Financial sustainability can be enhanced by. Financial stability and ways to increase it. The concept of financial sustainability of the enterprise
COURSE WORK
Under the discipline "Economics of the enterprise"
Ways to improve the financial sustainability of the enterprise
financial Stability Economic Efficiency
Introduction
Theoretical aspects of the determination of the financial sustainability of the enterprise
1 Formation of the financial stability of the enterprise
2 Information base of determining the financial sustainability of the organization
3 Methodical approaches to the assessment of the financial stability of the enterprise
Analysis of the activities of the enterprise
1 Organizational and economic characteristics of the enterprise LLC "First Window Combine"
2 Analysis of the financial activities of the organization LLC "First Window Combine"
3 Analysis of indicators of financial sustainability of the enterprise "First Window Plant"
Improving the financial stability of the enterprise "First Window Plant"
1 ways to increase the financial stability of the enterprise "First Window Plant"
2 Development and implementation of mechanisms for improving the financial stability of the organization LLC First Window Combine
Conclusion
Introduction
For the modern economy, Russia is characterized by instability, inconsistency of tax, credit and currency, insurance, customs, investment policy; loss of state support in connection with the change in the form of ownership without significant changes in the legislative framework of the Russian Federation; lack of budget financing; inflation; subordination of the accounting system for tax purposes; Uncertainty in the behavior of buyers, suppliers, competitors.
One of the main obstacles to the stable economic growth is a slow process of transformations at the level of organizations (enterprises) in connection with the ineffectiveness of the system of their management, a low level of responsibility of managers for the consequences of decisions made and the results of activity, as well as the lack of reliable information about their economic condition, Financial sustainability, which is the most important characteristic of financial and economic activities in the market. To eliminate negative trends of economic development in order to increase the stability of the activities of economic entities, it is necessary to focus on ensuring the sustainable development of the organization as the main structural element of the Economic System of the Russian Federation.
Overcoming the crisis situation in Russia, the market economy and new forms of management determine the solution of new problems, one of which today is to ensure the economic stability of development. To ensure the "survival" of the enterprise in the market conditions, management personnel is required to assess the possible and appropriate rates of its development from the position of financial support, identify available sources of funds, thereby contributing to the sustainable position and development of economic entities. The determination of the sustainability of the development of commercial relations is necessary not only for the organizations themselves, but also for their partners who fairly want to have information about stability, financial well-being and reliability of their customer or client. Therefore, an increasing number of counterparties begins to be involved in research and assessment of the sustainability of a particular organization.
Evaluation of financial sustainability allows external analysis subjects (primarily partners on contractual relations) to determine the organization's financial capabilities for long-term prospects, which are from the structure of its capital; degree of interaction with creditors and investors; Conditions on which external sources of financing are attracted and serviced. Thus, many managers of enterprises, including representatives of the public sector of the economy, prefer to invest minimum of their own funds, and finance it at the expense of money taken into debt. However, if the structure of "own capital - borrowed capital" has a significant breakdown towards debts, then a commercial organization can go bankrupt if several lenders immediately will unexpectedly demand to return their money in the "unidentified" time. No less important is the assessment of financial stability in the short term, which is associated with identifying the degree of liquidity of the balance, current assets and solvency of the organization.
The solvency and financial stability are the most important characteristics of the financial and economic activity of the enterprise in a market economy. The concept of "financial sustainability" of the organization is multifaceted, it is more wider, in contrast to the concepts of "solvency" and "creditworthiness", as it includes an assessment of various aspects of the organization's activities. Domestic economists interpret the essence of the concept of "financial stability" in different ways. In the early 90s. The stock of the financial stability of the enterprise was characterized by a reserve of sources of own funds, provided that its own means exceed borrowed. It also was assessed by the ratio of own and borrowed funds in the assets of the enterprise, the rate of accumulation of own funds, the ratio of long-term and short-term liabilities, sufficient provision of material working capital by their own sources.
Financial stability is a specific state of an enterprise accounts that guarantee its constant solvency. Indeed, as a result of the implementation of any economic operation, a financial condition may remain unchanged or improved or worse. The flow of economic operations performed daily is as it were, as it were, the "disturbant" of a certain state of financial stability caused the transition from one type of sustainability to another. Knowledge of the limit borders of changing sources of funds to cover capital investments in fixed assets or production costs allows you to generate such streams of economic operations that lead to an improvement in the financial condition of the enterprise and increase its sustainability. In the study of financial stability, a separate concept is distinguished - "solvency", not identified with the previous one. As can be seen, solvency is an integral component of financial stability. The stability and stability of the financial state depend on the results of the production, commercial, financial and investment activities of the enterprise, and a sustainable financial condition, in turn, has a positive impact on its activities.
The stability of the financial condition of the organization determines the ratio of the values \u200b\u200bof its own and borrowed sources of formation of stocks and the value of the reserves themselves. Security of stocks and costs of formation sources, as well as the effective use of financial resources is a significant characteristic of financial stability, while solvency acts as an external manifestation. At the same time, the degree of reserves and costs is the reason for one or another degree of solvency, the calculation of which is calculated at a specific date. Consequently, the form of manifestation of financial stability can be solvency.
The relevance of the work is: financial sustainability is a kidding property of an assessment of the real financial condition of the organization, and the search for input opportunities, funds and methods of its strengthening determines the nature of the holding and maintenance of economic analysis. Thus, financial stability is guaranteed solvency and creditworthiness of the enterprise as a result of its activities based on the effective formation, distribution and use of financial resources. At the same time, this is the provision of reserves by its own sources of their formation, as well as the ratio of own and borrowed funds - sources of coverage of the company's assets.
The purpose of the course work is the analysis of financial sustainability on the example of the enterprise "First Window Plant" LLC.
The subject of the course work is the relative and absolute indicators of the financial stability of the enterprise.
Object - Limited Liability Company "First Window Combine"
1. Theoretical aspects of determining financial stability
1 Formation of the financial stability of the enterprise
The pledge of survival and the basis of the stability of the position of the enterprise is its sustainability. The stability of the enterprise is influenced by various factors:
· position of the enterprise in the commodity market; · production and release of cheap products in demand; · its potential in business cooperation; · degree of dependence on external lenders and investors; · the presence of insolvent debtors; · efficiency of economic and financial transactions. Financial stability is a reflection of the stable excess of income over costs, provides free maneuvering of the company's money and through their effective use contributes to the uninterrupted process of production and product sales. In other words, the financial sustainability of the company is the state of its financial resources, their distribution and use, which ensure the development of the company based on profit and capital growth while maintaining solvency and creditworthiness in the conditions of a permissible level of risk. Therefore, financial stability is formed in the process of all production and economic activity and is the main component of the overall sustainability of the enterprise. An analysis of the sustainability of the financial condition on one date or another allows you to answer the question: how correctly the enterprise managed financial resources during the period preceding this date. It is important that the state of financial resources consistent with the requirements of the market and responded to the needs of the company's development, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds from him for the development of production, and excessive - to impede development, extinguishing the company's costs with excessive reserves and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency acts as an external manifestation. Evaluation of the financial condition of the enterprise will be incomplete without analyzing financial stability. Analyzing the liquidity of the enterprise's balance, compare the state of liabilities with the state of assets; This makes it possible to assess what extent the enterprise is ready to repay their debts. The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities. It is necessary to answer the questions: how much does an enterprise, regardless of the financial point of view, is growing or declining the level of this independence and whether the state of its assets and liabilities is responsible for the tasks of its financial and economic activities. Indicators that characterize independence for each element of assets and on property as a whole provide an opportunity to measure whether an important entrepreneurial organization is sufficiently stable. The financial sustainability of the enterprise is associated with the general financial structure of the enterprise and the degree of dependence on creditors and debtors. For example, an enterprise that is funded mainly due to funds made in a debt, in a situation where several creditors will simultaneously require their loans back, can go bankrupt. In this case, the structure of the enterprise "Own capital - borrowed capital" has a significant advantage towards the latter. Thus, it can be concluded that the financial stability of the enterprise in the long term is characterized by the ratio of its own and borrowed funds. Security of stocks and costs of formation sources is the basis of financial stability. Analysis of financial stability is based on the main balance sheet formula that establishes the balance of indicators of the asset and liabilities of the balance, which has the following form: BUT AT + A. ABOUT \u003d K. WITH + Z. D. + Z. Kr ,
where am AT - non-current assets (summary of the I asset of the balance); · BUT ABOUT - current assets (the result of section II of the balance of the balance), which includes production reserves (PZ) and cash in cash, non-cash forms and calculations in the form of receivables (DZ); · TO WITH - Capital and reserves of the enterprise, i.e., the proprietary capital of the enterprise (the result of section III of the liability of the balance of the enterprise); · Z. D. - long-term loans and loans taken by the enterprise (the result of the section IV of the Liability of the Company's Balance); · Z. Kr - short-term loans and loans taken by the company, which, as a rule, are used to cover the lack of working capital of the enterprise (ZS), the accounts payable of the enterprise, according to which it should pay almost immediately (KZ) and other funds in the calculations (PS) (partition outcome V liabilities of the balance of the enterprise). Taking into account all the balance sheet subsections, this formula can be submitted in the following form: BUT AT + (PZ + DZ) \u003d K WITH + Z. D. + (ZS + KZ + PS). (BUT AT + PZ) + dz \u003d (to WITH + Ps) + s D. + ZS + KZ, · BUT AT + PZ - non-current and revolving industrial funds; · Dz - working capital in circulation; · TO WITH + PS - its own and equivalent capital of the enterprise is usually used to cover the lack of working capital of the enterprise. In that case, non-current and revolving industrial facilities of the enterprise are repaid at the expense of its own and equivalent capital with the possible involvement of long-term and short-term loans, and the funds of the enterprise in the calculations are enough to pay off urgent obligations, then we can talk about one or another The degree of financial sustainability (solvency) of the enterprise, which is characterized by the inequality system: (BUT AT + PZ) ≤ (to WITH + Ps) + s D. + ZS; Dz ≥ kz. At the same time, the execution of one of the inequalities automatically entails fulfillment and the other, therefore, in determining the financial stability of the enterprise, it is usually based on the first inequality, converting it from the fact that, first of all, the enterprise should provide capital to its non-current assets. In other words, the value of the company's reserves should not exceed the amount of its own and attracted funds and borrowed funds of the enterprise after providing these means of non-current assets, i.e. PZ ≤ (to WITH + PS + Z D. + ZS) - A AT The implementation of this inequality is the main condition of the solvency of the enterprise, since in this case the funds, short-term financial investments and active calculations will cover the short-term debt of the enterprise. Thus, the ratio of the value of material working capital and the values \u200b\u200bof their own and borrowed sources of their formation determines the sustainability of the financial condition of the enterprise. The most generalizing indicator of financial stability is surplus or lack of sources of funds for the formation of reserves and costs obtained in the form of a difference in the size of the sources of funds and the amount of stocks and costs. To evaluate the state of stocks and costs, the data of the group of stations "stocks" of section II of the balance of the balance is used. For the characteristics of sources of stock formation, three main indicators determine. The presence of own working capital (SOS) as a difference between capital and reserves (part III of the balance sheet) and non-current assets (section I of the balance of the balance). This indicator characterizes pure working capital. Its increasing compared with the previous period indicates the further development of the activities of the enterprise. In the formalized form, the presence of own working capital can be written as follows: SOS \u003d K. WITH - BUT AT Sd \u003d (to WITH + Z. D. ) - BUT AT \u003d SOS + to D. ,
3. The total value of the main sources of stock formation and costs (OI), determined by increasing the previous indicator for the sum of short-term borrowed funds: OI \u003d (to WITH + Z. D. ) - BUT AT + ZS. Three indicators of the presence of sources of stock formation and costs correspond to three indicators of stock availability and costs of their formation sources: Surplus (+) or disadvantage (-) of own working capital (ΔCOS): ΔCos \u003d SOS, where z - reserves (p. 210 + p. 220 of the II Asset Balance). Excess (+) or disadvantage of own and long-term sources of stock formation (ΔCD): Δcd \u003d sd - z. Surplus (+) or disadvantage of the total value of the main sources of stock formation (Δi): Δi \u003d OI - Z. For the characteristics of the financial situation in the enterprise there are four types of financial stability. The absolute sustainability of the financial state, which is found in these Terms of Development of the Russian economy, is very rare, represents the extreme type of financial stability and is given by the condition: Z.< СОС.
This ratio shows that all reserves are completely covered with their own working capital, i.e. the company is completely independent of external creditors. However, this situation cannot be considered as ideal, since it means that the management of the company does not know how, does not want or it does not have the opportunity to use external sources of funding for the main activity. The normal sustainability of the financial condition of the enterprise, guarantees its solvency, corresponds to the following condition: S \u003d SOS + ZS. The given ratio corresponds to the Regulation when an enterprise for coating stocks and costs successfully uses and combines various sources of funds, both own and attracted. An unstable state characterized by a violation of solvency in which the possibility of restoring equilibrium is preserved by replenishing sources of own agents and an increase in Sos: S \u003d SOS + ZS + and ABOUT ,
where I. ABOUT - Sources weakening financial tensions (temporarily free own funds (economic stimulus funds, financial reserves) attracted funds (excess of normal payables over receivables), bank loans for temporary replenishment of working capital and other borrowed funds). Financial instability is considered normal (admissible) if the value of short-term loans attracted to the formation and costs of short-term loans and borrowed funds does not exceed the total cost of production reserves and finished products (the most liquid part of stocks and costs). The crisis financial condition in which the entrepreneurial firm is on the verge of bankruptcy, as cash, short-term securities and receivables do not cover even its accounts payable and overdue loans: S\u003e SOS + ZS. In the last two cases (unstable and crisis financial position), stability can be restored to optimizing the structure of liabilities, as well as by a reasonable reduction in the level of reserves and costs. 2 Information base for financial sustainability analysis For the analysis and disclosure of the essence of phenomena, information is needed that would allow analytics to track the state and the results of the enterprise's activities, helped to understand the flow of stock flows. The analysis process includes the processing of various formal and informal data of enterprises that are used when analyzing. In determining the analysis, as economic science, it was emphasized that the analysis of financial sustainability is based on the system of indicators, on the integrated use of these a number of sources of economic information. Sources of analysis are divided into accounting and extraact Accounts include: accounting and reporting; statistical accounting and reporting; operational accounting and accounting; selective credentials. The information that is used within the enterprise most fully meets the requirements of the analysis and comprehensively illuminates the analyzed object. Each enterprise, according to the current legislation, has the right to preserve entrepreneurial secrets that cannot be published in open printing. The most simple and accessible form of financial information is the accounting statements made according to the rules of public accounting reporting. Reporting typically includes a balance on a specific date, a report on the period and loss for the period, a report on the movement of funds for the same period and a report on cash flow. An explanatory note is attached to the report, which decipher certain balance sheet articles and explains the reasons for the formation of some amounts. Accounting reporting is drawn up according to the generally accepted accounting principles, reflects the impact of past and real management decisions with certain conservative principles: transactions are recorded at prices prevailing at the time of their commission; revenues and expenses are taken into account at the time of the commission, and not when money changes their owners; periodic comparison of income and costs are made through the arrival, consumption, residues; creating reserves for unforeseen circumstances lead to a decrease in profits. These rules sufficiently distort the results of accounting, especially in cases where its results are used to analyze the financial condition and determining the value of the property. The balance sheet is drawn up for a specific date. Reflects the size of the assets used by the enterprise and compensate for their obligations towards creditors and owners. The assets include: working capital; main capital; other assets. The main sources are: short-term obligations; long term duties; equity. Since the balance is static, but, in addition, it has a cumulative effect, as it reflects the consequences of all solutions and transactions that took place in the enterprise. When making decisions on investment, current production and financing, the balance can be viewed as a cumulative result of the activities of past investment and financing decisions. Clean effect of profit or loss activities for the period is reflected on changes in equity Statistical accounting and reporting reflecting the combination of mass phenomena and processes characterizing them from the quantitative side (linking with a qualitative side) that identify certain economic patterns serve as an important source of analysis. Operational accounting and reporting provide faster compared to statistics and accounting, obtaining relevant information. Unregulated sources include the following: materials of tax checks; print materials; materials of financial and credit institutions. 3 Methodical approaches to the assessment of the financial stability of the enterprise An analysis of the financial condition of the enterprise is a tool for making management decisions, is one of the steps of management, during which certain management decisions are substantiated and their economic efficiency is assessed. In the national and foreign scientific literature there are many methodological approaches to the evaluation of the financial condition of the organization. The whole range of methodological approaches to the assessment of the financial condition of the enterprise allows you to select the following steps: calculation of the system of financial coefficients; diagnosis of the probability of bankruptcy of the enterprise. The results of the enterprise and its financial condition are interested in owners, managers, lenders, investors, partners, state, that is, internal and external users of economic information. Each of them, depending on the purposes and objectives of the analysis, develops its methodical approaches to the assessment of the financial condition and puts its accents. For example, for credit institutions, the analysis of the company's creditworthiness is of particular importance - a potential borrower of the bank. Many banks for analyzing solvency and credit assessment use methods of comprehensive economic analysis of the borrower, which includes: analysis of the financial statements of the enterprise; analysis of cash flows of the enterprise; analysis of the profitability of the upcoming transaction; analysis of the financial indicators of the enterprise; estimate of the bank's credit risk. The Central Bank of the Russian Federation regulates the procedure and criteria for assessing the financial condition of legal entities with the following provisions: - "On the procedure and criteria for assessing the financial situation of legal entities - founders (participants) of credit institutions" from 19.03.03; - "On the procedure for the formation by credit institutions reserves on Possible losses on loans, on loan and equivalent debt "dated March 26, 2007 Investor The main purpose of analyzing the financial condition of the enterprise to assess its profitability, profitability, level of use of industrial and economic potential. In the presence of private analysis purposes in individual subjects, the main purpose of analyzing the financial condition of the enterprise for all users (external and internal) is the assessment of the provision of the enterprise in the market, its financial and economic activities and management efficiency, as well as identifying key issues of the enterprise and the optimal ways to solve them. The Government of the Russian Federation, the Ministry of Economy and the Ministry of Finance of the Russian Federation for ten years develop and improve methodological approaches to the analysis of the financial condition of enterprises. Consider regulations governing the procedures for analyzing the financial condition. In 1994, the main document regulating the methodology for assessing the solvency and financial sustainability of enterprises was the decree of the Government of the Russian Federation of 20.05.94. "On some measures to implement the law on insolvency (bankruptcy) of enterprises" (currently raised). In order to ensure a single methodical approach to the analysis of the financial condition of enterprises and the assessment of the structure of their balance sheets, methodological provisions were developed to assess the financial condition of enterprises and the establishment of the unsatisfactory balance sheet structure, approved by the Federal Department of Insolvency Affairs (Bankruptcy) of 12.08.94. Data Methodical The provisions contained a methodology for calculating the coefficients of current liquidity, the provision of own means (by the value of which the satisfactory structure of the balance sheet), recovery (or loss) of the solvency of enterprises and the direction of the analysis of insolvent enterprises was estimated. However, the change in the economic situation in the country and the adoption of legislative acts regulating the activities of commercial organizations, including legislation on the insolvency (bankruptcy) of organizations, improving accounting and reporting determined the need to revise the methodological approaches to the assessment of the financial condition of enterprises. In 1997, the Order of the Ministry of Economy of the Russian Federation dated 01.10.97 were approved "Methodical recommendations for enterprises (organizations)", which were intended to assess the effectiveness of financial management of the Organization and its financial and economic activities. According to this regulatory act, the analysis of the financial condition of the enterprise is considered as a basic tool for effective financial management to form the formation of the strategic goals of the enterprise, "adequate market conditions". The order emphasized the role of the analysis of the financial and economic condition of the enterprise in the development of its financial policy and it was noted that qualitative analysis allows you to develop substantive and effective management decisions. What, in turn, depends on the financial analysis technique used, from the reliability and accuracy of the economic information used. The peculiarity of the order is to determine the main components of the financial and economic analysis of the activities of the enterprise: analysis of accounting reporting; horizontal analysis: vertical analysis; trend analysis; calculation of financial coefficients. The combination of the above components is a set of standard techniques and methods of financial analysis used and currently. Order No. 118 for the first time in the Russian Federation, a system of indicators was identified to assess the financial condition of the enterprise, the method of their calculation was recommended, an economic characteristic and an assessment of the dynamics of the dynamics of these indicators were presented. It is important to note that this regulatory act defines the regulatory values \u200b\u200bof financial coefficients and allocates two classes of coefficients: to The first class includes indicators that have a regulatory value (liquidity and financial stability indicators); The second class includes indicators of profitability (intensity of resource use) and business activity. According to the second group of indicators, it is recommended to take into account the dynamics of values \u200b\u200bthat can be characterized as an improvement, stability or deterioration. Methodical approaches to financial analysis defined by the order should be attributed to operational analysis, the results of which cannot serve as an accurate assessment of the financial condition of the enterprise. Consequently, the need for expanding the system of indicators reflecting all processes and phenomena of the economic and financial activities of enterprises. This attempt was made in 2001 in the following regulatory acts: - Order of the Ministry of Finance of the Russian Federation of 06.11.01 (as amended by the Order of the Ministry of Finance of the Russian Federation of February 15, 2000) "The procedure for verifying the current financial condition of the recipient of the budget loan for implementation Investment projects in the coal industry posted on a competitive basis "; - Order of the Federal Service for Financial Improvement and Bankruptcy of January 23/31," Methodical instructions for analyzing the financial condition of organizations ". The above regulations identified the purpose of analyzing the financial condition as an assessment of solvency, sustainability, efficiency and dynamism of the organization's development, as well as its investment attractiveness. By order of the Ministry of Finance of the Russian Federation, four groups of indicators characterizing the financial result of the enterprise's activities, the structure of its balance, efficiency and turnover of funds, the values \u200b\u200bof which are estimated from the point of view of the positive dynamics of the change in the last reporting period of the current year relative to the base period. This regulatory act contains a methodology for a baller assessment of the financial condition of the enterprise. The FSFO order determined the information base of the analysis of the financial condition: "Accounting Balance", "Profit and Loss Statement", "Report on cash flow", "Annex to the Accounting Balance". The main advantage of the guidelines defined by the FSFO order is a wide range of recommended financial indicators to assess the financial and economic activities of enterprises (26 indicators), methods for their calculation and economic interpretation of each indicator. Nevertheless, the represented system of financial indicators does not fully allow to assess the degree of liquidity, the financial stability of the organization, to determine the main financial result (profit), the efficiency of using equity capital. In addition, the guidelines do not set the recommended values \u200b\u200bof the indicators, do not characterize the dynamics of the values \u200b\u200bof the indicators. Decree of the Government of the Russian Federation of June 25, 2003, the rules for holding the arbitration managers of financial analysis were approved. These rules make it possible to analyze the property of enterprises and sources of its formation, group assets for liquidity degree, liabilities - urgency of repayment, assess the revenue structure and net profit of enterprises based on their public financial statements ("Accounting Balance", "Profit and Loss Statement" ). Based on the financial coefficients and methods of their calculation submitted to the Rules, it is possible to estimate the absolute and current liquidity, to identify the degree of solvency of enterprises, to determine the financial sustainability and extensive payments, assess the profitability of assets and the level of profitability of economic activities of organizations based on the calculation of the net profit rate. The resolution determines the direction of analysis of the external and internal conditions of the activities of enterprises and markets, on which they function, which will certainly increase its practical value. Its advantages can also include the content of the requirements for the analysis of the investment and financial activities of enterprises, to the analysis of the possibility of break-even enterprises. As the main disadvantage of this document, it is possible to note the absence of financial indicators of profitability coefficients characterizing the efficiency of using equity, production resources, investments; assets turnover; Capital structures characterizing the financial stability of enterprises. Rules, like other regulations, do not contain criterion values \u200b\u200bof financial indicators used to analyze the financial condition of enterprises of various industries and activities. Analysis of the activities of the enterprise LLC "First Window Combine" 1 Organizational and economic characteristics of LLC "First Window Combine" The Charter of the Limited Liability Company "First Window Combine" was approved in accordance with part of the First Civil Code, 1994, and the Law on Limited Liability Societies, the decision of the General Assembly of the Founders of the Company's participants. The Company is a legal entity on Russian legislation: owns separate property and is responsible for its obligations with these property, may be acquired on its own behalf, and carry out property and personal non-property edits, carry duties, to be the plaintiff and the defendant in court. In its activities, it is guided by the Charter, the legislation of the Russian Federation and compulsory for the execution of acts of executive bodies. The society has a round print with its name, an angular stamp and a form, can have an emblem, its shopping and trademarks, other symbolism. Society is an independent economic unit, acting on the basis of complete beneficiaries, self-financing and self-sufficiency. Society is responsible for its obligations of those property, which, according to the law, the penalty may be drawn. The state, its bodies and other organizations are not responsible for the obligations of the Company, and the latter does not respond to the obligations of the state, its bodies and other organizations. Participants in the Company do not respond to its obligations and bear the risk of losses associated with the activities of the Company, within the value of the shareholders belonging to them in the authorized capital. The subject of the Company's activities are: Production and economic activities aimed at meeting social needs in the goods of public consumption; Production, processing and sale of plastic windows; Commodity transactions on products manufactured by society; Perform other works and provision of services. In accordance with the subject of the Company's activities, its main tasks are: Organization of production and implementation of public consumption goods (works and services); Organization of wholesale and retail trade, mediation; Carrying out transportation and transportation services; Exercise of foreign economic activity; The implementation of other types of economic and commercial activities, not prohibited by current legislation and non-contrary to the subject and the main tasks of the Company's activities. Legal status of society: The Company acquires the rights of a legal entity since its registration; Society, to achieve the goals of its activities, has the right to make transactions from its own behalf, acquire property and non-property rights and carry duties, to be the plaintiff and the defendant in court, the Arbitration Court. The Company is the owner of the property belonging to him, including the property transferred to him by the participants. Society performs ownership, use and disposal of property in its property in accordance with the objectives of its activities and the appointment of property; Society is responsible for its obligations to all its property; Society can create independently and together with other societies, partnerships, cooperatives, enterprises, firms, institutions and organizations in the Russian Federation, CIS countries and abroad subsidiaries, branches and representative offices; Branches and representative offices are endowed with basic and working capital at the expense of society; The creation of branches and representative offices abroad is governed by the current legislation of these countries; Branches and representative offices have their own balances that are included in the balance of society; Society is responsible for the obligations of branches and representative offices established by him; The society independently regulates its production and economic and other activities, as well as the social development of the team. The basis of the Plan is contracts concluded with consumers of products and services, and suppliers of logistical and other resources, as well as decisions of the General Assembly on the Company's planning issues; Product implementation, performance and service provision is carried out at prices and tariffs established by society independently or on a contractual basis; Society can acquire and implement products (works, services) of enterprises, associations and organizations, as well as foreign firms in the Russian Federation and abroad; Society in the right to attract for the work of Russian and foreign specialists, to independently define forms, systems, sizes and types of remuneration. Reorganization and liquidation of society The reorganization of society (merger, accession, separation, allocation, transformation) is made by decision of the General Meeting of the Company's participants in accordance with the Civil Code of the Russian Federation. The Company's liquidation is made by decision of the general meeting of participants or by decision of a common court or an arbitration court in cases provided for by the legislation of the Russian Federation. The highest governing body of the Company is the general meeting of directors. The Director-General leads to the management of the Company's current activities, accountable to the meeting of participants. CEO: · Ensures the implementation of the decisions of the general meeting of participants; · Independently disposed of financial resources and property of society; · Without a power of attorney, it acts on behalf of the Company, represents it in all institutions and organizations both in the Russian Federation and abroad; · Appoints officials of society, hits the staff, frees and dismisses workers in accordance with the labor legislation; · Makes all kinds of transactions and other legal acts; · Issues a power of attorney, it opens up computational and other accounts of society in banks; · Performs other functions arising from the Charter. 2.2 Analysis of the financial stability of the company OO "First Window Combine" Analysis of the asset and liabilities of the balance. reading reporting horizontal vertical trend. Also apply the following tables: Table 2.1 Analysis of the asset for 2008. The name of articles bsolet. Evervisory. Towels. Evervisory.R. Postedness,% Nach.Godakom.Godanach. Giodacon. Godabsolt.Tomet of.123456781.Tell. Activations 1.1.OP 1.2.NZS 1.3. revenue. 1.4. Long-term. 1.5. cash AK213481 26740 29071 14860 44275872 33695 26346 14860 8823.71 2,97 3,23 1.65 0.00527,52 3,362391 6955 -2725 0 443,81 0.39 -0, 6 -0.17 0,004 29,23 26,01 -9.37 -100 10000The 28419635086131,5734,99666653,4223,462.O.O. 2.1. Passes. 2.2.dz 2.3.Den.Sr - Ba 2.4.Cratkosr.V. 108289 470688 479716 - 142988 479716 20051 - 12.03 52.28 2.35 - 14,26 47.85 2.0 - 34699 9034 -1147 - 2.23 -4.43 -0.35 - 32.04 1, 92 5,41thhrone61615465162968,4365,035475-3,435,76 Balance.900350100249010010010214011.34 For this table, you can conclude. During 2007, the total amount of the property of the enterprise in the cash assessment increased by about 3.4%. This positively characterizes the dynamics of development, expansion of the enterprise. The assets are dominated by current assets, whose share at the beginning of the year amounted to 68%, and at the end of the year 65%. The absolute amount of the cost of current assets decreased by 3.4%. This is explained by the fact that the company is focused on an increase in stocks. The company expands production facilities and also continues to invest in non-current assets and their share has increased from 31% to 34%. The non-current assets of the enterprise are mainly represented by fundamental means, which positively characterizes the potential of the enterprise. Incovers in unfinished construction increased, and grew as part of these investments 3% to 3.4% and their share + 26%. This may negatively affect the results of economic activities. Long-term financial investments remained at the same level, although their share decreased from 1.65% to 1.48%, consequently the investment orientation of the enterprise falls. It can shake financial results. Stocks in the absolute amount and in the share rose. It happened on finished products and raw materials and materials. This is due to increasing revenue, as evidenced by the information from F№2. Thus, the policy of an enterprise in relation to reserves is effective. Accounts of receivables have grown slightly, earnings also increased. Consequently, the growth of receivables is due to an increase in the number of buyers. But it can also be said that the company effectively manages receivables, as the revenue grows a much larger pace than receivable debt. Cash at the beginning of the year 2.35%, at the end of 2.0%, but their increase was 5%. This is a positive trend that means an increase in solvency. Table 2.2 Analysis of the asset for 2008. Nation of articlesBesolet. Evervisory. Landsome. Evervisors. OS 1.2. NZS 1.3.Odit. 1.4.Dolgosr.V.V. 1.5.Things. Dalled 1.6.Prochka 275872 33695 26346 14860 88 - 322263 97282 1127 10304 1301 92 27.52 3.36 2.63 1,48 0,009 0,237,7.05 0.08 0.75 0, 09 0,007 46391 63587 -25219 -4556 1213 92 -4,15 3,69 -2,55 -0.73 0.081 0.007 16.82 188,71 -95,72 -30.66 1378,41 10066,1361432369343236934,931,3581508 -3,6423,2312.OB. 2.1. Passes. 2.2.dz 2.3.Den.Sr - Ba 2.4.Cratkosr.V. 2.5.Proch. 142988 480626 20051 - - 276167 587934 15403 61022 132 14.26 47.94 2.0 0 0 20.02 42.63 1,12 4,42 0.01 -4648 61022 132 5,76 -5.31 0 , 88 4,42, 01 93,14 22,31 -23,18 100 100 10065162994677765,068,653766563,6545,6563,1002490137914610010037,57 During 2008, the total amount of the property of the preprit in the monetary estimate increased by about 38%. It positively characterizes the dynamics of development and expansion of the enterprise. This confirms data on the dynamics of increasing the production potential of fixed assets by 17% and reserves by 93%. The composition of assets dominate current assets, whose share at the beginning of the year amounted to 65%, and at the end of the year 68%. The absolute amount of the value of assets has grown by 45%. This is explained by the fact that in its activities the company is focused on an increase in stocks, which worsens the financial results of the enterprise. However, funds, short-term financial investments and expenditure of future periods increase, which indicates an increase in the liquidity of the property of the enterprise and its solvency. As part of non-current assets, the largest share belongs to fixed assets, the NWC at the beginning of the year is 3.36%, at the end of 7.05%. This is the consequence of the fact that part of the constructed objects was put into operation and switched to the category of fixed assets. Long-term financial investments at the beginning of the year 1.48%, at the end of 0.75%. This reduction in the specific gravity is not associated with a change in the absolute amount, but is a consequence of a general change in the structure of assets. Reserves in the absolute amount have grown. This happened due to the fact that the costs of future periods increased. This is due to increasing revenue, as evidenced by the information from F No. 2. Thus, the policy of the enterprise in relation to stocks is in principle effective. Receivables increased during the year, revenue increased. Consequently, the growth of receivables is due to an increase in the number of buyers. But it can also be said that the company does not effectively manage receivables, as the revenue grows the same pace as receivables. Cash at the beginning of the year 2.0%, at the end of 1.12%, and in the amount they decreased. On the one hand, this is a conclusion trend, meaning a decrease in solvency, on the other means that money is working. Table 2.3 Passive analysis for 2007. Indicators Absolute. Points, TR. Receiver. Points, TRP Rostrot,% N.G.G.G.Oklonenien.G.K.G.Ost cloth1. Boot and reserves 1.1. Device .K-l 1.3.re.K-l 1.4.Nesp. Prib. 1.5. 1533 561728 484 4651 156030 233 684780 372 0 0 0 123052 -112 0 0 0.05 0.03 62,39 0.05 0.46 15.56 0.02 68,31 0.04 -0.06 -1.77 -0.01 5.92 -0.01 0 0 0 21,91 -23,14th 723126846066-105480,3284,44,0817,02 2.2.1. Caraffer. Credits and loans 2.2.2.Credit. Back 3977 - 173247 8280 - 148144 4303 - -25103 0.44 - 19,24 0.43 - 14,78 -0.01 - -4,46 108.2 - -14,49th 173247148144-2510319,2414, 78-0,47-14,49 Balance1001134 For this table we can conclude: The share of equity in the overall structure of the sources of the formation of property at the beginning of the year is approximately 80%, and the end is 84%. This ratio for the enterprise is, on the one hand positive as its own capital increases, and on the other not very positive, since by the end of the year there is a tendency to increase long-term liabilities, this may lead to dependence on creditors. Analyzing the structure of equity, the following conclusions can be drawn: Ø The greatest share occupies additional capital at the beginning of 17.33%, and at the end of 15.56%. Ø The authoritarian capital in the absolute amount has not changed, the share in liabilities has decreased, although it is insignificant, this is due to the change in the structure of liabilities - an increase in the share of equity. Ø The company has retained earnings this means that the company has improved its financial results. Ø The reserve capital is very small. This may be a consequence of changes in the structure of liabilities, as long-term liabilities have increased significantly. The company has given preference to short-term liabilities during the year, the proportion of long-term liabilities at the beginning of the year 0.44%, and at the end of 0.43%. The share of short-term liabilities at the beginning of the year 19.24%, and at the end of 14.78%, although their decline occurs, but it still plays a negative trend in the eyes of external information users, as it means that the enterprise is not very necessary for its debts, their repayment. Table 2.4 Passive Analysis for 2008. Indicators Absolute. Points, TR. Receiver. Points, TRP Rostrot,% N.G.G.G.Oklonenien.G.K.G.Ost cloth1. Boot and reserves 1.1. Device 1.2. .K-l 1.3.re.K-l 1.4.Nesp. Prib. 1.5 Summer Finance 4651 156030 233 684780 372 4651 156030 233 960182 - 0 0 0 275402 -372 0.46 15.56 0.023 68.31 0.037 0.34 11.31 0.017 69.62 0 -0.12 -4.25 - 0.006 1.31 -0.037 0 0 0 40.22 -100th 846066112109627503084,3981,29-3,132,512. Bound-va 2.1. Dralked 2.2.Crook urban 2.2.1. Caraphroral. Credits and loans 2.2.2.Credit. Back 8280 - 148144 20070 4000 233990 11780 4000 85846 0.83 - 14.78 1.46 0.29 16,97 0.63 0.29 2,19 142,27 100 57,95,92,27,452379908984614,7817,262, 4860,65 Balance Balance100249013791463766561001000,0137,57 For this table we can conclude: The share of equity in the overall structure of the sources of the formation of property at the beginning of the year is approximately 84%, and the end of 81%. This ratio for the enterprise is positive, since, though there is a small decline, but there is an increase in own capital, but also increased by the end of the year, and short-term obligations can be dangerous for the enterprise as it can lead to creditors depending on the creditors. Analyzing the structure of equity, the following conclusions can be drawn: Ø The greatest share occupies retained earnings at the beginning of 68.31%, and at the end of 69.62%. This is a positive trend, means that the company has improved its financial results. Ø Extreme capital at the beginning of 15.56%, and at the end of 11.31%. Ø The authoritarian capital in the absolute amount has not changed, the share in liabilities decreased, this is due to the change in the structure of the liabilities - the oppression of the share of equity Ø The reserve capital is very small. This may be a consequence of changes in the structure of liabilities, as short-term liabilities have increased. The company has given preference to short-term liabilities during the year, the proportion of long-term liabilities at the beginning of the year is 0.83%, and at the end of 1.46%. Mostly increased short-term debt at first 14.78%, and at the end of 16.97%. This negatively characterizes the enterprise in the eyes of external information users, as it means that the enterprise is not necessarily in relation to their debts, their repayment. 3 Analysis of financial sustainability of the enterprise The stability of the enterprise is the condition for its survival, stability. It is formed under the influence of the following factors: Position of the enterprise in the commodity market; Degree of dependence on creditors and investors; Availability of insolvent debtors; The degree of efficiency of financial transactions. The analysis is carried out in 3 stages: 3 main indicators characterize stock sources and costs are calculated: a) availability of own and working capital (SOS) SOS \u003d Own capital - non-current assets \u003d rows490-190 The presence of SOS means that the enterprise has sufficient funds to cover the need for long-term and non-current assets, as well as to acquire current assets. This is a positive trend b) own and long-term borrowed sources of stock formation and costs (SD) SD \u003d SOS + Long-term liabilities \u003d Row 490 + 590-190. c) the total magnitude of the main sources of stocks and costs (OI) OI \u003d SD + short-term liabilities \u003d row490 + 590 + 690-190 Calculation of indicators of stocks and costs of sources of their formation: a) surplus (+) or drawback (-) of own working capital: ΔCos \u003d SOS - stocks (line210) b) surplus (+) or lack of (-) own and long-term sources of stock formation and costs: ΔCD \u003d SD - stocks (string210) c) surplus (+) or drawback (-) of the total size of the main sources of stock formation and costs: ΔOs \u003d OI - stocks (string210) These indicators are absolute financial stability indicators. In order to characterize the financial situation, 4 types of financial stability are used: Determination of the type of financial stability: a) absolute stability: ΔCos\u003e \u003d 0 ΔCD\u003e \u003d 0 s \u003d (1; 1; 1) Δi\u003e \u003d 0 b) Normal stability: ΔCos< 0 Δi\u003e \u003d 0 c) unstable financial condition: ΔCos< 0 Δsd.< 0 S={0;0;1} Δi\u003e \u003d 0 d) crisis financial condition: ΔCos< 0 Δsd.<0 S={0;0;0} ΔI.<0
Relative indicators characterizing the financial stability of the enterprise: Financial Risk Coefficient: K1 \u003d Obligations / Own Financing coefficient: Financial Independence Coefficient: K3 \u003d Balance Own / Balance Currency 4. Financial dependence ratio: K4 \u003d Balance Obligations / Currency The coefficient of stock of own funds of funding sources: K5 \u003d SOS / stocks Coefficient of security of current assets of own means: K6 \u003d SOS / Current assets Financial Sustainability Coefficient: K7 \u003d Own Capital + Long-Term Balance Currency Coefficient of own capital maneuverability: K8 \u003d SOS / own capital Index of a permanent asset: K9 \u003d non-current assets / own capital The coefficient of long-term attraction of borrowed funds: K10 \u003d long-term liabilities / equity + long-term commitments Coefficient of the real value of the property: K11 \u003d property value + fixed assets + raw materials, materials + NZP / balance currency. Analysis of financial stability based on the accounting balance sheet "First Window Combine" LLC: Table 2.5 Analysis of financial stability using absolute indicators. No. P / P / P / P / P / G2008K.G1SOS - availability of own working capital4389304952056887272xd - availability of own and long-term borrowed sources of funding stocks and co- Total primary sources of stock formation and costs4429075034857087874 D. SOS 3306413522174125605. D. SD3346183604974326206. D. OI334618360497432620. For this table we can conclude: The company has an absolutely sustainable financial condition due to the fact that the enterprise has sufficient funds to cover the needs for long-term and non-current assets. By the end of 2008, the situation has not changed, the financial condition is also steadily, its own funds increased, and non-current assets increased, and short-term liabilities increased. As a result, the enterprise is able to finance the needs at the expense of own funds. This is a positive trend. 3. Entering the financial sustainability of the enterprise 1 ways to increase the financial stability of the enterprise Based on the conclusions on the analysis of the financial statements of the First Window Plant LLC, it can be said that in general the company is developing quite poorly, but still I would give the company several recommendations. Considering financial sustainability, it can be concluded that the enterprise is financially stable, proceeds and own funds are growing, but their own funds increase in large rates than their revenue is not enough for sufficient coating in non-current assets. Also grow short-term liabilities. To increase financial stability, it is possible to use borrowed funds within a normal relationship between our own and borrowed funds, which should lead to even greater growth of revenue and as a result to raising their own funds and reduce the coverage of the need for non-current assets. With a growing revenue, a significant repayment of short-term loans and loans can be achieved. In the analysis of the profitability of assets and equity, the positive trend is generally manifested in general, but also the disadvantages exist. I would recommend to provide more efficient use of property so that the revenue grew faster. According to the analysis of equity: Use the existing borrowed power ensuring the effective effect of borrowed funds on S.K. . Attract long-term loans. Maintain a positive effect on p S.K. Factor R. r
To do this, continue the policy of efficient management of enterprise resources. Considering work with customers as the main source of resource base, the company seeks to preserve a leading role in the production market for such products. Taking into account the exacerbation of competition in this market, increasing the requirements of citizens to quality and technologies, the company is considering the task of improving the quality of service and ensure each client with a wide range of products as a priority, seeking to become a "home" company for customers of all social and age groups. Performance of this task will provide a significant increase in sales volumes, will increase the attractiveness of the enterprise for customers, will ensure further growth in the profitability of the work. Features of the business organization make it possible to create unified service packages and mass production. In this regard, the company intends to significantly increase the number of customers and sales of products and services, primarily due to the formation of a system of comprehensive maintenance of this category of customers. The fulfillment of the task will ensure a significant increase in business business and an increase in its effectiveness. 2 Development and implementation of a program to improve the financial sustainability of the enterprise "First Window Combine" According to the results of the fulfillment of the financial condition, it is possible to conclude that the company "First Window Plant" LLC is a problem of improving its production and commercial activities. His financial policy solves short-term tasks that give positive results only today with a possible negative effect in the future, which is largely due to the lack of a financial strategy. The transition to a market economy, the organization of production with various forms of property and business require a more thorough and systemic (integrated) approach to the analysis of the financial condition of the enterprise and the need to develop a financial strategy. Proposals for the formation of a financial strategy of the enterprise are presented in Table 3.1, which proposes measures to restore financial sustainability and support for the effective economic activity of LLC First Window Combine Table 3.1 Suggestions for the formation of a financial strategy of an enterprise, thousand rubles Objects Financial Staffing Financial Strategies to Forming a Financial Strategy for Sections Balancers 1Wariant 2Ods and revenue use of basic and working capital Policy in the field of valuable fixed assets by: - \u200b\u200bacquisitions of "know-how" to increase market competitiveness - sale and services in new regions Edition of shares for their employees - 300 200 1000 500 Distribution and deductions for the distribution of profit distribution of profits for: - Consumption-development of production - the payment of dividends 500 500 - - - - Polyactics in the field of securities - the performance of works unfoldable by indentible taxes - the purchase of shares of a commercial bank - 2000,500 2000VIMINATIONS With the budget componentization of the distribution of profit, optimization of tax payments - a decrease in the amount of tax payments from the profits to be taxed by creating a reserve fund - a decrease in property tax reduction due to reducing property And by the end of the year - the fulfillment of works not subject to indirect tax 2000 300 - 400 400 Credit relationshipsOstimization of the main and working capital Optimization of the distribution of profit is the inclusion in the price of the value of the value of "know-how" - obtaining a short-term loan - Creating a reserve fund - 500 2000 1000 2000 - The basis of the proposed options for the financial strategy is the policy of increasing their own working capital of the enterprise in order to maintain its solvency. With the 1st version of the Financial Strategy, this is supposed to be carried out by the growth of long-term loans and borrowed funds for 2000 thousand rubles. Compared to the 2007 reporting period. With the 2nd version, the emphasis is on the increase in short-term borrowed funds - it is proposed to obtain a short-term loan in the amount of 2001 thousand rubles. Simultaneously with the growth of long-term and short-term borrowed funds, it is supposed to increase the amount of stocks and costs of the enterprise (at the 1st version of 300 thousand rubles, at 2nd - by 500 thousand rubles). The results of the analysis of the financial stability of the enterprise before and after the implementation of the financial strategy we will reduce the final table (Table 3.2). When analyzing the financial sustainability of the enterprise, it was established that the financial condition of the enterprise at the beginning and end of the period under consideration is crisis. When implementing the proposed activities, we see the growth of the sustainability of the enterprise "First Window Combine" LLC. To exit the crisis and further development, a program is needed to develop a program for the financial recovery of an enterprise, which includes both a plan for fundamental change in the activities of the enterprise (recruitment) and the solution of the problem of debt obligations. One of the ways out of the crisis situation can be recommended to LLC "First Window Combine" of the investment in a borrowed way. Table 3.2 Results on proposals for the formation of an internal general financial strategy, thousands of thousands Indicators of financial sustainable con. 2008 godaVariant 1Variant 2Istochniki own sredstv372469247724Osnovnye funds and other non-current aktivy680765077407Nalichie working capital-3083417317Dolgosrochnye loans and borrowings sredstva320152013701Nalichie equity and long-term borrowed sources of formation of reserves and zatrat1185618 4018Kratkosrochnye loans and borrowings sredstva608475848084Obschaya value of the main sources of formation of reserves and 62021320212102Velichina cost reserves and zatrat332936293828Izlishek (+) or shortage (-) own working capital-6412-3212-3511 of (+) or disadvantage (-) of own and long-term sources of stock formation and costs-32111989190 elevation (+) or disadvantage of the total value of the main sources of stock formation and costs287395738274 fiber financial situation-resistant These analyzes show that certain measures should be taken to increase the financial stability of LLC First Window Plant. To do this, it is necessary to achieve an increase in the specific gravity of the main sources of stock formation and costs as part of the total value of sources of funds. This can be achieved in three ways: ) Increasing the size of your own sources of funds - is carried out by increasing the size of the authorized Fund, as well as at the expense of profit (the second option, given the losses for the analyzed period, there can be no special results). ) An increase in the size of the borrowed sources of funds is achieved by attracting long-term and short-term bank loans. Given the modern economic situation, the company at the best may hope to receive short-term loans. ) Revise the weighted average values \u200b\u200bof stocks of products in warehouses per day, week, month. Perhaps the size of stocks is unreasonably overestimated, which, of course, affects payables, which should be reduced. Much attention when analyzing the current assets of the First Window Plant LLC should be paid receivables. In the presence of competition and the complexity of the sales of the enterprise, they sell it using the form of subsequent payment, so receivables are an important part of working capital and has a significant impact on the financial condition of the enterprise. Thus, the solvency and sustainability of the financial state "First Window Plant" LLC may be further elevated by: ) acceleration of capital turnover in current assets, as a result of which its relative reduction on the ruble turnover will occur; ) replenish your own working capital at the expense of internal and external sources, i.e., increase the share of own funds in the sources of coating of current assets; ) payment flow adjustments in order to reduce the need for monetary assets, ensuring the acceleration of the turnover of cash assets; ) use the possibility of obtaining long-term loans and loans in business activities; ) Optimization of non-cash settlements (use of bill as a settlement). Conclusion The work carried out an analysis of the economic activity of the "First Window Combine" LLC, specializing in the production of plastic windows. Based on the analysis, we will make the following conclusions. It is noted to improve the use of fixed assets in the enterprise. The wear coefficient during the entire analyzed period did not change and amounted to 65-70%, which indicates the wornity of the enterprise's fixed assets. The number of employees of the enterprise decreases throughout the analysis period, the level of personnel of personnel on "LLC" First Window Plant "" is low. Fund of remuneration, labor productivity and average salary increase annually. In the work on the basis of various methods of domestic authors presented ways and indicators of assessing the financial sustainability and solvency of the enterprise. A financial analysis "LLC" First Window Plant ", on the basis of which the following conclusions can be drawn. In the assets of the enterprise's balance, there has been an increase in the specific gravity of non-current assets. The share of equity has a tendency to decrease, which characterizes the decline in the financial independence of LLC First Window Plant. The company is financially sustainable, this proves the lack of overdue payables, payments to the budget and extrabudgetary funds and debt to employees on wages. The Balance Structure of the First Window Combine LLC is satisfactory, as evidenced by very high values \u200b\u200bof liquidity indicators. The coefficients of the current and fast liquidity correspond to the recommended minimum values. The company has the same and absolute liquidity. In market conditions, when the company's economic activity and its development is carried out at the expense of self-financing, and in case of inadequate financial resources, due to the borrowed funds, an important analytical characteristic is the financial stability of the enterprise. At the end of 2007 and 2008. In LLC "First Window Combine" three-component indicator of the financial situation S \u003d (1; 1; 1). Thus, financial stability in this period can be considered unsatisfactory. Thus, all indicators characterizing the solvency of the First Window Plant LLC by the end of 2008 are at the level below the norm. All this worsens the possibilities and reduces the flexibility of the implementation of various investment projects, both own and outside the framework of the enterprise. One of the reasons for the deterioration of solvency LLC "First Window Plant" may be improper use of working capital: raising funds to receivables, investment in superplan reserves and on other purposes that temporarily do not have sources of financing. Since the company expands its activities, the reasons for its insolvency are in the irrational use of profits, distracting funds to receivables, freezing funds in superplan production reserves, errors in determining pricing policies. The leadership of the enterprise "First Window Combine" LLC should take action in the following areas: a decrease in the sources of funds for the specific gravity of payables; Reduction of the average ratio of receivables; Attracting borrowed funds. This can be achieved by using bank loans, as well as the introduction of an effective policy of receivables management. The stability of the Financial State "First Window Plant" LLC can be restored by: accelerating capital turnover in current assets, as a result of which its relative reduction to the ruble turnover will occur; reasonable reduction in stocks and costs (to the standard); replenish your own working capital at the expense of internal and external sources. First of all, it is necessary to pay due attention to marketing activities, that is, to carry out the necessary marketing studies to search for new markets and buyers. It is also necessary to develop activities on the management of receivables, as its growth is observed. To do this, you can recommend the development of a system of discounts for various buyers. List of sources used 1.Brigham, Yu.A. Financial management. Management of the Company [Text]: Tutorial / Yu.A. Brigham. - M.: Publishing House Mart, 2005. - 34 p. 2.Adamov, V.E. Economics and statistics of firms [Text]: Textbook / V.E. Adam. -5 edition Add. / M.: Economics, 2009. - 105 p. .Bakanov, M.I. Theory of Economic Analysis [Text]: Textbook / M.I. Bakanov. - M.: New Edition, 2003. - 124 p. .Balabanov, I.T. Fundamentals of financial management. How to manage capital? [Text] / I.T. Balabanov. - Minsk: New Knowledge, 2004. - 236 p. .Bernstein L.A. Analysis of Financial Reporting: Theory, Practice and Interpretation [Text]: Tutorial / L.A. Bernstein. - Minsk: Science, 2009. - 202 p. .Creinina M.N. Financial condition of the enterprise. Methods of evaluation [Text]: Tutorial / M.N. Kreinin. - M.: Publisher Veche, 2005. - 206 p. 7.Pipkin B.V. Economic analysis of the enterprise [Text]: Tutorial: Textbook / B.V. Picked. - M.: Science, 2009. - 276 p. 8.Pavlova L.N. Finance of enterprises [Text]: / L.N. Pavlova. - Minsk: Science, 2005. - 35 p. 9.Pizengolts M.Z. Accounting for the authorized capital and the authorized capital in enterprises [Text]: Tutorial / - M.Z. Pizengolts. M.: ProfiSdat, 2009. - 47S. .Terekhova V.A. Own capital: principles of formation and accounting International Accounting [Text]: Textbook / V.A. Terekhov. - M.: Saths, 2009. - 16 p. .Pastukhova Yu.A. Economy [Text]: Tutorial / Yu.A. Pastukhov. 2009.- 400 p. .Silchenko V.A. Company Economy [Text]: Training Edition / V.A. Silchenko. - M.: Eksmo, 2003. - 56 p. .Lobanov D.K. Enterprise Economy (Firms) [Text]: Tutorial / D.K. Lobanov. - M.: Klebolyub, 2005. - 45 s. .Gypshenko MK Economics of the enterprise (firms) [Text]: Tutorial / M.K. Gypsy. - M.: Klebolyub, 2005. - 45 s. .Krusky V.V. Enterprise Economy (Firms) [Text]: Tutorial / Krupsky. V.V. - M.: Klebolyub, 2005. - 54 p.
Synchronization and balance of cash flow is quite sufficient to normalize the financial situation with a slight financial ailment.
Financial collapse requires the full use of all external and internal mechanisms, finding effective forms of financial stabilization. Without financial stabilization, the company faces liquidation.
In order to avoid the procedure for bankruptcy, the internal mechanisms of financial stabilization, first of all, should be aimed at restoring the current solvency of the enterprise.
For the stabilization of the financial situation, operational measures are carried out to eliminate current insolvency, based on the principle of "clipping extra", namely, in order to increase the positive cash flow, the implementation of individual types of assets and to prevent the growth of financial obligations to reducing current spending.
Based on the principle of "compression of the enterprise", that is, the exceeding the amount of generation on the volume of consumption of own financial resources should be tactical measures aimed at achieving financial equilibrium of the enterprise in the upcoming period.
In the long period, the strategic mechanism of protective measures should be aimed at maintaining the financial stability of the enterprise, since complete financial stabilization is achieved, provided that the enterprise has provided a long financial equilibrium.
The system of protective financial mechanisms in the threat of loss of financial stability depends on the scale of the situation.
To bring the enterprise from the crisis situation, a business plan for the financial recovery of the enterprise is being developed through the integrated use of all internal and external financial stabilization mechanisms.
An important source of financial recovery of the enterprise is factoring.
Any organization that has regular buyers who acquire goods (work, services) with a delay of payment can take advantage of the factoring and are calculated in non-cash form.
The greatest factoring effect is obtained by organizations interested in expanding the sales of their products by increasing the number of buyers or increase sales. Most often it is fast-growing small and medium-sized enterprises that have significant potential for their development.
There are two types of factoring:
Common factoring (classic) is characterized by the fact that a credit organization fully assumes all the risks associated with the repayment of receivables. In this case, he is engaged in the study of the client's credit history, and the management of receivables, and also performs a number of specific actions, for example, charges fines for the delay in payment.
In order to reduce possible financial losses, the Bank may contact the services of an insurance company. This means an increase in the time consideration of the client's appeal and the inevitable increase in the value of factoring. As a rule, banks provide non-warning factoring services with long-standing and reliable customers, in the solvency of which they had the opportunity to make sure. Factoring services without regression turned out to be much more acceptable for specialized factoring companies that actively master this niche.
What is the plus factoring without regression for the client? First of all, the fact that the seller does not respond to the factor for execution of the payment by the payment by the contract of delivery. The risk of possible losses is assumed by the Factor itself. However, for such "irresponsibility" has to pay - factoring without regression - the most expensive of all his species.
In Russia, this service includes while caution: its share in the portfolio of our factors does not exceed 10%. Meanwhile, abroad, this indicator reaches 70 - 90%. This difference is explained by several reasons, and first of all - the openness and transparency of foreign companies - debtors: information about their financial indicators is available to factors. In addition, the institute of credit bureaus is developed abroad, there is also the possibility of insurance of financial risks.
Another type of factoring regressive (financing under the assignment of money requirements). In this case, the credit institution performs its key role, replenishing the working capital of the client's company, but the responsibility for repaying the payment is not removed from it.
Factoring with regression is a product for those customers who are confident in their customers and therefore do not see the point of paying an increased commission for additional services for non-warning factoring. In addition, factoring with regression (or partial regression) provides for the financing of supplies and management of receivables.
Under the financing agreement, a credit institution conveys a credit institution or undertakes to transfer to the Customer to the Customer's money to the customer's monetary requirement for a third party (debtor) arising from the provision of goods by the Client, to fulfill their work or providing services to a third party. The client is inferior or undertakes to give way to the financial agent, a monetary requirement in order to ensure the fulfillment of the obligation to the credit institution. In contrast to the usual lending, the client's debt is repaid from the funds paid by its debtors.
After the concession, the client does not leave the initial commitment. He continues to carry the risks associated with the non-paying bank debtor to the bank. In fact, he acts as a guarantor of the debtor.
Overdraft is one of the options for financing working capital. For overdraft, the collateral is not required. At this type of financing, the company needs to maintain a turnover on a settlement account in a bank, which should be greater than the amount of funds that it receives. Overdraft at a price is equal to a short-term loan, but in size and the financing date is not tied to the trading turnover. Maximum in thirty days, the company will have to return the money received. All receipts from buyers go on repayment of financing, therefore, there may be a problem with the temporary lack of free funds. Thus, the task of financing a trade (production) cycle during overdraft is not performed, but for the closure of minor in terms of volume and time intervals of cash ruptures overdraft, undoubtedly can be used.
One of the effective methods of updating the material and technical base of the enterprise is leasing, which does not require full one-time payment of leased property and serves as one of the types of investment. The use of accelerated depreciation on lease operations allows you to quickly update the equipment and maintain technical re-equipment of production.
Compared to other methods of acquiring fixed assets (purchase with postponement of payment, bank loan, payment on the fact of delivery, etc.) Leasing has an advantage:
Simplification of accounting;
Leasing allows a lessee who does not have significant financial resources, to start a large project;
In view of the fact that leasing payments are carried out at a fixed schedule, the lessee has great opportunities to coordinate the costs of financing capital investments and proceeds from the sale of products, thereby ensuring the stability of financial plans;
Leasing reduces the risk of moral and physical wear and obsolescence of property, as it may not be purchased in the property, and be in temporary use;
The possibility of using accelerated depreciation with the coefficient up to 3, which reduces property tax and increase depreciation deductions, as well as allows you to write off the equipment three times faster and purchase modern technique;
The payment of the leasing transaction is carried out over a long time and from the means obtained as a result of the operation of the property acquired by leasing;
The leasing agreement (contract) and the regime of leasing payments are developed taking into account the specific features of the lessee.
For leasing operations, the use of accelerated depreciation, allows you to quickly maintain a technical re-equipment of production and update equipment.
The advantages of leasing in front of credit:
If the leasing property is reflected in the leaser balance, the lessee does not "take away" its balance sheet, which improves its financial indicators and provides additional opportunities to attract borrowed funds.
The leased object usually performs the only provision, additional support is required in rare cases;
The leasing divided property and operating components of commercial risks: property owned by the leasing company is protected from claims of lessee creditors;
Often the company is easier to obtain property on leasing than a loan for its acquisition, since leasing property acts as a deposit;
The VAT leased company reduces VAT payments to the budget;
Obtaining equipment in leasing is significantly simpler than the credit resource;
The lessee refers leasing payments to the cost of production in full, reducing taxable profits, with a loan, percentage costs reduce the taxable base for income within the limits of the limit, thereby significantly increasing income tax;
Leasing operations do not worsen the indicators of financial stability and liquidity of the enterprise, since only debt on current leasing payments is reflected on the balance sheet;
The advantages of leasing before purchasing their own funds:
The equipment can be listed on the balance sheet of the leasing company, which will allow the enterprise to take into account this equipment on off-balance accounts, thus significantly improving the structure of its balance sheet and eliminating themselves from the need to revaluate fixed assets in terms of this equipment;
The lessee refers leasing payments to the cost of production in full, thus reducing the taxable base for income;
Only under leasing, there is the possibility of accelerated depreciation of equipment, with a coefficient to 3, which allows you to write off the equipment three times faster and purchased modern technique.
Leasing does not require one-time payment of equipment, which allows without a sharp financial stress to update production funds, acquire expensive property.
Based on the above facts, it can be said that leasing is tax savings, available monthly contributions, a simple and rapid approval procedure, the acquisition of the use of property without distraction for the purchase.
In order to reduce costs and improve the efficiency of the main production in some cases, it is advisable to abandon some activities serving the main production (construction, repair, transport, etc.), and go to the services of specialized organizations.
Increase your own financial resources can also be by:
Accelerated depreciation of machines and equipment;
Reducing the level of variable costs by reducing the number of production personnel and productivity growth;
Implementing unused property;
Refusal from external social and other programs, reducing the investment activity of the enterprise;
Reducing the amount of constant costs of maintaining management personnel, repair of fixed assets, etc ..
Attracting loans for profitable projects that can bring a high income to the enterprise is also one of the ways of financial recovery of the enterprise.
The same contributes to the main directions of economic activity to the diversification of production, when forced losses in one directions are covered by profits from others.
Reduce the deficit, equity, one can reduce the acceleration of its turnover by reducing the construction time, production and commercial cycle, excessive remnants of reserves, work in progress, etc.
Marketing analysis, may provide great help in identifying reserves for improving the financial condition of the enterprise to study supply and supply, sales markets and the formation of the optimal range and production structure of products on this basis.
It is necessary to analyze the use of profit if an enterprise receives a profit and is insolvent. Under the conditions of finding an enterprise in a crisis situation, reducing the share of employees' participation in profits, deductions to reserve and insurance funds should be considered as a potential reserve of replenishment of their own working capital of the enterprise.
The most radical directions and one of the main ways of financial recovery of the enterprise is to search for domestic reserves to increase production profitability, achieving break-even work due to the fulfillment of the production capacity of the enterprise, the rational use of material, labor and financial resources, reducing non-production costs and losses, quality improvement and Competitiveness of products, reducing its cost.
The main focus on resource saving issues is to be given: the introduction of progressive norms, regulations and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and introduction of best practices in the implementation of the regime of savings, material and moral incentives for employees for saving resources and Reducing non-production costs and losses.
Thus, in order to increase the financial stability of the enterprise, you can use in such ways:
Change the structure of the balance towards an increase in the share of equity (to carry out an additional commission of shares, sell part of the unnecessary funds to pay with creditors, etc.);
Reasonably reduce the level of stocks and costs;
To find out the reason for the increase in material working capital: production reserves, work in progress, finished products.
3.1. Ways to improve the financial sustainability of the enterprise
In market conditions, the guarantor of the survival and the basis of the sustainable position of the enterprise is its financial stability. It reflects such a state of financial resources in which the enterprise freely maneuvering with cash is capable of effectively using their use of the uninterrupted process of production and product sales, as well as its expansion.
Financial and sustainable, the effective organization has competitive advantages over other organizations of the same area of \u200b\u200bactivities in attracting investments, in obtaining loans, in the choice of suppliers and in the selection of qualified personnel, in a timely manner and fully repays their obligations to budget, employees, shareholders, credit and other financial institutions. The higher the financial stability of the organization, the more it is independent of changes in market conditions, the less risk of bankruptcy.
To date, not only the assessment and analysis of the financial condition of the enterprise, but also forecasting financial sustainability, as well as the development of measures to improve its financial condition, is of great importance.
Since the positive factor in financial stability is the presence of stock formation sources, and a negative factor is the value of reserves, then the main methods of preserving the sustainable financial state of the organization remain: replenishment of sources of stock formation, optimization of their structure, as well as a reasonable reduction in stock levels. This can be achieved in the following ways:
- an increase in equity due to an increase in the size of the authorized capital and retained earnings;
- development of the competent financial strategy of the organization, which will allow attracting both short-term and long-term borrowed funds, while maintaining the optimal proportions between their own and borrowed capital;
- Revision of weighted values \u200b\u200bof stocks of products in warehouses per day, week, month. Reducing the level of stocks occurs as a result of the planning of reserves, as well as the implementation of unused commodity and material values.
To increase the financial sustainability of the Organization, it is necessary to seek reserves to increase the rate of accumulation of own sources, ensuring material working capital by their own sources. In addition, it is necessary to find the most optimal ratio of financial resources.
For an analyzed enterprise, the main direction of increasing financial sustainability is to ensure the growth of equity due to reinvestment of profits.
The high quality of profit is determined by the stability of factors in its formation and the total amount of profits from ordinary activities, complying with the legislative regulation of the profitability and reliability of partnerships. Low profit quality is determined by the action of negative factors of its formation, bad indicators of production and financial activities, violations in the regulatory and legal regulation of education and the distribution of profits.
Analysis of profit quality is currently an urgent problem, because in the conditions of a market economy in Ukraine, most enterprises are in the financial crisis. The removal of enterprises in the financial crisis, first at a break-even level, and then on a profitable level of activity, is the most important task of improving enterprises. From the difficult financial condition of the enterprise in the conditions of the market are obliged to exit independently due to the mobilization of internal reserves and improve work.
External factors, as a rule, do not depend on entrepreneurial activities. The financial manager must take them into account when justifying management decisions. These include factors associated with the general economic situation, with the level of inflation, the specifics of individual commodity markets, with the influence of natural, geographical, transport and technical conditions for the production and sale of products.
Internal factors are a direct object of influence on the part of the management system of the enterprise and the source of increasing profits through their incarnation into the system of specific activities and practical implementation.
The main goal of profit management is to ensure maximizing the welfare of the owners of the enterprise in the current and promising period . This main goal is designed to ensure simultaneously harmonizing the interests of the owners of the synensities of the state and staff of the enterprise.
To manage the profit, it is necessary to reveal the mechanism of its formation, determine the effect of factors on growth or decline in profits, which will give the opportunity to reveal the reserve of its growth. The magnitude of the profit, its dynamics are influenced by the factors as dependent and independent of the efforts of enterprises. These factors can be divided into two large groups: external, which do not depend on the enterprise, and the internal, to which the company can affect (Fig. 3.1).
Fig. Z.1. Classification of factors determining the level of profit
The main sources of increasing the amount of profits are an increase in the volume of product sales, a decrease in its cost and improving the quality, sales of products on more favorable sales markets. To determine the reserves of increasing the amount of profit due to a decrease in the cost of production, a predetermined reserve reduction in the cost of each type of products is multiplied to the possible amount of its sales, taking into account its growth. An essential reserve of profit growth is to improve product quality.
According to the results of the analysis of the financial performance of the enterprise, measures are being developed to eliminate the identified deficiencies and the use of detected reserves.
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Introduction
The financial and economic condition is the most important characteristic of the reliability, competitiveness, sustainability of the enterprise in the wound. Therefore, every subject of the first group of user analysis studies financial information from its positions based on their interests. The owners of the company's funds are primarily interested in an increase or decrease in the share of equity, the efficiency of resource use by the administration of the enterprise. Lenders and investors pay attention to the feasibility of extending a loan, crediting conditions, guarantees of the return of money, the profitability of the investment of their capital. Suppliers and customers are interested in the solvency of the enterprise, the presence of liquid funds, etc.
The sustainability of the enterprise primarily depends on the optimality of the composition and structure of assets, as well as the correct choice of the management strategy. Another important factor in financial sustainability is the composition and structure of financial resources and the correctness of their management. A large influence on the financial sustainability of the enterprise is provided by the funds that are additionally mobilized in the loan capital market. The more funds can attract an enterprise, the higher its financial capabilities, however, financial risk increases: whether the company will be able to pay the company in a timely manner with its creditors.
The external manifestation of the financial sustainability of the enterprise is its solvency. The company is considered solvent if the funds available, short-term financial investments (securities, temporary financial assistance to other enterprises) and active settlements (calculations with debtors) cover its short-term obligations. The solvency of the enterprise acts as an external manifestation
Thus, it is important that the state of financial resources consistent with the requirements of the market and responded to the needs of the development of the enterprise, since insufficient financial stability can lead to the non-payment of the enterprise, and excessive - to prevent development, extinguishing the company's costs with excessive reserves and reserves.
The relevance of the topic of research is determined by the fact that the analysis of financial sustainability is an important part of the evaluation of the financial condition of the organization. The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities.
The object of research is OJSC Kurgandormash, which specializes in the production of road construction and communal equipment.
The subject of research is the indicators of the financial sustainability of the organization.
The purpose of the graduation work is to increase the financial sustainability of the organization.
In the course of the study it is necessary to solve the following tasks:
1) to explore theoretical issues of the financial stability of the organization;
2) give a brief description of the organization;
3) to analyze the financial condition of the organization;
4) to analyze the financial sustainability of the organization;
5) develop measures to improve the financial sustainability of the organization;
6) Assess the effectiveness of events.
Information support of this study includes documents of the financial statements of the Organization for the period 2008-2010., Statistical information, accounting data, educational and reference literature.
In the process of performing the work, the following research methods were used: Calculated and analytical, comparison method, factor method, methods of mathematical modeling and others.
When performing the work, the following software products are used: Microsoft Word, Microsoft Excel, Microsoft Power Point.
1. Theoretical aspects of the financial sustainability of the organization
1.1 Content of the financial stability of the organization
In the conditions of the market, the organization's economic activity is carried out at the expense of self-financing, and with the lack of their own financial resources, due to the borrowed funds. Financially-sustainable is such an economic entity, which at the expense of own funds covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unnecessary receivables and payables and is paid on time by its obligations. The main thing in financial activities are the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, issues of rational use of working capital are focused on.
To carry out their activities, any organization needs to constantly monitor changes in the financial condition. The financial condition of the economic entity is the characteristics of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, fulfilling obligations to the state and other business entities.
The movement of any commodity and material values, labor and material resources is accompanied by the formation and spending of money, therefore the financial condition of the economic entity reflects all parties to its production and trading activities.
Under the financial condition means the ability of the organization to finance their activities. It is characterized by the security of financial resources necessary for the normal functioning of the organization, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.
The financial condition may be stable, unstable and crisis. The ability of the organization to make payments in a timely manner, to finance their activities on an extended basis indicates its good financial condition. The financial condition of the organization depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial position of the organization. Conversely, as a result of the foreclosure of the production and sales plan, cash flow reduction and reduction of solvency is reduced.
A sustainable financial position in turn has a positive impact on the performance of production plans and ensuring the needs of the necessary resources. Therefore, financial activities as an integral part of economic activities are aimed at ensuring the systematic receipt and consumption of funds, the fulfillment of the calculated discipline, the achievement of rational proportions of its own and borrowed capital and its most efficient use.
The financial condition of the organization can be assessed from the point of view of long-term and short-term perspective. In the first case, the evaluation criterion is the indicators of the financial stability of the organization, in the second - liquidity and solvency. The stability of the organization's activities in the light of the long-term perspective is one of the most important characteristics of its financial condition. It is associated with the overall financial structure of the organization, the degree of its dependence on external lenders and investors, with the conditions on which external sources of funds are attracted.
The characteristic of financial stability includes an analysis:
Composition and placement of assets of the economic entity;
Dynamics and structure of sources of financial resources;
Availability of own working capital;
Availability and structure of working capital;
Funds in the calculations;
Liquidity and solvency;
Business activity.
The key to the survival and the basis of the stability of the situation is its sustainability. The financial sustainability of the organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on profit and capital growth while maintaining solvability and creditworthiness.
Analysis of financial sustainability should be started with the degree of stock availability and costs by their own sources of their formation. The lack of funds for the acquisition of material reserves can lead to non-compliance with the production program, and then reduced production. On the other hand, excessive response of funds in reserves exceeding the actual need leads to a death of resources ineffective use. Since working capital include both material and monetary resources, not only the process of material production, but also the financial sustainability of the organization depends on their organization and efficiency of management.
The external manifestation of the financial sustainability of the organization is its solvency. The organization is considered solvent if its cash, short-term financial investments (securities, temporary financial assistance to other organizations) and active settlements (calculations with debtors) cover its short-term liabilities.
The organization's solvency acts as an external manifestation of financial sustainability, the essence of the security of current assets with long-term sources of formation. A large or smaller current solvency (or insolvency) is due to a greater or lower degree of security (or insecurity) of current assets with long-term sources.
The financial condition of the organization from the position of the short term is estimated by the indicators of liquidity and solvency, in the most general form characterizing whether it can timely and fully settle calculations on short-term commitments to counterparties. The short-term debt of the organization, isolated in a separate section of the balance of the balance sheet, is repaid in various ways, in particular, any assets of the organization may act, including non-current. At the same time, it is clear that the forced sale of fixed assets to repay current payables is often evidence of the prebankcrot state and therefore cannot be considered as a normal operation.
Under the liquidity of any asset understand the ability to transform into funds during the provided production and technological process, and the degree of liquidity is determined by the time period during which this transformation can be carried out. The shorter the period is the higher the liquidity of this type of assets. In accounting and analytical literature under liquid, assets consumed within one production cycle (year).
Solvency means that the organization has funds and their equivalents sufficient for settlements on payables requiring immediate repayment. Thus, the main signs of solvency are: the presence of a sufficient amount of funds on the settlement account; Lack of overdue payable debt.
The organization's solvency is an external sign of its financial stability and is due to the degree of security of current assets with long-term sources. It is determined by the possibility of organizing in a timely manner to pay off their payment obligations in cash. Analysis of solvency is needed not only to the organization itself in order to assess and predict its further financial activities, but also its external partners and potential investors.
The valuation of solvency is carried out on the basis of the analysis of the liquidity of the organization's current assets, that is, their ability to turn into cash. At the same time, in contrast to solvency, the concept of liquidity is wider and means not only the current state of calculations, but also characterizes the relevant prospects. In the process of analysis, it is necessary to determine the sufficiency of funds based on the analysis of financial flows of the Organization: the inflow of funds should ensure the coverage of the current commitments of the organization. To analyze the actual cash flow, assessing the synchronization of their receipt and spending, linking the financial result with the state of funds in the organization, it is necessary to allocate and analyze all directions of cash flow, as well as their outflow.
Financial stability is calculated at a specific date. The resulting assessment is subjective and can be performed with a different degree of accuracy. To confirm solvency, check the availability of funds on settlement accounts and currency accounts, short-term financial investments. These assets must be optimal. On the one hand, the more likely the amount of cash in accounts, the more likely it can be argued that the organization has sufficient funds for current payments and payments. On the other hand, the presence of minor fund balances in cash accounts does not always mean that the organization is insolvent: funds can go to settlement, currency accounts, in the cashier over the coming days, and short-term financial investments are easy to turn into cash.
However, solvency indicators allow us to give only a general one-time valuation of solvency dynamics and do not allow to analyze its intrastructural changes. To obtain an idea of \u200b\u200bsuch changes, an assessment of the current solvency is carried out by comparing the amount of cash and short-term financial investments with a total amount of debt, which has come. The ideal is the option when the result is equal to one or exceeds it.
However, when conducting these calculations according to the balance sheet data and form No. 4, the "Report on cash flow" must be considered the following: the organization's solvency - the indicator is very dynamic, it changes very quickly, calculated at once a quarter or once a year it does not allow Analytics get a reliable picture. In this regard, a payment calendar is drawn up, where the comparison of cash expected funds and payment obligations is focused on very short periods: 1, 5, 10, 15 days, month. The operational payment calendar is compiled on the basis of data on the shipment and sale of products, procurement of raw materials, materials and equipment, documents on labor settlement calculations, issuing advances to employees, statements from bank accounts, etc. On the basis of the data obtained, dynamic series are formed and an analysis of changes in this indicator is carried out.
Thus, the analysis of the financial condition and sustainability of the organization is an important methodological tool for monitoring the current state of the organization, improving the effectiveness of the organization's activities, and also provides an informational and analytical base for all types of planning.
1.2 Methodology for analyzing financial stability
To study the influence of factors on the results of the management and counting of reserves in the analysis, such methods are used as: chain substitutions, absolute and relative differences, integral method, correlation, component, methods of linear, convex programming, game theory, operations of operations, methods for solving economic tasks on The basis of intuition, past experience, expert assessments of specialists. The use of certain methods depends on the purpose and depth of analysis, the object of study, the technical capabilities of the implementation of the calculations, etc.
The methodology means a set of ways, the rules of the most appropriate implementation of any work. In economic analysis, the technique is a combination of analytical methods and rules for studying the economy of the organization, to certainly subordinate to achieving the purpose of the analysis. The general methodology is understood as a research system that is equally used in the study of various objects of economic analysis in various sectors of the national economy. Private techniques specify common relative to certain sectors of the economy, to a certain type of production or the object of study. Technical techniques and methods of analysis are the most important element of the methodology for analyzing the organization's activities.
Analysis of financial sustainability is an important part of the evaluation of the financial condition of the organization. The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities. Indicators that characterize independence for each element of assets and on property as a whole, make it possible to measure a sufficiently resistant analyzed organization financially.
Long-term liabilities (loans and loans) and their own capital are guided mainly to acquire fixed assets, overhaul and other non-current assets. In order to perform solvency conditions, it is necessary that cash, funds in settlements and material current assets covered short-term liabilities.
In practice, the ratio should be observed:
Current assets < Own capital X 2 - non-current assets
However, besides absolute indicators, the relative coefficients are characterized by financial stability.
The level of general financial independence is characterized by the autonomy coefficient, i.e. it is determined by the specific weight of the organization's own capital in its total value. It reflects the degree of independence of the organization from external capital.
However, the ratio of own and borrowed funds provides only a general assessment of financial stability. This indicator must be considered in conjunction with the coefficient of their own funds. It shows the extent to which current assets have a source of coating their own working capital. The level of this coefficient is comparable to organizations of different industries. Regardless of the industry affiliation, the degree of sufficiency of own working capital to cover current assets equally characterizes the measure of financial stability.
The financial independence ratio shows the proportion of own funds in the total amount of funding sources. The value of the financing coefficient shows which part of the activity is funded at the expense of own funds, and which is due to borrowed.
A summary indicator of financial independence is surplus or lack of sources of funds for forming stocks and costs, which is determined in the form of a difference in the value of the sources of funds and the amount of stocks and costs.
It is possible to allocate 4 types of financial situations:
Absolute stability of the financial condition. This type of situation is extremely rare, represents the extreme type of financial stability and meets the following condition:
Zz< СОС (1)
where ZZ - stocks and costs;
SOS is the value of own working capital.
With such a situation, all reserves are completely covered with their own working capital;
The normal sustainability of the financial condition, which guarantees solvency.
The condition should be performed:
SOS< ЗЗ < ИФЗ (2)
where the IPS is sources of stock formation;
unstable financial condition associated with violation of solvency:
ZZ\u003e IFS (3)
the crisis financial condition in which the organization is on the verge of bankruptcy, since in this situation, cash, short-term securities and receivables do not even cover its accounts payable. The following condition is satisfied:
ZZ\u003e IPZ + PC + sn
where PC is overdue payables and receivables;
ZP - loans and loans that are not repaid on time.
To assess financial stability, a set or system of coefficients is applied. Let's call the most important of them:
1) Property ratio of own working capital:
To OSS \u003d SK - VNA / Both, (4)
VNA - non-current assets;
Both are current assets. It characterizes the degree of provision of its own working capital of the Organization necessary for financial sustainability. The minimum value of the coefficient of 0.1, recommended by 0.6.
2) The coefficient of material reserves with its own means:
To OMZ \u003d SK - VN / s, (5)
where SC - own capital of the organization;
VNA - non-current assets;
W - stocks.
It shows which part of material current assets is funded at the expense of its own capital. The level of this coefficient, regardless of the type of activity of the organization, should be close to 1, or rather 0.60.8.
3) The coefficient of maneuverability of equity capital:
To m \u003d ss / sk, (6)
where CC is their own working capital;
SC - own capital.
It shows which part of its own capital is used to finance current activities, i.e. It is invested in working capital. The value of this indicator may vary significantly depending on the type of activity of the organization and the structure of its assets. For industrial organizations, the coefficient of maneuverability must be 0.3.
4) ratio ratio of own and attracted funds:
To CWS \u003d ZK / SK, (7)
where ZK is a borrowed capital;
SC - own capital.
5) the coefficient of long-term attraction of borrowed funds:
To dpa \u003d n dl / cp. / N dl / cp. + SC, (8)
where n dl / cp. - long-term liabilities;
SC - own capital.
6) autonomy coefficient.
K a \u003d SK / WB, (9)
where SC - own capital;
WB - balance currency.
The coefficient shows the degree of independence of the organization from borrowed sources of funds. The value of the coefficient should be 0.5.
7) The coefficient of financial sustainability:
To Fu \u003d SK + P for / cf. / WB, (10)
where SC - own capital;
N dl / cp. - long-term liabilities;
WB - balance currency.
The coefficient reflects the share of long-term sources of financing in general, the volume of the organization. Or shows which part of the property of the organization is formed at the expense of long-term financial resources. The value of the coefficient should be 0.5.
The above list of financial stability coefficients shows that there are a lot of such coefficients, they reflect different sides of the state of assets and liabilities of the organization. In this regard, there are difficulties in the overall assessment of financial stability. In addition, there are almost no certain normative criteria for the considered indicators.
Also, when analyzing financial stability, it is necessary to calculate such an indicator as surplus or lack of funds for the formation of reserves and costs, which is calculated as the difference between the size of sources of funds and the amount of reserves. Therefore, for analysis, first of all, it is necessary to determine the size of the sources of funds from the organization to form its reserves and costs.
In order to characterize sources of funds for stock formation and costs, indicators are used that reflect different degrees of sources coverage. Among them:
The presence of own working capital:
SOS \u003d SK - VNA, (11)
where SC - own capital of the organization;
VNA - non-current assets.
Own and long-term borrowed sources:
ZJE \u003d SOS + P for / cf. , (12)
N dl / cp. - Long-term liabilities.
The total majority of the main sources of financing:
OIF \u003d ZJI + ZS cr / cp. , (thirteen)
where ZJZ - own and short-term borrowed sources;
ZS cr / cp. - short-term borrowed funds.
Based on the above indicators, indicators of stocks and costs of sources of formation are calculated.
1 surplus (+), disadvantage (-)
SOS \u003d SOS, (14)
where SOS is your own working capital;
W - stocks.
2 surplus (+), disadvantage (-) sources of financing \u003d OIF-Z, (16)
where OIF is the total majority of the main sources of financing;
W - stocks.
The calculation of these indicators and the definition on their basis of situations make it possible to identify the situation in which the organization is located and schedule measures to change it. Thus, it is important that the state of financial resources consistent with the requirements of the market and responded to the needs of the organization's development, since insufficient financial stability can lead to an institutionalization of the organization, and excessive - to impede development, extinguishing the cost of the organization by excessive reserves and reserves.
Financial sustainability coefficients allow not only to assess one of the aspects of the financial condition of the organization. With proper use, they can actively influence the level of financial stability, increase it to the minimum necessary, and if it actually exceeds the minimum required level - use this situation to improve the structure of assets and liabilities.
1.3 Directions of improving the financial stability of the organization
The sustainability of the organization primarily depends on the optimality of the composition and structure of assets, as well as the correctness of the choice of the management strategy. Another important factor in financial sustainability is the composition and structure of financial resources and the correctness of their management. A large impact on the financial sustainability of the Organization are funds that are additionally mobilized in the loan capital market. The more funds can attract the organization, the higher its financial capabilities, however, the financial risk increases: whether the organization will be able to pay a timely manner with its creditors.
The characteristic of the financial condition of the economic entity includes the analysis: profitability (profitability); financial stability; creditworthiness; capital use; level of self-financing; Currency self-sufficiency.
An analysis of the financial condition of the Organization in the dynamics allows you to trace changes in various indicators and, if necessary, take the necessary measures. One of the main elements is the analysis of the financial stability of the organization.
The characteristic of financial stability includes an analysis: the composition and placement of assets of the economic entity; dynamics and structure of sources of financial resources; availability of own working capital; accounts payable; availability and structure of working capital; receivables; solvency.
The key to the survival and the basis of the stability of the situation is its sustainability. The financial sustainability of the organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on profit and capital growth while maintaining solvability and creditworthiness in conditions of permissible risk levels.
The financial stability management of the organization is a system of principles and methods for developing and implementing management decisions related to ensuring the maintenance of high-level financial sustainability.
An effective tool for promising management of the financial sustainability of an organization, subordinate to the realization of the objectives of the general development in the conditions of significant changes in macroeconomic indicators, the system of state regulation of market processes, the conjunctures of the financial market and related uncertainty, is a financial strategy management strategy.
The financial sustainability management strategy is one of the activities of the organization's functional strategy that protects its financial interests from various threats by forming the long-term goals of this protection, the choice of the most effective ways to achieve their achievement, adequate adjustments to the directions and forms of protection when changing the factors and conditions of the financial environment of its functioning.
The financial strategy management strategy of the Organization is developed in the context of individual dominant areas (directions) of protecting its financial interests from threats in a promising period. Such dominant areas (directions) of the general financial sustainability strategy of the Organization should be allocated on the basis of the identified system of its priority financial interests requiring protection.
Taking into account the foregoing, in the system of the overall financial strategy management strategy of the organization, it is proposed to allocate its dominant areas (Table1).
Table 1 - Characteristics of the dominant directions of the general financial strategy management strategy of the organization
|
Dominant spheres (directions) of the general strategy |
The main task of developing strategic decisions |
Circle of solved strategic problems |
|
|
1 Strategy for ensuring the growth of the yield of own capital of the organization |
Creating conditions for permanent increase in the level of financial profitability of the organization |
1 Ensuring the growth of the amount of profits from the sale. 2 Ensuring the growth of the amount of profits from other activities. 3 Reduced the weighted average cost of capital capital. |
|
|
2 Strategy for the formation of financial resources organization |
Creation of the potential for the formation of financial resources of the organization, adequate to the needs of its strategic development |
1 Ensuring an increase in the potential for the formation of financial resources of an organization from internal sources. 2 Providing the necessary financial flexibility of the organization. 3 Optimization of the structure of sources of formation of financial resources of the organization. |
|
|
3 Strategy for ensuring the financial stability of the organization |
Ensuring financial equilibrium organization in the Protestation of its strategic development |
1 Ensuring sufficient financial stability of the organization. 2 Ensuring the constant solvency of the organization. 3 Ensuring the necessary balance and synchronization of positive and negative monetary flows of the organization. |
|
|
4 Organization Investment Strategy |
Ensuring investment support for the strategic development of the organization and effectiveness of investment |
1 Ensuring an increase in the investment activity of the organization. 2 Ensuring the increase in the effectiveness of real investment projects of the organization. 3 Ensuring the effectiveness of the financial investment portfolio of the organization. |
|
|
5 Neutralization Strategy of Financial Risks Organization |
Ensuring minimizing the level of financial risks |
1 Ensuring the effective formation of the financial risk portfolio of the Organization. 2 Ensuring the effective use of the internal potential for neutralizing the financial risks of the Organization. 3 Ensuring effective conditions for external insurance of financial risks of the Organization. |
|
|
6 Innovative financial strategy |
Ensuring the necessary innovative level of financial development of the organization |
1 Ensuring the implementation and efficient use of progressive financial technology and tools. 2 Development and implementation of an effective organizational structure of the management of financial activities of the Organization. 3 Providing an increase in organizational culture of financial managers of the organization. |
|
|
7 Anti-crisis financial strategy |
Ensuring the rapid and efficient entry of an organization from crisis situations in the process of its strategic development |
1 Ensuring the timely diagnosis of symptoms of the crisis financial development of the organization. 2 Ensuring an increase in the internal potential overcoming the organization of crisis financial situations. 3 Advanced provision of opportunities for foreign financial support for the organization in the process of its exit from crisis situations. |
The following sequence of the main stages of the process of developing a financial sustainability management strategy can be clarified and detailed, taking into account the characteristics of the financial activities of the organization and the level of strategic thinking of its financial managers.
The development of basic strategic decisions in the financial sustainability management of the organization is based on the results of its strategic analysis. The strategic analysis of the organization's financial stability management system is the process of studying the impact of the factors of the external and internal environment for its effectiveness in order to identify features and possible directions of its development in a promising period. The basis for conducting strategic analysis is the study of the impact on the economic activity of the organization of individual factors and conditions of its functioning. Under the financial environment of the organization's functioning means a system of conditions and factors affecting the organization, forms and results of its financial activities. In general financial environment, individual types should be allocated: the external financial environment of indirect influence, characterizes the system of conditions and factors influencing the organization, forms and results of the organization's financial activities in the long term, direct control over which it does not have the ability to implement; The external financial environment of direct influence characterizes a system of conditions and factors influencing the organization, forms and results of financial activities that are formed in the process of financial relations to an organization with counterparties on financial transactions and transactions; The internal financial environment characterizes a system of conditions and factors that determine the choice of organizations and forms of financial activities in order to achieve the best results that are located under the direct control of managers and specialists of the financial services of the Organization.
Comprehensive management of the current assets and liabilities of the organization is reduced to the solution of the trice problem:
1) the transformation of the financial and operational needs of the organization (FEP) into a negative value;
2) acceleration of the organization's turnover of the organization, reducing the time of their turnover;
3) Choosing a suitable type of integrated management of current assets and current liabilities.
The financial and operational needs of the organization are the difference between current assets (without cash) and the current liabilities of the company. The financial and operational needs of the organization is the difference between working capital without cash and short-term financial investments and accounts payable. Thus, the FEP is determined in a broad sense. Practical significance also has a more specific (narrow) interpretation of financial and operational needs.
In this case:
FEP \u003d Z + DZ - CRZ, (17)
We analyze the economic meaning of the category of financial and operational needs of the organization. Immediately it should be noted that in a narrow interpretation of FEP - the values \u200b\u200bassociated with the specifics of the financial mechanism of the functioning of the firm. These may be reserves that do not take direct participation in the formation of financial performance activities (this or produced, but not sold products, or the required amount of raw materials and materials making an unlikely offensive offensive in capital movement), or this is part of the organization's funds (its capital ), which formally belongs to the firm, does not participate in the economic turnover (receivables), or it is such funds that, without being the property of the organization, nevertheless take part in the process of its economic turnover. Thus, it is obvious that the achievement of such a situation (from the point of view of the implementation of the financial goals of the company), when the amount of reserves is reduced, the amount of receivables is declining, and the payables increase.
If the payables of the company (organization) exceeds the amount of receivables and the amount of reserves will be minimized, then this may mean only one thing: the firm uses other people's resources to achieve its financial goals than other organizations enjoy its resources. From the point of view of the financial algorithm for the functioning of the company - this is an excellent result to which any firm should strive.
The negative value of the financial and operational needs of the organization means that the company has excessive revolving (monetary) funds and may raise the question of their unproductive use to obtain speculative income (income from investments in the securities of the state and other organizations, income from speculation in the foreign exchange market. And some other species of speculative income) and income from investing money into commercial banks (bank deposits, etc.).
Otherwise, we are talking about a shortage of revolving (cash) funds. This situation is now most often found in our country. That is why we set as one of the main tasks of tactical financial management to transform the financial and operational needs of the organization into a negative value.
The same goal will be the solution to the task of accelerating the turnover of the organization's funds. At the same time, the magnitude of the reserves of the organization (stocks of finished products and stocks of raw materials, materials) will be minimized. This is an additional factor in the reduction of FEP and the additional possibility of using the financial mechanism of the firm's functioning to maximize its financial results (due to predominantly other people's funds, funds of other organizations).
The speed of the organization's turnover is a category directly associated with time, time interval. It shows how many revolutions of those or other means of the organization are committing, suppose, for the year or how much time is necessary for the accomplishment of one turn. This is an expression based on the period of working capital turnover:
This is the most comprehensive indicator, since we have all the working capital of the organization in the numerator, and in the denominator actually all incomes of the organization. It is very aggregated, but nevertheless its calculation will bring very important information related to the definition of FEP in a broad sense.
The negative value of the FEP in the days testifies to the availability of free funds during these days, and the positive importance on the insufficiency of funds during the amount of days obtained.
The financial position of the organization directly affects the magnitude of financial and operational needs. If the organization is in a serious financial situation, then he has fewer opportunities to reduce FEP with the exception, perhaps, such as non-payment, non-payment for their debt, which, however, may still aggravate the situation.
The incompression of the timing of funds and payments can be confronted to the unpleasant state of technical insolvency, when it (as a whole, successfully working) today is not able to pay for priority payments (although tomorrow it will not be a problem). The art and qualifications of the financial manager are just to prevent such a situation.
In modern literature on financial management, the money circuit is described by the Cash Circulation Cycle Model. This approach is based on translating operational events in cash.
1. The reserves treatment period (the duration of turnover of stocks of inventory-material values, production cycle) is the average period of time needed to turn the raw materials in the finished goods, and then sell them. A period of one turnover of reserves is often referred to as stock storage period. Stocks are: stocks of commodity values, stocks in unfinished production, ready-made products in warehouses. If the storage period of the production reserves of raw materials and materials increases with a constant production volume, this indicates the surplus of reserves, i.e. On the creation of excess reserves.
2. The period of turnover (repayment) of receivables is the average period required to transform receivables into cash, i.e. For money from the sale. If the receivables are more accounts, then the threat of financial stability and independence is created, because Under these conditions, the organization is forced to additionally attract borrowed resources. If payables are more receivable and much, it leads to the insolvency of the organization. Ideally, it is desirable that the receivables and payable debts are equal.
3. The period of turnover (delay) of accounts payable is an average period of time between the purchase of raw materials and its cash. For example, the organization may have an average of 30 days to pay for labor and materials.
4. The financial cycle (the period of circulation of cash) unites three of the only named periods and, therefore, equals the period of time from the actual monetary costs of the Organization for production resources (raw materials, work) and before the receipt of funds from the sale of the finished product (i.e. from the date of remuneration and / or raw materials before receiving receivables). Thus, the preparation period is equal to the period during which the company has funds embedded in working capital.
Thus, this chapter discusses theoretical issues of analyzing the financial sustainability of the organization. It can be concluded that the analysis of the financial sustainability of the organization is an important condition for the effective activities of the organization. The methodology for analyzing the financial sustainability of the organization, presented in the thesis, can be used to practically analyze the financial condition.
2. Analysis of the financial condition and sustainability of the organization of OJSC Kurgandormash
2.1 General characteristics of the organization OJSC Kurgandormash
Full company name of the Company: Open Joint-Stock Company "Kurgan Plant Road Machines". Location and postal address: 640000 Kurgan, ul. Uritsky, 36.
OJSC "Kurgandormash" was founded in 1941. The plant was evacuated in the first months of the Second World War from Ukraine, from the city of Kremenchug, and focused on the production of road construction and communal equipment.
The main types of manufacturing, commercial and investment activities of the Company - the creation, production and sale of machines for the repair, construction and maintenance of roads, cars for urban communal services, for transportation and distribution of liquid and bulk materials.
OJSC "Kurgandormash" is a legal entity, owns separate property taken into account on its independent balance, on its own behalf acquires and implements property and personal non-property rights, it carries the obligations, may be the plaintiff and the defendant in court, the arbitration and arbitration court, the participant of others societies, partnerships, associations and organizations.
The authorized capital of the Company is 2452975 p. It is divided into 4905950 ordinary shares, the rated value of which is 0.50 p., Nominal value of 2452975 p.
The number of shareholders registered in the registry, including the number of shareholders listed in the list of shareholders entitled to participate in the annual General Meeting - 1416 shareholders. Information on major shareholders owning more than 5% of the Company's voting shares:
1. OJSC "Investment Company" of Trans-Urals ", their share in the authorized capital of OJSC Kurgandormash - 51.68%;
2. Sokolova Natalia Alexandrovna, its share in the authorized capital of OJSC Kurgandormash - 16.31%.
The high scientific and engineering and technical potential accumulated for more than 60 years of activity allows to solve the most complex and responsible tasks. Based on the technical and historical experience, "Kurgandormash" became the leading organization for the production of fuel trucks, utility techniques, as well as roads and autobito-vehicles - machines, irreplaceable in the construction, repair and operation of roads, buildings and structures using liquid building materials.
In different years, many samples of Kurgan machines were demonstrated at exhibitions, including international (in 12 countries). Organization's awards are talking about recognizing "Kurgandormash" products in Russia and abroad.
OJSC "Kurgandormash" offers consumers the following products:
Machines vacuum swept-cleaning KO-318, intended for mechanized cleaning of urban roads with asphalt or cement-concrete coating from various dust pollution, sand, rubble, leaves, etc. Analogue of this machine is the machines of such well-known firms as Krol (Germany), Scarab (England);
Machines vacuum swept-cleaning MK-2000 and MK-1500, intended for mechanized cleaning of yards, sidewalks and pedestrian tracks from garbage, dust and dirt;
Machines combined harvesters MD-532 and MD-433-02, designed for year-round content of federal and local roads with solid coating;
Machines Combined harvesters MD-551, MD-432C and MD-555, designed to perform a complex of work on a patrol sump of freshly buried snow, high-speed snow cleaning from the roadway, treatment of road coatings with antifungal materials;
Machines sidewalk MT-1 and MT-2, intended for cleaning streets, squares, sidewalks, roads and construction sites from fresh snow, soil nanso, garbage;
DS-142B autogudaronators and DS-39B, intended for transporting liquid bitumen materials in hot and cold condition from places of production or storage with a temperature of up to + 200 ° C with small heat loss and uniform distribution of them during the construction and repair of roads and airfields;
Bituch-vehicles DS-180, intended for bottling bitumen, uniform single-layer distribution of rubble small fractions on the surface of the road surface and its cursory in the construction and repair of road coatings;
DS-164A autobuima, intended for transporting liquid bitumen materials with a temperature of up to + 200 ° C with small heat loss, as well as for the transport of other non-aggressive and explosion-proof binding liquids;
DS-138B autobuimose, intended for transportation and issuing bitumen in liquid state with a temperature of up to + 200 ° C on road roads I-III categories of operating conditions;
Tank semi-trailers Bituminous ACB-25-00 and ACB-12-IIIA, intended for transportation and issuing bitumen in liquid state with a temperature of up to + 200 ° C on roads I-III categories of operating conditions;
Road trains for the transportation of DS-164 petroleum products, intended for oil transportation;
ATZ-6 and ATZ-11 automotive powers, intended for transportation and issuing light oil products with a density of not more than 0.86 g / sm, and for the mechanized refueling of machines and mechanisms with filtered fuel reading the amount issued;
Mark "Kurgandormash" is known not only in Russia, but also in the near and far abroad. The plant's products know in 50 countries of the world, including in India and China, Chile and Argentina, Poland and Yugoslavia, as well as in Syria, Iraq, Congo, Mali.
Currently, the organization of OJSC Kurgandormash does not have sufficient financial stability, its production potential throughout 2008-2010. significantly decreased, funds are not enough to conduct settlements, the solvency of the organization is low.
The future of the plant is associated with the development of the 2nd platform, where the workshop for the manufacture of non-standard equipment was opened, a petroleum, boiler room, a substation and water supply are built. In 2001, a 4000 MI plant was put into operation, in which the production of large-tonnage techniques is carried out. In addition, the organization carried out: reconstruction and overhaul of the main workshops and plant management, improvement of the territory of the plant and the streets adjacent to it.
Every year more than 200 types of new products are being developed in the organization. The main emphasis is on high-tech, complex equipment, especially block-complete. The organization is seriously approaches development and reconstruction. Despite difficulties in the economy, annually sends significant funds for the reconstruction of production, the acquisition of new equipment, the creation of new industries, computerization. The overall assessment of the effectiveness of the organization in market conditions of management is indicators of the intensity of the use of the organization's production resources.
The effectiveness of the use of the main production facilities characterizes the indicator of the foundation. This indicator increased in 2008 by 24%, and in 2009 increased by 29%. This change is determined by the period under consideration by the change in revenue from the sale and cost of production assets.
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From the above analysis of financial sustainability, it can be concluded that Atlant LLC is in a state that can be described as normal sustainability. A normal sustainable financial situation is characterized by the fact that the company uses various "normal" sources of funds to cover the reserves - its own and attracted (own working capital; short-term loans and loans; payables for commodity operations).
Nevertheless, for each enterprise, it is necessary to develop measures to increase financial stability, whatever it is. Since in the long run, the financial condition can dramatically change its direction: from the crisis-resistant.
As the most frequently encountered techniques that are used to improve the financial condition of the enterprise, the following are as follows:
Daily follow the ratio of receivables and payables;
Accounts receivable Buyers can not pay all right away, but every day gradually;
Use discounts with early postage;
Require preliminary payment for products;
To repay receivables, use the form of natives, when the debt is extinguished by its product or services;
Identify and implement illiquid assets.
It often happens that the company's losses are mainly due to an ill-conceived approach to production. Based on this, you can offer a variety of ways to improve the financial condition of the enterprise. Among them can be allocated:
· Reducing costs (the main condition for profit growth and profitability can be considered as a consequence of all other);
· Improved working hours;
· Implementation of new equipment and technology;
· Energy savings;
· Improving the use of all material resources;
· An increase in sales volumes;
· Reducing the residues of unrealized products;
· Successful carrying out non-engineering operations.
Taking into account the negative phenomena identified during the analysis, it is possible to give some recommendations for increasing the financial stability of the enterprise:
It is necessary to increase the proportion of own working capital in the value of the property and to ensure that the growth rates of their own working capital are higher than the growth rate of borrowed capital;
Take measures to reduce payables, first of all it concerns the advances received from buyers. On them either the products should be shipped, or funds are returned;
Increased investment in fixed assets and its share in the general property of the organization;
It is necessary to increase the turnover of working capital of the enterprise, which, during the analysis of financial stability, it is clearly revealed, so sources of own funds were sent, mainly into non-current assets;
Especially paying attention to the increment of the most liquid assets;
If the magnitude of slowly implemented assets is extremely large, it is necessary to find out what causes the accumulation of superplan reserves. They should be immediately put into production. If there are partial, thowned, illiquid reserves, then they must be implemented at any cost or write off;
Take measures to increment our own sources of funds and reduce borrowed liabilities;
Pay attention to the organization of the production cycle, on the profitability of products, its competitiveness.
An important source of increasing financial sustainability of the enterprise is factoring, i.e. The concession to the bank or factoring company the right to optus receivables, or a contract-concession, according to which the enterprise is inferior to its requirement for bank debtors as ensuring the return of the loan.
One of the effective methods of updating the material and technical base of the enterprise is leasing, which does not require full one-time payment of leased property and serves as one of the types of investment. The use of accelerated depreciation on lease operations allows you to quickly update the equipment and maintain technical re-equipment of production.
Attracting loans for profitable projects capable of bringing a high income to the enterprise is also one of the reserves of the financial recovery of the enterprise.
This also contributes to the diversification of production in the main directions of economic activity, when forced losses in one directions are covered by the profit of others.
It is possible to reduce the deficit of equity due to the acceleration of its turnover by reducing the construction time, production and commercial cycle, excessive remnants of reserves, work in progress, etc.
Reducing expenditures for the maintenance of residents of residentialscultuettes by transferring them to municipal property also contributes to the tide of capital into basic activities.
In order to reduce costs and improve the efficiency of the main production in some cases, it is advisable to abandon some activities serving the main production (construction, repair, transport, etc.), and go to the service of specialized organizations.
If an enterprise receives a profit and is insolvent, it is necessary to analyze the use of profits. If there are significant contributions to the consumption fund, this part of the profit in the conditions of insolvency of the enterprise can be viewed as a potential reserve of replenishment of their own working capital of the enterprise.
Great assistance in identifying reserves for improving the financial condition of the enterprise can have a marketing analysis for the study of supply and demand, sales markets and the formation of the optimal range and product production structure on this basis.
One of the most radical directions of increasing financial sustainability is to search for internal reserves to increase production profitability and achieving break-even work due to the fulfillment of the production capacity of the enterprise, improving the quality and competitiveness of products, reducing its cost, the rational use of material, labor and financial resources, reducing unproductive Costs and losses.
The main attention should be paid to resource saving issues: the introduction of progressive norms, standards and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and introduction of best practices in the implementation of the regime of savings, material and moral incentives for resource savings and Reducing non-production costs and losses.
For systematized detection and generalization of all types of losses at each enterprise, it is advisable to conduct a special register of losses with their classification by certain groups:
From marriage;
Reduce product quality;
Unclaimed products;
Loss of profitable customers, profitable markets;
Incomplete use of the production capacity of the enterprise;
Downtime of labor, warehousing, labor and cash resources;
Resource overpowering per unit of products compared with the established standards;
Damage and shortage of materials and finished products;
Write off non-fully amortized fixed assets;
Payments for penalties for violation of the contractual discipline;
Write off unclaimed receivables;
Attracting unprofitable sources of financing;
Untimely commissioning of capital construction objects;
Natural Disasters;
In production, not giving out products, etc.
The skillful application and combination of these activities contributes not only to an increase in financial sustainability, but also to improving the financial condition of the enterprise.
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