short-term liabilities can be repaid immediately.

As previously noted, the financial condition of the enterprise depends on its ability to make a profit. The presence of profit contributes to the financial stability of the enterprise. Financial ratios of market stability are largely based on the profitability of the organization, management efficiency and business activity (were discussed in the previous sections of this chapter). Using the latter allows you to create complete picture the financial condition of the enterprise, to characterize its prospects.

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