The main directions for improving the financial results of the enterprise. Ways to increase financial results at industrial enterprises

The study shows that Snabtekhcenter LLC improved its financial stability in 2012 compared to 2011. This is evidenced by absolute indicators financial stability, and relative. However, the company does not have enough of its own working capital to form reserves and costs. One of the main reasons for this situation is the low growth rate of sales profits.

Thus, for Snabtechcenter LLC there is an urgent need to develop measures to strengthen financial stability.

The main directions for improving the financial stability of Snabtekhcenter LLC are:

· growth in revenue and profit from product sales, cost reduction;

· growth in profitability (profitability) of capital (or financial growth) and profitability (profitability) of equity;

· increase in the speed of working capital;

· increasing positive qualitative changes in property status;

· standard or higher than optimal values ​​of the most important indicators of the financial condition of the enterprise, as well as business activity and operational efficiency, etc.

· attracting new financial resources, if there is a choice, then financing through long-term loans is preferable, since it has less liquid risk (at the same time, the cost of debt should not be high)

· improving working capital management: maintaining high turnover rates, reducing sales costs, complying with established standards;

All proposed activities are reflected in Table 3.1.

Table 4. Activities aimed at improving the financial stability of Snabtekhcenter LLC

Event	results
1. Revenue growth:	Will lead to increased income, increased market share and increased potential consumers
A. by expanding the range
b. through the conclusion of contracts
V. due to revision of pricing policy
2. Cost reduction	Will lead to increased sales profits, increased cost profitability and efficiency of resources used
A. by reducing fixed costs
b. by saving resources
3. Increase in return on capital	Will lead to an increase in return on capital and increased financial stability
A. at the expense of own capital
b. through borrowed capital
4. Acceleration of turnover	Will lead to the release of working capital, which can be used to develop the main activity
A. by accelerating the turnover of goods
b. by accelerating inventory turnover
V. by accelerating the turnover of receivables and payables
5. Increase in equity	Will lead to an increase in the coefficient of independence of the enterprise from external development factors
A. due to the growth of authorized capital
b. through rational use of net profit
6. Strengthening financial discipline	Will lead to strengthening the financial stability of the enterprise
A. by increasing personal responsibility of employees
b. due to increased control on the part of the owner of the enterprise
7. Increasing employee motivation	Will lead to increased interest in the results of the company's activities

It is possible to identify two areas of causes and difficulties that cause violations of the stability of the financial condition of an enterprise. These reasons can be formulated as follows:

lack of potential to maintain an acceptable level financial situation(or low amounts of profit received);

irrational performance management (irrational financial management).

The potential ability of an enterprise to maintain (achieve) an acceptable financial condition is determined by the amount of profit received. The main components on which the volume of profit of an enterprise depends are prices and sales volumes, the level of production costs and income from other activities.

Thus, to strengthen the financial stability of Snabtekhcenter LLC, it is necessary to search for sources of increasing the enterprise’s profit. To ensure a stable increase in profit, it is necessary to constantly look for reserves to increase it.

Profit growth reserves are quantitatively measurable opportunities for additional profit generation. We can offer the following profit growth reserves:

Due to a possible increase in product sales volume;

Due to cost reduction.

Calculation of profit growth due to a possible increase in product sales.

To determine the reserves for profit growth due to an increase in sales volume, possible changes in the sources of purchase of goods, the movement of product balances in the warehouse, changes in the balances of goods shipped, including the terms of payment, are analyzed.

The information used to calculate reserves for profit growth from sales of Snabtekhtsentr LLC for 2011 is presented in Table 5.

Table 5. Initial information for assessing reserves for growth of profit from sales of Snabtekhtsentr LLC, thousand rubles.

For 2011, the sales department of Snabtechcenter LLC entered into an agreement for the supply of products to Mebelshchik OJSC (Chita). The volume of product supply, according to the concluded agreement, should amount to 42897.4 thousand rubles. Thus, the volume of products sold in 2011 will increase by 42897.4 thousand rubles. or 5% of the enterprise’s revenue in 2012.

Then the revenue for 2011 will be 900,845.3 thousand rubles.

9+42897.4=900845.3 thousand rubles.

When calculating reserves for profit growth due to a possible increase in sales volume, the results of an analysis of product sales are used.

Let's determine the amount of the profit growth reserve:

An important direction in searching for reserves for profit growth is reducing the costs of selling products, for example, raw materials, fuel, energy, depreciation of fixed assets and other expenses.

Calculation of profit growth due to cost reduction.

Costs can be reduced by reducing material costs and reducing overhead costs.

One of possible reasons high costs - high prices for raw materials, materials, services installed by the supplier. In this case, the option to reduce costs is to search for suppliers who charge lower prices. In most cases, alternative suppliers exist.

The reason for high costs can be not only suppliers, but also the enterprise itself. In particular, high costs for lighting, heating, and water consumption may arise due to a lack of control over resource consumption. Purchasing part of the raw materials and materials from a new supplier will reduce the prices of raw materials and materials, and therefore the cost per unit of production, by an average of 1%.

Let us determine the amount of reserve for profit growth due to the planned cost reduction:

With a planned reduction in unit cost of production by 1%, then the cost per ruble of products sold will decrease compared to 2012 data by 0.0096 rubles.

Costs per ruble of products sold will amount to 0.9535 rubles in the planned year 2011.

0.9631-0.0096=0.9535 rub.

The profit growth reserve is determined in the amount of 8236.3 thousand rubles:

P3=857947.9*0.0096=8236.3 thousand rubles.

The calculated reserves for growth in sales profits are summarized in Table 6.

Calculations showed that sales profit in 2011 compared to 2012 will increase by 32.4% and amount to 41,889.0 thousand rubles. Costs per ruble of products sold will decrease by 1%.

Table 6. Measures to increase profits from sales of Snabtekhcenter LLC for 2011, thousand rubles.

Table 7 presents the performance indicators of Snabtekhtsentr LLC for 2011, calculated taking into account the reserves for the growth of profit from sales.

Table 7. Indicators of Snabtekhcenter LLC for 2011 after the events, thousand rubles.

Thus, as a result of the proposed measures, the revenue of Snabtekhcenter LLC will increase by 5%, sales profit by 32.4%, and costs per ruble of products sold will decrease by 1%.

Conclusion

With the transition to a market economy, the role and importance of financial analysis, which is the basis for determining the results of economic and financial activities. Particular attention is paid to determining the financial stability of the enterprise.

Currently, most domestic enterprises are experiencing financial difficulties associated with both external and internal problems - ineffective marketing, ineffective use of funds, ineffective production management, imbalance of financial flows. The combination of these factors necessitates constant diagnosis of the financial situation of the enterprise in order to early diagnose the crisis development of the enterprise and develop protective mechanisms for anti-crisis financial management, depending on the identified factors and the strength of their impact.

Solvency and financial stability are characteristics of the financial and economic activity of an enterprise in a market economy. If an enterprise is financially stable and solvent, it has an advantage over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel.

The higher the stability of an enterprise, the more independent it is from unexpected changes in market conditions and, therefore, the lower the risk of being on the verge of bankruptcy.

The study shows that Snabtekhcenter LLC improved its financial stability in 2012 compared to 2011. This is evidenced by both absolute and relative indicators of financial stability. However, the company does not have enough of its own working capital for the formation of reserves and costs, and a deficiency has also been identified with long-term borrowed funds, and it is necessary to note the emerging positive trend of reducing the deficiency.

The total value of the main sources of funds for the formation of reserves and costs increased by 7.1%, resulting in a surplus of funds in the amount of 6597 thousand rubles.

All liquidity ratios are below recommended values. Thus, the absolute liquidity ratio is 0.16 and 0.18 in 2011 and 2012, respectively. Although it has increased, it is still below the recommended value. The low value of the critical or urgent liquidity ratio in 2011 and 2012 indicates the need for constant work with debtors to ensure the possibility of converting the most liquid part of working capital into cash.

The current liquidity ratio is also below the recommended value, however, it has increased compared to the previous period. The ratio of inventories and finished products indicates the need for more fruitful work with consumers of products.

The ratio of assets and liabilities shows that the first liquidity ratio is not met, which indicates the insolvency of Snabtekhcenter LLC in the near future. The A3-PZ comparison reflects forward-looking liquidity. On its basis, long-term estimated solvency is predicted. Calculations show the long-term solvency of Snabtekhtsentr LLC.

Indicators of business activity of Snabtekhcenter LLC in 2011-2012. have improved, which is manifested in the acceleration of turnover of both inventories and current and current assets. Thus, inventory turnover in days accelerated by 5.51 days and amounted to 26.74 days in 2012, in times - by 2.3 turns and amounted to 13.5 turns in 2012.

The turnover of current assets accelerated in 2011-2012. insignificantly - by 0.31 revolutions and amounted to 4.87 revolutions in 2012. In general, the acceleration of turnover has a positive effect on the results of the work of Snabtekhcenter LLC. The third chapter of the work presents a forecast of financial stability indicators for 2011. Characterizing the data obtained, it should be noted that the liquidity of the forecast balance sheet of Snabtekhtsentr LLC still differs from absolute. This indicates the insolvency of the enterprise under study in the short term.

The enterprise under study will be able to completely get rid of insolvency only with the complete liquidation of overdue receivables and payables, or the reduction of accounts payable.

In the planned period, the share of equity capital in the total amount of financing will increase. The amount of borrowed funds will decrease by one ruble of equity capital, which generally indicates a decrease in the financial dependence of the enterprise. It is proposed to allocate 25% of the profit received to the development of the enterprise, to replenish its own capital.

In order to strengthen financial stability, it is necessary to intensify work with debtors aimed at reducing it. At the same time reduce accounts payable.

In general, the restructuring of the balance sheet, based on the results of the implementation of the proposed measures, is effective, as it will increase the financial stability of the enterprise.

Related information.

The starting point in calculating profit indicators is the proceeds from the sale of goods and services, which characterizes the completion of the enterprise’s production cycle, the return of funds advanced for production and their conversion into cash, as well as the beginning of a new cycle in the turnover of all funds. Classification of profit indicators So, the main types of profit are as follows: gross profit is the difference between sales revenue and cost of goods sold for the same period. Gross profit is used to...

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Analysis of the activities and results of the enterprise. In accordance with this goal, the following tasks are set in the abstract: - reveal general ideas about the essence of the goals and objectives of financial analysis - to determine the main methods and methods of financial analysis - to consider the structure of information support for economic analysis of the financial and economic activities of an enterprise. It is known that the assessment of financial condition is of interest to a wide range of market subjects: - the enterprise itself that wants to know the real...

St. Petersburg Academy of Management and Economics

Department of Finance and Accounting

Allow for protection

Head of the department

Shevelev S.Yu

Final qualifying work

Topic: Ways to improve financial results activities of the enterprise TsAPP LLC

Completed by: Turova Maria Sergeevna

080105.65 Finance and credit 3311/5-3

Head: Samokhvalova Raisa Ivanovna

Candidate of Economic Sciences, Associate Professor

Saint Petersburg

Introduction

Chapter 1. Theoretical foundations of the analysis of financial results of industrial production

1.1 Essence, concept and meaning of financial results, their types. The procedure for analyzing financial results industrial production

2 Current state of the economy and problems of industrial production

3 The main ways to improve the financial results of industrial production

Chapter 2. Analysis of the financial results of the organization Automation Center LLC production processes»

1 Organizational and economic characteristics of the organization LLC “Center for Automation of Production Processes”

2 Analysis of the financial results of the organization LLC “Center for Automation of Production Processes”

2.1 Analysis of the composition and dynamics of the total profit of TsAPP LLC

2.2 Analysis of financial results from sales of products of TsAPP LLC

2.3 Analysis of other income and expenses of CAPP LLC

2.4 Analysis of the distribution and use of net profit of CAPP LLC

2.5 Analysis of profitability indicators of the organization TsAPP LLC

Chapter 3. Ways to improve the financial results of the organization LLC “Center for Automation of Production Processes”

3.1 Identification of reserves and development of measures to improve the financial results of the organization LLC “CAPP”

3.2 Evaluation of proposed measures to improve the financial results of the organization LLC “CAPP”

Conclusion

Bibliography

Introduction

Currently, during the current global economic crisis, when there is a decline in industrial production and investments in it are significantly reduced, the independence of organizations and their economic and legal responsibility are increasing. This significantly increases the role of analyzing their financial results, the availability, placement and use of profits. Organizations in today's unstable economy are required to operate profitably by increasing production efficiency, competitiveness of products and services based on the introduction of scientific and technological progress and increasing the efficiency of business and production management forms.

An important role in the implementation of this task is given to the analysis of the financial and economic activities of enterprises. With its help, strategies and tactics for the development of the organization are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the activities of the enterprise, its divisions and employees are assessed.

The topic is very relevant, due to the fact that for the effective operation of an organization it is necessary to competently manage its profits. The analysis is carried out in order to evaluate the financial results of the enterprise, as well as to constantly take measures aimed at improving them. Analysis of financial results shows in what specific areas this work should be carried out. In accordance with this, the results of the analysis answer the question of what are the most important ways to improve the financial results of an organization in a specific period of its activity.

The purpose of the incoming qualification work is to study the current state of industrial production, analyze the financial results of the organization, identify reserves for their improvement and, on this basis, develop measures to improve the organization’s activities.

To achieve this goal, the following tasks are solved:

to uncover theoretical basis analysis of the organization's financial results;

conduct an analysis of the financial results of the organization CAPP LLC;

develop measures to improve the financial results of the organization CAPP LLC.

The purpose and objectives of writing the work determined its structure, which consists of an introduction, three chapters and a conclusion. The first chapter reveals the theoretical foundations of the analysis of the financial results of an organization, as well as its modern significance. The second chapter is based on data from Center for Automation of Production Processes LLC and contains an analysis of the dynamics of profit and profitability indicators. The third chapter is project-based. It develops and justifies specific measures to improve the financial results of CAPP LLC.

The object of the study is the financial results of the organization and the development of measures to improve them.

The object of observation is LLC "Center for Automation of Production Processes".

The subject of the study is economic processes, trends and patterns associated with increasing the financial results of an organization.

The following methods of economic research were used in the work: dialectical, statistical-economic, mathematical, monographic, abstract-logical, calculation-constructive, balance method and others.

The initial basis for the financial analysis of the work is the data from the accounting and tax accounting and reporting of CAPP LLC.

The sources for writing the work were regulatory documents, financial statements of the organization TsAPP LLC, as well as specialized teaching aids and periodicals.

The theoretical and methodological basis for the final qualifying work were many of the provisions set out in the works of Russian scientists, economists and financiers, such as: V.V. Kovalev, G.V. Savitskaya, E.S. Stoyanova, A.D. Sheremet, L.V. Dontsova, N.A. Nikiforova, L.T. Gilyarovskaya, V.R. Bank, V.M. Glazunov, P. Revenko, L.G. Skamay and others.

Chapter 1. Theoretical foundations of the analysis of financial results of industrial production

1.1 Essence, concept and meaning of financial results, their types. The procedure for analyzing the financial results of industrial production

Financial results are the results of the economic activities of a company and its divisions, expressed in the form of financial indicators such as profit (loss) and profitability.

Various aspects of production, household, supply and financial activities of the organization receive a complete assessment in the system of financial performance indicators.

Financial performance indicators characterize the absolute efficiency of the organization's management. The most important of them, according to Sheremet A.D. are profit indicators, which in a market economy form the basis for the economic development of an organization, characterize the degree of its business activity and financial well-being. Profit growth creates a financial basis for self-financing, expanded production, and solving problems of social and material needs of the workforce. At the expense of profits, part of the organization’s obligations to the budget, banks and other organizations is also fulfilled.

Savitskaya G.V. writes that making a profit plays a big role in stimulating the development of production. But due to certain circumstances or omissions in work (failure to fulfill contractual obligations, ignorance of regulations governing the financial activities of the enterprise), the enterprise may suffer losses. Profit is a general indicator, the presence of which indicates the efficiency of production and a prosperous financial condition.

In market conditions, making a profit is the immediate goal of production of a business entity. The implementation of this goal is possible only if the business entity produces products (work, services) that, in their consumer properties, meet the needs of society. Receiving revenue for manufactured and sold products does not mean making a profit. To identify the financial result, it is necessary to compare revenue with the costs of production and sales: when revenue exceeds costs, then the financial result indicates a profit. If revenue and costs are equal, it is only possible to reimburse costs - there is no profit, and therefore, there is no basis for the development of an economic entity. When costs exceed revenue, a business entity receives losses - this is an area of ​​critical risk, which puts the business entity in a critical financial situation that does not exclude bankruptcy. Losses highlight mistakes and miscalculations in the use of financial resources for organizing production, management and sales of products.

All scientists agree that the profit of an organization is the main goal of its activities.

Profit characterizes the economic effect obtained as a result of the enterprise's activities. Making a profit in an enterprise means that the income received exceeds all expenses associated with its activities.

Profit has a stimulating function. This is due to the fact that profit is not only a financial result. But also the main element of the financial resources of the enterprise. Therefore, the enterprise is interested in obtaining maximum profit, since this is the basis for expanding production activities, scientific, technical and social development of the organization.

Profit is one of the most important sources of formation of budgets at different levels. It goes to budgets in the form of taxes and, along with other revenues, is used to finance the satisfaction of joint social needs, to ensure that the state fulfills its functions, government, investment, production, scientific, technical and social programs.

The amount of profit and its dynamics are affected by two factors, both dependent and independent of the organization’s efforts (Fig. 1.1).

Rice. 1.1. Classification of factors influencing the amount of profit

External factors include natural conditions: the level of prices for consumed raw materials and fuel and energy resources, tariffs, interest, taxes, rates and benefits, penalties, depreciation rates, etc. These factors do not depend on the activities of the enterprise, but can have a significant impact impact on profit margins.

Internal factors are divided into production and non-production. Production factors characterize the availability and use of means and objects of labor, labor and financial resources and, in turn, can be divided into extensive and intensive.

Extensive factors influence the process of making a profit through “quantitative” changes: the volume of funds and objects of labor; financial resources; number of personnel; working time fund, etc.

Intensive factors influence the process of making a profit through “qualitative” changes: increasing equipment productivity and its quality; acceleration of turnover of working capital; improving the qualifications and productivity of personnel; reducing labor and material intensity of products; improving labor organization and more efficient use of financial resources, etc.

Non-production factors include: supply, sales and environmental activities, social conditions of work and sales, etc.

When carrying out the financial and economic activities of an enterprise, all these factors are closely interconnected and interdependent.

Types of profit:

Gross profit, it is defined as the difference between revenue and direct costs of products sold

Gross profit is determined by the following formula:

Pv = Vp - S/s No. 1.1

where Вп - proceeds from the sale;

S/s - cost price.

Sales revenue characterizes the overall financial result (gross income) from the sale of products, i.e. includes: revenue from the sale of finished products, semi-finished products of own production, works and services, etc. As V.V. Kovalev notes, proceeds from a sale can be determined by the moment the money is received in the current account or in the cash register (cash method). Or an enterprise can determine sales revenue and financial results at the time of shipment of products (accrual method).

Profit from sales is defined as the difference between gross profit and cost, commercial and administrative expenses.

Pp = Vp - S/s - Kr - Lv No. 1.2

where Вп - proceeds from the sale;

С/с - cost price;

Kr - commercial expenses;

Ur - administrative expenses.

Profit before tax is the amount of profit from products, fixed assets and other property of the enterprise and income from non-operating operations, reduced by the amount of expenses of these operations:

P before tax = Pp+Pof+D ext. real-R ext. real №1.3

where Pp is profit from sales;

Pof - the amount of profit from fixed assets;

D int. real - income from non-operating operations;

R int. real - expenses from non-operating operations.

Net profit (profit for distribution) is defined as the amount of profit that remains at the disposal of the enterprise after paying all taxes, sanctions and other obligations.

Net profit is one of the most important economic indicators characterizing the final results of an enterprise's activities; it remains at the full disposal of the enterprise.

PE = P before tax - Taxes and payments No. 1.4

where P before tax. - profit before tax.

Profit characterizes the result of an enterprise’s activities, and profitability indicators are used to assess the economic efficiency of work and comparative analysis of the activities of an enterprise of various organizations.

Profitability is the profitability of an enterprise; an indicator of the economic efficiency of production of an industrial enterprise, which reflects the final results of economic activity.

Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various areas of activity (production, commercial, investment, etc.); they characterize the final results of business more fully than profit, because their value shows the relationship between the effect and the available or consumed resources.

Profitability characterizes the ratio of profits to costs or resources used. The following profitability indicators are currently most widespread in trade organizations:

The indicator of economic profitability (the level of profitability of the enterprise) is calculated as the ratio of net profit to the average annual value of assets, this indicator is used in calculating the effect of financial leverage and is calculated using the formula:

ER = PE / Avg.st.A *100% No. 1.5

where PE is net profit;

Avg.st.A - the average annual value of assets, calculated as the sum of the average annual value of fixed assets plus the amount of working capital.

Return on sales (profitability of core activities) is the ratio of profit from sales to the volume of turnover of a trading organization for a certain period as a percentage. This indicator characterizes the share of profit in the price of the product. In essence, profitability of sales does not allow assessing the efficiency of business activities, but in practice this indicator is easy to compare with the level of distribution costs and the level of income from trade markups. This indicator characterizes changes in pricing policy and the company’s ability to control the cost of products sold.

RP = Pp/V rp*100% No. 1.6

where Pp is profit from sales,

V rp - volume of products sold.

The profitability of commercial products is defined as the ratio of net profit to the total cost of goods sold. This indicator reflects how many rubles of net profit each ruble of costs for production and sales of products brought.

R tp=PP / S/s *100% No.1.7

where PE is net profit;

S/s - cost price.

Overall profitability is defined as the ratio of profit before tax to revenue from sales of products and shows the amount of net profit that falls on one ruble of products sold.

P total = P before tax. / Revenue *100% No.1.8

where P before tax. - profit before tax;

Revenue - revenue from the sale of products, works, services.

Depending on the purposes of the analysis, other profitability indicators can be used.

Sources of information for analyzing financial and economic activities are operational and accounting.

Accounting statements are a unified system of data on the property and financial position of an organization and the results of its economic activities, compiled on the basis of accounting data in established forms. Reporting data is used by external users to evaluate the organization's performance. Reporting is necessary for the operational management of economic activities and serves as the initial basis for subsequent planning and forecasting.

Federal Law of November 21, 1996 No. 129-FZ “On Accounting”, with subsequent amendments and additions;

Regulations on maintaining accounting and financial statements in the Russian Federation, approved by order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n;

Chart of accounts for financial and economic activities of organizations, approved by order of the Ministry of Finance of Russia dated October 31, 2000 No. 94n;

Accounting regulations and other documents.

Dontsova L.V. writes that financial statement analysis is a process by which the past and current financial position and performance of an organization are assessed. However, the main goal is to assess the financial and economic activities of the organization relative to future conditions of existence.

Practical use financial analysis in Russia is presented in Fig. 1.2

Currently, as noted by V.V. Kovalev, the analysis of the financial results of an enterprise is quite well systematized, and its procedures are unified in nature and are carried out, in fact, according to a single methodology in almost all countries of the world. The general idea of ​​this unified approach to analysis is that the ability to work with financial statements presupposes at least knowledge and understanding of: the place occupied by financial statements in the information support system for managing the activities of an enterprise; regulatory documents governing its preparation and presentation; composition and content of reporting; methods of reading and analyzing it.

Rice. 1.2. The practice of applying economic analysis based on the results of a study of leading Russian companies.

The performance of an enterprise in a financial sense is characterized by profit and profitability indicators. These indicators sum up the activities of the enterprise for the reporting period.

Thus, the analysis of financial results becomes a necessary issue for every enterprise, since its continued existence is connected with its income, with its ability to maintain its profitability. Therefore, in modern conditions, carrying out such an analysis is of great importance both for the enterprise itself and for its partners, owners, and financial authorities. Financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of enterprises use financial analysis methods to make decisions to optimize their interests.

1.2 Current state of the economy and problems of industrial production

One of the main topics actively discussed in the media mass media The global financial crisis, which is developing into a global economic crisis, has become the focus of attention of politicians, specialists and ordinary citizens. It will have important long-term consequences for the global economy, changes in the balance of power in the world, and will create new, more complex and tough conditions for the functioning of the Russian economy.

The official point of view of the leadership was expressed by the President of Russia D. Medvedev. In his assessment, the problems faced by most countries are the result of gross mistakes made by a number of states (primarily America). The share of the American economy and the financial market in the world economy is very large, so the crisis that broke out in the United States rebounded on the economies of almost all countries. In conditions where the US dollar remains the main reserve currency and the main means of payment in international payments, a sharp decrease in the availability of international loans leads to similar processes in national economies. As a result, demand decreases, sales markets shrink, capacity utilization decreases, and workers are laid off, which causes a new decrease in demand. The implementation of investment programs is suspended, plans to expand production are postponed.

The global financial crisis has not spared Russia either. It is no secret that fixed assets in Russian industry very worn out, which plays a significant role in reducing the competitiveness of domestic enterprises compared to foreign ones. Average age the main capacities of Russian industry in 2004, according to the estimates of the ex-president of the Chamber of Commerce and Industry of the Russian Federation Evgeny Primakov, exceeded 20 years, which is two and a half times higher than in France and Italy. Therefore, many Russian companies in 2005-2007. carried out re-equipment of production.

Rearmament processes have affected almost all markets. Modernization was carried out mainly on the basis of foreign technologies, often with the involvement of borrowed funds. Now, in addition to the need to repay foreign currency loans in the conditions of a cheap ruble, there has been added a high dependence on imported components and the impossibility of replacing them with domestic analogues due to the discrepancy in the level of technology. As a result, the industries and companies that suffered the most during the crisis were those that last years seriously invested in re-equipping production.

However, according to the leading expert of the Center for Macroeconomic Analysis and Short-Term Forecasting Oleg Solntsev (TsMAKP), the renewal of capacity throughout the years of growth was quite slow and quite local. Therefore, the problem of inefficiency of fixed assets is relevant for many enterprises to this day. For example, at a meeting of the government of the Chelyabinsk region in February 2009 on the issue of supporting industrial enterprises in times of crisis, the Presidential Plenipotentiary Representative for the Ural Federal District Nikolai Vinnichenko stated that, despite the high merits of the Ural business (17% of the country’s GDP comes from the Urals Federal District), the district ranks first in the Russian Federation in terms of depreciation of fixed assets - about 50% and that a third of all capacities are uncompetitive.

According to a number of scientists, our economy is in a deep technological crisis. Over the past 15 years, the technological base of Russian industry has become even more diverse, and in key industries that are usually characterized as high-tech (mechanical engineering, instrument making), the gap with developed countries has increased rather than decreased. In the field of technological development, the role of a technology importer is becoming more and more characteristic for our country: payments for the import of technologies exceed receipts from their export by three times. The established development institutions (Development Bank, Russian Venture Company, Investment Fund, Rusnano) have not yet reached the expected mode of stimulating innovative activity.

According to experts, in the next ten years the supply of competitive Russian technologies to the market will be very limited; it will certainly not cover most of the needs for technological modernization demanded by the economy. Consequently, in the coming years in Russia there is no other basis for modernizing the majority of industrial companies than borrowing technology. The main channel today is acquisition technological equipment and turnkey lines, as well as creating a base for adaptation, modernization and development of production using the acquired lines.

Speaking about modern Russian industry, we must not forget that the share of imported raw materials, components and technologies used in it is many times higher than in 1998. According to consumer market experts, 10-15 years ago we still had goods that could be considered 100% domestic. Now even what is called “made in Russia”, with rare exceptions, is a compilation of imported and domestic raw materials, packaging and processing technologies. In most industries, such as the automotive industry, transport engineering, production of tires, household appliances, food and medicine, it is almost impossible to achieve the effect of import substitution; in each of them, the share of imported elements and technologies exceeds 50%. Own production Many components in our country need to be created from scratch. Moreover, the payback period for such production is at least ten years. This pushes the cost of “domestic” products up, following the rise in the exchange rate. At the same time, in terms of their competitive advantages, such products are often inferior to similar imported goods.

The Altai Territory is no exception, but our region has powerful resource, production, intellectual potential and an advantageous geographical location.

The basis of the region's economy is industrial and agricultural production, trade, transport, construction; A developing and promising sector of the economy is tourism and related types of business.

Altai has a developed industrial complex, the modern structure of which is characterized by a high share of manufacturing industries (over 80% of the volume of shipped goods). Leading industries - manufacturing food products, engineering products, coke, rubber and plastic products, as well as chemical production.

The industrial potential of the region is represented by the mining and manufacturing sectors, as well as the sector of production and distribution of electricity, gas and water. Table 1.1 shows the dynamics of industrial production by type of economic activity over a number of years. Industrial production accounts for more than 22% of all workers and about 38% of tax contributions to the regional budget system.

In recent years, positive changes have been observed in the industry of the region, a steady trend of increasing production volumes remains, there has been an improvement in the financial condition of enterprises, the share of unprofitable enterprises in the industrial sector has decreased, and there has been an increase in investment and innovation activity of enterprises.

Table 1.1 Dynamics of the industrial production index by type of economic activity (as a percentage of the previous year)

	Industrial production index	Mining	Manufacturing industries	Production and distribution of electricity, gas and water

The positive dynamics of industrial production in the Altai Territory during this period made it possible to increase the volume of industrial production by 1.4 times in comparison with 2000, with an acceleration of growth rates starting from 2006. The main factors that determined the accelerated growth of industrial production in this period: positive structural changes with an increase in industrial production volumes in industries focused on domestic demand and their own raw materials; growing demand in the external and domestic markets during the analyzed period industrial products; availability of reserve production capacity and commissioning of new capacity; increasing the level of competitiveness, restructuring of most enterprises and their adaptation to the industry and market competitive environment; stabilization of the financial and credit system, some reduction in the discount rate of bank loans; growth of investment activity in the economy in general and industrial production in particular; stabilization of raw materials markets, as well as measures taken by the Regional Administration for investment support of industrial enterprises. These factors made it possible to improve the financial position of industrial enterprises by the beginning of 2008.

The contribution of industrial production to the economy and social development of the region is characterized by the following indicators: the share of industrial products and industrial services in the gross regional product (hereinafter referred to as “GRP”) is 23%; industrial production provides 176.9 thousand jobs or 23.3% of those employed in the economy, management and social sphere; financial results of industry constitute 38% of the regional budget; fixed assets of industry account for 22.5% of the value of fixed capital Altai Territory; 25.2% of investments in fixed assets in the Altai Territory are directed to industry, which confirms its significant investment potential among other industries and sectors of the economy.

The administrative center of the Altai Territory is the city of Barnaul. After the Great Patriotic War, the city became a major industrial center. The mechanical engineering, chemical, textile, and radio engineering industries were developed in Barnaul.

At the moment, the main representatives of the mechanical engineering industry of the city of Barnaul are: “Altai Precision Products Plant”, “Altaidiesel”, “Altai Instrument-Making Plant Rotor”, “Barnaultransmash”, “Altai Fuel Pump Plant”, “Barnaul Car Repair Plant”, “Barnaul Radio Plant” , Sibenergomash, Barnaul Machine Tool Plant, Barnaul Mechanical Press Plant.

The topic of this final qualifying work is ways to improve the financial results of the small enterprise LLC “Center for Automation of Production Processes”.

So, at the present stage, the main problems of industrial production are:

physical and moral wear and tear of the material and technical base;

lack of competitiveness;

low level of innovative activity of enterprises;

personnel problem (the trend of “aging” personnel, lack of qualified specialists...).

The critical situation in industrial production has caused an urgent need to develop measures to improve financial results.

1.3 The main ways to improve the financial results of industrial production

Taking into account the instability of the macroeconomic situation in the context of the growing financial and economic crisis and the emergency measures taken by the Government of the Russian Federation to eliminate the negative consequences of the banking crisis for the real sector of the country's economy, the departmental target program "Development of Industrial Production in the Altai Territory" considers possible scenarios for the development of industrial production.

The first option is based on the strategy for the socio-economic development of the Altai Territory for the period until 2025, in which the innovation-active scenario is chosen as the main one, offering a high intensity of structural changes and an increase in innovative activity in the industrial sector of the Altai Territory. Factors ensuring the successful implementation of this scenario are systemic measures aimed at the dynamic development of high-tech industries in the manufacturing sector. This requires the creation of a new technological base in priority sectors of industrial production, in particular in mechanical engineering, the pharmaceutical and food industries, and the construction industry, to ensure sustainable growth in labor productivity and the development of competitive integrated production. These actions, among others, are declared by the Government as urgent measures to stabilize the country's real economy with the aim of returning it to the pre-crisis state.

The second option, the inertial scenario, is based on the fact that the global financial crisis and the subsequent recession of the Russian economy will have a negative impact on the condition and development prospects of industrial enterprises in the Altai Territory. Domestic market demand for industrial products industrial purposes falls, which determines the need to reduce production volumes and, as a consequence, leads to a deterioration in financial and economic indicators and job cuts. The number of cases of mutual non-payments by suppliers of raw materials and components, manufacturers and consumers of industrial products is increasing, exacerbating the financial situation of enterprises. Bank lending to industrial enterprises is either offered at extremely high (25 - 30%) interest rates, or under various pretexts is not carried out at all.

The forecast for the dynamics of industrial production is based on achieving an increase in gross domestic product of 6.4% in the conditions of the financial crisis for the period until 2012.

In 2011 - 2012, it is planned to return to an innovation-active development scenario with an average annual growth rate of 106.6% and continue the implementation of innovative projects of enterprises.

The main problems that hinder the development of industrial production and require solutions:

low rates of modernization and renewal of the production apparatus of most industrial enterprises in conditions of increasing competition, which leads to a loss of competitiveness in the medium term;

insufficient investment and innovation activity of enterprises - the volume of long-term investments does not provide the necessary level of modernization, updating of basic production assets and entering markets with competitive products;

the use of production capacity remains unsatisfactory - 32% of large and medium-sized industrial enterprises, mainly in the mechanical engineering, chemical and petrochemical industries, have a capacity utilization rate below 50%;

an acute shortage of qualified workers, loss of attractiveness and prestige of work at industrial enterprises, which is explained by the imperfection of the applied motivation mechanisms, the lack of an adapted system for training and retraining of personnel in educational institutions and at the enterprises themselves.

Based on the above problems and relying on the opinions of such scientists as V.R. Bank, V.V. Kovalev, E.A. Tatarnikov, E.S. Stoyanova, I.M. Karasaeva, A.D. Sheremet, E.A. Astakhov and others, it is possible to identify the main ways to improve the financial results of industrial production (Fig. 1.3).

IN in general terms these activities may be of the following nature:

Astakhova E.A. believes that an increase in production and sales volumes ensures an increase in funds received from the sale of products, i.e. an increase in absolutely liquid assets, and hence liquidity itself. For this purpose, it is necessary to identify groups of goods that bring the greatest profit, to analyze the price and volume of products sold to determine the most reasonable compromise that will help the enterprise, despite a decrease in sales volumes, to increase the receipt of additional funds by increasing prices, trade margins or sales volumes .

Rice. 1.3. The main ways to improve the financial results of an industrial enterprise.

Improving the quality of products, according to E. A. Tatarnikov, is one of the decisive conditions for increasing its competitiveness in the market and increasing production efficiency. It is no coincidence that in industrialized countries, many firms and companies have product quality management systems.

The direction “Optimization and cost reduction” includes: reducing production costs through more rational use of material resources, production capacities and areas, labor and working time; reduction of non-production costs.

In the traditional view, the most important ways to reduce costs is to save all types of resources consumed in production: labor and material.

As Bank V.R. writes, a significant share in the structure of production costs is occupied by wages. Therefore, the urgent task is to reduce the labor intensity of manufactured products, increase labor productivity, and reduce the number of administrative and service personnel.

Proper organization of labor is important for increasing labor productivity: preparing the workplace, fully loading it, using advanced methods and techniques, etc.

Material resources occupy up to 3/5 in the structure of production costs. Hence the importance of saving these resources and their rational use is clear. The use of resource-saving technological processes comes to the fore here. It is also important to increase the demands and widespread use of incoming quality control of raw materials, components and semi-finished products received from suppliers.

Reducing depreciation costs of fixed production assets can be achieved by best use these funds, their maximum load.

According to V.V. Kovalev, obtaining additional funds from the use of fixed assets should be carried out through the sale of excess equipment and other property or its rental. Property that could not be leased or sold must be preserved, a conservation act must be drawn up and submitted to the tax office, which will allow this property to be excluded from the calculation of the tax base.

Debt collection in order to accelerate cash turnover implies a reduction in accounts receivable. Repayment of debts by customers can be stimulated by providing special discounts. It is also necessary to create a customer assessment system that would summarize all the risks associated with them as business partners. Total dependence on a customer will include the customer's accounts receivable, goods in the warehouse ready for shipment, and products in production destined for that customer. You can set formal credit limits for each client, which will be determined by the general relationship with him, the firm's cash needs and an assessment of the financial situation of a particular client. It is advisable to entrust monitoring of clients and changing their status to sales managers, and their remuneration should be tied to the actual receipt of funds from the clients with whom they work. Finally, in some cases you can try to sell the bank that serves the company its receivables.

Optimizing accounts payable management involves obtaining various concessions from creditors, for example, reducing the amount of debt or reducing the interest rate on a loan in exchange for various assets. It is also necessary to differentiate payments to creditors by priority to reduce cash outflow, which involves ranking suppliers depending on their degree of importance. Critical suppliers must be the focus; It is advisable to intensify contacts with them in order to strengthen mutual understanding and the desire for cooperation.

Astakhova E.A. in his article “Main directions for improving the financial condition of an enterprise” notes such a direction as: “Changing the structure of debt obligations,” which involves detailed analysis these obligations and possible options their repayment in order to increase liquidity in the future. If it is impossible to repay these obligations, options for changing the structure are considered (transferring long-term obligations to short-term ones or vice versa).

Introduction of innovations through additional investment, this event is aimed at increasing the competitiveness of manufactured products, which entails an increase in sales volume, and as a result, an increase in economic benefits.

To overcome the consequences of the crisis in the process of implementing the financial activities of the organization, much attention should be paid to areas of improving the financial results of the organization, namely, increasing profits and increasing profitability.

The implementation of the above areas will improve the financial results of industrial enterprises.

Chapter 2. Analysis of the financial results of the organization LLC “Center for Automation of Production Processes”

2.1 Organizational and economic characteristics of the organization LLC “Center for Automation of Production Processes”

Limited Liability Company "Center for Automation of Production Processes" (CAPP LLC) as a legal entity, previously closed Joint-Stock Company“CAPP”, registered by Decree of the Administration of Barnaul on April 17, 2000 No. 1106, as amended on January 23, 2007 (Appendix 1).

LLC "CAPP" was established in accordance with the Civil Code of the Russian Federation, adopted State Duma RF on October 21, 1994 and the Federal Law “On Limited Liability Companies” dated February 8, 1998, as well as on the basis of the Decision of the founders.

Legal address of TsAPP LLC, Altai Territory, Barnaul, st. Ostrovsky, 28. Type of activity: production of electronic equipment, maintenance of sold equipment, provision of additional services to customers.

According to the form of organization of economic activity, CAPP LLC is a limited liability company. A limited liability company is a company established by one or more persons, authorized capital which is divided into shares of sizes determined by the constituent documents; Participants in a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the contributions they made.

LLC "CAPP" has an independent balance sheet, a simple round seal; stamps, forms with your public name, current and other bank accounts. The society may have its own emblem, as well as registered in in the prescribed manner trademark and other means.

CAPP LLC maintains tax accounting using a simplified taxation system, with income selected as the object of taxation (Appendix 2).

The profit remaining at the disposal of the company after paying taxes and other obligatory payments in accordance with current legislation is distributed independently.

Relations between CAPP LLC and suppliers - enterprises and organizations of all types of property, as well as individual citizens, are carried out on a contractual basis.

The company's material and technical supply is carried out under direct contracts with enterprises through the system of wholesale and retail trade, including cash payments.

LLC "Center for Automation of Production Processes" is obliged in accordance with the Charter:

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

conclude employment contracts,

pay the company's employees in full and on time wages and social benefits,

carry out all types of compulsory insurance,

timely submit income declarations and financial statements,

pay taxes in accordance with tax laws.

Currently, the organization has six employees (Appendix 3). The existing organizational structure of management of CAPP LLC is presented in Fig. 2.1.

Rice. 2.1. Organizational structure of CAPP LLC

However, the highest governing body of CAPP LLC is the meeting of participants. Its competence includes issues of determining the main directions of business activity, reviewing and approving estimates, reports and balances, electing and recalling the executive body and the audit commission, determining the terms of remuneration for officials, distributing profits and determining the procedure for covering losses, etc.

The executive body of CAPP LLC is the director. His competence includes the development and implementation of goals, policies and strategies for achieving them, as well as the organization and management of the current activities of the company, the disposal of property, the hiring and dismissal of personnel.

For an introductory assessment of the financial condition of the organization CAPP LLC, table 2.1 presents the main indicators.

Key financial indicators are heterogeneous. Despite the high sales volumes for a small enterprise, which tend to increase, the amount of balance sheet profit is quite small, on average over a number of years it is about 7.8% of the revenue. However, at the same time, the overall profitability indicator is at high level, tends to increase. As a negative factor in the activities of the organization CAPP LLC, one can note a fairly high increase in accounts payable in 2009.

Table 2.1 Main financial indicators of the organization LLC “CAPP”

Indicators				Dynamics in %
				2008 to 2007	2009 to 2008
Product sales volume, thousand rubles.
Fixed assets, thousand rubles.
Inventories, thousand rubles
Accounts payable, thousand rubles.
Profit before tax, thousand rubles.
Total profitability, %

In the subsequent financial and economic analysis, the internal reserves of the organization will be identified to increase profit and profitability indicators. Guidance internal order, primarily in finance, will have a beneficial effect on the activities of the enterprise, and financial analysis will allow a better understanding of the internal mechanisms of the company’s functioning.

To characterize the enterprise “Center for Automation of Production Processes” LLC, it is necessary to determine its financial stability (Table 2.2), since financial stability is a certain state of the enterprise’s accounts, guaranteeing its constant solvency. Financial stability is determined in accordance with the structure of the balance sheet. The ratio of the cost of material working capital and the amount of own and borrowed sources of their formation determines the stability of the financial condition of the enterprise.

Table 2.2. Financial stability of the enterprise TsAPP LLC for 2009, thousand rubles.

Indicators
1. Sources of own funds
2. Fixed assets and investments
3. Availability of own working capital
4. Long-term loans and borrowed funds
5. Availability of own and long-term borrowed sources of formation of reserves and costs
6. Short-term loans and borrowed funds
7. The total value of the main sources of reserves and costs (page 5 + page 6)
8. Total inventory and costs
9. Surplus (+) or shortage (-) of own working capital (page 3 - page 8)
10. Excess (+) or deficiency (-) of own and long-term borrowed sources of formation of reserves and costs (p. 5 - p. 8)
11. Excess (+) or deficiency (-) of the total amount of inventory formation and costs (p. 7- p. 8)

The organization LLC "CAPP" lacks its own working capital and long-term borrowed sources for the formation of inventories and costs, since there are negative numbers in lines No. 9 and 10 of Table 2.2.

Positive numbers in line No. 11 of Table 2.2 indicate that the organization is not on the verge of bankruptcy, however, the analyzed enterprise has an unstable financial condition, associated with a violation of solvency, when there are insufficient sources, but short-term credits and loans can be used.

The dynamics of the surplus in the total amount of inventory formation and costs is inclined to a growth trend, so in 2009 compared to 2007, the surplus increased by 59 thousand rubles. and amounted to 215 thousand rubles, this is a positive fact.

Knowing the limits of changes in sources of funds to cover capital investments in fixed assets or inventories allows one to generate flows of business transactions that lead to an improvement in the financial condition of the organization and an increase in its stability.

The main sources of information for analyzing the financial results of the enterprise in question are documents financial statements LLC "CAPP" for 2007, 2008 and 2009 (Appendices 4-9), namely:

Profit and loss statement (Form No. 2 according to OKUD);

Primary documentation of TsAPP LLC.

2.2 Analysis of the financial results of the organization LLC “Center for Automation of Production Processes”

2.2.1 Analysis of the composition and dynamics of the total profit of the organization TsAPP LLC

The analysis begins with an assessment of the dynamics of balance sheet profit indicators for the reporting period. At the same time, the main financial indicators for a number of years are compared, deviations from the basic value of the indicators are calculated and it is found out which indicators had the greatest impact on the balance sheet profit, and a table is compiled (Table 2.3.), which uses the data from the organization’s financial statements from Form No. 2 according to OKUD.

Table 2.3. Dynamics of profit indicators for a number of years of the organization "CAPP LLC", thousand rubles.

Indicators				Deviations (+, -)
				2008 to 2007	2009 to 2008
1. Revenue (net) from the sale of goods, products, services
2. Cost of (production) sales of goods, products, works, services.
3. Gross income
4. Selling and administrative expenses
5. Profit (loss) from sales
6. Balance of operating results
7. Profit (loss) from financial and economic activities
8. Balance of non-operating results
9. Profit before tax
10. Income tax and other mandatory payments
11. Profit from ordinary activities
12. Extraordinary income and expenses
13. Net profit (loss)

From the data in table. 2.3. it follows that the dynamics of all indicators are positive, tending to increase, it is reflected in the graph (Fig. 2.2). Revenue in 2009 compared to 2007 increased by 411 thousand rubles, which is 43.5%, the cost indicator increased by 350 thousand rubles, which is 31.9%.

Rice. 2.2. Dynamics of the main indicators of the organization LLC "CAPP"

Changes in the structure of profit over a number of years are characterized by the data in Table 2.4.

Table 2.4. Profit structure for 2008 at the enterprise TsAPP LLC

Indicators
	thousand roubles.		thousand roubles.		thousand roubles.
Total (profit before tax) profit, including:
a) profit (loss) from sales
b) other income (expenses)
c) income tax
d) net profit

As follows from the table, in 2009 there were positive changes in the profit structure. However, the share of expenses from other activities is significantly high, so in 2009 it amounted to 52% of total profit. Those. about 1/3 of expenses are non-production expenses.

The management of the organization CAPP LLC should study in detail the items of other expenses and take measures to reduce them.

2.2.2 Analysis of financial results from product sales LLC "CAPP"

Largest specific gravity The results from the sale of products play a role in generating profits.

When calculating the formation of profit from the sale of a specific type of product, you can use the methodology of the influence of three factors: volume of production, its full cost and selling price. For these three factors, Table 2.5 reflects an analysis of the financial results from the sale of the main types of products of TsAPP LLC for 2009.

Table 2.5. Analysis of financial results from sales of products for 2009 of the organization TsAPP LLC

Types of products

Number of products sold, pcs.

Cost of 1 piece, rub.

Average selling price of 1 piece, rub.

Profit (loss) from sales 1 piece, rub.

Deviation (+, -), rub.

According to plan

Actually

Deviation (+, -)

According to plan

Actually

Deviation (+, -)

According to plan

Actually

Deviation (+, -)

According to plan

Actually

Incl. due to

Cost

Remote Control

Electrical wiring

Because The planned cost and sales price indicators for 2009 have already been adjusted to the base level of inflation; deviations from actual indicators are not significant.

When analyzing the data in Table 2.5, the following reserves for growth of profit in 2009 from product sales can be identified:

due to volume - 51.3 thousand rubles;

due to cost - 9.9 thousand rubles;

due to the price - 51.1 thousand rubles.

Total reserve for growth of profit from sales individual species products: 112.3 thousand rubles.

Consequently, all three factors: volume of products, its full cost and selling price, had a positive impact on the dynamics of profit from the sale of certain types of products of the organization CAPP LLC in 2009, which, in turn, had a positive impact on the overall financial result.

2.2.3 Analysis of other income and expenses of TsAPP LLC

Fulfillment of the profit plan largely depends on financial results of activities not related to product sales. These are financial results obtained from operating, non-operating operations and extraordinary circumstances.

The analysis comes down mainly to studying the dynamics and causes of losses and profits in each specific case. Losses from the payment of fines arise due to violations by individual services of contracts with other enterprises, organizations and institutions. During the analysis, the reasons for unfulfilled obligations are established, and measures are taken to prevent mistakes.

A change in the amount of fines received may occur not only as a result of violation of contractual obligations by suppliers and contractors, but also due to weakening of financial control over them. Therefore, when analyzing this indicator, it is necessary to check whether, in all cases of violation of contractual obligations, appropriate sanctions were presented to suppliers.

Table 2.7 contains an analysis of the financial results from other activities of CAPP LLC.

Table 2.7. Analysis of financial results from other activities of CAPP LLC, thousand rubles.

Indicators				Deviations (+, -)
				2008 to 2007	2009 to 2008
1. Other operating expenses Including:
a) profit (loss) from the sale of fixed assets and other property of the enterprise
b) profit (loss) from writing off fixed assets from the balance sheet due to obsolescence
c) targeted fees (for the maintenance of municipal police, landscaping of the territory)
d) other income (expenses)
2. Non-operating income and expenses Including:
a) fines, pennies, penalties received (paid)
b) income (expenses) on securities and from equity participation in joint ventures
c) losses from writing off bad receivables
d) other income (expenses)
3. Extraordinary income and expenses

The results of the analytical table show that CAPP LLC for a number of years received only other expenses except those that tend to increase. Thus, in 2009, compared to 2007, operating expenses increased 3.6 times and amounted to 18 thousand rubles. Non-operating expenses in 2009 amounted to 30 thousand rubles, which is 1.7 times higher than the operating expenses received by the organization in the same year.

CAPP LLC needs to control the growth of expenses, as they directly negatively affect profit and profitability indicators.

2.2.4 Analysis of the distribution and use of net profit at CAPP LLC

Profit is a source of financing needs of different economic content. When distributing it, the interests of both society as a whole, represented by the state, and the entrepreneurial interests of the founders of the enterprise, and the interests of individual employees intersect. The object of distribution is gross profit. Legislatively, the distribution of profits is realized in the part that goes to the Federal budget and the budgets of the constituent entities of the Federation in the form of taxes and other obligatory payments.

The distribution of the remaining part of the profit is the prerogative of the organization, is regulated by the internal documents of the organization and is recorded in its accounting policies. When distributing profits, we proceed from the following principles:

priority fulfillment of obligations to the budget;

the profit remaining at the disposal of the enterprise is distributed for accumulation and consumption.

The mechanism of influence of finance on the efficiency of economic management depends on the nature of distribution relations, specific forms and methods of their organization, and their compliance with the level of productive forces of production relations.

The guideline for establishing the relationship between accumulation and consumption should be the state of production assets and the competitiveness of manufactured products.

However, the distribution and use of net profit in the organization of CAPP LLC is not carried out rationally (Table 2.8); the management of the enterprise does not consider it necessary to form special funds: an accumulation fund, a consumption fund and a reserve fund.

Table 2.8. Distribution of profits of TsAPP LLC, thousand rubles.

Index
Profit before tax
Income tax
Tax on income from securities
Profit remaining at the disposal of the enterprise
Economic sanctions
Contributions to charitable foundations
Net profit
Distribution of net profit: To the reserve fund To the accumulation fund To the consumption fund Retained earnings

As can be seen from Table 2.8, all net profit for a number of years at the enterprise remains undistributed.

This suggests that the plans of the management of the enterprise in question do not include:

expansion of production;

increase in fixed and working capital;

development of new types of products;

development of the social sphere of the enterprise.

As a result, the organization of CAPP LLC is not developing. CAPP LLC is recommended to revise the management policy in this section.

2.2.5 Analysis of profitability indicators of the organization TsAPP LLC

Profitability indicators characterize the relative profitability of the enterprise. The study of profitability indicators allows us to evaluate the organization’s performance both as a whole and in individual areas of activity: production, investment, financial. Analysis of the profitability of the organization as a whole and individual areas of its activities more fully, compared to the absolute financial results of the enterprise, reflects the final results of economic activity. First of all, this is due to the fact that profitability reflects the effect obtained in relation to available or consumed resources.

Studying trends in changes in profitability indicators over time makes it possible to determine the organization’s ability to improve its production activities, maintain and strengthen its position in this market area. During the analysis, it is necessary to highlight the influence of factors that determined changes in profitability over time (method of chain substitutions).

The analysis of the profitability of the organization CAPP LLC is carried out according to formulas No. 1.5 - 1.8 of the first chapter of this work. The calculation data is included in table 2.9.

Table 2.9. Profitability indicators for the operation of the enterprise TsAPP LLC for a number of years

Index
Total (profit before tax) profit, thousand rubles.
Profit from sales of commercial products, thousand rubles.
Net profit, thousand rubles.
Sales of products at prices excluding value added tax, thousand rubles.
Average annual cost of fixed assets, thousand rubles.
Average annual balances of working capital, thousand rubles.
Product capital intensity ratio, rub.
Working capital consolidation coefficient, rub.
Profit per ruble of products sold, rub.
Level of economic profitability, %
Return on sales, %
Overall profitability of the enterprise, %

From the profitability indicators in Table 2.9 it is clear that their dynamics are varied, as follows:

the level of economic profitability in 2009 compared to 2007 increased by 5.87%, and amounted to 37.99%;

return on sales in 2009 compared to 2007 increased by 2.89% and amounted to 11.61%, but it remained at a low level;

the profitability of commercial products in 2009 compared to 2007 decreased by 0.47%, and in 2009 compared to 2008 decreased by 1.04% and amounted to 8.11%. Consequently, in 2009, each ruble of costs for production and sales of products brought less than 9 kopecks of net profit.

the overall profitability of the enterprise in 2009 compared to 2007 also decreased by 0.43% and amounted to 7.66%.

The dynamics of these indicators (Figure 2.3) indicates the need for the organization LLC "CAPP" to revise prices and strengthen control over costs, as well as improve marketing policy.

Rice. 2.3. Dynamics of profitability indicators of the enterprise TsAPP LLC over a number of years

Let us determine the influence of factors that influenced the change in the level of profitability in 2009 relative to 2008:

The impact of profit on the ruble of products sold:

08 / (0,09 + 0,13) * 100 - 33,68= 2,98 %

The connection between profit and production profitability is direct, i.e. the lower the profit, the lower the profitability

The influence of the use of fixed assets of the enterprise:

(0,08/ (0,07 + 0,13) * 100) - (0,08/ (0,09 - 0,13) * 100) = 44,0 %

But the relationship between capital intensity and production profitability is inverse.

The influence of the turnover of working capital of the enterprise:

61 - (0,08/ (0,07 + 0,13) * 100) = 44,61 %

An increase in the coefficient of fixation of working capital slows down their turnover and reduces the profitability of production, and vice versa. The profitability of backgrounds, and, consequently, the profitability of the enterprise as a whole, the higher the profitability of the product; the higher the capital productivity of fixed assets and the speed of turnover of working capital; the lower the costs per ruble of products and the unit costs of economic elements (equipment, labor materials).

Chapter 3. Ways to improve the financial results of the organization LLC “Center for Automation of Production Processes”

3.1 Identification of reserves and development of measures to improve the financial results of the organization LLC “CAPP”

Experience Analysis Russian enterprises in dire financial condition shows that most of them have a similar structure of current liabilities, in particular:

obligations for settlements with various debtors and creditors - 60.4%;

liabilities for taxes and deductions - 11.6%.

A similar negative situation has developed at the organization TsAPP LLC.

In theory, large enterprises should have a debt-to-equity ratio of 70:30 (70% of equity), because how more share own funds, the higher the coefficient of financial independence, and with an increase in the share of borrowed capital, the probability of bankruptcy of the organization increases.

At CAPP LLC, the ratio of equity and borrowed funds in 2009 was 24.3% of equity to 75.7% of borrowed funds, and the share of borrowed funds increases every year, this is an extremely negative factor.

It is necessary to determine the effectiveness of the use of borrowed funds by CAPP LLC using the effect of financial leverage.

Financial leverage ("financial leverage") is a financial mechanism for managing the return on equity capital by optimizing the ratio of equity and borrowed funds used.

In other words, the enterprise must initially develop such economic profitability that there are enough funds to at least pay interest on the loan.

To calculate the effect of financial leverage, the following formula is used:

EFR = (1 - SNP) * (ER - SRSP) * (ZS / SS) No. 3.1

where EFR is the level of financial leverage effect, %;

SNP - profit tax rate, expressed as a decimal fraction;

ER - economic return on assets;

SRSP - average calculated interest rate;

ZS - borrowed funds;

SS - own funds.

This formula has three components: tax corrector of financial leverage (1 - SNP) - shows to what extent the effect of financial leverage is manifested in connection with different levels of profit taxation; differential (ER - SRSP) - characterizes the difference between the level of economic profitability of assets and the average calculated interest rate on borrowed funds; financial leverage - characterizes the strength of the impact of financial leverage - this is the ratio between borrowed funds (EB) and equity funds (ES).

Isolating these components allows you to purposefully manage changes in the effect of financial leverage when forming the capital structure.

Many Western economists believe that the optimal value of the level of financial leverage effect is close to 40 - 50. Then the effect of financial leverage can, as it were, compensate for tax withdrawals and provide a decent return on one’s own funds.

Let's calculate the financial leverage of the organization CAPP LLC for 2009 using formula No. 3.1:

EGF = (1 - 0.06) * (37.99 - 29.51) * (336/108) = 24.76%

financial industrial reserve

The coefficient value was 24.76%, which indicates that the organization needs to take measures and identify reserves to increase it to the optimal value.

The differential has positive value(8.48%), means any increase in financial leverage, i.e. An increase in the share of borrowed funds in the capital structure will lead to an increase in its effect. Accordingly, the higher the positive value of the financial leverage differential, the higher, other things being equal, its effect will be.

However, the growth of the effect of financial leverage has certain limits and it is necessary to realize the deep contradiction and inextricable connection between the differential and the leverage of financial leverage. In the process of increasing the share of borrowed capital, the level of financial stability of the enterprise decreases, which leads to an increase in the risk of bankruptcy. This forces lenders to increase the level of the loan rate, taking into account the increasing premium for additional financial risk. This increases the average calculated interest rate, which (for a given level of economic return on assets) leads to a reduction in the differential.

With a high value of financial leverage, its differential can be reduced to zero, in which the use of borrowed capital does not increase the return on equity. If the differential is negative, the return on equity will decrease, since part of the profit generated by equity will be spent on servicing the borrowed capital used at high interest rates for the loan. Thus, attracting additional borrowed capital is advisable only if the level of economic profitability of the enterprise exceeds the cost of borrowed funds.

Calculation of the effect of financial leverage allows you to determine the maximum limit on the share of borrowed capital for a specific enterprise and calculate acceptable lending conditions.

In general, debt in itself is neither good nor evil. Debt is both an accelerator of enterprise development and an accelerator of risk. By attracting borrowed funds, an enterprise can accomplish its tasks faster and on a larger scale. At the same time, the problem for the financial manager is not to eliminate all risks altogether, but to accept reasonable, calculated risks within the differential (ER - SRSP).

From the above it follows that the financial stability of the organization CAPP LLC is not in the worst condition and the organization has reserves for its improvement.

Based on the general directions for improving the financial condition (see paragraph 1.3) and the results of the financial analysis of CAPP LLC (see Chapter 2), we can conclude that it is necessary to develop specific measures to improve the financial condition of CAPP LLC, such as:

Let us consider each of the proposed activities in detail.

Increasing the speed of turnover of working capital.

The financial results of an organization and its solvency are directly dependent on the turnover of funds invested in assets. The higher the turnover rates, the faster the funds invested in assets are converted into cash with which the organization pays its obligations.

A decrease in inventory turnover allows us to conclude that the organization has accumulated inventories.

The share of working capital in the property of CAPP LLC is very high (80.8%). Despite this, the company experiences some need for working capital. This situation at the enterprise arose due to the freezing of 1/3 of the amount of working capital in the form of finished products (30.9%).

A decrease in the turnover of finished products indicates problems of the enterprise with the sale of products, inefficiency or lack of a competent marketing policy.

We will calculate the stock standard for finished products of TsAPP LLC based on the following conditions:

production output at production cost for 2009 was 1,360 thousand rubles;

number of days in a period of 360 days;

the working capital norm for finished products is 20 days. calculated based on the conditions: the time required to complete and accumulate products to the required sizes (15 days), to store products in a warehouse until shipment (3 days), to package and label products (2 days).

/360*20=76 thousand rubles.

Standardization of inventories of finished products made it possible to reveal that in order to optimize the structure of the working capital of the enterprise without compromising the production and sales process, it is necessary to reduce the amount of inventories and costs in terms of finished products from 111 thousand rubles. up to 76 thousand rubles, i.e. reduce by about 30%. This indicator will allow the sales process to be carried out without any difficulties on the part of the enterprise.

Thus, the company needs to sell finished products to buyers and customers in the amount of 35 thousand rubles.

In general, this will free up funds and allow them to be used to pay off the company’s accounts payable.

To solve the current situation, it is necessary to clearly study the market for your product, the possibility of creating new sales channels for products, increasing the competitiveness of products by increasing quality or reducing prices, studying consumer demand, and expanding the range of products.

The reserve for reducing accounts payable through the sale of excess finished products is 35 thousand rubles, which is 10.4% of the amount of accounts payable.

Reduction of accounts receivable

In a financial crisis, an organization should not completely abandon the sale of products in installments, as this will most likely cause a sharp reduction in sales volumes. However, CAPP LLC faces an acute problem of settlements with debtors, so in 2009, accounts receivable amounted to 206 thousand rubles, which is 36 thousand rubles. more than in 2008. And in the balance sheet structure, accounts receivable amount to as much as 46.4%, which also indicates that optimal values ​​are exceeded.

Accounts receivable management involves:

control of settlements with debtors for deferred or overdue debts;

setting sales conditions that ensure guaranteed receipt of funds;

assessment of the real value of existing receivables;

constant monitoring of the ratio of receivables and payables;

determination of specific amounts of long-term payment discounts.

In order to optimize work with debtors, CAPP LLC can be recommended to perform the following actions.

Active work must be carried out to send written warnings, letters of guarantee from enterprises and organizations must be taken and monitored, in which they undertake to repay their debt for services with the provision of a repayment schedule, cases must be filed with the arbitration court against persistent defaulters.

Work with the receivables existing at the time of the crisis should be structured as follows. You need to start with an inventory of the company's debtors, that is, by clarifying the size of receivables and the timing of their repayment for each counterparty. Also at the inventory stage, the probability of bad debts is assessed. Then methods of influencing debtors are determined depending on the status of the debt (overdue time, size, etc.).

Attention should be paid to barter transactions that meet their own needs, as well as the needs of other departments for materials, components, etc.

When CAPP LLC uses these measures in practice, it is expected to reduce the amount of receivables by 60% by intensifying work with debtors. At the same time, the withdrawn funds (124 thousand rubles) should be used to pay off accounts payable, which will reduce it by 36.9%.

Reduction of non-operating expenses

For CAPP LLC, this event is closely related to the previous one, because in 2009, non-operating expenses amounted to 30 thousand rubles, and this entire amount was formed under the item “losses from writing off bad receivables.” As a result of a decrease in pre-tax profit in 2009, net profit also decreased and amounted to 87 thousand. rub.

Losses from writing off bad accounts receivable usually arise at those enterprises where accounting and control over the status of payments is not at the proper level. Profits (losses) of previous years identified in the current year also indicate shortcomings in accounting.

The reasons for the appearance of non-operating expenses entail measures to increase profit before tax:

The organization should strictly comply with the terms of the concluded contracts;

Improving the marketing and sales activities of the organization.

The reserve for increasing profit in the reporting year due to a decrease in non-operating income is 30 thousand rubles, which is 34.5% of the amount of net profit received.

Restructuring of accounts payable.

The fact that the indicator of the effectiveness of financial leverage is at a level below the norm is explained mainly by the presence of a significant amount (336 thousand rubles) of accounts payable at the enterprise. This suggests that the company does not manage accounts payable very well.

Financial recovery measures aimed at restructuring an organization’s accounts payable, including overdue ones, may include the following procedures:

deferments and installment payments;

offset of mutual payment claims (offset);

re-registration of debt in the form of a loan;

sale of debt obligations;

transfer of short-term liabilities into long-term ones.

To restructure the accounts payable of CAPP LLC, specific actions can be recommended.

Carrying out mutual settlements. Debt offsets are a common method of debt restructuring. In the process of analyzing receivables and payables, it often turns out that the company has debt obligations to the company, to which it also has counterclaims. In such a situation, the company can offset both amounts. Moreover, offset can be carried out unilaterally by notifying the other party (preferably in writing and with confirmation of delivery of the letter). The company may also try to buy the creditor's debts from a third party at a significant discount, and then offset the full amount.

Re-registration of accounts payable. The CAPP LLC organization may offer its “unsecured” creditors to convert the debt into secured obligations in exchange for a reduction in the amount of debt, interest and (or) an increase in the repayment period of the debt. To restructure an unsecured loan, you can also offer the lender security in the form of a third party guarantee or surety, under which the third party undertakes to repay the business's debt if it is unable to do so on its own.

Repayment of accounts payable through the provision of bills of exchange. A promissory note as a means of debt restructuring is a new obligation that must be fulfilled in accordance with newly established deadlines and often with lower interest rates. This frees the company from paying debt in a given period, helping to improve the company’s performance indicators. Businesses in financial distress may use promissory notes as a loan restructuring tool if there is a third party interested in purchasing the company's obligations.

To improve the financial activities of CAPP LLC, it can give the structure of liabilities a more rational basis, i.e. find reserves and take measures to reduce accounts payable by half. It is necessary to negotiate with other creditors to extend the repayment period of accounts payable. CAPP LLC has reserves to pay off accounts payable. This is, first of all, a reduction in accounts receivable, the possibility of a more rational use of fixed assets (sale and rental of unused assets, that is, mobilization of non-current assets), and acceleration of the turnover of working capital.

LLC "CAPP" is recommended to reduce accounts payable to 133 thousand rubles. (i.e. up to 30% in the liability structure of the balance sheet), thereby reducing the risk of bankruptcy. So, if accounts payable in 2009 amounted to 336 thousand rubles, and identified reserves: - 35 thousand rubles, due to additional sales of finished products; - 124 thousand rubles, by reducing accounts receivable, then accounts payable must be reduced by 44 thousand rubles.

In general, it can be noted that the financial position of CAPP LLC for this period of time is characterized as unstable, however, this organization has internal reserves to improve financial results and in the future, using the proposed measures, the organization can achieve a stable position.

3.2 Evaluation of proposed measures to improve the financial results of the organization LLC “CAPP”

When identifying development trends of CAPP LLC, it is necessary, based on actual data for periods preceding the forecast period, to establish patterns of its development. Regarding the organization under study, it was found that in the pre-forecast period there was an annual increase in key financial indicators and it is assumed that this trend will continue in the future.

To confirm the effectiveness of the possible implementation of the measures proposed in paragraph 3.1 to improve the financial results of the organization CAPP LLC, table 3.1 calculates the main financial indicators for 2010, 2011 and 2012. taking into account the identified internal reserves and growth rates of indicators.

Table 3.1 Forecast indicators of the organization LLC "CAPP"

Indicator name
Material reserves, thousand rubles.
Cost of fixed assets, thousand rubles.
Average annual value of assets, thousand rubles.
Accounts receivable, thousand rubles.
Borrowed funds, thousand rubles.
Own funds, thousand rubles.
Revenue, thousand rubles
Total cost of products sold, thousand rubles.
Net profit, thousand rubles.
Profitability of commercial products, %
Economic profitability, %
Effect of financial leverage, %

So, we note the positive impact of the proposed measures to improve financial results on the activities of the organization CAPP LLC, and as a result, profitability, financial stability, liquidity and solvency.

The profitability of commercial products by 2012 compared to 2009 increases by 2.54% and amounts to 10.65%.

With the rational mobilization of internal reserves in 2012, there was a positive increase in the financial leverage indicator - 45.90%, i.e. bringing it to optimal size. This is also due to a significant increase in economic profitability from 37.99% in 2009. to 53.37% in 2012, which in turn increases due to an increase in the amount of net profit.

Net profit increases by 1.2 times by 2010 due to additional sales of finished products and the return of receivables, as well as reducing losses from writing off bad receivables.

By 2012, it is expected to increase the ratio of equity and borrowed funds to 50/50, this is an extremely positive factor, because When the balance sheet liability structure improves, the financial leverage indicator increases and the risk of bankruptcy decreases.

The table shows that in the future there is an improvement in the organization’s performance, however, in order to achieve such indicators, CAPP LLC needs to apply the following measures to improve its financial condition:

Improving the management structure of the organization in the field of production and sales of manufactured products;

Increasing production and sales volumes;

Improving product quality;

More rational use of fixed assets (sale and rental of unused assets, that is, mobilization of non-current assets);

Increasing the speed of turnover of working capital;

Reduction of accounts receivable;

Restructuring of accounts payable;

Reduction of other expenses from non-operating activities;

Identification and mobilization of additional internal reserves of the organization;

Improving the qualifications of workers, accompanied by an increase in labor productivity;

Development and implementation of an effective system of material incentives for personnel, closely linked to the main results of the enterprise’s economic activities and resource savings;

Carrying out constant monitoring of the conditions of storage and transportation of raw materials and finished products.

The graph (Fig. 3.1) shows the dynamics of forecast indicators of economic profitability, profitability of commercial products and the effect of financial leverage.

Rice. 3.1 Dynamics of projected financial indicators of the organization LLC “CAPP”

There is a positive growth trend in the forecast indicators of economic profitability, profitability of commercial products and the effect of financial leverage.

Thus, the proposed measures to improve the financial results of the organization “Center for Automation of Production Processes” LLC are economically feasible.

Conclusion

To ensure the survival of an enterprise in the current conditions of the global economic crisis, management personnel must, first of all, be able to realistically assess the financial results of both their enterprise and existing potential competitors.

Financial results determine competitiveness, potential in business cooperation, assess the extent to which the economic interests of the enterprise itself and its partners are guaranteed in financial and production terms.

The main goal of a commercial enterprise in modern conditions is to obtain maximum profit, which is impossible without effective capital management. The search for reserves to increase the profitability and profitability of the enterprise is the main task of the manager.

In this final qualifying work, an economic analysis of the financial results of the organization CAPP LLC was carried out and the development of measures to improve them.

Information on the main results of the work of CAPP LLC for 2009 is provided below.

Revenue from the sale of goods, products, works, services is 1214 thousand rubles. Gross profit 141 thousand rubles. Net profit 87 thousand rubles. The value of net assets at the end of the reporting year was 229 thousand rubles, which is 111.2% compared to the beginning of the reporting year.

Accounts payable (sections IV and V of the Balance Sheet) at the end of the year were 336 thousand rubles. Including: debt on taxes, fees and extra-budgetary funds 1 thousand rubles; debt to the federal budget is 13 thousand rubles.

Accounts payable are current, not overdue, repaid according to the established deadline (for materials, production services, electricity, etc.).

CAPP LLC systematically fulfilled its obligations to the budget and state extra-budgetary funds, paying all current taxes on time.

Compared to 2008, accounts receivable increased by 21.1% and amounted to 206 thousand rubles.

The revenue side of the budget for all types of income amounted to 1214 thousand rubles, expenses - 1133. The excess of income over expenses (profit before tax) was 93 thousand rubles.

The residual value of fixed assets decreased by 3.5%. Current assets increased by 21.5%.

The organization LLC "Center for Automation of Production Processes" has large internal reserves, with the rational use of which the organization can significantly increase its main economic indicators.

Based on ch. 3 “Ways to improve the financial results of the organization LLC “Center for Automation of Production Processes”” of this final qualifying work it follows that the main directions for activating the organization’s reserves can be:

Increasing the speed of turnover of working capital;

Reduction of accounts receivable;

Reduction of non-operating expenses;

Restructuring of accounts payable.

The development prospects for the organization CAPP LLC are quite positive. Thus, in 2012, forecast indicators increase significantly, the organization becomes more stable and solvent.

Net profit increases by 2012 compared to 2009 by 1.7 times and amounts to 147 thousand rubles.

The level of profitability of commercial products by 2012 compared to 2009 increases by 2.54% and amounts to 10.65%.

With the rational mobilization of internal reserves in 2012, there was a positive increase in the financial leverage indicator - 45.90%. This is also due to a significant increase in economic profitability from 37.99% in 2009. to 53.37% in 2012, which in turn increases due to an increase in the amount of net profit.

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Introduction

1. Fundamentals of the formation of financial results of an enterprise, analysis and analytical assessment

2. Analysis of the financial results of the operation of JSC Dimskoye

2.3 Analysis and assessment of income and expenses of JSC Dimskoye

2.4 Analysis of profitability indicators of OJSC Dimskoye

2.5 Analysis of the composition and dynamics of net profit of OJSC Dimskoye

2.6 Analysis of factors influencing the financial results of JSC Dimskoye

2.7 Assessment of the financial strength margin of OJSC Dimskoye

3. Ways to improve the financial results of JSC Dimskoye

3.1 The main directions for increasing profits at OJSC Dimskoye

3.2 Measures to improve the production efficiency of Dimskoye OJSC financial result profit

3.2.1 Reserves for reducing production costs

3.2.2 Factors and ways to improve product quality

3.3 Improving relationships with processing and capital-forming industries

3.4 Development of marketing activities

Conclusion

List of used literature

INTRODUCTION

Each enterprise builds its own financial (market) mechanism, striving to obtain the largest possible amount of income - the main source of profit.

Financial performance indicators characterize the absolute efficiency of the enterprise's management. The most important form of business activity and financial condition of an enterprise is the value of current financial results. A general assessment of the financial condition of an enterprise is given on the basis of such effective financial indicators as profit and profitability.

Unlike other forms of realization of cash savings, the rate of profit growth depends not only on the efficiency of living labor costs, but also on the size of the savings of embodied labor. Improving the use of production assets, raw materials, materials, fuel, energy means increasing profits by reducing production costs. Profit is one of the main financial resources of an enterprise for the implementation of costs for expanded reproduction and social development.

Enterprises whose financial result is profit bring income not only to their owners, but also make a significant contribution to the development of the economy and social sphere.

The need to introduce technologies to improve financial results, determine ways and means of bringing an enterprise out of a state of insolvency and achieving financial stability by summarizing experience in overcoming financial instability predetermined the relevance of the topic thesis and its structure.

The purpose of writing a thesis is to study ways to improve the financial performance of an enterprise.

The object of research in the work is one of the leading enterprises in the Amur region for the production of agricultural products, a diversified, efficiently operating enterprise - the Dimskoye Open Joint Stock Company, located in the Tambov region.

To achieve this goal, a number of tasks must be solved:

Study of the theoretical aspects of the formation of financial results, in particular, profit as an economic category, its types, methods of determination and methods of maximization;

Review of performance indicators of JSC Dimskoye;

Analysis of profit as a qualitative indicator of the performance of JSC Dimskoye;

Study of the main directions for optimizing the financial results of JSC Dimskoye.

The theoretical and methodological basis of the thesis was the works of domestic and foreign scientists and specialists in the field of financial analysis, financial management, economics and enterprise management.

As starting materials Data from the accounting financial statements of JSC Dimskoye for 2007-2009 were used.

The scientific novelty of the study lies in the development of recommendations for improving the financial results of the activities of JSC Dimskoye; the prerequisites for improving the financial condition of the enterprise are revealed.

During the research process, general scientific methods were used: systematic approach, abstract-logical, economic-statistical, calculation-constructive, monographic.

1. BASICS OF FORMATION OF FINANCIAL RESULTS OF THE ENTERPRISE, ANALYSIS AND ANALYTICAL ASSESSMENT

1.1 Profit as the main financial indicator of an enterprise’s activity

Economic essence profit is one of the complex and controversial problems in modern economic theory.

From an economic point of view, profit is the difference between cash receipts and cash payments. From an economic point of view, profit is the difference between the property status of the enterprise at the end and beginning of the reporting period. Profit is the excess of income over expenses. The reverse position is called loss.

Analyzing various scientific interpretations of profit, we can formulate the following definition.

Profit can be considered only that part of the added value that is created as a result of the sale of products, performance of work, and provision of services. Sales of other assets, proceeds from non-operating operations and other proceeds form income.

All income receipts are actually recognized as forming profit with the exception of expenses.

Firstly, profit is a criterion and indicator of the efficiency of an enterprise. In other words, the very fact of profitability already indicates the effective operation of the enterprise. However, will this evidence be necessary and sufficient for the owner and the creditor? Apparently not, since the enterprise does not need any profit at all, but a specific amount of it to satisfy the needs of all interested parties: the owners of the enterprise, its employees and creditors. The amount of profit is determined by many factors, some of them depend on the efforts of enterprises, others do not.

Secondly, profit has a stimulating function. Acting as the final financial and economic result of an enterprise, profit acquires a key role in a market economy. It is assigned the status of a goal, which predetermines the economic behavior of business entities, the well-being of which depends both on the amount of profit and on the algorithm for its distribution adopted in the national economy, including taxation.

Profit is the main source of equity capital growth. In conditions of market relations, owners are guided by the amount of profit remaining at the disposal of the enterprise, make decisions regarding dividend and investment policies pursued by the enterprise, taking into account the prospects for its development.

Profit in a market economy is the driving force and source of renewal of production assets and manufactured products.

And finally, profit is a source of social benefits for members of the workforce. At the expense of the profit remaining at the enterprise after paying taxes, paying dividends and other priority deductions, material incentives are provided to employees and the provision of social benefits to them, and the maintenance of social facilities.

Thirdly, profit is the source of revenue generation for budgets at various levels. It goes to budgets in the form of taxes, as well as economic sanctions, and is used for various purposes, determined by the expenditure part of the budget and approved by law.

Thus, the profit of an enterprise is the main factor in its economic and social development. This conclusion follows from the purpose of entrepreneurial activity. This goal setting is quite logical for the current level of development.

1.2 Indicators characterizing the financial results of the enterprise and the methodology for their determination

The financial results of an enterprise are characterized by the amount of profit received and the level of profitability. The greater the profit and the higher the level of profitability, the more efficiently the enterprise operates, the more stable its financial condition. Therefore, finding reserves for increasing profits and profitability is one of the main tasks.

The main tasks in the process of managing financial results are:

Systematic control over the formation of financial results;

Determining the influence of both objective and subjective factors on financial results;

Identification of reserves for increasing the amount of profit and the level of profitability and forecasting their value;

Assessing the enterprise’s performance to take advantage of opportunities to increase profits and profitability;

Development of measures for the development of identified reserves.

In the process of assessing profit as a qualitative indicator of activity, the following profit indicators are used:

marginal profit (the difference between revenue (net) and direct production costs for products sold);

profit from sales of products, goods, services (the difference between the amount of marginal profit and fixed costs of the reporting period);

the total financial result before interest and taxes (gross profit) includes the financial result from the sale of products, works, services, income and expenses from financial and investment activities, other income and expenses;

net profit is that part of it that remains at the disposal of the enterprise after paying interest, taxes, economic sanctions and other mandatory deductions;

capitalized profit is a part of net profit that is used to finance the growth of assets;

consumed profit is that part of it that is spent on paying dividends, to enterprise personnel or on social programs. The mechanism for generating these indicators is presented in Figure 1.

Figure 1.1 - Structural and logical model for the formation of profit indicators

It is necessary to take into account the unequal importance of one or another profit indicator for different categories of stakeholders. For the owners of an enterprise, the final financial result is important - net profit, which they can withdraw in the form of dividends or reinvest in order to expand the scale of activity and strengthen their market positions. Lenders are more interested in the total amount of earnings before interest and taxes, since from this they receive their share of the loaned capital. The state is interested in profit after interest before taxes, since it is this that serves as the source of money for the budget.

The orientation of the domestic economy towards market relations required a revision of the attitude towards profitability, which is due to its special place in the economic system.

Profitability acts as an economic category, an estimated performance indicator, a target, a tool for calculating the net income of society, a source of formation of various funds.

The economic content of profitability is identical to the concept of “surplus value”. As an economic category, profitability reflects the totality of relations between business entities involved in the formation and distribution of national income.

The main functions of profitability are: accounting, evaluation, incentive.

As an effective indicator, it characterizes the efficiency of using available resources, success (failure) in business, growth (decrease) in activity volumes.

As a quantitative indicator, profitability is the difference between the price and cost of goods, between sales volume and cost (in the sphere of circulation between gross income and distribution costs). Profitability, being the end result of an enterprise’s activities, creates conditions for its expansion, development, self-financing and increased competitiveness.

As economic theory developed, the definition of the concept of “profitability” was constantly refined from the simplest definition as income received from the production and sale of any product, to the concept of pure profitability. Currently, it is characterized from the perspective of two levels: microeconomic and macroeconomic. The calculation of profitability using the existing methodology at the macro and micro levels is different. At the enterprise level, its calculation is associated with the education process, and at the state level with determining the place of profitability in the country’s income.

The concept of "profitability" has different meanings from the perspective of the enterprise, consumer, and state. But in all cases it means benefit. If the company operates profitably (in normal conditions management), this indicates that the buyer, purchasing goods from this particular manufacturer, receives satisfaction from the purchase, and the state can, through taxes on profitability, support unprofitable objects and solve priority social problems.

The presence of profitability makes it possible to satisfy the economic interests of the state, enterprise, employees and owners. The object of economic interests of the state is that part of the “profitability” that the enterprise pays in the form of a profitability tax and which society uses to solve social problems. The economic interests of the enterprise lie in increasing the share of profitability remaining at its disposal. Due to this profitability, the enterprise solves the production and social problems of its development. The interests of workers in increasing profitability are associated with creating opportunities to improve material incentives and increase the level of their social development. The owners are also interested in increasing the profitability of the enterprise.

The goal of any commercial structure in a market economy is ultimately to achieve profitability that can ensure its further development. Profitability is considered not only as the main goal, but also as the main condition for the business activity of an enterprise, as a result of its activities, the effective implementation of its functions to provide consumers with necessary goods in accordance with the existing demand for them.

The problem of profitability and methods for its quantitative measurement are constantly in the spotlight when developing methodological and instructional materials. In this regard, the proposal of economists to introduce a classification of profitability indicators into absolute and relative, depending on the method of their quantitative expression, deserves attention.

Absolute indicators of profitability are gross and net income. However, the absolute sizes of net income, profit and gross income do not allow a full comparison of the economic results of the production activities of enterprises. An enterprise can make a profit of a thousand rubles and a million.

In both cases, production is profitable, and efficiency can be different, since it depends on the size of production, product structure, production costs, and so on. Therefore, to characterize the economic efficiency of production, relative indicators of profitability are also used, which are expressed as the ratio of two commensurate quantities: gross, net income, profit, and indicators of the efficiency of using certain production resources or costs. Relative profitability indicators can be calculated in monetary terms or, most often, as a percentage. With their help, the profitability of agricultural production can be expressed both in terms of gross and sold (commodity) products.

In practice, relative indicators of profitability of sold products, called the norm or level of profitability, are mainly used. They are calculated both for all products sold by the enterprise and for their individual types. In the first case, product profitability (Rpr) will be determined as the ratio of profit from the sale of products to the costs of its production and sales:

Rproduct = (1)

The profitability of all products sold is calculated in the same way as the ratio of profit from the sale of marketable products to revenue from product sales: by the ratio of balance sheet profit to revenue from product sales.

Profitability indicators for all products sold give an idea of ​​the efficiency of the enterprise's current costs and the profitability of products sold.

In the second case, the profitability of individual types of products is determined. It depends on the price at which the product is sold to the consumer, and the cost of this type of product.

All of the above profitability indicators characterize the economic efficiency of using current production costs to obtain products. However, enterprises produce not only current production costs, but also make capital investments to increase and update fixed assets, the cost of which is included in the production costs of each year not in full, but in part equal to the amount of depreciation charges. Therefore, it is important to know the efficiency of using non-recurring costs materialized in the means of production. For these purposes, relative indicators of the profitability of production assets are used, which are calculated as a percentage of profit to the average annual cost of fixed and material working capital separately, as well as total (fixed and material working capital combined) assets, called the rate of profit:

Rproduction assets = (2)

where OS is the average annual cost of fixed assets;

OBC - average annual cost of working capital.

These indicators characterize the efficiency of using the main means of production in the first case, and the total means of production in the second. They show how much profit is received per unit cost of the corresponding means of production. The more profit is received per ruble of means of production, the more efficiently they are used.

Indicators of profitability of investments in the enterprise are also important. They are determined by the value of the property at his disposal. The calculation uses net profit indicators. In addition to profit, when calculating the return on investment, you can use revenue from product sales. This indicator characterizes the level of sales per ruble of investment in the property of the enterprise.

The profitability of an enterprise's own funds is determined by the ratio of net profit to its own funds, determined by the balance sheet.

The profitability of long-term financial investments is calculated as the ratio of the amount of income from securities and equity participation in other enterprises to the total volume of long-term financial investments.

It is not uncommon for the production of any product to be unprofitable or unprofitable. Then, instead of the indicator “standard or level of profitability”, other indicators can be used - the level of loss or the level of cost recovery, which is calculated by the formula:

Cost recovery level = (4)

1.3 Factors generating positive financial results

Changes in economic indicators over any time period occur under the influence of many different factors.

Factors are elements, causes and conditions that can be considered as driving forces of ongoing economic phenomena and processes, whose impact is ultimately reflected in the levels, rates of growth, absolute values specific indicators or a whole group of economic indicators.

The variety of factors influencing profit and profitability requires their classification, which at the same time is important for determining the main directions for searching for reserves for increasing business efficiency. This classification is presented in Figure 1.2.

Factors affecting profit and profitability can be classified according to different criteria. Thus, there are internal and external factors. Internal factors include factors that depend on the activities of the enterprise itself and characterize different sides the work of this team.

Figure 1.2 - Classification of factors influencing the financial results of enterprises

External factors include factors that do not depend on the activities of the enterprise itself, but which can have a significant impact on the rate of growth of profits and profitability of production. Identification of the influence of internal and external factors in the process of analysis makes it possible to “clean” performance indicators from external influences, which is important for an objective assessment of the team’s own achievements, depending on which the amount of material incentives for employees is determined.

In turn, internal factors are divided into production and non-production.

Non-production factors are associated mainly with commercial, environmental, claims and other similar activities of the enterprise.

Production factors reflect the presence and use of the main elements of the production process involved in the formation of profit - these are means of labor, objects of labor and labor itself.

When deepening the analysis for each of these elements, groups of extensive and intensive factors are identified.

Extensive factors include factors that reflect the volume of production resources (for example, changes in the number of employees, the cost of fixed assets, the amount of inventories), their use over time (changes in the length of the working day, the shift ratio of equipment, etc.), as well as unproductive use of resources (waste of materials due to scrap, losses due to waste, etc.).

Intensive factors include factors that reflect the efficiency of resource use or contribute to this (for example, improving the skills of workers, equipment productivity, accelerating the turnover of an enterprise); these factors are closely interconnected and dependent.

These indicators reflect, on the one hand, the volume and efficiency of use of advanced funds, that is, funds that are fully involved in the creation of products, and on the other, the size and efficiency of use of their consumed part, participating in the formation of costs.

Thus, the analysis of the influence of factors on the profit remaining at the disposal of the enterprise is associated with the study of the proportions of profit distribution, assessment of their compliance with the requirements of intensive development of the enterprise.

1.4 Main directions for improving financial results

To ensure stable profit growth, it is necessary to constantly seek reserves to increase it.

Profit growth reserves are quantitatively measurable opportunities for additional profit generation. They are identified both at the planning stage and during the implementation of plans.

The main sources of reserves for increasing the amount of profit are increasing the volume of product sales, reducing its cost, improving the quality of commercial products, selling them on more profitable markets, etc. (Fig. 1.3).

Figure 1.3 - Main directions for searching for reserves to increase sales profits

Profit as the main motive of entrepreneurial activity encourages the enterprise to look for ways to maximize profits.

Profit maximization is a short-term problem, the solution of which is designed for a relatively short period of time.

There are two main ways to maximize profits. The first helps to obtain a larger amount of profit, the second - to increase the rate of profit growth. The first method is based on the principle of comparing marginal costs with marginal revenues, the second method is based on taking into account the influence of fixed and variable costs on the rate of profit growth.

The calculation of the optimal profit becomes the most important element planning business activities at the present stage of management. To predict the maximum possible profit in the coming year, it is advisable, based on foreign experience, to compare revenue from sales of products with the total amount of costs, divided into variable, fixed and mixed.

As you know, variable costs include costs for raw materials, materials, electricity, transport, etc. These costs change in proportion to changes in production volume.

Fixed costs are those that do not change depending on the increase or decrease in production volume. These include depreciation charges, payment of interest on loans, rent, salaries of management personnel, administrative expenses, etc.

Mixed costs include both variable and fixed costs. These, for example, are postal and telegraph costs, current repairs equipment, etc.

The increase in profit depends on the relative decrease in variables or fixed costs.

The “production leverage effect” is the phenomenon when, with a change in revenue from product sales, a more intense change in profit occurs in one direction or another.

The production leverage effect (ELE) shows the degree of sensitivity of sales profit to changes in sales revenue. The value of the EPR increases enormously as production volume falls and it approaches the profitability threshold, at which the enterprise operates without profit. That is, under these conditions, a small increase in sales revenue generates a multiple increase in profit, and vice versa.

Based on the “production leverage effect”, we can conclude: the higher the share of fixed costs and, accordingly, the lower the share of variable costs with a constant amount of revenue from product sales, the stronger this effect. However, this does not mean that fixed costs can be increased uncontrollably, since if at the same time revenue from product sales decreases, the loss in profit will be large.

Maximizing profits by changing the share of variable and fixed costs opens up the opportunity for enterprises to plan for the future the amount of profit growth depending on economic success in the production of competitive products and take appropriate measures in advance to change in one direction or another the value of variable and fixed costs. Planning the optimal profit margin in modern economic conditions is the most important factor in the successful operation of enterprises and organizations.

2. ANALYSIS OF FINANCIAL RESULTS OF OJSC “DIMSKOE” OPERATION

2.1 Organizational characteristics of JSC Dimskoye

One of the largest agricultural enterprises in the Amur region, Order of the Red Banner of Labor Open Joint Stock Company "Dimskoye" is a diversified, efficiently operating enterprise. Since 1998, according to the results of the annual rating conducted by Rossiyskaya Gazeta, it has been among the 300 largest and most efficient agricultural enterprises in Russia.

OJSC Dimskoye is located in the village of Novoaleksandrovka, Tambov district.

The territory of the Tambov region occupies the southwestern part of the Zeya-Bureya Plain, the most favorable for agriculture; natural conditions allow successful farming and animal husbandry.

The Tambov region has the highest population density and compact population in rural areas. The road network is developed, the main communication is by road.

The main activities of JSC Dimskoye are:

Production of high-quality, environmentally friendly agricultural products;

Sales of products under contracts;

Trade and procurement operations, both in Russia and abroad;

Providing various services to enterprises and organizations;

Other types of activities not prohibited by law.

In the field of crop production, the farm relies on variety renewal. The company’s specialists select varieties based on baking and brewing qualities, as well as ripening time, disease resistance, and local weather conditions. Dimskoe OJSC annually spends more than 300 thousand rubles on the purchase of elite seeds. In recent years, new varieties of wheat have been introduced into production - "Aryuna", "Lira", "Amurskaya-1495", barley - "Aga", soybeans - "Sonata", "Harmony". The enterprise’s powerful grain yard allows it to receive and process up to 3,000 tons of grain per day. Every year, up to 1.5 million rubles are allocated for the reconstruction of the grain yard.

The company is engaged in breeding productive Holstein-Friesian cattle. The milk yield per forage cow is up to 5 thousand kilograms, the average daily weight gain of cattle is 600 grams. Currently, the cattle farm and pig farm have breeding status. In addition to the main production, the enterprise has a powerful processing network: a dairy shop (up to 20 tons of milk per day), a sausage shop (300 kilograms of sausage per shift), a bakery (500 tons of bakery and pasta products per year), a confectionery, a mill and a sewing shop.

The farm accounts for 70% of the region's processing of agricultural products.

In the near future, Dimskoye OJSC plans to significantly increase the collection of grain and soybeans through the introduction of intensive crops, increase the number of livestock, expand the processing of raw materials, modernize the technical base, and update the machine and tractor fleet.

2.2 Assessment of the financial condition of JSC Dimskoye

The size of an enterprise is one of the most important factors influencing production efficiency. Size assessment is carried out both based on the results of the production process and the volume of services provided, as well as on the volume of resources used.

Let's consider the main indicators characterizing the activities of the enterprise in Table 2.1.

Table 2.1

Analysis of the main performance indicators of JSC Dimskoye for 2007 - 2009

Index				Deviation 2008 from
						absolute
Revenue from sales of products, works, services, thousand rubles.
Cost of sold products, works, services, thousand rubles.
Average annual cost of fixed assets, thousand rubles.
Average annual number of employees, people.
Profit (loss) from sales, thousand rubles.
Net profit (loss), thousand rubles.
Costs per ruble of revenue, rub.
Net profitability, %
Area of ​​farmland, ha
Average annual cattle population, heads.
Total energy capacity, hp

According to Table 2.1, we can conclude that during the analyzed period, revenue from sales of products, works and services in 2009. increased by 38.7% compared to 2007, at the same time there was a decrease in this indicator by 5.6% compared to 2008.

The cost of production is constantly growing every year. Thus, compared to 2007, the cost of manufactured products (work, services) increased by 9.8%, and compared to 2008 - by 2.3%. This is due to the increase in the volume of agricultural production of Dimskiy OJSC.

The areas cultivated by the OJSC over three years increased by 3937 hectares or 16.7%.

The cost of fixed assets increases due to the renewal of the technical park. The increase for the entire period was 75.1%.

Along with the increase in space and fixed assets at JSC Dimskoye, the number of employees is also growing. Over three years, the number of personnel increased by 21 people.

The amount of energy capacity for the period is reduced by 8.9%. This indicates the introduction of resource-saving technologies at the JSC.

In 2009 Compared to 2008, the growth rate of costs began to exceed the growth rate of revenue, which led to an increase in the share of costs in revenue. But in general, this figure during the analyzed period decreased by 20.8% and in 2009. for 1 ruble of revenue there are 0.76 rubles. costs.

For the period 2007-2009. The activities of OJSC Dimskoye are profitable.

Sales profit increased almost 9.5 times over three years.

The final financial result of the work is positive, the amount of net profit in 2009 was. is 46,339 thousand rubles, which is 3.7 times higher than in 2007.

The profitability level of an enterprise is characterized by the net profitability indicator and shows how much net profit falls on 1 ruble. sales revenue. If in 2007 1 rub. revenue accounted for 9.9 kopecks of net profit, then in 2009. already 26.6 kopecks.

The formation of an enterprise as a legal entity presupposes the availability of financial resources to acquire the necessary property.

Assessing the location and structure of property is of paramount importance in determining the financial condition of an enterprise.

Consequently, in order to eliminate the emergence of preconditions for financial instability, an economic entity must have a rational structure of property and constantly evaluate changes in its composition.

To characterize the presence, composition, structure of property and the changes that have occurred in them, an analytical table is compiled according to the annual balance sheet.

Table 2.2

Analysis of the composition and structure of the property of OJSC Dimskoye for 2007-2009.

Index				Deviation 2009 from 2007
		structure, %		structure, %		structure, %	absolute
Non-current assets - total
incl. fixed assets
Construction in progress
long-term financial investments
Current assets - total
incl. stocks
of which - materials
Animals being raised and fattened
Costs in work in progress
Finished products and goods for resale
accounts receivable
cash

As can be seen from Table 2.2, the total value of the enterprise’s property increased during the reporting period by 193,876 thousand rubles, or by 90.6%. This was due to an increase in the value of non-current assets by 90,743 thousand rubles, or 73.4%, and an increase in the value of mobile property by 103,133 thousand rubles, or 2.14 times.

As part of non-current assets, there was an increase in the value of all types of property except for long-term investments, the value of which did not change and amounted to 60 thousand rubles. Fixed assets showed a high increase, which may be a consequence of the development of the material and technical base of the enterprise, or the result of a revaluation of fixed assets. An increase in the cost of fixed assets is economically justified if it contributes to an increase in the volume of production and sales of products. In the reporting year, the cost of fixed assets increased by 65.5%. Despite the absolute increase in the value of fixed assets, their share in the balance sheet currency decreased from 52.0 to 6.87 percentage points.

During the analyzed period, expenses for construction in progress increased by 17,830 thousand rubles, or 2.47 times. Their share in the balance sheet currency increased by 1.68 percentage points and amounted to by the end of 2009. 7.34%. These assets do not participate in production turnover, and, therefore, under certain conditions, an increase in their amount may negatively affect the performance of the financial and economic activities of the enterprise.

At the beginning of the reporting period, the cost of mobile property amounted to 90,429 thousand rubles. During the reporting period, it increased by 103,133 thousand rubles, or 2.14 times.

The share of working capital in the value of the enterprise's assets increased by 5.2 percentage points and amounted to 47.46% at the end of the period.

The increase in current assets is due to an increase in inventories, accounts receivable and cash. The largest increase in working capital was ensured by an increase in inventories of material resources, the amount of which increased by 91,372 thousand rubles, or 2.24 times. At the end of the reporting period, their share amounted to more than a third of all property and increased by 6.1 percentage points compared to the beginning of the period.

The amount of accounts receivable increased by 8916 thousand rubles, or by 58.4%. The share of funds in settlements decreased by 1.2 percentage points. An increase in accounts receivable may be the result of an increase in trade loans issued to consumers of finished products. It may also be associated with a deferred payment of debtors, caused by the appearance of overdue debt, for the repayment of which Dimskoye OJSC is forced to raise additional funds, increasing accounts payable.

Cash increased by 2845 thousand rubles, or 2.6 times, which has a positive effect on the solvency of the enterprise.

During the analysis of structural dynamics indicators, it was found that at the end of the reporting period, 52.5% were non-current assets and 47.5% were current assets.

In the composition of non-current assets, the largest share is occupied by fixed assets (45.2%); within current assets - inventories and costs (40.4%).

In general, the structure of economic assets of Dimskoye OJSC has improved significantly over the entire period, and the changes that have occurred can be assessed positively, although attention should be paid to the low share of cash in current assets and a significant diversion of funds into inventories and receivables.

Thus, during the reporting period there was an increase in the value of the enterprise's property. The growth rate of mobile funds turned out to be higher than non-current assets, which determines the tendency to accelerate the turnover of the most liquid assets of Dimskoye OJSC.

The reasons for the increase in the enterprise's property are established by studying changes in the composition of the sources of its formation. The receipt, acquisition, and creation of property can be carried out at the expense of own and borrowed funds, the characteristics of which are reflected in the liability side of the balance sheet.

Table 2.3

Analysis of the composition and structure of sources of funds of OJSC Dimskoye for 2007-2009.

Index				Deviation 2009 from 2007
		structure, %		structure, %		structure, %	absolute
Net worth - total
incl. authorized capital
Extra capital
Reserve capital
retained earnings
Borrowed capital - total
incl. long term duties
Loans and credits
Short-term liabilities
Loans and credits
Accounts payable
revenue of the future periods

The increase in the value of the property of JSC Dimskoye during the reporting period by 193,876 thousand rubles. (90.6%) is due to an increase in own funds by 90,905 thousand rubles. (62.2%) and borrowed funds for 102,971 thousand rubles. (2.5 times). It follows from this that the increase in the volume of financing of the enterprise’s activities by 46.9% (90905 / 193876 · 100) is provided by its own funds and by 53.1% (102971 / 193876 · 100) by borrowed capital.

The growth of own funds occurred due to reserve capital by 5532 thousand rubles. (3.78 times), the amount of retained earnings by 87,267 thousand rubles. (3.14 times).

The absolute increase in equity capital associated with an increase in production volumes positively characterizes the financial condition of the enterprise. This strengthens economic independence and financial stability, and therefore increases the reliability of the enterprise as an economic partner.

However, the share of equity in total financing decreased by 10.17 percentage points. The share of borrowed capital increased accordingly by the end of the reporting period. This is explained by the faster growth rate of borrowed funds compared to equity.

Borrowed funds are represented by long-term and short-term bank loans and accounts payable. In the reporting period, there was a tendency to increase borrowed capital in all positions, which indicates an increase in the JSC's dependence on external sources of financing, which affects fluctuations in the financial stability of the enterprise.

The main source of external financing is accounts payable, the absolute amount of which has increased by 5.35 times. Its share in the total capital amounted to 25.73%.

Business activity analysis allows you to characterize the results and efficiency of current core production activities.

An assessment of indicators characterizing the business activity of Dimskoye OJSC is presented in Table 2.4.

Table 2.4

Analysis of business activity of JSC Dimskoye for 2007-2009.

Index				Deviation 2009 from 2007
				absolute
Return of all assets
Return on fixed assets
Return on equity
Current asset turnover
Inventory turnover
Accounts receivable turnover

The asset turnover ratio characterizes the efficiency of the enterprise's use of all available resources, regardless of the sources of their formation. The value of this indicator at JSC Dimskoye decreased by 17.7%, and shows that during the analyzed period the full cycle of production and circulation is completed 0.51 times.

A decrease in capital productivity of fixed assets indicates a decrease in the efficiency of their use. For 1 rub. fixed assets in 2009 accounts for 0.99 rub. revenue, which is 20.8% less than in 2007. From a financial point of view, the equity turnover ratio determines the rate of turnover of equity capital. High values ​​of this indicator indicate a significant excess of sales over invested capital, which, as a rule, means an increase in credit resources. In this case, the ratio of liabilities to equity capital increases, which negatively affects the financial stability and financial independence of Dimskoye OJSC. The negative dynamics of this ratio indicates a deterioration in the financial position of the enterprise. In this case, in order to maintain normal production activities, Dimskoye OJSC is forced to raise additional funds.

The components of current assets are productive reserves and accounts receivable. In this regard, to determine the reasons for the dynamics (for example, a decrease) in the overall turnover of current assets, changes in the speed and period of turnover of receivables and inventories should be analyzed.

The slowdown in inventory turnover is accompanied by the diversion of funds from economic circulation and their relatively longer deadening in inventories. Thus, the efficiency of disposal of inventories at OJSC Dimskoye decreases by 19% over the period.

Accounts receivable management involves, first of all, control over the turnover of funds in settlements. The acceleration of turnover over a number of periods is considered a positive trend. Over the period, the turnover of receivables has an unstable trend - in 2009. compared to 2007, it increases by 16.5%, and compared to 2008, it decreases by 24.8%.

Thus, a decrease in turnover ratios indicates a decrease in the business activity of Dimskoye OJSC.

An enterprise must strive not only to accelerate the movement of capital at all stages of the circulation, but also to its maximum return, which is expressed in an increase in the amount of profit per ruble of capital.

Increasing the return on capital is achieved by rational and economical use of all resources, preventing their overexpenditure and losses at all stages of the circulation. As a result, the capital will return to its original state in a larger amount, i.e. with profit.

Solvency characterizes the ability of an enterprise to timely repay payment obligations in cash.

Solvency is established based on the liquidity characteristics of the balance sheet. Balance sheet liquidity is the degree to which the enterprise's liabilities are covered by such assets, the period of conversion of which into cash corresponds to the period of repayment of liabilities.

Let's group the company's assets according to the degree of liquidity in Table 2.5.

Table 2.5

Analysis of the liquidity of the balance sheet of JSC Dimskoye for 2007-2009.

							Payment surplus or deficiency
1. The most liquid assets (A1)			1. Most urgent obligations (P1)
2. Quickly realizable assets (A2)			2. Short-term liabilities (P2)
3. Slowly selling assets (A3)			3. Long-term liabilities (P3)
4. Hard to sell assets (A4)			4. Constant liabilities (P4)

The results of calculations based on the data of the analyzed enterprise show that a comparison of the results of the groups for assets and liabilities has the following form:

A1< П1 ; А2 < П2 ; А3 >P3; A4< П4

A1< П1 ; А2 >P2; A3 > P3 ; A4< П4

A1< П1 ; А2 >P2; A3 > P3 ; A4< П4

Characterizing the liquidity of the balance sheet according to Table 2.5, it should be noted that in the analyzed period, JSC Dimskoye did not have absolute liquidity, since the amount of the most liquid assets is significantly less than the amount of accounts payable.

The excess of the amount of quickly realizable assets over short-term liabilities indicates that short-term liabilities can be fully repaid with funds in the calculations in 2008 and 2008.

Expected receipts from debtors by the end of the period exceed short-term bank loans and borrowed funds by 21,410 thousand rubles. But fulfilling obligations to creditors depends entirely on timely settlements with debtors.

Thus, in the reporting year the company did not have current liquidity and solvency.

Slow-moving assets (inventories and costs) exceed long-term liabilities. The fulfillment of the third inequality indicates that Dimskoe OJSC has promising liquidity, and the fourth - it has its own working capital.

Overall financial stability is characterized by the following indicators: autonomy ratio, debt capital concentration ratio, debt-to-equity ratio.

Based on the balance sheet data, the coefficients characterizing overall financial stability are presented in Table 2.6.

Table 2.6

Analysis of the overall financial stability ratios of OJSC Dimskoye for 2007-2008.

As the table data shows, the autonomy coefficient decreased slightly, but above the standard level (0.5). Its value shows that 58% of the enterprise’s property was formed from its own funds, that is, the enterprise can fully repay all its debts by selling property generated from its own sources.

The coefficient of concentration of borrowed capital shows that the share of borrowed funds is less than equity, that is, the enterprise has overall financial stability, but over the analyzed period this coefficient increases, which indicates fluctuations in the financial stability of Dimskoye OJSC.

The ratio of borrowed and equity funds shows that at the beginning of the analyzed period, for 1 ruble invested in the assets of own sources there were 46 kopecks of borrowed funds, at the end of the period - 72 kopecks. The resulting ratio indicates a slight deterioration in the financial position of the enterprise, since there is an increase in the share of borrowed funds compared to equity capital.

To determine the type of financial stability of Dimskoye OJSC, we will analyze the dynamics of the sources of funds necessary for the formation of reserves in Table 2.7.

Table 2.7

Indicators of financial stability of JSC Dimskoye for 2007-2008.

Index				Deviation 2009 from 2007 (+,-)
1. Sources of own funds
2. Non-current assets
3. Availability of own working capital (clause 1 - clause 2)
4. Long-term loans and borrowings
5. Availability of own and long-term borrowed funds for the formation of reserves (clause 3 + clause 4)
6. Short-term loans and borrowings
7. The total amount of the main sources of funds to cover inventories and costs (clause 5 + clause 6)
8. Inventories and costs
9. Surplus (+), lack (-) of own working capital to cover inventories and costs (clause 3 - clause 8)
10. Surplus (+), shortage (-) of own working capital and long-term borrowed funds to cover inventories and costs (clause 5 - clause 8)
11. Surplus (+), deficiency (-) of the total amount of sources of funds to cover inventories and costs (clause 7 - clause 8)
12. Three-component indicator of the type of financial stability

As the table data shows, both at the beginning and at the end of the analyzed period, the enterprise has a lack of its own and attracted sources of funds for the formation of reserves and therefore belongs to the third type of financial stability and has an unstable financial condition, associated with a violation of solvency, but in which the possibility still remains restoring balance by replenishing sources of own funds (reducing accounts receivable, accelerating inventory turnover).

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Accounting for financial results from the sale of products of the enterprise "Department of Agriculture of the Cheremshansky District". Accounting for operating and non-operating income and expenses. Dynamics and reserves for increasing the financial results of the enterprise.

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