Market positioning, economic efficiency, financial solvency. Evaluation of the effectiveness of the financial and economic activities of the enterprise in order to determine its value. Analysis of the financial condition of the enterprise

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BACHELOR WORK

on the topic: Analysis of the effectiveness of the financial and economic activities of the enterprise (on the example of the branch "Management of technological transport and special equipment" LLC "Gazprom dobycha Urengoy")

Introduction

The development of economic science is inextricably linked with the solution of the problems of the effective and continuous operation of enterprises. At the same time, enterprises are faced with a difficult task not only to maintain the already achieved level of their financial and economic activity, but also to strive to achieve sufficiently high results, ensuring the efficiency of economic activity, making balanced management decisions, creating the basis for the formation of a system of economic security, etc.

Evaluation of the effectiveness of financial and economic activities, management decisions, expenditures of economic resources, as well as specific technologies and means of ensuring the effective functioning of enterprises are of particular interest, both for scientists and for economists - practitioners. This explains the relevance of issues related to the study of the essence and types of efficiency of economic activities of business entities in accordance with the conditions of the present time.

Analysis of the effectiveness of financial and economic activities is the end result in all industries professional activity: in industry, agriculture, construction, trade, etc., in the course of which economic processes are studied in their interrelation and interdependence. First of all, it examines the essential, basic determining factors that affect the efficiency of financial and economic activities of enterprises.

A wide range of issues related to research into the efficiency of the functioning of enterprises and ways to improve it are reflected in the works of domestic and foreign scientists - economists, such as E. Dolan, P. Drucker, F. Kene, V. Kovalev, H. Liebenstein, K. McConnell, M. Mescon, V. Pareto, V. Petty, A. Rat, D. Ricardo, Y. Surmin, S. Fischer, D. Khan, T. Khachaturov, O. Sheremet, J. Schumpeter and many others. However, despite the existing research, the issues of a unified interpretation of the concepts that characterize the efficiency of the enterprise's functioning remain vague. The existing concepts of efficiency do not allow to characterize the connections between them, since there is no systematic approach.

The aim of the work is to study the theoretical and practical foundations of the analysis of the financial and economic activities of the enterprise. To achieve this goal, the following tasks have been formulated and solved:

1. Consider the concept of the efficiency of the enterprise;

2. Consider the factors influencing the efficiency of the enterprise;

3. To study the methodology for assessing the effectiveness of the enterprise;

4. Consider the characteristics of the enterprise;

5. Analyze the financial condition of the enterprise;

6. Assess the effectiveness of its activities;

7. Consider ways to improve the efficiency of the financial and economic activities of the enterprise;

The object of the research is the branch "Office of Technological Transport and Special Equipment" of OOO Gazprom dobycha Urengoy. financial economic liquidity profitability

The subject of the research is theoretical, scientific - methodological and practical aspects of increasing the efficiency of financial and economic activities of an enterprise.

The work uses general scientific and special methods of researching economic phenomena: analysis and synthesis - to define concepts; structural analysis - to study the dynamics and structure of indicators; groupings and classifications - for systematization. The information base of the work is legal acts, scientific and methodological works of domestic and foreign authors, materials of periodicals on the efficiency of the enterprise, as well as on-farm organizational and regulatory documents, financial statements of the enterprise.

The bachelor's work consists of an introduction, three chapters, a conclusion, a list of used sources and an appendix.

The introduction reveals the relevance, expediency, object, purpose and objectives of the designated topic.

The first chapter examines the theoretical and methodological aspects of the analysis of the effectiveness of the financial and economic activities of the enterprise, indicators and factors affecting the economic activity of the enterprise.

The second chapter is devoted to a comprehensive analysis of the financial and economic activities of the branch "Office of Technological Transport and Special Equipment" of OOO Gazprom dobycha Urengoy, which results in an assessment of the effectiveness of the financial and economic activities of the enterprise.

In the third chapter, on the basis of calculating the effectiveness of the implementation of measures, it proposes ways to improve the financial and economic activities of the Branch Office of Technological Transport and Special Equipment of OOO Gazprom dobycha Urengoy.

In the conclusion, I summarize the data obtained as a result of the comprehensive analysis of the activities of the branch "Management of technological transport and special equipment" of OOO Gazprom dobycha Urengoy.

Chapter 1. Theoretical and methodological aspects of the analysis of the effectiveness of the financial and economic activities of the enterprise

1.1 The concept of the efficiency of the enterprise

The problem of the efficiency of production, activity, work and functioning of enterprises has always occupied an important place among the urgent problems of economic science. Interest in it arises at different levels of economic management - from heads of enterprises or their structural units to heads of state.

The indisputable fact is that efficiency is a complex, multifaceted, complex category. According to most scholars, efficiency is one of the most difficult categories of modern economics. In addition, the category of effectiveness has evolved over time and has a long and complex history of development.

Having analyzed the definitions of the category “efficiency” existing today, we can distinguish two main approaches to its definition.

First approach:

Characterizes "efficiency" in the meaning of effectiveness;

Answers the question: what results were achieved and at what price, what, and in what amount of resources were spent on achieving the results;

Considers efficiency as a ratio of results and costs.

Second approach:

Characterizes "efficiency" in terms of goal achievement;

Answers the question: have we achieved the set goal and how close we are to it;

The main criterion of the approach is "result - goal".

A large number of scientific papers... At the same time, the concept of "economic efficiency" requires a more detailed analysis. The subject of debate among economists is such issues as the economic nature of standards for economic efficiency, the degree of differentiation of these standards by industry, and the establishment of a base for comparing options.

The word "efficiency" comes from the word "effect", which literally from the Latin "effectus" means performance, action. Effect - the result, the consequence of any reasons, forces, actions, measures. And efficiency is a characteristic of an object (device, process, event, type of activity), which reflects its public benefit, productivity and other positive qualities.

Sheremet A.D. and Saifulin R.S. believe that efficiency is one of the most difficult categories of economic science. Since it acts as the basis for constructing quantitative criteria for the value of decisions made, it is used to form the material - structural, functional and systemic characteristics of economic activity. It is customary to distinguish between the concepts of economic effect and economic efficiency. The economic effect is a useful result of economic activity, the benefit from it, and economic efficiency is a category that is assessed by the ratio of the effect obtained and the entire amount of expenses or costs. So, some scientists believe that the economic effect is an absolute saving in the form of a decrease in the cost or an increase in profit obtained from the introduction of a certain type of machine design or event for a certain period, and economic efficiency is the ratio of the economic effect to capital investments. In market conditions, the concept of "efficiency" is closely related to the use of financial and production resources. This is due to the fact that the goal of each enterprise is to obtain a high result, the achievement of which becomes possible subject to the optimal formation and effective use of all types of resources. That is why the definitions given in the economic literature are mainly reduced to when efficiency is proposed to be considered as the ratio of the result of an activity (process, operation, project) to the costs that caused its receipt.

Analyzing the theoretical approaches of both domestic and foreign scientists to the economic essence of "efficiency", the following characteristics can be listed:

Qualitative result of a certain activity, which characterizes its performance;

The result of the efficient and rational use of all types of resources;

The ratio of a specific end result to the costs that ensured its receipt.

Many scientists argue that efficiency is an economic category that reflects the ratio between the results obtained and the resources spent on their achievement. The category of "efficiency" is closely associated with the concept of "profitable production", and when measuring efficiency, resources can be presented either in a certain amount according to their initial (revalued) cost (resources used), or part of their cost in the form of production costs (production-consumed resources). And economic efficiency is the ratio between production results and resources, at which cost indicators of production efficiency are obtained. In this case, three options for the specified ratio are possible:

1) resources and results are expressed in value terms;

2) resources - in value, and results - in kind;

3) resources - in kind, and the results - in value form.

Also, efficiency is characterized as an indicator of the success of the system to achieve the set goals. Moreover, the very concept of efficiency is unique to systems. With this in mind, systems are often set to achieve maximum impact at minimum cost. There are two contradictions here, since the opposite extremes by these two criteria never coincide. Such a goal is simply unrealistic, since it violates the principle of marginal efficiency, according to which there is an upper limit to the effectiveness of any system with limited resources. In practice, it is hardly possible to achieve any useful result without certain costs.

Most often, the ratio of these conflicting criteria is reflected by some functional relationship of the curve, which is characterized by coincidences, as a rule, of a zero effect with a zero level of expenditures, as well as a decrease in the growth rate of the effect with an increase in expenditures. Most authors understand the category of efficiency as the ratio of the effect to the costs or resources that were spent on achieving it. This approach is called costly. The essence of the "cost" approach is that economic efficiency is the ratio of performance and costs. That is, it represents the ratio of the result or effect of any activity and the costs associated with implementation.

Efficiency can be represented as the ratio of the result and costs, and the ratio of costs and results of activities. Within the framework of the “cost” approach, the result of an activity is the excess of value over production costs, which are the current costs of production and sales of products expressed in monetary form. It is believed that one of the main elements that characterize the concept of economic efficiency is the type of result of useful activities, while the effect is an absolute excess of results over costs. And one cannot but agree with this, because in order to determine the economic efficiency, one must first determine the obtained economic effect.

In addition to the costly, there is a resource approach, according to which the efficiency of using units of enterprise resources: financial, material, labor is characterized. In particular, the concept of "economic efficiency" is defined as obtaining a certain result per unit of resources used.

Many authors argue that economic efficiency is the achievement of the greatest results with the least cost of living and materialized labor. It is a specific form where the law of time saving is manifested.

In the conditions of the capitalist mode of production, the generalizing indicator of economic efficiency is the rate of profit, as well as productivity and capital intensity of labor, capital productivity and capital intensity of production, material output and material consumption of products, economic efficiency of capital investments, new technology, energy consumption of products, etc. Thus, the essence of the economic efficiency of an enterprise is determined in saving all unit costs of production, which determines its profitability.

Accordingly, the end result of the enterprise in the framework of the "resource" approach is profit.

Also, economic efficiency is characterized as a combination of resources that allows you to achieve the maximum output of goods at the lowest cost. This conclusion is based on the fact that the rivalry between enterprises, economically favorable conditions for the production and sale of products in order to maximize profits induce producers to more rational use of fixed assets.

Some economists define the essence of the category of economic efficiency as the degree of cost effectiveness and the level of economic progress of society. Regarding the cost and resource approaches to the concept of economic efficiency, one can agree with the opinion, distinguish between the concept of cost efficiency, which is the ratio of production results to actually spent funds, and the concept of resource efficiency, which is the ratio of production results to advanced fixed and working capital. However, they are also closely interrelated, since operating costs depend on the size and structure of the funds available and the speed of their turnover.

Dolan EJ and Lindsay D. consider economic efficiency as such a state of affairs in which it is impossible to carry out a single shift that would more fully satisfy the desire of one person, without interfering with the satisfaction of the desires of another person. This formulation of the concept of economic efficiency is sometimes called Pareto efficiency. At the same time, the main task of management is the coordination of various interests and the formation of a set of goals and objectives at the optimal ratio. McConnell K. believes that cost-effectiveness is the production of the best or optimal combination of products based on the use of the most efficient combination of resources. The optimal combination of products is usually understood as such a combination that would be chosen by individual consumers in a perfect market depending on the price. And the optimal combination of resources will be such a combination that will make it possible to produce products with minimal opportunity costs. One cannot but agree with the opinion of scientists who note that in order to determine the economic efficiency of an enterprise, one should compare the results of activities (economic effect) with the costs or resources that provided this result. Currently, there are no clear boundaries between the concepts of "efficiency", "production efficiency", "efficiency of the enterprise." Often giving a definition of a certain type of efficiency, the authors do not fully disclose the essence of the approach to it. So, the concept of the efficiency of the functioning of an enterprise has a polymorphic character. Therefore, it is important to distinguish on various grounds the appropriate types of efficiency, each of which has a certain value for the system of enterprise functioning. Generalization of approaches (classification of types of efficiency) to the efficiency of the enterprise's functioning will allow to characterize the efficiency of enterprise functioning from different sides according to various criteria. Moreover, each of the types of efficiency will represent a separate characteristic of the efficiency of the enterprise. Therefore, it is worth paying attention to all types of efficiency, since in combination they can significantly increase the final efficiency of the enterprise. In addition, the efficiency of the enterprise should be determined not by one, but by several important criteria. Thus, the determination of the efficiency of economic activity is of both scientific and practical importance. By determining the effectiveness of economic activity, it is possible not only to assess the efficiency of the enterprise, analyze the total effect of its various structural divisions and areas of activity, but also determine the development strategy, develop a forecast and action plan for the future, establish the results of the use of expended resources: means of production, labor , information, etc.

The efficiency of the enterprise is a complex characteristic of the existence of the socio - economic system. To determine the efficiency of the enterprise, an integrated approach should be applied, which includes a set of criteria for assessing the efficiency of the enterprise: the effectiveness of its costs, target efficiency and competitiveness.

1.2 Factors affecting the performance indicators of the enterprise

The results of the economic activity of the enterprise and its efficiency are influenced by many factors that have both positive and negative effects, therefore it is very important to systematize their classification for an integrated approach to assessing indicators. Changes in the activities of an enterprise, the quality and range of products under the influence of WTO norms and standards, government regulation, the functioning and taxation of enterprises significantly affect the activities of enterprises and expands the range of effective factors.

Factors are the driving forces for the development of processes and phenomena that are necessary for the implementation of economic processes.

Analysis of publications devoted to the efficiency of enterprises, or their individual resources, processes, assets, etc., showed that many authors consider the classification of factors of a separate investigated object. For instance:

Classification of factors affecting efficiency, liquidity and working capital turnover;

Classification of factors affecting the efficiency of the use of fixed capital;

Classification of factors affecting the increase in profitability and production efficiency.

Some authors consider the factors in terms of the impact on the change in production costs, that is, the main operating activity. This approach does not allow for a comprehensive assessment of the performance indicators of enterprises, but only for a separate object of research. So, for example, factors are divided into the following two groups:

the first group - external factors that reflect the general level of economic development and do not depend on the activities of the economic entity.

The influence of this group of factors is manifested in the level of prices for raw materials and materials, equipment, energy carriers, in tariffs for transport, water and other material services, in rental rates, in rates of depreciation deductions, social security contributions and other mandatory payments.

Second group - internal factorsdirectly related to the results of activities of an economic entity, with its entrepreneurial activities. This group of factors includes: the volume of proceeds from the sale of products, the forms and systems of remuneration used, the level of efficiency in the use and reproduction of production elements, etc.

The economic analysis of economic activity in a market environment is based on a systematic approach, which is characterized by a comprehensive assessment of diverse factors, a targeted approach to their study in order to improve the efficiency of the enterprise (Table 1).

Table 1. Analysis of approaches to the classification of factors

	Classification signs of factors	Classification of factors
	As influence on the results of work (by value, by the degree of synthesis)	The main
		minor
	By the level of attraction (by the way of enterprise development)	Intensive
		extensive
	According to the internal content (according to the content of the studied phenomena)	extensive
		quantitative
		quality
		second order factors
	By the nature of the action (by the nature of the reflection of economic phenomena, by the method of origin, by the method of formation)	Objective
		subjective
	By coverage
		specific
	By level of detail	complex (complex)
	By sequence of action	first order factors
		second order factors
	At the place of origin	internal

	By time of action	permanent
		variables
	Based on the degree of aggregation	synthetic
		analytical
	By time (period of validity)	long-term
		short-term
	Depending on the nature of the tasks to be solved (by the time of obtaining the result)	strategic
		tactical
		promising

	By way of action
		indirect
	By the nature of participation in the production process	production
		non-production
	By the degree of controllability	managed
		poorly managed
		uncontrollable
	Depending on the scope	global
		local
		economic
	Depending on the level and object of use	national economic
		intersectoral
		sectoral
		regional
		on-farm
	By economic content	organizational
		economic
		social
		demographic
		natural
		logistical
	According to the elements of labor

	Behind the direction of action	positive
		negative

In contrast to the above approaches to classification, analyzing many factors that affect the economic efficiency of an enterprise, internal and external factors are also distinguished.

Internal factors - factors affecting the organization and management of an enterprise, as well as associated with technological, managerial and personnel characteristics. External factors - factors that affect society and the environment in the enterprise.

Internal factors affecting the economic efficiency of the enterprise include:

Composition, technical level and degree of wear of the fixed assets of the enterprise;

Composition, level of training, motivation and qualifications of personnel;

The quality of management and organization of work of internal services (information, transport, supply and sales, warehouse, etc.);

The system of remuneration, material and social incentives for personnel.

External factors include:

Socio-political factors (political stability, crises, degree of social inequality, military conflicts, integration and separatism);

Financial and currency factors (interest rates, dynamics of exchange rates, stability and crisis in financial markets);

Economic and market factors (availability of raw materials, material and technical and labor resources, prices, level of competition);

Government regulation (taxes, tariffs, quotas, price caps, licenses, bans, non-tariff barriers);

Scientific and technical factors (the level of development of technology, the availability of acquisition or the possibility of developing their own innovations);

Natural and climatic factors (presence and availability of minerals, climatic conditions, natural disasters);

Other external factors (economic values \u200b\u200band norms of behavior, traditions, customs, mentality, religious attitudes);

Global factors when working on world markets, economic legislation, synergy, etc.

The study showed that the authors mainly assess the influence of factors only from operating activities or a separate object of research, which does not allow for an overall assessment of the economic efficiency of the enterprise as a whole and by its types.

Consequently, the factors should affect not only the operating activity, but also cover other types of ordinary activities of the enterprise: production, financial, investment, etc.

In addition, such a classification of factors is not enough to manage the economic efficiency of all types of enterprise activities, therefore, to systematize the factors, it is necessary to single out not only external and internal factors, but also general and specific factors, and factors affecting the efficiency certain types activities of the enterprise. In the context of globalization processes, global factors should be considered separately from other external factors that affect the economic efficiency of the enterprise. Thus, this approach to the classification of factors will allow not only to systematize them, but also to form a system of indicators for a comprehensive assessment of the economic activity of an enterprise in order to reduce the influence of negative factors and increase the influence of positive ones.

1.3 Methodology for assessing the effectiveness of the enterprise

Increasing the efficiency of using the potential of the enterprise is implemented on the basis of high-quality management decisions, implementation modern methods management of innovative processes, search for innovative solutions. The criteria for assessing the effectiveness of intellectual capital, the contribution of research and development, innovation are fundamentally different from the strategies of an enterprise, which requires improving the system for determining the effectiveness.

Determination of the effectiveness of financial and economic activities of an enterprise is the basis for a general assessment of business processes, an assessment of the competitiveness of an enterprise, the formation of motivated behavior. Economic efficiency is defined as the ratio of results to costs, which characterize the use of resources. Evaluation of the effectiveness of financial and economic activities can be determined by the efficiency of the enterprise as a whole, the economic justification of innovative and investment measures. In addition, the process involves indicators of the efficiency of using the resources of the enterprise:

Generalizing indicators (profitability of production, costs per 1 ruble of marketable products, etc.);

Efficiency of labor use (growth rate of labor productivity, labor intensity of a unit of production, etc.);

Efficiency of the use of fixed assets (return on assets, profitability of fixed assets, etc.);

The effectiveness of the use of financial resources (turnover of working capital, etc.).

The generalizing indicator of the efficiency of the enterprise is the profitability. The analysis of the profitability of the enterprise is carried out due to:

Profitability indicators using a cost-based approach (product profitability, operating profitability);

Indicators characterizing the profitability of sales (net profitability of sales, etc.);

Indicators of the efficiency of the use of resources, or the resource approach (return on equity of the enterprise, return on assets).

To assess the efficiency of financial and economic activities of an enterprise, indicators of return on assets, return on equity, return on equity, return on sales, return on strategic investments, and return on shares are used. However, these indicators characterize the current state of the enterprise. Evaluation of the efficiency of the enterprise should be carried out by financial and non-financial indicators, take into account all aspects of the enterprise. When considering the efficiency of the financial and economic activity of an enterprise, more and more often, in addition to economic, social efficiency, the institutional efficiency of the enterprise is considered.

Evaluation of the efficiency of an enterprise based on the implementation of the principles of an integrated and systematic approach is improved on the basis of:

Improvements to financial measures;

Enterprise value management;

Creation of integrated systems for measuring results in areas of activity;

Investment analysis use of performance indicators based on the definition of cash flow (net present value, profitability index, internal rate of return, etc.)

For effective enterprise management, an assessment of its value is introduced, which can be flexible to changes and reflect changes in the value of the enterprise.

The main criterion for the effective management of an enterprise is determined by its market value. The cost approach is considered as an alternative to enterprise management based on absolute (profit) and relative (profitability) indicators.

Index market value an enterprise is a comprehensive assessment of the effectiveness of its activities. Traditional indicators of enterprise performance, such as sales volume, profit, cost price, liquidity, financial stability, asset turnover, are characteristics of individual economic aspects of the enterprise, and cost is a generalizing indicator.

Traditionally, they use cost, market and profitable approaches to assessing the cost of an enterprise; valuation methods can be based on cash flows, on present values, on attached values, on the combination of income and assets using present values. According to this management, profit is not the main goal of the enterprise. Profit can be formed in different directions, and the main measuring indicator should be the strategically maximized value of the enterprise in the long term.

Value-based management aims not at the current profitability of the enterprise, but at the formation of deferred income in order to increase its market value. The principles of assessment are utility, substitution, expectation of the best and most effective use, etc. They form the basis of enterprise value management by influencing the factors that determine it.

Based on the indicators that determine the change in the value of the enterprise, both strategic and operational decisions are made.

Cash flows represent the financial result of the enterprise. For the operational and strategic management of the enterprise, the category of cash flow is used. At the operational level, to balance cash receipts and expenditures and synchronize them at a strategic level to determine the level of enterprise performance.

The concept of cash flows involves solving the following issues: identification of the composition and duration of cash flow; determination of influencing factors; determination of the discount factor for risk assessment.

Cash flow can be simplified as the sum of net income and depreciation. On the basis of the cash flow, performance indicators are calculated: net present value; profitability index; internal rate of return; discounted payback period. To evaluate the enterprise, the most acceptable is the net present value and the profitability index.

Determination of opportunities to improve the efficiency of the enterprise, in comparison with competitors and the definition of critical resources for creating the competitiveness of the enterprise are determined by the purpose of assessing the level of competitiveness of enterprises. The competitiveness of an enterprise is a dynamic characteristic that changes over time. An assessment of the competitiveness of an enterprise, as an assessment of the effectiveness of its activities, can be carried out on the basis of an integral coefficient for financial, technical and economic indicators or by analyzing profits, cash flows and business value.

A significant problem in determining the integral coefficient is the selection of the necessary indicators and the assignment of weight coefficients to them. The advantage of the second approach is that the assessment results are not coefficients, but specific economic indicators activities of the enterprise. However, analyzing the list of financial ratios on the basis of which strategic decisions will be made, it is necessary to take into account the advantages and disadvantages of using these indicators in practice.

In American theory management accounting assignments for the use of indicators to assess the effectiveness of the enterprise are set out in the management accounting standard "Measuring the efficiency of the enterprise." The standard proposes to apply indicators on the basis of which the effectiveness of company management will be assessed:

Net income and earnings per share;

Cash flows;

Return on investment;

Residual income;

Company value.

But there is no single approach both to the definition of efficiency and to the definition of the efficiency of enterprise management in the scientific literature.

The most common areas are the definition of management efficiency as the ratio of the result obtained with the costs (resources) of the enterprise; the ratio of the result obtained to the intended goals. But these approaches to determining the effectiveness do not allow to establish a logical relationship between the management of enterprise activities and the effectiveness of enterprise management.

The efficiency of enterprise management is defined as the efficiency of the management of marketing, production, financial, innovation and personnel activities.

The efficiency of the financial and economic activity of an enterprise can be defined as the efficiency of the system, expressed in relation to the useful end results of its functioning to the resources expended.

Depending on the form of presentation of results and costs, the following categories of efficiency are distinguished:

1) technical efficiency - results and costs are measured in physical form;

2) economic efficiency - results and costs are estimated in cost form;

3) socio-economic efficiency - not only economic, but also social consequences of the event are taken into account.

The system of performance indicators should bring a comprehensive assessment of the use of all resources of the enterprise and contain all general economic indicators. It is very important that efficiency calculations are carried out continuously: at the stages of the draft plan, the approval of the plan, as it is implemented.

The performance indicator system should:

Reflect the costs of all types of resources consumed by the enterprise;

Create prerequisites for identifying reserves for increasing production efficiency;

To stimulate the use of all reserves of the enterprise;

Provide information on the effectiveness of the conduct of all links of the management hierarchy;

Perform a criterion function, that is, for each of the indicators, the rules for integrating their values \u200b\u200bmust be defined.

Consider in more detail the indicators of economic efficiency, which includes the following components:

1. Profitability of sales.

The profit margin is determined by the formula:

Rpr \u003d PRop / Vop * 100%

where Рпр - sales profitability;

PRop - profit for the reporting period (year);

Vop - sales volume for the reporting period (year).

A decrease in this indicator means a drop in demand for the company's products and, as a result, a decrease in sales profitability.

2. Return on assets.

Return on assets (total assets return) is determined by the formula:

Ract \u003d PRop / Aop * 100%

where Rakt is the return on assets;

Aop - assets (balance sheet total) at the end of the reporting period.

The return on assets represents the efficiency of using the capital invested in the property of the company - fixed and circulating. A low level of return on assets compared to this indicator of other firms indicates low demand for the firm's products or the transfer of capital to assets.

3. Return on equity.

Fixed assets return is calculated using the formula:

Rosn \u003d PRop / OK * 100%

where Rosn is the return on equity;

PRop - profit (net) for the reporting period;

OK - fixed capital less depreciation at the end of the reporting period.

The higher the value of this indicator, the more efficient the use of fixed assets of the enterprise.

4. Return on equity.

Return on equity (return on equity) indicates the efficiency of using that part of the capital that is invested in the company from its own sources of financing, and is calculated by the formula:

Rw. To. \u003d PRop / SC * 100%

where Ps.c. - Return on equity;

PRop - profit (net) for the reporting period;

SK - equity (book value) at the end of the reporting period.

5. Return on investment.

Return on investments (return on investments) is calculated using the formula: net income / (equity + long-term liabilities) * 100%.

It is possible to assess the performance of an enterprise based on the return on investment indicator only if the management has comparable data on similar enterprises.

6. Residual income.

Residual income is considered as an analogue of the net profit indicator, but at the same time it takes into account the cost of the company's capital, and is calculated using the following formula: operating profit - investment * rate of return.

Based on this indicator, you can make management decisions about the sale of ineffective units without additional adjustments.

The disadvantage of this indicator is that its value is determined in absolute terms, therefore, on its basis it is difficult to compare the efficiency of financial and economic activities of independent enterprises.

Thus, the financial and economic efficiency of an enterprise is a complex characteristic, in order to fully analyze the activities of an enterprise, to draw correct conclusions about its condition, it is necessary to consider all these indicators in aggregate.

Chapter 2. Comprehensive analysis of financial and economic activities of the branch "Management of technological transport and special equipment" of OOO Gazprom dobycha Urengoy

2.1 Organizational and economic characteristics of the enterprise

Department of Technological Transport and Special Equipment (formerly ATP - 1) organized on the basis of the Novourengoy garage BY Nadymgazprom and approved by Order No. 69 from 19.02.1976 years of VPO Tyumengazprom. eleven april 1997 year ATP-1 by order No. 256 software Urengoygazprom renamed into Department of Technological Transport and Special Equipment (UTT and ST).

In execution of the order of LLC Urengoygazprom dated 01.02.2008 No. 9 "On changing the name of LLC Urengoygazprom" from 01 February 2008 year UTT and ST OOO Urengoygazprom was renamed into a branch of OOO Gazprom dobycha Urengoy, the Office of Technological Transport and Special Equipment.

The branch "Management of technological transport and special equipment" of OOO Gazprom dobycha Urengoy is a separate subdivision without the right legal entity and acts on the basis of the Regulation approved by the General Director Ltd Gazprom Dobycha Urengoy 05/29/2008 of the year.

The main types and goals of the management are:

? implementation of all types of work using technological and special transport at gas, oil, condensate production facilities;

Implementation of all types of technological and economic transportation of goods, including hazardous ones, by road;

Transportation of the Company's employees to the place of work and back in accordance with their working hours.

The entire rolling stock of automotive vehicles by nature production activities and according to the type of work performed, it is divided into 6 columns, each of which is headed by the head of the automobile convoy. In addition to the chief, the staff of convoys No. 1-6 includes senior mechanics and mechanics. The distribution of rolling stock by road convoys is presented as follows:

А / к No. 1 - buses of large and medium capacity, shift buses on the chassis of off-road vehicles;

А / к No. 2 - dump trucks, cargo-passenger buses, special and technological transport (AROK, ANRV, hydraulic lifts, well survey units, universal motor heaters-400);

А / к No. 3 - freight transport, including for the transportation of oversized, heavy and dangerous goods, cargo-passenger transport based on UAZ, GAZ;

A / k number 4 - special vehicles taking part in technological process gas, oil and condensate production (PPUA, SIN-32, SIN-35, UNB, UNC, AC, ANTs), lifting cranes, technical assistance vehicle, mobile compressors;

А / к No. 5 - light service transport, minibuses;

А / к No. 6 - bulldozers, front-end loaders, tracked tractor-transporters, wheeled excavators, technological transport AIS-1 on tracked chassis, tractors, road machines.

For the timely and high-quality performance of maintenance and repair of rolling stock, the department has in its structure mechanical repair shops (RMM), whose specialists carry out technical inspections on the instrumental control line of vehicles.

Mechanical repair shops are the staff of the repair service, which is located in the production buildings, where all types of maintenance are performed, maintenance, diagnostics and instrumental control of the rolling stock UTT and ST.

To maintain buildings, structures, communications, engineering networks in a technically sound condition, the department includes a chief mechanic's service, a chief power engineer's service, a garage service and a site for servicing production facilities.

The garage service includes the "Car wash" section, the main task of which is to provide external washing of trucks, buses and cars, and internal cleaning of interiors. The plot is equipped with everything necessary equipment, including three modern Kärcher washing portals.

The following main production facilities are located on the territory of the enterprise:

Warm parking lots for buses, trucks, special cars, cars and tractors - 15 buildings with 674 parking spaces;

Production buildings for maintenance and repair of vehicles for 78 vehicles per shift;

Material and technical warehouse for storage of spare parts, materials and equipment;

Oil storage and storage of circulating units;

Garages for car parking;

Administrative buildings.

The planned average number of employees of the Department in 2016 amounted to 2,118 people, actual - 2,118.4 people. (100.0%), including 2,118 people. - the average number and 0.4 people. - external part-time worker.

The number of staff in the department decreased from 2,225 people. as of 01.01.2016 up to 2,215 people as of December 31, 2016, in order to ensure that the staffing indicator of the branch is brought to a level of at least 96%.

The performance of technical and economic indicators of production and economic activities of the UTT and ST branch of OOO Gazprom dobycha Urengoy is presented in Table 2.

Table 2. Performance of technical and economic indicators

	Index
	Scope of services (limit of machine hours)
	Park utilization rate
	Technical availability factor
	INCOME, total
	proceeds from other activities
	operating income
	EXPENSES, total for BDiZ
	General running costs
	Production costs
	Expenses for the maintenance of non-production facilities, excluding VAT
	Cost of 1 machine-hour
	Average number of employees
	Salary fund
	Average monthly salary
	Overtime - total
	incl. for 1 employee

The use of the machine-hours limit in 2016 amounted to 99.7%. Compared to 2015, the volume of services decreased on 0.1%, from 2014 - by 2.1% due to:

Rational use of vehicles in terms of attracting to work on weekends and non-working holidays;

- a decrease in road transport services due to incomplete attraction of freight vehicles, due to a decrease in the volume of removal of large-sized equipment and materials to the Company's facilities.

Park utilization rates and technical readiness to the level 2015 years were 100%; compared to 2014, the fleet utilization rate decreased by 1.5%, the technical readiness rate - by 0.6% due to the lack of supplies of new equipment to renew the fleet.

The volume of income from all types of activities for the reporting period amounted to 124 930,3 thous. rub., of which 122 886,6 thous. rub. - proceeds from other activities. Income plan in 2016 completed on 100.2%. In 2016 year there was an increase in income in relation to 2015 on 3%, in relation to 2014, income decreased by 2.5%.

Operating income decreased by 18.7%, from 2014 by 85.8%, due to the termination of contractual relations with counterparties. The expenditure limit, according to the announced budget of income and expenses, was executed for 99.5%. To the level 2015 year expenses increased by 4%, to the level of 2014 by 10.5%.

General operating expenses (taking into account intra-plant turnover) amounted to 100% to planned level. Compared with 2015 general operating expenses increased by 5.1%, from 2014 - by 15.3%, which is due to an increase in labor costs and contributions to state non-budgetary funds due to the indexation of wages.

As a result of using the machine-hours limit plan for 99.7% at the level of production costs 99.5%, cost price 1 machine-hours decreased by 0.2% and amounted to 2 794,2 rub, which is 2.4% above the level of 2015 year and 10.5% higher than in 2014.

The use of the planned wage fund was 99,7%, to 2015 year the increase was 7.1%, by 2014 - 13.8%.

Planned - the benchmark "average number of employees" is fulfilled at 100.0%. With the plan 2 118 people the actual average headcount was 2 118 people

Exceeding the "average monthly wage" indicator was not allowed: with the plan 152 696,0 rub. fact was 152 295,8 rub. (99.7%).

An analysis of the number of persons in the enterprise is presented in Table 3.

Table 3. Number of personnel of the enterprise

	Indicator name	units meas.
	Number of employees as of 31.12
	Average headcount, excluding external part-time workers
	The number of employees as of December 31 of the reporting period
	Number of hired workers
	Number of dismissed employees
	Staffing level
	Disposal turnover
	Replenishment rate
	Changeability
	Fluidity
	Average age of employees
	Appointed to leadership positions in everything
	including employees of the Company
	including from the reserve

The main source of staffing in 2016 was the hiring of workers from outside - 185 people. (95.9%), and internal transfers 4.1%. According to the reported data, the actual average headcount of the enterprise in 2016 was 2,118 people.

In 2016, the performance of the indicator "Average headcount" was 100.04%. In 2016, the number of laid-off workers under the age of 35 was 47 people. In 2016, the average age of employees was 43 years. There have been no significant changes in the qualitative composition of employees, and it remains at the level of previous years. This is due to the stability of the team and low staff turnover.

2.2 Analysis financial condition enterprises

Let's analyze the financial condition of the enterprise. The analysis of balance sheet liquidity is presented in Table 4.

Table 4. Analysis of the liquidity of the balance sheet of the enterprise for 2016

In the analyzed period, the enterprise does not have enough cash to pay off the most urgent obligations (shortage of 145,710 thousand rubles). The calculation of the absolute values \u200b\u200bfor the payment surplus or deficiency shows that the most liquid assets cover only 0% of liabilities (25/145735 * 100%). In accordance with the principles of the optimal structure of assets in terms of liquidity, short-term receivables should be sufficient to cover medium-term liabilities (short-term debt minus current accounts payable). In this case, this ratio is fulfilled - the company has enough short-term receivables to pay off medium-term obligations.

To analyze the activities of the open source, the following external sources of information can be distinguished:

general economic and information, which are necessary to predict environmental conditions and their possible impact on financial activities;
industry information;
stock market and real estate market indicators;
information on the state of the capital market;
information characterizing the interests of the owners of an economic entity, from which it is possible to more accurately understand the goals of the organization's activities: long-term sustainable operation or short-term profit;
information about top management;
information about key counterparties and competitors;
external auditor's report.

When analyzing the activities of a small enterprise, blocks on quotations on the stock market, information on issuers and an external audit report "disappear" from the list of sources of external information; Blocks on the foreign economic and political situation are becoming less significant. In the methodology for indirect rating of closed 1 companies, developed by the Chamber of Commerce and Industry in 2000, the following parameters are determined by which the effectiveness of their functioning is assessed [see 41]:

determination of the amount of the authorized capital in comparison with the existing obligations of the company. The authorized capital should not be less than 25% of the company's liabilities. If, nevertheless, the authorized capital is less than 25%, then the company in question, according to the methodology, is a risky partner in major transactions, since then there is a possibility that when fulfilling obligations under this transaction, the co-owners of the companies will not be liable for the company's obligations;
information on the participation of these firms in prestigious exhibitions and fairs (especially international);
information about participation in tenders and winnings of large tenders;
availability of a reference on successfully completed
the degree of willingness to voluntarily provide information on the financial condition (balance sheet, tax returns, etc.) at the request of counterparties;
the company has certificates according to the ISO-9001 standard, which certifies the compliance of production processes and the quality management system with international standards;
information about the founders (if they are disclosed).

Since due to objective and subjective reasons for an external analyst, there are limitations in the amount of information available for analysis purposes (including for analyzing the effectiveness of financial activities), we consider external financial statements as the basis for analyzing the effectiveness of financial activities.

In 1998. The Russian Federation adopted the Accounting Reform Program in accordance with International Financial Reporting Standards, approved by Resolution of the Government of the Russian Federation dated March 6, 1998 No. 283, which provides for a set of measures to develop the accounting and reporting system in the Russian Federation in market conditions. The result of the reform was, for example, changes in the presentation of information in the Profit and Loss Statement, which became more informative when it included items of extraordinary income and expenses, as well as items of deferred tax assets and liabilities (PBU No. 18/02); the structure of the balance sheet has changed, in particular, section III “Losses” has been removed from the asset, information about which has been transferred to section IV, section “Capital and reserves”; since January 2002 enterprises are obliged to keep accounting records "upon shipment", that is, the facts of financial and economic activities are reflected immediately at the time of their commission, and not at the time of settlement of obligations, which complies with the requirements of IFRS; new PBUs have appeared, including those regulating the procedure for reflecting and recognizing the expenses and income of an organization, for discontinued operations and its individual segments, etc. It should be noted that the process of reforming accounting in our country has contributed to improving the quality of accounting reporting, which has become more transparent and analytical [ cm. 6].

The information core of a comprehensive analysis of financial activities is the Balance Sheet (Form No. 1) and the Profit and Loss Statement (Form No. 2), although this does not diminish the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property status of the organization in the past and make predictions for the future; Gains and losses report is a decoding of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to assess through which activity (current, other or extraordinary) one or another financial result of the organization's activities was obtained; Capital flow statement contains information that allows you to track changes in the capital of owners; Cash flow statement important when analyzing liquidity, since this report contains information about the organization's free funds [see. 17, page 48].

The analysis begins with the study of the information contained in these reporting forms, however, for the sake of correctness and convenience of information processing, it is preceded by a preparatory stage for assessing and transforming the initial data. The procedure for evaluating information is carried out in two directions: identifying the arithmetic consistency of data and logical control of their quality. The purpose of the first direction of information assessment is to check the quantitative interconnection of indicators presented in the documents. Logical data control consists in checking information from the point of view of its reality and comparability of indicators for different periods of time.

The information at the disposal of the analyst (external) may be questioned by him due to the unreliability of the source of obtaining this information; in this case, it is necessary to refer to several sources and compare the values \u200b\u200bof indicators. The most objective should be recognized accounting information that has passed the audit, since the meaning and purpose of the latter is precisely in establishing and confirming the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. In this case, you should pay attention to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditionally positive conclusion is comparable to an unconditionally positive conclusion and, depending on the nature of the identified errors, may be acceptable. A negative auditor's report testifies to the unreliability of the reporting data in all its material aspects, and therefore it is impractical to conduct an analysis based on such reports, since the financial condition of the enterprise will be deliberately distorted.

As practice shows, today audit reports are not a 100% guarantee of the veracity of data. After a number of recent high-profile accounting scandals that ended in the bankruptcy of large companies, in particular in the United States, more attention has been paid to the quality of companies' financial statements. As follows from the publications in the press, the essence of the distortion of the reporting, admitted by the management of the bankrupt companies, was mainly reduced to the overestimation of proceeds from sales and the underestimation of operating expenses (the scandals are connected with the companies that prepared their reports according to USA GAAP). The result of this practice was the bankruptcy of large companies and the completion of the business of one of the audit and consulting companies of the “big five” - Artur Andersen (in connection with the bankruptcy of Enron) [see. 39].

The reliability of information is, although fundamental, but not the only factor taken into account by the analyst in the analysis. Since, when assessing the financial position of an enterprise, the analysis of indicators is carried out for a number of periods, it is important to ensure the methodological comparability of the initial accounting data. In this regard, the analyst needs to familiarize himself with the accounting policy of the enterprise, which is disclosed in the explanatory note to the annual report. It is obvious that a change in almost any item in the accounting policy in terms of asset valuation and cost formation will lead to structural changes in both the Balance Sheet and the Profit and Loss Statement, and, consequently, to a change in the dynamics of all indicators calculated on their basis. You should also find out whether there have been changes in organizational structure enterprises, since this can significantly affect the structure of its property and capital. The analyst should pay particular attention to the issue of comparability of accounting data in the context of inflation. In IFRS, a separate standard IAS 29-90 "Financial reporting in hyperinflationary conditions" is devoted to this issue. The standard says that in a hyperinflationary environment, financial statements are meaningful only when they are expressed in units of measure that are typical at the time the balance sheet is presented. Balance sheet totals are not always expressed in units of measure corresponding to the time of reporting, and are refined by introducing a general price index [Ref. 17, page 32].

The issue of data comparability is reflected in PBU No. 4, which says that if the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of the named data must be adjusted based on the rules established by the accounting regulations [see. 2]. Each material adjustment should be disclosed in a note to the Balance Sheet and Income Statement, together with an indication of the reasons for the adjustment.

Another component of the preparatory stage of complex analysis is the process of transforming the initial data. We are talking about drawing up the so-called analytical balance sheet and profit and loss statement. Evaluating the reporting and identifying the relationships and interdependencies between various indicators of the financial performance of the enterprise allow you to get an idea of \u200b\u200bits financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the company's functioning remains hidden from the user's eyes. A deeper analysis of the financial condition is carried out with the involvement of additional off-reporting data, however, the circle of persons who can work with such information is very limited. As a result of the use of internal data, the negative influence static information reporting; the study along with the quantitative (cost) characteristics of the qualitative characteristics of the object under study (for example, according to the method of the St. Petersburg Chamber of Commerce and Industry, which we have already described above) improves the quality of the analyst's judgments about the economic well-being (trouble) of the enterprise.

Good information support serves as a guarantee of the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated during the analysis. The competence of the person who conducts the analysis plays an important role in the interpretation of information.

1.2. Methodology for a comprehensive analysis of the effectiveness of the organization's financial activities: techniques and methods

The purpose of the enterprises' activity during the transition of the Russian economy from the directive-planned to the market one has changed dramatically. So, if earlier the purpose of the organization's activities was to fulfill the state plan, and, therefore, the main indicator was quantitative performance, now the purpose of the work of enterprises (most of which became private in the course of the early 90s of the 20th century) is to be competitive and effective.

Undoubtedly, the market economy has given undeniable advantages for the development of entrepreneurship, and, first of all, for the development of small and medium-sized businesses. But, on the other hand, most enterprises did not have a guaranteed future in the event of the loss of government support (with the exception of strategic facilities). Now, in the presence of serious competition, the assessment of the effectiveness of financial activities has become much more relevant than in the "state planning times", and as a result, a sufficiently large circle of people needs to assess the effectiveness, which, first of all, include strategic business partners and investors, owners, as well as credit departments of commercial banks, personnel, tax services and government agencies (the management apparatus uses management reporting data for greater information content).

Currently analysis small businesses according to external reporting data, it is not as active as the analysis of the activities of large enterprises and corporations: this is due to the fact that the costs of qualitative analysis are high and do not correlate with the size of small businesses.

However, we will give a situation when financial analysis is also relevant in small business. If there is a large number of enterprises in one market segment that are competitive with respect to each other, for example, the network of franchisees of the 1C company, which comprises more than 2,600 companies, the external partner when investing is interested in identifying the most efficient organization.

In order to get a fairly complete picture of the effectiveness of the financial activities of the enterprise, in the process of a comprehensive analysis, the analyst needs to get an answer to the following range of questions:

what are the changes in the composition of the property and the sources of its formation for the analyzed period of time, and what are the reasons for such changes?
What items of the Profit and Loss Statement can be used to forecast financial results?
what is the return on sales; equity and debt capital; assets and including net assets?
what is the turnover of the organization's property?
is the business capable of generating income? What is the efficiency of its financial activities?

To get answers to these questions, the analyst should solve a set of problems, which in their consistency represent the method of complex analysis “as a set of rules, techniques and methods for the expedient performance of any work” [see 14, p. 5]. The main components of the analysis methodology are the definition of the goals and objectives of the analysis; circle of interested users of information; methods, techniques and ways of solving the assigned tasks. In our opinion, one of the fundamental points in choosing a comprehensive analysis methodology is the formation of a representative system of interrelated indicators, since initially incorrectly set parameters, despite the high quality of work, will not be able to give stakeholders a full answer to the questions posed and, accordingly, work efficiency analytics will be reduced to zero.

So what are the indicators that determine the effectiveness of an organization's financial performance?

Before answering this question, it should be emphasized once again that in this work we are considering the effectiveness of financial, not economic activity. Note that the term “efficiency” is used by a number of Russian authors in connection with the assessment of financial and economic activities according to management reporting data (A.D. Sheremet, L.T. Gilyarovskaya, A.N. Selezneva, E.V. Negashev, R. S. Sayfulin, G.V. Savitskaya), while special attention in the course of carrying out a comprehensive economic analysis, the focus is on the indicators and assessment of the intensification and extension of financial and economic activities with a factorial consideration of the impact of such production indicators as capital productivity, resource productivity, material efficiency. Other authors, for example, O.V. Efimova and M.N. Kreinin consider the concept of "efficiency" in the context of financial analysis: the defining indicators here are profitability and turnover. V.V. Kovalev means by assessing the effectiveness of current activities business activity, as a combination of three components: assessment of the degree of implementation of the plan for the main indicators and analysis of deviations; assessment and maintenance of acceptable rates of increase in the volume of financial and economic activities; assessment of the level of efficiency in the use of financial resources of a commercial organization; it also includes an analysis of profit and profitability. And the term "efficiency" by V.V. Kovalev is defined as “a relative indicator commensurate with the received effect with the costs or resources used to achieve the effect” [see. 23, page 378]. The effect is understood as an absolute effective indicator, and for an enterprise this indicator is profit. In the translated literature, the term "efficiency" is defined by the indicators of the value of total assets, the return on net assets and the return on invested capital [see. 33, pp. 62-76]. R. Kaplan in his work "Balanced Scorecard" as a whole criticizes the approach of determining the effectiveness of the organization only by and suggests considering the organization's activities according to four criteria: financial, customer relationship, internal business processes and personnel training and development [see. 19, page 12]. However, this implies the analysis of all the activities of the company, so we will pay special attention to the block "financial activities". With the effectiveness of financial activities, Kaplan distinguishes two indicators: return on investment and added value of the company [see. 19, page 90].

Considering the above, let's say that in our opinion, the indicators reflecting the effectiveness of the organization's activities are profitability and business activity, determined by turnover.

In the process of a comprehensive analysis, it is important to identify the relationship and interdependence of profitability indicators with other indicators characterizing various aspects of the organization's activities, such as: the equity ratio, liquidity ratios, in particular current liquidity, financial leverage, and to determine the ratio of riskiness and profitability of the company's activities. V.V. Kovalev, speaking about profitability, emphasizes that there are many indicators of profitability and that there is no single indicator of profitability. However, the key indicator of profitability as an indicator of the effectiveness of the organization should be. This indicator is the return on equity.

Traditionally, the authors of financial analysis methods as the first and second stages of a comprehensive analysis of financial condition suggest horizontal and vertical balance sheet analysis (and Profit and Loss Statement); the latter, for convenience, can be presented in an aggregated form, that is, with the allocation of enlarged items. The purpose of the horizontal analysis is to assess the dynamics of the value of property, equity and liabilities over time. Horizontal analysis consists in the construction of analytical tables in which absolute indicators are supplemented by their relative growth / decline rates. In particular, when carrying out a horizontal analysis of the balance sheet, the balance sheet data is taken as a reference base for 100%, then the dynamic series of articles and sections of the balance sheet are built as a percentage of the total. Vertical analysis is necessary to determine changes in the structure of assets and liabilities of the enterprise. As a result of studying the data obtained, a general idea of \u200b\u200bthe financial condition of the object under study is formed. For example, in a comprehensive analysis of efficiency, the analysis of the capital structure acts as a structural analysis: for example, in the study of the profitability of equity capital, a change in the structure towards an increase in borrowed capital reduces the share of equity capital, which is manifested in an increase in the level of profitability.

One of the following methods used in the process of a comprehensive analysis of the effectiveness of financial activities is the coefficient method, which involves the calculation of certain quantitative indicators that allow conclusions to be drawn about qualitative changes in the organization's activities. When analyzing profitability, it is necessary to take into account the change in the values \u200b\u200bof the current liquidity ratio, which decreases with an increase in short-term liabilities, and the equity ratio. So, replacing part of equity with borrowed capital, we thereby increase the return on equity, at the same time we lower the level of the current liquidity ratio (with a constant level of current assets) while increasing the value of short-term liabilities 2. If an enterprise has a current liquidity ratio at a minimum level, then an increase in profitability in this way (an increase in the share of borrowed capital) is fraught with a loss of solvency as a whole. As if in continuation of this M.N. Kreinina says that “the constraints are in the form of the minimum required levels of current liquidity and equity ratios…. do not always allow increasing the return on equity by increasing borrowed funds as part of liabilities ”[see 24, page 45]. It is also important to take into account the payment for the use of credit resources (interest for a loan + fines, penalties and penalties are possible). So, if the cost of a loan exceeds the return on borrowed capital, then this is already a consequence of inefficient and ineffective management. As a rule, it is believed that the ratio between borrowed and equity capital should be no more than 50%, however, in Western companies in the ratio of borrowed and equity capital, borrowed funds prevail (in contrast to the capital structure russian companies). This can be explained by the fact that the cost of borrowed capital in the West is significantly lower than in russian economy... It is possible to increase profitability without changing the capital structure, that is, by increasing profits. The next way to increase the growth of profitability while maintaining the level of current liquidity is a simultaneous increase in borrowed capital in terms of short-term liabilities and current assets. However, all of the above ways to increase profitability can be used as a supplement, with a low profitability of sales and low capital turnover, high profitability of the latter cannot be achieved.

The profit indicator is important in assessing the efficiency of activities, it directly affects the profitability of the activity: the higher the profit, the higher, other things being equal, the higher the efficiency of using the property and capital of the organization. It should be noted that, depending on the objectives of the analysis, various profit indicators can be taken in the numerator of the profitability formula 3: gross profit, profit before tax, profit from sales, profit from ordinary activities, profit or net profit 4. For the comparability of the analyzed profitability indicators, one should adhere to methodological unity when choosing the type of profit for different types profitability. It should also be borne in mind that in the profitability indicator, the numerical values \u200b\u200bof the data can be taken on

For automatic filling out reports in the FIU for individual entrepreneurs and LLCs on the STS, you can use a special accounting service (for individual entrepreneurs and LLCs on the STS)

FROMobsession

Introduction 6

1 ESSENCE AND OBJECTIVES OF ANALYSIS OF THE FINANCIAL CONDITION OF THE ENTERPRISE 8

1.1 The concept of financial efficiency of the enterprise 8

1.2 Indicators of financial performance of the enterprise 17

1.3 Factors and ways to improve the economic efficiency of the enterprise 25

2 ANALYSIS OF THE LEVEL OF ECONOMIC EFFICIENCY OF RUE "MAZ" 30

2.1 Brief technical and economic characteristics of the enterprise 30

2.2 Analysis of indicators of economic efficiency of RUE "MAZ" 34

2.2.1 Assessment of the balance sheet structure and solvency of the enterprise 34

2.2.2 Calculation of financial ratios 39

2.2.3 Indicators characterizing the business activity and creditworthiness of the enterprise 41

2.2.4 Analysis of profit and profitability of the enterprise 49

3 WAYS TO IMPROVE THE EFFICIENCY OF THE ENTERPRISE 57

3.1 Ways to improve the efficiency of the enterprise and improve its financial condition 57

3.2 Information technology as a tool to improve competitiveness and work efficiency machine-building enterprise 70

Conclusion 77

List of sources used 81

APPENDIX A Cost analysis of products of RUE "MAZ" and main competitors 85

APPENDIX B Characteristics of the fixed assets of RUE "MAZ" 88

APPENDIX B Distribution by groups of Russian dealers of RUE MAZ 90

APPENDIX D Sales volumes of RUE MAZ products by Ukrainian dealers .. 92

APPENDIX E List of products purchased by RUE MAZ under the import substitution program 93

APPENDIX E Products offered for development at the enterprises of the concern "Belneftekhim" 95

APPENDIX G List of imported products, the production of which is mastered in RB 97

APPENDIX H Analysis of the main suppliers of RUE "MAZ" 98

ANNEX AND Plan of measures to ensure achievement of target parameters of development of RUE "Minsk Automobile Plant" for 2008 99

Introduction

Today, in connection with the country's transition to market relations, the number of users of accounting information (financial statements) is significantly increasing. If earlier it was intended for a rather narrow circle of persons, as a rule, a higher organization, a financial body, a bank institution and a territorial statistical body, then in a market economy almost all participants in market relations become its users.

In this regard, it can be argued that the problem of analyzing the financial condition of enterprises today is very relevant. The purpose of the analysis of the financial condition is to provide the management of the enterprise with a picture of its actual state, and to persons who do not directly work at this enterprise, but are interested in its financial analysis, - information, for example, about the rationality of using additional investments made in the enterprise, and the like.

A domestic enterprise, a leading manufacturer of vehicles in the Republic of Belarus - RUE “Minsk Automobile Plant”, was chosen as the object of the study. Automotive equipment of the Minsk Automobile Plant is designed to perform almost all types of road transport. The plant produces more than 150 types of products for various purposes. In addition to cars, the plant produces trailers, semi-trailers and buses. This enterprise produces exported products and employs more than 20,000 people. That is why it is of interest to analyze his financial condition, to study the strengths and weaknesses of his activities.

The subject of the study, respectively, is the financial activity of the enterprise and the development of technical and economic measures to increase the efficiency of the financial activity of the enterprise.

The purpose of the work - on the basis of theoretical studies of the problem, analysis of the financial condition of the enterprise, to find possible specific ways to improve the economic performance of the plant, proving their feasibility and effectiveness.

Achievement of this goal is realized by solving the following tasks:

- comparative, analytical analysis, etc.

It should be noted that before starting to write the work, a fairly large amount of educational and methodological literature was worked out and studied, the experience and recommendations of various authors (domestic and foreign) on this issue were taken into account, articles of periodicals were worked out.

Among other things, to solve the above tasks and achieve the goal of the work in the analysis process, the company's annual financial statements, business plan, technical development plan of the enterprise, etc. were used.

1 The essence and objectives of the analysis of the financial condition of the enterprise

1.1 The concept of financial efficiency of the enterprise

The efficiency of an enterprise is an economic category that expresses the effectiveness of its activities. The main types of efficiency are economic, social, environmental. Expenses for economic, social and environmental needs, for innovation and investment projects are ultimately reflected in the financial statements of the enterprise. It also presents economic outcomes influenced by social, environmental, external and internal factors, as well as innovation and investment. Consequently, the concept of economic efficiency of an enterprise is the aggregate performance of a business entity in all areas of activity.

The financial efficiency of an enterprise as an indicator is characterized by the ratio of results and costs. For its quantitative assessment, private and generalized indicators are used. Private indicators testify to the effectiveness of the use of a separate resource and the effectiveness of each specific product, while generalized ones give an idea of \u200b\u200bthe effectiveness of all resources or products, as well as the effectiveness of the enterprise as a whole. The ranking of particular and generalized indicators makes it possible to highlight the most important and less significant.

From among the main generalizing indicators, one is selected, which is a criterion (that is, a measure of economic efficiency) and characterizes its level.

All indicators of the company's financial performance are calculated according to the following model:

(2)

The criterion for the financial efficiency of the enterprise for the year is the return on equity, calculated as the ratio of net profit to equity.

The criterion of the economic efficiency of the enterprise for all the years of its existence is the growth of its value, which is determined by the ratio of the market value of a share to the par value of shares.

The purpose of determining the level and dynamics of economic efficiency of an enterprise is to substantiate recommendations for its improvement.

There are two approaches to the study of financial efficiency: from particular indicators - to generalizing and criterion, or from the criterion and generalizing indicators - to particular ones.

Requirements for choosing a system of financial performance indicators:

- the number of parameters depends on the specific purpose of the analysis or planning;

- the economic meaning of each indicator must be clear for perception and unambiguous for interpretation;

- for each indicator, objective quantitative information should be provided on the basis of accounting or statistical data;

- each indicator must have a digital range of fluctuations (from minimum to maximum value);

- for the calculation of particular indicators, natural, labor, cost indicators and their relative expressions (coefficients, percentages, indices) can be used;

- to calculate generalizing indicators of economic efficiency, only cost measurements of costs and benefits and their relative expressions are used.

Production efficiency characterizes the increase in labor productivity, the fullest use of production capacity, raw materials and material resources, the achievement of the greatest results at the lowest cost.

As a rule, the assessment of financial performance is made by comparing production results with costs. Production results are understood as its useful end result in the form of:

- the materialized result of the production process, measured by the volume of products in physical and value forms;

- the national economic result of the enterprise, which includes not only the quantity of manufactured products, but also covers its consumer value.

The end result of the production and economic activity of the enterprise for a certain period of time is net production, that is, the newly created value, and the end financial result of commercial activity is profit.

Production efficiency can be classified according to individual criteria into the following types:

a) by consequences:

1) economic,

2) social

3) ecological;

b) at the place of receiving the effect:

1) local (self-supporting),

2) national economic;

c) by the degree of increase (repetition):

1) primary (one-time effect),

2) cartoon (multiple-repetitive);

d) for the purpose of the determination:

1) absolute (characterizes the total value of the effect or per unit of costs or resources),

2) comparative (when choosing the optimal option from several options for economic or other solutions).

All types of efficiency taken together form the overall integrated efficiency of the enterprise.

Financial analysis is part of the overall analysis of the economic efficiency of the enterprise. Its object is the indicators of the financial activity of the enterprise. The main purpose of the financial analysis of each business entity is to assess the effectiveness of its economic processes and financial condition. Achievement of this goal involves the implementation of analysis in the most important areas of economic activity, which are its main objects.

In the course of its current activities, the company incurs certain expenses, which, in turn, contribute to the receipt of planned income. The fulfillment of the planned tasks largely depends on their size. Most of the proceeds include income from core activities (sales of products, works and services). With the development of the financial market, operations related to securities and capital expansion became widespread. The income of the enterprise also includes other receipts of funds in the form of fines, penalties and other unplanned income.

The creation and operation of an enterprise is directly related to the accumulation of financial resources and their use in the form of investments in fixed assets and working capital. Hence, the primary objects of analysis include the volume, structure of property, etc.

All business processes are mediated by the flow of funds, which have a significant impact on the financial condition of the enterprise. The stability of cash flows, rational use of cash resources directly affect the profitability of the enterprise, its solvency, financial stability and independence.

The financial condition can be considered a particularly important object for analyzing the economic efficiency of the enterprise, since it contains the main synthetic indicators, which are, as it were, the result of the objects of financial analysis presented earlier.

Financial analysis is considered the main tool for managing business activities because it allows you to:

Determine the baseline data to justify current and strategic decisions, taking into account the actual state of resources, financial capabilities and expected results;

Reveal deviations of actual data from planned indicators, evaluate the effectiveness of implemented decisions and thereby take measures to promptly eliminate deficiencies and improve results;

Provide a rationale for the selection of optimal projects, taking into account the level of risk, costs, revenues and end results.

Depending on the adopted criteria, one can single out different types analysis, which are summarized in the figure.

Figure 1 - Classification of financial analysis by main types

Internal analysis carried out by the financial services of the enterprise, its results are used for planning, monitoring and forecasting the financial condition of the enterprise. The purpose of this type of analysis is to ensure a systematic flow of funds and place your own and borrowed funds in such a way as to obtain maximum profit and exclude bankruptcy.

External analysis carried out by credit and financial institutions, investors, suppliers of material and financial resources, regulatory authorities based on the reporting of the enterprise. Its purpose is to study solvency; enterprise, assessment of its effective activity and the possibility of fulfilling its financial obligations on time.

Analysis based on historical data, allows you to establish certain trends in the state of material and financial resources and use this to substantiate planned targets.

Current analysis makes it possible to control the progress of implementation of the decisions made, adjust their tasks, successfully maneuver financial resources in order to improve their efficiency.

Analysis based on forecast indicators, is widely used in assessing the effectiveness of investment projects and is the basis for choosing the best option.

Complete analysis covers all aspects of the financial activities of the enterprise, the assessment of many parameters, factors affecting the efficiency and financial position of an economic entity.

The object of partial analysis is a specific area of \u200b\u200bfinancial activity or a group of homogeneous indicators, which in this period needs improvement (financial results, reserves).

The analysis of financial activities is carried out on the basis of accounting data, reporting that characterizes the condition of property, sources of their financing, financial results, the level of costs, income, etc. The main sources of information are: "Balance sheet" of the enterprise (form 1 of the annual and quarterly reports ), "Profit and Loss Statement" (Form 2), "Cash Flow Statement" (Form 4) and other provisions to the balance sheet.

In addition to these sources, information is used on the external economic conditions (the level of taxation, interest rates on loans, the conjuncture of the commodity and financial markets). The sources of this data are regulatory and legislative acts, statistical materials, scientific publications.

To conduct financial analysis, methods are used that can be applied at all enterprises without regard to industry, management organization and form of ownership. All of them have a quantitative and qualitative aspect of financial analysis.

The most common and used in practice methods include the comparative method.

Comparative method based on a comparison of the actual achievements of specific indicators with planned data, as well as with data from the past. In addition, individual indicators of similar enterprises are compared with the industry average data (profitability, liquidity, etc.), established by norms or international standards. The purpose of this analysis is to identify deviations of the actual data from the accepted tasks or achieved results. In the literature, the following varieties of this method are distinguished: horizontal and vertical analysis.

Horizontal analysis - comparison of each reporting item with the previous period. Its purpose is to determine the absolute and relative changes in financial statements for a certain period and their assessment. With the help of vertical analysis, financial statements are assessed from the point of view of a rational structure of the balance sheet and the efficiency of using the property and capital of the enterprise.

The multivariate method consists in establishing individual factors for changes in the analyzed parameters.

The method of coefficients involves the calculation of numerical relationships between individual items of the report or items of various forms of reporting, definitions of relationships between indicators.

A real assessment of analytical research largely depends on the completeness and reliability of information, effective methods for assessing phenomena, as well as the sequence of analytical actions.

Financial condition refers to the ability of an enterprise to finance its activities. Financial condition characterizes a set of indicators reflecting the availability, placement and use of financial resources of an enterprise, as well as the condition of capital in the process of its circulation.

As a result of supplying, production, marketing and financial activities, there is a continuous process of capital circulation, the structure of assets and the sources of their formation, the availability and need for financial resources and capital and, as a consequence, the financial condition of the enterprise change.

The external manifestation of financial condition is solvency. Solvency is the ability of a legal entity to timely and fully fulfill its payment obligations arising from trade, credit and other payment transactions. In other words, it is an opportunity to make timely payments for your urgent obligations.

The financial condition can be stable, unstable and crisis. The ability of an enterprise to make payments on time, to finance its activities on an extended basis, to endure unforeseen difficulties and to maintain its solvency in unfavorable circumstances indicates its sound financial condition, and vice versa.

The stable financial position of the enterprise is the result of managing the entire set of production and economic factors that determine the results of the enterprise. These are the so-called internal factors.

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

External factors also affect the financial condition of the enterprise. Among them - the state policy in the field of taxes and financing of expenses, interest rate policy, state depreciation policy, market position, including the financial one, the level of unemployment and inflation in the country, etc. From this point of view, the financial stability of an enterprise is a process of counteracting negative external circumstances , his reaction to external influences.

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

One of the criteria for a stable (normal) financial condition that guarantees the solvency of an enterprise is compliance with the following equality:

Assessment of the availability of stocks and costs (the sum of lines 210, 220, 230 of the balance sheet) by the respective sources of their financing is used as a generalizing indicator of financial stability. Using this criterion, it is possible to characterize the unstable and crisis financial condition. With an unstable financial condition, it remains possible to restore equilibrium by increasing sources own funds and thus own working capital, as well as attracting additional borrowed sources to replenish working capital. At the same time, to cover stocks and costs, one needs not only its own working capital, short-term loans and borrowings, but also additional sources that ease financial tension. The latter include temporarily free resources of consumption funds, a reserve for future expenses and payments, revaluation of reserves, financial assistance from the state and other business entities.

If, however, the listed sources are insufficient to finance stocks and costs, and the enterprise uses debts to creditors (budget, suppliers, targeted budgetary and non-budgetary funds), then this can be assessed as a crisis state. An unsatisfactory financial condition, as a rule, is characterized by ineffective allocation of funds, their immobilization, poor payment discipline, and the presence of overdue debt on obligations.

Stability is important for a market economy. Therefore, in modern conditions, serious analytical work at the enterprise is becoming important.

The purpose of studying the financial condition of the enterprise is to find additional funds for the most rational and economical conduct of business. A stable financial condition is the result of skillful management of the whole complex of factors that determine the results of the financial and economic activities of the enterprise. Financial analysis plays a significant role in resolving these issues. Financial analysis is part of financial analysis.

The assessment of the financial condition and solvency of the enterprise is carried out in accordance with the rules approved by the Decree of the Ministry of Finance, the Ministry of Economy, the Ministry of Management state property and privatization (now part of the Ministry of Economy), the Ministry of Statistics and Analysis of the Republic of Belarus dated 01.01.

Questions of analysis and assessment of the financial position include: analysis of the dynamics of the balance sheet currency, the structure of the sources of capital of the enterprise and its placement in assets, analysis of the balance of assets and liabilities of the balance sheet, assessment of the company's solvency and liquidity of its balance sheet, analysis of financial results. Financial analysis issues are closely related to the analysis of product sales and its cost. This range of issues is due to the fact that profit has a decisive influence on the financial position. In turn, it depends on the volume of sales, prime cost and prices, therefore the named indicators are interrelated and interdependent.

The main sources of information for the analysis and assessment of the financial condition of the enterprise are such forms of financial statements as balance sheet (form 1) and profit and loss statement (form 2). Useful information is also contained in the statement of the flow of sources of own funds (form 3), the statement of cash flows (form 4), the annex to the balance sheet (form 5), the report on the intended use of the funds received.

In addition, an explanatory note to the annual report and an auditor's report, forms of statistical reporting of the enterprise are used.

With the development of market relations, methodological methods for assessing the financial and economic activities of enterprises, used in international practice, are widely used. The characteristics of the indicators, the order of their calculation and evaluation received detailed coverage in the works of Russian and Belarusian scientists-economists - Stanyuta, and others.

1.2 Indicators of financial performance of the enterprise

To analyze and evaluate the effectiveness of the financial activities of the enterprise, it is applied whole system indicators characterizing: availability of capital and the efficiency of its use; the structure of the company's liabilities, its financial independence; the structure of the company's assets and the degree of production risk; structure of sources of formation of circulating assets; the solvency and liquidity of the enterprise; bankruptcy risk; financial safety margin.

In the analysis of the effectiveness of the financial activities of an enterprise, they mainly use relative indicators, since they allow comparison:

- with established standards for predicting a possible bankruptcy;

- generally accepted criteria for risk assessment;

- similar indicators of other enterprises in the industry;

- indicators of past periods, which allows to establish trends of improvement or deterioration of the financial condition of the enterprise.

In the financial analysis of the activities of an enterprise, first of all, such generalizing indicators are calculated as:

The capital-labor ratio is the ratio of the cost of fixed assets to average headcount workers;

Labor productivity - the ratio of marketable products to the number of workers for a certain period;

Costs per ruble of marketable output - the ratio of marketable output to the cost of marketable output, rubles.

Profitability of commercial products - the ratio of the balance sheet profit to the cost of commercial products, rubles.

In addition, a number of differentiated indicators are calculated:

The turnover of working capital is the ratio of the basic value of working capital to marketable products;

Duration of one turnover in days - the ratio of the number of days in the analyzed period to the turnover ratio;

Return on assets (material, energy, etc. return) the ratio of marketable products to the value of fixed assets;

Capital intensity (material, energy - capacity) - the inverse coefficient of capital productivity

Financial indicators (ratios) used in the analysis of the economic efficiency of the enterprise and the assessment of the financial condition of enterprises can be grouped as follows:

Characterizing the structure of capital sources and its financial stability;

Characterizing the placement of capital and the efficiency of its use;

Liquidity indicators;

Indicators of profitability (profitability).

It should be borne in mind that the usefulness of any indicator (coefficient) depends on the accuracy of the financial statements and the forecasts obtained on its basis. Financial ratios are the starting point, not the ending point of the analysis. They should be considered as one of the tools in the analysis. One factor cannot be used to judge the financial position; they must be used in a complex, systematic way.

Let's consider the most frequently used indicators (coefficients).

1) Indicators characterizing the structure of capital sources When calculating indicators, it should be borne in mind that in the Republic of Belarus the sources of equity capital (funds) of an enterprise according to the balance sheet are: authorized capital (capital) (line 510 of the balance sheet), reserve fund (line 520), additional fund (line 530) and targeted financing and receipts (line 560), retained earnings (line 540). When summing up the result of section 3 of the balance sheet "Sources of own funds", the sum of own shares (stakes) redeemed from shareholders (founders) (line 515) and the amount of uncovered loss (line 550) are taken into account with a minus sign, that is, they are deducted ...

Autonomy ratio (independence) is determined at the beginning and at the end of the reporting period as the ratio of equity capital to the value of the balance sheet:

where Ks is the company's own capital, p .;

K - total (currency) balance, p.

The autonomy ratio reflects the independence of the enterprise from borrowed sources of funds. In the USA and Western Europe, it is considered desirable to maintain this ratio at a high level of 0.6. The normal value in world practice is considered to be \u003d 0.5. A lower value of the autonomy coefficient may conceal a threat to the interests of the owners of the enterprise (including shareholders), creditors, and banks.

Financial stress ratio is determined at the beginning and end of the reporting period as the ratio of the amount of borrowed capital to the total amount of capital (balance sheet total):

where KZ is the amount of borrowed funds, p .;

K - total (currency) balance, p.

The financial stress ratio characterizes the share of debt in the total capital. It can also be calculated as the difference between the unit and the autonomy coefficient. If the value of this ratio does not exceed 0.5, then this indicates a stable financial position.

Financial volatility ratio (capital structure) is also calculated at the beginning and end of the reporting period as the ratio of the amount of debt to equity:

where Кз - the amount of borrowed capital, p .;

Ks - the company's own capital, p.

This ratio is also called the financial risk ratio, the ratio of financial leverage. It shows how much borrowed funds were raised for 1 ruble. own funds. The higher the coefficient of financial instability, the more debt of the enterprise, the more risky the current situation. It is believed that this ratio should be within one, that is, debts should not exceed the amount of equity.

The coefficient of financial instability is very important for assessing long-term solvency. The purpose of the assessment is to identify early signs of bankruptcy. The higher the value of the coefficient, the more funds the company needs to pay interest on loans and borrowings and repay the principal debt.

Debt coverage ratio (financing, financial stability) is defined as the ratio of equity to debt:

The coefficient shows how much each ruble of debt is backed by its own funds. It is believed that the value of the coefficient equal to 2 or more confirms the stable financial position of the enterprise. However, economic situations are not excluded when, with a lower value of the coefficient, the enterprise can work successfully. Pfu value< 1 может свидетельствовать о неплатежеспособности предприятия.

When determining the ratio of own funds and borrowed funds, it should be borne in mind that, for analytical purposes, long-term loans and borrowings (p.4 of the balance sheet) can be equated to sources of own funds.

An essential characteristic of financial stability is the ratio maneuverability. It is equal to the ratio of own circulating assets (capital) to the total amount of sources of own funds:

where 0Сс - own circulating assets (capital), p .;

Ks - equity, p.

The coefficient of maneuverability shows what part of the company's own funds is in mobile form, which allows relatively free maneuvering of these funds. The high value of the coefficient is characterized positively, but there are no established standards for the values \u200b\u200bof the indicator in practice.

Coefficient of provision of stocks with own turnoverny funds is determined at the beginning and at the end of the reporting period as the ratio of the amount of own working capital to the amount of stocks (material elements of working capital):

where OSS - own circulating assets (capital), p .;

3 - reserves, p.

2) Indicators characterizing the placement of capital and the efficiency of its use. The assets of the enterprise and their structure are investigated both from the point of view of their participation in production, and from the standpoint of assessing their liquidity. Directly in production cycle involved fixed assets and intangible assets, stocks and costs; cash.

a) The ratio of monetary assets (MA) and monetary liabilities (MP). Monetary assets are not subject to revaluation. These include cash, deposits, short-term financial investments, funds in settlements. Monetary liabilities include bank loans, payables

Indicator in the most general view reflecting the efficiency of using the funds invested in the organization is the return on investment (ROI). And in the practice of analyzing financial statements, it is used mainly to assess the effectiveness of the organization's management, its ability to provide the necessary return on invested capital and determine the calculation base for forecasting.

The rate of return on investment is considered as the simplest way assessments of investment management skills. The indicator is calculated by the formula

ROI \u003d [Operating Income After Tax (NOPAT): Assets] x 100%.

At the same time, in some analytical methods to determine the ROI indicator, a slightly different formula can be used, taking into account the effect (income) from investments in the assets of owners and creditors in the numerator, and the amount of funds invested by owners and creditors in the denominator. At the same time, accounts payable (to suppliers, personnel, budget, etc.) are usually excluded from the denominator of the formula, since it cannot be considered as an investment component.

As a result, the formula for calculating the return on investment takes the form:

ROI \u003d [Operating Income After Tax (NOPAT):: (Assets - Accounts Payable)] x 100%.

It should be noted that this indicator is becoming more widespread in the Russian practice of analysis.

The traditional tool for assessing the profitability of a particular investment project is the calculation of an indicator characterizing the internal rate of return on investment (IRR).

The latter can be defined as the discount rate at which the present value of investment income exactly corresponds to the investment cost of capital. The formula for calculating the net present value of the project (NPV) has a general form:

where C is the difference between receipts and payments from investments in the period -;

Co is the amount of investment (in the case of a one-time capital expenditure. If the investment process is extended in time, then to calculate NPV the value of the investment of the period t is multiplied by the discount factor of the corresponding period); - - the specific period of the project; d - discount rate.

By solving the equation for the rate r, an indicator characterizing the internal rate of return on investment (IRR) is determined.

If we denote the level of profitability required by investors through y, then investment activity can be characterized as effective if the condition is met: r\u003e j.

Based on the result of determining the internal level of return on investments, an assessment of their acceptability can be given. If the analyzed indicator corresponds to the level of profitability J required in specific conditions (i.e. g\u003e j), then the investment is recognized as appropriate. Investments whose internal level of return is lower than the required level (g< j), оцениваются как неприемлемые.

This provision is fundamentally important for understanding the mechanism of the influence of the return on investment activities on the return on equity. The fact is that the assessment of the required level of return on total capital (owners and creditors) includes the reimbursement of financial costs associated with raising borrowed capital, and the required level of return on equity, taking into account the risk of investing funds. The correspondence of the internal level of return on investments r to the required level of return j means that the implementation of investment decisions provides the necessary return on the capital invested by the owners.

Financial performance

The financial activity of the organization is associated with the attraction of external sources of funds. The key characteristics of the analysis of the profitability of financial activities and its impact on the return on equity are the structure of financing and the cost of its individual components.

In the system of indicators characterizing the profitability of financial activities, it is advisable to include the return on investment (ROI), the price (cost) of borrowed capital, as well as ratios reflecting the ratio of equity and borrowed capital.

To determine the price of borrowed capital, an indicator can be used that characterizes the rate of borrowed funds

The relationship between the return on equity (ROE), the amount of borrowed capital (D) and the return on investment (ROI) is expressed by the following ratio used to assess the effect of financial leverage:

where E is equity capital;

Ka - the rate of attracting borrowed capital (taking into account the factor of tax savings on borrowed funds).

This ratio defines the border economic feasibility attraction of borrowed funds. Its meaning lies, in particular, in the fact that as long as the return on investment is higher than the rate of borrowed funds, the return on equity will grow the faster the higher the ratio of borrowed and equity capital. But as soon as the return on investment falls below the level of the borrowed funds rate, the return on equity will begin to fall to the greater extent, the higher the share of borrowed capital in total sources.

Data on the dynamics of the considered profitability indicators are given in table. 6.7.

Table 6.7. System of indicators of profitability of NLMK,%

All profitability indicators show a drop compared to the previous period. Thus, the return on equity decreased by 24.6%. The main reason for this was the reduction in net profit associated with a sharp deterioration in the market conditions during the crisis year.

The drop in profitability of sales from 35.5% to 18.7% was due to a decrease in revenues, occurring against the background of a less significant reduction in costs. A significant reduction in the return on sales, as well as a significant slowdown in asset turnover, led to a decrease in the return on assets by 18.8%. The slowdown in asset turnover was primarily influenced by the slowdown in the turnover of current assets (see clause 6.3).

At the end of the analysis of the financial condition, it is useful to draw up a summary table that reflects the main ratios of the economic indicators of the analyzed organization.

Analysis of financial and economic activities plays an important role in increasing the economic efficiency of the organization, in its management, in strengthening its financial condition. It is an economic science that studies the economics of organizations, their activities in terms of assessing their work on the implementation of business plans, assessing their property and financial condition and in order to identify unused reserves for increasing the efficiency of organizations.

Acceptance of reasonable, optimal ones is impossible without a preliminary comprehensive, in-depth economic analysis of the organization's activities.

The results of the conducted economic analysis are used to establish reasonable planning targets. The indicators of business plans are established on the basis of actually achieved indicators, analyzed in terms of opportunities for their improvement. The same applies to rationing. Norms and standards are determined on the basis of previously valid ones, analyzed from the point of view of their optimization possibilities. For example, the norms for the consumption of materials for the manufacture of products should be established taking into account the need to reduce them without compromising the quality and competitiveness of products. Consequently, the analysis of economic activity contributes to the establishment of reasonable values \u200b\u200bof planned indicators and various standards.

Economic analysis helps to improve the efficiency of organizations, the most rational and effective use fixed assets, material, labor and financial resources, elimination of unnecessary costs and losses, and, consequently, the implementation of the saving regime. An immutable law of management is to achieve the greatest results at the lowest cost. The most important role in this is played by economic analysis, which allows, by eliminating the causes of unnecessary costs, to minimize and, therefore, maximize the value obtained.

The role of the analysis of economic activity in strengthening the financial condition of organizations is great. The analysis allows you to establish the presence or absence of financial difficulties in the organization, identify their causes and outline measures to eliminate these causes. The analysis also makes it possible to ascertain the degree of solvency and liquidity of the organization and predict the possible bankruptcy of the organization in the future. When analyzing the financial results of the organization, the causes of losses are established, ways to eliminate these causes are outlined, the influence of individual factors on the amount of profit is studied, recommendations are made to maximize profits by using the identified reserves of its growth, and ways of their use are outlined.

The relationship of economic analysis (analysis of economic activity) with other sciences

First of all, the analysis of financial and economic activities is associated with. Among all those used in conducting, the most important place (more than 70 percent) is occupied by the information provided by accounting and. Accounting forms the main indicators of the organization and its financial condition (liquidity, etc.).

The analysis of economic activity is also associated with statistical accounting (). information provided by statistical accounting and reporting is used in the analysis of the organization's activities. In addition, a number of statistical research methods are used in economic analysis. Economic analysis is interconnected with audit.

Auditors check the correctness and validity of the organization's business plans, which, along with accounting data, are an important source of information for conducting economic analysis. Further, the auditors carry out a documentary check of the organization's activities, which is very important to ensure the reliability of the information used in economic analysis. The auditors also analyze the profit, profitability and financial condition of the organization. This is where audit comes into close interaction with economic analysis.

The analysis of economic activity is also associated with on-farm planning.

The analysis of economic activity is closely related to mathematics. Research is widely used in conducting.

Economic analysis is also closely related to the economy of individual sectors of the national economy, as well as to the economy of individual industries (machine building, metallurgy, chemical industry, etc.

The analysis of economic activity is also interconnected with such sciences as , ... In the process of conducting an economic analysis, it is necessary to take into account the formation and use of cash flows, the features of the functioning of both own and borrowed funds.

Economic analysis is very closely related to the management of organizations. As a matter of fact, the analysis of the activities of organizations is carried out in order to implement, on the basis of its results, the development and adoption of optimal management decisions that ensure an increase in the efficiency of the organization. Thus, economic analysis contributes to the organization of the most rational and efficient management system.

Along with the specific economic sciences economic analysis is definitely related to. The latter sets out the most important economic categories, which serves as a methodological basis for economic analysis.

The objectives of the analysis of financial and economic activities

In the process of conducting economic analysis, identification of improving the efficiency of organizations and ways of mobilization, that is, using the identified reserves. These reserves are the basis for the development of organizational and technical measures that must be carried out to activate the identified reserves. The developed measures, being optimal management decisions, make it possible to effectively manage the activities of the objects of analysis. Consequently, the analysis of the economic activities of organizations can be considered as one of the most important management functions or, as the main method for justifying decisions to manage organizations... In the conditions of market relations in the economy, the analysis of economic activity is designed to ensure high profitability and competitiveness of organizations both in the short and in the longer term.

The analysis of economic activity, which has arisen as an analysis of the balance sheet, as a balance sheet, continues to consider the analysis of the financial condition of an organization according to the balance sheet as the main direction of research (using, of course, other sources of information). In the context of the transition to market relations in the economy, the role of analysis of the financial condition of the organization increases significantly, although, of course, the importance of analysis and other aspects of their work is not diminished.

Economic activity analysis methods

The method of analyzing economic activity includes a whole system of methods and techniques. enabling scientific research economic phenomena and processes that make up the economic activity of the organization. Moreover, any of the methods and techniques used in economic analysis can be called a method in the narrow sense of the word, as a synonym for the concepts "method" and "method". The analysis of economic activity also uses methods and techniques characteristic of other sciences, especially statistics and mathematics.

Analysis method is a set of methods and techniques that provide a systematic, comprehensive study of the influence of individual factors on the change in economic indicators and the identification of reserves for improving the activities of organizations.

The method of analyzing economic activity as a way of studying the subject of this science is characterized by the following features:

The use of assignments (taking into account their validity), as well as the normative values \u200b\u200bof individual indicators as the main criterion for assessing the activities of organizations and their financial condition;
The transition from the assessment of the organization's activities according to the overall results of the implementation of business plans to the detailing of these results in terms of spatial and temporal characteristics;
calculating the influence of individual factors on economic indicators (where possible);
Comparison of the indicators of this organization with the indicators of other organizations;
Integrated use of all available sources of economic information;
Generalization of the results of the conducted economic analysis and summary calculation of the identified reserves for improving the organization's performance.

In the process of analyzing economic activity, a large number of special methods and techniques are used, in which the systemic, complex nature of the analysis is manifested. The systemic nature of economic analysis manifests itself in the fact that all economic phenomena and processes that make up the organization's activities are considered as definite aggregates, consisting of separate components, interconnected and in general with the system, which is the organization's economic activity. When carrying out the analysis, there is a study of the relationships between the individual constituent parts of the named aggregates, as well as these parts and the aggregate as a whole, and finally, between the individual aggregates and the activities of the organization as a whole. The latter is considered as a system, and all of its listed components - as subsystems of various levels. For example, an organization as a system includes a number of departments, i.e. subsystems, which are aggregates consisting of separate production areas and workplaces, that is, subsystems of the second and higher orders. Economic analysis studies the relationship between the system and subsystems of various levels, as well as the latter among themselves.

Analysis and assessment of business performance

Analysis of the financial and economic activities of an enterprise makes it possible to assess the efficiency of the business, that is, to establish the degree of efficiency of the functioning of the enterprise.

The main principle of economic efficiency is to achieve the greatest results at the lowest cost. If we detail this provision, then we can say that the effective activity of the enterprise takes place while minimizing the cost of manufacturing a unit of production in conditions of strict adherence to technology and production and ensuring high quality, etc.

The most generalizing performance indicators are profitability,. There are particular indicators characterizing the effectiveness of certain aspects of the functioning of the enterprise.

These indicators include:

the efficiency of using the production resources available to the organization:
- fixed production assets (here are indicators,);
- (indicators - personnel profitability,);
- (indicators -, profit per one ruble of material costs);
the effectiveness of the organization's investment activities (indicators - the payback period of capital investments, profit per one ruble of capital investments);
the efficiency of using the organization's assets (indicators - the turnover of circulating assets, profit per ruble of the value of assets, including circulating and non-circulating assets, etc.);
capital efficiency (indicators - net income per share, dividends per share, etc.)

The actual achieved partial performance indicators are compared with the planned indicators, with the data for the previous reporting periods, as well as with indicators of other organizations.

The initial data for the analysis are presented in the following table:

Private indicators of the efficiency of the financial and economic activities of the enterprise

The indicators characterizing certain aspects of the financial and economic activities of the enterprise have improved. So, increased capital productivity, labor productivity and material efficiency, therefore, improved use of all types of production resources available to the organization. The payback period of the capital investments made has decreased. The turnover of circulating assets accelerated due to the increase in the efficiency of their use. Finally, there has been an increase in the amount of dividends paid to shareholders per share.

All these changes, which took place in comparison with the previous period, indicate an increase in the efficiency of the enterprise.

As a generalizing indicator of the efficiency of the financial and economic activities of the enterprise, we use the level as the ratio of net profit to the sum of fixed and circulating production assets. This indicator combines a number of specific performance indicators. Therefore, the change in the level of profitability reflects the dynamics of the effectiveness of all aspects of the organization. In the example we are considering, the profitability level in the previous year was 21 percent, and in the reporting year, 22.8%. Consequently, an increase in the level of profitability by 1.8 points indicates an increase in business efficiency, which is expressed in a comprehensive intensification of the financial and economic activities of the enterprise.

The level of profitability can be viewed as a generalizing, integral indicator of business performance. Profitability expresses the measure of profitability, profitability of the enterprise. Profitability is a relative indicator; it is much less than the absolute indicator of profit, is subject to the influence of inflationary processes and therefore more accurately shows the effectiveness of the organization. Profitability characterizes the profit received by the enterprise from each ruble of funds invested in the formation of assets. In addition to the considered profitability indicator, there are others, which are covered in detail in the article "Analysis of profit and profitability" of this site.

The efficiency of the organization is influenced by a large number of factors of different levels. These factors are:

general economic factors. These include: trends and patterns of economic development, achievements of scientific and technological progress, tax, investment, depreciation policy of the state, etc.
natural and geographical factors: the location of the organization, climatic features of the area, etc.
Regional factors: the economic potential of this region, investment policy in this region, etc.
sectoral factors: the place of a given sector in the national economic complex, market conditions in this sector, etc.
factors due to the functioning of the analyzed organization - the degree of use of production resources, compliance with the mode of saving in costs of production and sale of products, the rationality of the organization of supply and sales activities, investment and pricing policy, the most complete identification and use of on-farm reserves, etc.

Improving the use of production resources is very important for improving the efficiency of the enterprise. Any of the indicators we have named that reflect their use (,) is a synthetic, generalizing indicator that is influenced by more detailed indicators (factors). In turn, each of these two factors is influenced by even more detailed factors. Consequently, any of the generalizing indicators of the use of production resources (for example, capital productivity) characterizes the efficiency of their use only in general.

In order to reveal true effectiveness, it is necessary to carry out more detailed these indicators.

The main private indicators characterizing the efficiency of the enterprise should be considered the return on assets, labor productivity, material efficiency and the turnover of working capital. At the same time, the latter indicator, in comparison with the previous ones, is more generalizing, directly leading to such efficiency indicators as profitability, profitability, profitability. The faster the circulating assets turn around, the more efficiently the organization functions and the greater the amount of profit and the higher the level of profitability.

Acceleration of turnover characterizes the improvement of both production and economic aspects of the organization's activities.

So, the main indicators reflecting the effectiveness of the organization are profitability, profitability, the level of profitability.

In addition, there is a system of private indicators characterizing the effectiveness of various aspects of the organization's functioning. Among the private indicators, the most important is the turnover of working capital.

A systematic approach to the analysis of financial and economic activities

Systems approach to the analysis of the financial and economic activities of the enterprise suggests her study as a definite set, as unified system ... The systems approach also assumes that an enterprise or other analyzed object must include a system of various elements that are in certain relationships with each other, as well as with other systems. Consequently, the analysis of these elements that make up the system should be carried out taking into account both intrasystem and external connections.

Thus, any system (in this case, the analyzed organization or other object of analysis) consists of a number of subsystems interconnected. At the same time, the same system as a component part, as a subsystem, is included in another system of a higher level, where the first system is interconnected and interacts with other subsystems. For example, the analyzed organization as a system includes a number of shops and management services (subsystems). At the same time, this organization as a subsystem is part of any branch of the national economy or industry, i.e. systems of a higher level, where it interacts with other subsystems (other organizations included in this system), as well as with subsystems of other systems, i.e. with organizations in other industries. Thus, the analysis of the activities of individual structural divisions of the organization, as well as individual aspects of the activity of the latter (supply and marketing, production, financial, investment, etc.) should be carried out not in isolation, but taking into account the relationships that exist in the analyzed system.

In these conditions, economic analysis must, of course, be of a systemic nature, be complex and multifaceted.

In the economic literature, the concepts of “ system analysis"And" complex analysis". These categories are closely related. In many ways, the consistency and complexity of the analysis are synonymous concepts. However, there are also differences between them. Systematic approach to economic analysis involves an interconnected consideration of the functioning of individual structural units of the organization, the organization as a whole, and their interaction with the external environment, that is, with other systems. Along with this, a systematic approach means an interconnected consideration of various aspects of the activity of the analyzed organization (supply and sales, production, financial, investment, socio-economic, economic and environmental, etc.) The systematic analysis is a broader concept than its complexity. Complexity includes the study of individual aspects of the organization's activities in their unity and mutual connection. Consequently, complex analysis should be considered as one of the fundamental parts of systems analysis. The generality of the complexity and consistency of the analysis of financial and economic activities is reflected in the unity of the study of various aspects of the activities of this organization, as well as in the interrelated study of the activities of the organization as a whole and its individual divisions, and, in addition, in the application of the general set of economic indicators, and, finally, in complex use of all types of information support for economic analysis.

Stages of analysis of the financial and economic activities of the enterprise

In the process of conducting a systematic, comprehensive analysis of the financial and economic activities of an enterprise, the following stages can be distinguished. At the first stage it is necessary to divide the analyzed system into separate subsystems. It should be borne in mind that in each individual case, the main subsystems can be different, or the same, but have far from identical content. So, in an organization that manufactures industrial products, the most important subsystem will be its production activity, which is absent in trade organization... Organizations that provide services to the population have so-called production activities, which are sharply different in essence from the production activities of industrial organizations.

Thus, all the functions carried out by this organization are performed through the activities of its individual subsystems, which are allocated at the first stage of a systemic, complex analysis.

In the second stage a system of economic indicators is being developed, which reflects the functioning of both individual subsystems of a given organization, that is, the system, and the organization as a whole. At the same stage, criteria for assessing the values \u200b\u200bof these economic indicators are developed based on the use of their normative and critical values. And finally, at the third stage of the implementation of a systemic, complex analysis, the relationships between the functioning of individual subsystems of a given organization and the organization as a whole are identified, the determination of economic indicators that express these relationships are under their influence. So, for example, they analyze how the functioning of the department for labor and social issues this organization will affect the value of the cost of production, or how the investment activities of the organization affected the amount of the balance sheet profit it received.

Systems approach to economic analysis allows the most complete and objective study of the functioning of this organization.

In this case, one should take into account the materiality, significance of each type of identified relationships, the share of their influence on the total value of the change in the economic indicator. If this condition is met, a systematic approach to economic analysis provides opportunities for the development and implementation of optimal management decisions.

When conducting a systematic, comprehensive analysis, it is necessary to take into account that economic and political factors are interrelated and have a joint impact on the activities of any organization and on its results. Political decisions made by the legislative authorities must necessarily be in accordance with legislative acts regulating the development of the economy. True, at the micro level, that is, at the level of individual organizations, it is very problematic to give a reasonable assessment of the influence of political factors on the performance of an organization, to measure their influence. As for the macro level, that is, the national economic aspect of the functioning of the economy, here it is more realistic to indicate the influence of political factors.

Along with the unity of economic and political factors, when conducting a system analysis, it is also necessary to take into account the interconnectedness of economic and social factors. Achievement of the optimal level of economic indicators is currently largely due to the implementation of measures to improve the socio-cultural level of employees of the organization, improve their quality of life. In the course of the analysis, it is necessary to study the degree of implementation of plans for socio-economic indicators and their relationship with other indicators of the activities of organizations.

When conducting a systemic, comprehensive economic analysis, one should also take into account unity of economic and environmental factors... In modern conditions of enterprises' activity, the environmental side of this activity has become very important. At the same time, it should be borne in mind that the costs of implementing environmental measures cannot be considered only from the standpoint of momentary benefits, since the biological damage caused to nature by the activities of metallurgical, chemical, food and other organizations may become irreversible in the future. Therefore, in the analysis process, it is necessary to check how the plans for the construction of treatment facilities, for the transition to waste-free production technologies, for the beneficial use or implementation of planned returnable waste have been fulfilled. It is also necessary to calculate the justified values \u200b\u200bof damage caused to the environment by the activities of this organization and its individual structural units. The environmental activities of the organization and its divisions should be analyzed in conjunction with other aspects of its activities, with the implementation of plans and the dynamics of the main economic indicators. At the same time, cost savings on environmental protection measures in cases where it is caused by incomplete implementation of the plans for these measures, and not more economical expenditure of material, labor and financial resources, should be recognized as unjustified.

Further, when conducting a systematic, comprehensive analysis, it is necessary to take into account that it is possible to obtain a holistic view of the organization's activities only as a result of studying all aspects of its activities (and the activities of its structural divisions), taking into account the existing relationships between them, as well as their interaction with external environment. Thus, when we carry out the analysis, we split the integral concept - the activity of the organization - into separate component parts; then, in order to check the objectivity of analytical calculations, we carry out an algebraic addition of the results of the analysis, that is, individual parts, which together should form a holistic picture of the activities of a given organization.

The consistency and complex nature of the analysis of financial and economic activities are reflected in the fact that in the process of its implementation there is the creation and direct application of a certain system of economic indicators characterizing the activities of the enterprise, its individual aspects, the relationship between them.

Finally, the systemic and complex nature of economic analysis is expressed in the fact that in the process of its implementation there is a complex use of the entire set of information sources.

Output

So, the main content of the systematic approach in economic analysis is to study the influence of the entire system of factors on economic indicators based on the internal and external relations of these factors and indicators. In this case, the analyzed organization, that is, a certain system is subdivided into a number of subsystems, which are separate structural units and certain aspects of the organization. In the course of the analysis, the entire system of sources of economic information is used comprehensively.

Factors of increasing the efficiency of the organization

Classification of factors and reserves for improving the efficiency of economic activities of the organization

The processes that make up the financial and economic activities of the enterprise are interconnected. In this case, the connection can be direct, immediate, or indirect, mediated.

The financial and economic activities of the enterprise, its effectiveness are reflected in certain. The latter can be generalized, that is, synthetic, as well as detailed, analytical.

All indicators expressing the financial and economic activities of the organization are interrelated... Any indicator, a change in its value, is influenced by certain reasons, which are usually called factors. So, for example, the volume of sales (sales) is influenced by two main factors (they can be called factors of the first order): the volume of production of marketable products and the change during the reporting period in the balances of unsold products. In turn, the magnitudes of these factors are influenced by second-order factors, that is, more detailed factors. For example, the volume of output is influenced by three main groups of factors: factors associated with the availability and use of labor resources, factors associated with the availability and use of fixed assets, factors associated with the availability and use of material resources.

In the process of analyzing the activities of the organization, even more detailed factors of the third, fourth, and also higher orders can be distinguished.

Any economic indicator can be a factor influencing another, more generalized indicator. In this case, the first indicator is usually called a factor indicator.

Studying the influence of individual factors on economic performance is called factor analysis. The main types of factor analysis are deterministic analysis and stochastic analysis.

See further:, and reserves for increasing the efficiency of the financial and economic activities of the enterprise

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