Financial stability can be improved through. Financial sustainability and ways to improve it. The concept of financial stability of an enterprise
COURSE WORK
In the discipline "Economics of the enterprise"
Ways to improve the financial stability of the enterprise
financial stability economic efficiency
Introduction
Theoretical aspects determining the financial stability of the enterprise
1 Formation of the financial stability of the enterprise
2 Information base for determining the financial stability of an organization
3 Methodological approaches to the assessment of the financial stability of the enterprise
Analysis of the enterprise's activity
1 Organizational and economic characteristics of the enterprise LLC "First Window Plant"
2 Analysis of the financial activities of the organization LLC "First Window Plant"
3 Analysis of indicators of financial stability of the enterprise LLC "First Window Plant"
Increasing the financial stability of the enterprise LLC "First Window Plant"
1 Ways to improve the financial stability of the enterprise LLC "First Window Plant"
2 Development and implementation of mechanisms to improve the financial stability of the organization LLC "First Window Plant"
Conclusion
Introduction
The modern Russian economy is characterized by instability, inconsistency in tax, credit and currency, insurance, customs, and investment policies; loss state support due to a change in the form of ownership without significant changes legislative framework RF; insufficiency of budget financing; inflation; subordination of the accounting system to taxation purposes; uncertainty in the behavior of buyers, suppliers, competitors.
One of the main obstacles to sustainable economic growth is the slow process of transformations at the level of organizations (enterprises) due to the inefficiency of their management system, the low level of responsibility of managers for the consequences of decisions made and the results of their activities, as well as the lack of reliable information about their economic condition, financial stability, which is the most important characteristic of financial and economic activity in a market environment. To eliminate negative tendencies 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 economic stability of development. To ensure the "survival" of the enterprise in market conditions, management personnel need to assess the possible and appropriate pace of its development from the position of financial support, identify available sources of funds, thereby contributing to the sustainable position and development of business entities. Determining the sustainability of the development of commercial relations is necessary not only for the organizations themselves, but also for their partners, who rightly want to have information about the stability, financial well-being and reliability of their customer or client. Therefore, an increasing number of counterparties are beginning to be involved in research and assessment of the sustainability of a particular organization.
The assessment of financial stability allows external subjects of analysis (primarily partners in contractual relations) to determine the financial capabilities of the organization for the long term, which depend on the structure of its capital; degree of interaction with creditors and investors; conditions under which external sources of financing are attracted and maintained. Thus, many business leaders, including representatives of the public sector of the economy, prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the structure "own capital - borrowed capital" has a significant bias towards debts, then a commercial organization may go bankrupt if several creditors suddenly demand to return their money at an "unspecified" time. Equally important is the assessment of financial stability in the short term, which is associated with the identification of the degree of liquidity of the balance sheet, current assets and solvency of the organization.
Solvency and financial stability are the most important characteristics of the financial and economic activity of an enterprise in a market economy. The concept of "financial stability" of an organization is multifaceted, it is broader 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" differently. In the early 90s. the stock of financial stability of the enterprise was characterized by the stock of sources of own funds, provided that its own funds exceed borrowed ones. It was also estimated 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 circulating assets from own sources.
Financial stability is a certain state of the company's accounts that guarantees its constant solvency. Indeed, as a result of any business transaction, the financial condition may remain unchanged or improve or worsen. The flow of daily business transactions is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowledge of the marginal limits of changes in sources of funds to cover capital investments in fixed assets or production costs allows you to generate business flows that lead to improved financial condition enterprise and improve its sustainability. In the study of financial stability, a separate concept is singled out - “solvency”, which is not identified with the previous one. As you can see, solvency is an integral component of financial stability. The stability and stability of the financial condition depend on the results of the production, commercial, financial and investment activities of the enterprise, and a stable financial condition, in turn, has positive influence to his activities.
The stability of the financial condition of the organization determines the ratio of the values of own and borrowed sources of formation of stocks and the cost of the stocks themselves. Provision of reserves and costs with sources of formation, as well as efficient use of financial resources is an essential characteristic of financial stability, while solvency is its external manifestation. At the same time, the degree of provision of reserves and costs is the reason for one or another degree of solvency, the calculation of which is made on a specific date. Therefore, solvency can be a form of manifestation of financial stability.
The relevance of the work is: financial stability is a goal-setting property of assessing the real financial condition of the organization, and the search for on-farm opportunities, means and ways to strengthen it determines the nature of the implementation and content economic analysis. Thus, financial stability is a guaranteed solvency and creditworthiness of an 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 with their own sources of their formation, as well as the ratio of own and borrowed funds - sources of covering the assets of the enterprise.
aim term paper is an analysis of financial stability on the example of the enterprise LLC "First Window Plant".
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 Plant"
1. Theoretical aspects of determining financial stability
1 Formation of the financial stability of the enterprise
The key to survival and the basis for the stability of the enterprise is its sustainability. The stability of the enterprise is influenced by various factors:
· position of the enterprise commodity market;
· production and release of cheap, in-demand products; · its potential in business cooperation; · degree of dependence on external creditors and investors; · presence of insolvent debtors; · efficiency of economic and financial operations. Financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted production and sale of products. In other words, the financial stability of a company is the state of its financial resources, their distribution and use, which ensure the development of the company on the basis of profit and capital growth while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise. An analysis of the stability of the financial condition on a particular date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meet market requirements and meet the needs of the enterprise's development, since insufficient financial stability can lead to the enterprise's insolvency and lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise's costs with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation. An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. Analyzing the liquidity of the company's balance sheet, compare the state of liabilities with the state of assets; this makes it possible to assess the extent to which the company is ready to pay off its debts. The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the enterprise from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed business organization is financially stable enough. The financial stability of an enterprise is related to the overall financial structure enterprise and the degree of its dependence on creditors and debtors. For example, an enterprise that is financed primarily by Money borrowed, in a situation where several creditors simultaneously demand their loans back, it may go bankrupt. In this case, the structure of the enterprise "own capital - borrowed capital" has a significant preponderance towards the latter. Thus, we can conclude that the financial stability of an enterprise in the long term is characterized by the ratio of its own and borrowed funds. The provision of reserves and costs with sources of formation is the basis of financial stability. The analysis of financial stability comes from the main balance formula, which establishes the balance of the asset and liability indicators of the balance sheet, which has the following form: BUT IN + A ABOUT = K FROM + Z D + Z KR ,
where A IN - non-current assets (the result of section I of the asset balance); · BUT ABOUT - current assets (the result of section II of the balance sheet asset), which include production reserves (PZ) and cash, non-cash forms and settlements in the form of accounts receivable (DZ); · TO FROM - the capital and reserves of the enterprise, i.e. the equity capital of the enterprise (the result of section III of the liability of the enterprise's balance sheet); · Z D - long-term loans and borrowings taken by the enterprise (the result of section IV of the liabilities side of the enterprise's balance sheet); · Z KR - short-term credits and loans taken by the enterprise, which, as a rule, are used to cover the lack of working capital of the enterprise (AS), the company's accounts payable, for which it must pay almost immediately (KZ) and other funds in settlements (PS) (the result of the section V liabilities of the balance sheet of the enterprise). Taking into account all subsections of the balance sheet, this formula can be represented as follows: BUT IN + (PZ + DZ) = K FROM + Z D + (ZS + KZ + PS). (BUT IN + PZ) + DZ = (K FROM + PS) + Z D + ZS + KZ, · BUT IN + PZ - non-current and circulating production assets; · DZ - current assets in circulation; · TO FROM + PS - own and equivalent capital of the enterprise, as a rule, used to cover the lack of working capital of the enterprise. In the event that the non-current and current production assets of the enterprise are repaid at the expense of equity and equivalent capital with the possible attraction of long-term and short-term loans, and the funds of the enterprise in settlements are sufficient to pay off urgent obligations, then we can talk about one or another the degree of financial stability (solvency) of an enterprise, which is characterized by a system of inequalities: (BUT IN + PZ) ≤ (K FROM + PS) + Z D + AP; DZ ≥ KZ. At the same time, the fulfillment of one of the inequalities automatically entails the fulfillment of the other, therefore, when determining the financial stability of an enterprise, they usually proceed from the first inequality, transforming it based on the fact that, first of all, the enterprise must provide capital for its non-current assets. In other words, the value of the enterprise's reserves should not exceed the sum of its own and borrowed funds and borrowed funds of the enterprise after providing non-current assets with these funds, i.e. PZ ≤ (K FROM + PS + Z D + ZS) - A IN The fulfillment of this inequality is the main condition for the solvency of the enterprise, since in this case, cash, short-term financial investments and active settlements will cover the short-term debt of the enterprise. Thus, the ratio of the cost of material working capital and the values of own and borrowed sources of their formation determines the stability of the financial condition of the enterprise. The most general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained as a difference in the value of sources of funds and the value of reserves and costs. To assess the state of stocks and costs, the data of the group of articles "Stocks" of section II of the asset balance are used. To characterize the sources of formation of stocks, three main indicators are determined. The presence of own working capital (SOS) as the difference between capital and reserves (section III of the balance sheet liability) and non-current assets (section I of the balance sheet asset). This indicator characterizes net working capital. Its increase in comparison with the previous period indicates the further development of the enterprise. In a formalized form, the presence of own working capital can be written as follows: SOS = K FROM - BUT IN SD = (K FROM + Z D ) - BUT IN = SOS + K D ,
3. The total value of the main sources of formation of reserves and costs (OI), determined by increasing the previous indicator by the amount of short-term borrowings: OI = (K FROM + Z D ) - BUT IN + AP. Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs with sources of their formation: Surplus (+) or shortage (-) of own working capital (∆SOS): ∆SOS = SOS - Z, where З - stocks (p. 210 + p. 220 of section II of the asset balance). Surplus (+) or shortage (-) of own and long-term sources of reserves formation (∆SD): ∆SD = SD - Z. Surplus (+) or shortage (-) of the total value of the main sources of reserves formation (∆OI): ∆OI \u003d OI - Z. To characterize the financial situation in the enterprise, there are four types of financial stability. The absolute stability of the financial condition, which is very rare in the current conditions of the development of the Russian economy, is an extreme type of financial stability and is set by the condition: Z< СОС.
This ratio shows that all stocks are fully covered by their own working capital, i.e. the company is completely independent of external creditors. However, such a situation cannot be considered ideal, since it means that the management of the enterprise is unable, unwilling or unable to use external sources of financing for its core activities. The normal stability of the financial condition of the enterprise, which guarantees its solvency, corresponds to following condition:
Z = SOS + ZS. The above ratio corresponds to the situation when the company successfully uses and combines to cover reserves and costs various sources funds, both own and borrowed. An unstable state characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds and increasing the SOS: Z \u003d SOS + ZS + I ABOUT ,
where I ABOUT - sources that ease financial tension (temporarily free own funds (economic incentive funds, financial reserves), borrowed funds (excess of normal accounts payable over accounts receivable), bank loans for temporary replenishment of working capital and other borrowed funds). Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of reserves and costs does not exceed the total cost production stocks and finished products (the most liquid part of stocks and costs). A financial crisis in which an entrepreneurial firm is on the verge of bankruptcy, as cash, short-term securities and receivables do not even cover her accounts payable and overdue loans: Z > SOS + ZS. In the last two cases (unstable and crisis financial situation), stability can be restored by optimizing the structure of liabilities, as well as by a reasonable reduction in the level of reserves and costs. 2 Information base for financial stability analysis To analyze and reveal the essence of phenomena, information is needed that would allow the analyst to track the state and results of the enterprise, help to understand the movement of stock flows. The analysis process includes the processing of a variety of formal and informal business data that are used in the analysis. In the definition of analysis, as economics, it was emphasized that the analysis of financial stability is based on a system of indicators, on the integrated use of data from a number of sources of economic information. Sources of analysis are divided into accounting and non-accounting Accounting sources 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, in accordance with the current legislation, has the right to keep business secrets that cannot be published in the open press. The simplest and most accessible form of financial information is financial statements prepared in accordance with the rules of public accounting. Statements usually include a balance sheet as of a certain date, an income statement for a period, a statement of movements in funds for the same period, and a statement of cash flows. An explanatory note is attached to the report, where individual balance sheet items are deciphered and the reasons for the formation of certain amounts are explained. Financial statements are compiled according to generally accepted accounting principles, reflect the impact of past and present management decisions with certain conservative principles: transactions are recorded at prices prevailing at the time of their execution; income and expenses are taken into account at the moment of commission, and not when the money changes its owners; periodic comparison of income and expenses is made through income, expenses, balances; the creation of reserves for unforeseen circumstances lead to a decrease in profits. These rules sufficiently distort the results of accounting, especially in those cases when its results are used to analyze the financial condition and determine the value of property. The balance sheet is drawn up on a specific date. Reflects the amount of assets used by the enterprise and compensating their obligations in relation to 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, and, in addition, it has a cumulative effect, as it reflects the consequences of all decisions and transactions that have taken place in the enterprise. When making investment decisions, current production activities and financing, the balance sheet can be seen as the cumulative outcome of past investment and financing decisions. The net effect of operations in profit or loss for the period is reflected in changes equity Statistical accounting and reporting, reflecting the totality of mass phenomena and processes, characterizing them from a quantitative side (linking them with a qualitative side), revealing certain economic patterns, serve as an important source of analysis. Operational accounting and reporting provide faster receipt of relevant information compared to statistics and accounting. Non-recorded sources include the following: materials of inspections of the tax service; print materials; materials of financial and credit organizations . 3 Methodological approaches to assessing the financial stability of an enterprise An analysis of the financial condition of an enterprise is a tool for making managerial decisions, it is one of the stages of management, during which certain managerial decisions are justified and their economic efficiency is assessed. There are many methodological approaches to assessing the financial condition of an organization in domestic and foreign scientific literature. The whole range of methodological approaches to assessing the financial condition of an enterprise makes it possible to distinguish the following stages: calculation of the system of financial ratios; diagnostics of the probability of bankruptcy of the enterprise. The results of the enterprise and its financial condition are of interest to owners, managers, creditors, investors, partners, the state, that is, internal and external users of economic information. Each of them, depending on the goals and objectives of the analysis, develops its own methodological approaches to assessing the financial condition and places its own emphasis. For example, for credit institutions, the analysis of the creditworthiness of an enterprise - a potential borrower of a bank - is of particular importance. Many banks use the methods of complex economic analysis of the borrower to analyze solvency and assess creditworthiness, which includes: analysis of the financial statements of the enterprise; analysis cash flows enterprises; analysis of the profitability of the upcoming transaction; analysis financial indicators enterprises; assessment 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 by the following provisions: - "On the procedure and criteria for assessing the financial position of legal entities - founders (participants) of credit institutions" dated March 19, 2003; - "On the procedure for the formation of reserves by credit institutions for Possible Losses on Loans, Loan and Equivalent Indebtedness” dated March 26, 2004. The investor's main goal of analyzing the financial condition of the enterprise is to assess its profitability, profitability, the level of use of production and economic potential. If there are private goals of analysis for individual entities, the main goal of analyzing the financial condition of an enterprise for all users (external and internal) is to assess the position of the enterprise in the market, its financial and economic activities and management efficiency, as well as identifying the key problems of the enterprise and the best ways to solve them. The Government of the Russian Federation, the Ministry of Economy and the Ministry of Finance of the Russian Federation have been developing and improving methodological approaches to the analysis of the financial condition of enterprises for ten years. Consider the regulations governing the procedures for analyzing the financial condition. In 1994, the main document regulating the methodology for assessing the solvency and financial stability of enterprises was the Decree of the Government of the Russian Federation of May 20, 1994 “On certain measures to implement the legislation on the insolvency (bankruptcy) of enterprises” (now no longer in force). In order to ensure a unified methodological approach to the analysis of the financial condition of enterprises and the assessment of the structure of their balance sheets, Methodological Provisions were developed for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure, approved by the Decree federal government on cases of insolvency (bankruptcy) dated 12.08.94. These Methodological Provisions contained a methodology for calculating the coefficients of current liquidity, provision with own funds (by the value of which the satisfaction of the balance sheet structure was assessed), restoration (or loss) of the solvency of enterprises and the direction of the analysis of insolvent enterprises. 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, the improvement of accounting and reporting determined the need to revise methodological approaches to assessing the financial condition of enterprises. In 1997, by Order of the Ministry of Economy of the Russian Federation dated October 1, 1997, the Methodological Recommendations for the Reform of Enterprises (Organizations) were approved, which were intended, among other things, to assess the effectiveness of the financial management of an organization and its financial and economic activities. According to this regulatory act, the analysis of the financial condition of the enterprise is considered as the main tool effective management finance, contributing to the formation of the strategic goals of the enterprise, "adequate to market conditions." The order emphasized the role of analyzing the financial and economic condition of an enterprise in the development of its financial policy and noted that a qualitative analysis makes it possible to develop sound and effective management decisions. Which, in turn, depends on the applied methods of financial analysis, on the reliability and accuracy of the economic information used. A feature of the order is the definition of the main components of the financial and economic analysis of the enterprise: analysis of financial statements; horizontal analysis: vertical analysis; trend analysis; calculation of financial ratios. The combination of the above components is a set of standard techniques and methods of financial analysis that are currently used. Order No. 118, for the first time in the Russian Federation, defines a system of indicators for assessing the financial condition of an enterprise, recommends a method for calculating them, presents an economic characteristic and an assessment of the directions of the dynamics of the values of these indicators. the first class includes indicators that have a normative value (indicators of liquidity and financial stability); the second class includes indicators of profitability (intensity of resource use) and business activity. For the second group of indicators, it is recommended to take into account the dynamics of values, which can be characterized as improvement, stability or deterioration. Methodological approaches to financial analysis, determined 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, there was a need to expand the system of indicators that reflect all the processes and phenomena of the economic and financial activities of enterprises. Such an attempt was made in 2001 in the following regulations: - Order of the Ministry of Finance of the Russian Federation of November 6, 2001 (as amended by the order of the Ministry of Finance of the Russian Federation of February 15, 2002) “The procedure for checking the current financial condition of an organization that is a recipient of a budget loan for implementation investment projects in the coal industry, placed on a competitive basis"; - order Federal Service of Russia on financial recovery and bankruptcy dated January 23, 2001, "Methodological guidelines for conducting an analysis of the financial condition of organizations." The above regulations have defined the purpose of the analysis of the financial condition as an assessment of the solvency, sustainability, efficiency and dynamism of the organization, as well as its investment attractiveness. By order of the Ministry of Finance of the Russian Federation, four groups of indicators have been identified that characterize the financial result of the enterprise, the structure of its balance sheet, the efficiency and turnover of funds, the values of which are evaluated in terms of positive dynamics of change in the last reporting period of the current year in relation to the base period. This normative act contains a methodology for scoring the financial condition of an enterprise. The FSFR order determined the information base for analyzing the financial condition: “Balance sheet”, “Profit and loss statement”, “Cash flow statement”, “Appendix to the balance sheet”. The main advantage of the Guidelines, determined by the order of the FSFR, is a wide range of recommended financial indicators for assessing the financial and economic activities of enterprises (26 indicators), methods for their calculation and economic interpretation of each indicator. However, the presented system of financial indicators does not fully allow assessing the degree of liquidity, financial stability of the organization, determining the main financial result (profit), the efficiency of using equity capital. In addition, the Guidelines do not establish recommended values for the indicators, do not characterize the dynamics of the values of the indicators. The Decree of the Government of the Russian Federation dated June 25, 2003 approved the Rules for conducting a financial analysis by an arbitration manager. These Rules make it possible to analyze the property of enterprises and the sources of its formation, group assets according to the degree of liquidity, liabilities - according to maturity, evaluate the structure of revenue and net profit of enterprises on the basis of their public financial statements (“Balance Sheet”, “Profit and Loss Statement” ). On the basis of financial ratios and the methodology for their calculation presented in the Rules, it is possible to assess absolute and current liquidity, identify the degree of solvency of enterprises, determine financial stability and the presence of overdue payments, assess the return on assets and the level of profitability of economic activities of organizations based on the calculation of the net profit rate. The Decree defines the directions for analyzing the external and internal conditions of the activities of enterprises and the markets in which they operate, which, of course, increases its practical value. Its advantages also include the content of the requirements for the analysis of the investment and financial activities of enterprises, for the analysis of the possibility of break-even activity of enterprises. As the main disadvantage this document one can note the absence in the composition of financial indicators of profitability ratios that characterize the efficiency of using equity, production resources, and investments; asset turnover; capital structures that characterize the financial stability of enterprises. The rules, like other regulations, do not contain criteria values of financial indicators used to analyze the financial condition of enterprises in various industries and activities. Analysis of the activities of the enterprise LLC "First Window Plant" 1 Organizational and economic characteristics of First Window Plant LLC The Charter of the First Window Plant Limited Liability Company was approved in accordance with the first part of the Civil Code, 1994, and the law on Limited Liability Companies, by the decision of the General Meeting of the founders-participants of the Company. The Company is a legal entity under Russian law: it owns separate property and is liable for its obligations with this property, can acquire and exercise property and personal non-property rights on its own behalf, bear obligations, be a plaintiff and defendant in court. In its activities, it is guided by the Charter, legislation Russian Federation and binding acts executive bodies authorities. The company has a round seal with its name, a corner stamp and a letterhead, it may have an emblem, its trade and trademark, and other symbols. The Company is an independent economic unit operating on the basis of full cost accounting, self-financing and self-sufficiency. The Company shall be liable for its obligations with the property on which, in accordance with the legislation, execution may be levied. The state, its bodies and other organizations are not liable for the obligations of the Company, and the latter is not liable for the obligations of the state, its bodies and other organizations. Members of the Company are not liable for its obligations and bear the risk of losses associated with the activities of the Company, to the extent of the value of their shares in the authorized capital. The subject of the Company's activities are: Production and economic activities aimed at meeting public needs for goods consumer goods; Production, processing and sale of plastic windows; Barter transactions for products manufactured by the company; Performance of other works and provision of services. In accordance with the subject of the Society's activities, its main tasks are: Organization of production and sale of consumer goods (works and services) to the population; Organization of wholesale and retail, intermediary activity; Transportation and provision of transport services; Implementation of foreign economic activity; Carrying out other types of economic and commercial activities not prohibited current legislation and not contradicting the subject and main objectives of the Company's activities. Legal status of the company: The company acquires the rights of a legal entity from the moment of its registration; The Company, in order to achieve the goals of its activities, has the right to make transactions on its own behalf, acquire property and non-property rights and bear obligations, be a plaintiff and defendant in court, arbitration court. The Company is the owner of the property belonging to it, including the property transferred to it by the Participants. The Company carries out the possession, use and disposal of the property in its ownership in accordance with the objectives of its activities and the purpose of the property; The Company is liable for its obligations with all its property; The Company may create independently and jointly with other companies, partnerships, cooperatives, enterprises, firms, institutions and organizations on the territory of the Russian Federation, CIS countries and abroad, subsidiaries, branches and representative offices; Branches and representative offices are endowed with fixed and working capital at the expense of the company; The creation of branches and representative offices abroad are governed by the current legislation of these countries; Branches and representative offices have their own balance sheets, which are included in the balance sheet of the Company; The Company is liable for the obligations of the branches and representative offices established by it; The Company independently regulates its production, economic and other activities, as well as the social development of the team. The plan is based on contracts concluded with consumers of products and services, and suppliers of material, technical and other resources, as well as decisions of the general meeting on planning the work of the Company; Sales of products, performance of work and provision of services are carried out at prices and tariffs established by the Company independently or on a contractual basis; The Company may purchase and sell products (works, services) of enterprises, associations and organizations, as well as foreign firms in the Russian Federation and abroad; The Company has the right to engage Russian and foreign specialists independently determine the forms, systems, sizes and types of remuneration. Reorganization and liquidation of the company The reorganization of the company (merger, accession, division, separation, transformation) is carried out by decision of the General Meeting of the Company's participants in accordance with the Civil Code of the Russian Federation. The liquidation of the company is carried out by decision of the general meeting of participants or by decision of the general court or arbitration court in cases provided for by the legislation of the Russian Federation. The supreme governing body of the company is the General Meeting of Directors. The General Director manages the current activities of the Company, is accountable to the meeting of participants. CEO: · Ensures the implementation of decisions of the General Meeting of Participants; · Independently manages financial resources and property of the Company; · Acts on behalf of the Company without a power of attorney, represents it in all institutions and organizations both in the Russian Federation and abroad; · Appoints officials of the Company, employs personnel, releases and dismisses employees in accordance with labor legislation; · Makes all kinds of transactions and other legal acts; · Issues powers of attorney, opens settlement and other accounts of the Company in banks; · Performs other functions arising from the charter. 2.2 Analysis of the financial stability of the enterprise NGO "First Window Plant" Analysis of the asset and liability balance. reading statements horizontal vertical trendy. Also apply the following table: Table 2.1 Analysis of the asset for 2008. Name of itemsAbsolute.p valueRelates.to.p.values Deviations Growth,% Start.yearEnd.yearStart.yearEnd.yearAbsolute.Relates.123456781.to.extra.assets 1.1.OS 1.2.Occupied.accounts 1.3. investment income 1.4. long-term investment 1.5.Delay cash ak213481 26740 29071 14860 44275872 33695 26346 14860 8823.71 2.97 3.23 1.65 0.00527.52 3.36 2.63 1.48 0.00962391 695 -0.3.8 0 4 6 -0.17 0.004 29.23 26.01 -9.37 -100 100Total 28419635086131.5734.99666653.4223.462.Total assets. 2.1.stocks. 2.2.DZ 2.3.cash 2.4.short-term investment 108289 470682 21198 - 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 5.41 -Total61615465162968.4365.035475-3.435.76 Balance currency.900350100249010010010214011.34 It can be concluded from this table. During 2007, the total value of the company's property in monetary terms increased by approximately 3.4%. This positively characterizes the dynamics of development and expansion of the enterprise. Assets are dominated by current assets, whose shares at the beginning of the year amounted to 68%, and at the end of the year 65%. The absolute amount of the value of current assets decreased by 3.4%. This is due to the fact that the company focuses on increasing stocks. The company is expanding its production capacity and also continues to invest in non-current assets and their share has increased from 31% to 34%. Non-current assets of the enterprise are mainly represented by fixed assets, which positively characterizes the potential of the enterprise. Investments in construction in progress increased, and both a part of these investments grew from 3% to 3.4%, and their share + 26%. This may adversely affect business results. Long-term financial investments remained at the same level, although their share decreased from 1.65% to 1.48%, therefore, the investment orientation of the enterprise is falling. This can undermine financial results. Stocks in absolute amount and in share increased. This happened for finished products and raw materials. This is due to the increase in revenue, as evidenced by the information from F#2. Thus, the company's inventory policy is effective. Accounts receivable increased slightly during the year, and revenue 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, since revenue is growing at a much faster rate than receivables. Cash at the beginning of the year 2.35%, at the end of 2.0%, but their growth was 5%. This is a positive trend, which means an increase in solvency. Table 2.2 Analysis of the asset for 2008. Names of articlesAbsolute.p valueRelates.to.p.values Deviations Growth,% Start.yearEnd.yearStart.yearEnd.yearAbsolute.Relates.to.1.outside.assets 1.1. OS 1.2. NZS 1.3.income.invested. 1.4.long-term investment Other 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 100total -3.6423.2312.Total assets. 2.1.stocks. 2.2.DZ 2.3.cash 2.4.short-term investment 2.5.other. 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 133179 107308 -4648 61022 133179 107308 -4648 61022 13 .88 4.42 .01 93.14 22.31 -23.18 100 100Total65162994677765.068.653766563.6545.29 Balance currency. During 2008, the total value of the company's property in monetary terms increased by approximately 38%. This positively characterizes the dynamics of development and expansion of the enterprise. This confirms the data on the dynamics of increasing the production potential of fixed assets by 17% and stocks by 93%. Assets are dominated by current assets, the share of which at the beginning of the year was 65%, and at the end of the year 68%. The absolute value of assets increased by 45%. This is explained by the fact that in its activities the company focuses on increasing reserves, which worsens the financial results of the company. However, cash, short-term financial investments and deferred expenses increase, which indicates an increase in the liquidity of the enterprise's property and its solvency. In the composition of non-current assets, the largest share belongs to fixed assets, NZS at the beginning of the year 3.36%, at the end of 7.05%. This is a consequence of the fact that part of the constructed facilities was put into operation and moved into the category of fixed assets. Long-term financial investments at the beginning of the year 1.48%, at the end of 0.75%. This decrease in the share is not associated with a change in the absolute amount, but is a consequence of a general change in the structure of assets. Inventories increased in absolute terms. This happened due to the fact that the expenses of future periods increased. This is due to the increase in revenue, as evidenced by the information from F No. 2. Thus, the company's inventory policy is, in principle, effective. Accounts receivable increased during the year, and revenue 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 does not manage receivables very effectively, since revenue is growing at the same pace as receivables. Cash at the beginning of the year 2.0%, at the end of 1.12%, and in total they decreased. On the one hand, this is an alarming trend, which means a decrease in solvency, on the other hand, it means that money is working. Table 2.3 Liabilities analysis for 2007 Indicators Absolute indicators, t.r.Relative indicators, t.r.Growth,% Y.Y.Q.Y. deviation Y.Y.Y.Y. .c-l 1.3.res.c-l 1.4.non-disposable 1.5 target finance 4651 156030 233 561728 484 4651 156030 233 684780 372 0 0 0 123052 -112 0.52 17.33 0.03 62.39 0.05 0.46 15.56 0.02 604 -0.06 -1.77 -0.01 5.92 -0.01 0 0 0 21.91 -23.14Total 723126846066-105480.3284.44.0817.02 liabilities 2.2.1.short-term credits and loans 2.2.2.credit. target 3977 - 173247 8280 - 148144 4303 - -25103 0.44 - 19.24 0.43 - 14.78 -0.01 - -4.46 108.2 - -14.49Total 173247148144-2510319.2414, 78-0.47-14.49 Balance011.34 From this table, we can conclude: Share of equity in overall structure sources of property formation at the beginning of the year - approximately 80%, and at the end - 84%. Such a ratio for the enterprise is, on the one hand, positive, as equity increases, and on the other hand, not very positive, since by the end of the year there is a tendency to increase long-term liabilities, which can lead to dependence on creditors. Analyzing the structure of equity capital, we can draw the following conclusions: Ø The largest share is occupied by additional capital at the beginning of 17.33%, and at the end of 15.56%. Ø The authorized capital has not changed in absolute amount, but decreased in terms of the share in liabilities, although slightly, this is due to a change in the structure of liabilities - an increase in the share of equity capital. Ø The company has retained earnings, which means that the company has improved its financial results. Ø The reserve capital is very small. This may be a consequence of a change in the structure of liabilities, as long-term liabilities have increased significantly. The company during the year gave preference to short-term liabilities, while the share of long-term liabilities at the beginning of the year was 0.44%, and at the end of 0.43%. The share of short-term liabilities at the beginning of the year was 19.24%, and at the end of the year 14.78%, although they are decreasing, it still plays a negative trend in the eyes of external users of information, as it means that the company is not very obligatory in relation to its debts and their repayment. Table 2.4 Liabilities analysis for 2008 Indicators Absolute indicators, t.r.Relative indicators, t.r.Growth, % N.Y.Q.Y. deviation N.Y.Y.Y. .c-l 1.3.res.c-l 1.4.non-disposable 1.5target 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 - 0.62 -69.22 0.006 1.31 -0.037 0 0 0 40.22 -100Total 846066112109627503084.3981.29-3.132.512 credits and loans 2.2.2.credit. target 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 57.95Total 14814428382190 4860.65Balance000.0137.57 From this table, we can conclude: The share of own capital in the general structure of sources of formation of property at the beginning of the year is approximately 84%, and at the end of 81%. This ratio is positive for the company, because although there is a slight decrease, but there is an increase in equity capital, it also increased by the end of the year, and short-term liabilities can be dangerous for the company, as it can lead to dependence on creditors. Analyzing the structure of equity capital, we can draw the following conclusions: Ø The largest share is occupied by retained earnings at the beginning of 68.31%, and at the end of 69.62%. This is a positive trend, which means that the company has improved its financial results. Ø Extra capital at the beginning 15.56%, and at the end 11.31%. Ø The authorized capital did not change in absolute amount, it decreased in terms of the share in liabilities, this is due to a change in the structure of liabilities - an increase in the share of equity Ø The reserve capital is very small. This may be a consequence of a change in the structure of liabilities, as short-term liabilities have increased. The company during the year gave preference to short-term liabilities, while the share of long-term liabilities at the beginning of the year was 0.83%, and at the end - 1.46%. Basically, short-term debt increased at the beginning of 14.78%, and at the end of 16.97%. This negatively characterizes the enterprise in the eyes of external users of information, since it means that the enterprise is not necessarily repaying its debts. 3 Analysis of indicators of financial stability of the enterprise The sustainability of an enterprise is a condition for its survival and stability. It is formed under the influence of the following factors: The position of the enterprise in the commodity market; The degree of dependence on creditors and investors; The presence of insolvent debtors; Degree of efficiency of financial operations. The analysis is carried out in 3 stages: 3 main indicators characterizing the sources of reserves and costs are calculated: a) Availability of own and working capital (SOS) SOS \u003d equity - non-current assets \u003d lines 490-190 The presence of SOS means that the company has enough own funds to cover the need for long-term and non-current assets, as well as for the acquisition of current assets. This is a positive trend b) Own and long-term borrowed sources of formation of reserves and costs (SD) SD \u003d SOS + long-term liabilities \u003d lines 490 + 590-190. c) The total value of the main sources of reserves and costs (OI) OI \u003d SD + current liabilities \u003d Lines 490 + 590 + 690-190 Calculation of indicators of provision of reserves and costs of sources of their formation: a) Surplus (+) or shortage (-) of own working capital: ∆SOS=SOS - reserves (line 210) b) Excess (+) or lack (-) of own and long-term sources of reserves and costs: ∆SD=SD - reserves (line 210) c) Surplus (+) or deficiency (-) of the total value of the main sources of formation of reserves and costs: ∆OI=OI - reserves (line 210) These indicators are absolute indicators of financial stability. In order to characterize the financial situation, 4 types of financial stability are used: Determining the type of financial stability: a) Absolute stability: ∆SOS >=0 ∆SD >=0 S=(1;1;1) ∆ROI >=0 b) Normal stability: ∆SOS< 0 ∆ROI >=0 c) Unstable financial condition: ∆SOS< 0 ∆SD< 0 S={0;0;1} ∆ROI >=0 d) Crisis financial condition: ∆SOS< 0 ∆SD<0 S={0;0;0} ∆OI<0
Relative indicators characterizing the financial stability of the enterprise: Financial risk ratio: K1=Liabilities/own funds Funding ratio: Financial Independence Ratio: K3 \u003d equity / balance sheet currency 4. Coefficient of financial dependence: K4 = liabilities / balance sheet currency The ratio of reserves of own funds of financing sources: K5=SOS/reserves The coefficient of security of current assets with own funds: K6=SOS/current assets Financial stability ratio: K7 \u003d equity + long-term liabilities / balance sheet currency Equity flexibility ratio: K8= SOS/Equity Permanent asset index: K9 \u003d non-current assets / equity Long-term borrowing ratio: K10 = long-term liabilities / equity + long-term liabilities Coefficient of the real value of the property: K11= value of property + fixed assets + raw materials, materials + WIP / balance sheet currency. Analysis of financial stability based on the balance sheet data of First Window Plant LLC: Table 2.5 Analysis of financial stability using absolute indicators. No. Indicators 2007 n.y.2007q.y2008q.y1SOS - Availability of own working capital4389304952056887272SD - Availability of own and long-term borrowed sources of financing reserves and costs4429075034857087873OI - total value of the main sources of formation of reserves and costs4429075034857087874 D SOS 3306413522174125605 D SD3346183604974326206 D OI334618360497432620 From this table, we can conclude: The company has an absolutely stable financial condition, due to the fact that the company has enough own 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 stable, own funds have grown, non-current assets have grown, and short-term liabilities have also increased. As a result, the company is able to fully finance the needs at its own expense. This is a positive trend. 3. Increasing the financial stability of the enterprise 1 Ways to improve the financial stability of the enterprise Based on the conclusions on the analysis of the financial statements of LLC "First Window Plant", we can say that in general the company is developing quite well, but still I would give the company a few recommendations. Considering financial stability, we can conclude that the company is financially stable, revenue and equity are growing, but equity is increasing at a faster rate than revenue is not enough to cover it in non-current assets. Short-term liabilities are also on the rise. To increase financial stability, it is possible to use borrowed funds within the normal ratio between own and borrowed funds, which should lead to an even greater increase in revenue and, as a result, an increase in own funds and a decrease in covering the need for non-current assets. With growing revenue, significant repayment of short-term loans and borrowings can be achieved. In the analysis of the return on assets and equity, a generally positive trend is manifested, but there are also shortcomings. I would recommend that the company ensure a more efficient use of property so that revenue grows faster. According to the analysis of equity: Use the available borrowing power ensuring the effective impact of borrowed funds on R S.K , i.e. attract long-term loans. Maintain a positive impact on P in the future S.K factor P R
To do this, continue the policy of effective management of enterprise resources. Considering work with clients as the main source of the resource base, the company seeks to maintain a leading role in the market for the production of such products. Taking into account the intensification of competition in this market, the increasing demands of citizens for quality standards and technologies, the enterprise considers the task of improving the quality of service and providing each client with a wide range of products as a priority, striving to become a "home" enterprise for clients of all social and age groups. The fulfillment of this task will ensure a significant increase in sales volumes, increase the attractiveness of the enterprise for customers, and ensure a further increase in the profitability of work. Features of business organization make it possible to create unified service packages and mass sales of products. In this regard, the company intends to significantly increase the number of customers and sales of products and services, primarily through the formation of a comprehensive service system for this category of customers. The fulfillment of this task will ensure a significant growth of the enterprise's business and increase its efficiency. 2 Development and implementation of a program to improve the financial stability of the enterprise "First Window Plant" Based on the results of the assessment of the financial condition, it can be concluded that the company “First Window Plant” LLC faces the 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 ownership and management require a more thorough and systematic (comprehensive) approach to analyzing the financial condition of an enterprise and the need to develop a financial strategy. Proposals for the formation of the financial strategy of the enterprise are presented in table 3.1, which proposes measures to restore financial stability and support the effective economic activity of First Window Plant LLC Table 3.1 Proposals for the formation of the financial strategy of the enterprise, thousand rubles Objects of a financial strategy Components of a financial strategy Proposals for the formation of a financial strategy Influence on balance sheets Option 1 Option 2 Income and receipts Optimization of fixed and current assets Securities policy Increase in fixed assets by: - acquiring know-how to increase competitiveness in the market - selling products and services in new regions - issue of shares for its employees - 300 200 1000 500 - Expenses and deductions Optimization of profit distribution Profit distribution for: - consumption - development of production - payment of dividends 500 500 - - - - Securities policy - performance of work not subject to indirect taxes - purchase of shares of a commercial bank - 2000 500 2000Relationships with the budgetOptimization of profit distribution Optimization of tax payments - Reducing the amount of tax payments from profits subject to taxation by creating a reserve fund - Reducing property tax by reducing assets and by the end of the year - performance of work not subject to indirect tax 2000 300 - - 400 400 Credit relations Optimization of fixed and working capital Optimization of profit distribution - Inclusion of know-how value in the price of products - obtaining a short-term loan - creation of a reserve fund - 500 2000 1000 2000 - The basis of the proposed options for the financial strategy is the policy of increasing the company's own working capital in order to maintain its solvency. With the 1st variant of the financial strategy, this is supposed to be done through the growth of long-term loans and borrowed funds by 2000 thousand rubles. compared to the reporting period of 2007. With the 2nd option, the emphasis is on increasing short-term borrowed funds - it is proposed to receive a short-term loan in the amount of 2001 thousand rubles. Simultaneously with the growth of long-term and short-term borrowed funds, an increase in the value of reserves and costs of the enterprise is expected (with the 1st option by 300 thousand rubles, with the 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 are summarized in the final table (Table 3.2). When analyzing the financial stability of the enterprise, it was found that the financial condition of the enterprise at the beginning and end of the period under review is in crisis. When implementing the proposed measures, we observe an increase in the stability of the enterprise LLC "First Window Plant". To overcome the crisis and further development, it is necessary to develop a program for the financial recovery of the enterprise, which includes both a plan for fundamental changes in the activities of the enterprise (re-profiling) and a solution to the problem of debt obligations. One of the ways out of the crisis situation can be recommended to LLC "First Window Plant" capital investments by borrowing. Table 3.2 Results on proposals for the formation of an internal general financial strategy, thousand rubles Indicators of financial stability At the end. 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 Surplus (+) or shortage (-) of own and long-term sources of reserves and costs -32111989190 Surplus (+) or shortage (-) of the total value of the main sources of reserves and costs 287395738274 Type of financial situation Unstable Relatively stable Relatively stable The data of the analysis show that certain measures should be taken to improve the financial stability of First Window Plant LLC. To do this, it is necessary to achieve an increase in the share of the main sources of formation of reserves and costs in the total value of sources of funds. This can be achieved in three ways: ) An increase in the size of own sources of funds - is carried out by increasing the size of the authorized capital, as well as at the expense of profits (the second option, given the losses for the analyzed period, cannot give any special results). ) An increase in the size of borrowed sources of funds - is achieved by attracting long-term and short-term bank loans. Considering the current economic situation, the enterprise can at best hope to receive short-term loans. ) Revision of weighted average stocks of products in warehouses for a day, a week, a month. Perhaps the size of the reserves is unreasonably high, which, of course, affects the accounts payable, the amount of which should be reduced. Much attention in the analysis of the current assets of LLC "First Window Plant" should be given to receivables. In the presence of competition and the complexity of marketing products, enterprises sell them using the forms of subsequent payment, therefore accounts receivable are an important part of working capital and have a significant impact on the financial condition of the enterprise. Thus, the solvency and stability of the financial condition of First Window Plant LLC can be further improved by: ) acceleration of capital turnover in current assets, as a result of which there will be a relative reduction in its turnover ruble; ) replenishment of own working capital at the expense of internal and external sources, i.e., increasing the share of own funds in the sources of covering current assets; ) adjustment of the flow of payments in order to reduce the need for monetary assets, ensure the acceleration of the turnover of monetary assets; ) using the possibility of obtaining long-term credits and loans in entrepreneurial activity; ) optimization of non-cash payments (use of a bill as a means of payment). Conclusion The paper analyzes the economic activity of LLC "First Window Plant", specializing in the production of plastic windows. Based on the analysis carried out, we draw the following conclusions. An improvement in the use of fixed assets at the enterprise was noted. The depreciation coefficient during the entire analyzed period did not change and amounted to 65-70%, which indicates the depreciation of the company's fixed assets. The number of employees of the enterprise decreases during the period of analysis, the level of staff turnover at the "LLC "First Window Plant"" is low. The wage fund, labor productivity and average wages are increasing every year. Based on various methods of domestic authors, the paper presents methods and indicators for assessing the financial stability and solvency of an enterprise. A financial analysis of LLC "First Window Plant" was carried out, on the basis of which the following conclusions can be drawn. In the asset balance of the enterprise there was an increase in the proportion of non-current assets. The share of equity capital tends to decrease, which characterizes the decrease in the financial independence of First Window Plant LLC. The company is financially stable, which is proved by the absence of overdue accounts payable, payments to the budget and non-budgetary funds and debts to employees for wages. The structure of the balance sheet of LLC "First Window Plant" is satisfactory, as evidenced by the very high values of liquidity ratios. Current and quick liquidity ratios correspond to the recommended minimum values. The company also has absolute liquidity. In market conditions, when the economic activity of the enterprise and its development is carried out at the expense of self-financing, and in case of insufficiency of own financial resources - at the expense of borrowed funds, an important analytical characteristic is the financial stability of the enterprise. At the end of 2007 and 2008 in LLC "First Window Plant" a three-component indicator of the financial situation S=(1;1;1). Thus, financial stability in this period can be considered unsatisfactory. Thus, by the end of 2008, all indicators characterizing the solvency of First Window Plant LLC are at a level below the norm. All this worsens the possibilities and reduces the flexibility of implementing various investment projects, both in-house and outside the enterprise. One of the reasons for the deterioration of the solvency of LLC "First Window Plant" may be the misuse of working capital: the diversion of funds into accounts receivable, investment in excess reserves and for other purposes that temporarily do not have sources of funding. Since the company is expanding its activities, the reasons for its insolvency are the irrational use of profits, the diversion of funds into accounts receivable, the freezing of funds in excess production stocks, and errors in determining pricing policy. The management of the enterprise LLC "First Window Plant" should take measures in the following areas: reducing the share of accounts payable in the composition of sources of funds; reduction of the average period of receivables turnover; attraction of borrowed funds. This can be achieved through the use of bank loans, as well as the implementation of an effective receivables management policy. The stability of the financial condition of First Window Plant LLC can be restored by: acceleration of capital turnover in current assets, as a result of which there will be a relative reduction in its turnover per ruble; reasonable reduction of stocks and costs (up to the standard); replenishment of 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 conduct the necessary marketing research to find new markets and buyers. It is also necessary to develop measures to manage accounts receivable, as it is growing. To do this, we can recommend the development of a system of discounts for different buyers. List of sources used 1.Brigham, Yu.A. Financial management. Company management [Text]: textbook / Yu.A. Brigham. - M.: March Publishing House, 2005. - 34 p. 2.Adamov, V.E. Economics and statistics of firms [Text]: Textbook / V.E. Adamov. -5th ed. 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 statements: Theory, practice and interpretation [Text]: textbook / L.A. Bernstein. - Minsk: Nauka, 2009. - 202 p. .Kreinina M.N. The financial condition of the enterprise. Assessment methods [Text]: textbook / M.N. Kreinina. - M.: Veche Publishing House, 2005. - 206 p. 7.Prykin B.V. Economic analysis of the enterprise [Text]: textbook: textbook / B.V. Prykin. - M.: Nauka, 2009. - 276 p. 8.Pavlova L.N. Enterprise finance [Text]: / L.N. Pavlova. - Minsk: Nauka, 2005. - 35 p. 9.Pizingolts M.Z. Accounting for authorized capital and authorized capital in enterprises [Text]: textbook / - M.Z. Pisingolts. M.: Profizdat, 2009. - 47p. .Terekhova V.A. Own capital: principles of formation and accounting International accounting [Text]: textbook / V.A. Terekhov. - M.: Virs, 2009. - 16 p. .Pastukhova Yu.A. Economics [Text]: textbook / Yu.A. Pastukhov. 2009.- 400 p. .Silchenko V.A. Economics of the firm [Text]: educational edition / V.A. Silchenko. - M.: Eksmo, 2003. - 56 p. .Lobanov D.K. Economics of an enterprise (firm) [Text]: textbook / D.K. Lobanov. - M.: Bookworm, 2005. - 45 p. .Tsyganko M.K. Economics of an enterprise (firm) [Text]: textbook / M.K. Tsyganko. - M.: Bookworm, 2005. - 45 p. .Krupsky V.V. Economics of an enterprise (firm) [Text]: textbook / Krupsky. V.V. - M.: Knigolyub, 2005. - 54 p.
Synchronization and balancing of cash flow is quite enough to normalize the financial situation with a slight financial malaise.
Financial collapse requires full use all external and internal mechanisms, search for effective forms of financial stabilization. Without financial stabilization, the enterprise is threatened with liquidation.
In order to avoid the bankruptcy procedure of the enterprise, the internal mechanisms of financial stabilization, first of all, should be aimed at restoring the current solvency of the enterprise.
To stabilize the financial situation, prompt measures are being taken to eliminate the current insolvency, based on the principle of "cutting off the excess", namely, in order to increase the positive cash flow, the sale of certain types of assets and in order to prevent the growth of financial liabilities and reduce current expenses.
Based on the principle of "compression of the enterprise", that is, the excess of the volume of generation over the volume of consumption of own financial resources, tactical measures should be taken to achieve the financial balance of the enterprise in the coming period.
In the long term, the strategic mechanism of protective measures should be aimed at maintaining the financial stability of the enterprise, since full financial stabilization is achieved if the enterprise has ensured a long-term financial balance.
The system of protective financial mechanisms in case of a threat of loss of financial stability depends on the scale of the situation.
To bring the enterprise out of a crisis situation, a business plan is developed for the financial recovery of the enterprise through the integrated use of all internal and external mechanisms for financial stabilization.
An important source of financial recovery of the enterprise is factoring.
Factoring can be used by any organization that has regular customers who purchase goods (works, services) with a deferred payment and pay in a non-cash form.
The greatest effect from factoring is obtained by organizations interested in expanding the sales of their products by increasing the number of buyers or increasing sales volumes. Most often, these are fast-growing small and medium-sized enterprises that have significant potential for their development.
There are two types of factoring:
Non-recourse factoring (classic) is characterized by the fact that the credit institution fully assumes all the risks associated with the repayment of receivables. In this case, he is engaged in studying the credit history of the client, and managing accounts receivable, and also performs a number of specific actions, for example, accrues penalties for late payment.
In order to reduce possible financial losses, the bank may turn to the services of an insurance company. This means an increase in the time for consideration of a client's request and an inevitable increase in the cost of factoring. As a rule, banks provide non-recourse factoring services to long-standing and reliable clients, whose debtors' solvency they had the opportunity to verify. Factoring services without recourse turned out to be much more acceptable for specialized factoring companies that are actively developing this niche.
What is the advantage of factoring without recourse for the client? First of all, that the seller is not responsible to the factor for the execution by the debtor of payment under the supply contract. The factor itself assumes the risk of possible losses. However, such "irresponsibility" comes at a price - non-recourse factoring is the most expensive of all its types.
In Russia, this service is treated with caution so far: its share in the portfolio of our factors does not exceed 10%. Meanwhile, abroad, this figure reaches 70 - 90%. This difference is due to several reasons, and first of all - the openness and transparency of foreign companies - debtors: information about their financial performance is available to factors. In addition, the institution of credit bureaus is better developed abroad, and there is also the possibility of insuring financial risks.
Another type of factoring is recourse (financing against the assignment of a monetary claim). In this case, the credit institution fulfills its key role by replenishing the working capital of the client company, but at the same time, the responsibility for repaying the payment is not removed from it.
Recourse factoring is a product for those clients who are confident in their customers and therefore do not see the point in paying an increased commission for additional non-recourse factoring services. In addition, recourse factoring (or partial recourse) provides for both supply financing and receivables management.
Under a financing agreement against the assignment of a monetary claim, the credit institution transfers or undertakes to transfer funds to the client company against the client’s monetary claim against a third party (debtor) arising from the provision by the client of goods, performance of work or provision of services by the client to a third party. The client assigns or undertakes to assign a monetary claim to a financial agent in order to secure the fulfillment of an obligation to a credit institution. Unlike conventional lending, the client's debt is repaid from funds paid by its debtors.
After the assignment, the client does not withdraw from the original obligation. He continues to bear the risks associated with non-payment of money by the debtor to the bank. In fact, he acts as a guarantor of the debtor.
An overdraft is one of the working capital financing options. Overdraft does not require collateral. With this type of financing, the enterprise needs to maintain a turnover on the bank account, which must be greater than the amount of funds it receives. An overdraft is equal in price to a short-term loan, but in terms of the amount and term of financing, it is in no way tied to the trade turnover. After a maximum of thirty days, the company will have to return the money received. All receipts from buyers go to repay financing, so there may be a problem with a temporary lack of available funds. Thus, the task of financing the trading (production) cycle with an overdraft is not fulfilled, but an overdraft can undoubtedly be used to close cash gaps that are insignificant in terms of volume and time intervals.
One of the effective methods of updating the material and technical base of an enterprise is leasing, which does not require a full one-time payment for the leased property and serves as one of the types of investment. The use of accelerated depreciation for leasing transactions allows you to quickly update equipment and carry out technical re-equipment of production.
Compared to other methods of acquiring fixed assets (purchase with a deferred payment, bank loan, payment upon delivery, etc.), leasing has the following advantages:
Simplification of accounting;
Leasing allows the lessee, who does not have significant financial resources, to start a large project;
In view of the fact that lease payments are made according to 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 depreciation and obsolescence of property, since it may not be acquired in ownership, but be in temporary use;
The possibility of using accelerated depreciation with a factor of up to 3, which allows you to reduce property tax and increase depreciation, as well as allows you to write off equipment three times faster and purchase modern equipment;
Payment for a leasing transaction is made over a long period and from the funds received as a result of the operation of the property acquired under leasing;
The leasing agreement (agreement) and the mode 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 carry out the technical re-equipment of production and upgrade equipment.
Advantages of leasing over a loan:
If the leased property is reflected on the lessor's balance sheet, the lessee does not "heavier" its balance sheet, which improves its financial performance and provides additional opportunities to raise borrowed funds.
The object of leasing is usually the only collateral, additional collateral is required in rare cases;
Leasing separates the property and operational components of commercial risks: the property owned by the leasing company is protected from the claims of the lessee's creditors;
It is often easier for an enterprise to obtain property under leasing than a loan for its acquisition, since the leased property acts as collateral;
The VAT paid to the leasing company reduces VAT payments to the budget;
Leasing equipment is much easier than obtaining a loan resource;
The lessee relates lease payments to the cost of production in full, thereby reducing taxable profit, while on a loan, interest expenses reduce the taxable base on profit within 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 lease payments is reflected on the balance sheet of the enterprise;
Advantages of leasing over purchasing with own funds:
The equipment can be listed on the balance sheet of the leasing company, which will allow the company to take this equipment into account on off-balance accounts, thus significantly improving the structure of its balance sheet and eliminating the need to reassess fixed assets in terms of this equipment;
The lessee relates leasing payments to the cost of production in full, thereby reducing the taxable base for profit;
Only with leasing, there is a possibility of accelerated depreciation of equipment, with a coefficient of up to 3, which allows you to write off equipment three times faster and purchase modern equipment.
Leasing does not require a one-time payment for equipment, which allows you to renew production assets and acquire expensive property without sharp financial stress.
Based on the above facts, we can say that leasing is tax savings, affordable monthly installments, a simple and quick approval procedure, the acquisition of property for use without diverting working capital for the purchase.
In order to reduce costs and increase the efficiency of the main production, in some cases it is advisable to abandon certain types of activities serving the main production (construction, repair, transport, etc.) and switch to the services of specialized organizations.
You can also increase the amount of your own financial resources by:
Accelerated depreciation of machinery and equipment;
Reducing the level of variable costs by reducing the number of production personnel and increasing labor productivity;
Sale of unused property;
Refusal from external social and other programs, decrease in investment activity of the enterprise;
Reducing the amount of fixed costs for the maintenance of management personnel, repair of fixed assets, etc.
Attracting loans for profitable projects that can bring a high income to an enterprise is also one of the ways of financial recovery of an enterprise.
This also contributes to the diversification of production in the main areas of economic activity, when the forced losses in one area are covered by profits from others.
It is possible to reduce the deficit of own capital by accelerating its turnover by reducing construction time, the production and commercial cycle, excess inventory balances, work in progress, etc.
Marketing analysis can be of great help in identifying reserves for improving the financial condition of an enterprise by studying supply and demand, sales markets and, on this basis, forming an optimal assortment and structure of production.
It is necessary to analyze the use of profits if the company makes a profit and is insolvent at the same time. In the context of an enterprise in a crisis situation, a reduction in the share of employees' participation in profits, deductions to the reserve and insurance funds should be considered as a potential reserve for replenishing the company's own working capital.
The most radical direction and one of the main ways of financial recovery of the enterprise is the search for internal reserves to increase the profitability of production, achieve break-even work through a more complete use of the production capacity of the enterprise, rational use of material, labor and financial resources, reduce unproductive costs and losses, improve quality and competitiveness of products, reducing its cost.
At the same time, the main attention should be paid to the issues of resource saving: 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 implementation of best practices in the implementation of the savings regime, material and moral incentive employees for saving resources and reducing unproductive costs and losses.
Thus, to increase the financial stability of the enterprise, you can use the following methods:
Change the structure of the balance sheet in the direction of increasing the share of equity capital (carry out an additional commission of shares, sell part of unused fixed assets in order to pay off creditors, etc.);
It is justified to reduce the level of stocks and costs;
Find out the reason for the increase in inventories: inventories, work in progress, finished products.
3.1. Ways to improve the financial stability of the enterprise
In market conditions, the guarantor of 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 cash, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as its expansion.
A financially stable, solvent organization has competitive advantages over other organizations of the same field of activity in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel, repays its obligations to the budget, employees, shareholders, credit and other financial institutions in a timely manner and in full. institutions. The higher the financial stability of the organization, the more it is independent of changes in market conditions, the lower the risk of bankruptcy.
Today, not only the assessment and analysis of the financial condition of the enterprise, but also the forecasting of financial stability, as well as the development of measures to improve its financial condition, is of great importance.
Since a positive factor in financial stability is the availability of sources of inventory formation, and a negative factor is the amount of reserves, the main ways to maintain a stable financial condition of an organization remain: replenishment of sources of inventory formation, optimization of their structure, as well as a reasonable decrease in the level of inventories. This can be achieved in the following ways:
– increase in own capital by increasing the size of the authorized capital and retained earnings;
– development of a competent financial strategy of the organization, which will allow attracting both short-term and long-term borrowed funds, while maintaining optimal proportions between equity and borrowed capital;
– revision of the weighted average values of stocks of products in warehouses for a day, week, month. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items.
To increase the financial stability of the organization, it is necessary to seek reserves to increase the rate of accumulation of its own sources, to provide material working capital with its own sources. In addition, it is necessary to find the most optimal ratio of financial resources.
For the analyzed enterprise, the main direction of increasing financial stability is to ensure the growth of equity through the reinvestment of profits.
The high quality of profit is determined by the stability of the factors in its formation and the total amount of profit from ordinary activities, compliance with the legal regulation of profitability and the reliability of partnerships. The low quality of profit is determined by the action of negative factors of its formation, poor indicators of production and financial activities, violations in the legal regulation of education and profit distribution.
Analysis of the quality of profit today is an urgent problem, because in a market economy in Ukraine, most enterprises are in a financial crisis. Bringing enterprises in a financial crisis, first to a breakeven level, and then to a profitable level of activity, is the most important task of improving enterprises. Under market conditions, enterprises are obliged to get out of the difficult financial condition on their own by mobilizing internal reserves and improving work.
External factors, as a rule, do not depend on entrepreneurial activity. The financial manager should take them into account when justifying managerial 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 on the production and sale of products.
Internal factors are a direct object of influence from the management system of the enterprise and a source of increasing profits due to their implementation in a system of specific measures and practical implementation.
The main goal of profit management is to ensure the maximization of the welfare of the owners of the enterprise in the current and prospective period . This main goal is designed to simultaneously ensure the harmonization of the interests of the owners with the interests of the state and the personnel of the enterprise.
To manage profit, it is necessary to reveal the mechanism of its formation, to determine the influence of factors on the growth or decrease in profit, which will make it possible to identify the reserve for its growth. The amount of profit, its dynamics is influenced by factors both 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 internal, which the enterprise can influence (Fig. 3.1).
Rice. Z.1. Classification of factors determining the level of profit
The main sources of increasing the amount of profit are an increase in the volume of product sales, a reduction in its cost and an increase in quality, and the sale of products in more profitable markets. To determine the reserves for increasing the amount of profit by reducing the cost of production, it is necessary to multiply the previously identified reserve for reducing the cost of each type of product by the possible volume of its sales, taking into account its growth. An essential reserve for profit growth is the improvement of product quality.
Based on the results of the analysis of the financial results of the enterprise, measures are developed to eliminate the identified shortcomings and use the discovered reserves.
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Introduction
The financial and economic condition is the most important characteristic of the reliability, competitiveness, and stability of an enterprise in the market. Therefore, each subject of the first group of users of the analysis studies financial information from their positions, based on their interests. The owners of the enterprise's funds are primarily interested in increasing or decreasing the share of equity capital, the efficiency of the use of resources by the administration of the enterprise. Lenders and investors pay attention to the expediency of extending the loan, lending conditions, money back guarantees, and the profitability of investing their capital. Suppliers and customers are interested in the solvency of the enterprise, the availability of liquid funds, etc.
The sustainability of an enterprise, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of a strategy for managing them. Other an important factor financial sustainability is the composition and structure of financial resources and the correctness of their management. The financial stability of the enterprise is greatly influenced by funds additionally mobilized in the loan capital market. The more money an enterprise can attract, the higher its financial capabilities, but the financial risk also increases: whether the enterprise will be able to pay its creditors in a timely manner.
The external manifestation of the financial stability of the enterprise is its solvency. An enterprise is considered solvent if its available funds, short-term financial investments (securities, temporary financial assistance to other enterprises) and active settlements (settlements 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 meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise, and excessive financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves.
The relevance of the research topic is determined by the fact that the analysis of financial stability is an important part of assessing the financial condition of the organization. The task of financial stability analysis is to assess the size and structure of assets and liabilities.
The object of the study is JSC "Kurgandormash", which specializes in the production of road construction and municipal equipment.
The subject of the study is the indicators of the financial stability of the organization.
The purpose of the thesis is to increase the financial stability of the organization.
In the course of the study, it is necessary to solve the following tasks:
1) to study the theoretical issues of the financial stability of the organization;
2) give a brief description of the organization;
3) analyze the financial condition of the organization;
4) analyze the financial stability of the organization;
5) develop measures to improve the financial stability of the organization;
6) evaluate the effectiveness of activities.
The information support of this study includes documents of the organization's financial statements for the period 2008-2010, statistical information, accounting data, educational and reference literature.
In the course of the work, the following research methods were used: calculation and analytical, comparison method, factorial method, methods of mathematical modeling and others.
The following software products were used during the work: Microsoft Word, Microsoft Excel, Microsoft Power Point.
1. Theoretical aspects of the financial stability of the organization
1.1 The content of the financial stability of the organization
In market conditions, the economic activity of the organization is carried out at the expense of self-financing, and with a lack of its own financial resources, at the expense of borrowed funds. A financially stable business entity is one that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays off its obligations on time. The main thing in financial activity is the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, the issues of rational use of working capital are given the main attention.
To carry out its activities, any organization needs to constantly monitor changes in the financial condition. The financial condition of an economic entity is a characteristic of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities.
The movement of any commodity and material values, labor and material resources is accompanied by the formation and expenditure of funds, so the financial condition of an economic entity reflects all aspects of its production and trading activities.
Financial condition refers to the ability of an organization to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the organization, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.
The financial condition can be stable, unstable and crisis. The ability of the organization to make payments on time, to finance its activities on an expanded basis, indicates its good financial condition. The financial condition of the organization depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the organization. Conversely, as a result of underfulfillment of the plan for the production and sale of products, there is a reduction in cash flow and a decrease in solvency.
A stable financial position, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of funds, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.
The financial condition of the organization can be assessed from the point of view of the long and short term. 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 a long-term perspective is one of the most important characteristics of its financial condition. It is related to the overall financial structure of the organization, the degree of its dependence on external creditors and investors, and the conditions under which external sources of funds are attracted.
The characteristic of financial stability includes an analysis of:
Composition and placement of assets of an economic entity;
Dynamics and structures of sources of financial resources;
Availability of own working capital;
Availability and structure of working capital;
Funds in settlements;
Liquidity and solvency;
business activity.
The key to survival and the basis for the stability of the organization is its stability. The financial stability of an organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on the growth of profits and capital while maintaining solvency and creditworthiness.
The analysis of financial stability should begin with the degree of provision of reserves and costs with their own sources of their formation. The lack of funds for the purchase of inventories can lead to non-fulfillment of the production program, and then to a reduction in production. On the other hand, the excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources, their inefficient use. Since working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the organization depends on their organization and management efficiency.
An external manifestation of the financial stability of the organization is its solvency. An organization is considered solvent if its available funds, short-term financial investments (securities, temporary financial assistance to other organizations) and active settlements (settlements with debtors) cover its short-term obligations.
The solvency of the organization acts as an external manifestation of financial stability, the essence of which is the security of current assets with long-term sources of formation. The greater or lesser current solvency (or insolvency) is due to a greater or lesser degree of security (or insecurity) of current assets by long-term sources.
The financial condition of the organization from a short-term perspective is assessed by indicators of liquidity and solvency, in the most general form characterizing whether it can timely and in full make settlements on short-term obligations to counterparties. The short-term debt of the organization, separated in a separate section of the liability of the balance sheet, is repaid in various ways, in particular, any assets of the organization, including non-current assets, can act as security for it. At the same time, it is clear that the forced sale of fixed assets to pay off current accounts payable is often evidence of a pre-bankruptcy state and therefore cannot be considered as a normal operation.
The liquidity of an asset is understood as its ability to be transformed into cash in the course of the envisaged production and technological process, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. In the accounting and analytical literature, liquid assets are understood to be assets consumed during one production cycle (year).
Solvency means that the organization has sufficient cash and cash equivalents to settle accounts payable requiring immediate repayment. Thus, the main signs of solvency are: the presence of sufficient funds in the current account; no overdue accounts payable.
The solvency of an organization is an external sign of its financial stability and is determined by the degree of provision of current assets with long-term sources. It is determined by the organization's ability to timely repay its payment obligations in cash. Solvency analysis is necessary not only for the organization itself in order to assess and predict its future financial activities, but also for its external partners and potential investors.
Solvency assessment is carried out on the basis of an analysis of the liquidity of the organization's current assets, that is, their ability to turn into cash. At the same time, unlike solvency, the concept of liquidity is broader and means not only the current state of settlements, but also characterizes the corresponding prospects. In the process of analysis, it is necessary to determine the sufficiency of funds based on the analysis of the organization's financial flows: cash inflows must ensure the coverage of the organization's current liabilities. To analyze the actual cash flow, assess the synchronism of their receipt and expenditure, link the obtained financial result with the state of cash in the organization, it is necessary to identify and analyze all directions of cash inflows, as well as their outflows.
Financial stability is calculated on a specific date. The resulting estimate is subjective and can be performed with varying degrees of accuracy. To confirm solvency, they check the availability of funds in current accounts and foreign currency accounts, short-term financial investments. These assets should have an optimal value. On the one hand, the larger the amount of cash in the accounts, the more likely it can be argued that the organization has sufficient funds for current settlements and payments. On the other hand, the presence of insignificant balances in cash accounts does not always mean that the organization is insolvent: funds can be transferred to settlement, foreign currency accounts, to the cash desk in the coming days, and short-term financial investments can easily be turned into cash.
However, solvency indicators make it possible to give only a general one-time assessment of the dynamics of solvency and do not allow analyzing its intrastructural changes. To get an idea of such changes, an assessment of the current solvency is carried out by comparing the amount of available cash and short-term financial investments with the total amount of debt that is due. The ideal option is when the result is equal to or greater than one.
At the same time, when making these calculations according to the balance sheet and Form No. 4 “Cash Flow Statement”, the following must be taken into account: the solvency of an organization is a very dynamic indicator, it changes very quickly, calculated simultaneously once a quarter or once a year, it does not allow analytics to get a true picture. In this regard, a payment calendar is compiled, where the comparison of cash expected funds and payment obligations focuses on very short periods: 1, 5, 10, 15 days, a month. The operational payment calendar is compiled on the basis of data on the shipment and sale of products, purchases of raw materials, materials and equipment, documents on payroll calculations, advance payments to employees, bank statements, etc. On the basis of the obtained data, dynamic series are formed and the 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 efficiency of the organization, and also provides an information and analytical basis for all types of planning.
1.2 Financial stability analysis methodology
To study the influence of factors on the results of management and calculation of reserves in the analysis, such methods are used as: chain substitutions, absolute and relative differences, integral method, correlation, component, linear, convex programming methods, game theory, operations research, methods for solving economic problems on based on intuition, past experience, expert assessments of specialists. The use of certain methods depends on the purpose and depth of the analysis, the object of study, the technical capabilities of performing calculations, etc.
The methodology is understood as a set of methods, rules for the most expedient performance of any work. In economic analysis, the methodology is a set of analytical methods and rules for studying the economy of an organization, in a certain way subordinate to the achievement of the goal of 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. Particular methods concretize the general in relation to certain sectors of the economy, to a certain type of production or object of study. Techniques and methods of analysis are the most important element of the methodology for analyzing the activities of an organization.
Analysis of financial stability is an important part of assessing the financial condition of the organization. The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize independence for each element of assets and for property as a whole, make it possible to measure whether the analyzed organization is financially stable enough.
Long-term liabilities (loans and borrowings) and equity are directed primarily to the acquisition of fixed assets, capital investments and other non-current assets. In order to fulfill the conditions of solvency, it is necessary that cash, funds in settlements and material current assets cover short-term liabilities.
In practice, the ratio should be observed:
current assets < equity x 2 - non-current assets
However, in addition to absolute indicators, financial stability is also characterized by relative coefficients.
The level of overall financial independence is characterized by the coefficient of autonomy, i.e., it is determined by the share 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 gives only a general assessment of financial stability. This indicator should be considered in conjunction with the equity ratio. It shows the extent to which current assets are covered by their own current assets. The level of this coefficient is comparable for organizations of different industries. Regardless of industry affiliation, the degree of sufficiency of own working capital to cover current assets equally characterizes the measure of financial stability.
The coefficient of financial independence shows the share of own funds in the total amount of funding sources. The value of the financing ratio shows which part of the activity is financed by own funds, and which part is financed by borrowed funds.
A general indicator of financial independence is the surplus or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference between the value of sources of funds and the value of reserves and costs.
It is possible to distinguish 4 types of financial situations:
Absolute financial stability. This type of situation is extremely rare, represents an extreme type of financial stability and meets the following condition:
33< СОС (1)
where ZZ - stocks and costs;
SOS - the value of own working capital.
In such a situation, all stocks are fully covered by their own working capital;
Normal financial stability, which guarantees solvency.
In this case, the following condition must be met:
SOS< ЗЗ < ИФЗ (2)
where IFZ - sources of formation of reserves;
unstable financial condition, associated with a violation of solvency:
ZZ > IFZ (3)
a financial crisis in which the organization is on the verge of bankruptcy, because in this situation, cash, short-term securities and receivables do not even cover its accounts payable. In this case, the following condition is satisfied:
ZZ > IFZ + PC + ZP
where PC - overdue accounts payable and receivable;
ZP - credits and loans not repaid on time.
A set or system of coefficients is used to assess financial stability. Let's name the most important of them:
1) coefficient of provision with own working capital:
TO OSS \u003d SK - VnA / ObA, (4)
VnA - non-current assets;
OA - current assets. It characterizes the degree of security of the organization's own working capital, which is necessary for financial stability. The minimum value of the coefficient is 0.1, the recommended value is 0.6.
2) coefficient of provision of material reserves with own funds:
K OMZ \u003d SK - VnA / Z, (5)
where SC is the organization's own capital;
VnA - non-current assets;
Z - stocks.
It shows what part of the tangible current assets is financed by equity. 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) coefficient of equity capital maneuverability:
K M = SS/SK, (6)
where CC - own working capital;
SC - equity.
It shows how much of the equity capital is used for financing current activities, i.e. invested in working capital. The value of this indicator can vary significantly depending on the type of activity of the organization and the structure of its assets. For industrial organizations, the agility factor should be 0.3.
4) the ratio of own and borrowed funds:
K SZS \u003d ZK / SK, (7)
where ZK - borrowed capital;
SC - equity.
5) coefficient of long-term attraction of borrowed funds:
K DPA \u003d P DL / SR. /P DL/SR. + SC, (8)
where P DL/SR. - long-term liabilities;
SC - equity.
6) coefficient of autonomy.
K A \u003d SK / WB, (9)
where SC - equity;
VB - balance currency.
The coefficient shows the degree of independence of the organization from borrowed sources of funds. The coefficient value should be 0.5.
7) financial stability ratio:
K FU \u003d SC + P DL / SR. /WB, (10)
where SC - equity;
P DL/SR. - long-term liabilities;
VB - balance currency.
The coefficient reflects the share of long-term sources of financing in the total volume of the organization. Or shows what part of the property of the organization is formed from long-term financial resources. The coefficient value should be 0.5.
The above list of financial stability ratios shows that there are a lot of such ratios, they reflect different aspects of the state of the 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 specific normative criteria for the considered indicators.
Also, when analyzing financial stability, it is necessary to calculate such an indicator as a surplus or shortage of funds for the formation of reserves and costs, which is calculated as the difference between the value of sources of funds and the value of reserves. Therefore, for analysis, first of all, it is necessary to determine the size of the sources of funds available to the organization for the formation of its reserves and costs.
In order to characterize the sources of funds for the formation of reserves and costs, indicators are used that reflect a different degree of coverage of types of sources. Among them:
Availability of own working capital:
SOS \u003d SK - VnA, (11)
where SC is the organization's own capital;
VnA - non-current assets.
Own and long-term borrowed sources:
SDZI \u003d SOS + P DL / SR. , (12)
P DL/SR. - long-term liabilities.
The total value of the main sources of funding:
OIF \u003d SDZI + ZS KR / SR. , (13)
where SDZI - own and short-term borrowed sources;
AP KR/SR. - short-term borrowings.
Based on the above indicators, indicators of the availability of reserves and costs by the sources of their formation are calculated.
1 Surplus (+), deficiency (-)
SOS \u003d SOS - Z, (14)
where SOS - own working capital;
Z - stocks.
2 Surplus (+), shortage (-) of funding sources = OIF-Z, (16)
where OIF is the total value of the main sources of financing;
Z - stocks.
The calculation of these indicators and the determination of situations based on them make it possible to identify the situation in which the organization is located and outline measures to change it. Thus, it is important that the state of financial resources meet market requirements and meet the needs of the organization's development, since insufficient financial stability can lead to the organization's insolvency, and excess financial stability can hinder development, burdening the organization's costs with excessive stocks and reserves.
The financial stability ratios allow not only to assess one of the aspects of the financial condition of the organization. If used correctly, they can actively influence the level of financial stability, increase it to the minimum required level, and if it actually exceeds the minimum required level, use this situation to improve the structure of assets and liabilities.
1.3 Directions for improving the financial stability of the organization
The stability of the organization, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of the strategy for managing them. Another important factor in financial sustainability is the composition and structure of financial resources and the correct management of them. The financial stability of the organization is greatly influenced by funds additionally mobilized in the loan capital market. The more money an organization can attract, the higher its financial capabilities, but the financial risk also increases: whether the organization will be able to pay its creditors in a timely manner.
The characteristic of the financial condition of an economic entity includes the analysis of: profitability (profitability); financial stability; creditworthiness; use of capital; the level of self-financing; currency self-sufficiency.
Analysis of the financial condition of the organization in dynamics allows you to track 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.
Characteristics of financial stability includes an analysis of: the composition and placement of assets of an economic entity; dynamics and structure of sources of financial resources; availability of own working capital; accounts payable; availability and structure of working capital; accounts receivable; solvency.
The key to survival and the basis for the stability of the organization is its stability. The financial stability of an organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.
Financial stability management of an organization is a system of principles and methods for developing and implementing management decisions related to ensuring that financial stability indicators are maintained at a high level.
An effective tool for long-term management of the financial stability of an organization, subordinated to the implementation of the goals of its general development in the context of ongoing significant changes in macroeconomic indicators, the system state regulation market processes, financial market conditions and associated uncertainty, is the strategy of financial stability management.
An organization's financial stability management strategy is one of the types of an organization's functional strategy that ensures the protection of its financial interests from various threats by forming long-term goals for this protection, choosing the most effective ways to achieve them, adequately adjusting the directions and forms of protection when factors and conditions of its financial environment change. functioning.
The strategy for managing the financial stability of an organization is developed in the context of individual dominant areas (directions) of protecting its financial interests from threats in the prospective period. Such dominant areas (directions) of the overall strategy for managing the financial stability of the organization, it is advisable to allocate on the basis of the identified system of its priority financial interests that require protection.
In view of the foregoing, in the system of the overall strategy for managing the financial stability of an organization, it is proposed to single out the following dominant areas (Table 1).
Table 1 - Characteristics of the dominant directions of the overall strategy for managing the financial stability of the organization
|
Dominant areas (directions) of the overall strategy |
The main task of developing strategic decisions |
Range of strategic problems to be solved |
|
|
1 Strategy for ensuring the growth of the return on equity of the organization |
Creating conditions for a constant increase in the level of financial profitability of the organization |
1 Ensuring the growth of the amount of profit from the sale of products. 2 Ensuring the growth of the amount of profit from other activities. 3 reduction in the organization's weighted average cost of capital. |
|
|
2 Strategy for the formation of financial resources of the 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 the organization from internal sources. 2 Ensuring 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 the financial balance of the organization in the process 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 synchronism of the organization's positive and negative cash flows. |
|
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4 Investment strategy of the organization |
Providing investment support for the strategic development of the organization and investment efficiency |
1 Ensuring an increase in the investment activity of the organization. 2 Ensuring the growth of the efficiency of real investment projects of the organization. 3 Ensuring the growth of the efficiency of the organization's financial investment portfolio. |
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5 Strategy for neutralizing the financial risks of the organization |
Ensuring minimization of the level of financial risks assumed by the organization |
1 Ensuring the effective formation of the organization's financial risk portfolio. 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 the organization's financial risks. |
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6 Innovative financial strategy of the organization |
Ensuring the necessary innovative level of financial development of the organization |
1 Ensuring the introduction and effective use of progressive financial technologies and tools by the organization. 2 Development and implementation of effective organizational structure financial management of the organization. 3 Ensuring an increase organizational culture financial managers of the organization. |
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7 Anti-crisis financial strategy of the organization |
Ensuring that the organization exits quickly and efficiently crisis situations in the course of its strategic development |
1 Ensuring timely diagnosis of symptoms of the crisis financial development of the organization. 2 Ensuring an increase in the internal capacity of the organization to overcome crisis financial situations. 3 Early provision of opportunities for external financial support of the organization in the process of its exit from crisis situations. |
The outlined sequence of the main stages of the process of developing an organization's financial stability management strategy can be refined and detailed, taking into account the characteristics of the organization's financial activities and the level of strategic thinking of its financial managers.
The development of the main strategic decisions in the field of managing the financial stability of an organization is based on the results of its strategic analysis. Strategic analysis of the financial stability management system of an organization is a process of studying the influence of factors of external and internal environment on its effectiveness in order to identify the features and possible directions of its development in the prospective period. The basis for conducting a strategic analysis is the study of the impact on the economic activity of the organization of individual factors and environmental conditions of its functioning. Under the financial environment of the functioning of the organization is understood as a system of conditions and factors affecting the organization, the forms and results of its financial activities. As part of the general financial environment, its separate types should be distinguished: the external financial environment of indirect influence characterizes the system of conditions and factors affecting the organization, the forms and results of the organization's financial activities in the long term, over which it is not able to exercise direct control; the external financial environment of direct influence characterizes the system of conditions and factors affecting the organization, the forms and results of financial activities that are formed in the process of financial relations of the organization with counterparties for financial operations and transactions; the internal financial environment characterizes the system of conditions and factors that determine the choice of organizations and forms of financial activity in order to achieve its best results, which are under the direct control of the heads and specialists of the financial services of the organization.
Comprehensive management of the organization's current assets and liabilities comes down to solving a triune task:
1) the transformation of the financial and operational needs of the organization (FEP) into a negative value;
2) acceleration of the turnover of working capital of the organization, reducing the time of their turnover;
3) the choice of the type of integrated management of current assets and current liabilities suitable for the company.
The financial and operational needs (FEP) of an organization are the difference between the 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, FEP are defined in a broad sense. A more specific (narrow) interpretation of financial and operational needs also has practical significance.
In this case:
FEP \u003d Z + DZ - KrZ, (17)
Let us analyze the economic meaning of the category of financial and operational needs of the organization. Immediately it should be noted that in the narrow interpretation of the FEP - the values associated with the specifics of the financial mechanism of the functioning of the company. These may be inventories that are not directly involved in the formation of financial results of activities (this is either produced, but not sold products, or required amount raw materials and materials, making the occurrence of gaps in the movement of capital unlikely), or this is that part of the organization's funds (its capital), which formally belongs to the company, does not participate in economic turnover (accounts receivable), or these are funds that, not being the property of the organization , nevertheless take part in the process of its economic turnover. Thus, the achievement of such a position (from the point of view of the implementation of the company's financial goals) seems obvious, when the amount of inventories is reduced, the amount of receivables is reduced, and accounts payable increases.
If the accounts payable of the firm (organization) exceed the amount of receivables and at the same time the amount of stocks is minimized, then this can only mean one thing: the firm uses other people's resources to achieve its financial goals to a greater extent than other organizations use its resources. From the point of view of the financial algorithm of the functioning of the company, this is an excellent result that any company should strive for.
The negative value of the financial and operational needs of the organization also means that the company has excess working capital (cash) and may raise the question of their unproductive use to obtain speculative income (income from investments in securities of the state and other organizations, income from speculation in the foreign exchange market and some other types of speculative income) and income from investing money in commercial banks(bank deposits, etc.).
Otherwise, we are talking about a shortage of working (cash) funds. This situation is now most common in our country. That is why we set as one of the main tasks of tactical financial management the transformation of the financial and operational needs of the organization into a negative value.
The solution of the problem of accelerating the turnover of the organization's funds will also serve the same purpose. At the same time, the size of the organization's stocks (stocks of finished products and stocks of raw materials and materials) will be minimized. This is an additional factor in the reduction of the FEP and an additional opportunity to use the financial mechanism of the company's functioning to maximize its financial results (at the expense of mainly other people's funds, the funds of other organizations).
The turnover rate of an organization's funds is a category directly related to time, a time interval. It shows how many turns certain funds of the organization make, for example, in a year or how much time is needed for them to complete one turn. This is expressed in the calculation of the working capital turnover period:
This is the most comprehensive indicator, since we have in the numerator all the working capital of the organization, and in the denominator, in fact, all the income of the organization. It is very highly aggregated, but nevertheless, its calculation will bring to the financial manager very important information related to the definition of FEP in a broad sense.
A negative value of FEP in days indicates the availability of free funds during the indicated days, and a positive value indicates an insufficiency of funds during the received value of days.
The financial position of the organization most directly affects the magnitude of the financial and operational needs. If an organization is in trouble financial position, then he has fewer opportunities to reduce the FEP, with the exception, perhaps, of such as non-payments, non-payment of his debts on time, which, however, can further aggravate the situation.
A mismatch in the timing of receipts of funds and payments can lead an organization into an unpleasant state of technical insolvency, when it (generally successful) is not able to make payment of priority payments today (although this will no longer be a problem tomorrow). Art and qualification financial manager they are precisely to avoid such a situation.
In modern literature on financial management the circulation of funds is described by the model of the cycle of circulation of funds. This approach is based on the translation of operational events into cash flow.
1. Inventory turnaround time (inventory turnaround time, production cycle) is the average time it takes to turn raw materials into finished goods and then sell them. The period of one inventory turnover is often referred to as the inventory holding period. Stocks are: stocks of inventory items, stocks in work in progress, finished products in warehouses. If the period of storage of industrial stocks of raw materials and materials increases with a constant volume of production, this indicates an overaccumulation of stocks, i.e. on the creation of excess reserves.
2. The period of turnover (repayment) of receivables is the average period of time required for the conversion of receivables into cash, i.e. to receive money from the sale. If the receivables are greater than the accounts payable, then there is a threat to financial stability and independence, because. under these conditions, the organization is forced to additionally attract borrowed resources. If the accounts payable are greater than the accounts receivable and much, this leads to the insolvency of the organization. Ideally, it is desirable that receivables and payables are equal.
3. The period of turnover (postponement) of accounts payable is the average period of time between the purchase of raw materials and payment in cash. For example, an organization may have an average of 30 days to pay for labor and materials.
4. The financial cycle (the period of circulation of funds) combines the three periods just mentioned and, therefore, equals the period of time from the organization's actual cash costs for production resources (raw materials, labor) to the receipt of funds from the sale of finished goods (i.e. from the date of payment for labor and / or raw materials and until the receipt of receivables). Thus, the period of circulation of cash is equal to the period during which the company has funds invested in working capital.
Thus, this chapter discusses the theoretical issues of the analysis of the financial stability of the organization. It can be concluded that the analysis of the financial stability of the organization is an important condition for the effective operation of the organization. The methodology for analyzing the financial stability of an organization, presented in the thesis, can be used for practical analysis of the financial condition.
2. Analysis of the financial condition and sustainability of the organization OJSC "Kurgandormash"
2.1 General characteristics of the organization OJSC "Kurgandormash"
Full corporate name of the company: Open Joint Stock Company "Kurgan Plant of Road Machines". Location and postal address: 640000 Kurgan, st. 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 is focused on the production of road construction and municipal equipment.
The main types of industrial, commercial and investment activities of the company are the creation, production and sale of machines for the repair, construction and maintenance of roads, machines for urban utilities, for the transportation and distribution of liquid and bulk materials.
JSC "Kurgandormash" is a legal entity, owns separate property recorded on its independent balance sheet, acquires and exercises property and personal non-property rights on its own behalf, bears obligations, can be a plaintiff and defendant in court, arbitration and arbitration court, a participant in other societies, partnerships, associations and organizations.
The authorized capital of the company is 2452975 rubles. It is divided into 4905950 ordinary shares, the nominal value of which is 0.50 rubles, the nominal value of which is 2452975 rubles.
The number of shareholders registered in the register, including the number of shareholders included 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 voting shares of the company:
1. OAO Investment Company Zauralye, their share in the authorized capital of OAO Kurgandormash - 51.68%;
2. Sokolova Natalya Alexandrovna, her share in the authorized capital of OAO Kurgandormash is 16.31%.
The high scientific and engineering potential, accumulated over more than 60 years of activity, allows us to solve the most complex and responsible tasks. Based on technical and historical experience, Kurgandormash has become a leading organization for the production of fuel trucks, municipal vehicles, as well as asphalt distributors and bitumen trucks - machines that are indispensable in the construction, repair and operation of roads, buildings and structures using liquid building materials.
Over the years, many samples of Kurgan machines were shown at exhibitions, including international ones (in 12 countries). The organization's awards speak of the recognition of Kurgandormash products in Russia and abroad.
JSC "Kurgandormash" offers consumers the following products:
Vacuum sweepers KO-318, designed for mechanized cleaning of urban roads with asphalt or cement-concrete pavement from various contaminants - dust, sand, gravel, leaves, etc. The analogue of this machine is the machines of such well-known companies as Krol (Germany), Scarab (England);
Vacuum sweepers MK-2000 and MK-1500, designed for mechanized cleaning of yards, sidewalks and footpaths from debris, dust and dirt;
Combined harvesters MD-532 and MD-433-02, designed for year-round maintenance of federal and local paved roads;
Combined harvesters MD-551, MD-432S and MD-555, designed to perform a set of works on patrol snow removal of freshly fallen snow, high-speed snow removal from the roadway, treatment of road surfaces with anti-icing materials;
Sidewalk cleaning machines MT-1 and MT-2, designed to clean streets, squares, sidewalks, roads and construction sites from fresh snow, soil deposits, debris;
DS-142B and DS-39B asphalt distributors designed for transportation of liquid bituminous materials in hot and cold condition from places of production or storage with temperatures up to +200ºС with low heat losses and their uniform distribution during the construction and repair of roads and airfields;
Bitumen distributors DS-180, designed for pouring bitumen, uniform single-layer distribution of crushed stone of small fractions over the surface of the road surface and its rolling during the construction and repair of road surfaces;
Bitumen trucks DS-164A, designed for transportation of liquid bituminous materials with temperatures up to +200ºС with low heat losses, as well as for transportation of other non-aggressive and explosion-proof binder liquids;
Bitumen trucks DS-138B, designed for transportation and delivery of bitumen in liquid state with temperatures up to +200ºС on highways of I-III categories of operating conditions;
Bitumen tank semi-trailers АЦБ-25-00 and АЦБ-12-IIIА, designed for transportation and delivery of bitumen in a liquid state with a temperature of up to +200ºС along highways of I-III categories of operating conditions;
Road trains for the transportation of oil products DS-164, designed for the transportation of oil;
Tankers ATZ-6 and ATZ-11, designed for the transportation and dispensing of light oil products with a density of not more than 0.86 g/cm³, and for mechanized refueling of machines and mechanisms with filtered fuel with a count of the dispensed quantity;
The brand "Kurgandormash" is known not only in Russia, but also in the near and far abroad. The plant's products are known in 50 countries of the world, including India and China, Chile and Argentina, Poland and Yugoslavia, as well as in Syria, Iraq, Congo, Mali.
At present, the organization of JSC "Kurgandormash" does not have sufficient financial stability, its production potential during 2008-2010. has significantly decreased, there are not enough funds for settlements, the solvency of the organization is low.
The future of the plant is connected with the development of the 2nd site, where a workshop for the manufacture of non-standard equipment was opened, an oil storage facility, a boiler house were built, a substation and water supply operate. In 2001, a workshop with an area of 4000 m² was put into operation, in which large-tonnage equipment is produced. In addition, the organization carried out: reconstruction and overhaul main workshops and plant management, improvement of the territory of the plant and adjacent streets of the city.
Every year, the organization develops more than 200 types of new products. The main emphasis is on science-intensive, complex equipment, especially on block-complete equipment. The organization takes development and reconstruction seriously. Despite the difficulties in the economy, annually allocates significant funds for the reconstruction of production, the purchase of new equipment, the creation of new industries, and computerization. The overall assessment of the effectiveness of the organization in the market conditions of management are indicators of the intensity of use of the organization's production resources.
Efficiency of using the main production assets characterizes the rate of return on assets. This figure increased in 2008 by 24%, and in 2009 it increased by 29%. This change e is determined for the period under review by the change in sales proceeds and the value of production assets.
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From the above analysis of financial stability, we can conclude that Atlant LLC is in a state that can be characterized as normal stability. A normally stable financial situation is characterized by the fact that an enterprise uses various “normal” sources of funds to cover stocks - its own and borrowed funds (own current assets; short-term loans and borrowings; accounts payable on commodity transactions).
Nevertheless, for each enterprise it is necessary to develop measures to improve financial stability, whatever it may be. Since in the long term, the financial condition can dramatically change its direction: from stable to crisis.
As the most common techniques that are used to improve the financial condition of the enterprise, the following can be proposed:
Daily monitor the ratio of receivables and payables;
Buyers can repay receivables not all at once, but a little every day;
Use the acceptance of discounts for early payment;
Require advance payment for products;
For repayment of receivables use the form of payment in kind when the debt is extinguished by its goods or services;
Identify and sell illiquid assets.
It often happens that an enterprise incurs losses mainly due to an ill-conceived approach to production. Based on this, it is possible to offer a variety of ways to improve the financial condition of the enterprise. Among them are:
cost reduction (the main condition for the growth of profits and profitability can be considered as a consequence of all the others);
Improving the use of working time;
introduction of new equipment and technology;
saving energy resources;
Improving the use of all material resources;
increase in sales volumes;
Reducing the balance of unsold products;
Successful implementation of non-operating transactions.
Taking into account the negative phenomena identified during the analysis, we can give some recommendations to improve the financial stability of the enterprise:
It is necessary to increase the share of own working capital in the value of property and ensure that the growth rate of own working capital is higher than the growth rate of borrowed capital;
Take measures to reduce accounts payable, primarily for advances received from buyers. According to them, either products must be shipped, or funds must be returned;
It is necessary to increase the volume of investments in fixed capital and its share in common property organizations;
It is necessary to increase the turnover of working capital of the enterprise, which, in the course of the analysis of financial stability, was clearly not enough, since the sources of own funds were directed mainly to non-current assets;
Pay special attention to the increment of the most liquid assets;
If the value of slow-moving assets is extremely large, you need to find out what is the reason for the accumulation of excess reserves. They must be put into production immediately. If there are stale, spoiled, illiquid stocks, then they must be sold at any cost or written off;
Take measures to increase own sources of funds and reduce borrowed liabilities;
Pay attention to the organization of the production cycle, the profitability of products, their competitiveness.
An important source of increasing the financial stability of an enterprise is factoring, i.e. assignment to a bank or a factoring company of the right to claim receivables, or an assignment agreement under which an enterprise assigns its claim to debtors to a bank as security for repayment of a loan.
One of the effective methods of updating the material and technical base of an enterprise is leasing, which does not require a full one-time payment for the leased property and serves as one of the types of investment. The use of accelerated depreciation for leasing transactions allows you to quickly update equipment and carry out technical re-equipment of production.
Attracting loans for profitable projects that can bring a high income to an enterprise is also one of the reserves for the financial recovery of an enterprise.
This is also facilitated by the diversification of production in the main areas of economic activity, when the forced losses in one area are covered by the profits of others.
It is possible to reduce the deficit of own capital by accelerating its turnover by reducing construction time, the production and commercial cycle, excess inventory balances, work in progress, etc.
Reducing the cost of maintaining housing and cultural facilities by transferring them to municipal ownership also contributes to the influx of capital into core activities.
In order to reduce costs and increase the efficiency of the main production, in some cases it is advisable to abandon certain types of activities serving the main production (construction, repair, transport, etc.) and switch to the service of specialized organizations.
If the company makes a profit and is at the same time 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 the enterprise's insolvency can be considered as a potential reserve for replenishing the company's own working capital.
Great help in identifying reserves to improve the financial condition of the enterprise can be provided marketing analysis on the study of supply and demand, sales markets and the formation on this basis of the optimal range and structure of production.
One of the most radical directions for improving financial stability is the search for internal reserves to increase the profitability of production and achieve break-even work through a more complete use of the production capacity of the enterprise, improve the quality and competitiveness of products, reduce its cost, rational use of material, labor and financial resources, reduce unproductive expenses and losses.
At the same time, the main attention should be paid to the issues of resource conservation: 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 implementation of best practices in the implementation of the savings regime, material and moral incentives for employees to save resources and reduction of unproductive expenses and losses.
For a systematic identification and generalization of all types of losses at each enterprise, it is advisable to maintain a special register of losses with their classification into certain groups:
From marriage;
Decrease in product quality;
unclaimed products;
Loss of profitable customers, profitable markets;
Incomplete use of the production capacity of the enterprise;
Downtime work force, means of labor, objects of labor and monetary resources;
Overspending of resources per unit of output in comparison with established norms;
Damage and shortages of materials and finished products;
Write-offs of not fully depreciated fixed assets;
Payment of penalties for violation of contractual discipline;
Write-offs of unclaimed receivables;
Attraction of unprofitable sources of financing;
Untimely commissioning of capital construction facilities;
Natural Disasters;
For industries that did not produce products, etc.
The skillful application and combination of these measures contributes not only to increasing financial stability, but also to improving the financial condition of the enterprise.
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