Market positioning efficiency of economic activity 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 financial economic activity enterprises (on the example of the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy")

Introduction

The development of economic science is inextricably linked with solving the problems of efficient and continuous functioning of enterprises. At the same time, enterprises face 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 informed management decisions, creating grounds 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 practical economists. This explains the relevance of issues related to the study of the essence and types of efficiency of economic activity of business entities in accordance with the conditions of the present.

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

A wide range of issues related to research on 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. Ratz, D. Ricardo, Yu. 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 undefined. The existing concepts of efficiency do not allow characterizing the links between them, since there is no systematic approach.

The purpose 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 are being solved:

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

2. Consider the factors of influence on 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. Evaluate 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 study is the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy". financial economic liquidity profitability

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

The work uses general scientific and special methods for studying economic phenomena: analysis and synthesis - to define concepts; structural analysis - to study the dynamics and structure of indicators; grouping and classification - 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 thesis consists of an introduction, three chapters, a conclusion, a list of references 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 influencing the economic activity of the enterprise.

The second chapter is devoted to conducting a comprehensive analysis of the financial and economic activities of the branch "Management of technological transport and special equipment" LLC "Gazprom dobycha Urengoy", as a result of which an assessment of the effectiveness of the financial and economic activities of the enterprise is given.

In the third chapter, based on the calculation of the effectiveness of the implementation of measures, ways to improve the financial and economic activities of the branch "Management of technological transport and special equipment" of LLC "Gazprom dobycha Urengoy" are proposed.

In conclusion, I summarize the data obtained as a result of a comprehensive analysis of the activities of the branch "Management of technological transport and special equipment" of LLC "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 enterprise performance

The problem of the efficiency of production, activity, operation 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 the heads of enterprises or their structural divisions to the leaders of the state.

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

After analyzing the current definitions of the category "efficiency", we can distinguish two main approaches to its definition.

First approach:

Characterizes "efficiency" in the meaning of effectiveness;

It answers the question: what results were achieved and at what cost, what and how much resources were spent to achieve the results;

Considers efficiency as a ratio of results and costs.

Second approach:

Characterizes "efficiency" in terms of achieving the goal;

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

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

A large number of studies are devoted to determining the essence of the concept of efficiency. scientific papers. At the same time, the concept of "economic efficiency" requires a more detailed analysis. The subject of economists' discussions remains such issues as the economic nature of the economic efficiency, the degree of differentiation of these standards by industry, establishing a basis for comparing options.

The word "efficiency" comes from the word "effect", which literally from the Latin "effectus" means performance, action. Effect - the result, a consequence of any causes, forces, actions, activities. And efficiency is a characteristic of an object (device, process, event, type of activity), which reflects its social 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 system characteristics of economic activity. It is customary to distinguish between concepts 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 estimated by the ratio of the effect obtained and the total amount of expenses or costs. So, some scientists believe that the economic effect is an absolute saving in the form of a reduction in cost or an increase in profits received from the introduction of a certain type of machine design or activity 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 efficient use of all types of resources. That is why the definitions given in the economic literature boil down mainly to when efficiency is proposed to be considered as the ratio of the result of an activity (process, operation, project) to the costs that led to its receipt.

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

Qualitative result certain activities, which characterizes its performance;

The result of 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 to achieve them. The category "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 (applied resources), or part of their cost in the form of production costs (production-consumed resources). And economic efficiency is such a ratio between the results of production and resources, in which cost indicators of production efficiency are obtained. In this case, three variants of this ratio are possible:

1) resources and results are expressed in cost form;

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

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

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

Most often, the ratio of these conflicting criteria is displayed by some functional relationship of the curve, which is characterized by coincidences, as a rule, of zero effect with 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 expended to achieve 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 the implementation.

Efficiency can be represented as a ratio of results and costs, as well as a ratio of costs and results of activities. In the framework of the "cost" approach, the result of activity is the excess of value over production costs, which are the current costs of production and marketing of products expressed in monetary terms. There is an opinion that one of the main elements characterizing the concept of economic efficiency is the type of result of useful activity, while the effect is the absolute excess of results over costs. And one cannot but agree with this, because in order to determine economic efficiency, one should first determine the obtained economic effect.

In addition to the cost approach, there is a resource approach, according to which the efficiency of using units of enterprise resources is characterized: financial, material, labor. 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 at the lowest cost of living and materialized labor. It is a specific form where the law of economy of time is manifested.

Under the conditions of the capitalist mode of production, a 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 products, material productivity and material intensity of products, economic efficiency of capital investments, new technology, energy intensity of products, etc. Thus, the essence of the economic efficiency of the enterprise is determined in saving all unit costs for the production of products, which determines its profitability.

Accordingly, the end result of the enterprise's activity 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 rivalry between enterprises, economically favorable conditions for production and sale of products in order to maximize profits encourage manufacturers to use fixed assets more rationally.

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 concepts 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 related, since current costs depend on the size and structure of funds available and the speed of their turnover.

Dolan E J. and Lindsay D. consider economic efficiency to be 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 complex of goals and objectives on the basis of the optimal ratio. McConnell K. believes that economic efficiency is the production of the best or optimal combination of products based on the use of the most efficient combination of resources. Under the optimal combination of products, as a rule, is understood such a combination of them that would be chosen by individual consumers on perfect market depending on the price. And the optimal combination of resources will be such a combination that will 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 ensured this result. Currently, there are no clear boundaries between the concepts of "efficiency", "production efficiency", "enterprise performance efficiency". 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 effectiveness of the functioning of the enterprise has a polymorphic character. Therefore, it is important to identify, according to various criteria, the corresponding types of efficiency, each of which has a certain significance for the enterprise functioning system. Generalization of approaches (classification of types of efficiency) to the efficiency of the enterprise will allow characterizing the efficiency of the enterprise from different angles according to various criteria. In addition, each of the types of efficiency will present 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 effectiveness of the functioning 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 great scientific and practical importance. With the help of determining the efficiency of economic activity, one can not only evaluate the efficiency of the enterprise, analyze the total effect of its various structural divisions and activities, but also determine a development strategy, develop a forecast and action plan for the future, establish the results of the use of spent resources: means of production, work force, information, etc.

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

1.2 Factors affecting the performance 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, so it is very important to systematize their classification for an integrated approach to assessing indicators. Changes in the activities of the enterprise, the quality and range of products under the influence of the norms and standards of the WTO, state regulation, the functioning and taxation of enterprises significantly affect the activities of enterprises and expand the range of effective factors.

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

An 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 particular object under study. For example:

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

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

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

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

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

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

The second group - internal factors directly related to the results of the activity of an economic entity, with its entrepreneurial activity. 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 market conditions 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 increase the efficiency of the enterprise (table 1).

Table 1. Analysis of approaches to the classification of factors

	Classification signs of factors	Factor classification
	As they influence the results of the work (by value, by degree of synthesis)	Main
		secondary
	By the level of attraction (by the method of development of the enterprise)	Intensive
		extensive
	By internal content (by 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 degree of coverage
		specific
	By level of detail	complex (complex)
	By sequence of action	first order factors
		second order factors
	By 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 (according to 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-productive
	By degree of control	managed
		poorly controlled
		unmanaged
	Depending on scope	global
		local
		economic
	Depending on the level and object of use	economic
		intersectoral
		industry
		regional
		on-farm
	According to economic content	organizational
		economic
		social
		demographic
		natural
		logistical
	According to the elements of labor

	Behind the direction of action	positive
		negative

Unlike 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 the enterprise, as well as those associated with technological, managerial and personnel features. External factors - factors that affect society and the environment in the enterprise.

The internal factors affecting the economic efficiency of the enterprise include:

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

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

The quality of management and organization of the work of internal services (information, transport, supply and marketing, 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);

State regulation (taxes, tariffs, quotas, marginal prices, licenses, prohibitions, 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 accessibility of minerals, climatic conditions, natural disasters);

Other external factors (economic values and 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 evaluate the influence of factors only from operating activities or a separate object of study, which does not allow for a general assessment of the economic efficiency of the enterprise as a whole and by its types.

Therefore, factors should influence not only operating activities, 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, in order to systematize factors, it is necessary to single out not only external and internal factors, but also general and specific, and factors affecting efficiency. certain types enterprise activities. In the context of globalization processes, global factors should be considered separately from other external factors affecting 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

Improving 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 evaluating the effectiveness of intellectual capital, the contribution of research and development, innovation are fundamentally different from the strategies of the enterprise, which requires the improvement of the system for determining efficiency.

Determining the effectiveness of the financial and economic activity of an enterprise is the basis for a general assessment of business processes, an assessment of the competitiveness of an enterprise, and the formation of motivated behavior. Economic efficiency is defined as the ratio of results to costs that 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, business case innovative and investment activities. In addition, the process involves indicators of the efficiency of the use of enterprise resources:

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

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

Efficiency of use of fixed assets (capital productivity, profitability of fixed assets, etc.);

Efficiency in the use of financial resources (turnover of working capital, etc.).

Profitability is recognized as a generalizing indicator of the effectiveness of the enterprise. Analysis of the profitability of the enterprise is carried out due to:

Profitability indicators using the cost approach (profitability of products, profitability of operating activities);

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

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

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

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

Improvements in financial meters;

Management based on enterprise value;

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

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

For effective management the enterprise introduces an assessment of its value, 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 its market value. The cost approach is considered as an alternative to enterprise management based on absolute (profit) and relative (profitability) indicators.

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

Traditionally, cost, market and income approaches to the assessment of the value of the 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. Profits can be generated different directions, and the main measurement indicator should be the strategically maximized value of the enterprise in the long run.

Value-based management aims not at the current profitability of the enterprise, but at the formation of future income in order to increase its market value. The principles of evaluation are utility, substitution, expectation of the best and most efficient use, etc. They form the basis for managing the value of an enterprise 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 operational and strategic management the entity uses the cash flow category. At the operational level, to balance the receipts and expenditures of funds and synchronize them at the strategic level to determine the level of efficiency of the enterprise.

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

Cash flow can be simplistically viewed as the sum of net income and depreciation. Based on the cash flow, performance indicators are calculated: net present value; yield 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 identification of critical resources for creating the competitiveness of the enterprise are determined by the goal 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 choice of the necessary indicators and the assignment of weight coefficients to them. The advantage of the second approach is that the result of the assessment is not coefficients, but specific economic indicators enterprise activities. However, when 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 applying these indicators in practice.

In American theory management accounting appointments for the use of indicators to assess the effectiveness of the enterprise are set out in the standard of management accounting "Measuring the effectiveness 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 a single approach, both to the definition of efficiency and to the definition of the effectiveness of enterprise management, does not exist in the scientific literature.

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

The effectiveness of managing the activities of an enterprise is defined as the effectiveness of managing marketing, production, financial, innovation and personnel activities.

The efficiency of the financial and economic activity of an enterprise can be defined as the effectiveness of the system, expressed in relation to the useful final 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 natural-material form;

2) economic efficiency - the results and costs are evaluated in terms of value;

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

The system of performance indicators should bring a comprehensive assessment of the use of all enterprise resources 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 being implemented.

The system of performance indicators should:

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

Create prerequisites for identifying reserves to improve production efficiency;

Stimulate the use of all the reserves of the enterprise;

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

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

Let's take a closer look at the indicators of economic efficiency, which includes the following components:

1. Profitability of sales.

Return on sales (profit margin) is determined by the formula:

Рpr \u003d PROp / Vop * 100%

where Rpr - profitability of sales;

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:

Rakt \u003d PROp / Aop * 100%

where Rakt - 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 company's property - fixed and circulating. A low level of return on assets compared with this indicator of other firms indicates low demand for the firm's products or the shifting of capital into assets.

3. Return on fixed capital.

Return on fixed capital (fixed assets return) is calculated by the formula:

Rosn \u003d PROp / OK * 100%

where Rosn - return on fixed capital;

PROp - profit (net) for the reporting period;

OK - fixed capital minus 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 indicates the effectiveness of the use of that part of the capital that is invested in the company at the expense of own sources funding, and is calculated by the formula:

Rs.k. = PROp / SK *100%

where Рс.к. - Return on equity;

PROp - profit (net) for the reporting period;

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

5. Return on investment.

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

It is possible to evaluate the effectiveness of an enterprise's activity on the basis of an indicator of return on investment only if management has comparable data on similar enterprises.

6. Residual income.

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

Based on this indicator, management decisions can be made on the sale of inefficient units without additional adjustments.

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

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 state, it is necessary to consider all these indicators in the aggregate.

Chapter 2 Complex analysis financial and economic activities of the branch "Management of technological transport and special equipment" LLC "Gazprom dobycha Urengoy"

2.1 Organizational - economic characteristic enterprises

Department of Technological Transport and Special Equipment (formerly ATP - 1) organized on the basis of the Novy Urengoy garage ON "Nadymgazprom" and approved by Order No. 69 from 19.02.1976 years of HPE Tyumengazprom. eleven April 1997 year ATP-1 order No. 256 software "Urengoygazprom" renamed the 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 February 01 2008 UTT and ST LLC "Urengoygazprom" was renamed into a branch of LLC "Gazprom dobycha Urengoy" "Management of Technological Transport and Special Equipment".

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

The main types and objectives of management activities 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, by road;

Transportation of employees of the Company to the place of work and back in accordance with the mode of their work.

The entire rolling stock of automotive and tractor equipment, according to the nature of production activities and the nature of the work performed, is divided into 6 columns, each of which is headed by the head of the automobile column. In addition to the chief, the staff of convoys Nos. 1-6 consists of senior mechanics and mechanics. The distribution of the rolling stock by car columns is presented as follows:

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

A / k No. 2 - dump trucks, passenger-and-freight buses, special and technological vehicles (AROK, ANRV, auto-hydraulic lifts, well survey units, universal motor heaters-400);

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

A / k No. 4 - special vehicles participating in technological process gas, oil and condensate production (PPUA, SIN-32, SIN-35, UNB, UNC, AC, ANC), cranes, technical assistance vehicle, mobile compressors;

A / k No. 5 - passenger service vehicles, minibuses;

A / k No. 6 - bulldozers, front loaders, tracked tractor-transporters, wheeled excavators, technological transport AIS-1 on a tracked chassis, tractors, road vehicles.

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

Repair and mechanical workshops are a staff of a repair service, which is located in production buildings, where all types of current repairs are carried out, Maintenance, diagnostics and instrumental control of rolling stock UTT and ST.

To maintain buildings, structures, communications, engineering networks in a technically sound condition, the department includes the service of the chief mechanic, the service of the chief power engineer, the garage service and the 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, interior cleaning salons. The property is equipped with everything necessary equipment, including three modern washing portals "Kärcher".

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

Warm parking lots for buses, trucks, special, passenger cars and tractor equipment - 15 buildings for 674 parking spaces;

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

Logistics warehouse for storage of spare parts, materials and equipment;

Oil warehouse and warehouse of turnaround units;

Garages for parking of cars;

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 collaborator.

The headcount of the department's employees 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 rate of the branch is not lower than 96%.

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

Table 2. Fulfillment of technical and economic indicators

	Indicator
	Volume of services (limit of machine hours)
	Fleet utilization rate
	Technical readiness factor
	INCOME, total
	proceeds from other activities
	operating income
	EXPENSES, total for OBD
	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
	including per 1 employee

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

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

- decrease in motor transport services due to incomplete involvement of trucks, due to a decrease in the volume of export of large-sized equipment and materials to the Company's facilities.

Fleet utilization and technical readiness to level ratios 2015 years were one hundred%; compared to 2014, the fleet utilization rate decreased by 1.5%, the technical readiness ratio - by 0.6% due to the lack of supplies of new equipment for fleet renewal.

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

Compared to last year, operating income decreased by 18.7%, from 2014 by 85.8%, due to the termination of contractual relations with counterparties. The spending limit, according to the adjusted budget of income and expenses, was executed on 99.5%. To the level 2015 year, spending increased by 4%, to the level of 2014 by 10.5%.

General business expenses (including intra-factory turnover) amounted to 100% to planned level. Compared with 2015 over the year, general expenses increased by 5.1%, since 2014 - by 15.3%, which was due to an increase in labor costs and contributions to state off-budget funds due to wage indexation.

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

The use of the planned payroll amounted to 99,7%, to 2015 year the growth was 7.1%, by 2014 - 13.8%.

planned - the control indicator "average number of employees" was fulfilled on 100.0%. When planning 2 118 people the actual average headcount was 2 118 people

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

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

Table 3. The number of personnel of the enterprise

	Name of indicator	units meas.
	Number of employees as of 31.12
	Average headcount without taking into account external part-time employees
	Headcount as of December 31 of the reporting period
	Number of employed workers
	The number of laid-off workers
	staffing
	Turnover by disposal
	Recruitment rate
	turnover
	Fluidity
	Average age of employees
	Assigned to leadership positions Total,
	including from among the employees of the Company
	including from the reserve

The main source of recruitment in 2016 was the recruitment of employees from outside - 185 people. (95.9%), and internal transfers 4.1%. According to the reporting data, the actual average headcount of the enterprise for 2016 amounted to 2,118 people.

In 2016, the fulfillment of the indicator "Average headcount" was 100.04%. In 2016, the number of laid-off workers under the age of 35 amounted to 47 people. In 2016, the average age of employees was 43 years. There were 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 liquidity analysis of the balance sheet is presented in Table 4.

Table 4. Liquidity analysis of the company's balance sheet for 2016

In the analyzed period, the company does not have enough cash to pay off the most urgent obligations (lack of 145,710 thousand rubles). The calculation of the absolute values of the payment surplus or deficit 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 by the degree 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 open sources, the following external sources of information can be distinguished:

general economic and information that is necessary to predict the conditions of the external environment and their possible impact on financial activities;
industry information;
indicators of the stock market and the real estate market;
information on the state of the capital market;
information that characterizes 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 functioning or short-term profit;
information about top management;
information about key counterparties and competitors;
external audit report.

When analyzing the activities of a small enterprise, the list of sources of external information “disappears” blocks about quotations on the stock market, information about issuers and an external audit report; blocks about the external economic and political situation become less significant. In the method of indirect rating of closed 1 companies, developed by the Chamber of Commerce and Industry in 2000, the following parameters are defined, according to which the effectiveness of their functioning is assessed [see 41]:

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

Since, due to objective and subjective reasons, there are restrictions for an external analyst 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 In the Russian Federation, the Accounting Reform Program was adopted in accordance with International Financial Reporting Standards, approved by Decree 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 ongoing reform was, for example, changes in the form of 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 was changed, in particular, section III “Losses” was excluded from the asset, information about which was transferred to section IV section “Capital and reserves”; since January 2002 enterprises are required to keep accounting records "on shipment", that is, the facts of financial and economic activities are reflected directly 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 recording 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 financial statements, which have become more transparent and analytical [ cm. 6].

The information core of a comprehensive analysis of financial activity is the Balance Sheet (form No. 1) and the Profit and Loss Statement (form No. 2), although this does not detract from the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property condition of the organization in the past and make forecasts for the future; Gains and losses report is a breakdown of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to evaluate what activity (current, other or extraordinary) resulted in this or that financial result of the organization's activities; Statement of capital movements contains information that allows you to track changes in the capital of owners; Cash flow statement important in the analysis of liquidity, since this report contains information about the free cash of the organization [see. 17, p. 48].

The analysis begins with the study of the information contained in the indicated reporting forms, however, in order to ensure the correctness and convenience of information processing, it is preceded by a preparatory stage for assessing and converting 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 evaluation is to check the quantitative correlation of the indicators presented in the documents. The logical control of data consists in checking the information in terms 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 this information; in this case, it is necessary to refer to several sources and compare the values of the indicators. Audited accounting information should be recognized as the most objective, since the meaning and purpose of the latter lies precisely in establishing and confirming the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. At the same time, attention should be paid to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditionally positive opinion is comparable to an unconditional positive opinion and, depending on the nature of the errors identified, may be acceptable. A negative audit report indicates the unreliability of the reporting data in all its material aspects, and therefore it is not advisable to conduct an analysis based on such reports, since the financial condition of the enterprise will be deliberately distorted.

As practice shows, to date, audit reports are not a 100% guarantee of the truthfulness of the 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 financial reporting of companies. As follows from publications in the press, the essence of the misreporting committed by the management of bankrupt companies was mainly to overestimate sales revenue and underestimate running costs(scandals are associated with companies that compiled their statements under USA GAAP). The result of this practice was the bankruptcy of large companies and the termination 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 when conducting an 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 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 annual report. Obviously, a change in almost any item of 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. It should also be clarified whether there were any changes in the organizational structure enterprise, since this can significantly affect the structure of its property and capital. The analyst should pay special attention to the issue of comparability of accounting data in terms of inflation. In IFRS, a separate standard IAS 29-90 “Financial reporting in hyperinflationary conditions” is devoted to this issue. The standard states that in a hyperinflationary environment, financial statements only make sense if they are expressed in units of measurement that were typical at the time the balance sheet was presented. The totals in the balance sheet are not always expressed in units of measure corresponding to the time of the report, and are refined by introducing a general price index [see. 17, p. 32].

The issue of data comparability is reflected in PBU No. 4, which states that if the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by accounting regulations [see. 2]. Each significant adjustment must be disclosed in the explanatory note to the Balance Sheet and the Profit and Loss Statement, together with an indication of the reasons for this adjustment.

Another component of the preparatory stage of complex analysis is the process of converting the source data. We are talking about the preparation of the so-called analytical balance sheet and income statement. Evaluation of reporting and identification of interrelations and interdependencies between various indicators of the financial activity of an enterprise allow one to get an idea of its financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the enterprise's functioning remains hidden from the user's eyes. A deeper analysis of the financial condition is carried out with the involvement of additional non-reporting data, however, the circle of persons who have the opportunity to work with such information is very limited. As a result of the use of internal data, the Negative influence static reporting information; the study, along with quantitative (cost) characteristics, of the qualitative characteristics of the object under study (for example, according to the methodology 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 (ill-being) of the enterprise.

Good information support is the key to the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated in the analysis process. An important role in the interpretation of information is played by the competence of the person who conducts the analysis.

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

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

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 state support (with the exception of facilities strategic purpose). Now, in the presence of serious competition, the assessment of the effectiveness of financial activity has become much more relevant than in the “gosplan times”, and as a result, a fairly large circle of people needs to evaluate the effectiveness, which, first of all, includes strategic partners for business and investors, owners, as well as credit departments of commercial banks, personnel, tax services and government bodies(The management apparatus uses management reporting data for greater information content).

The analysis is currently small businesses According to external reporting data, it is not carried out as actively 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, let us present a situation where financial analysis is also relevant in a small business. If there is a large circle of enterprises in one market segment that are competitive with respect to each other, for example, the 1C franchisee network, which consists of more than 2,600 companies, an 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 property and the sources of its formation over the analyzed period of time, and what are the reasons for such changes?
What income statement items can be used to predict financial results?
what is the profitability of sales; own and borrowed capital; assets and including net assets?
What is the organization's asset turnover?
Can the business generate income? What is the efficiency of its financial activity?

To get answers to these questions, the analyst should solve a set of tasks that, in their systemic nature, represent the methodology 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 goals and objectives of the analysis; circle of interested users of information; methods, techniques and methods for solving the tasks. One of the fundamental points in choosing a comprehensive analysis methodology, in our opinion, 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 interested parties a full answer to the questions posed and, accordingly, work efficiency analytics will be reduced to zero.

So what indicators determine the effectiveness of the financial activities of the organization?

Before answering this question, it should be emphasized once again that in this paper we are considering the efficiency of financial rather than 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 (A.D. Sheremet, L.T. Gilyarovskaya, A.N. Selezneva, E.V. Negashev, R. S. Saifulin, G.V. Savitskaya), while Special attention in the course of a comprehensive economic analysis, the focus is on indicators and assessment of the intensification and extensification of financial and economic activities with a factorial consideration of the impact of such production indicators, as capital productivity, resource productivity, material productivity. Other authors, for example, O.V. Efimov and M.N. Kreinina consider the concept of "efficiency" in the context of financial analysis: the determining indicators here are profitability and turnover. V.V. Kovalev means by evaluating the effectiveness current activities business activity, as a combination of three components: assessment of the degree of implementation of the plan according to the main indicators and analysis of deviations; assessment and provision of acceptable rates of increasing 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 analysis of profit and profitability. And the very term “efficiency” by V.V. Kovalev is defined as "a relative indicator that measures the effect obtained with the costs or resources used to achieve the effect" [see. 23, p. 378]. The effect is understood as an absolute performance indicator, and for the enterprise this indicator is profit. In the translated literature, the term "efficiency" is defined by 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”, generally criticizes the approach of determining the effectiveness of an organization’s activities only by and proposes to consider the organization’s activities according to four criteria: financial, customer relationships, internal business processes, and training and development of personnel [see. 19, p. 12]. However, this implies an analysis of the entire activity of the company, so we will pay special attention to the “financial activity” block. With the efficiency of financial activity, Kaplan distinguishes two indicators: return on investment and added value of the company [see. 19, p. 90].

Considering the foregoing, 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 that characterize various aspects of the organization's activities, such as: equity ratio, liquidity ratios, in particular current liquidity, financial leverage, and 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 the financial condition offer horizontal and vertical analysis of the balance sheet (and Profit and Loss Statement); the latter, for convenience, can be presented in an aggregated form, that is, with the selection of enlarged articles. The purpose of 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 the relative rates of their growth / decline. In particular, when conducting a horizontal analysis of the balance sheet, the balance data are taken as 100% as a reference, then the dynamic series of articles and sections of the balance sheet as a percentage of the total is built. 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 the 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 return on equity, a change in the structure towards an increase in borrowed capital reduces the share of equity, 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 activity is the coefficient method, which involves the calculation of certain quantitative indicators that allow drawing conclusions about qualitative changes in the organization's activities. When analyzing profitability, it is necessary to take into account the change in the values of the current liquidity ratio, which decreases with an increase in short-term liabilities, and the equity ratio. Thus, by replacing part of equity capital with borrowed capital, we thereby increase the return on equity, at the same time lowering the level of the current liquidity ratio (with the same level of current assets) with an increase in the value of short-term liabilities 2 . If an enterprise has a current liquidity ratio at a minimum level, then increasing profitability in this way (increasing the share of borrowed capital) is fraught with a loss of solvency in general. As if in continuation of this M.N. Kreinina says that “limiters in the form of the minimum required levels of current liquidity ratios and equity ratios…. do not always make it possible to increase the return on capital by increasing borrowed funds in the composition of liabilities” [see 24, p. 45]. It is also important to take into account the fee for using credit resources (interest on a loan + fines, penalties and forfeits are possible). So, if the cost of a loan exceeds the return on borrowed capital, then this is already a consequence of irrational and inefficient management. As a rule, it is believed that the ratio between debt and equity capital should be no more than 50%, however, in Western companies, borrowed funds prevail in the ratio of debt and equity capital (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 an addition, with low profitability of sales and low capital turnover. high profitability the latter cannot be achieved.

The indicator of profit is important in evaluating the effectiveness of activities, it directly affects the profitability of activities: the greater the profit, the more efficient the use of property and capital of the organization, all other things being equal. It should be noted that depending on the objectives of the analysis, the numerator of the profitability formula 3 can take various profit indicators: gross profit, profit before tax, profit from sales, profit from ordinary activities, profit or net profit 4 . For comparability of the analyzed profitability indicators, one should adhere to methodological unity when choosing the type of profit for various kinds profitability. It should also be taken into account that in the indicator of profitability, the numerical values of the data can be taken on

For automatic filling out reports in the FIU for individual entrepreneurs and LLC on the simplified tax system, you can use a special accounting service (for individual entrepreneurs and LLC on the simplified tax system).

FROMcontent

Introduction 6

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

1.1 The concept of financial efficiency of the enterprise 8

1.2 Indicators of financial efficiency 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 activity 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 the profit and profitability of the enterprise 49

3 WAYS TO INCREASE 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 increase competitiveness and work efficiency machine-building enterprise 70

Conclusion 77

List of sources used 81

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

APPENDIX B Characteristics of 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 the Republic of Belarus 97

APPENDIX H Analysis of the main suppliers of RUE “MAZ” 98

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

Introduction

Today, in connection with the transition of the country 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 people, as a rule, a higher organization, a financial authority, a bank institution and a territorial statistical authority, 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 for persons not directly working at this enterprise, but interested in its financial analysis, - information, for example, on the rationality of using additional investments invested in enterprises, etc.

The object of study was domestic enterprise, the leading manufacturer of automotive equipment in the Republic of Belarus - Republican Unitary Enterprise "Minsk Automobile Plant". 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 its financial condition, to study the strengths and weaknesses of its activities.

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

The purpose of the work is, 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 expediency and efficiency.

Achievement of the set 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, in order to solve the above tasks and achieve the goal of the work, the annual financial statements of the enterprise, business plan, technical development plan of the enterprise, etc. were used in the analysis process.

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, and environmental. Costs 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 that are influenced by social, environmental, external and internal factors, as well as innovation and investment. Consequently, the concept of the economic efficiency of an enterprise is the aggregate performance of a business entity in all areas of activity.

The financial efficiency of the enterprise as an indicator is characterized by the ratio of results and costs. For her quantification private and general indicators are used. Partial indicators indicate the effectiveness of the use of a separate resource and the effectiveness of each specific product, while general indicators give an idea of the effectiveness of all resources or products, as well as the effectiveness of the enterprise as a whole. The ranking of private and general indicators makes it possible to single out the most important and less significant ones.

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

All indicators of the financial performance of the enterprise 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 for the economic efficiency of the enterprise for all the years of existence is the growth of its value, which is determined by the ratio of the market value of the share to the nominal value of the shares.

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

There are two approaches to the study of financial efficiency: from private indicators - to generalizing and criterion, or from the criterion and generalizing indicators - to private 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 should be clear for perception and unambiguous for interpretation;

- for each indicator, objective quantitative information should be presented based on accounting or statistical data;

− each indicator must have a digital fluctuation range (from the minimum to the maximum value);

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

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

Production efficiency characterizes the increase in labor productivity, the most full use production capacities, raw materials and material resources, achieving the greatest results at the lowest cost.

As a rule, the assessment of financial efficiency is made by comparing the results of production with the costs. Under the results of production understand its useful end result in the form of:

- the materialized result of the production process, measured by the volume of products in natural 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 activities of the enterprise for a certain period of time is the net product, i.e., newly created value, and the final financial result commercial activities- 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 obtaining the effect:

1) local (self-supporting),

2) national economic;

c) according to the degree of increase (repetition):

1) primary (one-time effect),

2) animated (multiple-repeating);

d) for the purpose of determination:

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

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

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. Achieving this goal involves the implementation of analysis in the most important areas of economic activity, which are its main objects.

In the course of current activities, the enterprise carries out 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 income includes income from core activities (sales of products, works and services). With the development of the financial market, operations related to securities and the expansion of capital have become 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 functioning of an enterprise is directly related to the accumulation of financial resources and their use in the form of investments in fixed and working capital. Hence, the volume, structure of property and can be attributed to the primary objects of analysis.

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

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

Financial analysis is considered to be the main tool for business management, as it allows you to:

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

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

Provide justification for selecting the best projects, taking into account the level of risk, costs, revenues and outcomes.

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

Figure 1 - Classification of financial analysis by main types

Internal analysis conducted 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 own and borrowed funds in such a way as to obtain maximum profit and exclude bankruptcy.

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

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

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

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

Complete Analysis covers all aspects of the financial activity 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 financial activity or a group of homogeneous indicators that needs to be improved in a given period (financial results, reserves).

The analysis of financial activity is carried out on the basis of accounting data, reporting, which characterizes the state 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 annual and quarterly reporting ), "Profit and Loss Statement" (Form 2), "Cash Flow Statement" (Form 4) and other balance sheet provisions.

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

To conduct financial analysis, methods are used that can be applied to all enterprises, regardless of industry affiliation, management organization and form of ownership. All of them have a quantitative and qualitative side of financial analysis.

The comparative method is one of the most common and used in practice methods.

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

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

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

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

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

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

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

The external manifestation of the 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 the ability to make timely payments on your urgent obligations.

The financial condition can be stable, unstable and crisis. The ability of an enterprise to make payments on time, finance its activities on an extended basis, endure unforeseen difficulties and maintain its solvency in adverse 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 influence the financial condition of the enterprise. Among them are the state policy in the field of taxes and financing of expenses, interest rate policy, state depreciation policy, market position, including financial, 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 , its response 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 limits of an acceptable level of risk.

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

The assessment of the availability of reserves and costs (the sum of lines 210, 220, 230 of the balance sheet) by the relevant sources of their financing is used as a general 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 balance by increasing sources own funds and thereby own working capital, as well as attracting additional borrowed sources to replenish working capital. At the same time, to cover reserves and costs, not only own working capital, short-term loans and borrowings are required, but also additional sources that ease financial tension. The latter include temporarily free funds of consumption funds, a reserve for future expenses and payments, revaluation of reserves, financial assistance from the state and other business entities.

If the listed sources are not enough to finance reserves and costs and the enterprise uses debts to creditors (budget, suppliers, targeted budgetary and extra-budgetary funds), then this can be assessed as a crisis state. Unsatisfactory financial condition, as a rule, is characterized by inefficient allocation of funds, their immobilization, poor payment discipline, and the presence of arrears on obligations.

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

The purpose of studying the financial condition of the enterprise is to find additional funds for the most rational and economical business activities. 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. An essential role in solving these issues belongs to financial analysis. Analysis of the financial position - part of the 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 01.01.2001

The issues of analysis and assessment of the financial position include: analysis of the dynamics of the balance sheet, 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 solvency of the enterprise and the liquidity of its balance sheet, analysis of financial results. Questions of analysis of the financial situation are closely related to the analysis of sales of products and their cost. This range of issues is due to the fact that profit has a decisive influence on the financial situation. In turn, it depends on the volume of sales, cost and prices, so these indicators are interrelated and interdependent.

The main sources of information for analyzing and evaluating the financial condition of an enterprise are such forms of accounting statements as a balance sheet (form 1) and a profit and loss statement (form 2). Useful information is also contained in the report on the movement of sources of own funds (form 3), the cash flow statement (form 4), the appendix to the balance sheet (form 5), and 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 indicators, the procedure for their calculation and evaluation received detailed coverage in the works of Russian and Belarusian economists - Stanyuta, and others.

1.2 Indicators of financial efficiency of the enterprise

To analyze and evaluate the effectiveness of the financial activity of an enterprise, whole system indicators characterizing: the availability of capital and the efficiency of its use; the structure of the company's liabilities, its financial independence; the structure of the enterprise's assets and the degree of production risk; the structure of sources for the formation of current assets; solvency and liquidity of the enterprise; the risk of bankruptcy; margin of financial strength.

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

− with established standards for predicting possible bankruptcy;

− generally accepted risk assessment criteria;

− similar indicators of other enterprises in the industry;

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

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

The capital-labor ratio is the ratio of the cost of fixed production 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 products - the ratio of marketable products to the cost of marketable products, rub.

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

In addition, a number of differentiated indicators are calculated:

Turnover of working capital - the ratio of the basic cost of working capital to marketable products;

The duration of one turnover in days is the ratio of the number of days in the analyzed period to the turnover ratio;

Return on assets (material, energy, etc. return) is the ratio of marketable products to the cost of fixed production 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 sources of capital 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 (ratio) depends on the accuracy of financial statements and the forecasts derived from them. Financial ratios are the starting point, not the end point of the analysis. They should be considered as one of the tools in the analysis. It is impossible to judge the financial situation by one coefficient, they must be used in a complex, systemically.

Consider the most commonly used indicators (coefficients).

1) Indicators characterizing the structure of sources of capital fund (line 530) and earmarked funding and income (line 560), retained earnings (line 540). When summarizing section 3 of the balance sheet “Sources of own funds”, the amount of own shares (stakes) repurchased from shareholders (founders) (line 515) and the amount of uncovered loss (line 550) are taken into account with a minus sign, i.e. subtracted .

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

where Кс - own capital of the enterprise, r.;

K - the total (currency) of the balance sheet, r.

The autonomy coefficient reflects the independence of the enterprise from borrowed sources of funds. In the US and Western European countries, it is considered desirable to maintain this ratio at a high level - 0.6. The normal value in world practice is considered to be at = 0.5. A lower value of the autonomy coefficient may pose a threat to the interests of the owners of the enterprise (including owners of shares), creditors, and banks.

Financial tension 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 - the total (currency) of the balance sheet, r.

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

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

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

Кс - own capital of the enterprise, r.

This coefficient is also called the coefficient financial risk, coefficient of financial leverage. It shows how much borrowed funds are attracted for 1 rub. own funds. The higher the coefficient of financial instability, the greater the debt obligations 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.

A very important coefficient of financial instability is to assess long-term solvency. The purpose of the assessment is to detect 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 capital to borrowed capital:

The ratio shows how 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 ruled out when, with a lower value of the coefficient, the enterprise can operate successfully. Pfu value< 1 может свидетельствовать о неплатежеспособности предприятия.

When determining the ratio of own funds and borrowed funds, it should be taken into account 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 the stability of the financial condition is the coefficient maneuverability. It is equal to the ratio of own working capital (capital) to the total value of sources of own funds:

where 0Сс - own working capital (capital), р.;

Кс - own capital, r.

The coefficient of maneuverability shows what part of the enterprise's own funds is in a mobile form, allowing relatively free maneuvering of these funds. The high value of the coefficient is characterized positively, however, there are no established standards for the values of the indicator in practice.

Back-to-back ratio with own turnover fixed assets 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 (tangible elements of working capital):

where OSs - own working capital (capital), r.;

3 - reserves, r.

2) Indicators characterizing the placement of capital and the efficiency of its use. The assets of the enterprise and their structure are studied 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, accounts payable

The indicator, in the most general view reflecting the effectiveness of the use of 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 return on investment indicator is considered as simplest way evaluation of investment management skills. The indicator is calculated by the formula

ROI = [Operating profit after tax (NOPAT) : Assets] x 100%.

At the same time, in some analysis methods, a slightly different formula can be used to determine the ROI indicator, 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, as a rule, accounts payable (to suppliers, personnel, budget, etc.) are 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= [NOPAT Operating Profit : : (Assets - Accounts Payable)] x 100%.

It should be noted that this indicator is becoming more and 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 level of return on investment (IRR).

The latter can be defined as the discount rate at which the present value of investment returns exactly matches the investment cost of capital. The formula for calculating the net present value of a project (NPV) is as follows:

where C, - the difference between income and payments from investments in the period -;

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

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

If we denote the level of return required by investors through y, then investment activity can be characterized as effective if the condition is met: r>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 return J required in specific conditions (i.e., r > j), then investments are recognized as appropriate. Investments, the internal rate of return of which is below the required level (r< j), оцениваются как неприемлемые.

This provision is fundamentally important for understanding the mechanism of the influence of investment activity profitability on the return on equity index. 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. Compliance of the internal level of return on investments r with 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 connected with the attraction of external sources of funds. Key Features 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 activity, it is advisable to include the return on investment (ROI), the price (cost) of borrowed capital, as well as coefficients reflecting the ratio of equity and borrowed capital.

To determine the price of borrowed capital, an indicator characterizing the rate of borrowing can be used

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

where E - equity;

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

This ratio defines the boundary of economic feasibility of attracting borrowed funds. Its meaning lies, in particular, in the fact that while the return on investment is higher than the rate of borrowing, 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 rate on borrowed funds, the return on equity will begin to fall the more, 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 OJSC "NLMK", %

All profitability indicators show a decline 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 market conditions during the crisis year.

The drop in return on sales from 35.5% to 18.7% was due to a decrease in revenue, which occurred against the backdrop of a less significant reduction in costs. A significant reduction in return on sales, as well as a significant slowdown in asset turnover led to a decrease in return on assets by 18.8%. The slowdown in the turnover of assets was primarily affected by the slowdown in the turnover of current assets (see paragraph 6.3).

At the end of the analysis of the financial condition, it is useful to compile a final 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 evaluating their work on the implementation of business plans, assessing their property and financial condition and in order to identify untapped reserves to improve the efficiency of organizations.

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

The results of the economic analysis carried out are used to establish reasonable planning targets. The indicators of business plans are set on the basis of actually achieved indicators, analyzed in terms of opportunities for their improvement. The same applies to regulation. The norms and standards are determined on the basis of the previously existing ones, analyzed from the point of view of the possibilities for their optimization. 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 of planned indicators and various standards.

Economic analysis helps to improve the efficiency of organizations, the most rational and efficient use fixed assets, material, labor and financial resources, the elimination of unnecessary costs and losses, and, consequently, the implementation of the savings regime. The immutable law of management is to achieve the greatest results at the lowest cost. critical role this is played by economic analysis, which makes it possible, by eliminating the causes of excessive costs, to minimize and, consequently, 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's activities, 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 are outlined for their use.

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 the conduct, the most important place (more than 70 percent) is occupied by information provided accounting And . Accounting forms the main indicators of the organization's activities 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 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 the economic analysis. Auditors also analyze the profit, profitability and financial condition of the organization. Here audit comes into close interaction with economic analysis.

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

The analysis of economic activity is closely connected with mathematics. When conducting research is widely used.

Economic analysis is also closely connected with the economy of individual sectors of the national economy, as well as with the economy of individual industries (engineering, metallurgy, chemical industry, etc.).

The analysis of economic activity is also interconnected with such sciences as , . In the process of conducting 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. Strictly speaking, the analysis of the activities of organizations is carried out with the aim of implementing, on the basis of its results, the development and adoption of optimal management decisions that ensure an increase in the efficiency of the organization's activities. Thus, economic analysis contributes to the organization of the most rational and efficient management system.

In addition to the specific economic sciences economic analysis is certainly 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, identifying an increase in the efficiency of organizations and ways of mobilization, that is, the use of 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 objects of analysis. Therefore, the analysis of the economic activity of organizations can be considered as one of the most important functions of management or, as the main method of substantiating decisions on the management of 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 long term.

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

Methods of analysis of economic activity

The method of analysis of 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 of "method" and "reception". The analysis of economic activity also uses the 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 changes 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 tasks (taking into account their validity), as well as the standard values of individual indicators as the main criterion for assessing the activities of organizations, and their financial condition;
The transition from assessing the organization's activities based on the overall results of the implementation of business plans to detailing these results by spatial and temporal characteristics;
calculation of the influence of individual factors on economic indicators (where possible);
Comparison of indicators of this organization with indicators of other organizations;
Integrated use of all available sources of economic information;
Generalization of the results of the conducted economic analysis and a summary calculation of the identified reserves for improving the organization's activities.

In the process of conducting the analysis of economic activity, a large number of special methods and techniques are used, in which the systemic, complex nature of the analysis is manifested. Systemic nature of economic analysis It manifests itself in the fact that all economic phenomena and processes that make up the activity of the organization are considered as certain aggregates consisting of separate components, interconnected and generally with the system, which is the economic activity of the organization. When conducting an analysis, the relationship between the individual components of these aggregates, as well as these parts and the aggregate as a whole, and finally, between individual aggregates and the activities of the organization as a whole, is studied. The latter is considered as a system, and all of its listed components are considered as subsystems of various levels. For example, an organization as a system includes a number of workshops, i.e. subsystems, which are aggregates consisting of individual production sites and jobs, that is, subsystems of the second and higher orders. Economic analysis studies the interconnections of the system and subsystems of various levels, as well as the latter among themselves.

Analysis and evaluation of business performance

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

The most general performance indicators are profitability, . There are private indicators that characterize the effectiveness of certain aspects of the functioning of the enterprise.

These indicators include:

efficiency of use of production resources at the disposal of the organization:
- fixed production assets (here the indicators are , );
- (indicators - personnel profitability, );
- (indicators - , profit per one ruble of material costs);
the effectiveness of the organization's investment activity (indicators - the payback period of capital investments, profit per one ruble of capital investments);
efficiency of use of the organization's assets (indicators - turnover of current assets, profit per one ruble of the value of assets, including current and non-current assets, etc.);
efficiency of capital use (indicators - net profit per share, dividends per share, etc.)

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

We present the initial data for analysis in the following table:

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

Indicators characterizing certain aspects of the financial and economic activity of the enterprise have improved. Thus, capital productivity, labor productivity and material productivity have increased, therefore, the use of all types of production resources at the disposal of the organization has improved. The payback period for capital investments has been reduced. The turnover of working capital accelerated due to the increase in the efficiency of their use. Finally, there is an increase in the amount of dividends paid to shareholders per share.

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

As a generalizing indicator of the effectiveness 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 private performance indicators. Therefore, the change in the level of profitability reflects the dynamics of the efficiency of all aspects of the organization's activities. In our example, the level of profitability 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 considered as a generalizing, integral indicator of business performance. Profitability expresses a measure of profitability, the 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 that are covered in detail in the article “Profit and Profitability Analysis” of this site.

The effectiveness of the functioning 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, the climatic features of the area, etc.
Regional factors: the economic potential of a given region, investment policy in this region, etc.
industry factors: the place of this industry in the national economic complex, market conditions in this industry, etc.
factors determined by the functioning of the analyzed organization - the degree of use of production resources, compliance with the regime of savings in the costs of production and sale of products, the rationality of the organization of supply and marketing activities, investment and pricing policy, the most complete identification and use of on-farm reserves, etc.

It is very important to improve the efficiency of the functioning of the enterprise is to improve the use of production resources. Any of the indicators we have named, reflecting their use ( , ) is a synthetic, generalizing indicator, which 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 effectiveness of their use only in general.

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

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

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

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

In addition, there is a system of private indicators that characterize the effectiveness of various aspects of the functioning of the organization. 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 specific set, as unified system . The system approach also assumes that an enterprise or other analyzed object should 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 relations.

Thus, any system (in this case, the analyzed organization or another object of analysis) consists of a number of interconnected subsystems. At the same time, the same system, as an integral 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 workshops and management services (subsystems). At the same time, this organization, as a subsystem, is part of some 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 latter's activities (supply and marketing, production, financial, investment, etc.) should not be carried out in isolation, but taking into account the relationships that exist in the analyzed system.

Under these conditions, economic analysis must, of course, be systemic character be complex and multifaceted.

In the economic literature, the concepts of " system analysis" And " complex analysis". These categories are closely related. In many respects, systemic and complex analysis are synonymous concepts. However, there are also differences between them. System 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 marketing, production, financial, investment, socio-economic, economic-environmental, etc.). The systematic analysis is a broader concept compared to its complexity. Complexity includes the study of individual aspects of the organization's activities in their unity and interconnection. As a result, complex analysis should be considered as one of the fundamental parts of system 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 a given organization, as well as in the interconnected study of the activities of the organization as a whole and its individual divisions, and, in addition, in the application of a common 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 the analyzed system should be divided into separate subsystems. At the same time, it should be borne in mind that in each individual case, the main subsystems may be different, or the same, but having far from identical content. So, in an organization manufacturing industrial products, the most important subsystem will be its production activity, which is absent in trade organization. Organizations providing services to the population have a so-called production activity, which differs sharply in its essence from the production activity of industrial organizations.

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

At 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 evaluating the values of 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, integrated analysis, the relationships between the functioning of individual subsystems of a given organization and the organization as a whole are identified, the economic indicators that express these relationships are determined and 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 products, or how investment activities organization affected the amount of its balance sheet profit.

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

At the same time, 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. Subject to this condition, 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 result. Political decisions taken by the legislative authorities must necessarily be in accordance with the 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 seems 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. At present, the achievement of the optimal level of economic indicators is largely determined by the implementation of measures to improve the socio-cultural level of the organization's employees and improve their quality of life. In the process of conducting 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 systematic, comprehensive economic analysis, one should also take into account unity of economic and environmental factors . In modern conditions of the activity of enterprises, 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 protection 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, irreplaceable in the future. Therefore, in the process of analysis, 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 are fulfilled. It is also necessary to calculate the reasonable amounts of damage caused to the natural environment by the activities of this organization and its individual structural divisions. 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 plans for these measures, and not by more economical use 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 relationships between them, as well as their interaction with external environment. Thus, in carrying out the analysis, we split the integral concept - the activity of the organization - into separate constituent parts; then, in order to verify 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 complete picture of the activities of this organization.

The systemic and complex nature of the analysis of financial and economic activity is 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 that characterize the activities of the enterprise, its individual aspects, the relationship between them.

Finally, the systemic and complex nature of economic analysis finds its expression 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 system approach in economic analysis is to study the influence of the entire system of factors on economic indicators based on intra-economic and external relations of these factors and indicators. At the same time, the analyzed organization, that is, a certain system, is divided into a number of subsystems, which are separate structural units and individual aspects of the organization. In the course of the analysis, the complex use of the entire system of sources of economic information is carried out.

Factors to improve the efficiency of the organization

Classification of factors and reserves to improve the efficiency of the organization's economic activities

The processes that make up the financial and economic activities of the enterprise are interconnected. In this case, the connection can be direct, direct, 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 interconnected. 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 output of marketable products and the change during the reporting period of the balance of unsold products. In turn, the values of these factors are influenced by second-order factors, that is, more detailed factors. For example, the value of output is influenced by three main groups of factors: factors associated with the availability and use of labor resources, factors associated with the presence and use of fixed assets, factors associated with the availability and use of material resources.

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

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

Studying the influence of individual factors on economic performance is called factor analysis. Main varieties 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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