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

Coursework on Enterprise Economics

"External and internal sources

financing of enterprise activities "

St. Petersburg

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

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

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

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

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

CHAPTER 3. Management of funding sources. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .sixteen

3.1. The ratio of external and internal sources

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

3.2. Financial leverage effect. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .nineteen

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

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

Application. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 24

Introduction

Company - This is a separate technical, economic and social complex, intended for the production of goods useful to society in order to make a profit. When it is created, as well as in the process of managing it, various issues are resolved, one of which is financing the activities of the enterprise, that is, providing the necessary financial resources 1 for the costs of its implementation and development. The subjects of economic life receive these resources from various sources, without which no enterprise can exist and work. And, therefore, there is nothing surprising in the fact that the issue of possible sources of financing is relevant today for many business entities and is of concern to many entrepreneurs.

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

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

Consideration of these aspects will allow drawing conclusions about the given topic.

CHAPTER 1. Financial resources of the enterprise

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

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

The sources of financial resources are all monetary incomes and receipts that an enterprise or other economic entity has in a certain period (or date) and which are directed to the implementation of monetary expenses and deductions necessary for industrial and social development.

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

The main directions of using the financial resources of the enterprise in the process of carrying out its activities include:

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

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

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

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

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

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

Financial support of reproduction costs can be carried out in three forms: self-financing, crediting and government financing.

Self-financing is based on the use of the company's own financial resources. If its own funds are insufficient, it can either reduce some of its expenses, or use the funds raised in the financial market on the basis of operations with securities.

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

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

CHAPTER 2. Classification of funding sources

The financial resources of the enterprise are transformed into capital through the appropriate sources of funds 3. Their various classifications are known today.

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

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

sources of short-term funds;

advanced capital (long-term).

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

own funds of enterprises;

borrowed funds;

involved funds;

budgetary allocations.

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

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

2.1. Internal sources of enterprise financing

The main sources of financing for the company's activities are its own funds. Internal sources include:

authorized capital;

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

other contributions from legal entities and individuals (targeted funding, charitable contributions, donations, etc.).

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

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

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

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

In the course of its activity, the company invests money in fixed assets, purchases materials, fuel, pays for the labor of workers, as a result of which goods are produced, services are provided, works are performed, which, in turn, are paid for by buyers. After that, the money spent in the sales proceeds is returned to the company. After reimbursement of costs, the enterprise receives profit, which is used to form its various funds (reserve fund, accumulation funds, social development and consumption) or forms a single enterprise fund - retained earnings.

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

accelerated depreciation of fixed assets;

the procedure for the assessment and amortization of intangible assets;

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

selection of a method for assessing production stock

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

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

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

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

In addition to the funds formed from profit, a component of the company's equity capital is additional capital, which, by its financial origin, has different sources of formation:

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

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

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

Additional capital funds can be used to increase the authorized capital; to pay off the loss revealed by the results of work for the year; for distribution among the founders. The regulatory documents prohibit the use of additional capital for consumption.

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

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

2.2. External sources of enterprise financing

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

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

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

An important source of financing for the company's activities is a bank loan. Previously, many enterprises (especially industry and agriculture) could not use loans from commercial banks, since the cost of loans (the level of interest rates) was high. But now they have an opportunity to pursue a more active policy of attracting borrowed funds, since in 2002-2003. the level of interest rates fell sharply. Foreign loans poured into Russia. By offering businesses lower rates and longer lending terms than Russian commercial banks, foreign banks have made themselves known in the Russian lending market.

2001 to 2004 refinancing rates 7 have decreased by almost 2 times, but it is not only the size of rates, an important trend is the lengthening of lending terms to enterprises, which is predetermined by the long-term stabilization of the political and economic situation in the country, and the improvement in the maturity of liabilities in the banking system.

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

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

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

The disadvantages of the credit form of financing are:

the need to pay interest on the loan;

complexity of registration;

the need for provision;

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

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

In addition, the source of financing for the company's activities is accounts payable, i.e. deferred payment, as a result of which funds are temporarily used in the economic circulation of the debtor enterprise. Accounts payable- this is a debt to the personnel of the enterprise for the period from payroll to its payment, to suppliers and contractors, arrears to the budget and non-budgetary funds, to participants (founders) for income payments, etc.

The golden rule of accounts payable management is to lengthen the maturity of your debt as much as possible without potential financial implications. In this case, the company uses "other people's" funds as if free of charge.

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

CHAPTER 3. Management of funding sources

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

To finance its activities, an enterprise can use three main sources of funds:

results of own financial and economic activities (reinvestment of profits);

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

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

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

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

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

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

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

The rate of growth of the economic potential of an enterprise depends on two factors: the return on equity and the profit reinvestment ratio. These factors provide a generalized and complex description of various aspects of the financial and economic activities of the enterprise:

production (return of resources);

financial (structure of sources of funds);

the relationship between owners and management personnel (dividend policy);

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

Any enterprise that has been operating steadily for a certain period has fully established values \u200b\u200bof the selected factors, as well as trends in their change.

3.1. The ratio of external and internal sources

financing in the capital structure

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

The capital structure affects the results of the financial and economic activities of the enterprise. The ratio between the sources of equity and borrowed funds is one of the key analytical indicators that characterize the degree of risk of investing financial resources in a given enterprise, and also determines the prospects of the organization in the future.

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

traditional;

theory of Modigliani - Miller.

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

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

In practice, all forms of cost financing can be applied simultaneously. The main thing is to achieve the optimal ratio between them for a given period. It is believed that the optimal ratio between equity and borrowed funds is a 2: 1 ratio. In other words, own financial resources should exceed borrowed ones by two times. In this case, the financial position of the company is considered stable.

3.2. Financial leverage effect

Currently, large enterprises usually have a debt to equity ratio of 70:30. The larger the share of own funds, the higher the coefficient of financial independence. With an increase in the share of borrowed capital, the likelihood of bankruptcy of the organization increases, which forces lenders to increase interest rates for loans by increasing credit risks.

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

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

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

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

Financial leverage effect - is the ability of borrowed capital to generate profit from equity investments, or to increase the return on equity through the use of borrowed funds. It is calculated as follows:

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

where R e is the economic profitability, i is the interest for using the loan, K c is the ratio of the amount of borrowed funds to the value of equity, (R e - i) is the differential, K c is the lever arm.

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

The financial leverage carries fundamental information. Large leverage means significant risk.

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

Thus, the effect of financial leverage makes it possible to determine the possibilities of attracting borrowed funds to increase the profitability of own funds and the associated financial risk.

Conclusion

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

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

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

List of used literature

Big economic dictionary / ed. Azriliana A.N. - M .: Institute of New Economy, 1999.

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

Karelin V.S. Corporate Finance: A Textbook. - M .: Publishing and trading corporation "Dashkov and K", 2006.

V.V. Kovalev Financial Analysis: Capital Management. Investment choice. Analysis of reporting. - M .: Finance and Statistics, 1998.

Romanenko I.V. Enterprise finance: lecture notes. - SPB .: Mikhailov V.A. Publishing House, 2000.

Selezneva N.N., Ionova A.F. The financial analysis. Financial management: Textbook for universities. - M .: UNITY-DANA, 2006.

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

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

Economics and management in SCS. Scientific notes of the Faculty of Economics. Issue 7. - SPb .: Publishing house of SPbGUP, 2002.

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

http://www.profigroup.by

application

Key differences table

between types of sources of funds "

Scheme "Sources and Movement

financial resources of the enterprise "

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

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

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

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

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

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

Internal sources include:

profit remaining at the disposal of the firm, which is distributed by a decision of the governing bodies;
depreciation charges, which represent the monetary value of the depreciation of fixed assets and intangible assets and are an internal source of financing for both simple and extended reproduction.

External sources include:

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

Attraction of borrowed funds allows the company to accelerate the turnover of working capital, increase the volume of business transactions, reduce work in progress. However, the use of this source leads to the emergence of certain problems associated with the need for subsequent servicing of the assumed debt obligations. As long as the amount of additional income provided by attracting borrowed resources covers the cost of servicing the loan, the financial position of the company remains stable.

When these indicators are equal, the question arises about the advisability of attracting borrowed sources of the formation of financial resources as not providing additional income. In a situation where the cost of servicing accounts payable exceeds the amount of additional income from its use, a worsening of the financial situation, a decrease in profits, a further increase in debt, a loss of financial independence are inevitable - the company actually begins to work not for itself, but for its creditors.

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

Main types of business financing sources

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

Unfortunately, from time to time there are reasons that impede the smooth and smooth operation of the enterprise. These may include:

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

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

The source of funding is a donor resource that provides a permanent or temporary inflow of tangible and intangible assets. The more stable a company's business is, the higher its liquidity in the economic market, so the main headache of an entrepreneur is finding the best source of funding.

Types of funding sources:

interior,
external,
mixed.

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

Internal sources

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

Internal sources of business financing include:

income in monetary terms,
depreciation deductions,
issued loans,
withholding salaries,
factoring,
sale of assets,
reserve profit,
reallocation of funds.

Income in money

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

Depreciation deductions

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

Internal sources of business financing

Loans issued

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

Withholding salaries

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

Factoring

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

Sale of assets

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

Reserve profit

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

Reallocation of funds

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

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

External sources

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

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

Examples of external funding sources:

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

Types of external sources of business financing

Loans

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

There are two main types of loans:

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

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

Leasing

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

On leasing it is possible to rent:

whole enterprise,
plot of land
building,
transport,
technique,
the property.

As a rule, leasing companies meet and provide the most favorable conditions for the borrower: they do not require collateral, do not charge interest and individually draw up a payment acceptance schedule.

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

Overdraft

Overdraft is a form of lending by a bank, when the main account of an enterprise is linked to a credit account. The maximum amount is 50% of the firm's monthly cash flow.

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

Bonds

Bonds mean a loan with an interest rate, which is issued by an investor.

There can be long-term (from 7 years), medium-term (up to 7 years) and short-term (up to 2 years) bonds in terms of time.

There are two types of bonds:

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

Trade loans

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

Leasing as a form of external financing

Equity financing

A similar source implies involvement in the founders of a new member, investor, which, by investing its funds in the authorized capital, will expand or stabilize the financial capabilities of the company.

Merge

If necessary, you can find another company with the same funding problems and merge the firms. By saving on scale, partner organizations can find a more profitable source. How? To take out the same loan, a firm must be licensed, and the larger it is, the more likely it is that the procedure for obtaining a license will be crowned with success.

Sale of shares

Selling even a small amount of the company's shares can significantly increase the budget. There is also a chance that large capitalists who are ready to invest in production will be interested in the firm. But you need to be ready to share control: the greater the flow of investments from the outside, the more piece of the share will need to be shared.

State sponsorship

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

There are several types of government funding:

capital investments (if on an ongoing basis, then the state is given a controlling stake),
subsidies (partial sponsorship),
orders (the state orders and buys products, providing the company with one hundred percent sales of goods).

External financing is associated with great risks, and it is better to resort to it when it is not possible to cope with the crisis in the company on its own.

Pros and cons of internal and external funding sources

Source

pros

Minuses

Interior

- ease of attracting finance,

- no need to ask for permission to spend,

- no need to pay interest rates,

- maintaining control over activities;

- a limited amount of finance,

- expansion restrictions.

External

- unlimited financial flow,

- the ability to change equipment,

- an increase in turnover and, accordingly, profit;

- high risk of bankruptcy,

- the need to pay interest rates,

- the need to go through bureaucratic delays.

How to choose a funding source

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

Give precise answers to the following questions: what is the funding for? how much money do you need? when can the firm return them?
Decide on a list of potential sources of security.
From the cheapest to the most expensive, create a hierarchy.
Calculate the costs and payback of the business idea for which the source is being searched.
Choose the best financing option.

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

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

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

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

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

· To use own and borrowed funds with maximum profit;

· Reduce the cost of financing economic activities.

The sources of financing of the enterprise are divided into internal (equity) and external (borrowed and attracted capital). Domestic financing involves the use of own funds and, above all, net profit and depreciation charges. Self-financing has a number of advantages:

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

2. Formation and use of own funds is stable;

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

4. The process of making managerial decisions on the development of the enterprise is simplified, since the sources of additional costs are known in advance.

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

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

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

Fig. 1. The structure of sources of funds of the enterprise

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

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

The reserves accumulated by the enterprise;

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

The main sources of funds raised include:

Bank loans;

Borrowed funds;

Funds from the sale of bonds and other securities;

Accounts payable.

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

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

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

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

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

Varying the boundary of the classification of assets to fixed assets;

Accelerated depreciation of fixed assets;

The applied method of depreciation of low-value and wearing out items;

The procedure for the assessment and amortization of intangible assets;

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

Choosing a method for estimating production stocks;

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

The procedure for creating a reserve for doubtful debts;

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

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

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

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

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

Additional capital includes:

1) the results of the revaluation of fixed assets;

2) share premium of the joint stock company;

3) free of charge received monetary and material values \u200b\u200bfor production purposes;

4) appropriations from the budget to finance capital investments;

5) funds for replenishment of working capital.

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

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Sources of financing for the enterprise

Introduction
Conclusion
Applications
Introduction

Finance occupies a special place in economic relations. Their specificity is manifested in the fact that they always appear in monetary form, are of a distributive nature and reflect the formation and use of various types of income and savings of economic entities in the sphere of material production, the state and participants in the non-productive sphere.

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

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

The relevance of the chosen topic of the course work is due to the fact that the use of funds for the purpose of making a profit occupies one of the central places in the overall system of value instruments, levers and limitations of the market economy.

The purpose of the course work - to assess the sources of financing for the activities of the company "Amelia".

To achieve the goal of the course work, you must solve the following tasks:

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

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

The object of the study is the Amelia Limited Liability Company. The subject of the research is the sources of financing of the enterprise.

The subject of the research was the sources of financing for the enterprise.

The research methods of the final qualifying work were:

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

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

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

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

1.1 The essence of sources of financing for the enterprise

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

They can be schematically represented as follows (Fig. 1).

Fig. 1. Sources of formation of the organization's property

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

Equity is the source of part of the assets remaining after deducting all liabilities from the total assets; some use the term more broadly to include obligations. Equity capital consists of authorized, additional, reserve capital; targeted funding and proceeds, retained earnings. The structure of equity capital can be represented in the form of a diagram (Fig. 2).

Fig. 2. Equity structure

In the structure of equity capital, the main place is occupied by the authorized capital.

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

The structure of borrowed sources can be represented in the form of a diagram (Fig. 3).

Fig. 3. Structure of debt capital

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

The group of bank loans includes short-term and long-term bank loans. Loans are issued by the bank for strictly defined purposes, for a specific period and with the condition of repayment. All considered sources of economic assets constitute the balance sheet liability.

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

Capital in material embodiment is subdivided into fixed and working capital.

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

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

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

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

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

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

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

to ensure constant solvency and, therefore, financial stability;

use your own and borrowed funds as profitable as possible;

to reduce the cost of financing economic activities.

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

1) the competence of its management;

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

3) the monetary policy of the state;

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

5) the costs of financing current investment activities with various options for their payback.

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

Fig. 4. Sources of enterprise financing

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

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

Chapter 2. Analysis of sources of financing for the activities of the company "Amelia"

2.1 Brief economic characteristics of the company "Amelia"

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

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

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

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

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

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

The name of indicators				Deviations


1. Proceeds from the sale of commercial products, thousand rubles.
2. Balance sheet profit, thousand rubles.
3. Profit from product sales, thousand rubles.
4. Cost of marketable products, thousand rubles.
5. Costs per 1 ruble of marketable products, kopecks. (p. 4 / p. 1 * 100)
6. Average number of employees, people
7. Wage fund of workers, thousand rubles.
8. Average annual cost of OPF, thousand rubles.
9.The return on assets of the OPF, rubles. (item 1 / item 8)
10. Labor productivity, thousand rubles.
11. Average salary of 1 employee, rubles / month.
12. Return on sales,% (p. 3 / p. 1 * 100)
13. Coefficient of financial stability (? 0.7), coeff.
14. Current liquidity ratio (? 2, opt not< 1), коэфф.

The ratio of the proceeds and the cost of the sold products of the LLC Amelia enterprise will be demonstrated in Figure 5.

Fig. 5. Ratio of proceeds and cost of sold products of the company "Amelia", for 2011-2013.

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

The overload of production led to an increase in the number in 2012 by 4 people, and in 2013 from 91 to 93 people. Due to an increase in the number of personnel and an increase in proceeds from sales of products, labor productivity in 2013 also increased by 450.891 thousand rubles / person.

Return on assets shows what volume of production falls on one ruble of fixed assets and thereby characterizes the efficiency of using fixed assets. At the enterprise, fixed assets are used efficiently in 2013, since the return on assets increased from 0.090 to 0.132r. Assessing the financial position of Amelia LLC, it can be concluded that the financial stability ratio at the end of 2011 was 0.561 in 2012, it was 0.571, and at the end of 2013 year 0.065. All this testifies to a decrease in the financial stability of the enterprise and to the lack of its own working capital.

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

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

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

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

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

Property type				2013 to 2011 in%

Non-current assets - total
Fixed assets
Construction in progress
Current assets - total
including
VAT on purchased assets
Accounts receivable
Short-term financial investments
Cash
Total property

Analyzing table 2, we can say that the company is developing unevenly, since its property has decreased over the past two years and amounted to 136455 thousand rubles. in 2013 or 99.30% in relation to the indicator in 2011

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

The company's current assets include such groups as inventories, VAT on acquired values \u200b\u200b(only in 2011), settlements with debtors, short-term financial investments and cash. The share of reserves throughout the entire study period is predominant - it accounts for 40.04% of the total amount of the firm's property in 2013.

In 2011, settlements with debtors accounted for more than 9% of the firm's property, in 2012 their share decreased to 4.96%, in 2013 it increased to 5.23%, the amount almost halved in two years ... In 2011, the amount of settlements with debtors was the largest and amounted to 13,071 thousand rubles, in 2013 it decreased to 7130 thousand rubles, which suggests that the release of the company's products with a deferred payment diverts significant amounts from the cash flow funds, leading to problems of the firm with paying bills. Therefore, LLC Amelia decided to reduce the amount of accounts receivable.

The dynamics of the company's accounts receivable will be shown in Figure 6.

financing cost receivable

Fig. 6. Accounts receivable of the company "Amelia"

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

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

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

Fig. 7. Structure of current assets of Amelia LLC

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

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

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

Fig. 8. The structure of assets of LLC Amelia for 2011-2013.

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

Source				2013 to 2011 in%

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

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

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

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

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

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

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

The dynamics of accounts payable of the enterprise LLC "Amelia" will be shown in Figure 9.

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

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

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

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

Table 4 - Analysis of profit indicators of LLC "Amelia"

Index	2013 to 2011 in%

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

After analyzing the composition and structure of the property and the sources of the formation of the property of LLC "Amelia" for 2011-2013. the deteriorating financial condition should be noted.

Conclusion

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

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

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

The organization's economic assets are formed from sources, i.e. financial resources. Distinguish:

Sources of equity (equity);

Sources of borrowed funds (borrowed capital).

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

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

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

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

Non-current assets of Amelia LLC for 2011 - 2013 decreased slightly and amounted to 58,054 thousand rubles. by the end of 2013 This is 90.86% of the value of non-current assets in 2011, which is a negative fact in the work of the company.

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

The amount of own funds increased by 1.14 times over two years and amounted to 88,126 thousand rubles. by the end of 2013

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

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

Similarly, the cost of sales of products is changing: in 2011 it was 64,972 thousand rubles, then decreased in 2012 and increased in 2013.

At the same time, the growth rate of prime cost exceeds the growth rate of proceeds from sales and amounts to 150.34%. These changes lead to a decrease in gross profit from 36850 thousand rubles. in 2011 to the value of 26,477 thousand rubles. in 2013, which amounted to 71.85% of the 2011 level.

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

Since the company is more and more actively attracts short-term credits and loans, the amount of interest payable is 2,100 times higher than the amount of interest receivable and amounts to 8309 thousand rubles. or 6.69%.

The firm has no income from participation in other organizations, but the "Profit and Loss Statement" constantly contains such items as "Other income" and "Other expenses". At the same time, in 2011 other income exceeded other expenses many times, which led to an increase in profit before tax. In 2012 and 2013 this trend continued, but the difference between other income and other expenses decreased. In 2013, the difference between other income and other expenses amounted to RUB 2,898 thousand, which resulted in an increase in profit before tax by the same amount.

In this regard, profit before tax in 2011 amounted to 33,963 thousand rubles, and by 2013 it had decreased to 60.82% or 20,656 thousand rubles. Thus, the firm conducts its activities with profit, but its value gradually decreases, which is a negative fact in its work.

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