The table shows the economic indicators of the enterprise. Analysis of the main financial and economic indicators. Accounts receivable turnover indicator

From the results of the work of the enterprise LLC "Saranskkabel" it is clear that the enterprise during 2011-2013. worked steadily, year after year, increasing its production potential. We analyze the output of the enterprise using Table 2.1.

Table 2.1 - Analysis of production output, mln. Rub.

Index

Absolute change

Relative change,%

1. Volume of commercial products

2. Cost of marketable products

3. Material costs

4. Depreciation of fixed assets

5. Pure production

4. Sales volume

7. Volume of sales of products in comparable prices

Based on the data in Table 2.1, there is a tendency to increase production and sales of finished products.

Growth of marketable products in 2012 by 2011 amounted to 139.9%, in 2013. in relation to 2011. - 118.5%.

The increase in marketable output was due to:

Increase in production volumes in physical terms;

Increase in labor productivity by 61.0%;

More efficient use of fixed assets (increase in capital productivity by 5 times).

Due to the rise in prices and the volume of commercial products, the volume of sales increased by 1057 million rubles, of which 558 million rubles. by increasing marketable products. The growth rate of sales of products (147.7% and 123.8%) outstripped the growth rate of commercial products (139.9% and 118.5%), which means that all products were immediately shipped to consumers, and some of them were taken from the warehouse ...

An increase in net production by 73.8% in 2012. and 13.6% in 2013. influenced by the growth in the volume of commercial products at a faster pace than the increase in material costs, and the decrease in depreciation charges.

The prime cost of manufactured products is quite high, but the introduction of measures to reduce production costs made it possible to restrain the growth of the prime cost of commercial products: its growth rate in 2012 in relation to 2011. amounted to 130.9%, in 2013. by 2012 - 128.8%, and the growth in sales volumes outstripped the growth in the cost of commercial products

During the study period, an increase in material costs is noticeable, it is associated with both an increase in prices for material resources and an increase in production. Table 2.2 examines the material costs for the production of marketable products.

Table 2.2 - Analysis of material costs for the production of commercial products

As can be seen from Table 2.2, material output and material consumption remain at the same level.

The material basis for the functioning of the enterprise is fixed assets, therefore their analysis is necessary to determine the efficiency of the enterprise. Let's analyze the efficiency of using fixed assets using table 2.3.

Table 2.3 - Analysis of the efficiency of using fixed assets

Index

Absolute change

Relative change,%

2. Average annual cost of fixed assets, mln. Rub.

3. The share of the active part of fixed assets in fixed assets,%

4. Average number of PPP, people.

5. Capital productivity rubles / rub.

6. Capital intensity RUB / RUB.

7. Capital-labor ratio (for all fixed assets) of one PPP employee thousand rubles. / person

8. Capital-to-labor ratio (for the active part of fixed assets) of one PPP employee, thousand rubles. / person

At the enterprise, as can be seen from table 2.3, the cost of fixed assets in 2013. in relation to 2012 as a result of the transfer of a part of buildings, equipment and machinery to a new enterprise, as well as the write-off of old equipment, it decreased by 50.0% or by 107 million rubles

The share of the active part of fixed assets increases annually. If in 2011. it was 53%, then by the end of 2013. - 59%. With an increase in the share of the active part of fixed assets, the volume of marketable output increases.

The efficiency of using fixed assets is characterized by indicators of capital productivity and capital intensity. At the enterprise in 2013. return on assets increased by 11.2 rubles. in relation to 2012 by increasing marketable output and reducing the cost of fixed assets.

The capital ratio is the inverse of the return on assets. An increase in capital productivity and a decrease in capital intensity indicate a more efficient use of fixed assets in 2013. in relation to 2011.

An indicator of the provision of an enterprise with fixed assets is the capital-labor ratio, a decrease in which we observe at the enterprise. The decrease in the capital-labor ratio was due to a decrease in the cost of fixed assets. The enterprise is not fully provided with fixed assets. It is planned to acquire new technological lines in the near future.

The second important component of the company's assets is working capital. Working capital is a set of circulating production assets and circulation funds, expressed in monetary form. The calculation of indicators of the use of working capital is given in table 2.4.

Table 2.4 - Analysis of the efficiency of using working capital

At the enterprise, the cost of balances of normalized working capital in 2013. increased by 33.3% compared to 2012, as a result of which the turnover ratio of standardized working capital decreased by 6.3%, and the duration of one working capital turnover increased from 106 days (2011) to 120 days (2013). Deterioration of these indicators in 2013 indicates a less efficient use of standardized working capital.

The results of production and economic activities of the organization, the dynamics of the implementation of production plans are influenced by the degree of use of labor resources.

Table 2.5 - Dynamics of changes in the average number of employees and labor productivity

Within three years the number of employees at the enterprise increased by 166 people, of which 100 people are the main production workers. The increase in the number of personnel, including workers, occurred as a result of the expansion of production and an increase in sales volumes. Labor productivity is an indicator of economic growth, that is, an indicator that ensures the growth of real product and income. In 2012, labor productivity at the enterprise increased by 39.7% versus 2011, and in 2013 - by 15.2% versus 2012.

In LLC "Saranskkabel" labor productivity is growing due to the involvement of more resources in production. The growth of labor productivity in dynamics is seen as a favorable trend.

Financial performance indicators are various types of indicators of income, profit and profitability. Determine the indicators of the financial result of the enterprise in table 2.6. As a result of the outstripping growth in sales of products in comparison with the growth of its cost in the analyzed period, the company made it possible to profit from sales of products. Its size in 2012. exceeded this figure in 2011. by 31 million rubles. or by 66.0%. In 2013, compared to 2012, losses were received from product sales

In 2011-2013. at Saranskkabel LLC operating and non-operating expenses exceeded revenues, which led to a decrease in profit from sales. As a result, the company received losses (instead of net profit), and in 2013. there is a decrease in losses to 7 million rubles. (in 2011 the losses amounted to 30 million rubles).

Table 2.6 - Analysis of profit and profitability of the enterprise

Index

Absolute change

Relative change,%

1. Sales volume, mln rubles.

2. Cost of production, million rubles.

3. Profit from product sales, mln. Rub.

4. The level of profitability of sales,%

5. The level of cost-effectiveness,%

6. Unrealized income, mln. Rub.

7. Unrealized losses, mln. Rub.

8. Balance sheet profit, million rubles.

9. Net profit, mln. Rub.

In 2013. there is a decrease in profitability indicators: the level of profitability of sales and the level of profitability of costs decreased by 1.2%

Profit and profitability show the financial result of the enterprise for a certain period, while the financial condition is characterized by relative indicators.

Table 2.7 - Express analysis of financial condition

Table 2.7 shows the lack of liquid assets in the structure of the enterprise's property. At the same time, the current liquidity ratio corresponds to the norm (it should be 1-2). By the end of 2013, it slightly increased compared to 2011. The enterprise does not have enough working capital to pay off short-term liabilities. The coefficient of recovery of solvency suggests that the company in 2013. has restored its solvency, there is no risk of bankruptcy.

Financial condition is the most important characteristic of the economic activity of an enterprise It determines the competitiveness, potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed in financial and production terms.

In order to conduct a financial analysis of the enterprise, we will calculate 4 groups of indicators: liquidity, financial stability, business activity, profitability.

Table 2.8 - Liquidity indicators of LLC "Saranskkabel"

Analysis of liquidity indicators allows us to conclude that the company is illiquid, that is, it cannot repay all its debt obligations, due to a decrease in cash, even if settlements with debtors are made within the stipulated time frame. This condition is partly due to the high share of inventories in the structure of current assets. On the other hand, such dynamics takes place due to the high level of accounts payable.

The share of equity in the formation of working capital is only 20%, and the share of cash in its own working capital is only 4%. At the same time, the current liquidity ratio corresponds to the norm (it should be 1-2). By the end of 2013. it slightly increased in comparison with 2011.

Consider the indicators of financial stability of LLC "Saraskkabel" in table 2.9.

Table 2.9 - Indicators of financial stability of LLC "Saranskkabel"

Table 2.9 shows that the financial stability of the enterprise by the end of 2013. decreased: it became completely dependent on external sources. The share of borrowed capital increased to 90%, non-current assets are not provided with own funds, only 20% of the capital was formed at the expense of own funds.

Let's analyze the indicators of business activity (table 2.10).

Table 2.10 - Indicators of business activity of LLC "Saranskkabel"

Index

Sales proceeds, mln rubles

Labor productivity, thousand rubles

Return on assets, RUB / RUB

Material turnover ratio

Material turnover period, days

Finished product turnover ratio

Turnover period of finished products, days

Accounts receivable turnover ratio

Accounts receivable turnover period, days

Turnover ratio of current liabilities

Turnover period of current liabilities, days

Equity capital turnover ratio

Equity capital turnover period, days

Total turnover ratio

As can be seen from table 2.10, the business activity of the enterprise by the end of 2013. increased. This is evidenced by the dynamics of the following indicators. The turnover ratios for finished products, accounts receivable and current liabilities have increased. Consequently, the terms of turnover of finished products, accounts receivable and turnover of current liabilities have decreased. This is a positive trend in the activities of Saranskkabel LLC.

But at the same time, there is an increase in the turnover time of materials, which indicates an increase in their stocks in the company's warehouses. The turnover of total circulating assets for three years remained at the same level, that is, with an increase in sales, circulating assets increased.

Consider the indicators of profitability (table 2.11).

Table 2.11 - Indicators of profitability,%

Table 2.11 shows that the profitability of products sold and core business in 2013. declined, indicating a decline in profitability. Losses incurred in 2011-2013 indicate that the enterprise has become worse in using its own and working capital.

Thus, the management of the enterprise needs to radically revise the production and financial policy of the economy. In the future, the enterprise needs to increase production not by increasing prices for manufactured products, but by reducing costs, improving the quality and diversification of production, as well as further accelerating the turnover of inventories.

Let's consider the main indicators of this enterprise.

Table 1. Indicators of enterprise size

Index

Rates of growth, %

1. Marketable products, thousand rubles.

2. Production area, sq. m

3. Average annual cost of working capital, thousand rubles.

4. Basic production assets, thousand rubles.

5. Average annual number of production workers, people.

6. Profit from real, thousand rubles.

The number of workers in 2006 compared with 2004 decreased by 1% (or 110 people). The main reason for this reduction is the low wages compared to the wages of workers in similar professions in other industries or at other enterprises in the city.

The condition and use of fixed assets is one of the most important aspects of analytical work, since they are the embodiment of scientific and technological progress - the main factor in increasing production efficiency. Based on table 1, we calculate the indicators of the use of fixed assets (table 2).

Table 2. Indicators of the use of fixed assets

As you can see from the table. 2, capital productivity of fixed assets for the period 2004 - 2006 increased, which indicates the efficient use of fixed assets. The growth in capital productivity was due to factors such as an increase in the operating time of equipment and an increase in labor productivity. There was also an increase in the profitability of fixed assets and a reduction in capital-labor ratio. The capital-labor ratio characterizes the cost of fixed assets per employee. The decrease in this indicator was mainly due to a decrease in the cost of fixed assets. The increase in the profitability of fixed assets was due to a significant increase in profit from product sales.

Let's giveassessment of the performance of OJSC "Izhstal" using the indicators of business activity (Table 4). The initial data for calculating these indicators are given in table. 3.

Table 3. Initial data for calculating business activity indicators, thousand rubles.

Indicators

1. Sales proceeds

2. Average asset value

3. Average value of current assets

4. Average cost of equity

5. Costs of production and sales of products

6. Average cost of inventories

7. Average cost of receivables

8. Average cost of accounts payable

9. Average cost of non-current assets

Table 4... Izhstal OJSC business activity indicators

Indicators

Calculation formula

1. Asset turnover ratio

Cob A \u003d BP / A

2. Ratio of current assets turnover

Cob OA \u003d BP / OA

3. Ratio of equity capital turnover

Cob SK \u003d BP / SK

4. Ratio of inventory turnover

Kob MZ \u003d Z / MZ

5. Ratio of accounts receivable turnover

Cob DZ \u003d VR / DZ

6. Ratio of accounts payable turnover

Cob KZ \u003d Z / KZ

7. Ratio of non-current assets turnover

Cob BOA \u003d \u003d BP / BOA

8. Duration of one turnover of inventories

T MZ \u003d D / KobMZ

9. Duration of one turnover of receivables

TDZ \u003d D / KobDZ

10. Duration of one turnover of accounts payable

TKZ \u003d D / KobDZ

11. Duration of the operating cycle

OC \u003d TMZ+ TDZ

12. Length of the production cycle

PC \u003d TMZ

13. Length of the financial cycle

FC \u003d OTs - TKZ

14. The period of turnover of current assets

TOA \u003d D / KobOA

15. Period of turnover of equity capital

TSK \u003d D / KobsK

16. Period of turnover of non-current assets

TVOA \u003d D / KobVOA

17. Period of asset turnover

TA \u003d D / KobA

D is the number of days in the period.

Business activity indicators allow us to assess the financial position of an enterprise in terms of solvency: how quickly funds can be converted into cash, what is the production potential of the enterprise, is equity capital used effectively, how does the enterprise use its assets to generate income and profits. The turnover ratio shows how many turnovers the funds manage to complete in a year, or how much sales are received for 1 ruble of this funds. The duration of one turnover shows how many days the funds go through all stages of the turnover. In an efficiently operating enterprise, the turnover ratio should grow in dynamics, and the duration of one turnover should decrease. After analyzing the results obtained, it is possible to draw a conclusion about the effectiveness of the work of Izhstal.

During 2004-2006. there is a decrease in the ratio of accounts receivable turnover. There is a positive trend, since the less the financial resources in these assets are deadened, the more efficiently they are used, the faster they turn around, and bring the company more and more profits.

The duration of the turnover of accounts payable must be longer than the duration of the turnover of accounts receivable to maintain the balance of free funds at the enterprise. This condition remains in the analyzed periods.

The increase in the asset turnover ratio indicates the efficiency of using the economic potential of the enterprise.

The financial position of the company in terms of short-term prospects is assessed using liquidity indicators.

The liquidity of the company - the ability of the company to pay off short-term debt at the expense of its current assets.

The solvency of an enterprise is the availability of cash and cash equivalents from the enterprise sufficient to settle accounts payable.

Liquidity and solvency indicators are indicators that characterize the ability of an enterprise to timely and fully carry out settlements with counterparties.

Table 5... Initial information for calculating liquidity

Table 6. Indicators of liquidity of the enterprise

Total coefficients, urgent, absolute liquidity of OJSC Izhstal indicate that this company is insolvent.

From the above indicators, it follows that the enterprise is characterized by an unstable financial situation, which indicates a violation of solvency, but at the same time it remains possible to restore solvency by reducing accounts receivable and accelerating inventory turnover.

The main reasons affecting the financial stability of the enterprise are:

1) external

· Low solvency of enterprises in Russia, including with "real" money;

· Diktat of monopolists on prices, forms of payment;

· Imperfect tax legislation;

· Rise in prices for purchased raw materials and supplies;

2) internal

· Reduction of executive and technical disciplines, the level of responsibility for the results of their work;

· Decrease in the level of qualifications of employees;

· Growth of costs and non-production costs within the enterprise;

· Diversion of funds to the social sphere;

· Reduction of control over the expenditure of inventories.

The financial position of the enterprise from the point of view of long-term prospects is assessed using indicators of financial stability.

The financial stability of an enterprise is the ability of a business entity to function and develop, maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its solvency and investment attractiveness in the long term.

Financial stability indicators characterize the degree of dependence of an enterprise on external creditors. They allow you to identify the level of risk associated with the structure of the sources of formation of the property of the enterprise.

The initial data for calculating indicators of financial stability are given in table. 3 and tab. five.

Table 7. The system of indicators for assessing the financial stability of the enterprise

The equity capital concentration ratio characterizes the share of enterprise owners in the total amount of funds advanced in its activities. The value of the equity capital concentration ratio is more than 0.5, which indicates that the company is financially stable, stable and independent of external loans.

The ratio of borrowed and own funds shows how much borrowed funds are attracted per ruble of own funds. Gives an overall assessment of the financial stability of the enterprise. As calculations show, borrowed funds in 2004-2006. less of our own funds, this indicates the financial stability of the enterprise. But there is a negative trend, as the value of this indicator is growing, which indicates an increase in the dependence of the enterprise on external creditors.

This note was written in preparation for the course

Let me start with a little philosophical digression ... 🙂 Our organizations are very complex, i.e. entities that, as a result of the interaction of parts, can maintain their existence and function as a single whole... Systems that function as a whole have properties that differ from those of their constituent parts. These are known as emergent properties. They "arise" when the system is running. By dividing a system into components, you will never discover its essential properties. The only way to know what emergent properties are is to get the system to work. Emergent properties cannot be measured by any of our senses. Measure only manifestation emergent properties. In this regard, distortions are possible if the measurement is limited to only one or several parameters.

From what has been said, it becomes clear why the work of a company cannot be characterized by a small number (and even more so one!) Indicator. Success is an emergent property that cannot be measured by profit, profitability, market share, etc. All these parameters only characterize success to one degree or another. However, the financial indicators that we will now look at are characteristic indicators of success. With my philosophical digression, I just wanted to warn against the absolutization of this or that indicator, as well as against the introduction of a management system based on a small number of indicators.

Indicators of profitability (profitability)

Sales margin \u003d (Sales revenue - (minus) Cost of goods sold) / Sales revenue (Fig. 1)

Fig. 1. Sales margin

Download note in format, examples in format

It is clear that the marginality of sales depends both on the trade margin and on what expenses we attribute to the prime cost. The most relevant, from the point of view of making management decisions, is the approach when only fully variable costs are included in the cost price (see and for more details).

Operating expenses \u003d Cost of goods sold + Selling expenses + Administrative expenses
Profit from sales \u003dSales revenue - Operating expenses

Main business profitability \u003d Profit from sales / Revenue from sales (Fig. 2).

Fig. 2. Profitability of core business (or profitability of implementation)

Income and expenses should not include the results of unusual transactions so as not to distort the performance indicators (in the example, “other expenses” and “other income” are not included in the calculation of the parameter).

Performance indicators

Profit from sales (aka operating profit or profit from operations) is the profit on assets of all those who contributed to these assets, therefore, this profit belongs to those who provided the assets, and should be distributed among them. The efficiency (profitability, profitability) of the use of assets can be determined by dividing one of the profit indicators (Fig. 3a) by one of the balance indicators (Fig. 3b).

Fig. 3. Four types of profit (A) and three types of assets (B)

Two indicators are considered the most relevant.

Return on equity ratio (Return On Equity, ROE) \u003d Net profit (profit after taxes, see (4) in Fig. 3a) / Average annual equity (equity) capital (see Fig. 3b). ROE shows the return on equity to shareholders.

Return on total assets ratio (Return On Total Assets, ROTA) \u003d operating income (or earnings before interest and taxes, see (1) in Figure 3a) / Average annual total assets (see Figure 3b). ROTA measures a company's operating performance.

For the convenience of managing the return on total assets, management divides the ROTA ratio into two parts: return on sales and total assets turnover:

ROTA \u003d Profitability of realization * Turnover of total assets

This is how this formula comes out. A-priory:

The profitability of sale and the turnover of total assets are not the most convenient operating indicators, since they cannot be directly influenced; each of them depends on the totality of individual results obtained in different areas of activity. To achieve the desired values \u200b\u200bof these two indicators, you can use a system of indicators of a lower level.

To increase profitability, sales margins are usually increased, as well as operating costs are reduced, including:

  • Direct costs of materials and wages
  • General production overheads
  • Administrative and selling expenses

To increase the turnover of total assets, the turnover is increased:

  • Inventory (warehouse) stocks
  • Accounts receivable

Turnover indicators

Trading companies are characterized by a significant share of current assets. For example, the reporting of the company we used for illustration (Fig. 4) shows that the share of equity in 2010 was only 3% (2276/75 785). It is clear why so much attention is paid to optimization of current assets.

Accounts receivable turnover \u003d Accounts receivable * 365 / Revenue,
that is, the average duration of loans (in days) issued to customers.

Inventory turnover \u003d Inventory * 365 / Cost of goods sold,
that is, the average number of days of storage of stock from the moment of receipt from suppliers to the moment of sale to customers

Accounts payable turnover \u003d Accounts payable * 365 / Cost of goods sold,
that is, the average duration of loans (in days) provided by suppliers.

Along with the turnover (in days), turnover ratios are used, showing how many times the asset has “turned around” during the year. For example,

Accounts receivable turnover ratio \u003d Revenue / Accounts Receivable

In our example, the ratio of accounts receivable turnover in 2010 was \u003d 468,041 / 15,565 \u003d 30.1 times. It can be seen that the product of the turnover in days and the turnover ratio gives 365.

Fig. 4. Indicators of turnover

Turnover indicators (Fig. 4) mean that in 2010 the company, on average, needed financing for a 23-day cash gap (Fig. 5).

Fig. 5. Cash flow cycle

Fig. 6. Calculation of the quick liquidity ratio

Economic added value

Recently, the concept of economic value added (EVA) has become popular:

EVA \u003d (Profit from ordinary activities - taxes and other mandatory payments) - (Invested capital in the company * Weighted average price of capital)

How to understand this formula? EVA is the company's net profit from ordinary activities, but restored (i.e. increased) by the amount of interest paid for the use of borrowed capital, and then reduced by the amount of payment for all capital invested in the company... And this last [fee] is determined by the product of the invested capital by its weighted average cost. Why is interest on borrowed capital added to net profit? Because this interest will later be deducted as part of the payment for all invested capital. What capital is considered invested? Some analysts believe that only the capital for which you have to pay, that is, equity and debt. Other analysts believe that all capital, including loans, received from suppliers of goods.

Where does the weighted average cost of capital (WACC) come from? Some analysts believe that WACC should be determined based on the market value of similar investments. Others are that you need to calculate the WACC based on the exact numbers of a particular company. The latter path, unfortunately, implements the principle of planning "from achieved". The higher the return on equity, the higher the WACC, the lower the EVA. That is, in order to achieve higher profitability, we increase shareholder expectations and reduce EVA.

There is ample evidence that EVA is the performance metric most closely associated with increasing shareholder funds. Creation of value requires careful management of both profitability and money management. EVA can serve as a measure of management quality (but don't forget the philosophical digression at the beginning of this section).

Indicators calculated on the basis of financial statements and Russian specifics

If the data of management accounting, as a rule, relevantly reflect the financial position of the company, then when analyzing accounting forms need to be aware of which indicators reflect the real state of affairs, and which are elements of tax evasion schemes.

To understand how accounting forms are distorted (and financial indicators based on them), I will give several typical schemes of illegal tax optimization:

  • Overestimation of the purchase price (with a rollback), which affects the decrease in the sales margin and, further along the chain, on the net profit
  • Reflection of fictitious contracts that increase administrative and business expenses and reduce taxable profit
  • Fictitious purchases to a warehouse or the purchase of services that exist only on paper (payment for which is not provided), significantly worsening the indicators of inventory turnover and accounts payable, as well as liquidity.

2.1. Analysis means expansion, decomposition of the investigating object.

2.2. Financial analysis is a set of methods for collecting, processing and using information about the economic activity of an enterprise for making management decisions.

2.3. Reporting analysis makes it possible to assess:

· Property and financial condition of the enterprise;

· His ability to fulfill obligations to counterparties;

· Adequacy of capital for all types of economic activities;

· The need for additional sources of funding;

· The efficiency of the enterprise.

2.4. Analysis methods:

· Horizontal analysis;

· Vertical analysis;

· Comparative analysis;

· Analysis of financial ratios;

· Factor analysis.

2.5. Financial ratios:

2.5.1. Liquidity ratio:

· Coverage ratio (current liquidity) \u003d current assets / current liabilities\u003e 1;

· Quick ratio \u003d (current assets-TMZ) / current liabilities \u003d 0.7-0.8;

· The ratio of absolute liquidity \u003d (cash + securities) / current liabilities \u003d 0.2-0.25.

2.5.2. Asset management ratio:

· Ratio of inventory turnover \u003d sales volume / inventory;

· Period of inventory realization \u003d 365 days / turnover ratio;

· Accounts receivable turnover \u003d sales volume / accounts receivable.

2.5.3. Capital structure ratio:

· Ratio of total debt (debt) \u003d (assets - share capital) / assets \u003d total debt / total assets;

· Long-term debt ratio \u003d sales / (long-term debt + equity);

· Ratio \u003d total borrowed funds / share capital.

2.5.4. Interest coverage ratio:

· Interest coverage ratio \u003d EBIT / interest payments;

· Cash collateral ratio \u003d (EBIT + amortization) / interest payments.

2.5.5. Profitability ratio:

· Ratio of profitability of sales \u003d net profit / volume of sales;

· The ratio of profitability of assets \u003d EBIT / total assets;

· The ratio of return on equity \u003d net profit / total cost of capital.

Market Difficulty Ratios:

· Price / earnings ratio \u003d share price / earnings per share;

· Ratio of market value of shares \u003d price of shares / book value of shares;

· Ratio of current profitability of shares \u003d earnings per share / share price;

· Ratio of current profitability of shares \u003d dividend per share / earnings per share;

· Dividend payout ratio \u003d dividend per share / earnings per share.

2.6. DuPont equation \u003d Equity income \u003d net income / sales * sales / assets * assets / equity;

2.7. The solvency of an enterprise is the ability to timely and fully fulfill its external (short-term and long-term) obligations from total assets;

2.8. Financial stability - characterizes the level of financial risk of the company, as well as its dependence on debt capital.

How to make a table and analyze the main indicators of the enterprise?

Tests.

3.1. The financial ratios of a company are usually compared:

A) with the financial ratio of the best company in the industry;

B) with the financial ratios of the worst company in the industry;

B) with industry average coefficients;

D) with the best financial ratios of previous years.

3.2. Liquidity ratios show the ratio:

A) the asset and liability of the company;

B) the current assets of the company and its current liabilities;

C) non-current assets and long-term liabilities of the company;

D) current assets and the value of fixed assets.

3.3. Asset management factors allow you to determine:

A) how efficiently the company manages its assets;

B) the level of the company's profitability;

C) the level of the company's profitability;

D) how liquid the company is.

3.4. Capital structure ratios reflect:

A) the ratio between long-term and short-term debt;

B) the degree of financing of the company at the expense of borrowed funds;

C) the inability of the company to pay off its debt obligations;

D) the ratio between short-term debt and equity.

3.5 Profitability ratios show:

A) the effect of liquidity on the company's results;

B) the effect of the quality of capital structure management on the company's results;

C) the effect of the quality of asset management on the results of the company;

D) the cumulative effect of liquidity, the quality of asset management and capital structure management on the results of the company's production activities.

3.6 Market value ratios relate:

A) the level of liquidity and the value of the company;

B) the price of a share of the company with its profits and the book value of one share;

C) product profitability and asset profitability;

D) the initial and residual value of fixed assets.

3.7 Net profit is:

A) income - variable and fixed costs;

B) income - variable costs;

C) income - all costs, interest and taxes;

D) income - all costs and interest.

V. Financial planning and forecasting

Plan.

1.1 The essence and methods of planning.

1.2 Forecasting financial indicators.

1.3 Financial policy and strategy for sustainable growth.

  1. The concept of performance indicators of the enterprise and their classification

Indicators - This is a quantitative and qualitative assessment of the state and results, expressed in numbers. The indicators of the enterprise are classified into groups: norms, indicators of working time, indicators of labor resources, production indicators, financial indicators. The whole set of norms used in organizing the activities of an enterprise is divided into groups by types of resources.

Indicators - This is a quantitative and qualitative assessment of the state and results, expressed in numbers. Some of the indicators used in the organization's activities are regulated by state laws and adopted state statistical reporting, others are introduced in the course of the organization's activities.

The company's indicators are classified into groups:

  • operating time indicators,

    labor force indicators,

    production indicators,

    financial indicators.

The set of indicators characterizing the activities of the enterprise is divided into:

    large-scale,

    absolute,

    relative,

    structural,

    incremental.

    Economic indicators of the enterprise

Scale indicators illustrate the achieved level of the enterprise (fixed and circulating assets, authorized capital, etc.). Absolute indicators are the total value for the time interval (turnover, profit, costs, etc.).

Relative indicators calculated as the ratio of two indicators from the first two groups.

Structural indicators characterize the share of individual elements in the total.

Incremental indicators calculated as the change in indicators for the period in relation to the initial value.

The whole set of norms used in organizing the activities of an enterprise is divided into groups (by types of resources):

  • time norms;

    labor cost rates;

    material consumption rates;

    energy consumption rates;

    tool consumption rates;

    spare parts consumption rates.

The main standardized characteristics are:

    time rate (time of production of a unit of production);

    production rate (quantity of products per unit of time);

    headcount rate (number of workers per unit of serviced equipment);

    productivity rate (output per unit of time);

    consumption rate (consumption of raw materials, materials, fuel or semi-finished products per unit of production).

When characterizing the operating time, the main indicator is the time:

    calendar,

    actual,

Calendar working time - this is the most general indicator, it is divided into nominal time and regulated rest (holidays and weekends).

Actual time work less than the nominal for the period of permitted absenteeism (duration of vacation, sick days, days missed with the permission of the administration).

Time equal to actual minus absenteeism.

The number of employees is characterized by indicators of payroll and distribution staff. The assignment staff of employees (the number of employees simultaneously employed at the enterprise) is determined by jobs, equipment maintenance standards, and labor productivity. The payroll staff includes a constellation staff, a reserve of those working on vacation, illness, and regulated rest. The payroll staff is determined through the daily distribution staff and the payroll ratio, which characterizes the excess of the nominal time over the actual time.

The financial stability of the organization is assessed using the following indicators of market stability.

1. Equity ratio, characterizes the degree of provision of the enterprise with its own circulating assets, necessary for financial stability. The normative value of this indicator is 0.1-0.5

where SC - the amount of equity capital;

OA - the amount of current assets.

2.Coefficient of provision of inventories with own funds,shows the extent to which inventories are covered by own funds or need to attract borrowed funds. Norm 0.6-0.8

3.Equity capital flexibility ratio, shows how mobile own sources of funds are from a financial point of view. Standard value - 0.5

4.Permanent asset ratio (index)shows the share of fixed assets and non-current assets in the sources of own funds. The standard value is 0.5

5.Long-term borrowing ratio, shows what part of the activity is financed by long-term borrowed funds for the renovation and expansion of production along with its own funds.

,

6. Autonomy coefficient, characterizes the share of equity capital in the total amount of funding sources. Norm 0.5 - 0.7

where WB - balance currency

7., characterizes the share of equity and long-term borrowed funds in the total capital of the organization. Norm 0.7 - 0.8

,

8.Financial activity or financial risk ratio (financial leverage)- shows how much borrowed funds the company attracts for 1 ruble of equity capital, the rate is less than or equal to 1

where ZK - the amount of the borrowed capital (the sum of lines 590 and 690 f.№1).

For the convenience of formulating conclusions based on the calculation results, we present them in Table 4.2.

Output: According to the given calculations equity ratio JSC "Transport" did not correspond to its standard value (0.1) and had negative values: n.y. -0.43; -0.31, there is a tendency for this coefficient to decrease.

Analysis of the financial activities of the enterprise

Negative values \u200b\u200bof the equity ratio indicate that the circulating (current) assets of Transport OJSC are not provided with its own circulating assets, since the enterprise does not have its own circulating assets, financing of current activities depends on creditors and external investors.

Supply ratiohas a negative value due to the actual lack of the organization's own circulating assets

Maneuverability coefficient Equity shows how much of equity is used to finance current activities, i.e. invested in working capital, in the most maneuverable part of assets. In ny, the indicator is -0.19, in ky. it decreased significantly and amounted to -0.15. Both values \u200b\u200bare lower than the standard, which means that equity is not invested in working capital. The coefficient of flexibility of equity capital characterizes how mobile own sources of funds are from a financial point of view. The greater the value of this coefficient, the better the financial condition of the enterprise, its standard value is 0.5.

Permanent asset index - This is the ratio of the value of non-current assets to equity and reserves, which shows what share of own sources of funds is directed to cover non-current assets. In the organization of JSC "Transport" index \u003d 1.2, this value is higher than the norm, indicates that most of its own funds are used to cover non-current assets.

The autonomy ratio characterizes the share of ownership of the owners of the enterprise in the total assets. In addition, the higher the value of the coefficient, in JSC "Transport" (n.y. \u003d 0.62 and k.y. \u003d 0.61) the more the company is financially stable and the less dependent on third-party loans. From the point of view of investors and creditors, the higher the value of the coefficient, the lower the risk of loss of investments invested in the company and loans granted to it.

Financial stability ratio shows what part of the asset is financed from sustainable sources, that is, the proportion of those funding sources that the organization can use in its activities for a long time. If the value of the coefficient fluctuates in the range of 0.5-0.7 (in our case, on n.y. \u003d 0.82 and c.g. \u003d 0.84) and has a positive trend, the financial position of the organization is stable.

Financial activity or financial risk ratio(financial leverage) - shows how much borrowed funds the company attracts for 1 ruble of equity, i.e. 0.62 RUR and 0.63 rubles. accordingly, the organization "Transport" attracts 1 ruble of equity capital.

Final assessment of the organization's performance

The results of entrepreneurial activity determine its competitiveness and the potential for business cooperation, the degree of satisfaction of the economic interests of all participants in business relations.

Evaluation of the effectiveness of entrepreneurial activity for a certain period is necessary primarily for an entrepreneur.

Based on the results of such an assessment, he develops and implements a system of technical, technological, organizational, economic, social measures in the production and economic program in order to improve the financial condition of the enterprise, on which its commercial attractiveness depends for suppliers of means of production, banks, other legal entities and individuals.

Based on the assessment of the results of entrepreneurial activity, investors make financial investments in the enterprise with a guarantee of ensuring the reliability of investments and their maximum return on investment.

All business partners are interested in the reliability of market transactions with the enterprise.

Shareholders are also guided by the reliability of their dividend level and share price, subject to regular payments of interest rates on their deposits. In this regard, the most important elements assessing the results of entrepreneurial activityare:

Analysis of the company's solvency and liquidity;

Study of the structure of sources of funds;

Determination of indicators of the financial stability of the enterprise;

Assessment of profitability of production and marketing activities.

The main indicators of the financial condition, economic results and market stability of the enterprise are calculated according to the data of the consolidated annual balance sheet of assets and liabilities, as well as the profit and loss statement.

The real financial condition and economic results of production are determined by two-year and three-year dynamics of actual data, and in case of an unstable market situation - by regular annual analysis.

The main parameters of the final assessment of the production and financial activities of the enterprise are measured by four groups of indicators.

First group parameters characterizes the overall assessment of the efficiency of the enterprise. The first indicator is measured by the ratio of profit (loss) to the amount of turnover (revenue from the sale of products, works, services without value added tax and excise taxes).

The next two indicators are also determined by the ratio of the balance sheet profit (loss) and net profit (loss) to the amount of turnover.

The fourth is also the indicator of the ratio of profit (loss) from the sale of only products to the amount of proceeds from its sale. The fifth indicator is the ratio of profit (loss) to the amount of sales proceeds.

Second groupincludes indicators of profitability (profitability) of the enterprise, characterizing the profit received from each ruble invested in the enterprise. The total and net profitability is determined by the ratio, respectively, of the balance and net profit to the value of the property of the enterprise (the total of the balance sheet asset).

The return on equity is determined by the ratio of retained earnings to the cost of equity (total of Section III of the balance sheet) at the end of the year.

The total profitability of production assets is the ratio of the balance sheet profit to the sum of fixed and circulating means of production (at residual value) in inventory values \u200b\u200bas of the end of the year.

Third group indicators characterize the business activity of the enterprise.

The first indicator is determined by the ratio of revenue to the value of assets (total asset balance sheet) and characterizes the return of all assets.

The second indicator is equal to the ratio of the same proceeds to the average residual value of fixed assets (from section I of the balance sheet) and determines the amount of their return.

The third indicator - the turnover (number of revolutions) of working capital measures the ratio of proceeds to the average cost of working capital (the result of section II of the balance sheet).

The same attitude to inventories and costs (from section II of the balance sheet), as well as the turnover of accounts receivable by the average amount (from section II of the balance sheet).

Fourth group indicators characterize the liquidity and market stability of the enterprise in terms of general solvency and coverage ratios, permanent asset index, financial independence ratio, etc.

Thus, in the structure of the balance sheet of assets and liabilities, as well as in the composition of profits and losses, information is concentrated on what the enterprise has, what is the stock of material resources that the entrepreneur can dispose of, and who took part in creating this stock.

It is clear from the reported data whether the company will be able to fulfill its obligations to shareholders, investors, creditors, buyers, sellers, or whether it is in danger of financial difficulties.

The final financial result is determined by the accumulation of equity capital for the reporting period, the amount of which depends on the net profit in liabilities or loss in the balance sheet asset.

The financial condition of the enterprise is assessed by the structure of liabilities, that is, the sources of own and borrowed funds invested in property.

First of all, the sources of own funds are analyzed: authorized capital, additional and reserve capital, targeted financing and receipts, retained earnings and other sources.

An increase in the share of own funds from any source increases the financial stability of the enterprise.

Table 2.1 presents the main economic indicators of Opera LLC. The calculations show that for 2009-2011. the proceeds from the sale of the organization's goods fell by 3847 thousand rubles in absolute terms, the rate of decline was 30%.

Table 2.1 - Key performance indicators of Opera LLC

Indicators

Deviation 2011 to 2009 (+, -)

Revenue from the sale of goods, thousand rubles

Total cost of selling goods, thousand rubles

Profit from sale, thousand rubles

Average annual cost of fixed assets, thousand rubles

Average annual value of working capital, thousand rubles

Number of personnel, thousand rubles

Wages fund, thousand rubles

Average monthly salary per person, thousand rubles / person

Profit before tax, thousand rubles

Net profit, thousand rubles

Costs per 1 ruble of sale, rub.

Return on assets, rub.

Sales proceeds per employee, thousand rubles

Turnover of working capital, turnover

Sales profitability

Cost of sales of goods, including selling costs, decreased by 3202 thousand rubles. or 72%. Thus, there is a decrease in demand for the organization's goods.

Costs per 1 rub. sales remain consistently high and are at the level of 0.89 rubles. in 2009, 0.68 rubles. in 2010, and grow to 0.91 rubles. in 2011, the sales profit also decreased by 645 thousand rubles. or by 44%, which was affected by a decrease in sales revenue and an increase in selling expenses.

The profitability of sales, calculated as a ratio of profit from sales to revenue, under the influence of the above-mentioned indicators, demonstrates a decrease from 11% to 9%, but, nevertheless, Opera LLC operates without loss.

At the same time, profit before tax in the period under review decreased by 639 thousand rubles, and the net profit of the organization also decreased by 631 thousand rubles.

The assets of the organization for the analyzed period decreased due to the decrease in the cost of fixed assets by 283 thousand rubles. (by 7%), as well as due to the fall in the value of working capital from 9234 thousand rubles. up to 7718 thousand rubles. (by 17%).

The rate of return on assets, reflecting the amount of proceeds received per 1 ruble of the cost of fixed assets, showed a decrease from 3.03 rubles. up to 2.28 rubles. due to a decrease in both revenue and the cost of fixed assets.

The rate of turnover of the organization's current assets decreased insignificantly - 1.41 to 1.19 revolutions per year. This is due to a decrease in both revenue and the organization's inventory.

The payroll fund of the organization slightly decreased from 298 thousand rubles. in 2009 up to 290 thousand rubles. in 2010 and up to 292 thousand rubles. in 2011 (overall by 3%). The average monthly salary per employee amounted to just over 6 thousand rubles in 2009-2011.

Revenue from the sale of goods per employee fell from 12,997 thousand rubles. up to 9150 thousand rubles. by 3847 thousand rubles. due to the decrease in the business activity of the organization. Tables 2.2 and 2.3 consider the property of Opera LLC and the sources of its formation.

Table 2.2 - Property of Opera LLC

Indicators

2009, thousand rubles

In% to the total

2010, thousand rubles

In% to the total

2011, thousand rubles

In% to the total

Deviation 2011 from 2009

Growth rate in 2011 to 2009,%

Total property, including:

Fixed assets

Current assets,

including:

Inventories and costs

Receivables

Cash

Table 2.3 - Sources of property of LLC "Opera"

The property mass of Opera LLC for the period under review increased from 8912 thousand rubles. in 2009 up to 11,720 thousand rubles. in 2010 and up to 11,727 thousand rubles. in 2011 - a total of 3535 thousand rubles.

By 2011, the property of the organization is represented by more than 66% of current assets. Most of them are commodity stocks. Most of the sources of the organization's property are owned by equity (from 74% to 94%). In its structure, accounts payable are significantly reduced (from 19% to 6%). The equity capital of the organization is mainly formed by retained earnings.

Financial stability indicators of Opera LLC

The data in the table indicate that the ratio of equity and borrowed funds increased from 2.08 to 15.71. That is, if in 2009 own funds were 2 times higher than borrowed funds, then in 2011 - 15 times. The percentage of own sources in the organization's liabilities increased from 74% in 2009 to 94% in 2011. The ratio of provision with own circulating assets has doubled.

More details about the company's solvency can be judged on the basis of liquidity ratios, the calculation of which is presented in the table.

Liquidity indicators of Opera LLC

The value of the absolute liquidity ratio is about zero, and in 2010 and 2011 - 0.01, which is below the standard, and is set by the lack of funds to cover accounts payable and short-term loans.

The critical liquidity ratio is growing in dynamics by 0.55 points and exceeds the standard in 2009 and 2011.

The current liquidity ratio is higher than the standard due to the fact that accounts payable and short-term loans of the organization are many times covered by its current assets. Thus, we can conclude that Opera LLC increases its solvency.

 

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