Ways to improve the financial condition of the enterprise SEC “Pushkinsky. Ways to improve the financial condition of an enterprise

In the Republic of Belarus, conducting an assessment financial condition enterprises are regulated by the Instruction on the procedure for calculating solvency ratios and analyzing the financial condition and solvency of business entities, approved by the Resolution of the Ministry of Finance of the Republic of Belarus and the Ministry of Economy of the Republic of Belarus dated December 27, 2011, No. 140/206 (hereinafter referred to as the Instruction).

The estimated indicators proposed by the Instructions are quite simply calculated on the basis of available financial reporting data. However, despite the simplicity of the analysis itself and the transparency of its information base, many scientists and practitioners point out the imperfection of the methodology used.

Let us comment on its main disadvantages:

When calculating indicators for assessing financial condition, not all forms of financial statements are used, but only the balance sheet and profit and loss account. This leads to the fact that when determining the most important parameters activities of the enterprise, the indicators of cash inflow and outflow for current, financial investment activities reflected in the cash flow statement are not taken into account. There is also no analysis of the elements of the enterprise’s own capital, the sources of their formation, which are given in the report on changes in capital.

the balance sheet of an enterprise does not reflect the real state of affairs in assets, capital and liabilities due to the unreliability of accounting and reporting data (in addition to errors, intentional distortions, this can also be caused by the peculiarities of accounting and valuation - revaluations in various ways, reflection of different assets at real prices or at actual cost, retaining missing assets in accounting due to failure to conduct an inventory);

it is possible to “artificially” change balance sheet items in order to improve the financial condition of the enterprise. For example, this provision is relevant in relation to the classification of assets and liabilities of an enterprise into long-term and short-term (accounts receivable, financial investments, other liabilities). Moving certain indicators from short-term to long-term and, conversely, by concluding additional agreements to contracts allows in some cases to improve indicators of the financial condition of enterprises, calculated in accordance with the Instructions. This is most possible in a group of interconnected companies, where mutual settlements

between affiliated persons are of a special nature.

lack of economic rationality when calculating the coefficient current liquidity. With an increase in the balances of unsold products, work in progress, goods shipped, short-term receivables, inventories, raw materials, supplies, and so on, solvency, determined by the current liquidity ratio on the balance sheet, will improve. Therefore, as the balances grow current assets The current liquidity ratio will not only reach the standard, but may increase several times. This is practically what happens. As the balances of current assets decrease, this ratio will be less than 1. This is for enterprises that do not have excess balances finished products, work in progress and overdue accounts receivable, very good indicator. Even if it is cash balances. The latter should also be in circulation, which increases the business activity of the organization.

indicators for assessing financial condition are considered in isolation, without connection with the property status, and also without taking into account the dynamics of their changes and comparison with similar companies in the industry;

the calculated indicators do not explain the reasons for the current situation and the observed trends in the financial condition of the enterprise.

Consequently, the shortcomings of the existing methodology for assessing the financial condition of an enterprise are significant. To solve the above problems it is necessary:

1) to calculate solvency indicators, use not only the balance sheet and profit and loss statement, but also the cash flow statement, statement of changes in capital;

2) to form indicators of the financial condition of the enterprise only in the interrelation and interdependence of the forms of financial statements - this approach to assessing the financial condition complies with the principles of IFRS ( International standards financial statements);

3) supplement the existing methodology for assessing the financial condition of an enterprise with other indicators characterizing the liquidity of the enterprise (quick, intermediate liquidity ratios and others), its solvency (including the dynamics of the enterprise’s cash flows), financial stability (financial leverage ratio and others), business activity ( turnover indicators of receivables and payables, “ Golden Rule economics of enterprise" and others);

4) clarify the list of profitability indicators that must be calculated when assessing the financial condition of the enterprise;

5) calculate the current ratio taking into account turnover working capital in circulation and accounts payable.

Thus, the assessment of the financial condition of an enterprise should be of a comprehensive, systemic nature, taking into account all aspects of the financial and economic activities of the enterprise, while making full use of the entire available information analysis base. This will make it possible to more accurately and reliably reflect the financial condition of enterprises, identify the threat of their bankruptcy at an earlier stage, and also reduce financial risks when carrying out various financial and credit operations.

Finding ways to improve the financial condition of an enterprise is one of the main tasks facing the management of any company. Currently, experts identify several ways to “improve” the financial condition of a company.

One of the main ways to improve the financial condition of an enterprise is to reduce the cost of products produced by the company. This parameter can be improved both by optimizing supplies and by changing the technological and business processes adopted at the enterprise.

Another way to improve the financial condition of an enterprise is to increase the efficiency of company management, as well as the introduction various types staff incentives. This method improving the financial condition of an enterprise does not require a significant restructuring of the company; as a rule, optimization of business processes within the company can be achieved by introducing a system that allows you to automate the setting of tasks for personnel, as well as the use of in various ways financial incentives, which are based on an assessment of the contribution of each employee to the overall result of the enterprise’s commercial activities.

Also, one of the ways to improve the financial condition of an enterprise is the release of new products or the provision of new services to consumers. The development of an enterprise development strategy, as well as market assessment and development of proposals for the development of new types of products can be carried out either directly by the company’s employees or by specialists from various consulting companies.

To improve the financial condition of an enterprise, it is also necessary to introduce strict financial control over the expenditure of company funds, as well as try to obtain money from enterprises that have significant debts to your company. In addition, in some cases it will be necessary to carry out specialized advertising companies, as well as more active promotion of the company’s products and services to various markets.

The management of the enterprise should also not forget about the need to replace equipment and the possibility of introducing new technologies that will allow them to produce goods or provide services that are more popular in the market. In any case, when looking for ways to improve the financial condition of an enterprise, it is necessary to carefully evaluate the costs required to implement these measures, as well as the possible increase in profits that the company can receive.

Thus, we can conclude that the assessment of the financial condition of an enterprise should be of a comprehensive, systemic nature, taking into account all aspects of the financial and economic activities of the enterprise, while making full use of the entire available information analysis base. This will make it possible to more accurately and reliably reflect the financial condition of enterprises, identify the threat of their bankruptcy at an earlier stage, and also reduce financial risks when carrying out various financial and credit operations.

Introduction

One of the most important conditions for successful financial management of an enterprise is the analysis of its financial condition. The financial condition of an enterprise is characterized by a set of indicators reflecting the process of formation and use of its financial resources and reflects the final results of its activities.

Analysis of the financial condition of an enterprise makes it possible to study the state of capital in the process of its circulation, to identify the enterprise’s ability to operate sustainably and develop in changing conditions of the external and internal environment.

A well-conducted analysis makes it possible to identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency; predict financial results based on the actual conditions of economic activity and the availability of own and borrowed funds.

The relevance of the topic is due to the fact that the financial condition of an enterprise is the most important characteristic of its business activity and reliability. It determines the competitiveness of the enterprise, its potential in business cooperation, and is a guarantee of the effective activities of both the enterprise itself and its partners.

In modern conditions, the correct determination of the financial condition of an enterprise is of great importance not only for the business entities themselves, but also for numerous shareholders, especially potential investors. Therefore, analytical work at an enterprise related to the study and forecasting of its financial condition acquires serious importance. Timely and complete identification of " weak points» finance of an enterprise will allow for a set of measures to prevent its possible bankruptcy.

The purpose of the work is to theoretically substantiate the problem of financial condition, identify ways to improve it, and formulate specific conclusions for improving the economic situation of VIKO LLC.

The objectives of the course work are:

Studying the technique financial analysis;

Collection and systematization of necessary information;

Identify opportunities to improve financial condition;

Develop measures to improve financial and economic activities.

1 System for diagnosing the financial situation of an enterprise

Characteristics of the system for diagnosing the financial condition of an enterprise and its target objectives

In an economic sense, the essence of diagnosing the financial condition of an enterprise is to establish and study signs, measure the main characteristics reflecting the financial condition of an economic entity, to predict possible deviations from stable, average, standard values and prevent violations of normal operation.

The ratio of assets and liabilities of an organization is the financial condition of the enterprise (FSP), i.e. the ratio of the enterprise's funds and their sources.

The main task of diagnosing the financial condition of an enterprise includes, first of all, determining the quality of the financial condition of the enterprise, as well as determining the reasons for its improvement or deterioration; then, as a rule, recommendations are prepared on the solvency and financial stability of the given organization or enterprise.

These problems are solved by studying the dynamics of absolute and relative financial indicators and are divided into the following analytical blocks:

structural analysis of assets and liabilities;

analysis of solvency (liquidity);

analysis financial stability;

analysis of the required increase in equity capital.

Thus, diagnosing the financial condition of an enterprise or organization includes the definition of evaluative characteristics, the identification and selection of methods for their measurement, as well as the characterization of these characteristics according to certain principles, and makes an assessment of the found deviations from standard (accepted) values. The very purpose of diagnostics can be formulated in this way - to increase the efficiency of an organization or enterprise based on a systematic study of activities and generalization of their results, thus all these activities are carried out with the aim of increasing the profit of the enterprise.

The correct formulation of the problem and the choice of the goal of diagnosing the financial condition of the enterprise have great importance. On their basis and taking into account available capabilities, the true financial state of the enterprise is determined, ways to achieve optimal solutions are developed, management methods are selected, and various changes are made in the organizational, technological, commercial and other activities of the enterprise. The system of goals and objectives for diagnosing FSP should be specified in terms of content, implementation time and levels.

Diagnostics is carried out using financial ratios. When analyzing, it is necessary to remember that at each stage of the enterprise life cycle (Table 1.1), preference should be given to some specific indicators.

Table 1.1

Enterprise life cycles

	Characteristic
1st stage of generation	The focus should be on indicators liquidity and financial stability
2 – growth acceleration stage	The most important indicators at this stage are indicators of liquidity and independence
3 – growth slowdown stage	Particular attention at this stage should be paid to the profitability ratios of all operations as integrated indicators
4 – stage of maturity	At this stage Special attention is given to indicators characterizing the investment activity of the enterprise
5 – stage of decline	a rather complex stage that requires constant monitoring of changes in all groups of indicators, but special attention is required liquidity and profitability indicators

The organization of analytical work at the enterprise should facilitate the timely identification of reserves available at the enterprise and in its divisions and finding ways to implement them. All this requires systematic analysis in a certain sequence and increasing its efficiency.

The successful implementation of analytical work depends on its carefully thought-out organization, i.e. planning and observing the correct sequence of this work.

The established practice of analyzing production and economic activities at industrial enterprises shows that it includes the following stages.

1. Drawing up a plan for analytical work:

Determining the topic of analysis and directions for using its results;

Program development, calendar plan and distribution of work between performers;

Identification of sources of information, filling its gaps;

Development of layouts, analytical tables, methods of filling them out, methods of processing materials, generation of analysis results.

2. Preparation of materials for analysis:

Selection of available information, creation of additional sources;

Checking the accuracy of information;

Analytical processing of information.

3. Preliminary estimates (characteristics):

Fulfillment of the studied indicators for the current period;

Change in indicators compared to indicators in the previous period;

Degree of resource use.

4. Analysis of the causes of dynamic changes and deviations from the base:

Determining the range of interacting factors and their grouping;

Disclosure of connections and dependencies between factors;

Eliminating the influence of factors independent of the object being studied;

Quantitative measurement of the influence of factors;

Assessment of damage from the negative influence of factors;

Identification of unused reserves.

5. Final assessment and summary calculation of reserves:

Conclusions based on the results of the analysis, final assessment;

According to the degree of coverage of the phenomena and processes being studied, the analysis can be complete (general) or partial (local).

In a full analysis, all aspects of the production and economic activities of the enterprise and its divisions are studied. Typically, a full analysis is confined to individual reporting periods (quarter, year).

In partial analysis, individual divisions of the enterprise or individual aspects of the enterprise's activities are studied. For example, an analysis of product sales, product costs, labor productivity, use of production capacity, use of raw materials, etc. is carried out.

In partial analysis, a targeted (sample) study of individual indicators can be used. For example, instead of studying the cost of production as a whole, only shop or general plant costs or the cost of individual types of products are analyzed.

According to the frequency of analysis, the analysis can be daily, monthly, quarterly and annual. The time at which the analysis is carried out also determines the range of indicators studied. Thus, the current daily analysis is limited to a small number of indicators used for operational production management. These include: volume of production and sales of products, product range and range, product quality, deviation from the norms and standards of production costs for wages, materials and shop costs from the plan. Accounting is carried out daily on an accrual basis from the beginning of the month. Daily analysis allows you to promptly and actively influence the progress of production. The effectiveness of analytical work is directly dependent on the timely identification of reserves and the implementation of appropriate measures to mobilize them. Achieving efficiency and deepening the analysis are possible subject to the increasingly widespread use of computers, computers and the use of economic, mathematical and statistical methods, and computer technology.

The analysis of the enterprise's work is carried out by economic services with the wide involvement of engineering and technical workers.

Organizational forms of analysis of the economic activity of an enterprise are determined by the composition of the apparatus and the technical level of management.

At the VIKO LLC enterprise, the activities of all economic services is managed by the chief economist, who is the deputy director for economic affairs. He organizes all economic work at the enterprise, including the analysis of economic activities. Directly subordinate to him are the laboratory of economics and organization of production, the planning and economic department, the departments of labor and wages, accounting, financial, etc. A department or group of economic analysis can be allocated to a separate structural unit. At medium and small enterprises, the analytical work is headed by the head of the planning department or the chief accountant. To coordinate analytical work, technical and economic councils can also be created, which include heads of all departments and services of the enterprise. improvements financial state enterprises, improvement financial state by optimizing individual...

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A feature of modern market relations is the increasing influence of such factors as the variability of conditions of the external and internal financial environment, fierce competition for resources and areas of their application, the need for rapid technological changes, continuous innovations in tax legislation, changing interest rates and exchange rates.

Under these conditions, financial managers of an enterprise are faced with many questions: What should be the strategy and tactics of a modern enterprise in the context of the transition to a market? How to rationally organize the financial activities of an enterprise for its further “prosperity”? How to improve the efficiency of financial resource management? How to determine business performance indicators that ensure sustainable financial position enterprises?

An objective analysis of the financial condition of the enterprise will help answer these and other questions. Financial analysis today should focus on changing market conditions, government policy in the field of reform and development accounting and audit, provide practical directions for improving the financial condition of enterprises and overcoming crisis situations, incl. bankruptcy.

The problem of bankruptcy of many existing enterprises in various sectors of the economy and fields of activity is becoming quite relevant at this point in time. With transition Russian Federation to a market economy and private property, the need arose for the institution of insolvency (bankruptcy) in order to reduce the risk of creditors, and if their losses are inevitable, then they should be distributed in the most equitable manner. For this purpose, on November 19, 1992, the Law “On the Insolvency (Bankruptcy) of Enterprises” was adopted.

Insolvency, the crisis of the economy and legal business, the existence of invisible enterprises that are listed in the register but have long had neither management nor employees, arrears of wages, gaps in legislation - have given rise to a shadow solution to the problem of “liberation from exorbitant debts” and a situation of bankruptcy practically all manufacturing enterprises.

The new law “On Insolvency (Bankruptcy)”, which incorporates the best of Western analogues and brings it to modern Russian reality, was adopted with a view to decades and is designed to help stimulate solvency and improve the health of our economy.

The Federal Law “On Insolvency (Bankruptcy)” came into force on the territory of the Russian Federation on March 1, 1998. It differs significantly from the previous Law of the Russian Federation “On the Insolvency (Bankruptcy) of Enterprises” and includes a number of provisions that meet the needs of the developing market.

Hundreds of banks and others financial companies, thousands of manufacturing and commercial firms, especially small and medium-sized ones, have already ceased to exist. The analysis showed that main reason This turned out to be their inept management, i.e., the low qualifications of the majority of managers at both middle and senior levels.

Production is a complex process in terms of technology, organization, and combination of various types of activities. A leader cannot, and should not, take upon himself what others can do much better. The manager must first of all show enterprise in the selection of personnel, he must surround himself with professionals, trust more competent specialists - in production issues, in marketing research, financial planning, etc. Keep for himself only what is directly within the competence of the organizer. Organizing means defining a goal, knowing and soberly assessing available resources and being able to use them to achieve goals. To organize means to be able to formulate a task, bring it to the immediate attention of the executor and control its execution. To organize means to be able to make decisions, to be able to distribute duties and responsibilities. To organize means to plan, manage, analyze. Intuition and even talent alone are not enough here; knowledge is needed.

The increased management requirements today are due to the increase in the size of enterprises, the complexity of technology, and the need to master the most modern management skills. All decisions on financial, organizational and other issues are now prepared and developed by professionals in the field of management organization, who also monitor the implementation of the plan.

Specific ways for an enterprise to emerge from a financial crisis depend on the reasons for its insolvency. Since most enterprises go bankrupt due to ineffective government policy, one of the ways to financially improve organizations should be government support. But due to the shortage state budget Not all businesses can count on this assistance.

An important source of financial recovery for an enterprise is factoring, i.e. assignment to the bank of the right to claim receivables, or an assignment agreement under which JSC Gorinsky KLPH cedes its claim to debtors to the bank as security for loan repayment

If OJSC “Gorinsky KLPH” intends not only to survive, but also to be active in the development of its production, changing the principles of managing the enterprise’s activities, then it needs to reconsider the overall management structure of the enterprise. The business entity in question is recommended to create a management structure in which the basis for the right to make decisions is competence, and not the occupation of an official position. In addition, the enterprise needs to resolve the issue of internal dependence on the incompetent decisions of JSC Flora, which lead to a deterioration in the financial condition of the enterprise.

Next, the enterprise in the future needs to consider the issue of updating its material and technical base. This goal can be helped by leasing, which does not require a full lump sum payment for the leased property and serves as a type of investment. The use of accelerated depreciation for leasing operations allows you to quickly update equipment and carry out technical re-equipment of production.

Great assistance in identifying reserves for improving the financial condition of OJSC “Gorinsky KLPH” can be provided by marketing analysis to study supply and demand, sales markets and the formation on this basis of the optimal range and structure of product production.

Kovalenko Elena Valentinovna, Candidate of Economic Sciences, Associate Professor of the Department of Economics, Accounting and Financial Control of the Omsk State Agrarian University named after P.A. Stolypin", Omsk [email protected]

Golubeva Galina Aleksandrovna, 2nd year master's student of the Department of Economics, Accounting and Financial Control of the Omsk State Agrarian University named after P.A. Stolypin", Omsk [email protected]

Ways to improve the financial condition of the enterprise SPK "Pushkinsky"

Annotation. The article is devoted to the analysis of the financial condition of the Pushkinsky SEC. Based on the results of the analysis, the article provides recommendations for improving the financial condition of the enterprise, and their economic efficiency is calculated. Key words: analysis, financial condition, financial stability, liquidity, profitability, business activity, profit.

Correct determination of the real financial condition of an organization is of great importance not only for the business entity itself, but also for shareholders and potential investors. Therefore, in a market economy, the financial condition of the organization is of paramount importance.

In addition, the financial condition of the enterprise is constantly changing and therefore an analysis of the financial condition must be carried out regularly. This is also necessary to identify financial problems, the causes of their occurrence and timely take measures to eliminate them. Thus, in connection with these circumstances, the analysis of the financial condition of the enterprise becomes particularly relevant. The object of observation is the enterprise SPK “Pushkinsky” in the Omsk district of the Omsk region, which specializes in the production of milk and potatoes. Every year the cooperative achieves high levels of agricultural production and occupies leading positions in the district and region. The scientific novelty of the research results is as follows: 1. the concept of “financial condition of the enterprise” has been clarified; 2. A model for analyzing the financial condition of an enterprise is presented. The practical significance of the research results lies in the development of recommendations for improving the financial condition for a specific enterprise - SEC "Pushkinsky" of the Omsk district of the Omsk region. By financial condition we understand one of the characteristics of the financial and economic activities of an enterprise, determined by a high share of equity capital, growth in profits and cash, as well as a decrease in the enterprise's liabilities over a number of years. To analyze the financial condition of enterprises, we proposed a model for analyzing the financial condition of an enterprise in the form of a structured sequence of actions, based on the relationship of key blocks of analysis and allowing us to identify the reasons for changes in the financial condition of the enterprise in question (Fig. 1). Based on the proposed scheme, we will analyze the financial condition of the SEC " Pushkinsky." First, let’s analyze the structure and nature of the changes that occurred in the composition of the property of the SEC “Pushkinsky” (Table 1).

Rice. 1. Model for analyzing the financial condition of the enterprise Table 1 General characteristics of the property of SEC "Pushkinsky" for 2010-2012, thousand rubles. Indicator 2010 2011 2012 Growth rate, % 2011 to 2010 2012 to 2011 Total property 237289275288285676116.0103.8 including: Non-current assets 107484158073166796147.1105.5 of which: fixed assets 97706148295157018151.8105.9 long-term financial investments 191919100.010 0.0 other non-current assets 975997599759100.0100.0 Current assets 12980511721511888090.3101.4 of which: accounts receivable 2937213587651446.348 ,0stocks9254997756104521105.6107.0 cash 78845872784574,5133,6

From the data in the table we can conclude that the value of the property of the SEC “Pushkinsky” during the period under review increased by 48,387 thousand. rub. This increase was mainly due to the growth non-current assets. The value of non-current assets increases significantly due to the increase in the cost of fixed assets. The amount of current assets of the enterprise fluctuated during the analyzed period. To study the sources of formation of the enterprise's property, data from the balance sheet liabilities are used (Table 2). Table 2 General characteristics of the sources of property of the SEC "Pushkinsky" for 2010-2012, thousand rubles. Indicator 2010 2011 2012 Growth rate, % 2011 to 2010 2012 to 2011 Total sources of funds 237289275288285676116, 0103.8 Own funds 216585255892263480118.1103.0 of which: authorized capital 110641107211078100.1100.1 revaluation of non-current assets 226122261222612100.0100.0 reserve capital 1540881811642193 17117.6121.1 retained earnings 288214104410473142.425.5 Long-term liabilities 111328244851574.1103.3 of which: borrowed funds 91176574719172.1109.4 other liabilities 20151670132482.979.3 Brief fatal liabilities95721115213681116.5122.7 of which: borrowed funds422842284488100.0106.1 accounts payable534469249193130.0132.8

During the analyzed period, the total amount of sources of the enterprise SEC “Pushkinsky” increased by 20.4%. This happened mainly due to an increase in own funds, namely due to an increase in reserve capital. In borrowed sources, there was a decrease in other long-term liabilities. The growth of short-term liabilities was ensured mainly due to an increase in accounts payable.

Current assets exceed short-term liabilities, which provides a reserve stock to compensate for losses that the company may incur when placing and liquidating all current assets except cash. However, an excess of current assets over short-term liabilities by more than twice is considered undesirable. This indicates the enterprise’s irrational investment of its funds and ineffective use of them. Next, we will analyze the financial stability of the enterprise SEC “Pushkinsky”, for which we will calculate absolute and relative indicators. To characterize the sources of formation of reserves and costs, we will define three main indicators (Table 3). Table 3 Indicators characterizing the sources of formation of reserves and costs of the enterprise SPK "Pushkinsky" for 2010-2012, thousand rubles. Indicator 2010 2011 2012 Growth rate , % 2011 to 2010 2012 to 2011 Availability of own working capital 10910110606310519997.299.2 Availability of own and long-term borrowed sources of formation of inventories and costs 12023311430711371495.199.5 Total value of the main sources of formation of inventories and costs 12446111 853511820295.299.7

From this table it can be seen that all calculated indicators have positive value, which indicates that the enterprise has a total amount of the main sources of inventory formation and costs. Let's evaluate another aspect of financial stability by finding out to what extent the enterprise is provided with sources for the formation of reserves (Table 4). Table 4 Indicators characterizing the provision of the enterprise with sources for the formation of reserves for 2010-2012, thousand rubles. Indicator 2010 2011 2012 Growth rate, % 2011 by 2010 2012 by 2011 Surplus or deficiency of own working capital 16552830767850.198.2 Surplus or deficiency of own and long-term sources of reserve formation 2768416551919359.7955.5 Surplus or deficiency of the total amount of main sources of reserve formation 31912207791368165.1165 ,8

The enterprise SPK "Pushkinsky" is provided with sources for the formation of reserves, because there is a surplus of own working capital, long-term sources of reserve formation and the total value of the main sources of reserve formation. Thus, the enterprise corresponds to absolute financial stability; the three-dimensional indicator of the type of financial stability has not changed in dynamics. The enterprise uses mainly its own sources financial resources and fully covers inventories and costs, which is the main condition for absolute financial stability. The analysis significantly expands the understanding of the financial stability of the enterprise relative indicators. The coefficient values are presented in Table 5.

Table 5 Financial stability coefficients of SEC "Pushkinsky" for 2010-2012 Indicator 2010 2011 2012 Growth rate, % 2011 to 2010 2012 to 2011 Financial independence coefficient 0.910.930.92102.198.9 Financial dependence coefficient0 , 090.070.0877.7114.2 Self-financing coefficient 10.4613.1911.87126.089.9 Working capital ratio 0.840.900.88107.197.7 Maneuverability coefficient 0.500.410.4082.097.5 Financial stability coefficient 0.960.960.95100.098.9 Bankruptcy forecast coefficient 0.460.380 ,3782,697,3

In general, it is clear that all coefficients correspond to standard values. The decrease in ratios turned out to be insignificant and did not affect the level of financial stability of the enterprise. The financial independence coefficient is quite high, which undoubtedly strengthens the financial stability of the enterprise. The next step analysis of the financial condition of the enterprise is the analysis of liquidity and solvency. To begin with, let’s draw up the liquidity balance of SEC “Pushkinsky” for 2012. (Table 6). Table 6 Analysis of liquidity of the balance sheet of SEC “Pushkinsky” for 2012

According to Table 6, we obtain the following correspondence: A1 P2, A3 > P3, A4
Asset Absolute values, thousand rubles Shares, % Passive Absolute values, thousand rubles Shares, % Payment surplus or deficiency А1 78452.7П1 91933.21348А2 65142.3П2 44881.62026А310452136.6П385153.09600 6A416679658.4P426348092.296684Balance285676100.0Balance285676100.00Not despite the decrease in liquidity ratios, their values remained within the normal range, which indicates the solvency of the enterprise.

The next step is to determine the main profitability indicators of the enterprise SEC "Pushkinsky" (Table 8). Table 8 Profitability indicators of SEC "Pushkinsky" for 2010-2012, % Indicator 2010 2011 2012 Growth rate, % 2011 to 2010 2012 .by 2011 Total profitability 12.916.03.7124.023.1 Product profitability 15.720.22.5128.712.4 Sales profitability 21.323.26.9108.929.7 Return on equity 14.117.44.0123.423, 0Return on current assets25.033.08.9132.027.0

In general, for the enterprise in 2011 there was an increase in profitability indicators due to an increase in all factors influencing the value of these indicators, and in 2012, due to a sharp drop in net profit by 74.4%, a decrease in the enterprise’s profitability indicators was observed. The decrease in the enterprise's profit is associated with a drop in product yield due to unfavorable weather conditions (abnormal heat and drought). In addition, there was a drop in prices for grain and potatoes. Let's analyze the business activity of the enterprise SEC "Pushkinsky". The obtained data on the dynamics will be presented in Table 9. Table 9 Indicators of business activity of SEC "Pushkinsky" for 2010-2012 Indicator 2010 2011 2012 Growth rate, % 2011 to 2010 2012 to 2011 Turnover ratio total capital 0.610.70.54114.777.1 Total capital turnover period, days 59152266988.3128.2 Equity turnover ratio 0.670.750.58111.977.3 Equity turnover period, days 54048161989.1128.7 Turnover ratio working capital capacity

1,171,421,28121,490,1Cash turnover period, days 30625428283,0111,0Cash turnover ratio 22,1125,6922,0116,285,6Cash turnover period, days 16141687,5114,3Turnover ratio accounts receivable capacity 7,648,2215, 01107.6182.6 Accounts receivable turnover period, days 47442497.654.5 Accounts payable turnover ratio 23.9128.818.72120.465.0 Accounts payable turnover period, days 15121980.0158.3 Duration of operating cycle, days 29023826 582.1111, 3Duration of the financial cycle, days 27522624682.2108.8

According to Table 9, it is clear that in the analyzed period there was a decrease in asset turnover, which is primarily associated with a drop in the enterprise’s revenue. To establish the reasons for the change in the overall turnover of working capital, changes in the speed and period of turnover of the main types of working capital should be analyzed. First of all, it should be noted the acceleration of accounts receivable turnover and, accordingly, a decrease in the average period of settlements with debtors from 47 to 24 days in 2012. In addition to all this, the accounts payable turnover ratio for the entire study period decreased by 21.8% due to a drop in revenue enterprises. In this regard, the period for settlement with creditors has increased from 15 to 19 days. The duration of turnover of accounts payable is less than that of accounts receivable. This means that the outflow of funds to creditors is more intense than the inflow of these funds from debtors. The duration of the operating and financial cycle fluctuated, although in general for 2010-2012. there was a decrease in them. Finally, we will conduct a factor analysis of profit from product sales. Profit from the sale of products for the enterprise as a whole depends on four factors: the volume of product sales, its structure, cost and average selling price. Let's consider the influence of these factors on the profit from sales of products of the Pushkinsky SEC. The initial data for the analysis are given in Table 10, the results are in Table 11. Table 10Initial data for the analysis of profit from the sale of products from the Pushkinsky SEC

for 2011-2012 Indicator Value of the indicator Change 2011 2012 Absolute, +/Relative,% Product sales volume (VP), cent.:

potato

51048,046795,0+2959,0

261.147.1+6.4 Product structure (di), %:

potato

247.449.4+1.8 Cost (Ci), rub./c:

potato

255,0340,21280,0

457,0540,01360,0

202,0+199,8+80,0

79.2+58.7+6.2 Average selling price (Ci), rub./c:

potato

359,8783,61432,9

357,1610,81479,9

Table 11Results factor analysis profit from the sale of products of SPK "Pushkinsky" for 2011-2012 Factor ¨P, thousand rubles Product sales volume (RP) + 2320.9 Product structure (di) 17292.7 Cost (Ci), 28697.9 Average selling price (Ci) 6929 ,2

The calculation results showed that the amount of profit from product sales in 2012 decreased by 50,598.9 thousand rubles. This happened due to changes in the structure of products, increased costs and lower prices for products. The increase in production costs reduced profits by 28,697.9 thousand rubles, the fall in prices for grain and potatoes reduced the enterprise's profits by 6,929.2 thousand rubles, and changes in the product structure contributed to a decrease in profits by 17,292.7 thousand rubles. The volume of product sales is a positive factor, which increased the profit from sales by 2320.9 thousand rubles. Thus, the analysis showed that the company has some financial problems. These include: a lack of funds to pay off the most urgent obligations and a decrease in profits. To improve the financial condition of the enterprise SPK "Pushkinsky", the following basic recommendations can be proposed (Table 12).

Accounts payable exceed cash1) Development of a system of discounts/surcharges based on the payment deadline.2. Declining profits (resulting in reduced profitability and business activity)

Decrease in the volume of products produced due to decreased yields associated with unfavorable weather conditions;

falling prices for products. 1) Crop insurance with state support. 2) Provision of sowing/harvesting services.

Let's take a closer look at the proposed activities. 1.Development of a system of discounts/surcharges based on the payment deadline. Table 13 shows the scale of discounts/surcharges determined by the payment term. Table 13 Scale of discounts/surcharges determined by the payment periodPayment termType Size, %1. Advance paymentdiscount

1.1. for 30 days discount51.2. for 15 days discount32. Payment on the day of delivery discount23. Deferred payment surcharge

3.1. for 15 days surcharge 23.2. for 30 dayssurcharge3

Thus, this event will make it possible to interest buyers in paying for products earlier, which is undoubtedly beneficial for the enterprise, because it will receive funds earlier and accounts receivable will be smaller. 2. Crop insurance with government support. There are various insurance programs: sum insured -100%, 90%, 80% of the insured value; participation of the policyholder in risk insurance (unconditional franchise - covering part of the risk by the policyholder independently) -0%, 5%, 10%, 15%, 20%, 25%, 30% of the insured amount. Insurance tariff rates vary from 2.5% to 7.2%. The enterprise pays only 50% of the insurance premium (contribution) under the insurance contract, the rest is paid by the state. Let us give calculations for insurance of the spring wheat crop. The initial data for the calculation are given in Table 14. Table 14Initial data for calculating the insurance of spring wheatIndicatorValue1. Crop area, ha30002. Average yield, c/ha 21.83. Average price, rub./ts357.14. Sum insured, % of insured value805. Participation in risk insurance, %106. Insurance tariff rate, %51) Let's calculate the insurance cost of the crop: 3000* 21.8 * 357.1 = 23354340 rubles. Insured amount = 23354340* 80 /100 = 18683472 rubles. 2) Let's determine the amount of the insurer's participation in insurance: 18683472*10/ 100 = 1868347.2 rubles 3) Calculate the amount of the insurance premium: 18683472 * 5/ 100 = 934173.6 rubles 4) Calculate the amount that needs to be paid to the company: 934173.6 * 50/ 100 = 467086.8 rubles The remaining 50% the accrued insurance premium based on the enterprise's application is transferred to the insurer's bank account by the authorized body of the constituent entity of the Russian Federation. If an insured event occurs - a shortage of spring wheat as a result of drought in the amount of 30% - the policyholder received a yield in weight after processing of 17.5 c/ha. The cost of the resulting harvest will be 18,747,750 rubles . (17.5 c/ha * 357.1 rub./c* 3000 ha). The damage will be equal to: 23354340 –18747750 = 4606590 rubles. The amount of the insurance payment. The insurance payment is determined as the product of the amount of damage by the ratio of the insured amount to the insured value minus the amount of the unconditional deductible from the resulting product: (4606590* 80 /100) –(18683472* 10 / 100) = 1,816,924.8 rubles. Economic efficiency of the measure: 1,816,924.8 –467,086.8 = 1,349,838 rubles. This measure helps reduce the risk of loss of income in the production of agricultural products in the event of unfavorable natural events. 3. Providing services for sowing/harvesting. Essence of this event is as follows. Because SEC "Pushkinsky" is one of the leading enterprises not only in the district, but also in the region, it finishes both spring field work and harvesting work earlier than others. In this regard, the enterprise has the opportunity to provide services for these types of work to other enterprises in the district. Table 15 shows calculations of the cost of the service. Table 15

Calculation of the cost of services for sowing/harvesting spring wheat No. Names and types of work Cost of service, rub. 0herbicide treatment1406011fungicide treatment1406012ducombining2442

Let's calculate the economic efficiency of this activity: service - sowing spring wheat for 10 shifts on 1 agricultural equipment 1 worker, the company provides only agricultural equipment and workers (Table 16).

Table 16Calculation economic efficiency activities provision of services for sowing/harvesting spring wheatIndicatorValue, rub.1. Salary 118002. Contributions for social needs35403. Depreciation48614. Total costs 202015. Results (revenue) 236,006. Economic efficiency3399

The economic efficiency of the event is 3399 rubles. As a result of this event, the enterprise will be able to receive additional revenue and increase its profit. Thus, the proposed recommendations will allow us to overcome factors that negatively affect the financial condition of the Pushkinsky SEC enterprise. As a result of these measures, there will be an increase in the type of balance sheet liquidity, an increase in profits and, as a result, an increase in the level of profitability and an acceleration in the turnover of the enterprise’s assets.

Links to sources1. Golubeva G.A. Financial stability of enterprise as the basis of its viability // European student scientific journal. –2013. –No. 2; URL: sjes.esrae.ru/ru/3126 (date of access: 03/17/2014).–[Date of access: 03/16/2014].

2. Golubeva G.A. Analysis financial results from the sale of products on the example of the agricultural production complex "Pushkinsky" of the Omsk district of the Omsk region // Contribution of young scientists to innovative development Agro-industrial complex of Russia: collection of materials of the All-Russian scientific and practical conference. –Penza: RIO PGSHA, 2013. –P. 4951.3. Tyutyunnikov A. Insurance programs for the risk of loss (destruction) of agricultural crops carried out with state support in 2012 /A. Tyutyunnikov // Agraria. Let's save the harvest. –2012. –No. 04 (April). P. 58. URL: http://www.askmag.ru/docs/newspaper/paper_agria_04_12.pdf. –[Date of access: 03/16/2014].

Kovalenko Elena ValentinovnaCandidate of economic Sciences, associate Professor, Economics Department, accounting and financial control Federal State Budget Educational Institution of Higher Professional Education “Omsk State Agrarian University named after P.A. Stolypin", [email protected] Galina AleksandrovnaSecondyear Master’s Degree studentof the Department of Economics, accounting and financial control Federal State Budget Educational Institutionof Higher Professional Education “Omsk State Agrarian University named after P.A. Stolypin", [email protected] improvement in the financial condition of the company APC “Pushkinsky”

Annotation.The article is devoted to analysis of the financial condition of APC “Pushkinsky”. By results of the analysis in article provides recommendations for improving the financial condition of the company, calculated their economic efficiency Key words: analysis, financial condition, financial stability, liquidity, profitability, business activity and profits.

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