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

From the results of the work of the enterprise LLC "Saranskkabel" it can be seen that the enterprise during 2011-2013. worked stably, from year to year, increasing its production potential. We analyze the output of the enterprise using table 2.1.

Table 2.1 - Analysis of output, million rubles

Indicator

Absolute change

Relative change, %

1. The volume of marketable products

2. Cost of commercial products

3. Material costs

4. Depreciation of fixed assets

5. Pure production

4. Sales volume

7. Sales volume of products in comparable prices

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

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

The increase in commercial output was due to:

Increasing production volumes in physical terms;

Increase in labor productivity by 61.0%;

More efficient use of fixed assets (increased return on assets by 5 times).

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

Zoom in clean production by 73.8% in 2012 and 13.6% in 2013. affected by the growth in the volume of marketable output at a faster pace than the increase in material costs and lower depreciation charges.

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

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

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

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

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

Table 2.3 - Analysis of the efficiency of the use of fixed assets

Indicator

Absolute change

Relative change, %

2. Average annual cost fixed assets, million rubles

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

4. The average number of PPP, pers.

5. Return on assets rub./rub.

6. Capital intensity rub./rub.

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

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

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

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

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

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

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

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

Table 2.4 - Analysis of the effectiveness of the use of working capital

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

On the results of production - economic activity organization, the dynamics of the implementation of production plans is influenced by the degree of use of labor resources.

Table 2.5 - Dynamics of change average headcount workers and labor productivity

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

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

Financial performance indicators are different kinds indicators of income, profit and profitability. Let's define indicators of financial result of activity of the enterprise in table 2.6. As a result of the outstripping growth of product sales in comparison with the growth of its cost in the analyzed period, it allowed the company to make a profit from product sales. Its size in 2012. exceeded this figure in 2011. for 31 million rubles. or by 66.0%. In 2013, compared to 2012, losses were incurred from the sale of products

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

Table 2.6 - Analysis of profit and profitability of the enterprise

Indicator

Absolute change

Relative change, %

1. Sales volume, million rubles

2. Production cost, million rubles

3. Profit from the sale of products, million rubles.

4. The level of profitability of sales,%

5. Level of return on costs, %

6. Unrealized income, million rubles

7. Unrealized losses, million rubles

8. Balance sheet profit, million rubles

9. Net profit, million rubles

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

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

Table 2.7 - Express analysis of the financial condition

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

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

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

Table 2.8 - Liquidity ratios of Saranskkabel LLC

An analysis of liquidity indicators allows us to conclude that the company is illiquid, that is, it cannot repay all its debt obligations, due to a decrease in Money, even on the condition that the settlements with debtors will be made within the stipulated time. This condition is partly due to the high share of stocks in the structure of current assets. On the other hand, such dynamics takes place due to the high level of accounts payable.

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

Consider the financial stability indicators of Saraskkabel LLC in Table 2.9.

Table 2.9 - Indicators of financial stability of Saranskkabel LLC

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

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

Table 2.10 - Indicators of business activity of Saranskkabel LLC

Indicator

Sales proceeds, million rubles

Labor productivity, thousand rubles

Capital productivity, rub./rub.

Material turnover ratio

Turnover period of materials, days

Finished goods turnover ratio

Turnover time for finished products, days

Accounts receivable turnover ratio

Accounts receivable turnover period, days

current liabilities turnover ratio

Turnover period for current liabilities, days

Equity turnover ratio

Term of equity capital turnover, days

Total turnover ratio

As can be seen from Table 2.10, the business activity of the enterprise by the end of 2013. rose. This is what dynamics says. the following indicators. Turnover ratios for finished products, receivables and current liabilities increased. Consequently, the timing of the turnover of finished products, receivables and turnover of current liabilities decreased. This is a positive trend in the activities of Saranskkabel LLC.

But at the same time, there is an increase in the terms of the turnover of materials, which indicates an increase in their stocks in the warehouses of the enterprise. The turnover of total current assets remained at the same level for three years, that is, with the growth in sales, working capital increased.

Consider the profitability indicators (table 2.11).

Table 2.11 - Profitability indicators,%

Table 2.11 shows that the profitability products sold and core business in 2013. decreased, which indicates a decrease in the profitability of sales. Received losses in 2011-2013. indicate that the company has become worse in using equity and working capital.

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

Consider the main performance indicators of this enterprise.

Table 1. Enterprise Size Indicators

Indicator

Rates of growth, %

1. Marketable products, thousand rubles

2. Production area, sq. m

3. The average annual cost of working capital, thousand rubles.

4. Basic production assets, thousand rubles.

5. Average annual number of production workers, pers.

6. Profit from real, thousand rubles.

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

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

Table 2. Indicators of the use of fixed assets

As can be seen from Table. 2, return on assets of fixed assets for the period 2004- 2006 increased, which indicates the effective use of fixed assets. The increase in capital productivity was due to such factors as an increase in the operating time of equipment and an increase in labor productivity. There was also an increase in the profitability of fixed assets and a reduction in capital-labor ratio. The capital-labor ratio characterizes the value of fixed assets per worker. The decrease in this indicator was mainly due to a decrease in the cost of fixed assets. The increase in the profitability of fixed assets was due to a significant increase in profits from product sales.

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

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

Indicators

1. Sales proceeds

2. Average asset value

3. Average value of current assets

4. Average cost of equity

5. Production and sales costs

6. Average cost of inventories

7. Average value of accounts receivable

8. Average cost of accounts payable

9. Average cost of non-current assets

Table 4. Indicators of business activity of JSC Izhstal

Indicators

Calculation formula

1. Asset turnover ratio

Cob A = BP / A

2. Current assets turnover ratio

Cob OA = BP / OA

3. Equity turnover ratio

Cob SK = BP/SK

4. Inventory turnover ratio

Kob MZ \u003d Z / MZ

5. Accounts receivable turnover ratio

Cob DZ \u003d VR / DZ

6. Accounts payable turnover ratio

Cob KZ = Z / KZ

7. Turnover ratio of non-current assets

Cob VOA \u003d \u003d BP / VOA

8. The duration of one turnover of inventories

T MZ \u003d D / KobMZ

9. Duration of one turnover of receivables

TDZ= D/KobDZ

10. Duration of one turnover of accounts payable

TKZ= D/KobDZ

11. Duration of the operating cycle

OC = TMZ+TDZ

12. Duration of the production cycle

PC = TMZ

13. Duration of the financial cycle

FC = OC - TKZ

14. Period of turnover of current assets

TOA = D / KobOA

15. Period of equity turnover

TSK = D/KobSK

16. Period of turnover of non-current assets

TBOA \u003d D / KobBOA

17. Asset turnover period

TA= D/KobA

D is the number of days in the period.

Business activity indicators allow you to evaluate financial position enterprises in terms of solvency: how quickly funds can be converted into cash, what is the production potential of the enterprise, whether equity capital is used efficiently, how the enterprise uses its assets to generate income and profit. The turnover ratio shows how many turnovers the funds manage to make per year, or what volume of sales of products received per 1 ruble this tool. The duration of one turnover shows how many days the funds go through all stages of the circuit. For an efficiently operating enterprise, the turnover ratio should increase in dynamics, and the duration of one turnover should decrease. After analyzing the obtained results, we can conclude about the effectiveness of the work of JSC Izhstal.

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

The duration of the turnover of accounts payable must be longer than the duration of the turnover of receivables to maintain the balance of free cash from the enterprise. This condition remains in the analyzed periods.

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

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

The liquidity of the enterprise - the ability of the enterprise to repay short-term debt at the expense of current assets at its disposal.

The solvency of an enterprise is the availability of funds and their equivalents sufficient for the settlement of accounts payable.

Liquidity and solvency indicators are indicators that characterize the ability of an enterprise to make timely and full settlements with counterparties.

Table 5. Initial information for calculating liquidity

Table 6. Liquidity indicators of the enterprise

Overall coefficients, urgent, absolute liquidity JSC "Izhstal" indicate that this enterprise is insolvent.

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

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

1) external

· low solvency of enterprises in Russia, including "live" money;

· diktat monopolists on prices, forms of payment;

· imperfect tax legislation;

Rising prices for purchased raw materials and materials;

2) internal

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

Decrease in the level of qualification of workers;

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

diversion of funds for social sphere;

Decreased control over the expenditure of inventory items.

The financial position of the enterprise in terms of long-term prospects is assessed using financial stability indicators.

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

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

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

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

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

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

This note was written as part of the preparation of the course

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

From the foregoing, it becomes clear why the work of the company cannot be characterized by a small number (and even more so by one!) Indicator. Success is an emergent property that cannot be measured by profit, profitability, market share, and so on. All these parameters only to some extent characterize success. Nevertheless, financial indicators, which we will now consider, are characteristic indicators of success. With my philosophical digression, I only wanted to warn against the absolutization of this or that indicator, as well as from the introduction of a management system based on a small number of indicators.

Indicators of profitability (profitability)

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

Rice. 1. Sales margin

Download note in format , examples in format

It is clear that the sales margin depends both on the trade margin and on what expenses we attribute to the cost price. Most relevant, in terms of acceptance management decisions, is an approach when only fully variable costs are included in the cost (for more details, see and).

Operating expenses= Cost of goods sold + Selling expenses + Administrative expenses
Sales profit = Sales revenue - Operating expenses

Profitability of core business= Profit from sales / Revenue from sales (Fig. 2).

Rice. 2. Profitability of the main activity (or profitability of implementation)

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

Performance indicators

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

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

Two indicators are considered the most relevant.

Return on equity ratio(Return On Equity, ROE) = Net profit (earnings after taxes, see (4) in Fig. 3a) / Average annual value of own (share) capital (see Fig. 3b). ROE shows the return on shareholders' equity.

Return on total assets(Return On Total Assets, ROTA) = operating profit (or earnings before interest and taxes, see (1) in Figure 3a) / Average annual value of total assets (see Figure 3b). ROTA measures the operational efficiency of a company.

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

ROTA= Return on sales * Turnover of total assets

Here's how this formula works out. By definition:

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

To increase profitability, they usually increase sales margins, as well as reduce operating costs, including:

  • Direct costs for materials and wages
  • General production overhead
  • Administrative and commercial expenses

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

  • Commodity-material (warehouse) stocks
  • Accounts receivable

Turnover indicators

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

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

inventory turnover= Inventory * 365 / Cost of goods sold,
that is, the average number of days inventory is held from the time it is received from suppliers to the time it is sold to customers

Accounts payable turnover= Accounts payable * 365 / Cost of goods sold,
that is, the average length of loans (in days) provided by providers.

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

Accounts receivable turnover ratio= Revenue / Accounts receivable

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

Rice. 4. Turnover indicators

Turnover indicators (Fig. 4) mean that in 2010 the company, on average, needed to finance a cash gap of 23 days (Fig. 5).

Rice. 5. Cash flow cycle

Rice. 6. Calculation of the urgent liquidity ratio

Economic value added

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

EVA= (Profit from ordinary activities - taxes and other obligatory payments) - (Capital invested in the enterprise * Weighted average cost of capital)

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

Where does the weighted average cost of capital (WACC) come from? Some analysts believe that WACC should be determined by market value similar investments. Other things to calculate WACC based on exact numbers specific company. The last way, unfortunately, implements the principle of planning “from what has been achieved”. The higher the return on equity, the higher the WACC, the lower the EVA. That is, by getting more high profitability, increase shareholder expectations and reduce EVA.

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

Indicators calculated on the basis of financial statements and Russian specifics

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

To understand how distorted accounting forms(and financial indicators based on them), here are some typical illegal tax optimization schemes:

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

2.1. Analysis means expansion, decomposition of the object under investigation.

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

2.3. Analysis of reporting makes it possible to evaluate:

· Property and financial condition of the enterprise;

· Its ability to fulfill obligations to contractors;

· Capital adequacy for conducting all types of business activities;

· The need for additional sources of financing;

· Efficiency of activity of the enterprise.

2.4. Analysis methods:

· Horizontal analysis;

· Vertical analysis;

· Comparative analysis;

· Analysis of financial ratios;

· Factor analysis.

2.5. Financial ratios:

2.5.1. Liquidity ratio:

· Coverage ratio (current liquidity) = current assets/current liabilities>1;

· Quick liquidity ratio = (current assets-TMZ)/current liabilities=0.7-0.8;

· Absolute liquidity ratio = (cash + securities) / current liabilities = 0.2-0.25.

2.5.2. Asset management ratio:

· Inventory turnover ratio = sales volume/inventory;

· Inventory realization period = 365 days/turnover ratio;

· Accounts receivable turnover = sales volume / accounts receivable.

2.5.3. Capital structure ratio:

total debt (debt) ratio = (assets - equity) / assets = total debt / total assets;

Long-term debt ratio = sales volume / (long-term debt + share capital);

· ratio = total borrowings/share capital.

2.5.4. Interest coverage ratio:

· Interest coverage ratio = EBIT/interest payments;

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

2.5.5. Profit Ratio:

sales profit ratio = net profit/sales volume;

· profitability ratio of assets = EBIT/total amount of assets;

· return on equity ratio = net income/total cost of capital.

Stock Market Complexity Coefficients:

· price/earnings ratio = share price/earnings per share;

· share market value ratio = share price / book value of shares;

· coefficient of current profitability of shares = profit per 1 share / share price;

current stock return ratio = dividend per share/earnings per share;

Dividend payout ratio = dividend per share / earnings per share.

2.6. DuPont Equation = Return on Equity = Net Profit/Sales*Sales/Assets*Assets/Equity;

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

2.8. Financial stability - characterizes the level financial risk firms, as well as its dependence on borrowed capital.

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

Tests.

3.1. A company's financial ratios are usually compared:

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

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

C) with average industry coefficients of the industry;

D) with the best financial ratios of previous years.

3.2. Liquidity ratios show the ratio:

A) assets and liabilities of the company;

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

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

D) current assets and the cost of fixed assets.

3.3. Asset management ratios allow you to determine:

A) how effectively the company manages its assets;

B) the level of profitability of the company;

C) the level of profitability of the company;

D) how liquid the company is.

3.4. Capital structure ratios reflect:

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

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

C) the inability of the company to repay its debt obligations;

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

3.5 Profit ratios show:

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

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

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

D) the cumulative effect that liquidity, the quality of asset management and capital structure management have on results production activities companies.

3.6 Market value ratios relate:

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

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

C) profitability of products and profitability of assets;

D) the initial and residual value of fixed assets.

3.7 Net profit is:

A) income - variable and fixed costs;

B) income - variable costs;

C) income - all costs, interest and taxes;

D) income - all costs and interest.

v. financial planning and forecasting

Plan.

1.1 Essence and methods of planning.

1.2 Forecasting financial performance.

1.3 Financial policy and sustainable growth strategy.

  1. The concept of enterprise performance indicators and their classification

Indicators is quantitative and qualitative evaluation status and results expressed as a number. The indicators of the enterprise are classified into groups: norms, indicators of working time, indicators of labor resources, indicators of production, financial indicators. The entire set of norms used in organizing the activities of an enterprise is divided into groups according to the types of resources.

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

The indicators of the enterprise are classified into groups:

  • operating time indicators

    labor indicators,

    production figures,

    financial indicators.

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

    scale,

    absolute,

    relative,

    structural,

    incremental.

    Economic performance of the enterprise

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

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

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

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

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

  • time norms;

    labor costs;

    consumption rates of materials;

    energy consumption rates;

    tool consumption rates;

    spare parts rates.

The main standardized characteristics are:

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

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

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

    productivity rate (output per unit of time);

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

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

    calendar,

    actual,

Calendar opening hours- this is the most total score, it is divided into nominal time and regulated rest (holidays and weekends).

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

Turnaround time equals the actual, minus absenteeism.

The number of employees is characterized by indicators of the list and placement staff. The distribution staff of employees (the number of employees simultaneously employed at the enterprise) is determined by jobs, equipment maintenance standards, and labor productivity. The list of employees includes a placement staff, a reserve of employees for the period of vacation, illness, regulated rest. The list staff is determined through the daily placement staff of employees and the listing coefficient, which characterizes the excess of the nominal time over the actual time.

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

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

where SC- the amount of equity capital;

OA- the value of current assets.

2.The coefficient of provision of material reserves with own funds, shows the extent to which inventories are covered by own funds or need to be borrowed. Norm 0.6-0.8

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

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

5.Long-term borrowing ratio, shows how much of the activity is financed by long-term borrowed funds for the renewal and expansion of production along with own funds.

,

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

where WB- balance currency

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

,

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

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

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

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

Analysis of the financial activity of the enterprise

Negative values ​​of the coefficient of provision with own funds indicate that the current (current) assets of JSC "Transport" are not provided with own working capital, t.to. the company does not have its own working capital, financing current activities depends on creditors and external investors.

Inventory back-to-back ratio has a negative value due to the fact that the organization does not have its own working capital

Agility factor equity shows what part of equity is used to finance current activities, i.e. invested in working capital, in the most maneuverable part of the assets. In n.g., the indicator is -0.19, in k.g. it decreased significantly and amounted to -0.15. Both values ​​are below the standard, which means that equity capital is not invested in working capital. The coefficient of maneuverability of own capital characterizes how mobile own sources of funds are from a financial point of view. The greater the value of this coefficient, the better the financial condition of the enterprise, its standard value is 0.5.

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

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

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

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

Final assessment of the organization's performance

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

Evaluation of the effectiveness of entrepreneurial activity for a certain period is necessary, first of all, for an entrepreneur.

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

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

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

Shareholders are also guided by the reliability of their dividend levels and the market value of shares, subject to regular payments of interest rates on their deposits. In this regard, the most important elements assessment of the results of entrepreneurial activity are:

Analysis of solvency and liquidity of the enterprise;

Studying the structure of sources of funds;

Determination of indicators of the financial stability of the enterprise;

Estimation of profitability of production and marketing activities.

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

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

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

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

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

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

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

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

The total profitability of production assets is the ratio of balance sheet profit to the sum of fixed and current assets of production (at residual value) in inventory as of the end of the year.

Third group indicators characterizes the business activity of the enterprise.

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

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

The third indicator - the turnover (number of turnovers) of working capital measures the ratio of revenue to the average cost of working capital (total of section II of the balance sheet).

The same attitude to stocks and costs (from the second section of the balance sheet), as well as the turnover of receivables by the average amount (from the second section of the balance sheet).

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

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

According to the reporting data, it is clearly visible whether the company will be able to fulfill its obligations to shareholders, investors, creditors, buyers, sellers, or whether it is threatened with financial difficulties.

The final financial result is determined by the increase over reporting period own capital, the value of which depends on the net profit in liabilities or loss in the asset balance.

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

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

Increasing the share of own funds from any source increases the financial stability of the enterprise.

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

Table 2.1 - Key performance indicators of Opera LLC

Indicators

Deviation 2011 to 2009 (+,-)

Revenue from the sale of goods, thousand rubles

The cost of selling goods is full, thousand rubles.

Profit from the sale, thousand rubles

The cost of fixed assets is the average annual, thousand rubles.

The cost of working capital is average annual, thousand rubles.

Number of personnel, thousand rubles

Wage fund, thousand rubles

Average monthly salary per person, thousand rubles /person

Profit before taxation, thousand rubles

Net profit, thousand rubles

Costs per 1 ruble of sale, rub.

Capital productivity, rub.

Sales revenue per employee, thousand rubles

Working capital turnover, turnover

Sales profitability

The cost of selling goods, including commercial expenses, decreased by 3,202 thousand rubles. or 72%. Thus, there is a decrease in demand for the goods of the organization.

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

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

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

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

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

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

The wage fund of the organization decreased slightly from 298 thousand rubles. in 2009 to 290 thousand rubles. in 2010 and up to 292 thousand rubles. in 2011 (generally by 3%). The average monthly salary per 1 employee was just over 6 thousand rubles in 2009-2011.

Revenue from the sale of goods per 1 employee fell from 12,997 thousand rubles. up to 9150 thousand rubles. for 3847 thousand rubles. due to the decrease in business activity of the organization. Tables 2.2 and 2.3 consider the property of Opera LLC and the sources of its formation.

Table 2.2 - Property of Opera LLC

Indicators

2009, thousand rubles

In % of total

2010, thousand rubles

In % of total

2011, thousand rubles

In % of total

Deviation 2011 from 2009

Growth rate 2011 to 2009, %

Whole property, including:

Fixed assets

current assets,

including:

Stocks and costs

Receivables

Cash

Table 2.3 - Sources of property of Opera LLC

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

The property of the organization by 2011 is represented by more than 66% of current assets. Of these, the majority are inventory. Most of the sources of the organization's property is occupied by equity capital (from 74% to 94%). In its composition, accounts payable are significantly reduced (from 19% to 6%). The equity capital of the organization is mainly formed by retained earnings.

Indicators of financial stability of Opera LLC

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

In more detail, the solvency of the enterprise can be judged on the basis of liquidity ratios, the calculation of which is presented in the table.

Liquidity ratios of Opera LLC

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

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

The current liquidity ratio is higher than the standard for the reason that the organization's accounts payable and short-term loans are covered many times over by its current assets. Thus, we can conclude that Opera LLC is increasing its solvency.

 

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