Sources of financing for the company's activities. Advantages and disadvantages of various sources of financing the company's activities. Sources of financing the activities of the enterprise. Structure of funding sources. Advantages and disadvantages of the main

Coursework in enterprise economics

"External and internal sources

financing of the company's activities"

St. Petersburg

Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

CHAPTER 1. Financial resources of the enterprise. . . . . . . . . . . . . . . . . . . . . . . . . . .4

CHAPTER 2. Classification of funding sources. . . . . . . . . . . . . . . . . . 7

2.1. Internal sources of financing of the enterprise. . . . . . . . . . . . . . . . 8

2.2. External sources of financing of the enterprise. . . . . . . . . . . . . . . . . .12

CHAPTER 3. Management of funding sources. . . . . . . . . . . . . . . . . . .16

3.1. The ratio of external and internal sources

in the capital structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.2. The effect of financial leverage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

List of used literature. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Appendix. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Introduction

Company is a separate techno-economic and social complex designed to produce benefits useful to society in order to make a profit. During its creation, as well as in the process of managing it, various issues are resolved, one of which is the financing of the enterprise, that is, the provision of the necessary financial resources 1 for the costs of its implementation and development. Economic entities receive these resources from various sources, without which no enterprise can exist and operate. And, therefore, there is nothing surprising in the fact that the issue of possible sources of financing is relevant today for many business entities and worries many entrepreneurs.

The purpose of the work is to study the existing sources of funds, their role in the process of the enterprise and its development.

Prioritization among funding sources, choosing the most optimal sources is a problem for many organizations today. Therefore, this paper will consider the classification of sources of financing the activities of the enterprise, the concept financial resources, closely related to these sources, as well as the ratio in the capital structure of own and borrowed funds, which has a significant impact on the financial and economic activities of the enterprise.

Consideration of these aspects will allow to draw conclusions regarding a given topic.

CHAPTER 1. Financial resources of the enterprise

The concept of financial resources is closely related to the concept of sources of financing for the activities of an economic entity. Enterprise financial resources is a set of own funds and receipts of borrowed and borrowed funds intended to fulfill financial obligations, finance current costs and costs associated with the expansion of capital. They are the result of the interaction of receipt, expenditure and distribution of funds, their accumulation and use.

Financial resources play an important role in the reproduction process and its regulation, the distribution of funds in the areas of their use, stimulate the development of economic activity and increase its efficiency, and allow you to control the financial condition of an economic entity.

Sources of financial resources are all cash income and receipts that an enterprise or other business entity has in a certain period (or date) and which are directed to the implementation of cash costs and deductions necessary for production and social development.

Financial resources generated from various sources enable the enterprise to invest in new production in a timely manner, to ensure, if necessary, the expansion and technical re-equipment of the existing enterprise, to finance research, development, their implementation, etc.

The main areas of use of the financial resources of the enterprise in the course of its activities include:

financing the current needs of the production and trade process to ensure the normal functioning of production and trading activities enterprises through the planned allocation of funds for the main production, production and auxiliary processes, supply, marketing and sales of products;

financing of administrative and organizational measures to maintain a high level of functionality of the enterprise management system by restructuring it, allocating new services or reducing the management staff;

investing in the main production in the form of long-term and short-term investments in order to develop it (complete renovation and modernization production process), creation of new production or reduction of certain unprofitable areas;

financial investments - investment of financial resources for purposes that bring an enterprise a higher income than the development of its own production: the acquisition of securities and other assets in various segments of the financial market, investments in the authorized capital of other enterprises in order to generate income and obtain rights to participate in the management of these enterprises, venture financing 2 , providing loans to other companies;

the formation of reserves, carried out both by the enterprise itself and by specialized insurance companies and state reserve funds at the expense of standard deductions to maintain a continuous circulation of financial resources, protect the enterprise from adverse changes in market conditions.

Financial reserves are of great importance for ensuring uninterrupted financing of the production process. In market conditions, their role is significant. These reserves are able to ensure the continuous circulation of funds in the reproduction process, even in the event of huge losses or the occurrence of unforeseen events. The enterprise creates financial reserves at the expense of its own resources.

Financial support for reproduction costs can be carried out in three forms: self-financing, lending and public funding.

Self-financing is based on the use of the company's own financial resources. In case of insufficiency own funds it can either cut some of its spending or take advantage of funds raised for financial market based on transactions with securities.

Lending is a method of financial support for reproduction costs, in which costs are covered by a bank loan provided on the basis of repayment, payment, and urgency.

State financing is made on a non-refundable basis at the expense of budgetary and non-budgetary funds. Through such financing, the state purposefully redistributes financial resources between the production and non-production sectors, sectors of the economy, etc. In practice, all forms of cost financing can be applied simultaneously.

CHAPTER 2. Classification of funding sources

The financial resources of the enterprise are transformed into capital through appropriate sources of funds 3 . Today, their various classifications are known.

Funding sources can be conditionally divided into three groups: used, available, potential. Used sources are a set of such sources of financing the activities of the enterprise, which are already used to form its capital. The range of resources that are potentially real for use are called available. Potential sources are those that can theoretically be used for the functioning of commercial enterprises, in conditions of more advanced financial, credit and legal relations.

One of the possible and most common groupings is the division of sources of funds by time:

sources of short-term funds;

advanced capital (long-term).

Also in the literature there is a division of funding sources into the following groups:

own funds of enterprises;

borrowed funds;

involved funds;

budget appropriations.

However, the main division of sources is their division into external and internal. In this version of the classification, own funds and budget allocations are combined into a group of internal (own) sources of financing, and external sources are understood as borrowed and (or) borrowed funds.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise that will remain after settlements with third parties.

2.1. Internal sources of financing of the enterprise

The main sources of financing the activities of the enterprise are its own funds. Internal sources include:

authorized capital;

funds accumulated by the enterprise in the course of its activities (reserve capital, additional capital, retained earnings);

other fees of legal and individuals(target financing, charitable contributions, donations, etc.).

Equity capital begins to form at the time of the establishment of the enterprise, when its authorized capital is formed, that is, the totality in monetary terms of contributions (shares, shares at par value) of the founders (participants) to the property of the organization during its creation to ensure activities in the amounts determined by the constituent documents. The formation of the authorized capital is associated with the peculiarities of the organizational and legal forms of enterprises: for partnerships - this is the share capital 4, for joint-stock companies- share capital, for production cooperatives - a share fund 5 , for unitary enterprises - an authorized fund 6 . In any case, the authorized capital is the starting capital necessary to start the activity of the enterprise.

The methods of formation of the authorized capital are also determined by the organizational and legal form of the enterprise: by making contributions by the founders or by subscribing to shares, if it is a JSC. The contribution to the authorized capital may be money, securities, other things or property rights having a monetary value. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, that is, investors lose property rights to these objects. Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital.

Since the authorized capital minimally guarantees the rights of creditors of the enterprise, its lower limit is legally limited. For example, for LLCs and CJSCs it cannot be less than 100 times the minimum monthly wage (MMOT), for JSCs and unitary enterprises - less than 1000 times the MMOT.

Any adjustments in the size of the authorized capital (additional issue of shares, reduction of the nominal value of shares, making additional contributions, admission of a new participant, joining part of the profit, etc.) is allowed only in cases and in the manner provided for by the current legislation and constituent documents.

In the process of activity, the enterprise invests money in fixed assets, purchases materials, fuel, pays for the labor of employees, as a result of which goods are produced, services are provided, work is performed, which, in turn, are paid for by buyers. After that, the money spent as part of the proceeds from the sale is returned to the enterprise. After reimbursement of expenses, the enterprise receives profit, which goes to the formation of its various funds (reserve fund, accumulation funds, social development and consumption funds) or forms a single enterprise fund - retained earnings.

In conditions market economy the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise. These regulatory procedures include:

accelerated depreciation of fixed assets;

the procedure for valuation and amortization of intangible assets;

the procedure for assessing participants' contributions to the authorized capital;

choice of method for estimating inventories;

the procedure for accounting for interest on bank loans used to finance capital investments;

the composition of overhead costs and the method of their distribution;

Profit is the main source of formation of the reserve fund (capital). This fund is designed to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents. For example, for a JSC, the value of the reserve capital must be at least 15% of the authorized capital, and the procedure for the formation and use of the reserve fund is determined by the charter of the JSC. The specific amounts of annual deductions to this fund are not determined by the charter, but they must be at least 5% of the net profit of the joint-stock company.

Accumulation funds and the social sphere fund are created at enterprises at the expense of net profit and are spent on financing investments in fixed assets, replenishment of working capital, bonuses to employees, payment of wages to individual employees in excess of the payroll fund, provision of material assistance, payment of insurance premiums under programs of additional medical insurance, payment for housing, the purchase of apartments for employees, catering, payment for transportation and other purposes.

In addition to funds formed from profits, an integral part of the company's equity capital is additional capital, which, by its financial origin, has different sources of formation:

share premium, i.e. funds received by the joint-stock company - issuer in the sale of shares in excess of their nominal value;

amounts of revaluation of non-current assets arising as a result of an increase in the value of property during its revaluation at market value;

exchange rate difference associated with the formation of the authorized capital, i.e. the difference between the ruble assessment of the debt of the founder (participant) on the contribution to the authorized capital, estimated in the constituent documents in foreign currency, calculated at the exchange rate of the Central Bank of the Russian Federation on the date of receipt of the amount of deposits, and the ruble assessment of this contribution in the constituent documents.

Additional capital funds can be used to increase the authorized capital; to pay off the loss identified by results of work per year; for distribution among the founders. Regulatory documents the use of additional capital for the purpose of consumption is prohibited.

In addition, enterprises can receive funds for the implementation of targeted activities from higher organizations and individuals, as well as from the budget. Budget assistance can be allocated in the form of subventions and subsidies. Subvention- budgetary funds provided to the budget of another level or to an enterprise on a gratuitous and irrevocable basis for the implementation of certain targeted expenses. Subsidy- budgetary funds provided to another budget or enterprise on the basis of shared financing of targeted expenses.

Targeted funding and revenues are spent in accordance with the approved estimates and cannot be used for other purposes. These funds are part of the organization's own capital, which expresses the residual rights of the owner to the property of the enterprise and its income.

2.2. External sources of financing of the enterprise

The enterprise cannot cover its needs only at the expense of its own sources. This is due to the peculiarities of the movement of cash flows, in which the moments of receipt of payments for goods, services and work for the enterprise do not coincide with the maturity of the obligations of the enterprise, unforeseen delays in payments may occur. An additional need for sources of financing may also be due to inflation, when the funds received by the enterprise in the form of sales proceeds depreciate and cannot meet the increased need for funds of the enterprise due to the increase in prices for raw materials and materials. In addition, the expansion of the company's activities requires the involvement of additional resources. Thus, borrowed sources of financing appear.

Borrowed capital, depending on the terms of the loan, is divided into long-term (long-term liabilities) and short-term (short-term liabilities). Long-term liabilities, in turn, are divided into bank loans (payable in more than 12 months) and other long-term liabilities.

Short-term liabilities consist of borrowed funds (bank loans and other loans payable within 12 months) and accounts payable of the enterprise to suppliers and contractors, to the budget, for wages, etc.

An important source of financing the activities of the enterprise is a bank loan. Previously, many enterprises (especially industries and Agriculture) could not use loans from commercial banks, since the cost of loans (the level of interest rates) was high. But now they have the opportunity to pursue a more active policy of attracting borrowed funds, since in 2002-2003. interest rates dropped sharply. Foreign loans poured into Russia. Offering businesses lower rates and long terms lending than Russian commercial banks, foreign banks have seriously declared themselves in the Russian credit market.

From 2001 to 2004 refinancing rates 7 have almost halved, but it is not only the rates that matter, an important trend is the lengthening of the terms of lending to enterprises, which is predetermined by the long-term stabilization of the political and economic situation in the country, and the improvement in the maturity of the banking system's liabilities.

In accordance with the Civil Code of the Russian Federation, all loans are issued to borrowers subject to the conclusion of a written loan agreement. Lending is carried out in two ways. The essence of the first method is that the issue of granting a loan is decided each time on an individual basis. A loan is issued to meet a certain target need for funds. This method is used when granting loans for specific periods, i.e. urgent loans.

In the second method, loans are provided within the limits set by the bank for the borrower's credit limit - by opening a credit line. An open credit line allows you to pay at the expense of a loan any settlement and monetary documents provided for by a loan agreement concluded between the client and the bank. The credit line is opened mainly for a period of one year, but can also be opened for a shorter period. During the term of the credit line, the client can receive a loan at any time without additional negotiations with the bank and any formalities. It opens to clients with a stable financial position and a good credit reputation. At the request of the client, the credit limit can be reviewed. A credit line can be revolving and non-revolving, as well as targeted and non-targeted.

Enterprises receive loans on the terms of payment, urgency, repayment, intended use, secured (guarantees, pledge of real estate and other assets of the enterprise). The bank checks the loan application for legal creditworthiness (legal status of the borrower, the size of the authorized capital, legal address, etc.) and financial solvency (assessment of the company's ability to repay the loan in a timely manner), after which a decision is made to grant or refuse to grant a loan .

The disadvantages of the credit form of financing are:

the need to pay interest on the loan;

complexity of design;

the need for security;

deterioration of the balance sheet structure as a result of borrowing, which can lead to loss of financial stability, insolvency and, ultimately, bankruptcy of the enterprise.

Funds can be obtained not only by taking loans, but also by issuing bonds and other securities. Bonds is a type of securities issued as debt instruments. Bonds can be short-term (for 1-3 years), medium-term (for 3-7 years), long-term (for 7-30 years). At the end of the circulation period, they are redeemed, that is, the owners are paid their face value. Bonds can be coupon bonds that pay periodic income. Coupon - a tear-off coupon, which indicates the date of payment of interest and its amount. There are also zero-coupon bonds that do not pay periodic income. They are placed at a price below par and are redeemed at par. The difference between the placement price and the face value forms a discount - the owner's income. The disadvantage of this method of financing is the presence of costs for the issue of securities, the need to pay interest on them, and the deterioration of the liquidity of the balance sheet.

In addition, the source of financing for the activities of the enterprise is accounts payable, i.e. deferred payment resulting in cash temporarily used in the economic turnover of the debtor enterprise. Accounts payable- this is a debt to the personnel of the enterprise for the period from payroll to its payment, to suppliers and contractors, debt to the budget and extra-budgetary funds, participants (founders) for income payments, etc.

The golden rule of accounts payable management is to extend the maturity of the debt as much as possible without possible financial consequences. In this case, the company uses "foreign" funds as if for free.

The use of accounts payable as a source of financing significantly increases the risk of loss of liquidity, since these are the most urgent obligations of the enterprise.

CHAPTER 3. Managing Funding Sources

The strategy of the financial policy of the enterprise is the key point in assessing the acceptable, desired or predicted pace of increasing its economic potential.

An enterprise can use three main sources of funds to finance its activities:

results of own financial and economic activity (profit reinvestment);

increase in the authorized capital (additional issue of shares);

attracting funds from third-party individuals and legal entities(issuing bonds, obtaining bank loans, etc.)

Of course, the first source is a priority - in this case, all earned profits, as well as potential profits, belong to the real owners of the enterprise. In the case of attracting the second and third sources, part of the profit has to be sacrificed. The practice of large Western firms shows that most of them are extremely reluctant to issue additional shares as a permanent part of their financial policy. They prefer to rely on their own capabilities, that is, on the development of the enterprise mainly through the reinvestment of profits. There are several reasons for this:

An additional issue of shares is a very expensive and time-consuming process.

The issue may be accompanied by a decline in the market price of the shares of the issuing company.

As for the ratio between own and attracted sources of funds, it is determined by various factors: national traditions in financing enterprises, industry affiliation, size of the enterprise, etc.

Various combinations of the use of sources of funds are possible. If the company focuses on its own resources, then the main specific gravity in additional sources of financing will fall on reinvested profits, and the ratio between sources will change towards a decrease in funds attracted from outside. But such a strategy is hardly justified, therefore, if an enterprise has a well-established structure of sources of funds and considers it optimal for itself, it is advisable to maintain it at the same level, that is, with the growth of its own sources, increase the amount of attracted in a certain proportion.

The pace of increasing the economic potential of an enterprise depends on two factors: the return on equity and the profit reinvestment ratio. These factors give a generalized and comprehensive description of the various aspects of the financial and economic activities of the enterprise:

production (return of resources);

financial (structure of sources of funds);

relationships between owners and management personnel (dividend policy);

position of the enterprise in the market (profitability of products).

Any enterprise that has been steadily functioning for a certain period has well-established values of the selected factors, as well as trends in their change.

3.1. The ratio of external and internal sources

financing in the capital structure

In the theory of financial management, two concepts are distinguished: "financial structure" and "capitalized structure" of the enterprise. The term "financial structure" means a way of financing the activities of the enterprise as a whole, that is, the structure of all sources of funds. The second term refers to a narrower part of funding sources - long-term liabilities (own sources of funds and long-term borrowed capital). Own and borrowed sources of funds differ in a number of parameters 8 .

The capital structure has an impact on the results of the financial and economic activities of the enterprise. The ratio between the sources of own and borrowed funds is one of the key analytical indicators characterizing the degree of risk of investing financial resources in this enterprise and also determines the prospects for the organization in the future.

The issues of the possibility and expediency of managing the capital structure have long been debated among scientists and practitioners. There are two main approaches to this problem:

traditional;

Modigliani-Miller theory.

Followers of the first approach believe that: a) the price of capital depends on its structure; b) there is an "optimal capital structure". The weighted price of capital depends on the price of its components (own and borrowed funds). Depending on the structure of capital, the price of each of the sources changes, and the rates of change are different. Numerous studies have shown that with an increase in the share of borrowed funds in the total amount of sources of long-term capital, the price of equity capital is constantly increasing at an increasing pace, and the price of borrowed capital, remaining practically unchanged at first, then also begins to increase. Since the price of borrowed capital is on average lower than the price of equity, there is a capital structure called optimal, in which the weighted cost of capital has a minimum value, and, consequently, the price of the enterprise will be maximum.

The founders of the second approach, Modigliani and Miller (1958), argue the opposite - the price of capital does not depend on its structure, that is, it cannot be optimized. In substantiating this approach, they introduce a number of restrictions: the existence of an efficient market; no taxes; the same interest rates for individuals and legal entities; rational economic behavior, etc. Under these conditions, they argue, the price of capital always equalizes.

In practice, all forms of cost financing can be applied simultaneously. The main thing is to achieve the optimal ratio between them for a given period. There is an opinion that the optimal ratio between own and borrowed funds is a ratio of 2:1. In other words, own financial resources should be twice as much as borrowed ones. In this case, the financial position of the enterprise is considered stable.

3.2. The effect of financial leverage

At present, large enterprises usually have a debt-to-equity ratio of 70:30. The larger the share of own funds, the higher the financial independence ratio. With an increase in the share of borrowed capital, the probability of bankruptcy of the organization increases, which forces creditors to increase interest rates for a loan by increasing credit risks.

But at the same time, enterprises with a high share of borrowed funds have certain advantages over enterprises with a high share of equity in assets, since, having the same amount of profit, they have a higher return on equity.

This effect, which arises in connection with the appearance of borrowed funds in the amount of used capital and allows the company to receive additional profit on equity, is called the effect of financial leverage (financial leverage). This effect characterizes the effectiveness of the use of borrowed funds by the enterprise.

IN general case with the same economic profitability, the profitability of equity capital significantly depends on the structure of financial sources. If the organization has no paid debts, and no interest is paid on them, then the growth of economic profit leads to a proportional increase in net profit (provided that the amount of tax is directly proportional to the amount of profit).

If the enterprise, with the same total amount of capital (assets), is financed by not only its own, but also borrowed funds, profit before tax is reduced by including interest in costs. Accordingly, the amount of income tax decreases, and the return on equity may increase. As a result, the use of borrowed funds, despite their payment, allows you to increase the profitability of your own funds. In this case, we talk about the effect of financial leverage.

The effect of financial leverage is the ability of debt capital to generate a return on equity investments, or to increase the return on equity through the use of borrowed funds. It is calculated as follows:

E fr \u003d (R e - i) * K s,

where R e - economic profitability, i - interest for using the loan, K c - the ratio of borrowed funds to the amount of own funds, (R e - i) - differential, K c - leverage.

The financial leverage differential is an important information impulse that allows you to determine the level of risk, for example, for granting loans. If the economic profitability is higher than the level of interest on the loan, then the effect of financial leverage is positive. If these indicators are equal, the effect of financial leverage is zero. If the level of interest on a loan exceeds economic profitability, this effect becomes negative, that is, an increase in borrowed funds in the capital structure brings the enterprise closer to bankruptcy. Therefore, the larger the differential, the lower the risk and vice versa.

The shoulder of the financial lever carries fundamental information. Large leverage means significant risk.

The effect of financial leverage is higher, the lower the cost of borrowed funds (interest rate on loans), and the higher the income tax rate.

Thus, the effect of financial leverage allows you to determine the possibility of raising borrowed funds to increase the profitability of your own and the associated financial risk.

Conclusion

Any enterprise needs sources of financing for its activities. There are various sources of funds. Internal sources include: authorized capital, funds accumulated by the enterprise, targeted financing, etc. External sources are bank loans, issuance of bonds and other securities, and accounts payable. It should be noted that internal and external funding sources are interrelated but not interchangeable.

Today, an important task of the financial policy of the enterprise is to optimize the structure of liabilities, that is, the rationalization of funding sources. The larger the share of own funds, the higher the coefficient of financial independence of the enterprise, but business entities with a high share of borrowed funds also have certain advantages. Borrowed funds for the enterprise, although they are a paid source of financing. Practice shows that their use is more effective than their own.

Each enterprise independently determines the structure and methods of financing its activities, it depends on the industry characteristics of the enterprise, its size, the duration of the production cycle for manufacturing products, etc. The main thing is to correctly prioritize among sources of financing, calculate the capabilities of the enterprise and predict possible consequences.

List of used literature

Big Economic Dictionary / ed. Azrilyana A.N. - M.: Institute of New Economics, 1999.

Ermasova N.B. Financial Management: Exam Handbook. – M.: Yurayt-Izdat, 2006.

Karelin V.S. Corporate Finance: Textbook. - M .: Publishing and Trade Corporation "Dashkov and K", 2006.

Kovalev V.V. The financial analysis: Capital Management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 1998.

Romanenko I.V. Enterprise Finance: Lecture Notes. - St. Petersburg: Publishing house Mikhailov V.A., 2000.

Selezneva N.N., Ionova A.F. The financial analysis. Financial management: Tutorial for universities. – M.: UNITI-DANA, 2006.

Modern Economics: Textbook / Ed. prof. Mamedova O.Yu. - Rostov-on-Don: Phoenix Publishing House, 1995.

Chuev I.N., Chechevitsyna L.N. Enterprise Economics: Textbook. - M .: Publishing and Trade Corporation "Dashkov and K", 2006.

Economics and management in SCS. Scientific notes of the Faculty of Economics. Issue 7. - St. Petersburg: Publishing House of St. Petersburg State Unitary Enterprise, 2002.

Economics of the enterprise (firm): Textbook / Ed. prof. Volkova O.I. and Assoc. Devyatkina O.V. – M.: INFRA-M, 2004.

http://www.profigroup.by

Appendix

Table "Key differences

between types of sources of funds"

Scheme "Sources and movement

financial resources of the enterprise"

1 Financial resources- money in cash and non-cash form.

2 Venture funding- investing in projects with a high level of risk and at the same time high profitability.

3 See: Appendix, scheme "Sources and movement of financial resources of the enterprise".

4 Share capital- the totality of contributions of participants in a general partnership or limited partnership made to the partnership for the implementation of its economic activities.

5 Unit trust- a set of share contributions of members of a production cooperative for joint business activities, as well as those acquired and created in the course of activities.

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The financial resources of an entrepreneurial firm are divided into own and borrowed according to their origin. Own financial resources are formed from internal and external sources.

Internal sources include:

profit remaining at the disposal of the company, which is distributed by the decision of the governing bodies;
depreciation deductions, which are a monetary expression of the cost of depreciation of fixed assets and intangible assets and are an internal source of financing for both simple and expanded reproduction.

External sources include:

additional issue of securities, through which there is an increase in the share capital of the company, as well as attracting additional share capital through additional contributions to the authorized capital;
gratuitous financial assistance - these can be budget allocations on a non-refundable basis, as a rule, they are allocated to finance government orders, certain socially significant investment programs or as state support enterprises whose production is of national importance;
tangible and intangible assets transferred to firms free of charge, included in their balance sheet;
loans, which include:
a) bank loans;
b) borrowed funds from other enterprises and organizations;
c) funds from the issuance and sale of the company's bonds;
d) funds from extrabudgetary funds;
e) budget allocations on a returnable basis, etc.

Attracting borrowed funds allows the company to accelerate the turnover of working capital, increase the volume of business operations performed, and reduce work in progress. However, the use of this source leads to certain problems associated with the need for subsequent servicing of debt obligations assumed. As long as the amount of additional income secured by the attraction of borrowed resources covers the cost of servicing the loan, financial position firms remain stable.

If these indicators are equal, the question arises of the advisability of attracting borrowed sources of financial resources formation as they do not provide additional income. In a situation where the amount of expenses for servicing accounts payable exceeds the amount additional income from its use, the deterioration of the financial situation, the reduction in profits, the further increase in debt, the loss of financial independence are inevitable - the company actually begins to work not for itself, but for its creditors.

No company can exist without financial investments. It does not matter whether the business project is at the beginning of implementation or has been in existence for several years, its owner faces a difficult task - to constantly look for and find sources of business financing.

Main types of business financing sources

Finance is the total amount of funds that ensure all the activities of the company: from solvency to suppliers and landlords in the present to the possibility of expanding the scope of interests in the future.

Unfortunately, from time to time there are reasons that impede the smooth and uninterrupted operation of the enterprise. Among them may be:

funds from the sale of products come later than it is time to pay off debt obligations,
inflation devalues the income received so that it is impossible to purchase raw materials for the production of the next batch of goods,
expansion of the company or the opening of a branch.

In all of the above situations, the company has to look for internal and external sources of financing.

Funding source - a donor resource that provides a permanent or temporary inflow of tangible and intangible funds. The more stable the company's business is, the higher its liquidity in the economic market, so the main headache for an entrepreneur is to find the best source of financing.

Types of funding sources:

interior,
external,
mixed.

Financial analysts insist on the idea that the main sources should be rooted in several different sources, because each of them has its own characteristics.

Internal sources

Internal sources of financing are the totality of all the organization's own tangible and intangible resources that were received as a result of the company's work. They are expressed not only in money, but also in intellectual, technical and innovative resources.

Internal sources of business financing include:

cash income,
depreciation deductions,
issued loans,
withholding salaries,
factoring,
sale of assets,
reserve profit,
redistribution of funds.

Income in money

Profit from the sale of a product or service belongs to the owners of the company. Some of them are paid as legal dividends to the founders, and some go to ensure the company's performance in the future (purchases of raw materials, pay for labor, utility bills and taxes). Best suited as a source.

Depreciation deductions

This is the name of a certain amount set aside in reserve in case of breakdown or wear and tear of equipment. It should be enough to buy new technology without the risk of getting into other sources and assets. They can be used as an investment in a new idea.

Internal sources of business financing

Issued loans

Those funds that were issued to customers on a loan basis. If necessary, they can be claimed.

Withholding salaries

The employee has the right to receive payment for the work done. However, if additional investment is required in a new project, you can refrain from paying for a month or two, having previously agreed with the staff. This method carries a lot of risk, as it increases the debt of the company and provokes workers to strike.

Factoring

The ability to defer payments to the supplier firm by promising to pay everything with interest later.

Sale of assets

An asset is any tangible or intangible resource that has a price. If the business or its members have unused assets such as land or warehouse space, then they can be sold, and the proceeds can be invested in a new, promising project.

Reserve profit

Money that is set aside in reserve, in case of unforeseen expenses or to eliminate the consequences of force majeure and natural disasters.

Reallocation of funds

It will help out if the organization is simultaneously engaged in several directions. It is necessary to determine the most productive one and transfer finances to it from the rest, less effective ones.

Internal financing is preferable, since it does not imply outside interference with the subsequent partial or even complete loss of basic control over the activities of the enterprise.

External sources

External sources of financing are the use of funds received from outside to continue the activities of the company.

Depending on the type and duration, external financing can be attracted (from investors and the state) and borrowed (credit firms, individuals and legal entities).

Examples of external funding sources:

loans,
leasing,
overdraft,
bonds,
trade loans,
equity financing,
merger with another organization
sale of shares,
government sponsorship.

Types of external sources of business financing

Loans

A loan is the most common way to get money for development, because you can not only get it quickly, but also choose the most suitable program. In addition, lending is available to most business owners.

There are two main types of loans:

commercial (provided by the supplier in the form of a deferred payment),
financial (actual cash loan from financial institutions).

The loan is issued against the working capital or property of the company. Its amount cannot exceed 1 billion rubles, which the company is obliged to return within 3 years.

Leasing

Leasing is considered one of the types of lending. It differs from a regular loan in that an organization can rent machinery or equipment and, carrying out its activities with their help, gradually pay the full amount to the rightful owner. In other words, it's a full installment plan.

On leasing it is possible to rent:

the whole enterprise
piece of land,
building,
transport,
technique,
real estate.

As a rule, leasing companies go to a meeting and provide the most favorable conditions to the borrower: they do not require collateral, do not charge interest, and individually draw up a schedule for accepting payments.

Leasing is much faster than a loan due to the lack of the need to provide a large number of documents.

Overdraft

An overdraft is a form of lending by a bank when the main account of an enterprise is linked to a credit account. The maximum amount is equal to 50% of the monthly cash turnover of the company itself.

Thus, the bank becomes an invisible financial partner, which is always aware of the commercial situation: if an organization needs investments for any needs, funds from the bank are automatically transferred to its account. However, if by the end of the agreed period the issued money is not returned to the banking institution, interest will be charged.

Bonds

Under bonds, a loan with an interest rate is assumed, which is issued by the investor.

By time, there can be long-term (from 7 years), medium-term (up to 7 years) and short-term (up to 2 years) bonds.

There are two types of bonds:

coupon (the loan is paid with an equal percentage breakdown for 2, 3 or 4 times during the year),
discount (the loan is repaid several times during the year, but the interest rate may vary from time to time).

Trade loans

This method of external financing is suitable if the enterprises cooperating with each other agree to receive payment in kind, goods or services, i.e. exchange product.

Leasing as a form of external financing

Equity financing

Such a source is involvement in the founders of a new member, investor, which, by investing its funds in the authorized capital, will expand or stabilize financial opportunities companies.

merger

If necessary, you can find another company with the same funding problems and merge firms. With economies of scale, partner organizations can find a better source. How? To take the same loan, the firm must be licensed, and the larger it is, the more likely it is that the procedure for obtaining a license will be successful.

Sale of shares

By selling even a small number of company shares, you can significantly replenish the budget. There is also a chance that large capitalists who are ready to invest in production will be interested in the company. But you need to be ready to share control: the greater the flow of investments from outside, the greater the share of the share will need to be shared.

State sponsorship

A separate type of external financing. Unlike a bank loan, government sponsorship involves a free and irrevocable loan of money. Nevertheless, it is not so easy to get it, because you need to meet one important criterion - it is in the sphere of interests of state bodies.

Public funding is of several types:

capital investments (if on a permanent basis, then the state receives a controlling stake),
subsidies (partial sponsorship),
orders (the state orders and buys products, providing the company with a 100% sale of goods).

External financing is associated with high risks, and it is better to resort to it when you cannot cope with the crisis in the company on your own.

Pros and cons of internal and external funding sources

A source

pros

Minuses

Interior

– ease of raising funds,

– no need to ask for permission to spend,

– no need to pay interest rates,

– maintaining control over activities;

– limited quantity finance,

- Expansion restrictions.

External

- unlimited financial flow,

– the possibility of changing equipment,

- increase in turnover and, accordingly, profit;

– high risk of bankruptcy,

- the need to pay interest rates,

- the need to go through bureaucratic delays.

How to choose a funding source

From right choice The source of funding depends on the efficiency and profit of the entire organization as a whole. First of all, a businessman should check his actions with the following list:

Give precise answers to the following questions: what is the funding for? how much money will be needed? When will the company be able to return them?
Decide on a list of potential sources of support.
Starting with the cheapest and ending with the most expensive, make a hierarchy.
Calculate the costs and payback of the business idea for which the source is being sought.
Choose the best financing option.

It is possible to understand to what extent the choice of the source of funding was justified only by the results of the work, over time: if the productivity and turnover of the organization increased, then everything was done correctly.

Financing business organizations-- is a set of forms and methods, principles and conditions of financial support for simple and expanded reproduction. Financing refers to the process of generating funds or, more broadly, the process of forming the capital of a firm in all its forms. The concept of "financing" is quite closely related to the concept of "investment", if financing is the formation of funds, then investing is their use. Both concepts are interconnected, but the first precedes the second. It is impossible for a firm to plan any investments without sources of financing. At the same time, the formation of the company's financial resources occurs, as a rule, taking into account the plan for their use. When choosing sources of financing for the activities of an enterprise, it is necessary to solve five main tasks:

Determine the need for short- and long-term capital;

· identify possible changes in the composition of assets and capital in order to determine the optimal composition and structure;

· to ensure constant solvency and, consequently, financial stability;

Use own and borrowed funds with maximum profit;

Reduce the cost of financing business activities.

Sources of financing of the enterprise are divided into internal (own capital) and external (borrowed and borrowed capital). Domestic financing involves the use of own funds and, above all, net profit and depreciation. Financing from own funds has a number of advantages:

1. Due to replenishment from the profit of the enterprise, its financial stability increases;

2. The formation and use of own funds is stable;

3. Expenses on external financing are minimized (for servicing debt to creditors);

4. Simplifies the acceptance process management decisions for the development of the enterprise, since the sources of covering additional costs are known in advance.

The level of self-financing of an enterprise depends not only on its internal capabilities, but also on external environment(tax, depreciation, budgetary, customs and monetary policy of the state). External financing involves the use of funds from the state, financial and credit organizations, non-financial companies and citizens. Moreover, it involves the use monetary resources founders of the enterprise. Such attraction of the necessary financial resources is often the most preferable, as it ensures the financial independence of the enterprise and facilitates further conditions for obtaining bank loans. In a market economy, the production and economic activity of a company is impossible without the use of borrowed funds, which include: bank loans, commercial loans, i.e. borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budgetary appropriations on a returnable basis, etc. Attracting borrowed funds allows the company to accelerate the turnover of working capital, increase the volume of business operations performed, and reduce the volume of work in progress. However, the use of this source leads to certain problems associated with the need for subsequent servicing of debt obligations assumed. As long as the amount of additional income secured by the attraction of borrowed resources covers the cost of servicing the loan, the financial position of the company remains stable, and the attraction of borrowed capital is effective. If these indicators are equal, the question arises of the advisability of attracting borrowed sources of financial resources formation as they do not provide additional income. In a situation where the cost of servicing accounts payable exceeds the amount of additional income from its use, the deterioration of the financial situation in the organization is inevitable.

Thus, financing based on borrowed capital is not so profitable, since creditors provide funds on a repayment and repayment basis, that is, they do not participate with their money in the company's equity capital, but act as a lender. Comparison various methods financing allows the enterprise to choose the best option for financial support of current operational activities and covering capital costs.

The financial resources of the organization are formed from certain sources. So, it is impossible to purchase production equipment, raw materials or materials without having money for this. The sources of formation of the financial resources of the organization is a set of sources to meet the need for capital for the coming period, which ensures the development of the organization. These sources are divided into internal, own and external, borrowed and attracted (see Fig. 1.). Various classifications of sources of funds are known. One of the possible and most common groupings is shown in Fig. one.

Rice. one. The structure of the sources of enterprise funds

The main element of the above scheme is equity capital. The sources of own funds are (see Figure 2.):

Authorized capital (funds from the sale of shares and share contributions of participants);

Reserves accumulated by the enterprise;

Other contributions from legal entities and individuals (targeted financing, donations, charitable contributions, etc.).

The main sources of funds raised include:

Bank loans;

Borrowed funds;

Funds from the sale of bonds and other securities;

Accounts payable.

When creating an enterprise, contributions to its authorized capital can be cash, tangible and intangible assets. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, i.e., investors lose property rights to these objects.

Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital. The authorized capital, therefore, reflects the amount of the company's obligations to investors.

The authorized capital is formed during the initial investment of funds. Its value is announced during the registration of the enterprise, and any adjustments in the size of the authorized capital (additional issue of shares, reduction in the nominal value of shares, making additional contributions, admission of a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner provided for current legislation and founding documents.

The formation of the authorized capital may be accompanied by the formation of an additional source of funds - share premium. This source arises when, during the initial issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.

Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as retained earnings, and also in a veiled form - as funds and reserves created from profits. In a market economy, the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise. These regulatory procedures include:

Varying the boundary of attributing assets to fixed assets;

Accelerated depreciation of fixed assets;

Applied depreciation methodology for low-value and wearing items;

Procedure for valuation and amortization of intangible assets;

The procedure for assessing the contributions of participants in the authorized capital;

Choosing a method for estimating inventories;

The procedure for accounting for interest on bank loans used to finance capital investments;

The procedure for creating a reserve for doubtful debts;

The procedure for attributing to the cost of goods sold certain types expenses;

The composition of overhead costs and the way they are distributed.

Profit-the main source of formation of reserve capital. This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

Additional capital as a source of enterprise funds is formed, as a rule, as a result of revaluation of fixed assets and other material assets. Regulatory documents prohibit its use for consumption purposes.

A specific source of funds are funds for special purposes and targeted financing: donated valuables, as well as non-refundable and repayable state appropriations for financing non-production activities related to the maintenance of social, cultural and municipal facilities, for financing the costs of restoring the solvency of enterprises located on full budget financing, etc. First of all, the organization focuses on the use of internal sources of financing. Formation of the authorized capital, its effective use, managing it is one of the main and most important tasks of the financial service of the organization. The authorized capital is the main source of the organization's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the state and municipal enterprise- the amount of the authorized capital. The authorized capital is changed by the organization, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents. It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing from circulation some of their number), as well as by increasing (decreasing) the par value of old shares.

TO additional capital relate:

1) results of revaluation of fixed assets;

2) share premium of the joint-stock company;

3) gratuitously received cash and material values for production purposes;

4) appropriations from the budget for financing capital investments;

5) funds for replenishment of working capital.

Retained earnings are profits received in a certain period and not directed in the process of its distribution to consumption by owners and staff. This part of the profit is intended for capitalization, that is, for reinvestment in production. In terms of its economic content, it is one of the forms of the organization's own financial resources reserve, which ensures its production development in the coming period.

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Sources of financing the activities of the enterprise

Introduction
Conclusion
Applications
Introduction

Finances occupy a special place in economic relations. Their specificity is manifested in the fact that they always act in monetary form, have a distributive character and reflect the formation and use various kinds income and savings of business entities in the sphere material production, the state and participants in the non-productive sphere.

Financial relations exist objectively, but they have specific forms of manifestations that correspond to the nature of production relations in society. In modern conditions, the forms of financial relations are undergoing major changes. The formation of the market and entrepreneurship in Ukraine involves not only the denationalization of the economy, the privatization of enterprises, their demonopolization to create a free economic sector, the development of competition, the liberalization of prices and foreign economic relations of enterprises, but also the financial recovery of the national economy, the creation of an adequate system of financial relations.

The finances of enterprises, being part of the general system of financial relations, reflect the process of formation, distribution and use of income at enterprises in various sectors of the national economy and are closely related to entrepreneurship, since an enterprise is a form of entrepreneurial activity.

Relevance of the chosen topic term paper due to the fact that the use of financial resources for profit is one of the central places in common system value instruments, levers and limitations of the market economy.

The purpose of the course work is to assess the sources of financing for the activities of the enterprise LLC "Amelia".

To achieve the goal of the course work, it is necessary to solve the following tasks:

1. To study the theoretical foundations of the sources of financing for the activities of the enterprise and their assessment.

2. To assess the sources of financing for the activities of the enterprise "Amelia" LLC.

The object of study of the work is the Society with limited liability"Amelia". The subject of the study is the sources of financing of the enterprise.

The subject of the study was the sources of financing of the enterprise.

graduation research methods qualifying work become:

a) general scientific - methods of financial, economic analysis, accounting, grouping method, comparison method;

b) specific - methods for formulating general conclusions based on the generalization of financial and analytical practice.

The information base of the study is legislative and regulations Russian Federation on issues of enterprise finance, monographs and publications in all-Russian periodicals, financial statements and various methodological sources: balance sheet, profit and loss statement for 9 months 2011 - 2013 LLC "Amelia".

Chapter 1. Theoretical foundations of sources of financing of the enterprise

1.1 The essence of the sources of financing of the enterprise

In Russian practice, the capital of an enterprise is often divided into active and passive capital. From a methodological point of view, this is wrong. This approach causes underestimation of the place and role of capital in business and leads to a superficial consideration of the sources of capital formation. Capital cannot be passive, as it is a value that brings surplus value in motion, in constant circulation. Therefore, it is more reasonable to apply here the concepts of sources of capital formation and functioning capital.

Schematically, they can be represented as follows (Fig. 1).

Rice. 1. Sources of formation of the property of the organization

The capital of the enterprise can be considered from several points of view. First of all, it is expedient to distinguish between real capital, i.e. existing in the form of means of production, and money capital, i.e. existing in the form of money and used to acquire the means of production, as a set of sources of funds to ensure the economic activity of the enterprise. Consider first money capital.

Own capital - the source of the part of assets remaining after deducting all liabilities from total assets; some use the term more broadly to include obligations. Equity capital consists of authorized, additional, reserve capital; target financing and receipts, retained earnings. The structure of equity capital can be represented as a diagram (Fig. 2).

Rice. 2. Equity structure

As part of equity capital, the main place is occupied by the authorized capital.

Authorized capital - the amount of capital determined by the contract and the charter of the organization, which is allocated by joint-stock companies and other enterprises to start activities. The authorized capital in organizations created at the expense of the owners is a set of contributions from the founders (participants) of business partnerships and business companies(in the form of joint-stock companies, limited liability companies, etc.), municipalities, the state.

The structure of borrowed sources can be represented as a diagram (Fig. 3).

Rice. 3. Structure of borrowed capital

Borrowed capital is capital that is attracted by the company from the outside in the form of loans, financial assistance, amounts received on bail, and other external sources for a specific period, on certain conditions under any guarantees.

Bank loans include short-term and long-term bank loans. Loans are issued by the bank on a strictly certain goals, for a fixed period and with the condition of return. All considered sources of economic funds constitute a liability of the balance sheet.

The sum of economic means of the organization and the sum of the sources of their formation are equal, because the organization cannot have more economic means than the sources of their formation, and vice versa.

Capital in material incarnation is divided into fixed and working capital.

Fixed capital serves for a number of years, circulating capital is completely consumed during one production cycle.

Fixed capital in most cases is identified with fixed assets (fixed assets) of the enterprise. However, the concept of fixed capital is broader, since in addition to fixed assets (buildings, structures, machinery and equipment), which represent a significant part of it, fixed capital also includes construction in progress and long-term investments - funds aimed at increasing capital stock. Now consider the ways and sources of financing the activities of the enterprise.

1.2 Methods and sources of financing the activities of the enterprise and their assessment

An important role in the implementation of the financial policy of the enterprise and the management of its cash flow is played by intra-company financial planning. Before starting development financial plans, it is necessary to determine the methods and sources of raising capital to finance current (operational) and investment activities.

When choosing sources of financing for an enterprise, it is necessary:

determine the need for short-term and long-term capital;

analyze possible changes in the composition of assets and capital in order to determine their optimal structure in terms of volume and types;

ensure constant solvency and, consequently, financial stability;

use own and borrowed funds as profitably as possible;

reduce the cost of financing business activities.

Availability of financial and investment plans allows you to determine the amount of cash resources of the enterprise, taking into account:

1) the competence of its management;

2) tax legislation and its impact on the company's income;

3) monetary policy of the state;

4) the ratio of own and borrowed funds in the liabilities side of the balance sheet;

5) the cost of financing current investment activities with different options for their payback.

Sources of financing for enterprises are divided into internal (own capital) and external (borrowed and borrowed funds from the financial market).

Rice. 4. Sources of financing of the enterprise

As can be seen from Figure 4, internal financing is the use of own funds, before its net profit and depreciation. With active self-financing, the enterprise's profit should be sufficient to pay taxes to the budget system, dividends on the issuer's shares, expand fixed assets and intangible assets, replenish working capital, and implement social programs.

Having studied and considered the theoretical foundations of the sources of financing the activities of the enterprise, then we will analyze the sources of financing the activities of the enterprise "Amelia" LLC.

Chapter 2

2.1 Brief economic characteristic enterprises LLC "Amelia"

The company "Amelia" is engaged in the production and sale of products for medical, cosmetic and sanitary purposes. There is production units located in different regions of Russia and neighboring countries. In St. Petersburg there is a factory for the production of medical cotton wool and other medical and cosmetic products, in Novgorod, Ivanovo and Uzbekistan there are factories for the production of semi-finished products for final products.

The goal of Amelia LLC is to achieve undisputed leadership in Russia in the production and distribution of medical products. To achieve this goal, the company sets a number of standards.

Location of LLC "Amelia": 192171, Russia, St. Petersburg, Zheleznodorozhny prospect, 20.

Considering the financial condition of the enterprise, it is necessary to analyze its main economic indicators presented in Table 1. The indicators are compiled according to the data financial reporting Amelia LLC for 2011-2013 (Appendices A, B).

Table 1 shows that sales revenue in 2012 decreased by 21,370 thousand rubles, and in 2013 increased by 43,701 thousand rubles. or by 54.32%. This increase is associated with an increase in volumes and an increase in the level of prices of products sold.

Table 1 - The main technical and economic indicators of the activity of Ameliya LLC for 2011-2013

The name of indicators				Deviations


1. Revenue from the sale of marketable products, thousand rubles.
2. Balance sheet profit, thousand rubles.
3. Profit from sales of products, thousand rubles.
4. The cost of commercial products, thousand rubles.
5. Costs per 1 ruble of marketable products, kop. (clause 4/clause 1*100)
6. Average number of employees, pers.
7. Fund of wages of workers, thousand rubles.
8. The average annual cost of the OPF, thousand rubles.
9. Capital productivity of OPF, rub. (clause 1 / clause 8)
10. Labor productivity, thousand rubles.
11. Medium wage 1 employee, rub./month
12. Return on sales, % (clause 3/clause 1*100)
13. Ratio financial stability(?0.7), coefficient
14. Current liquidity ratio (?2, opt not< 1), коэфф.

The ratio of revenue and cost of sold products of the enterprise LLC "Amelia", we will demonstrate in Figure 5.

Rice. 5. The ratio of revenue and cost of sold products of the enterprise LLC "Amelia", for 2011-2013.

The increase in costs in 2013 led to a decrease in sales margins and profit on sales. Profit from sales in 2012 compared to 2011 decreased by 30,948 thousand rubles, and in 2013 increased by 20,575 thousand rubles. Profitability of sales shows how much profit the company receives from 1 ruble of products sold. Due to the increase in profit from sales of products, the profitability of sales increased from 7.336 to 21.326%. The cost per ruble of sales proceeds amounted to 63.809 rubles in 2011, and 78.674 rubles in 2013, which is 13.990 rubles. lower than in 2012, that is, there was a reduction in the cost of inventories. There is an increase in fixed assets in 2012 by 2197 thousand rubles, and in 2013 by 482 thousand rubles.

The overload of production led to an increase in the number of employees in 2012 by 4 people, and in 2013 from 91 to 93 people. In connection with the increase in the number of personnel and the increase in revenue from the sale of products, labor productivity also increased in 2013 by 450,891 thousand rubles per person.

Return on assets shows how much output falls on one ruble of fixed assets and thus characterizes the efficiency of the use of fixed assets. At the enterprise, fixed assets are used efficiently in 2013, since the return on assets increased from 0.090 to 0.132 rub. year 0.065. All this indicates a decrease in the financial stability of the enterprise and the lack of own working capital.

The current liquidity ratio during the entire reporting period increased from 12.079 to 49.929, which satisfies the restriction and has a positive effect on the financial position of the enterprise. This allows us to conclude that the total amount of working capital is sufficient to ensure solvency.

In the future, the main source of income for Amelia LLC will remain products that are in stable demand on the market, as well as products whose marketing characteristics will be formed by energy-saving and environmentally friendly technologies.

2.2 Analysis of the composition and structure of sources of financing for the activities of the enterprise LLC "Amelia"

According to the financial statements (Appendices A, B), we will analyze the property status of Amelia LLC for 2011-2013. To do this, it is necessary to study the change in the composition and structure of the property of the enterprise (table 2).

Table 2 - The composition and structure of the property of Amelia LLC for the period 2011-2013 (at the end of the year)

Type of property				2013 to 2011 in %

Non-current assets - total
fixed assets
Construction in progress
Current assets - total
including
VAT on purchased assets
Settlements with debtors
Short-term financial investments
Cash
Total property

Analyzing table 2, we can say that the company is developing unevenly, since its property has decreased over the past two years and amounted to 136,455 thousand rubles. in 2013 or 99.30% compared to 2011

At the same time, in 2012 there was an increase in the value of the entire property of the organization to 144,400 thousand rubles. Thus, in 2013, the value of the property of Amelia LLC has the smallest value of the entire period under consideration.

The company's current assets include such groups as stocks, VAT on acquired valuables (only in 2011), settlements with debtors, short-term financial investments and cash. The share of reserves throughout the entire study period is predominant - it accounts for 40.04% of the total amount of the company's property in 2013.

In 2011, settlements with debtors accounted for more than 9% of the company's property, in 2012 their share decreased to 4.96%, in 2013 it increased to 5.23%, while the amount almost halved in two years . In 2011, the amount of settlements with debtors was the largest and amounted to 13071 thousand rubles, in 2013 it decreased to the value of 7130 thousand rubles, which indicates that the release of the company's products with a deferred payment diverts significant amounts from cash flow funds, causing the firm to have problems paying bills. Therefore, Amelia LLC decided to reduce the value accounts receivable.

We will demonstrate the dynamics of the receivables of the enterprise in Figure 6.

financing cost receivables

Rice. 6. Accounts receivable of the enterprise LLC "Amelia"

Such a balance sheet item as short-term financial investments is becoming more and more significant: in 2011 its share was 10.02% (13773 thousand rubles), in 2012 it almost halved to 5.42% (7821 thousand rubles), in 2013 - increased to 10.37% (14149 thousand rubles). The value of short-term financial investments increased by 1.03 times over the two years under study. This indicates the availability of free cash of the company, which it actively invests in securities or the creation of other enterprises.

Both the value and the share of funds fluctuate greatly over the period under study: in 2011 it corresponds to 4.8% (6600 thousand rubles) of the value of the company's property, in 2012 it increases to 6.90% (9968 thousand rubles), in 2013 - significantly reduced to 1.82% (2481 thousand rubles). This situation is indicative of a small absolute liquidity and the difficulties of the firm with the payment of current accounts.

Figure 7 shows the structure of current assets of Amelia LLC.

Rice. 7. Structure of current assets of Amelia LLC

Non-current assets of the organization are represented by fixed assets and construction in progress, the remaining components of non-current assets in Amelia LLC are absent. Over the period under study, the share of fixed assets gradually decreases with a decrease in the value: in 2011, the amount of fixed assets was 62,693 thousand rubles. (45.62% in the property of the company), in 2013 - decreased by 1.1 times to the value of 56885 thousand rubles. or 41.69% in the property of the company. This indicates the narrowing of the fleet of machines and equipment of Amelia LLC.

In addition, in the current assets of the organization there is such an item as construction in progress, but its share is very small and amounts to less than 1% both in 2011 and 2013, in 2012 both the amount and the share of this item increased in three times. This suggests that LLC "Amelia" is trying to build in the shortest possible time.

Completing the analysis of the composition and structure of the assets of Amelia LLC for 2011-2013. Figure 8 shows the dynamics of non-current assets, current assets and balance sheet.

Rice. 8. Structure of assets of Amelia LLC for 2011-2013

Table 3 - Composition and structure of sources of formation of property of Amelia LLC for the period 2011-2013 (at the end of the year)

A source				2013 to 2011 in %

Own funds - total
Including Authorized capital
Extra capital
Reserve capital
Retained earnings (uncovered loss)
Borrowed and borrowed funds - total
Including long term duties
Long-term loans and credits
Deferred tax liabilities
Other long-term liabilities
Current liabilities - total
short-term loans and credits
accounts payable
Total sources of property formation

According to the results of the analysis carried out in Table 3, it should be noted that the organization under study is quite financially stable: throughout the entire period from 2011 to 2013, the share of own funds prevails, and in 2011 it was 56.06%, then it gradually increased up to 64.58%.

The value of the authorized capital throughout the entire study period remains unchanged - 41,000 thousand rubles, while its share fluctuates from 29.84% to 30.05% due to changes in the balance sheet. The undistributed profit of the organization is gradually increasing both in amount and in share: the amount of retained profit in 2011 was 36,043 thousand rubles. or 26.23% of the value of all sources of the organization, in 2013 - increased to 47126 thousand rubles. or 34.54%.

Thus, LLC "Amelia" tries to use the earned funds for the development of its organization in order to reduce dependence on borrowed and attracted capital. During the financial crisis, such a financial policy is, in our opinion, quite justified.

The amount of borrowed and borrowed funds of Amelia LLC for 2011-2013 decreased by 1.2 times and amounted to 48329 thousand rubles. at the end of 2013 (80.05% compared to 2011). Thus, there is a decrease in the organization's activity in attracting various types of loans and borrowings - both long-term and short-term, and an increase in its financial stability.

The value of long-term liabilities decreased by 2.5 times and amounted to 21,000 thousand rubles. Long-term liabilities are represented by such an item as "Long-term loans and credits". Thus, it is clear that the organization is gradually repaying long-term loans taken several years ago.

Short-term liabilities increased by more than 2.4 times and amounted to 27,329 thousand rubles. or 20.03% in the balance currency. Current liabilities are represented by items such as "Short-term loans and borrowings" and "Accounts payable". At the same time, short-term loans and credits accounted for 15,310 thousand rubles in 2013. or 11.22%. Over the past period of time, their value increased by 1.92 times, and their share - by 5.5%.

The dynamics of the accounts payable of the enterprise LLC "Amelia", we will demonstrate in Figure 9.

Rice. 9. Dynamics of accounts payable of the enterprise LLC "Amelia"

There is also an increase in both the magnitude and the share in the total amount of sources of organization of accounts payable: in 2011 its amount was 3437 thousand rubles, the share was 2.50%, by the end of 2013 the amount increased by 3.5 times and amounted to 12019 thousand rubles. or 8.81%.

This suggests that the organization is experiencing an acute shortage of funds: to replenish working capital, the company is trying to attract both short-term loans and loans, and delay the payment of current accounts.

Consider indicators financial results according to the results of the work of Amelia LLC for 3 years, presented in table 4.

Table 4 - Analysis of profit indicators of Amelia LLC

Indicator	2013 to 2011 in %

Revenue from product sales
Cost of sales
Gross profit
Selling expenses
Management expenses
Revenue from sales
Interest receivable
Percentage to be paid
Income from participation in other organizations
Other income
other expenses		170.69 times
Profit before tax
Current income tax and other payments from profit
Net profit

After analyzing the composition and structure of property and sources of formation of property of Amelia LLC for 2011-2013. note the deterioration of the financial condition.

Conclusion

Financial resources are the funds remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.

The financial strategy consists of methods and practices for the formation of financial resources, their planning and ensuring the financial stability of the company.

The role of financial policy in the system strategic management company is the formation of finances and their planning to create the financial stability of the company. The leading element of the analysis of the financial and economic condition is the system of analytical coefficients, which is used different groups users.

The economic means of the organization are formed at the expense of sources, i.e. financial resources. Distinguish:

Sources of own funds (own capital);

Sources of borrowed funds (borrowed capital).

Sales revenue in 2012 decreased by 21,370 thousand rubles, and in 2013 increased by 43,701 thousand rubles. or by 54.32%. This increase is associated with an increase in volumes and an increase in the level of prices of products sold.

The cost of products (works, services) in 2012 compared to 2011 increased by 9578 thousand rubles, and in 2013 compared to 2012 by 23126 thousand rubles, which negatively affects the financial condition of the enterprise. The cost increase was due to the increase in prices for energy carriers, fuel, raw materials and supplies.

The property of LLC "Amelia" is represented by non-current and current assets, and the share of current assets during 2011-2013. is predominant with a slight excess (more than 50, but less than 60%), although it increases in 2012 and slightly decreases in 2013 and reaches 57.46% by the end of 2013.

The amount of current assets increases for 2011 - 2013. 1.07 times and amounts to 78401 thousand rubles. at the end of 2013

Non-current assets of Amelia LLC for 2011 - 2013 slightly decreased and amounted to 58054 thousand rubles. by the end of 2013. This is 90.86% of the value of non-current assets in 2011, which is a negative fact in the work of the company.

LLC "Amelia" is quite financially stable: throughout the entire period from 2011 to 2013, the share of own funds prevails, and in 2011 it amounted to 56.06%, then gradually increased to 64.58%.

The value of own funds increased by 1.14 times over two years and amounted to 88126 thousand rubles. by the end of 2013

Own funds of Amelia LLC consist of the authorized capital and retained earnings. It should be noted that a large share (more than 50% of all available sources of property) in 2012 and 2013. is retained earnings, which suggests that Amelia LLC uses the bulk of the profits received for the further development of the organization.

The proceeds from the sale of products of Amelia LLC in 2011 amounted to 101,822 thousand rubles, then decreased in 2012 to a value of 80,452 thousand rubles. and increased in 2013 to 124,153 thousand rubles. The sales revenue growth rate was 121.93% in 2013 compared to 2011.

The cost of sales of products changes in a similar way: in 2011 it amounted to 64,972 thousand rubles, then it decreased in 2012 and increased in 2013.

At the same time, the cost growth rate exceeds the sales revenue growth rate and amounts to 150.34%. These changes lead to a decrease in gross profit from the value of 36850 thousand rubles. in 2011 to the value of 26477 thousand rubles. in 2013, which amounted to 71.85% of the 2011 level.

Due to the fact that the company invests in short-term financial investments, in 2013 there is interest receivable in the amount of 40 thousand rubles. or 0.03%.

Since the company is increasingly attracting short-term loans and borrowings, the amount of interest payable is 2100 times greater than the amount of interest receivable and amounts to 8309 thousand rubles. or 6.69%.

The company has no income from participation in other organizations, but in the "Profit and Loss Statement" there are always such items as "Other income" and "Other expenses". At the same time, in 2011, other income was many times higher than other expenses, which led to an increase in profit before tax. In 2012 and 2013, this trend continued, but the difference between other income and other expenses decreased. In 2013, the difference between other income and other expenses amounted to 2,898 thousand rubles, which led to an increase in profit before tax by the same amount.

In this regard, profit before tax in 2011 amounted to 33963 thousand rubles, and by 2013 it decreased to the level of 60.82% or 20656 thousand rubles. Thus, the firm conducts its activities with a profit, but its value is gradually decreasing, which is a negative fact in its work.

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